Document_and_Entity_Informatio
Document and Entity Information | 12 Months Ended |
Mar. 31, 2014 | |
Document Type | '20-F |
Amendment Flag | 'false |
Document Period End Date | 31-Mar-14 |
Document Fiscal Year Focus | '2013 |
Document Fiscal Period Focus | 'FY |
Trading Symbol | 'IX |
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 Filer Category | 'Large Accelerated Filer |
Entity Common Stock, Shares Outstanding | 1,322,777,628 |
CONSOLIDATED_BALANCE_SHEETS
CONSOLIDATED BALANCE SHEETS (JPY ¥) | Mar. 31, 2014 | Mar. 31, 2013 |
In Millions, unless otherwise specified | ||
ASSETS | ' | ' |
Cash and cash equivalents | ¥ 827,299 | ¥ 826,296 |
Restricted cash | 86,690 | 106,919 |
Time Deposits | 7,510 | 8,356 |
Investment in Direct Financing Leases | 1,094,073 | 989,380 |
Installment Loans (The amounts of ¥16,026 million of installment loans as of March 31, 2013 and ¥12,631 million of installment loans as of March 31, 2014 are measured at fair value by electing the fair value option under FASB Accounting Standards Codification 825.) | 2,315,555 | 2,691,171 |
Allowance for Doubtful Receivables on Direct Financing Leases and Probable Loan Losses | -84,796 | -104,264 |
Investment in Operating Leases | 1,375,686 | 1,395,533 |
Investment in Securities | 1,214,576 | 1,093,668 |
Other Operating Assets | 312,774 | 233,258 |
Investment in Affiliates | 314,300 | 326,732 |
Other Receivables | 239,958 | 196,626 |
Inventories | 136,105 | 41,489 |
Prepaid Expenses | 61,909 | 50,323 |
Office Facilities | 126,397 | 108,757 |
Other Assets | 1,041,356 | 475,466 |
Total Assets | 9,069,392 | 8,439,710 |
Liabilities: | ' | ' |
Short-term debt | 309,591 | 420,726 |
Deposits | 1,206,413 | 1,078,587 |
Trade Notes, Accounts Payable and Other Liabilities | 443,333 | 312,922 |
Accrued Expenses | 190,414 | 121,281 |
Policy Liabilities | 454,436 | 426,007 |
Income Taxes: | ' | ' |
Current | 22,342 | 11,651 |
Deferred | 277,167 | 131,406 |
Security Deposits | 158,467 | 146,402 |
Long-Term Debt | 3,858,874 | 4,061,534 |
Total Liabilities | 6,921,037 | 6,710,516 |
Redeemable Noncontrolling Interests | 53,177 | 41,621 |
Commitments and Contingent Liabilities | ' | ' |
Equity: | ' | ' |
Common stock: Authorized 2,590,000,000 shares Issued 1,248,714,760 shares as of March 31, 2013 and 1,322,777,628 shares as of March 31, 2014 | 219,546 | 194,039 |
Additional paid-in capital | 255,449 | 229,600 |
Retained earnings | 1,467,602 | 1,305,044 |
Accumulated other comprehensive income (loss) | 2 | -36,263 |
Treasury stock, at cost: 27,281,710 shares as of March 31, 2013 and 13,333,334 shares as of March 31, 2014 | -23,859 | -48,824 |
ORIX Corporation Shareholders' Equity | 1,918,740 | 1,643,596 |
Noncontrolling interests | 176,438 | 43,977 |
Total Equity | 2,095,178 | 1,687,573 |
Total Liabilities and Equity | 9,069,392 | 8,439,710 |
Variable Interest Entity, Primary Beneficiary | ' | ' |
ASSETS | ' | ' |
Cash and cash equivalents | 5,223 | 9,439 |
Investment in Direct Financing Leases | 109,642 | 205,989 |
Installment Loans (Net of Allowance for Doubtful Receivables on Direct Financing Leases and Probable Loan Losses) | 154,901 | 528,976 |
Investment in Operating Leases | 227,062 | 199,190 |
Investment in Securities | 1,141 | 37,641 |
Investment in Affiliates | 11,034 | 13,820 |
Other Assets | 96,304 | 98,885 |
Total Assets | 605,307 | 1,093,940 |
Liabilities: | ' | ' |
Short-term debt | 2,180 | 1,710 |
Trade Notes, Accounts Payable and Other Liabilities | 3,574 | 3,503 |
Income Taxes: | ' | ' |
Security Deposits | 4,764 | 5,679 |
Long-Term Debt | 394,736 | 806,857 |
Others | 3,555 | 5,649 |
Total Liabilities | ¥ 408,809 | ¥ 823,398 |
CONSOLIDATED_BALANCE_SHEETS_Pa
CONSOLIDATED BALANCE SHEETS (Parenthetical) (JPY ¥) | Mar. 31, 2014 | Mar. 31, 2013 |
In Millions, except Share data, unless otherwise specified | ||
Installment Loans, fair value | ¥ 12,631 | ¥ 16,026 |
Investment in securities, measured at fair value | ¥ 11,433 | ¥ 5,800 |
Common stock, authorized | 2,590,000,000 | 2,590,000,000 |
Common stock, shares issued | 1,322,777,628 | 1,248,714,760 |
Treasury stock, shares | 13,333,334 | 27,281,710 |
CONSOLIDATED_STATEMENTS_OF_INC
CONSOLIDATED STATEMENTS OF INCOME (JPY ¥) | 12 Months Ended | |||||
In Millions, except Per Share data, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 | Mar. 31, 2012 | |||
Revenues: | ' | ' | ' | |||
Direct financing leases | ¥ 57,483 | ¥ 54,356 | ¥ 50,934 | |||
Operating leases | 324,083 | 296,329 | 282,875 | |||
Interest on loans and investment securities | 130,680 | 155,963 | 147,888 | |||
Brokerage commissions and net gains on investment securities | 27,183 | 34,814 | 29,337 | |||
Life insurance premiums and related investment income | 155,406 | 138,726 | 126,907 | |||
Real estate sales | 23,139 | 38,804 | 61,029 | |||
Gains on sales of real estate under operating leases | 5,872 | 5,816 | 2,222 | |||
Revenues from asset management and servicing | 126,492 | 15,265 | 12,908 | |||
Other operating revenues | 491,313 | 315,691 | 250,679 | |||
Total revenues | 1,341,651 | 1,055,764 | 964,779 | |||
Expenses: | ' | ' | ' | |||
Interest expense | 82,859 | 100,966 | 109,872 | |||
Costs of operating leases | 215,889 | 194,429 | 181,404 | |||
Life insurance costs | 108,343 | 98,599 | 93,178 | |||
Costs of real estate sales | 27,059 | 39,430 | 59,534 | |||
Expenses from asset management and servicing | 36,150 | 593 | 493 | |||
Other operating expenses | 310,775 | 194,693 | 152,521 | |||
Selling, general and administrative expenses | 313,631 | 224,948 | 194,956 | |||
Provision for doubtful receivables and probable loan losses | 13,834 | 10,016 | 19,186 | |||
Write-downs of long-lived assets | 23,421 | 17,896 | 15,167 | |||
Write-downs of securities | 7,989 | 22,838 | 16,470 | |||
Foreign currency transaction loss (gain), net | 723 | 503 | -217 | |||
Total expenses | 1,140,673 | 904,911 | 842,564 | |||
Operating Income | 200,978 | 150,853 | 122,215 | |||
Equity in Net Income of Affiliates | 17,825 | 13,836 | 1,983 | |||
Gains on sales of subsidiaries and affiliates and liquidation losses, net | 64,923 | 7,883 | 3,317 | |||
Income before Income Taxes and Discontinued Operations | 283,726 | 172,572 | 127,515 | |||
Provision for income taxes | 97,236 | 53,682 | 44,608 | |||
Income from Continuing Operations | 186,490 | 118,890 | 82,907 | |||
Discontinued Operations: | ' | ' | ' | |||
Income (Loss) from discontinued operations, net | 12,182 | [1] | -179 | [1] | 1,775 | [1] |
Provision for income taxes | -4,681 | 347 | 1,219 | |||
Discontinued operations, net of applicable tax effect | 7,501 | 168 | 2,994 | |||
Net Income | 193,991 | 119,058 | 85,901 | |||
Net Income (Loss) Attributable to the Noncontrolling Interests | 3,089 | 3,164 | -332 | |||
Net Income Attributable to the Redeemable Noncontrolling Interests | 4,108 | 3,985 | 2,724 | |||
Net Income Attributable to ORIX Corporation Shareholders | 186,794 | 111,909 | 83,509 | |||
Income attributable to ORIX Corporation shareholders: | ' | ' | ' | |||
Income from continuing operations | 179,499 | 112,144 | 79,810 | |||
Discontinued operations | 7,295 | -235 | 3,699 | |||
Net Income Attributable to ORIX Corporation Shareholders | ¥ 186,794 | ¥ 111,909 | ¥ 83,509 | |||
Basic: | ' | ' | ' | |||
Income from continuing operations | ¥ 141.55 | ¥ 103.09 | ¥ 74.24 | |||
Discontinued operations | ¥ 5.75 | ¥ (0.22) | ¥ 3.44 | |||
Net income attributable to ORIX Corporation shareholders | ¥ 147.3 | ¥ 102.87 | ¥ 77.68 | |||
Diluted: | ' | ' | ' | |||
Income from continuing operations | ¥ 137.2 | ¥ 87.55 | ¥ 62.23 | |||
Discontinued operations | ¥ 5.57 | ¥ (0.18) | ¥ 2.8 | |||
Net income attributable to ORIX Corporation shareholders | ¥ 142.77 | ¥ 87.37 | ¥ 65.03 | |||
Cash Dividends | ¥ 13 | ¥ 9 | ¥ 8 | |||
[1] | Income from discontinued operations, net includes aggregate gains on sales of subsidiaries, business units, and rental properties in the amount of ¥3,609 million, ¥6,789 million and ¥14,600 million in fiscal 2012, 2013 and 2014, respectively. |
CONSOLIDATED_STATEMENTS_OF_COM
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (JPY ¥) | 12 Months Ended | ||
In Millions, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 | Mar. 31, 2012 |
Net income | ¥ 193,991 | ¥ 119,058 | ¥ 85,901 |
Other comprehensive income (loss), net of tax: | ' | ' | ' |
Net change of unrealized gains (losses) on investment in securities | 10,603 | 13,330 | 5,121 |
Net change of defined benefit pension plans | 3,572 | 4,759 | -3,247 |
Net change of foreign currency translation adjustments | 36,869 | 50,979 | -1,392 |
Net change of unrealized gains (losses) on derivative instruments | 1,487 | 268 | -1,170 |
Total other comprehensive income (loss) | 52,531 | 69,336 | -688 |
Comprehensive Income | 246,522 | 188,394 | 85,213 |
Comprehensive Income (Loss) Attributable to the Noncontrolling Interests | 15,256 | 7,394 | -849 |
Comprehensive Income Attributable to the Redeemable Noncontrolling Interests | 8,207 | 9,209 | 2,409 |
Comprehensive Income Attributable to ORIX Corporation Shareholders | ¥ 223,059 | ¥ 171,791 | ¥ 83,653 |
CONSOLIDATED_STATEMENTS_OF_CHA
CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY (JPY ¥) | Total | Common Stock | Additional Paid-in Capital | Retained Earnings | Accumulated Other Comprehensive Income (Loss) | Treasury Stock | Total ORIX Corporation Shareholders' Equity | Noncontrolling Interests |
In Millions, unless otherwise specified | ||||||||
Beginning Balance at Mar. 31, 2011 | ¥ 1,328,269 | ¥ 143,995 | ¥ 179,137 | ¥ 1,128,800 | ¥ (96,180) | ¥ (49,170) | ¥ 1,306,582 | ¥ 21,687 |
Contribution to subsidiaries | 21,503 | ' | ' | ' | ' | ' | 0 | 21,503 |
Transaction with noncontrolling interests | -470 | ' | 52 | ' | -20 | ' | 32 | -502 |
Comprehensive income (loss), net of tax: | ' | ' | ' | ' | ' | ' | ' | ' |
Net income | 83,177 | ' | ' | 83,509 | ' | ' | 83,509 | -332 |
Other comprehensive income | ' | ' | ' | ' | ' | ' | ' | ' |
Net change of unrealized gains on investment in securities | 5,121 | ' | ' | ' | 4,642 | ' | 4,642 | 479 |
Net change of defined benefit pension plans | -3,247 | ' | ' | ' | -3,245 | ' | -3,245 | -2 |
Net change of foreign currency translation adjustments | -1,077 | ' | ' | ' | -98 | ' | -98 | -979 |
Net change of unrealized gains (losses) on derivative instruments | -1,170 | ' | ' | ' | -1,155 | ' | -1,155 | -15 |
Total other comprehensive income | -373 | ' | ' | ' | ' | ' | 144 | -517 |
Total comprehensive income | 82,804 | ' | ' | ' | ' | ' | 83,653 | -849 |
Cash dividends | -10,703 | ' | ' | -8,599 | ' | ' | -8,599 | -2,104 |
Conversion of convertible bond | 6 | 3 | 3 | ' | ' | ' | 6 | 0 |
Exercise of stock options | 55 | 28 | 27 | ' | ' | ' | 55 | 0 |
Acquisition of treasury stock | -1 | ' | ' | ' | ' | -1 | -1 | 0 |
Other, net | -992 | ' | 4 | -1,260 | ' | 264 | -992 | 0 |
Ending Balance at Mar. 31, 2012 | 1,420,471 | 144,026 | 179,223 | 1,202,450 | -96,056 | -48,907 | 1,380,736 | 39,735 |
Contribution to subsidiaries | 2,229 | ' | ' | ' | ' | ' | 0 | 2,229 |
Transaction with noncontrolling interests | -134 | ' | 98 | ' | -89 | ' | 9 | -143 |
Comprehensive income (loss), net of tax: | ' | ' | ' | ' | ' | ' | ' | ' |
Net income | 115,073 | ' | ' | 111,909 | ' | ' | 111,909 | 3,164 |
Other comprehensive income | ' | ' | ' | ' | ' | ' | ' | ' |
Net change of unrealized gains on investment in securities | 13,330 | ' | ' | ' | 12,829 | ' | 12,829 | 501 |
Net change of defined benefit pension plans | 4,759 | ' | ' | ' | 4,758 | ' | 4,758 | 1 |
Net change of foreign currency translation adjustments | 45,755 | ' | ' | ' | 42,020 | ' | 42,020 | 3,735 |
Net change of unrealized gains (losses) on derivative instruments | 268 | ' | ' | ' | 275 | ' | 275 | -7 |
Total other comprehensive income | 64,112 | ' | ' | ' | ' | ' | 59,882 | 4,230 |
Total comprehensive income | 179,185 | ' | ' | ' | ' | ' | 171,791 | 7,394 |
Cash dividends | -14,914 | ' | ' | -9,676 | ' | ' | -9,676 | -5,238 |
Conversion of convertible bond | 99,773 | 49,840 | 49,933 | ' | ' | ' | 99,773 | 0 |
Exercise of stock options | 345 | 173 | 172 | ' | ' | ' | 345 | 0 |
Acquisition of treasury stock | -3 | ' | ' | ' | ' | -3 | -3 | 0 |
Other, net | 621 | ' | 174 | 361 | ' | 86 | 621 | 0 |
Ending Balance at Mar. 31, 2013 | 1,687,573 | 194,039 | 229,600 | 1,305,044 | -36,263 | -48,824 | 1,643,596 | 43,977 |
Contribution to subsidiaries | 89,396 | ' | ' | ' | ' | ' | 0 | 89,396 |
Transaction with noncontrolling interests | 2,297 | ' | 239 | ' | ' | ' | 239 | 2,058 |
Comprehensive income (loss), net of tax: | ' | ' | ' | ' | ' | ' | ' | ' |
Net income | 189,883 | ' | ' | 186,794 | ' | ' | 186,794 | 3,089 |
Other comprehensive income | ' | ' | ' | ' | ' | ' | ' | ' |
Net change of unrealized gains on investment in securities | 10,603 | ' | ' | ' | 9,677 | ' | 9,677 | 926 |
Net change of defined benefit pension plans | 3,572 | ' | ' | ' | 3,359 | ' | 3,359 | 213 |
Net change of foreign currency translation adjustments | 32,770 | ' | ' | ' | 21,772 | ' | 21,772 | 10,998 |
Net change of unrealized gains (losses) on derivative instruments | 1,487 | ' | ' | ' | 1,457 | ' | 1,457 | 30 |
Total other comprehensive income | 48,432 | ' | ' | ' | ' | ' | 36,265 | 12,167 |
Total comprehensive income | 238,315 | ' | ' | ' | ' | ' | 223,059 | 15,256 |
Cash dividends | -17,977 | ' | ' | -15,878 | ' | ' | -15,878 | -2,099 |
Conversion of convertible bond | 49,944 | 25,066 | 24,878 | ' | ' | ' | 49,944 | 0 |
Exercise of stock options | 863 | 441 | 422 | ' | ' | ' | 863 | 0 |
Acquisition of treasury stock | -19 | ' | ' | ' | ' | -19 | -19 | 0 |
Acquisition of Robeco | 47,259 | ' | ' | -5,471 | ' | 24,880 | 19,409 | 27,850 |
Other, net | -2,473 | ' | 310 | -2,887 | ' | 104 | -2,473 | 0 |
Ending Balance at Mar. 31, 2014 | ¥ 2,095,178 | ¥ 219,546 | ¥ 255,449 | ¥ 1,467,602 | ¥ 2 | ¥ (23,859) | ¥ 1,918,740 | ¥ 176,438 |
CONSOLIDATED_STATEMENTS_OF_CAS
CONSOLIDATED STATEMENTS OF CASH FLOWS (JPY ¥) | 12 Months Ended | ||
In Millions, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 | Mar. 31, 2012 |
Cash Flows from Operating Activities: | ' | ' | ' |
Net income | ¥ 193,991 | ¥ 119,058 | ¥ 85,901 |
Adjustments to reconcile net income to net cash provided by operating activities: | ' | ' | ' |
Depreciation and amortization | 206,640 | 177,280 | 164,185 |
Provision for doubtful receivables and probable loan losses | 13,834 | 10,016 | 19,186 |
Increase in policy liabilities | 28,429 | 20,990 | 6,421 |
Deferred tax provision | 51,847 | 32,579 | 16,227 |
Equity in net income of affiliates (excluding interest on loans) | -17,619 | -12,874 | -889 |
Gains on sales of subsidiaries and affiliates and liquidation losses, net | -64,923 | -7,883 | -3,317 |
Gains on sales of available-for-sale securities | -14,149 | -17,252 | -8,919 |
Gains on sales of real estate under operating leases | -5,872 | -5,816 | -2,222 |
Gains on sales of operating lease assets other than real estate | -17,820 | -14,032 | -14,721 |
Write-downs of long-lived assets | 23,421 | 17,896 | 15,167 |
Write-downs of securities | 7,989 | 22,838 | 16,470 |
Decrease (Increase) in restricted cash | 22,506 | 33,852 | -5,188 |
Decrease (Increase) in trading securities | 21,300 | -16,264 | 55,173 |
Decrease in inventories | 11,707 | 37,918 | 26,830 |
Decrease (Increase) in other receivables | -6,719 | 20,782 | -7,893 |
Increase (Decrease) in trade notes, accounts payable and other liabilities | 47,090 | -8,715 | 22,760 |
Decrease in accrued expenses | -9,076 | -2,207 | -10,040 |
Other, net | -21,583 | -16,862 | -42,137 |
Net cash provided by operating activities | 470,993 | 391,304 | 332,994 |
Cash Flows from Investing Activities: | ' | ' | ' |
Purchases of lease equipment | -859,169 | -736,373 | -603,060 |
Principal payments received under direct financing leases | 459,003 | 381,080 | 348,549 |
Installment loans made to customers | -1,035,564 | -918,777 | -741,570 |
Principal collected on installment loans | 1,264,649 | 1,193,884 | 918,565 |
Proceeds from sales of operating lease assets | 251,567 | 173,890 | 174,139 |
Investment in affiliates, net | -46,942 | -19,206 | 17,808 |
Proceeds from sales of investment in affiliates | 15,426 | 3,280 | 2,864 |
Purchases of available-for-sale securities | -897,246 | -684,870 | -654,873 |
Proceeds from sales of available-for-sale securities | 318,697 | 417,534 | 279,367 |
Proceeds from redemption of available-for-sale securities | 473,126 | 373,729 | 361,881 |
Purchases of held-to-maturity securities | -8,519 | -46,567 | -182 |
Purchases of other securities | -24,761 | -26,855 | -44,654 |
Proceeds from sales of other securities | 26,501 | 40,568 | 24,832 |
Purchases of other operating assets | -52,550 | -15,152 | -17,282 |
Acquisitions of subsidiaries, net of cash acquired | -94,395 | -43,223 | -9,252 |
Sales of subsidiaries, net of cash disposed | 0 | -171 | 7,554 |
Other, net | 8,011 | 12,886 | -22,929 |
Net cash provided by (used in) investing activities | -202,166 | 105,657 | 41,757 |
Cash Flows from Financing Activities: | ' | ' | ' |
Net decrease in debt with maturities of three months or less | -105,784 | -20,507 | -59,769 |
Proceeds from debt with maturities longer than three months | 1,210,209 | 1,365,827 | 1,488,111 |
Repayment of debt with maturities longer than three months | -1,497,689 | -1,790,616 | -1,782,081 |
Net increase in deposits due to customers | 127,610 | 6,623 | 40,288 |
Cash dividends paid to ORIX Corporation shareholders | -15,878 | -9,676 | -8,599 |
Contribution from noncontrolling interests | 11,089 | 1,133 | 20,258 |
Cash dividends paid to redeemable noncontrolling interests | -1,224 | -5,763 | -1,079 |
Net decrease in call money | -5,000 | 0 | -10,000 |
Other, net | 2,088 | -14,214 | -5,606 |
Net cash used in financing activities | -274,579 | -467,193 | -318,477 |
Effect of Exchange Rate Changes on Cash and Cash Equivalents | 6,755 | 9,636 | -1,509 |
Net Increase in Cash and Cash Equivalents | 1,003 | 39,404 | 54,765 |
Cash and Cash Equivalents at Beginning of Year | 826,296 | 786,892 | 732,127 |
Cash and Cash Equivalents at End of Year | ¥ 827,299 | ¥ 826,296 | ¥ 786,892 |
Significant_Accounting_and_Rep
Significant Accounting and Reporting Policies | 12 Months Ended | |||
Mar. 31, 2014 | ||||
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 accounting principles generally accepted in the United States of America (“U.S. GAAP”), modified for the accounting for stock splits (see (o)). 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 initial direct costs to originate leases and loans, use of the straight-line method of depreciation for operating lease equipment, deferral of life insurance policy acquisition costs, calculation of insurance policy liabilities, accounting for goodwill and intangible assets resulting from business combinations, accounting for pension plans, accounting for changes in a parent’s ownership interest in its subsidiary, accounting for securitization of financial assets, reflection of the income tax effect on such adjustments and reclassification of discontinued operations, and the presentation of the noncontrolling interests. | ||||
(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 pursuant to FASB Accounting Standards Codification (“ASC”) 810-10-25-2 to 14 (“Consolidation—The Effect of Noncontrolling Rights on Consolidation”). In addition, the consolidated financial statements also include variable interest entities to which the Company and its subsidiaries are primary beneficiaries pursuant to ASC 810 (“Consolidation”). | ||||
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 the 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. These are the selection of valuation techniques and determination of assumptions used in fair value measurements (see Note 2), the determination and periodic reassessment of the unguaranteed residual value for direct financing leases and operating leases (see (e)), the determination and reassessment of insurance policy liabilities and deferred policy acquisition costs (see (f)), the determination of the allowance for doubtful receivables on direct financing leases and probable loan losses (see (g)), the determination of impairment of long-lived assets (see (h)), the determination of impairment of investment in securities (see (i)), the determination of the valuation allowance for deferred tax assets and the evaluation of tax positions (see (j)), assessment and measurement of effectiveness in hedging relationship using derivative financial instruments (see (l)), the determination of benefit obligation and net periodic pension cost (see (m)) and the determination of impairment of goodwill and intangible assets not subject to amortization (see (w)). | ||||
(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. | ||||
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 accumulated other comprehensive income (loss) arise from the translation of foreign currency financial statements into Japanese yen. | ||||
(e) Recognition of revenues | ||||
Revenues are recognized when persuasive evidence of an arrangement exists, the service has been rendered or the goods have been delivered to the customer, the transaction price is fixed or determinable and collectability is reasonably assured. | ||||
In addition to the aforementioned general policy, the policies as specifically described hereinafter are applied for each of the major revenue items. | ||||
Leases—The Company and its subsidiaries lease various assets to customers under direct financing or operating lease arrangements. Classification of a lease arrangement into either a direct financing lease or an operating lease is dependent upon the specific conditions of the arrangement. Revenue recognition policies applied for direct financing leases and operating leases are specifically described in sections following this paragraph. In providing leasing services, the Company and its subsidiaries execute supplemental services, such as paying insurance and handling taxes on leased assets on behalf of lessees. In some cases, automobile maintenance services are also provided 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 taken into income over the contract period in proportion to the estimated service costs to be incurred and are recorded in other operating revenues in the accompanying consolidated statements of income. | ||||
(1) Recognition of revenues for direct financing leases | ||||
Direct financing leases consist of full-payout leases for various equipment types, including office equipment, industrial machinery and transportation equipment. The excess of aggregate lease rentals plus the estimated unguaranteed residual value over the cost of the leased equipment constitutes the unearned lease income to be taken into income over the lease term by using the interest method. The estimated residual values represent estimated proceeds from the disposition of equipment at the time the lease is terminated. Estimates of unguaranteed residual values are based on current market values of used equipment, estimates of when and how much equipment will become obsolete and actual recovery being experienced for similar used equipment. Initial direct costs are being deferred and amortized as a yield adjustment over the life of related lease by using the interest method. The unamortized balance of initial direct costs is reflected as a component of investment in direct financing leases. | ||||
(2) Recognition of revenues for operating leases | ||||
Revenues from operating leases are recognized on a straight-line basis over the contract terms. 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 9 years, measuring and information-related equipment is 4 years, real estate (other than land) is 31 years and other is 6 years. Depreciation expenses are included in costs of operating leases. Gains or losses arising from dispositions of operating lease assets, except real estate under operating leases, are included in operating lease revenues. With respect to some sales of real estate under operating leases such as commercial buildings, the Company or its subsidiaries may retain an interest in some cash flows of the real estate in the form of management or operation of the real estate. Where the Company or its subsidiaries have significant continuing involvement in the operations from the real estate under operating leases which have been disposed of, the gains or losses arising from such disposition are separately disclosed as gains on sales of real estate under operating leases, whereas if the Company or its subsidiaries have no significant continuing involvement in the operations from such disposed real estate, the gains or losses are reported as income from discontinued operations, net. | ||||
Estimates of residual values are based on current market values of used equipment, estimates of when and how much equipment will become obsolete and actual recovery being experienced for similar used equipment. | ||||
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. | ||||
Non-accrual policy—In common with all classes, past-due financing receivables are receivables for which principal or interest is past-due 30 days or more. Loans whose terms have been modified are not classified as past-due financing receivables if the principals and interests are not past-due 30 days or more in accordance with the modified terms. The Company and its subsidiaries suspend accruing revenues on past-due installment loans and direct financing leases when principal or interest is past-due 90 days or more, or earlier, if management determines 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 investment in direct financing 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 loans are applied first against past due interest and then any surpluses are applied to principal in view of the conditions of the contract and obligors. The Company and its subsidiaries return non-accrual loans and lease receivables to accrual status when it becomes probable that the Company and its subsidiaries will be able to collect all amounts due according to the contractual terms of these loans and receivables, as evidenced by continual payments from the debtors. The period of such continual payments before returning to accrual status varies depending on factors that we consider are relevant in assessing the debtor’s creditworthiness, such as the debtor’s business characteristics and financial conditions as well as relevant economic conditions and trends. | ||||
Brokerage commissions and net gains on investment securities—Brokerage commissions and net gains on investment securities are recorded on a trade date basis. | ||||
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. | ||||
Revenues from asset management and servicing—The Company and its subsidiaries provide to our customers investment management services for investments in financial assets, and asset management as well as maintenance and administrative services for investments in real estate properties. The Company and its subsidiaries also perform servicing duties on behalf of their customers. The Company and its subsidiaries receive fees for those services from Company’s customers. | ||||
Revenues from asset management and servicing are recognized in the consolidated statements of income when transactions occur or services are rendered and the amounts are fixed or determinable and collectability of which is reasonably assured. Certain subsidiaries recognize revenues from performance fees when earned based on the performance of the asset under management. Another subsidiary recognizes revenues from performance fees on an accrual basis over the period in which services are performed. | ||||
Revenues from asset management and servicing primarily include management fee income and performance fee income. 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 the contracts with customers. Performance fees are calculated based on the predetermined percentages of the performance of the assets under management in accordance with the contracts with customers. | ||||
(f) Insurance premiums and expenses | ||||
Premium income from life insurance policies is recognized as earned premiums when due. | ||||
Life insurance benefits are recorded as expenses when they are incurred. Policy liabilities for future policy benefits are established 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 and medical insurance. 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. The Company’s life insurance 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. | ||||
ASC 944 (“Financial Services—Insurance”) requires insurance companies to defer certain costs related directly to the successful acquisition of new or renewal insurance contracts and amortize them over the respective policy periods in proportion to anticipated premium revenue. These deferred policy acquisition costs consist primarily of first-year commissions in excess of recurring policy maintenance costs and expenses for underwriting policies. | ||||
(g) Allowance for doubtful receivables on direct financing leases and probable loan losses | ||||
The allowance for doubtful receivables on direct financing 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 direct financing 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 experience, current delinquencies and delinquency trends, future cash flows expected to be received from the direct financing leases and loans and value of underlying collateral and guarantees. 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 loans, including loans that are not individually evaluated for impairment, and direct financing leases, the Company and its subsidiaries evaluate prior charge-off experience segmented by the debtors’ industries and the purpose of the loans, and then develop the allowance for doubtful receivables on direct financing leases and probable loan losses considering the prior charge-off experience and current economic conditions. | ||||
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 have followed ASC 360 (“Property, Plant, and Equipment”). Under ASC 360, long-lived assets to be held and used in operations, including tangible assets and intangible assets being amortized, consisting primarily of office building, condominiums, golf courses and other operating assets, shall be tested for recoverability whenever events or changes in circumstances indicate that the assets might be impaired. When the undiscounted future cash flows estimated to be generated by those assets are less than the carrying amount of those assets, the net 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 | ||||
Trading securities are reported at fair value with unrealized gains and losses included in income. | ||||
Available-for-sale securities are reported at fair value, and unrealized gains or losses are recorded in accumulated other comprehensive income (loss), net of applicable income taxes, except investments which are recorded at fair value with unrealized gains and losses included in income by electing the fair value option under ASC 825 (“Financial Instruments”). | ||||
Held-to-maturity securities are recorded at amortized cost. | ||||
Other securities are recorded at cost or carrying value that reflects equity income and loss based on the Company’s share, except investments which are recorded at fair value with unrealized gains and losses included in income by electing the fair value option under ASC 825 (“Financial Instruments”). | ||||
For available-for-sale securities, the Company and its subsidiaries generally recognize losses related to equity securities for which the fair value has been significantly below the acquisition cost (or current carrying value if an adjustment has been made in the past) for more than six months. Also, the Company and its subsidiaries charge against income losses related to equity securities in situations where, even though the fair value has not remained significantly below the carrying value for six months, the decline in the fair value of an equity security is based on the issuer’s specific economic conditions and not just general declines in the related market and where it is considered unlikely that the fair value of the equity security will recover within six months. | ||||
For debt securities, 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 securities if the Company and its subsidiaries intend to sell the debt security or it is more likely than not that the Company and its subsidiary 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 securities into the credit loss component and the non-credit loss component. The credit loss component is recognized in earnings, and the non-credit loss component is recognized in other comprehensive income (loss), net of applicable income taxes. | ||||
For other securities, when the Company and its subsidiaries determine the decline in value is other than temporary the Company and its subsidiaries reduce the carrying value of the security to the fair value and charge against income losses related to these other securities in situations. | ||||
(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 operating loss and tax credit 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. 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 have followed ASC 740 (“Income Taxes”). According to ASC 740, the Company and its subsidiaries 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 the tax position that meets the recognition threshold at the largest amount of tax benefit that is greater than 50% likely of being realized upon settlement with the taxing authority. 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 consolidated subsidiaries have elected to file a consolidated tax return for National Corporation tax purposes. | ||||
(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 (“the assets”) are sold to trusts or SPEs that issue asset-backed beneficial interests and securities to the investors. | ||||
In accordance with ASC 860 (“Transfers and Servicing”) and ASC 810 (“Consolidation”), trusts or SPEs used in securitization transactions have been consolidated if the Company and its subsidiaries are the primary beneficiary of the trusts or SPEs, and the transfers of the financial assets to those consolidated trusts and SPEs are not accounted for as sales. Assets held by consolidated trusts or consolidated SPEs continue to be accounted for as lease receivables and loan receivable, 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. | ||||
A certain subsidiary originates and sells loans into the secondary market, while retaining the obligation to service those loans. In addition, it 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 apply ASC 815 (“Derivatives and Hedging”), and all derivatives held by the Company and its subsidiaries are recognized 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 that are not hedges must be 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 change in the fair value of hedged assets or liabilities through the consolidated statements of income, or recorded in other comprehensive income (loss). | ||||
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) to the extent that the derivative is effective as a hedge, 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), depending on whether the hedged transaction 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, to the extent effective as a hedge, are recorded in the foreign currency translation adjustments account within other comprehensive income (loss). | ||||
Changes in the fair value of derivatives that are not held as a hedge, such as those held for trading use, or the ineffective portion of the change in fair value of derivatives that qualify as a hedge, are recorded in earnings. | ||||
For all hedging relationships, at inception the Company and its subsidiaries formally document the details of the hedging relationship and the hedged activity. The Company and its subsidiaries also 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 pension plans covering substantially all of their employees. The Company and its subsidiaries apply ASC 715 (“Compensation—Retirement Benefits”), and the costs of pension plans are accrued based on amounts determined using actuarial methods, with assumptions of discount rate, rate of increase in compensation level, expected long-term rate of return on plan assets and others. | ||||
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 | ||||
The Company and its subsidiaries apply ASC 718 (“Compensation—Stock Compensation”). ASC 718 requires, with limited exception, that the cost of employee services received in exchange for an award of equity instruments be measured based on the grant-date fair value. The costs are recognized over the requisite employee 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 capital to common stock as required by the Japanese Commercial Code (the “Code”) before amendment. However, no such reclassification was made for stock splits when common stock already included a portion of the proceeds from shares issued at a price in excess of par value. This method of accounting was in conformity with accounting principles generally accepted in Japan. | ||||
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 has become 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 capital amounts equal to the fair market value of the shares issued. Common stock is increased by the par value of the shares and additional paid-in capital is increased by the excess of the market value over par value of the shares issued. Had such stock splits made prior to October 1, 2001 been accounted for in this manner, additional paid-in capital as of March 31, 2014 would have increased by approximately ¥24,674 million, with a corresponding decrease in retained earnings. Total ORIX Corporation shareholders’ equity would remain unchanged. A stock split on May 19, 2000 and April 1, 2013 was excluded from the above amounts because the stock split was not considered to be a stock dividend under U.S. GAAP. | ||||
(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 loans and others. | ||||
(r) Other operating assets | ||||
Other operating assets consist primarily of operating facilities (including golf courses, hotels and training facilities and senior housing), 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 2012, 2013 and 2014 were ¥6,547 million, ¥8,072 million and ¥15,129 million, respectively. Accumulated depreciation was ¥48,313 million and ¥62,182 million as of March 31, 2013 and 2014, respectively. Estimated useful lives range up to 50 years for buildings, up to 60 years for land improvement and up to 20 years for others. | ||||
(s) Other receivables | ||||
Other receivables primarily include payments made on behalf of lessees for property tax, maintenance fees and insurance premiums in relation to direct financing lease contracts, accounts receivables in relation to sales of assets to be leased, residential condominiums and other assets, and derivative assets. | ||||
(t) Inventories | ||||
Inventories primarily consist of advance and/or progress payments for development of residential condominiums for sale and completed residential condominiums (including completed residential condominiums waiting to be delivered to buyers under the contracts for sale). Advance and/or progress payments for development of residential condominiums for sale are carried at cost less any impairment losses and finished goods (including completed residential condominiums) are stated at the lower of cost or market. As of March 31, 2013 and 2014, advance and/or progress payments were ¥34,556 million and ¥111,813 million, respectively, and finished goods were ¥6,933 million and ¥24,291 million, respectively. | ||||
Certain subsidiaries recorded ¥4,039 million, ¥3,377 million and ¥5,650 million of write-downs principally for advance and/or progress payments for development of residential condominiums for sale for fiscal 2012, 2013 and 2014, respectively, resulting from an increase in development costs and/or a decrease in expected sales price. These write-downs were recorded in costs of real estate sales and included in the Real Estate segment. | ||||
(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 2012, 2013 and 2014 were ¥3,228 million, ¥2,994 million and ¥3,494 million, respectively. Accumulated depreciation was ¥41,698 million and ¥39,747 million as of March 31, 2013 and 2014, respectively. Estimated useful lives range up to 62 years for buildings and fixtures and up to 20 years for machinery and equipment. | ||||
(v) Other assets | ||||
Other assets consist primarily of the excess of purchase prices over the net assets acquired in acquisitions (goodwill) and other intangible assets (see (w)), deferred insurance policy acquisition costs which are amortized over the contract periods, leasehold deposits, advance payments made in relation to purchases of assets to be leased and construction of real estate for operating lease, and deferred tax assets. | ||||
(w) Goodwill and other intangible assets | ||||
The Company and its subsidiaries have followed ASC 805 (“Business Combinations”) and ASC 350 (“Intangibles—Goodwill and Other”). ASC 805 requires that all business combinations be accounted for using the acquisition method. It also requires that intangible assets acquired in a business combination be recognized apart from goodwill if the intangible assets meet one of two criteria—either the contractual-legal criterion or the separability criterion. In a business combination achieved in stages, the Company and its subsidiaries remeasure their previously held equity interest at the acquisition-date fair value and recognize the resulting gain or loss, if any, in earnings. | ||||
ASC 350 establishes how intangible assets (other than those acquired in a business combination) should be accounted for upon acquisition. It also addresses how goodwill and other intangible assets should be accounted for subsequent to their acquisition. Goodwill and intangible assets that have indefinite useful lives are not amortized but tested at least annually for impairment. Additionally, if events or changes in circumstances indicate that the asset might be impaired, we test for impairment when such events or changes occur. Under ASC 350, the Company and its subsidiaries may perform a qualitative assessment to determine whether to calculate the fair value of a reporting unit under the first step of the two-step goodwill impairment test. If, after assessing the totality of events or circumstances, it is determined 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 impairment test. However, if the Company and/or subsidiaries conclude otherwise, the Company and/or subsidiaries perform the first step of the two-step impairment test by calculating the fair value of the reporting unit and comparing the fair value with the carrying amount of the reporting unit. If the fair value of the reporting unit falls below its carrying amount, then the Company and/or subsidiaries perform the second step of the goodwill impairment test by comparing the fair value of goodwill with its carrying amount. If the carrying amount of goodwill exceeds its 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 perform the qualitative assessment for some goodwill but bypass the qualitative assessment and proceed directly to the first step of the two-step impairment test for other goodwill. | ||||
The Company and its subsidiaries adopted Accounting Standards Update 2012-02 (“Testing Indefinite-Lived Intangible Assets for Impairment”—ASC 350 (“Intangibles—Goodwill and Other”)) during the fiscal year ended March 31, 2013. According to ASU 2012-02, the Company and its subsidiaries may perform a qualitative assessment to determine whether it is more likely than not that the indefinite-lived intangible asset is impaired. 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 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, 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. 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. | ||||
Intangible assets with finite lives are amortized over their useful lives and tested for impairment in accordance with ASC 360 (“Property, Plant, and Equipment”). | ||||
(x) Trade notes, accounts payable and other liabilities | ||||
Trade notes, accounts payable and other liabilities include accounts payables, guarantee liabilities, and derivative liabilities. | ||||
(y) Capitalization of interest costs | ||||
The Company and its subsidiaries capitalized interest costs of ¥2,395 million, ¥1,707 million and ¥981 million in fiscal 2012, 2013 and 2014, respectively, related to specific long-term development projects. | ||||
(z) Advertising | ||||
The costs of advertising are expensed as incurred. The total amounts charged to advertising expense in fiscal 2012, 2013 and 2014 are ¥5,888 million, ¥11,579 million and ¥15,269 million, respectively. | ||||
(aa) Discontinued operations | ||||
The Company and its subsidiaries have followed ASC 205-20 (“Presentation of Financial Statements—Discontinued Operations”). Under ASC 205-20, the scope of discontinued operations includes the operating results of any component of an entity with its own identifiable operations and cash flow and in which operations the Company and its subsidiaries will not have significant continuing involvement. Included in reported discontinued operations are the operating results of operations for the subsidiaries, the business units and certain properties sold or to be disposed of by sale without significant continuing involvements, which results of operations for prior periods presented have also been reclassified as discontinued operations in the accompanying consolidated statements of income and consolidated statements of cash flows. | ||||
(ab) Earnings per share | ||||
Basic earnings per share is computed by dividing income attributable to ORIX Corporation shareholders from continuing operations and net income attributable to ORIX Corporation shareholders by the weighted average number of shares of common stock outstanding in each period and diluted earnings per share reflects the potential dilution that could occur if securities or other contracts to issue common stock were exercised or converted into common stock. Earnings per share is adjusted for any stock splits and stock dividends retrospectively. For discussion stock splits, see Note 28 (“Per Share Data”). | ||||
Furthermore, the Company and its subsidiaries apply ASC 260-10-45-43 to 44 (“Earnings Per Share—Contingently Convertible Instruments”) to Liquid Yield Option Notes™ which were redeemed in fiscal 2013. | ||||
(ac) Partial sale and additional acquisition of the parent’s ownership interest in subsidiaries | ||||
A partial sale and an additional acquisition of the parent’s ownership interest in subsidiaries where the parent continues to retain control of that 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. | ||||
(ad) Redeemable noncontrolling interests | ||||
Noncontrolling interests in certain subsidiaries 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 in accordance with provisions including EITF Topic No. D-98 (ASC 480-10-s99-3A) (“Classification and Measurement of Redeemable Securities”). | ||||
(ae) 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 gain or loss in the consolidated statements of income in the year in which the change in ownership interest occurs. | ||||
(af) New accounting pronouncements | ||||
In December 2011, Accounting Standards Update 2011-10 (“Derecognition of in Substance Real Estate—a Scope Clarification”—ASC 360 (“Property, Plant, and Equipment”)) was issued. This Update is intended to resolve the diversity in practice and clarifies that when a parent (reporting entity) ceases to have a controlling financial interest in a subsidiary that is in substance real estate as a result of default on the subsidiary’s non-recourse debt, the reporting entity should apply the guidance in ASC 360-20 (“Property, Plant, and Equipment—Real Estate Sales”) to determine whether it should derecognize the in substance real estate. The Company and its subsidiaries adopted this Update on April 1, 2013. The adoption had no effect on the Company and its subsidiaries’ results of operations or financial position. | ||||
In December 2011, Accounting Standards Update 2011-11 (“Disclosures about Offsetting Assets and Liabilities”—ASC 210 (“Balance Sheet”)) was issued. This Update requires all entities that have financial instruments and derivative instruments that are either offset in the balance sheet or subject to an enforceable master netting arrangement or similar agreement to disclose information about offsetting and related arrangements. In January 2013, Accounting Standards Update 2013-01 (“Clarifying the Scope of Disclosures about Offsetting Assets and Liabilities”—ASC 210 (“Balance Sheet”)) was issued. This Update clarifies that the scope of Update 2011-11 applies to derivatives, repurchase agreements and reverse repurchase agreements, and securities borrowing and securities lending transactions that are either offset in accordance with Section 210-20-45 or Section 815-10-45 or subject to an enforceable master netting arrangement or similar agreement. The Company and its subsidiaries adopted these Updates on April 1, 2013. These Updates only relate to certain disclosure requirements and the adoption had no effect on the Company and its subsidiaries’ results of operations or financial position. | ||||
In February 2013, Accounting Standards Update 2013-02 (“Reporting of Amounts Reclassified Out of Accumulated Other Comprehensive Income”—ASC 220 (“Comprehensive Income”)) was issued. This Update supersedes the reporting requirement for reclassifications out of accumulated other comprehensive income, originally required under Accounting Standards Update 2011-05, for which the effective date was deferred by Accounting Standards Update 2011-12. This Update requires an entity to present information about amounts reclassified out of accumulated other comprehensive income, their corresponding effect on line items of net income and other information by component. An entity shall provide the information together, in one location, either on the face of the statement where net income is presented or as a separate disclosure in the notes to the financial statement. The Company and its subsidiaries adopted this Update on April 1, 2013. The Update only relates to certain disclosure requirements and the adoption had no effect on the Company and its subsidiaries’ results of operations or financial position. | ||||
In February 2013, Accounting Standards Update 2013-04 (“Obligations Resulting from Joint and Several Liability Arrangements for Which the Total Amount of the Obligation Is Fixed at the Reporting Date”—ASC 405 (“Liabilities”)) was issued. This Update requires an entity to measure obligations resulting from joint and several liability arrangements for which the total amount of the obligation within the scope of this guidance is fixed at the reporting date, as the sum of the amount the reporting entity agreed to pay on the basis of its arrangement among its co-obligors and any additional amount the reporting entity expects to pay on behalf of its co-obligors. The Update is effective for fiscal years, and interim periods within those years, beginning after December 15, 2013. Early adoption is permitted. The adoption is not expected to have a material effect on the Company and its subsidiaries’ results of operations or financial position. | ||||
In March 2013, Accounting Standards Update 2013-05 (“Parent’s Accounting for the Cumulative Translation Adjustment upon Derecognition of Certain Subsidiaries or Groups of Assets within a Foreign Entity or of an Investment in a Foreign Entity”—ASC 830 (“Foreign Currency Matters”)) was issued. This Update requires that when a reporting entity (parent) ceases to have a controlling financial interest in a subsidiary or group of assets that is a nonprofit activity or a business within a foreign entity, the parent release any related cumulative translation adjustment into net income only if the sale or transfer results in the complete or substantially complete liquidation of the foreign entity in which the subsidiary or group of assets had resided. This Update continues to require an entity to release a pro rata portion of the cumulative translation adjustment into net income upon a partial sale of an equity method investment that is a foreign entity. This Update requires an acquirer to release any related cumulative translation adjustment into net income when the acquirer obtains a controlling financial interest in a foreign entity that was previously an equity method affiliate in a business combination achieved in stages. The Update is effective for fiscal years, and interim periods within those years, beginning after December 15, 2013. Early adoption is permitted. Generally, the effect of adopting this Update on the Company and its subsidiaries’ results of operations or financial position will depend on future transactions. | ||||
In April 2013, Accounting Standards Update 2013-07 (“Liquidation Basis of Accounting”—ASC 205 (“Presentation of Financial Statements”)) was issued. This Update requires an entity to prepare its financial statements using the liquidation basis of accounting when liquidation is imminent and provides principles for the recognition and measurement of assets and liabilities and requirements for financial statements prepared using the liquidation basis of accounting. The Update is effective for fiscal years, and interim periods within those years, beginning after December 15, 2013. Early adoption is permitted. Generally, the effect of adopting this Update on the Company and its subsidiaries’ results of operations or financial position will depend on future transactions. | ||||
In June 2013, Accounting Standards Update 2013-08 (“Amendments to the Scope, Measurement, and Disclosure Requirements”—ASC 946 (“Financial Services—Investment Companies”)) was issued. This Update changes the approach to the investment company assessment, clarifies the characteristics of an investment company, and provides comprehensive guidance for assessing whether an entity is an investment company. This Update requires an investment company to measure noncontrolling ownership interests in other investment companies at fair value rather than using the equity method of accounting. This Update requires an investment company to disclose the additional information about an entity’s status as an investment company and financial support provided or contractually required to be provided by an investment company to its investees. The Update is effective for interim and annual reporting periods in fiscal years that begin after December 15, 2013. Early adoption is prohibited. The adoption is not expected to have a material effect on the Company and its subsidiaries’ results of operations or financial position. | ||||
In July 2013, Accounting Standards Update 2013-10 (“Inclusion of the Fed Funds Effective Swap Rate (or Overnight Index Swap Rate) as a Benchmark Interest Rate for Hedge Accounting Purposes”—ASC 815 (“Derivatives and Hedging”)) was issued. This Update permits the Fed Funds Effective Swap Rate (OIS) to be used as a U.S. benchmark interest rate for hedge accounting purposes under Topic 815, in addition to the interest rates on direct Treasury obligations of the U.S. government and LIBOR swap rate. This Update also removes the restriction on using different benchmark rates for similar hedges. The Company and its subsidiaries adopted this Update for qualifying new or redesignated hedging relationships entered into on or after July 17, 2013. The adoption had no effect on the Company and its subsidiaries’ results of operations or financial position. | ||||
In July 2013, Accounting Standards Update 2013-11 (“Presentation of an Unrecognized Tax Benefit When a Net Operating Loss Carryforward, a Similar Tax Loss, or a Tax Credit Carryforward Exists”—ASC 740 (“Income Taxes”)) was issued. This Update requires an entity to present an unrecognized tax benefit as a reduction of a deferred tax asset for a net operating loss carryforward, or similar tax loss or tax credit carryforward, rather than as a liability, with certain exceptions. This Update is effective for fiscal years, and interim periods within those years, beginning after December 15, 2013. The amendments should be applied prospectively to all unrecognized tax benefits that exist at the effective date, although retrospective application is permitted. Early adoption is permitted. The adoption is not expected to have a material effect on the Company and its subsidiaries’ results of operations or financial position. | ||||
In January 2014, Accounting Standards Update 2014-04 (“Reclassification of Residential Real Estate Collateralized Consumer Mortgage Loans upon Foreclosure”—ASC 310-40 (“Receivables—Troubled Debt Restructurings by Creditors”)) was issued. This Update clarifies when a creditor is considered to have received physical possession resulting from an in substance repossession or foreclosure of residential real estate property collateralizing a consumer mortgage loan. Additionally, this Update requires an entity to disclose the amount of foreclosed residential real estate property and the recorded investment in consumer mortgage loans collateralized by residential real estate property that are in the process of foreclosure. This Update is effective for fiscal years, and interim periods within those annual periods beginning after December 15, 2014. The amendments should be applied on either a prospective basis or a modified retrospective basis. Early adoption is permitted. The adoption is not expected to have a material effect on the Company and its subsidiaries’ results of operations or financial position. | ||||
In April 2014, Accounting Standards Update 2014-08 (“Reporting Discontinued Operations and Disclosures of Disposals of Components of an Entity”—ASC 205 (“Presentation of Financial Statements”) and ASC 360 (“Property, Plant, and Equipment”)) was issued. This Update requires an entity to report a disposal (or a classification as held for sale) of a component of an entity or a group of components of an entity in discontinued operations if it represents a strategic shift that has (or will have) a major effect on an entity’s operations and financial results. This Update requires an entity to present, for each comparative period, the assets and liabilities of discontinued operations separately in the asset and liability sections, respectively, of the statement of financial position. Furthermore, this Update requires additional disclosures about discontinued operations and a disposal of an individually significant component that does not qualify for discontinued operations. The Update is effective prospectively for disposals (or classifications as held for sale) that occur within fiscal years, and interim periods within those annual periods beginning after December 15, 2014. Early adoption is permitted. Generally, the effect of adopting this Update on the Company and its subsidiaries’ results of operations or financial position will depend on future transactions. | ||||
In May 2014, Accounting Standards Update 2014-09 (“Revenue from Contracts with Customers”—ASC 606 (“Revenue from Contracts with Customers”)) was issued. The core principle of this Update is that an entity should recognize revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. To achieve that core principle, an entity should apply a five-step model to determine when to recognize revenue, and in what amount. The five steps to apply the model are: | ||||
• | Identify the contract(s) with a customer | |||
• | Identify the performance obligations in the contract | |||
• | Determine the transaction price | |||
• | Allocate the transaction price to the performance obligations in the contract | |||
• | Recognize revenue when (or as) the entity satisfies a performance obligation | |||
This Update requires an entity to disclose more information about contracts with customers than under the current disclosure requirements. The Update is effective for fiscal years, and interim periods within those years beginning after December 15, 2016. Early adoption is prohibited. An entity should apply the amendments in this Update using either a retrospective method or a cumulative-effect method. The entity using the retrospective method may elect some optional expedients to simplify a full retrospective basis. The entity using the cumulative-effect method would recognize the cumulative effect of initially applying this Update as an adjustment to the opening balance of retained earnings or net assets at the date of initial application. 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 and financial position. | ||||
(ag) Reclassifications | ||||
Revenues and Expenses from asset management and loan servicing business have been separately presented from fiscal 2014 as, “Revenues from asset management and servicing” and “Expenses from asset management and servicing.” The amounts in fiscal 2012 and 2013 have been reclassified for this change. |
Fair_Value_Measurements
Fair Value Measurements | 12 Months Ended | ||||||||||||||||||||||||||||||||||||||||
Mar. 31, 2014 | |||||||||||||||||||||||||||||||||||||||||
Fair Value Measurements | ' | ||||||||||||||||||||||||||||||||||||||||
2. Fair Value Measurements | |||||||||||||||||||||||||||||||||||||||||
The Company and its subsidiaries adopted ASC 820 (“Fair Value Measurement”). This Codification Section defines fair value, establishes a framework for measuring fair value and expands disclosures about fair value measurements. | |||||||||||||||||||||||||||||||||||||||||
This Codification Section classifies and prioritizes 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. | |||||||||||||||||||||||||||||||||||||||||
This Codification Section differentiates 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 securities, available-for-sale securities, certain investment funds and derivatives at fair value on a recurring basis. | |||||||||||||||||||||||||||||||||||||||||
The Company and its subsidiaries adopted Accounting Standards Update 2011-04 (“Amendments to Achieve Common Fair Value Measurement and Disclosure Requirements in U.S. GAAP and IFRS”—ASC 820 (“Fair Value Measurement”)) on January 1, 2012. This Update is intended to result in a consistent definition of fair value and common requirements for measuring fair value and for disclosures about fair value between U.S. GAAP and IFRS. Consequently, this Update changes some fair value measurement principles and enhances the disclosure requirements. | |||||||||||||||||||||||||||||||||||||||||
The following table presents recorded amounts of major financial assets and liabilities measured at fair value on a recurring basis as of March 31, 2013 and 2014: | |||||||||||||||||||||||||||||||||||||||||
March 31, 2013 | |||||||||||||||||||||||||||||||||||||||||
Millions of yen | |||||||||||||||||||||||||||||||||||||||||
Total | Quoted Prices | Significant | Significant | ||||||||||||||||||||||||||||||||||||||
Carrying | in Active | Other | Unobservable | ||||||||||||||||||||||||||||||||||||||
Value in | Markets for | Observable | Inputs | ||||||||||||||||||||||||||||||||||||||
Consolidated | Identical Assets | Inputs | (Level 3) | ||||||||||||||||||||||||||||||||||||||
Balance Sheets | (Level 1) | (Level 2) | |||||||||||||||||||||||||||||||||||||||
Financial Assets: | |||||||||||||||||||||||||||||||||||||||||
Loans held for sale*1 | ¥ | 16,026 | ¥ | 0 | ¥ | 16,026 | ¥ | 0 | |||||||||||||||||||||||||||||||||
Trading securities | 33,041 | 2,184 | 30,857 | 0 | |||||||||||||||||||||||||||||||||||||
Available-for-sale securities | 757,299 | 166,398 | 453,923 | 136,978 | |||||||||||||||||||||||||||||||||||||
Japanese and foreign government bond securities | 278,717 | 98,990 | 179,727 | 0 | |||||||||||||||||||||||||||||||||||||
Japanese prefectural and foreign municipal bond securities | 61,090 | 0 | 61,090 | 0 | |||||||||||||||||||||||||||||||||||||
Corporate debt securities | 196,835 | 0 | 190,311 | 6,524 | |||||||||||||||||||||||||||||||||||||
Specified bonds issued by SPEs in Japan | 63,244 | 0 | 0 | 63,244 | |||||||||||||||||||||||||||||||||||||
CMBS and RMBS in the U.S., and other asset- backed securities | 60,691 | 0 | 1,792 | 58,899 | |||||||||||||||||||||||||||||||||||||
Other debt securities | 8,311 | 0 | 0 | 8,311 | |||||||||||||||||||||||||||||||||||||
Equity securities | 88,411 | 67,408 | 21,003 | 0 | |||||||||||||||||||||||||||||||||||||
Other securities | 5,800 | 0 | 0 | 5,800 | |||||||||||||||||||||||||||||||||||||
Investment funds*3 | 5,800 | 0 | 0 | 5,800 | |||||||||||||||||||||||||||||||||||||
Derivative assets | 14,598 | 147 | 12,352 | 2,099 | |||||||||||||||||||||||||||||||||||||
Interest rate swap agreements | 4,654 | 0 | 4,654 | 0 | |||||||||||||||||||||||||||||||||||||
Options held/written and other | 5,654 | 0 | 3,555 | 2,099 | |||||||||||||||||||||||||||||||||||||
Futures, foreign exchange contracts | 1,030 | 147 | 883 | 0 | |||||||||||||||||||||||||||||||||||||
Foreign currency swap agreements | 2,890 | 0 | 2,890 | 0 | |||||||||||||||||||||||||||||||||||||
Credit derivatives held | 370 | 0 | 370 | 0 | |||||||||||||||||||||||||||||||||||||
¥ | 826,764 | ¥ | 168,729 | ¥ | 513,158 | ¥ | 144,847 | ||||||||||||||||||||||||||||||||||
Financial Liabilities: | |||||||||||||||||||||||||||||||||||||||||
Derivative liabilities | ¥ | 18,037 | ¥ | 0 | ¥ | 18,037 | ¥ | 0 | |||||||||||||||||||||||||||||||||
Interest rate swap agreements | 1,459 | 0 | 1,459 | 0 | |||||||||||||||||||||||||||||||||||||
Options held/written and other | 3,530 | 0 | 3,530 | 0 | |||||||||||||||||||||||||||||||||||||
Futures, foreign exchange contracts | 4,685 | 0 | 4,685 | 0 | |||||||||||||||||||||||||||||||||||||
Foreign currency swap agreements | 8,263 | 0 | 8,263 | 0 | |||||||||||||||||||||||||||||||||||||
Credit derivatives held/written | 100 | 0 | 100 | 0 | |||||||||||||||||||||||||||||||||||||
¥ | 18,037 | ¥ | 0 | ¥ | 18,037 | ¥ | 0 | ||||||||||||||||||||||||||||||||||
March 31, 2014 | |||||||||||||||||||||||||||||||||||||||||
Millions of yen | |||||||||||||||||||||||||||||||||||||||||
Total | Quoted Prices | Significant | Significant | ||||||||||||||||||||||||||||||||||||||
Carrying | in Active | Other | Unobservable | ||||||||||||||||||||||||||||||||||||||
Value in | Markets for | Observable | Inputs | ||||||||||||||||||||||||||||||||||||||
Consolidated | Identical Assets | Inputs | (Level 3) | ||||||||||||||||||||||||||||||||||||||
Balance Sheets | (Level 1) | (Level 2) | |||||||||||||||||||||||||||||||||||||||
Financial Assets: | |||||||||||||||||||||||||||||||||||||||||
Loans held for sale*1 | ¥ | 12,631 | ¥ | 0 | ¥ | 12,631 | ¥ | 0 | |||||||||||||||||||||||||||||||||
Trading securities | 16,079 | 275 | 15,804 | 0 | |||||||||||||||||||||||||||||||||||||
Available-for-sale securities | 881,606 | 230,618 | 566,987 | 84,001 | |||||||||||||||||||||||||||||||||||||
Japanese and foreign government bond securities | 360,360 | 114,989 | 245,371 | 0 | |||||||||||||||||||||||||||||||||||||
Japanese prefectural and foreign municipal bond securities | 96,697 | 0 | 96,697 | 0 | |||||||||||||||||||||||||||||||||||||
Corporate debt securities | 201,386 | 0 | 200,725 | 661 | |||||||||||||||||||||||||||||||||||||
Specified bonds issued by SPEs in Japan | 6,772 | 0 | 0 | 6,772 | |||||||||||||||||||||||||||||||||||||
CMBS and RMBS in the U.S., and other asset- backed securities | 65,631 | 0 | 613 | 65,018 | |||||||||||||||||||||||||||||||||||||
Other debt securities | 11,550 | 0 | 0 | 11,550 | |||||||||||||||||||||||||||||||||||||
Equity securities*2 | 139,210 | 115,629 | 23,581 | 0 | |||||||||||||||||||||||||||||||||||||
Other securities | 6,317 | 0 | 0 | 6,317 | |||||||||||||||||||||||||||||||||||||
Investment funds*3 | 6,317 | 0 | 0 | 6,317 | |||||||||||||||||||||||||||||||||||||
Derivative assets | 12,437 | 8 | 9,943 | 2,486 | |||||||||||||||||||||||||||||||||||||
Interest rate swap agreements | 2,528 | 0 | 2,528 | 0 | |||||||||||||||||||||||||||||||||||||
Options written and other | 5,486 | 0 | 3,000 | 2,486 | |||||||||||||||||||||||||||||||||||||
Futures, foreign exchange contracts | 860 | 8 | 852 | 0 | |||||||||||||||||||||||||||||||||||||
Foreign currency swap agreements | 3,534 | 0 | 3,534 | 0 | |||||||||||||||||||||||||||||||||||||
Credit derivatives written | 29 | 0 | 29 | 0 | |||||||||||||||||||||||||||||||||||||
¥ | 929,070 | ¥ | 230,901 | ¥ | 605,365 | ¥ | 92,804 | ||||||||||||||||||||||||||||||||||
Financial Liabilities: | |||||||||||||||||||||||||||||||||||||||||
Derivative liabilities | ¥ | 16,646 | ¥ | 28 | ¥ | 16,618 | ¥ | 0 | |||||||||||||||||||||||||||||||||
Interest rate swap agreements | 634 | 0 | 634 | 0 | |||||||||||||||||||||||||||||||||||||
Options written and other | 3,605 | 0 | 3,605 | 0 | |||||||||||||||||||||||||||||||||||||
Futures, foreign exchange contracts | 4,966 | 28 | 4,938 | 0 | |||||||||||||||||||||||||||||||||||||
Foreign currency swap agreements | 7,176 | 0 | 7,176 | 0 | |||||||||||||||||||||||||||||||||||||
Credit derivatives held | 265 | 0 | 265 | 0 | |||||||||||||||||||||||||||||||||||||
Accounts Payable | 2,833 | 0 | 0 | 2,833 | |||||||||||||||||||||||||||||||||||||
Contingent consideration | 2,833 | 0 | 0 | 2,833 | |||||||||||||||||||||||||||||||||||||
¥ | 19,478 | ¥ | 28 | ¥ | 16,617 | ¥ | 2,833 | ||||||||||||||||||||||||||||||||||
*1 | A subsidiary elected the fair value option under ASC 825 (“Financial Instruments”) on the loans held for sale originated on or after October 1, 2011. These loans are multi-family and seniors housing loans and are sold to Federal National Mortgage Association (“Fannie Mae”) or institutional investors. Included in other operating revenues in the consolidated statements of income were gains from the change in the fair value of the loans of ¥1,024 million for the fiscal year ended March 31, 2012, losses from the change in the fair value of the loans of ¥628 million for the fiscal year ended March 31, 2013 and gains from the change in the fair value of the loans of ¥116 million for the fiscal year ended March 31, 2014. No gains or losses were recognized in earnings during the fiscal year ended March 31, 2012, the fiscal year ended March 31, 2013 and the fiscal year ended March 31, 2014 attributable to changes in instrument-specific credit risk. The amounts of aggregate unpaid principal balance and aggregate fair value at March 31, 2013, were ¥15,535 million and ¥16,026 million, respectively, and the amount of the aggregate fair value exceeded the amount of aggregate unpaid principal balance by ¥491 million. The amounts of aggregate unpaid principal balance and aggregate fair value at March 31, 2014, were ¥12,024 million and ¥12,631 million, respectively, and the amount of the aggregate fair value exceeded the amount of aggregate unpaid principal balance by ¥607 million. As of March 31, 2013 and 2014, there were no loans that were 90 days or more past due, in non-accrual status, or both. | ||||||||||||||||||||||||||||||||||||||||
*2 | A subsidiary that has newly become a consolidated subsidiary of the Company during this fiscal year elected the fair value option under ASC 825 (“Financial Instruments”) for investments in equity securities included in available-for-sale securities. Included in brokerage commissions and net gains on investment securities in the consolidated statements of income were gains from the change in the fair value of those investments of ¥333 million for the fiscal year ended March 31, 2014. The amount of aggregate fair value elected the fair value option is ¥5,116 million as of March 31, 2014. | ||||||||||||||||||||||||||||||||||||||||
*3 | A subsidiary and another company that have newly become a consolidated subsidiary of the Company during this fiscal year elected the fair value option under ASC 825 (“Financial Instruments”) for investments in some funds. Included in brokerage commissions and net gains on investment securities in the consolidated statements of income were gains from the change in the fair value of those investments of ¥670 million for the fiscal year ended March 31, 2013 and ¥1,412 million for the fiscal year ended March 31, 2014. The amounts of aggregate fair value elected the fair value option were ¥5,800 million and ¥6,317 million as of March 31, 2013 and 2014, respectively. | ||||||||||||||||||||||||||||||||||||||||
Changes in economic conditions or valuation methodologies may require the transfer of assets and liabilities from one fair value level to another. In such instances, the Company and its subsidiaries recognize the transfer at the beginning of quarter during which the transfers occur. The Company and its subsidiaries evaluate the significance of transfers between levels based upon size of the transfer relative to total assets, total liabilities or total earnings. For the fiscal years ended March 31, 2013 and 2014, there were no transfers between Level 1 and Level 2. | |||||||||||||||||||||||||||||||||||||||||
The following table presents the reconciliation of financial assets and liabilities measured at fair value on a recurring basis using significant unobservable inputs (Level 3) during fiscal year 2012, 2013 and 2014: | |||||||||||||||||||||||||||||||||||||||||
2012 | |||||||||||||||||||||||||||||||||||||||||
Millions of yen | |||||||||||||||||||||||||||||||||||||||||
Balance at | Purchases | Sales | Settlements | Transfers | Balance at | Change in | |||||||||||||||||||||||||||||||||||
April 1, | in and/ | March 31, | unrealized | ||||||||||||||||||||||||||||||||||||||
2011 | Gains or losses | or out of | 2012 | gains or losses | |||||||||||||||||||||||||||||||||||||
(realized/ unrealized) | Level 3 | included in | |||||||||||||||||||||||||||||||||||||||
(net)*3 | earnings for | ||||||||||||||||||||||||||||||||||||||||
assets and | |||||||||||||||||||||||||||||||||||||||||
liabilities still | |||||||||||||||||||||||||||||||||||||||||
held at | |||||||||||||||||||||||||||||||||||||||||
March 31, | |||||||||||||||||||||||||||||||||||||||||
Included in | Included in | Total | 2012*1 | ||||||||||||||||||||||||||||||||||||||
earnings*1 | other | ||||||||||||||||||||||||||||||||||||||||
comprehensive | |||||||||||||||||||||||||||||||||||||||||
Income*2 | |||||||||||||||||||||||||||||||||||||||||
Available-for-sale securities | ¥ | 315,676 | ¥ | (1,262 | ) | ¥ | 1,443 | ¥ | 181 | ¥ | 63,980 | ¥ | (18,054 | ) | ¥ | (118,596 | ) | ¥ | 468 | ¥ | 243,655 | ¥ | (2,429 | ) | |||||||||||||||||
Corporate debt securities | 2,573 | (18 | ) | 108 | 90 | 2,549 | (431 | ) | (2,337 | ) | 468 | 2,912 | (35 | ) | |||||||||||||||||||||||||||
Specified bonds issued by SPEs in Japan | 222,314 | (3,066 | ) | 2,178 | (888 | ) | 6,668 | (9,625 | ) | (79,317 | ) | 0 | 139,152 | (3,397 | ) | ||||||||||||||||||||||||||
CMBS and RMBS in the U.S., and other asset-backed securities | 85,283 | 1,822 | (1,056 | ) | 766 | 49,072 | (7,998 | ) | (33,942 | ) | 0 | 93,181 | 1,003 | ||||||||||||||||||||||||||||
Other debt securities | 5,506 | 0 | 213 | 213 | 5,691 | 0 | (3,000 | ) | 0 | 8,410 | 0 | ||||||||||||||||||||||||||||||
Derivative assets and liabilities (net) | 2,946 | 2,159 | 0 | 2,159 | 0 | 0 | 188 | 0 | 5,293 | 2,159 | |||||||||||||||||||||||||||||||
Options held/written, caps held and other | 3,134 | 2,159 | 0 | 2,159 | 0 | 0 | 0 | 0 | 5,293 | 2,159 | |||||||||||||||||||||||||||||||
Credit derivatives held/written | (188 | ) | 0 | 0 | 0 | 0 | 0 | 188 | 0 | 0 | 0 | ||||||||||||||||||||||||||||||
2013 | |||||||||||||||||||||||||||||||||||||||||
Millions of yen | |||||||||||||||||||||||||||||||||||||||||
Balance at | Purchases | Sales | Settlements | Transfers | Balance at | Change in | |||||||||||||||||||||||||||||||||||
April 1, | in and/ | March 31, | unrealized | ||||||||||||||||||||||||||||||||||||||
2012 | Gains or losses | or out of | 2013 | gains or losses | |||||||||||||||||||||||||||||||||||||
(realized/ unrealized) | Level 3 | included in | |||||||||||||||||||||||||||||||||||||||
(net)*3 | earnings for | ||||||||||||||||||||||||||||||||||||||||
assets and | |||||||||||||||||||||||||||||||||||||||||
liabilities still | |||||||||||||||||||||||||||||||||||||||||
held at | |||||||||||||||||||||||||||||||||||||||||
March 31, | |||||||||||||||||||||||||||||||||||||||||
Included in | Included in | Total | 2013*1 | ||||||||||||||||||||||||||||||||||||||
earnings*1 | other | ||||||||||||||||||||||||||||||||||||||||
comprehensive | |||||||||||||||||||||||||||||||||||||||||
Income*2 | |||||||||||||||||||||||||||||||||||||||||
Available-for-sale securities | ¥243,655 | ¥(9,225) | ¥7,693 | ¥(1,532) | ¥19,294 | ¥ | (10,564 | ) | ¥ | (113,875 | ) | ¥0 | ¥136,978 | ¥ | (9,783 | ) | |||||||||||||||||||||||||
Corporate debt securities | 2,912 | (508 | ) | 908 | 400 | 3,942 | (432 | ) | (298 | ) | 0 | 6,524 | (456 | ) | |||||||||||||||||||||||||||
Specified bonds issued by SPEs in Japan | 139,152 | (9,228 | ) | (15 | ) | (9,243 | ) | 5,419 | (9 | ) | (72,075 | ) | 0 | 63,244 | (8,095 | ) | |||||||||||||||||||||||||
CMBS and RMBS in the U.S., and other asset-backed securities | 93,181 | (369 | ) | 5,381 | 5,012 | 9,933 | (7,725 | ) | (41,502 | ) | 0 | 58,899 | (1,232 | ) | |||||||||||||||||||||||||||
Other debt securities | 8,410 | 880 | 1,419 | 2,299 | 0 | (2,398 | ) | 0 | 0 | 8,311 | 0 | ||||||||||||||||||||||||||||||
Other securities | 0 | 670 | 825 | 1,495 | 5,018 | (713 | ) | 0 | 0 | 5,800 | 670 | ||||||||||||||||||||||||||||||
Investment funds | 0 | 670 | 825 | 1,495 | 5,018 | (713 | ) | 0 | 0 | 5,800 | 670 | ||||||||||||||||||||||||||||||
Derivative assets and liabilities (net) | 5,293 | (3,194 | ) | 0 | (3,194 | ) | 0 | 0 | 0 | 0 | 2,099 | (3,194 | ) | ||||||||||||||||||||||||||||
Options held/written, caps held and other | 5,293 | (3,194 | ) | 0 | (3,194 | ) | 0 | 0 | 0 | 0 | 2,099 | (3,194 | ) | ||||||||||||||||||||||||||||
2014 | |||||||||||||||||||||||||||||||||||||||||
Millions of yen | |||||||||||||||||||||||||||||||||||||||||
Balance at | Purchases | Sales | Settlements | Transfers | Balance at | Change in | |||||||||||||||||||||||||||||||||||
April 1, | in and/ | March 31, | unrealized | ||||||||||||||||||||||||||||||||||||||
2013 | Gains or losses | or out of | 2014 | gains or losses | |||||||||||||||||||||||||||||||||||||
(realized/ unrealized) | Level 3 | included in | |||||||||||||||||||||||||||||||||||||||
(net)*3 | earnings for | ||||||||||||||||||||||||||||||||||||||||
assets and | |||||||||||||||||||||||||||||||||||||||||
liabilities still | |||||||||||||||||||||||||||||||||||||||||
held at | |||||||||||||||||||||||||||||||||||||||||
March 31, | |||||||||||||||||||||||||||||||||||||||||
Included in | Included in | Total | 2014*1 | ||||||||||||||||||||||||||||||||||||||
earnings*1 | other | ||||||||||||||||||||||||||||||||||||||||
comprehensive | |||||||||||||||||||||||||||||||||||||||||
Income*2 | |||||||||||||||||||||||||||||||||||||||||
Available-for-sale securities | ¥ | 136,978 | ¥4,364 | ¥4,056 | ¥8,420 | ¥ | 56,202 | ¥ | (13,817 | ) | ¥ | (103,782 | ) | ¥ | 0 | ¥ | 84,001 | ¥ | 180 | ||||||||||||||||||||||
Corporate debt securities | 6,524 | 416 | (356 | ) | 60 | 0 | (1,325 | ) | (4,598 | ) | 0 | 661 | 0 | ||||||||||||||||||||||||||||
Specified bonds issued by SPEs in Japan | 63,244 | 327 | 839 | 1,166 | 0 | (36 | ) | (57,602 | ) | 0 | 6,772 | 5 | |||||||||||||||||||||||||||||
CMBS and RMBS in the U.S., and other asset- backed securities | 58,899 | 3,621 | 1,334 | 4,955 | 55,202 | (12,456 | ) | (41,582 | ) | 0 | 65,018 | 175 | |||||||||||||||||||||||||||||
Other debt securities | 8,311 | 0 | 2,239 | 2,239 | 1,000 | 0 | 0 | 0 | 11,550 | 0 | |||||||||||||||||||||||||||||||
Other securities | 5,800 | 1,767 | 584 | 2,351 | 2,013 | (3,824 | ) | (23 | ) | 0 | 6,317 | 1,767 | |||||||||||||||||||||||||||||
Investment funds | 5,800 | 1,767 | 584 | 2,351 | 2,013 | (3,824 | ) | (23 | ) | 0 | 6,317 | 1,767 | |||||||||||||||||||||||||||||
Derivative assets and liabilities (net) | 2,099 | 2,987 | 0 | 2,987 | 0 | 0 | (2,600 | ) | 0 | 2,486 | 2,987 | ||||||||||||||||||||||||||||||
Options held/written and other | 2,099 | 2,987 | 0 | 2,987 | 0 | 0 | (2,600 | ) | 0 | 2,486 | 2,987 | ||||||||||||||||||||||||||||||
Accounts payable | 0 | 2,343 | 0 | 2,343 | 5,176 | 0 | 0 | 0 | 2,833 | 2,343 | |||||||||||||||||||||||||||||||
Contingent consideration | 0 | 2,343 | 0 | 2,343 | 5,176 | 0 | 0 | 0 | 2,833 | 2,343 | |||||||||||||||||||||||||||||||
*1 | Principally, gains and losses from available-for-sale securities are included in “brokerage commissions and net gains on investment securities”, “write-downs of securities” or “life insurance premiums and related investment income”; other securities are included in “brokerage commissions and net gains on investment securities” and derivative assets and liabilities (net) are included in “other operating revenues/expenses,” and gains from accounts payable are included in “other operating revenues”. Also, for available-for-sale securities, amortization of interest recognized in interest on loans and investment securities 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.” | ||||||||||||||||||||||||||||||||||||||||
*3 | The amount reported in “Transfers in and/or out of Level 3 (net)” is the fair value at the beginning of quarter during which the transfers occur. | ||||||||||||||||||||||||||||||||||||||||
In fiscal 2012, ¥468 million of Corporate debt securities was transferred from Level 2 to Level 3 due to a certain market becoming inactive. There were no transfers from Level 3 in fiscal 2012. | |||||||||||||||||||||||||||||||||||||||||
There were no transfers in or out of Level 3 in fiscal 2013 and 2014. | |||||||||||||||||||||||||||||||||||||||||
The following table presents recorded amounts of assets measured at fair value on a nonrecurring basis as of March 31, 2013 and 2014. These assets are measured at fair value on a nonrecurring basis mainly to recognize impairment: | |||||||||||||||||||||||||||||||||||||||||
March 31, 2013 | |||||||||||||||||||||||||||||||||||||||||
Millions of yen | |||||||||||||||||||||||||||||||||||||||||
Total | Quoted Prices | Significant | Significant | ||||||||||||||||||||||||||||||||||||||
Carrying | in Active | Other | Unobservable | ||||||||||||||||||||||||||||||||||||||
Value in | Markets for | Observable | Inputs | ||||||||||||||||||||||||||||||||||||||
Consolidated | Identical Assets | Inputs | (Level 3) | ||||||||||||||||||||||||||||||||||||||
Balance Sheets | (Level 1) | (Level 2) | |||||||||||||||||||||||||||||||||||||||
Assets: | |||||||||||||||||||||||||||||||||||||||||
Real estate collateral-dependent loans (net of allowance for probable loan losses) | ¥ | 60,564 | ¥ | 0 | ¥ | 0 | ¥ | 60,564 | |||||||||||||||||||||||||||||||||
Investment in operating leases and other operating assets | 21,960 | 0 | 0 | 21,960 | |||||||||||||||||||||||||||||||||||||
Land and buildings undeveloped or under construction | 11,845 | 0 | 0 | 11,845 | |||||||||||||||||||||||||||||||||||||
Certain investment in affiliates | 3,704 | 0 | 0 | 3,704 | |||||||||||||||||||||||||||||||||||||
¥ | 98,073 | ¥ | 0 | ¥ | 0 | ¥ | 98,073 | ||||||||||||||||||||||||||||||||||
March 31, 2014 | |||||||||||||||||||||||||||||||||||||||||
Millions of yen | |||||||||||||||||||||||||||||||||||||||||
Total | Quoted Prices | Significant | Significant | ||||||||||||||||||||||||||||||||||||||
Carrying | in Active | Other | Unobservable | ||||||||||||||||||||||||||||||||||||||
Value in | Markets for | Observable | Inputs | ||||||||||||||||||||||||||||||||||||||
Consolidated | Identical Assets | Inputs | (Level 3) | ||||||||||||||||||||||||||||||||||||||
Balance Sheets | (Level 1) | (Level 2) | |||||||||||||||||||||||||||||||||||||||
Assets: | |||||||||||||||||||||||||||||||||||||||||
Real estate collateral-dependent loans (net of allowance for probable loan losses) | ¥ | 39,866 | ¥ | 0 | ¥ | 0 | ¥ | 39,866 | |||||||||||||||||||||||||||||||||
Investment in operating leases and other operating assets | 60,665 | 0 | 0 | 60,665 | |||||||||||||||||||||||||||||||||||||
Land and buildings undeveloped or under construction | 18,237 | 0 | 0 | 18,237 | |||||||||||||||||||||||||||||||||||||
¥ | 118,768 | ¥ | 0 | ¥ | 0 | ¥ | 118,768 | ||||||||||||||||||||||||||||||||||
The following is a description of the valuation process and the main valuation methodologies used for assets and liabilities measured at fair value: | |||||||||||||||||||||||||||||||||||||||||
Valuation process | |||||||||||||||||||||||||||||||||||||||||
The Company and its subsidiaries determine fair value of Level 3 assets and liabilities by using valuation techniques, such as internally developed models, or using third-party pricing information. Internally developed models include the discounted cash flow methodologies and direct capitalization methodologies. To measure the fair value of the assets and liabilities, the Company and its subsidiaries select the valuation technique which best reflects the nature, characteristics and risks of each asset and liability. The appropriateness of valuation methods and unobservable inputs is verified when measuring fair values of the assets and liabilities by using internally developed models. The Company and its subsidiaries also use third-party pricing information to measure the fair value of certain assets and liabilities. In that case, the Company and its subsidiaries verify the appropriateness of the prices by monitoring available information about the assets and liabilities, such as current conditions of the assets or liabilities, as well as surrounding market information. When these prices are determined to be able to reflect the nature, characteristics and risks of assets and liabilities reasonably, the Company and its subsidiaries use these prices as fair value of the assets and liabilities. | |||||||||||||||||||||||||||||||||||||||||
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. The loans held for sale in the United States are classified as Level 2, because the Company and its subsidiaries measure their fair value based on a market approach using inputs other than quoted prices that are observable for the assets, such as treasury rate, swap rate and market spread. | |||||||||||||||||||||||||||||||||||||||||
Real estate collateral-dependent loans | |||||||||||||||||||||||||||||||||||||||||
The valuation allowance for large balance non-homogeneous loans is individually evaluated 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. According to ASC 820 (“Fair Value Measurement”), measurement for impaired loans determined using a present value technique is not considered a fair value measurement. However, measurement for impaired loans determined using the loan’s observable market price or the fair value of the collateral securing the collateral-dependent loans are fair value measurements and are subject to the disclosure requirements for nonrecurring fair value measurements. | |||||||||||||||||||||||||||||||||||||||||
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, we 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 other operating assets 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 other operating assets 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 other operating assets and Land and buildings undeveloped or under construction. | |||||||||||||||||||||||||||||||||||||||||
Trading securities, Available-for-sale 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. 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. 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 bench mark indices. | |||||||||||||||||||||||||||||||||||||||||
The Company and its subsidiaries classified CMBS and RMBS in the United States as level 3 due to a certain market being inactive. In determining whether a market is active or inactive, 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 spread, significant decline in new issuances, little or no public information (e.g. a principal-to-principal market) and other factors. With respect to the CMBS and RMBS in the United States, the Company and its subsidiaries judged that there has been increased overall trading activity but due to the lack of observable trades for older vintage and below investment grade securities we continue to limit the reliance on independent pricing service vendors and brokers. As a result, the Company and its subsidiaries established internally developed pricing models (Level 3 inputs) using valuation techniques such as discounted cash flow methodologies in order to estimate fair value of these securities and classified them as Level 3. Under the models, the Company and its subsidiaries use anticipated cash flows of the security discounted at a risk-adjusted discount rate that incorporates our estimate of credit risk and liquidity risk that a market participant would consider. The cash flows are estimated based on a number of assumptions such as default rate and prepayment speed, as well as seniority of the security. An increase (decrease) in the discount rate or default rate would result in a decrease (increase) in the fair value of CMBS and RMBS in the United States. | |||||||||||||||||||||||||||||||||||||||||
The Company and its subsidiaries classified the specified bonds as Level 3 because the Company and its subsidiaries measure their fair value using unobservable inputs. Since the specified bonds do not trade in an open market, no relevant observable market data is available. Accordingly the Company and its subsidiaries use discounted cash flow methodologies that incorporates significant unobservable inputs to measure their fair value. When evaluating the specified bonds issued by SPEs in Japan, the Company and its subsidiaries estimate the fair value by discounting future cash flows using a discount rate based on market interest rates and a risk premium. The future cash flows for the specified bonds issued by the SPEs in Japan are estimated based on contractual principal and interest repayment schedules on each of the specified bonds issued by the SPEs in Japan. Since the discount rate is not observable for the specified bonds, the Company and its subsidiaries use an internally developed model to estimate a risk premium considering the value of the real estate collateral (which also involves unobservable inputs in many cases when using valuation techniques such as discounted cash flow methodologies) and the seniority of the bonds. Under the model, the Company and its subsidiaries consider the loan-to-value ratio and other relevant available information to reflect both the credit risk and the liquidity risk in our own estimate of the risk premium. Generally, the higher the loan-to-value ratio, the larger the risk premium the Company and its subsidiaries estimate under the model. The fair value of the specified bonds issued by SPEs in Japan rises when the fair value of the collateral real estate rises and the discount rate declines. The fair value of the specified bonds issued by SPEs in Japan declines when the fair value of the collateral real estate declines and the discount rate rises. | |||||||||||||||||||||||||||||||||||||||||
Investment funds | |||||||||||||||||||||||||||||||||||||||||
A subsidiary and another company which has newly become a consolidated subsidiary of the Company during this fiscal year 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 discounted cash flow methodologies or 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 traded derivatives, fair value is based on commonly used models and discounted cash flow methodologies. If the inputs used for these measurements including yield curves and volatilities are observable, the Company and its subsidiaries classify it as Level 2. If the inputs are not observable, the Company and its subsidiaries classify it as Level 3. These unobservable inputs contain discount rates. An increase (decrease) in the discount rate would result in a decrease (increase) in the fair value of derivatives. | |||||||||||||||||||||||||||||||||||||||||
Contingent consideration | |||||||||||||||||||||||||||||||||||||||||
The Company will be required to pay certain contingent consideration described in Note 3 (Acquisitions) depending on the future performance of a certain asset management business of the acquired subsidiary, and the Company recognizes a liability for the contingent consideration at its estimated fair value. The fair value of the contingent consideration is classified as Level 3 because the Company measures its fair value using a Monte Carlo model based on inputs that are unobservable in the market. | |||||||||||||||||||||||||||||||||||||||||
Information about Level 3 Fair Value Measurements | |||||||||||||||||||||||||||||||||||||||||
The following table provides information about the valuation techniques and significant unobservable inputs used in the valuation of Level 3 assets or liabilities measured at fair value on a recurring basis as of March 31, 2013 and 2014. | |||||||||||||||||||||||||||||||||||||||||
March 31, 2013 | |||||||||||||||||||||||||||||||||||||||||
Millions of | Valuation Technique(s) | Significant | Range | ||||||||||||||||||||||||||||||||||||||
yen | Unobservable | (Weighted Average) | |||||||||||||||||||||||||||||||||||||||
Fair Value | Inputs | ||||||||||||||||||||||||||||||||||||||||
Financial Assets: | |||||||||||||||||||||||||||||||||||||||||
Available-for-sale securities | |||||||||||||||||||||||||||||||||||||||||
Corporate debt securities | ¥ | 974 | Discounted cash flows | Discount rate | 5.40% | ||||||||||||||||||||||||||||||||||||
-5.40% | |||||||||||||||||||||||||||||||||||||||||
5,550 | Appraisals/Broker quotes | — | — | ||||||||||||||||||||||||||||||||||||||
Specified bonds issued by SPEs in Japan | 60,013 | Discounted cash flows | Discount rate | 1.0% – 12.0% | |||||||||||||||||||||||||||||||||||||
-4.90% | |||||||||||||||||||||||||||||||||||||||||
3,231 | Appraisals/Broker quotes | — | — | ||||||||||||||||||||||||||||||||||||||
CMBS and RMBS in the U.S., and other asset-backed securities | 30,804 | Discounted cash flows | Discount rate | 2.9% – 42.6% | |||||||||||||||||||||||||||||||||||||
-9.30% | |||||||||||||||||||||||||||||||||||||||||
Probability of default | 0.0% – 12.8% | ||||||||||||||||||||||||||||||||||||||||
-1.70% | |||||||||||||||||||||||||||||||||||||||||
28,095 | Appraisals/Broker quotes | — | — | ||||||||||||||||||||||||||||||||||||||
Other debt securities | 8,311 | Discounted cash flows | Discount rate | 11.70% | |||||||||||||||||||||||||||||||||||||
-11.70% | |||||||||||||||||||||||||||||||||||||||||
Other securities | |||||||||||||||||||||||||||||||||||||||||
Investment funds | 5,800 | Discounted cash flows | Discount rate | 13.0% – 20.0% | |||||||||||||||||||||||||||||||||||||
-18.60% | |||||||||||||||||||||||||||||||||||||||||
Derivative assets | |||||||||||||||||||||||||||||||||||||||||
Options held/written and other | 2,099 | Discounted cash flows | Discount rate | 10.0% – 15.0% | |||||||||||||||||||||||||||||||||||||
-12.30% | |||||||||||||||||||||||||||||||||||||||||
¥ | 144,877 | ||||||||||||||||||||||||||||||||||||||||
March 31, 2014 | |||||||||||||||||||||||||||||||||||||||||
Millions of | Valuation Technique(s) | Significant | Range | ||||||||||||||||||||||||||||||||||||||
yen | Unobservable | (Weighted Average) | |||||||||||||||||||||||||||||||||||||||
Fair Value | Inputs | ||||||||||||||||||||||||||||||||||||||||
Financial Assets: | |||||||||||||||||||||||||||||||||||||||||
Available-for-sale securities Corporate debt securities | ¥ | 661 | Appraisals/Broker quotes | — | — | ||||||||||||||||||||||||||||||||||||
Specified bonds issued by SPEs in Japan | 3,627 | Discounted cash flows | Discount rate | 1.0% – 11.1% | |||||||||||||||||||||||||||||||||||||
-4.50% | |||||||||||||||||||||||||||||||||||||||||
3,145 | Appraisals/Broker quotes | — | — | ||||||||||||||||||||||||||||||||||||||
CMBS and RMBS in the U.S., and other asset-backed securities | 22,991 | Discounted cash flows | Discount rate | 4.1% – 38.0% | |||||||||||||||||||||||||||||||||||||
-18.10% | |||||||||||||||||||||||||||||||||||||||||
Probability of default | 0.0% – 18.1% | ||||||||||||||||||||||||||||||||||||||||
-0.60% | |||||||||||||||||||||||||||||||||||||||||
42,027 | Appraisals/Broker quotes | — | — | ||||||||||||||||||||||||||||||||||||||
Other debt securities | 11,550 | Discounted cash flows | Discount rate | 12.00% | |||||||||||||||||||||||||||||||||||||
-12.00% | |||||||||||||||||||||||||||||||||||||||||
Other securities | |||||||||||||||||||||||||||||||||||||||||
Investment funds | 6,317 | Internal cash flows | Discount rate | 15.0% – 32.0% | |||||||||||||||||||||||||||||||||||||
-20.10% | |||||||||||||||||||||||||||||||||||||||||
Derivative assets | |||||||||||||||||||||||||||||||||||||||||
Options written and other | 2,486 | Discounted cash flows | Discount rate | 10.0% – 15.0% | |||||||||||||||||||||||||||||||||||||
-11.50% | |||||||||||||||||||||||||||||||||||||||||
¥ | 92,804 | ||||||||||||||||||||||||||||||||||||||||
Financial Liabilities: | |||||||||||||||||||||||||||||||||||||||||
Accounts payable | ¥ | 2,833 | Monte Carlo simulation | Discount rate | 16.00% | ||||||||||||||||||||||||||||||||||||
Contingent consideration | |||||||||||||||||||||||||||||||||||||||||
-16.00% | |||||||||||||||||||||||||||||||||||||||||
¥ | 2,833 | ||||||||||||||||||||||||||||||||||||||||
The following table provides 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 as of March 31, 2013 and 2014. | |||||||||||||||||||||||||||||||||||||||||
March 31, 2013 | |||||||||||||||||||||||||||||||||||||||||
Millions of | Valuation Technique(s) | Significant | Range | ||||||||||||||||||||||||||||||||||||||
yen | Unobservable Inputs | (Weighted Average) | |||||||||||||||||||||||||||||||||||||||
Fair Value | |||||||||||||||||||||||||||||||||||||||||
Assets: | |||||||||||||||||||||||||||||||||||||||||
Real estate collateral-dependent loans (net of allowance for probable loan losses) | ¥ | 60,564 | Discounted cash flows | Discount rate | 5.4% – 19.0% | ||||||||||||||||||||||||||||||||||||
-8.40% | |||||||||||||||||||||||||||||||||||||||||
Direct capitalization | Capitalization rate | 5.0% – 21.0% | |||||||||||||||||||||||||||||||||||||||
-10.70% | |||||||||||||||||||||||||||||||||||||||||
Investment in operating leases and other operating assets | 21,960 | Discounted cash flows | Discount rate | 4.4% – 12.7% | |||||||||||||||||||||||||||||||||||||
-6.90% | |||||||||||||||||||||||||||||||||||||||||
Land and buildings undeveloped or under construction | 11,845 | Discounted cash flows | Discount rate | 4.7% – 9.6% | |||||||||||||||||||||||||||||||||||||
-6.60% | |||||||||||||||||||||||||||||||||||||||||
Certain investment in affiliates | 3,704 | Discounted cash flows | Discount rate | 5.0% – 9.2% | |||||||||||||||||||||||||||||||||||||
-8.80% | |||||||||||||||||||||||||||||||||||||||||
¥ | 98,073 | ||||||||||||||||||||||||||||||||||||||||
March 31, 2014 | |||||||||||||||||||||||||||||||||||||||||
Millions of | Valuation Technique(s) | Significant | Range | ||||||||||||||||||||||||||||||||||||||
yen | Unobservable Inputs | (Weighted Average) | |||||||||||||||||||||||||||||||||||||||
Fair Value | |||||||||||||||||||||||||||||||||||||||||
Assets: | |||||||||||||||||||||||||||||||||||||||||
Real estate collateral-dependent loans (net of allowance for probable loan losses) | 39,866 | Discounted cash flows | Discount rate | 5.3% – 19.0% | |||||||||||||||||||||||||||||||||||||
-10.20% | |||||||||||||||||||||||||||||||||||||||||
Direct capitalization | Capitalization rate | 5.6% – 19.0% | |||||||||||||||||||||||||||||||||||||||
-10.30% | |||||||||||||||||||||||||||||||||||||||||
Investment in operating leases and other operating assets | 60,665 | Discounted cash flows | Discount rate | 5.2% – 11.0% | |||||||||||||||||||||||||||||||||||||
-5.60% | |||||||||||||||||||||||||||||||||||||||||
Land and buildings undeveloped or under construction | 18,237 | Discounted cash flows | Discount rate | 3.9% – 9.9% | |||||||||||||||||||||||||||||||||||||
-7.10% | |||||||||||||||||||||||||||||||||||||||||
¥ | 118,768 | ||||||||||||||||||||||||||||||||||||||||
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 (in isolation) have a directionally consistent impact on the fair value of the asset or liability for a given change in that input. Alternatively, the fair value of the asset or liability may move in an opposite direction for a given change in another input. Where multiple inputs are used within the valuation technique of an asset or liability, a change in one input in a certain direction may be offset by an opposite change in another input having a potentially muted impact to the overall fair value of that particular asset or liability. Additionally, a change in one unobservable input may result in a change to another unobservable input (that is, changes in certain inputs are interrelated to one another), which may counteract or magnify the fair value impact. | |||||||||||||||||||||||||||||||||||||||||
For more analysis of the sensitivity of each input, see the description of the valuation process and the main valuation methodologies used for assets and liabilities measured at fair value. |
Acquisitions
Acquisitions | 12 Months Ended | ||||||||
Mar. 31, 2014 | |||||||||
Acquisitions | ' | ||||||||
3. Acquisitions | |||||||||
(1) Robeco Groep N.V. acquisition | |||||||||
On July 1, 2013, the Company acquired approximately 90.01% of the total voting equity interests of Robeco Groep N.V. (Head office: Rotterdam, the Netherlands, hereinafter, “Robeco”) from Coöperatieve Centrale Raiffeisen-Boerenleenbank B.A. (Head office: Utrecht, the Netherlands, hereinafter, “Rabobank”). As a result, Robeco has become a consolidated subsidiary of the Company. Robeco, a mid-size global asset manager, offers a mix of investment solutions in a broad range of strategies to institutional and private investors worldwide. | |||||||||
The total amount of the acquisition consideration was ¥255,900 million. The initial consideration of ¥250,724 million was paid by ¥231,316 million in cash and 13,902,900 shares issued out of treasury, valued at ¥19,408 million. The 13,902,900 shares issued to Rabobank as part of the total consideration was determined based on the closing price of ¥1,396 of the Company’s common share on the Tokyo Stock Exchange on July 1, 2013 in accordance with the share purchase agreement executed between the Company and Rabobank as of February 19, 2013. In addition, the Company will be required to pay contingent consideration depending on the future performance of a certain section of asset management business for each of Robeco’s fiscal year until the fiscal year ending in December 2015. The estimated fair value of such contingent consideration was ¥5,176 million, which is included in the total consideration transferred. The Company believes that the change in such consideration is not expected to be significant. The estimated fair value of the contingent consideration was ¥2,833 million as of March 31, 2014 with the difference of ¥2,343 million being included as part of other operating revenues in the Company’s consolidated statement of income. | |||||||||
Transaction costs of ¥2,039 million are included in selling, general and administrative expenses in the Company’s consolidated statement of income. | |||||||||
Through this acquisition, the Company aims to expand its global asset management business as one of the measures to pursue new business models by combining finance with related services. The rationales for the Company’s acquisition of Robeco include the strength of Robeco’s global brand, the diversity of its businesses across asset classes and regions, the breadth of its global distribution network and the experience of its investment teams. As a well-managed and relatively autonomous group of businesses with a good performance record, Robeco is the ideal vehicle for the Company to pursue its ambitions in global asset management. Growth opportunities also exist in the pension and asset management markets in Asia and the Middle East, where the Company has an established network. | |||||||||
The Company allocates the acquisition consideration to Robeco’s respective assets acquired and liabilities assumed, and records the identified assets, liabilities and noncontrolling interest based on their fair values at the acquisition date by the acquisition method of accounting in accordance with ASC 805 (“Business Combinations”). The fair value of noncontrolling interest is estimated based on the acquisition consideration taking into account an appraised value using a market approach (business enterprise value multiples). | |||||||||
The acquisition accounting has not been completed as of June 26, 2014. Although certain items, including pension accounting, are still pending further evaluation, the final purchase price allocations are not expected to differ materially from the current valuation. The following table provides preliminary fair value amounts allocated to assets acquired and liabilities assumed of Robeco. | |||||||||
Millions of yen | |||||||||
Fair value amounts of assets, liabilities | |||||||||
and noncontrolling interest | |||||||||
Cash and Cash Equivalents | ¥ | 43,737 | |||||||
Investment in Securities | 3,325 | ||||||||
Investment in Affiliates | 931 | ||||||||
Other Receivables | 17,938 | ||||||||
Prepaid Expenses | 1,908 | ||||||||
Office Facilities | 1,839 | ||||||||
Other Assets | 372,926 | ||||||||
Total Assets | 442,604 | ||||||||
Trade Notes, Accounts Payable and Other Liabilities | 6,529 | ||||||||
Accrued Expenses | 50,222 | ||||||||
Current and Deferred Income Taxes | 71,087 | ||||||||
Long-Term Debt | 31,016 | ||||||||
Total Liabilities | 158,854 | ||||||||
Noncontrolling interests | 27,850 | ||||||||
Net | ¥ | 255,900 | |||||||
Goodwill with a preliminary fair value of ¥131,780 million, and other intangible assets of ¥205,730 million that were identified in connection with the acquisition are included in other assets in the above table and the Company’s consolidated balance sheet as of March 31, 2014. The goodwill is calculated as the excess of consideration transferred and the fair value of noncontrolling interest over the net assets recognized at fair value. The Company calculated the amount of goodwill based on estimates of fair value of assets acquired, liabilities assumed and noncontrolling interest. The goodwill represents the future growth of the ORIX Group from new revenue streams arising from the consolidation of Robeco and synergies with the existing Company’s assets and businesses. The goodwill is not deductible for tax purposes. The goodwill and other intangible assets recorded in connection with this acquisition are included in the Overseas Business segment. | |||||||||
Other intangible assets recognized in this acquisition consist of the following: | |||||||||
Millions of yen | Years | ||||||||
Acquired intangibles | Weighted-average | ||||||||
recorded at fair value | amortization period | ||||||||
Intangible assets not subject to amortization: | |||||||||
Asset management contracts | ¥ | 152,680 | — | ||||||
Trade names | 18,115 | — | |||||||
170,795 | |||||||||
Intangibles subject to amortization: | |||||||||
Customer relationships | 32,994 | 7 | |||||||
Software | 1,941 | 7 | |||||||
34,935 | |||||||||
Total | ¥ | 205,730 | |||||||
The following unaudited supplemental pro forma financial information presents the combined results of operations of the Company and its subsidiaries as though the acquisition had occurred as of April 1, 2012, the beginning of the fiscal year ended March 31, 2013: | |||||||||
Millions of yen | |||||||||
March 31, 2013 | March 31, 2014 | ||||||||
Total revenues | ¥ | 1,162,081 | ¥ | 1,371,773 | |||||
Income from Continuing Operations | 130,050 | 187,765 | |||||||
Total revenues and income from continuing operations of Robeco included in the Company’s consolidated statement of income for the year ended March 31, 2014 are ¥111,027 million and ¥17,251 million, respectively. | |||||||||
The unaudited supplemental pro forma financial information is based on estimates and assumptions, that the Company believes are reasonable and should not be taken as indicative of what the Company’s consolidated financial results would have been had the acquisition been completed on that date. The unaudited supplemental pro forma financial information does not include nonrecurring costs directly attributable to the acquisition, such as certain professional fees, that would not have been incurred had the acquisition not occurred. | |||||||||
(2) DAIKYO INCORPORATED acquisition | |||||||||
In March, 2005, the Company entered into a capital alliance with DAIKYO INCORPORATED (Head office: Shibuya-ku, Tokyo, Japan, hereinafter, “DAIKYO”), which operates condominium development and management businesses. In connection with the capital alliance, the Company acquired 133,720,000 shares of DAIKYO’s common stock, 10,000,000 shares of type-1 preferred stock, 15,000,000 shares of type-2 preferred stock and 25,000,000 shares of type-4 preferred stock. In June, 2008, DAIKYO redeemed certain of type-2 preferred stock and type-4 preferred stock held by the Company. Furthermore, in March 2009, the Company subscribed 25,000,000 shares of type-7 preferred stock and acquired 23,598,144 shares of type-8 preferred stock of DAIKYO. Since entering into the capital alliance, DAIKYO has shifted its business model from one focusing on “Flow business”, such as development and sale of condominiums, to one that achieves a balance between “Flow business” and “Stock business”, such as asset management and brokerage of condominiums. As a result of the shift, DAIKYO has developed business platforms that generate more stable financial performance. | |||||||||
On February 27, 2014, to increase earnings from its investment, the Company has exercised its conversion rights attached to all type-2 preferred stock, type-4 preferred stock, type-7 preferred stock and type-8 preferred stock of DAIKYO held by the Company. As a result, the Company acquired additional 398,204,999 shares of common stock of DAIKYO. Following the conversion, its voting rights in DAIKYO increased from 31.7% to 64.1% and DAIKYO became a consolidated subsidiary of the Company from an equity-method affiliate. There was no additional capital investment in DAIKYO in conjunction with the exercise of the acquisition rights. | |||||||||
Transaction costs of ¥23 million are included in selling, general and administrative expenses in the Company’s consolidated statement of income. | |||||||||
Prior to the exercise of the acquisition rights in February 2014, the Company’s interest in DAIKYO was accounted for under the equity-method of accounting. As a result of this step acquisition, the Company remeasured its previously held equity interest at its fair value of ¥124,606 million which was calculated based primarily on the market price of the common shares on an as-if converted basis adjusted for any control premium, and the Company recognized a gain of ¥58,435 million included in gains on sales of subsidiaries and affiliates and liquidation losses, net in the consolidated statement of income. | |||||||||
The Company allocates the acquisition considerations in the amount of ¥124,606 million to DAIKYO’s respective assets acquired and liabilities assumed and records the identified assets, liabilities and noncontrolling interest based on their fair values at the acquisition date using the acquisition method of accounting in accordance with ASC 805 (“Business Combinations”). The fair value of noncontrolling interest is measured based on the market price of the common shares held by noncontrolling shareholders as of the acquisition date. | |||||||||
The following table provides preliminary fair value amounts allocated to assets acquired and liabilities assumed from DAIKYO. The acquisition occurred during the three months ended March 31, 2014, and purchase price allocation has not yet been finalized as of June 26, 2014. Because the fair value measurements of these assets and liabilities require estimates based on various assumptions, the provisional amounts are subject to change as more information about facts and circumstances that existed at the acquisition date becomes available. | |||||||||
Millions of yen | |||||||||
Provisional fair value amounts of | |||||||||
assets, liabilities and noncontrolling | |||||||||
interest | |||||||||
Cash and Cash Equivalents | ¥ | 105,328 | |||||||
Investment in Operating Leases | 3,710 | ||||||||
Investment in Securities | 1,438 | ||||||||
Investment in Affiliates | 44,628 | ||||||||
Other Receivables | 17,284 | ||||||||
Inventories | 102,400 | ||||||||
Prepaid Expenses | 785 | ||||||||
Office Facilities | 9,274 | ||||||||
Other Assets | 73,390 | ||||||||
Total Assets | 358,237 | ||||||||
Short-Term Debt | 1,647 | ||||||||
Trade Notes, Accounts Payable and Other Liabilities | 63,909 | ||||||||
Accrued Expenses | 17,971 | ||||||||
Current and Deferred Income Taxes | 5,288 | ||||||||
Security Deposits | 6,289 | ||||||||
Long-Term Debt | 69,790 | ||||||||
Total Liabilities | 164,894 | ||||||||
Noncontrolling interests | 68,737 | ||||||||
Net | ¥ | 124,606 | |||||||
Goodwill and other intangible assets with a total preliminary fair value of ¥43,426 million was identified in the acquisition are included in other assets in the above table and the Company’s consolidated balance sheet as of March 31, 2014. The goodwill is calculated as the excess of consideration transferred and the fair value of noncontrolling interest over the net assets recognized at fair value. The Company calculated the amount of goodwill based on preliminary estimates of fair value of assets acquired, liabilities assumed and noncontrolling interest. The completion of the purchase price allocation could result in an adjustment to the amount of goodwill and other intangible assets. However, such an adjustment, if any, is not expected to have a significant effect on the Company’s consolidated statement of income. The goodwill represents the future growth of the ORIX Group from new revenue streams arising from the consolidation of DAIKYO and synergies with the existing Company’s assets and businesses. The goodwill is not deductible for tax purposes. The goodwill and other intangible assets recorded in connection with this acquisition are included in the Investment and Operation segment. | |||||||||
The following unaudited supplemental pro forma financial information presents the combined results of operations of the Company and its subsidiaries as though the acquisition had occurred as of April 1, 2012, the beginning of the fiscal year ended March 31, 2013: | |||||||||
Millions of yen | |||||||||
March 31, 2013 | March 31, 2014 | ||||||||
Total revenues | ¥ | 1,336,271 | ¥ | 1,617,195 | |||||
Income from Continuing Operations | 133,572 | 203,243 | |||||||
There are no total revenues and income from continuing operations of DAIKYO after acquisition included in the Company’s consolidated statement of income for the fiscal year ended March 31, 2014. | |||||||||
The unaudited supplemental pro forma financial information is based on estimates and assumptions, that the Company believes are reasonable and should not be taken as indicative of what the Company’s consolidated financial results would have been had the acquisition been completed on that date. | |||||||||
Because the acquisition of DAIKYO was made near the fiscal year-end, the Company has not completed substantially all of the acquisition accounting as of June 26, 2014. | |||||||||
(3) Other acquisitions | |||||||||
During fiscal 2012, the Company and its subsidiaries acquired entities for a total cost of ¥11,964 million, which was paid in cash. In accordance with the finalization of purchase price allocation during fiscal 2013, the amount of goodwill was adjusted from ¥4,024 million to ¥3,478 million, which is not deductible for income tax calculation purposes and the amount of acquired intangible assets other than goodwill recognized in these transactions was adjusted from ¥0 to ¥2,476 million. The acquisitions were mainly included in the Corporate Financial Services segment and the Overseas Business segment. | |||||||||
During fiscal 2013, the Company and its subsidiaries acquired entities for a total cost of ¥70,537 million, which was paid in cash. In accordance with the finalization of purchase price allocation during fiscal 2014, the amount of goodwill was adjusted from ¥34,429 million to ¥24,114 million, of which ¥6,964 million is deductible for income tax calculation purposes. The amount of acquired intangible assets other than goodwill recognized in these transactions was adjusted from ¥14,491 million to ¥29,090 million. The acquisitions were mainly included in the Retail segment and the Investment and Operation segment. | |||||||||
During fiscal 2014, the Company and its subsidiaries acquired entities, other than Robeco and DAIKYO, for a total cost of ¥62,565 million, which was paid mainly in cash. Goodwill initially recognized in these transactions amounted to ¥39,507 million, of which ¥1,184 million is deductible for income tax calculation purposes. The amount of acquired intangible assets other than goodwill recognized was ¥1,343 million. The Company reflected certain preliminary estimates with respect to the fair value of the underlying net assets of these entities in determining amounts of the goodwill. The amount of the goodwill and intangible assets other than goodwill could possibly be adjusted because certain of these acquisitions were made near the fiscal year-end and the purchase price allocations have not completed yet. The acquisitions were mainly included in the Corporate Financial Services segment, the Investment and Operation segment and the Overseas Business segment. | |||||||||
The segment in which goodwill is allocated is disclosed in Note 13 (“Goodwill and Other Intangible Assets”). |
Cash_Flow_Information
Cash Flow Information | 12 Months Ended | ||||||||||||
Mar. 31, 2014 | |||||||||||||
Cash Flow Information | ' | ||||||||||||
4. Cash Flow Information | |||||||||||||
Cash payments during fiscal 2012, 2013 and 2014 are as follows: | |||||||||||||
Millions of yen | |||||||||||||
2012 | 2013 | 2014 | |||||||||||
Cash payments: | |||||||||||||
Interest | ¥ | 116,271 | ¥ | 105,308 | ¥ | 88,343 | |||||||
Income taxes | 49,190 | 11,955 | 32,831 | ||||||||||
Non-cash activities in fiscal 2012, 2013 and 2014 are as follows. | |||||||||||||
In fiscal 2012, 2013 and 2014, real estate under operating leases of ¥90,398 million, ¥49,396 million and ¥50,820 million, respectively, were recognized with the corresponding amounts of installment loans and investment in securities being derecognized as a result of acquiring real estate collateral. In fiscal 2014, other assets of ¥8,741 million were also recognized with the corresponding amounts of installment loans and investment in securities being derecognized as a result of acquiring real estate collateral. | |||||||||||||
In fiscal 2013, both assets and liabilities were decreased ¥33,847 million, in the Company’s consolidated balance sheet due to deconsolidation by the Company of certain VIEs which had been consolidated. The derecognized assets mainly consist of investment in operating leases and investment in securities, and the derecognized liabilities mainly consist of long-term debt. In fiscal 2014, assets and liabilities were decreased by ¥155,918 million and ¥170,869 million, respectively, in the Company’s consolidated balance sheet due to deconsolidation by a subsidiary of certain VIEs which had been consolidated. The derecognized assets mainly consist of installment loans and investment in securities, and the derecognized liabilities mainly consist of long-term debt. These assets and liabilities were not included in cash flows from investing activities or financing activities in the consolidated statements of cash flows because they did not involve cash transactions. | |||||||||||||
As non-cash financing activities, ¥99,773 million and ¥49,944 million of convertible bonds were converted to common stock in fiscal 2013 and 2014, respectively. | |||||||||||||
In addition, the Company and its subsidiaries recognized identifiable assets acquired and liabilities assumed at their fair values in connection with the acquisitions, details of which are provided in Note 3 “Acquisitions.” |
Investment_in_Direct_Financing
Investment in Direct Financing Leases | 12 Months Ended | ||||||||
Mar. 31, 2014 | |||||||||
Investment in Direct Financing Leases | ' | ||||||||
5. Investment in Direct Financing Leases | |||||||||
Investment in direct financing leases at March 31, 2013 and 2014 consists of the following: | |||||||||
Millions of yen | |||||||||
2013 | 2014 | ||||||||
Total Minimum lease payments to be received | ¥ | 1,167,170 | ¥ | 1,282,872 | |||||
Less : Estimated executory costs | (60,802 | ) | (61,723 | ) | |||||
Minimum lease payments receivable | 1,106,368 | 1,221,149 | |||||||
Estimated residual value | 27,141 | 27,351 | |||||||
Initial direct costs | 5,212 | 5,157 | |||||||
Unearned lease income | (149,341 | ) | (159,584 | ) | |||||
¥ | 989,380 | ¥ | 1,094,073 | ||||||
Minimum lease payments receivable are due in periodic installments through fiscal 2035. At March 31, 2014, the amounts due in each of the next five years and thereafter are as follows: | |||||||||
Years ending March 31, | Millions of yen | ||||||||
2015 | ¥ | 407,807 | |||||||
2016 | 286,155 | ||||||||
2017 | 199,129 | ||||||||
2018 | 119,182 | ||||||||
2019 | 66,361 | ||||||||
Thereafter | 142,515 | ||||||||
Total | ¥ | 1,221,149 | |||||||
Gains and losses from the disposition of direct financing lease assets, which were included in direct financing leases revenues, were not significant for fiscal 2012, 2013 and 2014. |
Investment_in_Operating_Leases
Investment in Operating Leases | 12 Months Ended | ||||||||||||
Mar. 31, 2014 | |||||||||||||
Investment in Operating Leases | ' | ||||||||||||
6. Investment in Operating Leases | |||||||||||||
Investment in operating leases at March 31, 2013 and 2014 consists of the following: | |||||||||||||
Millions of yen | |||||||||||||
2013 | 2014 | ||||||||||||
Transportation equipment | ¥ | 752,020 | ¥ | 845,820 | |||||||||
Measuring and information-related equipment | 216,026 | 228,386 | |||||||||||
Real estate | 817,330 | 712,828 | |||||||||||
Other | 18,020 | 17,799 | |||||||||||
1,803,396 | 1,804,833 | ||||||||||||
Accumulated depreciation | (431,329 | ) | (449,435 | ) | |||||||||
Net | 1,372,067 | 1,355,398 | |||||||||||
Accrued rental receivables | 23,466 | 20,288 | |||||||||||
¥ | 1,395,533 | ¥ | 1,375,686 | ||||||||||
Gains and losses from the disposition of real estate under operating leases are disclosed separately as gains on sales of real estate under operating leases or income from discontinued operations, net in the accompanying consolidated statements of income. | |||||||||||||
For fiscal 2012, 2013 and 2014, gains on sales of operating lease assets other than real estate are ¥14,721 million, ¥14,032 million and ¥17,820 million, respectively, and are included in operating lease revenues. | |||||||||||||
Costs of operating leases include depreciation and various expenses (insurance, property tax and other). Depreciation and various expenses for fiscal 2012, 2013 and 2014 are as follows: | |||||||||||||
Millions of yen | |||||||||||||
2012 | 2013 | 2014 | |||||||||||
Depreciation expenses | ¥ | 135,197 | ¥ | 145,928 | ¥ | 166,234 | |||||||
Various expenses | 46,207 | 48,501 | 49,655 | ||||||||||
¥ | 181,404 | ¥ | 194,429 | ¥ | 215,889 | ||||||||
The operating lease contracts include non-cancelable lease terms that range up to 23 years. The minimum future rentals on non-cancelable operating leases are as follows: | |||||||||||||
Years ending March 31, | Millions of yen | ||||||||||||
2015 | ¥ | 170,645 | |||||||||||
2016 | 115,619 | ||||||||||||
2017 | 83,607 | ||||||||||||
2018 | 55,204 | ||||||||||||
2019 | 31,553 | ||||||||||||
Thereafter | 65,145 | ||||||||||||
Total | ¥ | 521,773 | |||||||||||
Installment_Loans
Installment Loans | 12 Months Ended | ||||||||||||
Mar. 31, 2014 | |||||||||||||
Installment Loans | ' | ||||||||||||
7. Installment Loans | |||||||||||||
The composition of installment loans by domicile and type of borrower at March 31, 2013 and 2014 is as follows: | |||||||||||||
Millions of yen | |||||||||||||
2013 | 2014 | ||||||||||||
Borrowers in Japan: | |||||||||||||
Consumer— | |||||||||||||
Housing loans | ¥ | 912,651 | ¥ | 973,439 | |||||||||
Card loans | 225,707 | 228,868 | |||||||||||
Other | 26,967 | 24,875 | |||||||||||
1,165,325 | 1,227,182 | ||||||||||||
Corporate— | |||||||||||||
Real estate companies | 245,465 | 228,062 | |||||||||||
Non-recourse loans | 134,440 | 72,625 | |||||||||||
Commercial, industrial and other companies | 442,146 | 409,846 | |||||||||||
822,051 | 710,533 | ||||||||||||
Overseas: | |||||||||||||
Non-recourse loans | 434,517 | 101,579 | |||||||||||
Commercial, industrial companies and other | 198,477 | 222,920 | |||||||||||
632,994 | 324,499 | ||||||||||||
Purchased loans* | 70,801 | 53,341 | |||||||||||
¥ | 2,691,171 | ¥ | 2,315,555 | ||||||||||
* | 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 in accordance with ASC 310-30 (“Receivables—Loans and Debt Securities Acquired with Deteriorated Credit Quality”). | ||||||||||||
Generally, installment loans are made under agreements that require the borrower to provide collateral or guarantors. | |||||||||||||
At March 31, 2014, 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 | ||||||||||||
2015 | ¥ | 509,601 | |||||||||||
2016 | 243,109 | ||||||||||||
2017 | 217,104 | ||||||||||||
2018 | 170,556 | ||||||||||||
2019 | 171,551 | ||||||||||||
Thereafter | 950,293 | ||||||||||||
Total | ¥ | 2,262,214 | |||||||||||
Included in interest on loans and investment securities in the consolidated statements of income is interest income on loans of ¥132,719 million, ¥144,458 million and ¥118,287 million fiscal 2012, 2013 and 2014, 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 under ASC 825 (“Financial Instruments”) was elected. A subsidiary elected the fair value option under ASC 825 (“Financial Instruments”) on its loans held for sale originated on or after October 1, 2011. 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, 2013 and March 31, 2014 were ¥17,939 million and ¥14,267 million, respectively. There were ¥16,026 million and ¥12,631 million of loans held for sale as of March 31, 2013 and 2014, respectively, measured at fair value by electing the fair value option. | |||||||||||||
For 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, ASC 310-30 (“Receivables—Loans and Debt Securities Acquired with Deteriorated Credit Quality”) requires that the investor recognize the excess of the loan’s cash flows expected at acquisition over the investor’s initial investment as interest income on the level-yield basis over the remaining life of the purchased loan (“accretable yield”). ASC 310-30, however, does not prohibit placing loans on non-accrual status subsequent to acquisition, including use of the cost recovery or cash basis methods of income recognition when it is not appropriate to recognize the accretable yield, such as when the investor does not have sufficient information to reasonably estimate cash flows expected to be collected to compute the accretable yield. | |||||||||||||
Purchased loans acquired by the Company and its subsidiaries are generally characterized by extended period of non-performance by the borrower, and it is difficult to reliably estimate the amount, timing, or nature of collections. Because such loans are commonly collateralized by real estate, the Company and its subsidiaries may pursue various approaches to maximizing the return from the collateral, including arrangement of borrower’s 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 ¥70,801 million and ¥53,341 million as of March 31, 2013 and 2014, respectively, and the fair value at the acquisition date of purchased loans acquired during fiscal 2013 and 2014 were ¥5,672 million and ¥4,742 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 ¥29,107 million and ¥23,075 million as of March 31, 2013 and 2014, respectively. | |||||||||||||
Changes in the allowance for uncollectible accounts relating to the purchased loans for fiscal 2012, 2013 and 2014 are as follows: | |||||||||||||
Millions of yen | |||||||||||||
2012 | 2013 | 2014 | |||||||||||
Beginning balance | ¥ | 17,455 | ¥ | 19,825 | ¥ | 15,316 | |||||||
Provision charged to income | 3,188 | 4,649 | 2,532 | ||||||||||
Charge-offs | (793 | ) | (9,412 | ) | (3,921 | ) | |||||||
Recoveries | 0 | 0 | 111 | ||||||||||
Other* | (25 | ) | 254 | 110 | |||||||||
Ending balance | ¥ | 19,825 | ¥ | 15,316 | ¥ | 14,148 | |||||||
* | Other includes foreign currency translation adjustments. | ||||||||||||
The above-mentioned amounts are included in the allowance for doubtful receivables on direct financing leases and probable loan losses, see Note 8 (“Credit Quality of Financing Receivables and the Allowance for Credit Losses”). |
Credit_Quality_of_Financing_Re
Credit Quality of Financing Receivables and the Allowance for Credit Losses | 12 Months Ended | ||||||||||||||||||||||||
Mar. 31, 2014 | |||||||||||||||||||||||||
Credit Quality of Financing Receivables and the Allowance for Credit Losses | ' | ||||||||||||||||||||||||
8. Credit Quality of Financing Receivables and the Allowance for Credit Losses | |||||||||||||||||||||||||
The Company and its subsidiaries apply ASC 310 (“Receivables”), which requires an entity to 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 and past-due financing receivables | ||||||||||||||||||||||||
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 direct financing leases. Classes of financing receivables are determined based on the initial measurement attribute, risk characteristics of the financing receivables and the method for monitoring and assessing obligors’ credit risk, and are defined as the level of detail necessary for a financial statement user to understand the risks inherent in the financing receivables. Classes of financing receivables generally are a disaggregation of a portfolio segment, and the Company and its subsidiaries disaggregate our portfolio segments into classes by regions, instruments or industries of debtors. | |||||||||||||||||||||||||
The following table provides information about the allowance for credit losses for fiscal 2012, 2013 and 2014: | |||||||||||||||||||||||||
March 31, 2012 | |||||||||||||||||||||||||
Millions of yen | |||||||||||||||||||||||||
Loans | |||||||||||||||||||||||||
Consumer | Corporate | Purchased | Direct | Total | |||||||||||||||||||||
loans*1 | financing | ||||||||||||||||||||||||
Non-recourse | Other | leases | |||||||||||||||||||||||
loans | |||||||||||||||||||||||||
Allowance for Credit Losses: | |||||||||||||||||||||||||
Beginning balance | ¥ | 17,096 | ¥ | 27,426 | ¥ | 70,972 | ¥ | 17,455 | ¥ | 21,201 | ¥ | 154,150 | |||||||||||||
Provision charged to income | 947 | 6,509 | 5,974 | 3,188 | 2,568 | 19,186 | |||||||||||||||||||
Charge-offs | (1,943 | ) | (10,083 | ) | (18,928 | ) | (793 | ) | (6,863 | ) | (38,610 | ) | |||||||||||||
Recoveries | 43 | 16 | 2,212 | 0 | 80 | 2,351 | |||||||||||||||||||
Other*2 | (3 | ) | (363 | ) | 36 | (25 | ) | (134 | ) | (489 | ) | ||||||||||||||
Ending balance | ¥ | 16,140 | ¥ | 23,505 | ¥ | 60,266 | ¥ | 19,825 | ¥ | 16,852 | ¥ | 136,588 | |||||||||||||
Individually evaluated for impairment | 3,002 | 20,657 | 49,853 | 17,895 | 0 | 91,407 | |||||||||||||||||||
Not individually evaluated for impairment | 13,138 | 2,848 | 10,413 | 1,930 | 16,852 | 45,181 | |||||||||||||||||||
Financing receivables: | |||||||||||||||||||||||||
Ending balance | ¥ | 881,483 | ¥ | 775,465 | ¥ | 995,246 | ¥ | 97,559 | ¥ | 900,886 | ¥ | 3,650,639 | |||||||||||||
Individually evaluated for impairment | 9,021 | 82,957 | 166,889 | 34,907 | 0 | 293,774 | |||||||||||||||||||
Not individually evaluated for impairment | 872,462 | 692,508 | 828,357 | 62,652 | 900,886 | 3,356,865 | |||||||||||||||||||
March 31, 2013 | |||||||||||||||||||||||||
Millions of yen | |||||||||||||||||||||||||
Loans | Direct | Total | |||||||||||||||||||||||
Consumer | Corporate | Purchased | financing | ||||||||||||||||||||||
Non-recourse | Other | loans*1 | leases | ||||||||||||||||||||||
Loans | |||||||||||||||||||||||||
Allowance for Credit Losses: | |||||||||||||||||||||||||
Beginning balance | ¥ | 16,140 | ¥ | 23,505 | ¥ | 60,266 | ¥ | 19,825 | ¥ | 16,852 | ¥ | 136,588 | |||||||||||||
Provision charged to income | 809 | (200 | ) | 2,335 | 4,649 | 2,423 | 10,016 | ||||||||||||||||||
Charge-offs | (3,050 | ) | (7,384 | ) | (20,566 | ) | (9,412 | ) | (4,409 | ) | (44,821 | ) | |||||||||||||
Recoveries | 281 | 1 | 988 | 0 | 363 | 1,633 | |||||||||||||||||||
Other*3 | 346 | 795 | (1,148 | ) | 254 | 601 | 848 | ||||||||||||||||||
Ending balance | ¥ | 14,526 | ¥ | 16,717 | ¥ | 41,875 | ¥ | 15,316 | ¥ | 15,830 | ¥ | 104,264 | |||||||||||||
Individually evaluated for impairment | 3,190 | 14,620 | 34,206 | 13,135 | 0 | 65,151 | |||||||||||||||||||
Not individually evaluated for impairment | 11,336 | 2,097 | 7,669 | 2,181 | 15,830 | 39,113 | |||||||||||||||||||
Financing receivables: | |||||||||||||||||||||||||
Ending balance | ¥ | 1,171,142 | ¥ | 568,957 | ¥ | 862,332 | ¥ | 70,801 | ¥ | 989,380 | ¥ | 3,662,612 | |||||||||||||
Individually evaluated for impairment | 10,861 | 61,050 | 111,722 | 29,107 | 0 | 212,740 | |||||||||||||||||||
Not individually evaluated for impairment | 1,160,281 | 507,907 | 750,610 | 41,694 | 989,380 | 3,449,872 | |||||||||||||||||||
March 31, 2014 | |||||||||||||||||||||||||
Millions of yen | |||||||||||||||||||||||||
Loans | Total | ||||||||||||||||||||||||
Consumer | Corporate | Purchased | Direct | ||||||||||||||||||||||
loans*1 | financing | ||||||||||||||||||||||||
Non-recourse | Other | leases | |||||||||||||||||||||||
loans | |||||||||||||||||||||||||
Allowance for Credit Losses: | |||||||||||||||||||||||||
Beginning balance | ¥ | 14,526 | ¥ | 16,717 | ¥ | 41,875 | ¥ | 15,316 | ¥ | 15,830 | ¥ | 104,264 | |||||||||||||
Provision charged to income | 4,437 | 2,381 | 833 | 2,532 | 3,651 | 13,834 | |||||||||||||||||||
Charge-offs | (5,786 | ) | (3,590 | ) | (11,803 | ) | (3,921 | ) | (4,421 | ) | (29,521 | ) | |||||||||||||
Recoveries | 290 | 140 | 798 | 111 | 70 | 1,409 | |||||||||||||||||||
Other*4 | 6 | (6,601 | ) | 1,041 | 110 | 254 | (5,190 | ) | |||||||||||||||||
Ending balance | ¥ | 13,473 | ¥ | 9,047 | ¥ | 32,744 | ¥ | 14,148 | ¥ | 15,384 | ¥ | 84,796 | |||||||||||||
Individually evaluated for impairment | 3,279 | 8,534 | 25,054 | 12,288 | 0 | 49,155 | |||||||||||||||||||
Not individually evaluated for impairment | 10,194 | 513 | 7,690 | 1,860 | 15,384 | 35,641 | |||||||||||||||||||
Financing receivables: | |||||||||||||||||||||||||
Ending balance | ¥ | 1,236,414 | ¥ | 174,204 | ¥ | 837,329 | ¥ | 53,341 | ¥ | 1,094,073 | ¥ | 3,395,361 | |||||||||||||
Individually evaluated for impairment | 11,796 | 24,902 | 76,051 | 23,075 | 0 | 135,824 | |||||||||||||||||||
Not individually evaluated for impairment | 1,224,618 | 149,302 | 761,278 | 30,266 | 1,094,073 | 3,259,537 | |||||||||||||||||||
*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 in accordance with ASC 310-30 (“Receivables—Loans and Debt Securities Acquired with Deteriorated Credit Quality”). | ||||||||||||||||||||||||
*2 | Other mainly includes foreign currency translation adjustments, amounts reclassified to discontinued operations and decrease in allowance related to sales of a subsidiary. | ||||||||||||||||||||||||
*3 | Other mainly includes foreign currency translation adjustments and decrease in allowance related to newly consolidated subsidiaries and sales of a subsidiary. | ||||||||||||||||||||||||
*4 | Other mainly includes foreign currency translation adjustments and decrease in allowance related to newly consolidated subsidiaries. Additionally, Other in Non-recourse loans includes a decrease of ¥6,562 million due to the sale of controlling class interests of a certain VIE, which was formerly consolidated, to a third party and resulting in deconsolidation of that VIE. | ||||||||||||||||||||||||
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 experience; | ||||||||||||||||||||||||
• | 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 loans, including loans that are not individually evaluated for impairment, and direct financing leases, the Company and its subsidiaries evaluate prior charge-off experience as segmented by debtor’s industry and the purpose of the loans and develop the allowance for credit losses based on such prior charge-off experience as well as current economic conditions. | |||||||||||||||||||||||||
In common with all portfolio segments, a deterioration of debtors’ condition may increase the risk of delay in payments of principal and interest. For loans to consumer borrowers, the amount of the allowance for credit losses is changed by the variation of individual debtors’ creditworthiness and value of underlying collateral and guarantees, and the prior charge-off experience. For loans to corporate other borrowers and direct financing leases, the amount of the allowance for credit losses is changed by current economic conditions and trends, the value of underlying collateral and guarantees, and the prior charge-off experience in addition to the debtors’ creditworthiness. | |||||||||||||||||||||||||
The decline of the value of underlying collateral and guarantees may increase the risk of inability to collect from the loans and direct financing leases. Particularly for non-recourse loans for which cash flow from real estate is the source of repayment, their collection depends on the real estate collateral value, which may decline as a result of decrease in liquidity of the real estate market, rise in vacancy rate of rental properties, fall in rents and other factors. These risks may change the amount of the allowance for credit losses. For purchased loans, their collection may decrease due to a decline in the real estate collateral value and debtors’ creditworthiness. Thus, these risks may change the amount of the allowance for credit losses. | |||||||||||||||||||||||||
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, 2013 and 2014: | |||||||||||||||||||||||||
March 31, 2013 | |||||||||||||||||||||||||
Millions of Yen | |||||||||||||||||||||||||
Portfolio segment | Class | Loans | Unpaid | Related | |||||||||||||||||||||
Individually | Principal | Allowance | |||||||||||||||||||||||
Evaluated for | Balance | ||||||||||||||||||||||||
Impairment | |||||||||||||||||||||||||
With no related allowance recorded*1: | ¥ | 52,798 | ¥ | 52,768 | ¥ | 0 | |||||||||||||||||||
Consumer borrowers | 1,003 | 989 | 0 | ||||||||||||||||||||||
Housing loans | 1,003 | 989 | 0 | ||||||||||||||||||||||
Card loans | 0 | 0 | 0 | ||||||||||||||||||||||
Other | 0 | 0 | 0 | ||||||||||||||||||||||
Corporate borrowers | 51,795 | 51,779 | 0 | ||||||||||||||||||||||
Non-recourse loans | Japan | 21,409 | 21,407 | 0 | |||||||||||||||||||||
U.S. | 5,825 | 5,825 | 0 | ||||||||||||||||||||||
Other | Real estate companies | 7,063 | 7,060 | 0 | |||||||||||||||||||||
Entertainment companies | 6,148 | 6,147 | 0 | ||||||||||||||||||||||
Other | 11,350 | 11,340 | 0 | ||||||||||||||||||||||
Purchased loans | 0 | 0 | 0 | ||||||||||||||||||||||
With an allowance recorded*2: | 159,942 | 158,798 | 65,151 | ||||||||||||||||||||||
Consumer borrowers | 9,858 | 9,828 | 3,190 | ||||||||||||||||||||||
Housing loans | 7,496 | 7,471 | 2,565 | ||||||||||||||||||||||
Card loans | 1,858 | 1,854 | 547 | ||||||||||||||||||||||
Other | 504 | 503 | 78 | ||||||||||||||||||||||
Corporate borrowers | 120,977 | 119,863 | 48,826 | ||||||||||||||||||||||
Non-recourse loans | Japan | 2,006 | 2,004 | 1,021 | |||||||||||||||||||||
U.S. | 31,810 | 31,706 | 13,599 | ||||||||||||||||||||||
Other | Real estate companies | 40,063 | 39,896 | 15,862 | |||||||||||||||||||||
Entertainment companies | 5,889 | 5,843 | 2,118 | ||||||||||||||||||||||
Other | 41,209 | 40,414 | 16,226 | ||||||||||||||||||||||
Purchased loans | 29,107 | 29,107 | 13,135 | ||||||||||||||||||||||
Total: | ¥ | 212,740 | ¥ | 211,566 | ¥ | 65,151 | |||||||||||||||||||
Consumer borrowers | 10,861 | 10,817 | 3,190 | ||||||||||||||||||||||
Housing loans | 8,499 | 8,460 | 2,565 | ||||||||||||||||||||||
Card loans | 1,858 | 1,854 | 547 | ||||||||||||||||||||||
Other | 504 | 503 | 78 | ||||||||||||||||||||||
Corporate borrowers | 172,772 | 171,642 | 48,826 | ||||||||||||||||||||||
Non-recourse loans | Japan | 23,415 | 23,411 | 1,021 | |||||||||||||||||||||
U.S. | 37,635 | 37,531 | 13,599 | ||||||||||||||||||||||
Other | Real estate companies | 47,126 | 46,956 | 15,862 | |||||||||||||||||||||
Entertainment companies | 12,037 | 11,990 | 2,118 | ||||||||||||||||||||||
Other | 52,559 | 51,754 | 16,226 | ||||||||||||||||||||||
Purchased loans | 29,107 | 29,107 | 13,135 | ||||||||||||||||||||||
March 31, 2014 | |||||||||||||||||||||||||
Millions of Yen | |||||||||||||||||||||||||
Portfolio segment | Class | Loans | Unpaid | Related | |||||||||||||||||||||
Individually | Principal | Allowance | |||||||||||||||||||||||
Evaluated for | Balance | ||||||||||||||||||||||||
Impairment | |||||||||||||||||||||||||
With no related allowance recorded*1: | ¥ | 25,049 | ¥ | 25,025 | ¥ | 0 | |||||||||||||||||||
Consumer borrowers | 725 | 711 | 0 | ||||||||||||||||||||||
Housing loans | 725 | 711 | 0 | ||||||||||||||||||||||
Card loans | 0 | 0 | 0 | ||||||||||||||||||||||
Other | 0 | 0 | 0 | ||||||||||||||||||||||
Corporate borrowers | 24,324 | 24,314 | 0 | ||||||||||||||||||||||
Non-recourse loans | Japan | 6,505 | 6,505 | 0 | |||||||||||||||||||||
U.S. | 2,259 | 2,259 | 0 | ||||||||||||||||||||||
Other | Real estate companies | 3,770 | 3,767 | 0 | |||||||||||||||||||||
Entertainment companies | 2,614 | 2,613 | 0 | ||||||||||||||||||||||
Other | 9,176 | 9,170 | 0 | ||||||||||||||||||||||
Purchased loans | 0 | 0 | 0 | ||||||||||||||||||||||
With an allowance recorded*2: | 110,775 | 110,064 | 49,155 | ||||||||||||||||||||||
Consumer borrowers | 11,071 | 11,010 | 3,279 | ||||||||||||||||||||||
Housing loans | 6,592 | 6,543 | 2,432 | ||||||||||||||||||||||
Card loans | 2,950 | 2,942 | 629 | ||||||||||||||||||||||
Other | 1,529 | 1,525 | 218 | ||||||||||||||||||||||
Corporate borrowers | 76,629 | 75,979 | 33,588 | ||||||||||||||||||||||
Non-recourse loans | Japan | 1,363 | 1,299 | 1,020 | |||||||||||||||||||||
U.S. | 14,775 | 14,746 | 7,514 | ||||||||||||||||||||||
Other | Real estate companies | 25,099 | 25,046 | 8,911 | |||||||||||||||||||||
Entertainment companies | 5,213 | 5,172 | 1,801 | ||||||||||||||||||||||
Other | 30,179 | 29,716 | 14,342 | ||||||||||||||||||||||
Purchased loans | 23,075 | 23,075 | 12,288 | ||||||||||||||||||||||
Total: | ¥ | 135,824 | ¥ | 135,089 | ¥ | 49,155 | |||||||||||||||||||
Consumer borrowers | 11,796 | 11,721 | 3,279 | ||||||||||||||||||||||
Housing loans | 7,317 | 7,254 | 2,432 | ||||||||||||||||||||||
Card loans | 2,950 | 2,942 | 629 | ||||||||||||||||||||||
Other | 1,529 | 1,525 | 218 | ||||||||||||||||||||||
Corporate borrowers | 100,953 | 100,293 | 33,588 | ||||||||||||||||||||||
Non-recourse loans | Japan | 7,868 | 7,804 | 1,020 | |||||||||||||||||||||
U.S. | 17,034 | 17,005 | 7,514 | ||||||||||||||||||||||
Other | Real estate companies | 28,869 | 28,813 | 8,911 | |||||||||||||||||||||
Entertainment companies | 7,827 | 7,785 | 1,801 | ||||||||||||||||||||||
Other | 39,355 | 38,886 | 14,342 | ||||||||||||||||||||||
Purchased loans | 23,075 | 23,075 | 12,288 | ||||||||||||||||||||||
*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 90 days or more, or it is probable that the Company and its subsidiaries will be unable to collect all amounts due according to the contractual terms of the loan agreements due to various debtor conditions, including insolvency filings, suspension of bank transactions, dishonored bills and deterioration of businesses. For non-recourse loans, in addition to these conditions, the Company and its subsidiaries perform an impairment review using financial covenants, acceleration clauses, loan-to-value ratios, and other relevant available information. | |||||||||||||||||||||||||
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 housing loans, card loans and other, are impaired when terms of these loans are modified as troubled debt restructurings. | |||||||||||||||||||||||||
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 loans, in principle, the estimated collectible amount is determined based on the fair value of the collateral securing the loans as they are collateral-dependent. Further for certain non-recourse loans, the estimated collectible amount is determined based on the present value of expected future cash flows. The fair value of the real estate collateral securing the loans is determined 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. We generally obtain a new appraisal once a fiscal year. In addition, we 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 its fair value. For impaired purchased loans, the Company and its subsidiaries develop the allowance for credit losses based on the difference between the book value and the estimated collectible amount of such loans. | |||||||||||||||||||||||||
The following table provides information about the average recorded investments in impaired loans and interest income on impaired loans for fiscal 2012, 2013 and 2014: | |||||||||||||||||||||||||
March 31, 2012 | |||||||||||||||||||||||||
Millions of yen | |||||||||||||||||||||||||
Portfolio segment | Class | Average Recorded | Interest Income on | Interest on | |||||||||||||||||||||
Investments in | Impaired Loans | Impaired Loans | |||||||||||||||||||||||
Impaired Loans*1 | Collected in Cash | ||||||||||||||||||||||||
Consumer borrowers | ¥ | 8,933 | ¥ | 226 | ¥ | 204 | |||||||||||||||||||
Housing loans | 8,933 | 226 | 204 | ||||||||||||||||||||||
Other | 0 | 0 | 0 | ||||||||||||||||||||||
Corporate borrowers | 252,683 | 4,506 | 3,976 | ||||||||||||||||||||||
Non-recourse loans | Japan | 30,021 | 367 | 311 | |||||||||||||||||||||
U.S. | 41,399 | 794 | 695 | ||||||||||||||||||||||
Other | Real estate companies | 84,121 | 1,243 | 1,102 | |||||||||||||||||||||
Entertainment companies | 25,796 | 724 | 711 | ||||||||||||||||||||||
Other | 71,346 | 1,378 | 1,157 | ||||||||||||||||||||||
Purchased loans | 34,063 | 0 | 0 | ||||||||||||||||||||||
Total | ¥ | 295,679 | ¥ | 4,732 | ¥ | 4,180 | |||||||||||||||||||
March 31, 2013 | |||||||||||||||||||||||||
Millions of yen | |||||||||||||||||||||||||
Portfolio segment | Class | Average Recorded | Interest Income on | Interest on | |||||||||||||||||||||
Investments in | Impaired Loans | Impaired Loans | |||||||||||||||||||||||
Impaired Loans*1 | Collected in Cash | ||||||||||||||||||||||||
Consumer borrowers | ¥ | 9,586 | ¥ | 209 | ¥ | 168 | |||||||||||||||||||
Housing loans | 8,635 | 188 | 152 | ||||||||||||||||||||||
Card loans | 771 | 16 | 12 | ||||||||||||||||||||||
Other | 180 | 5 | 4 | ||||||||||||||||||||||
Corporate borrowers | 221,136 | 4,259 | 3,968 | ||||||||||||||||||||||
Non-recourse loans | Japan | 37,282 | 216 | 211 | |||||||||||||||||||||
U.S. | 41,903 | 1,726 | 1,726 | ||||||||||||||||||||||
Other | Real estate companies | 62,265 | 889 | 804 | |||||||||||||||||||||
Entertainment companies | 16,443 | 364 | 322 | ||||||||||||||||||||||
Other | 63,243 | 1,064 | 905 | ||||||||||||||||||||||
Purchased loans | 29,217 | 0 | 0 | ||||||||||||||||||||||
Total | ¥ | 259,939 | ¥ | 4,468 | ¥ | 4,136 | |||||||||||||||||||
March 31, 2014 | |||||||||||||||||||||||||
Millions of yen | |||||||||||||||||||||||||
Portfolio segment | Class | Average Recorded | Interest Income on | Interest on | |||||||||||||||||||||
Investments in | Impaired Loans | Impaired Loans | |||||||||||||||||||||||
Impaired Loans*1 | Collected in Cash | ||||||||||||||||||||||||
Consumer borrowers | ¥ | 11,445 | ¥ | 295 | ¥ | 230 | |||||||||||||||||||
Housing loans | 8,004 | 231 | 178 | ||||||||||||||||||||||
Card loans | 2,453 | 38 | 31 | ||||||||||||||||||||||
Other | 988 | 26 | 21 | ||||||||||||||||||||||
Corporate borrowers | 134,927 | 4,146 | 3,449 | ||||||||||||||||||||||
Non-recourse loans | Japan | 15,897 | 234 | 219 | |||||||||||||||||||||
U.S. | 23,119 | 667 | 667 | ||||||||||||||||||||||
Other | Real estate companies | 38,733 | 1,154 | 990 | |||||||||||||||||||||
Entertainment companies | 10,277 | 509 | 343 | ||||||||||||||||||||||
Other | 46,901 | 1,582 | 1,230 | ||||||||||||||||||||||
Purchased loans | 25,588 | 0 | 0 | ||||||||||||||||||||||
Total | ¥ | 171,960 | ¥ | 4,441 | ¥ | 3,679 | |||||||||||||||||||
*1 | Average balances are calculated on the basis of fiscal beginning and quarter-end balances. | ||||||||||||||||||||||||
The following table provides information about the credit quality indicators as of March 31, 2013 and 2014: | |||||||||||||||||||||||||
March 31, 2013 | |||||||||||||||||||||||||
Millions of yen | |||||||||||||||||||||||||
Non-performing | |||||||||||||||||||||||||
Portfolio segment | Class | Performing | Loans | 90+ days | Subtotal | Total | |||||||||||||||||||
individually | past-due | ||||||||||||||||||||||||
evaluated for | loans not | ||||||||||||||||||||||||
impairment | individually | ||||||||||||||||||||||||
evaluated for | |||||||||||||||||||||||||
impairment | |||||||||||||||||||||||||
Consumer borrowers | ¥ | 1,152,536 | ¥ | 10,861 | ¥ | 7,745 | ¥ | 18,606 | ¥ | 1,171,142 | |||||||||||||||
Housing loans | 901,895 | 8,499 | 6,397 | 14,896 | 916,791 | ||||||||||||||||||||
Card loans | 223,130 | 1,858 | 719 | 2,577 | 225,707 | ||||||||||||||||||||
Other | 27,511 | 504 | 629 | 1,133 | 28,644 | ||||||||||||||||||||
Corporate borrowers | 1,258,517 | 172,772 | 0 | 172,772 | 1,431,289 | ||||||||||||||||||||
Non-recourse loans | Japan | 111,025 | 23,415 | 0 | 23,415 | 134,440 | |||||||||||||||||||
U.S. | 396,882 | 37,635 | 0 | 37,635 | 434,517 | ||||||||||||||||||||
Other | Real estate companies | 229,555 | 47,126 | 0 | 47,126 | 276,681 | |||||||||||||||||||
Entertainment companies | 109,222 | 12,037 | 0 | 12,037 | 121,259 | ||||||||||||||||||||
Other | 411,833 | 52,559 | 0 | 52,559 | 464,392 | ||||||||||||||||||||
Purchased loans | 41,694 | 29,107 | 0 | 29,107 | 70,801 | ||||||||||||||||||||
Direct financing leases | 973,574 | 0 | 15,806 | 15,806 | 989,380 | ||||||||||||||||||||
Japan | 680,351 | 0 | 12,234 | 12,234 | 692,585 | ||||||||||||||||||||
Overseas | 293,223 | 0 | 3,572 | 3,572 | 296,795 | ||||||||||||||||||||
Total | ¥ | 3,426,321 | ¥ | 212,740 | ¥ | 23,551 | ¥ | 236,291 | ¥ | 3,662,612 | |||||||||||||||
March 31, 2014 | |||||||||||||||||||||||||
Millions of yen | |||||||||||||||||||||||||
Non-performing | |||||||||||||||||||||||||
Portfolio segment | Class | Performing | Loans | 90+ days | Subtotal | Total | |||||||||||||||||||
individually | past-due | ||||||||||||||||||||||||
evaluated for | loans not | ||||||||||||||||||||||||
impairment | individually | ||||||||||||||||||||||||
evaluated for | |||||||||||||||||||||||||
impairment | |||||||||||||||||||||||||
Consumer borrowers | ¥ | 1,218,469 | ¥ | 11,796 | ¥ | 6,149 | ¥ | 17,945 | ¥ | 1,236,414 | |||||||||||||||
Housing loans | 968,269 | 7,317 | 4,211 | 11,528 | 979,797 | ||||||||||||||||||||
Card loans | 225,198 | 2,950 | 720 | 3,670 | 228,868 | ||||||||||||||||||||
Other | 25,002 | 1,529 | 1,218 | 2,747 | 27,749 | ||||||||||||||||||||
Corporate borrowers | 910,580 | 100,953 | 0 | 100,953 | 1,011,533 | ||||||||||||||||||||
Non-recourse loans | Japan | 64,757 | 7,868 | 0 | 7,868 | 72,625 | |||||||||||||||||||
U.S. | 84,545 | 17,034 | 0 | 17,034 | 101,579 | ||||||||||||||||||||
Other | Real estate companies | 217,096 | 28,869 | 0 | 28,869 | 245,965 | |||||||||||||||||||
Entertainment companies | 99,057 | 7,827 | 0 | 7,827 | 106,884 | ||||||||||||||||||||
Other | 445,125 | 39,355 | 0 | 39,355 | 484,480 | ||||||||||||||||||||
Purchased loans | 30,266 | 23,075 | 0 | 23,075 | 53,341 | ||||||||||||||||||||
Direct financing leases | 1,080,186 | 0 | 13,887 | 13,887 | 1,094,073 | ||||||||||||||||||||
Japan | 751,877 | 0 | 9,560 | 9,560 | 761,437 | ||||||||||||||||||||
Overseas | 328,309 | 0 | 4,327 | 4,327 | 332,636 | ||||||||||||||||||||
Total | ¥ | 3,239,501 | ¥ | 135,824 | ¥ | 20,036 | ¥ | 155,860 | ¥ | 3,395,361 | |||||||||||||||
Note: | Loans held for sale are not included in the table above. | ||||||||||||||||||||||||
In common with all classes, the Company and its subsidiaries monitor the credit quality indicators as performing and non-performing assets. The category of non-performing assets includes financing receivables for debtors who have filed for insolvency proceedings, whose bank transactions are suspended, whose bills are dishonored, whose repayment is past-due 90 days or more, financing receivables modified as troubled debt restructurings, and performing assets include all other financing receivables. Regarding purchased loans, they are classified as non-performing assets when considered impaired, while all the other loans are included in the category of performing assets. | |||||||||||||||||||||||||
Out of non-performing assets, the Company and its subsidiaries consider smaller balance homogeneous loans, including housing loans and card loans which are not restructured and direct financing leases, as 90 days or more past-due financing receivables not individually evaluated for impairment, and consider the others as loans individually evaluated for impairment. After the Company and its subsidiaries have set aside provision for those non-performing assets, the Company and its subsidiaries continue to monitor at least on a quarterly basis the quality of any underlying collateral, the status of management of the debtors and other important factors in order to report to management and develop additional provision as necessary. | |||||||||||||||||||||||||
The following table provides information about the non-accrual and past-due financing receivables as of March 31, 2013 and 2014: | |||||||||||||||||||||||||
March 31, 2013 | |||||||||||||||||||||||||
Millions of yen | |||||||||||||||||||||||||
Past-Due Financing Receivables | |||||||||||||||||||||||||
Portfolio segment | Class | 30-89 Days | 90 Days | Total | Total | Non-Accrual | |||||||||||||||||||
Past-Due | or More | Past-Due | Financing | ||||||||||||||||||||||
Past-Due | Receivables | ||||||||||||||||||||||||
Consumer borrowers | ¥ | 4,699 | ¥ | 12,170 | ¥ | 16,869 | ¥ | 1,171,142 | ¥ | 12,170 | |||||||||||||||
Housing loans | 3,650 | 10,422 | 14,072 | 916,791 | 10,422 | ||||||||||||||||||||
Card loans | 738 | 1,078 | 1,816 | 225,707 | 1,078 | ||||||||||||||||||||
Other | 311 | 670 | 981 | 28,644 | 670 | ||||||||||||||||||||
Corporate borrowers | 64,539 | 73,876 | 138,415 | 1,431,289 | 73,876 | ||||||||||||||||||||
Non-recourse loans | Japan | 0 | 15,211 | 15,211 | 134,440 | 15,211 | |||||||||||||||||||
U.S. | 59,532 | 7,516 | 67,048 | 434,517 | 7,516 | ||||||||||||||||||||
Other | Real estate companies | 1,324 | 23,921 | 25,245 | 276,681 | 23,921 | |||||||||||||||||||
Entertainment companies | 437 | 1,542 | 1,979 | 121,259 | 1,542 | ||||||||||||||||||||
Other | 3,246 | 25,686 | 28,932 | 464,392 | 25,686 | ||||||||||||||||||||
Direct financing leases | 5,480 | 15,806 | 21,286 | 989,380 | 15,806 | ||||||||||||||||||||
Japan | 1,467 | 12,234 | 13,701 | 692,585 | 12,234 | ||||||||||||||||||||
Overseas | 4,013 | 3,572 | 7,585 | 296,795 | 3,572 | ||||||||||||||||||||
Total | ¥ | 74,718 | ¥ | 101,852 | ¥ | 176,570 | ¥ | 3,591,811 | ¥ | 101,852 | |||||||||||||||
March 31, 2014 | |||||||||||||||||||||||||
Millions of yen | |||||||||||||||||||||||||
Past-Due Financing Receivables | |||||||||||||||||||||||||
Portfolio segment | Class | 30- | 90 Days | Total | Total | Non-Accrual | |||||||||||||||||||
89 Days | or More | Past-Due | Financing | ||||||||||||||||||||||
Past-Due | Past-Due | Receivables | |||||||||||||||||||||||
Consumer borrowers | ¥ | 4,477 | ¥ | 10,542 | ¥ | 15,019 | ¥ | 1,236,414 | ¥ | 10,542 | |||||||||||||||
Housing loans | 3,157 | 8,009 | 11,166 | 979,797 | 8,009 | ||||||||||||||||||||
Card loans | 731 | 1,204 | 1,935 | 228,868 | 1,204 | ||||||||||||||||||||
Other | 589 | 1,329 | 1,918 | 27,749 | 1,329 | ||||||||||||||||||||
Corporate borrowers | 20,977 | 45,372 | 66,349 | 1,011,533 | 58,298 | ||||||||||||||||||||
Non-recourse loans | Japan | 1,364 | 5,418 | 6,782 | 72,625 | 5,418 | |||||||||||||||||||
U.S. | 17,470 | 3,687 | 21,157 | 101,579 | 14,432 | ||||||||||||||||||||
Other | Real estate companies | 149 | 13,005 | 13,154 | 245,965 | 13,005 | |||||||||||||||||||
Entertainment companies | 1,195 | 1,297 | 2,492 | 106,884 | 1,297 | ||||||||||||||||||||
Other | 799 | 21,965 | 22,764 | 484,480 | 24,146 | ||||||||||||||||||||
Direct financing leases | 6,365 | 13,887 | 20,252 | 1,094,073 | 13,887 | ||||||||||||||||||||
Japan | 1,563 | 9,560 | 11,123 | 761,437 | 9,560 | ||||||||||||||||||||
Overseas | 4,802 | 4,327 | 9,129 | 332,636 | 4,327 | ||||||||||||||||||||
Total | ¥ | 31,819 | ¥ | 69,801 | ¥ | 101,620 | ¥ | 3,342,020 | ¥ | 82,727 | |||||||||||||||
Note: | Loans held for sale and purchases loans are not included in the table above. | ||||||||||||||||||||||||
In common with all classes, the Company and its subsidiaries consider financing receivables as past-due financing receivables when principal or interest is past-due 30 days or more. Loans whose terms have been modified are not classified as past-due financing receivables if the principals and interests are not past-due 30 days or more in accordance with the modified terms. | |||||||||||||||||||||||||
The Company and its subsidiaries suspend accruing revenues on past-due installment loans and direct financing leases when principal or interest is past-due 90 days or more, or earlier, if management determines that their collections are doubtful based on factors such as the individual debtor’s creditworthiness, historical loss experience, current delinquencies and delinquency trends. Cash repayments received on non-accrual loans are applied first against past due interest and then any surpluses are applied to principal in view of the conditions of the contract and obligors. The Company and its subsidiaries return to accrual status non-accrual loans and lease receivables when it becomes probable that the Company and its subsidiaries will be able to collect all amounts due according to the contractual terms of these loans and lease receivables, as evidenced by continual payments from the debtors. The period of such continual payments before returning to accrual status varies depending on factors that we consider are relevant in assessing the debtor’s creditworthiness, such as the debtor’s business characteristics and financial conditions as well as relevant economic conditions and trends. | |||||||||||||||||||||||||
The following table provides information about troubled debt restructurings of financing receivables that occurred during fiscal 2012, 2013 and 2014: | |||||||||||||||||||||||||
March 31, 2012 | |||||||||||||||||||||||||
Millions of yen | |||||||||||||||||||||||||
Portfolio segment | Class | Pre-modification | Post-modification | ||||||||||||||||||||||
Outstanding | Outstanding | ||||||||||||||||||||||||
Recorded Investment | Recorded Investment | ||||||||||||||||||||||||
Consumer borrowers | ¥ | 1,867 | ¥ | 1,690 | |||||||||||||||||||||
Housing loans | 1,867 | 1,690 | |||||||||||||||||||||||
Corporate borrowers | 27,471 | 26,112 | |||||||||||||||||||||||
Non-recourse loans | Japan | 943 | 943 | ||||||||||||||||||||||
U.S. | 7,783 | 7,518 | |||||||||||||||||||||||
Other | Real estate companies | 6,436 | 5,636 | ||||||||||||||||||||||
Other | 12,309 | 12,015 | |||||||||||||||||||||||
Total | ¥ | 29,338 | ¥ | 27,802 | |||||||||||||||||||||
March 31, 2013 | |||||||||||||||||||||||||
Millions of yen | |||||||||||||||||||||||||
Portfolio segment | Class | Pre-modification | Post-modification | ||||||||||||||||||||||
Outstanding | Outstanding | ||||||||||||||||||||||||
Recorded Investment | Recorded Investment | ||||||||||||||||||||||||
Consumer borrowers | ¥ | 3,580 | ¥ | 2,396 | |||||||||||||||||||||
Housing loans | 1,290 | 894 | |||||||||||||||||||||||
Card loans | 1,649 | 1,081 | |||||||||||||||||||||||
Other | 641 | 421 | |||||||||||||||||||||||
Corporate borrowers | 17,970 | 17,544 | |||||||||||||||||||||||
Non-recourse loans | Japan | 5,180 | 5,180 | ||||||||||||||||||||||
U.S. | 10,036 | 10,036 | |||||||||||||||||||||||
Other | Real estate companies | 967 | 861 | ||||||||||||||||||||||
Other | 1,787 | 1,467 | |||||||||||||||||||||||
Total | ¥ | 21,550 | ¥ | 19,940 | |||||||||||||||||||||
March 31, 2014 | |||||||||||||||||||||||||
Millions of yen | |||||||||||||||||||||||||
Portfolio segment | Class | Pre-modification | Post-modification | ||||||||||||||||||||||
Outstanding | Outstanding | ||||||||||||||||||||||||
Recorded Investment | Recorded Investment | ||||||||||||||||||||||||
Consumer borrowers | ¥ | 3,899 | ¥ | 2,586 | |||||||||||||||||||||
Housing loans | 724 | 334 | |||||||||||||||||||||||
Card loans | 1,898 | 1,391 | |||||||||||||||||||||||
Other | 1,277 | 861 | |||||||||||||||||||||||
Corporate borrowers | 14,135 | 11,097 | |||||||||||||||||||||||
Non-recourse loans | Japan | 4,745 | 2,608 | ||||||||||||||||||||||
U.S. | 4,809 | 4,723 | |||||||||||||||||||||||
Other | Real estate companies | 328 | 276 | ||||||||||||||||||||||
Entertainment companies | 779 | 509 | |||||||||||||||||||||||
Other | 3,474 | 2,981 | |||||||||||||||||||||||
Total | ¥ | 18,034 | ¥ | 13,683 | |||||||||||||||||||||
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 loans, the Company and its subsidiaries offer concessions including an extension of the maturity date at an interest rate lower than the current market rate for a debt with similar risk characteristics. For the debtors of all financing receivables other than non-recourse loans, the Company and its subsidiaries offer concessions such as a reduction of the loan principal, a temporary reduction in the interest payments, or an extension of the maturity date at an interest rate lower than the current market rate for a debt with similar risk characteristics. In addition, the Company and its subsidiaries may acquire collateral assets from the debtors in troubled debt restructurings to satisfy fully or partially the loan principal or past due interest. | |||||||||||||||||||||||||
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. | |||||||||||||||||||||||||
The following table provides information about financing receivables modified as troubled debt restructurings within the previous 12 months from March 31, 2012 and for which there was a payment default during fiscal 2012: | |||||||||||||||||||||||||
March 31, 2012 | |||||||||||||||||||||||||
Millions of yen | |||||||||||||||||||||||||
Portfolio segment | Class | Recorded Investment | |||||||||||||||||||||||
Consumer borrowers | ¥ | 392 | |||||||||||||||||||||||
Housing loans | 392 | ||||||||||||||||||||||||
Corporate borrowers | 2,331 | ||||||||||||||||||||||||
Non-recourse loans | U.S. | 409 | |||||||||||||||||||||||
Other | Other | 1,922 | |||||||||||||||||||||||
Total | ¥ | 2,723 | |||||||||||||||||||||||
The following table provides information about financing receivables modified as troubled debt restructurings within the previous 12 months from March 31, 2013 and for which there was a payment default during fiscal 2013: | |||||||||||||||||||||||||
March 31, 2013 | |||||||||||||||||||||||||
Millions of yen | |||||||||||||||||||||||||
Portfolio segment | Class | Recorded Investment | |||||||||||||||||||||||
Consumer borrowers | ¥ | 383 | |||||||||||||||||||||||
Housing loans | 369 | ||||||||||||||||||||||||
Card loans | 12 | ||||||||||||||||||||||||
Other | 2 | ||||||||||||||||||||||||
Corporate borrowers | 92 | ||||||||||||||||||||||||
Other | Other | 92 | |||||||||||||||||||||||
Total | ¥ | 475 | |||||||||||||||||||||||
The following table provides information about financing receivables modified as troubled debt restructurings within the previous 12 months from March 31, 2014 and for which there was a payment default during fiscal 2014: | |||||||||||||||||||||||||
31-Mar-14 | |||||||||||||||||||||||||
Millions of yen | |||||||||||||||||||||||||
Portfolio segment | Class | Recorded Investment | |||||||||||||||||||||||
Consumer borrowers | ¥ | 57 | |||||||||||||||||||||||
Housing loans | 18 | ||||||||||||||||||||||||
Card loans | 31 | ||||||||||||||||||||||||
Other | 8 | ||||||||||||||||||||||||
Corporate borrowers | 565 | ||||||||||||||||||||||||
Non-recourse loans | U.S. | 497 | |||||||||||||||||||||||
Other | Real estate companies | 42 | |||||||||||||||||||||||
Other | 26 | ||||||||||||||||||||||||
Total | ¥ | 622 | |||||||||||||||||||||||
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 90 days or more in accordance with the modified terms. | |||||||||||||||||||||||||
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. |
Investment_in_Securities
Investment in Securities | 12 Months Ended | ||||||||||||||||||||||||
Mar. 31, 2014 | |||||||||||||||||||||||||
Investment in Securities | ' | ||||||||||||||||||||||||
9. Investment in Securities | |||||||||||||||||||||||||
Investment in securities at March 31, 2013 and 2014 consists of the following: | |||||||||||||||||||||||||
Millions of yen | |||||||||||||||||||||||||
2013 | 2014 | ||||||||||||||||||||||||
Trading securities | ¥ | 33,041 | ¥ | 16,079 | |||||||||||||||||||||
Available-for-sale securities | 757,299 | 881,606 | |||||||||||||||||||||||
Held-to-maturity securities | 89,451 | 96,731 | |||||||||||||||||||||||
Other securities | 213,877 | 220,160 | |||||||||||||||||||||||
Total | ¥ | 1,093,668 | ¥ | 1,214,576 | |||||||||||||||||||||
Gains and losses realized from the sale of trading securities and net unrealized holding gains (losses) on trading securities are included in net gains on investment securities. For further information, see Note 22 “Brokerage Commissions and Net Gains on Investment Securities”. For fiscal 2012, 2013 and 2014, net unrealized holding gains and losses on trading securities were gains of ¥4,730 million, gains of ¥1,662 million and losses of ¥3,083 million, respectively. | |||||||||||||||||||||||||
During fiscal 2012, 2013 and 2014, the Company and its subsidiaries sold available-for-sale securities for aggregate proceeds of ¥279,367 million, ¥417,534 million and ¥318,697 million, respectively, resulting in gross realized gains of ¥9,882 million, ¥17,830 million and ¥14,517 million, respectively, and gross realized losses of ¥963 million, ¥578 million and ¥368 million, respectively. The cost of the securities sold was based on the average cost of each such security held at the time of the sale. | |||||||||||||||||||||||||
During fiscal 2012, 2013 and 2014, the Company and its subsidiaries charged losses on securities of ¥16,470 million, ¥22,838 million and ¥7,989 million, respectively, to the accompanying consolidated statements of income for declines in market value of securities where the decline was considered as other than temporary. | |||||||||||||||||||||||||
Other securities consist mainly of non-marketable equity securities, preferred capital shares carried at cost and investment funds carried at an amount that reflects equity income and loss based on the investor’s share. The aggregate carrying amount of other securities accounted for under the cost method totaled ¥86,406 million and ¥80,953 million at March 31, 2013 and 2014, respectively. Investments with an aggregate cost of ¥83,591 million and ¥72,089 million, respectively, were not evaluated for impairment because the Company and its subsidiaries did not identify any events or changes in circumstances that might have had significant adverse effect on the fair value of those investments and it was not practicable to estimate the fair value of the investments. | |||||||||||||||||||||||||
A subsidiary elected the fair value option under ASC 825 (“Financial Instruments”) for certain investments in equity securities included in available-for-sale securities, which as of March 31, 2014, were fair valued at ¥5,116 million. | |||||||||||||||||||||||||
Two subsidiary elected the fair value option under ASC 825 (“Financial Instruments”) for certain investments in a trust and investment funds included in other 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, 2013 and 2014, these investments were fair valued at ¥5,800 million and ¥6,317 million, respectively. | |||||||||||||||||||||||||
The 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 at March 31, 2013 and 2014 are as follows: | |||||||||||||||||||||||||
March 31, 2013 | |||||||||||||||||||||||||
Millions of yen | |||||||||||||||||||||||||
Amortized | Gross | Gross | Fair value | ||||||||||||||||||||||
cost | unrealized | unrealized | |||||||||||||||||||||||
gains | losses | ||||||||||||||||||||||||
Available-for-sale: | |||||||||||||||||||||||||
Japanese and foreign government bond securities | ¥ | 276,832 | ¥ | 1,906 | ¥ | (21 | ) | ¥ | 278,717 | ||||||||||||||||
Japanese prefectural and foreign municipal bond securities | 58,571 | 2,519 | 0 | 61,090 | |||||||||||||||||||||
Corporate debt securities | 193,973 | 3,809 | (947 | ) | 196,835 | ||||||||||||||||||||
Specified bonds issued by SPEs in Japan | 64,159 | 116 | (1,031 | ) | 63,244 | ||||||||||||||||||||
CMBS and RMBS in the U.S., and other asset-backed securities | 59,419 | 3,480 | (2,208 | ) | 60,691 | ||||||||||||||||||||
Other debt securities | 7,367 | 944 | 0 | 8,311 | |||||||||||||||||||||
Equity securities | 53,869 | 34,703 | (161 | ) | 88,411 | ||||||||||||||||||||
714,190 | 47,477 | (4,368 | ) | 757,299 | |||||||||||||||||||||
Held-to-maturity: | |||||||||||||||||||||||||
Japanese government bond securities and other | 89,451 | 9,020 | 0 | 98,471 | |||||||||||||||||||||
¥ | 803,641 | ¥ | 56,497 | ¥ | (4,368 | ) | ¥ | 855,770 | |||||||||||||||||
March 31, 2014 | |||||||||||||||||||||||||
Millions of yen | |||||||||||||||||||||||||
Amortized | Gross | Gross | Fair value | ||||||||||||||||||||||
cost | unrealized | unrealized | |||||||||||||||||||||||
gains | losses | ||||||||||||||||||||||||
Available-for-sale: | |||||||||||||||||||||||||
Japanese and foreign government bond securities | ¥ | 359,148 | ¥ | 1,230 | ¥ | (18 | ) | ¥ | 360,360 | ||||||||||||||||
Japanese prefectural and foreign municipal bond securities | 93,927 | 2,913 | (143 | ) | 96,697 | ||||||||||||||||||||
Corporate debt securities | 199,340 | 2,601 | (555 | ) | 201,386 | ||||||||||||||||||||
Specified bonds issued by SPEs in Japan | 6,850 | 70 | (148 | ) | 6,772 | ||||||||||||||||||||
CMBS and RMBS in the U.S., and other asset-backed securities | 64,789 | 1,883 | (1,041 | ) | 65,631 | ||||||||||||||||||||
Other debt securities | 9,508 | 2,042 | 0 | 11,550 | |||||||||||||||||||||
Equity securities | 87,988 | 51,783 | (561 | ) | 139,210 | ||||||||||||||||||||
821,550 | 62,522 | (2,466 | ) | 881,606 | |||||||||||||||||||||
Held-to-maturity: | |||||||||||||||||||||||||
Japanese government bond securities and other | 96,731 | 7,305 | 0 | 104,036 | |||||||||||||||||||||
¥ | 918,281 | ¥ | 69,827 | ¥ | (2,466 | ) | ¥ | 985,642 | |||||||||||||||||
The following table provides information about available-for-sale securities with gross unrealized losses and the length of time that individual securities have been in a continuous unrealized loss position as of March 31, 2013 and 2014, respectively: | |||||||||||||||||||||||||
March 31, 2013 | |||||||||||||||||||||||||
Millions of yen | |||||||||||||||||||||||||
Less than 12 months | 12 months or more | Total | |||||||||||||||||||||||
Fair value | Gross | Fair value | Gross | Fair value | Gross | ||||||||||||||||||||
unrealized | unrealized | unrealized | |||||||||||||||||||||||
losses | losses | losses | |||||||||||||||||||||||
Available-for-sale: | |||||||||||||||||||||||||
Japanese and foreign government bond securities | ¥ | 85,842 | ¥ | (21 | ) | ¥ | 0 | ¥ | 0 | ¥ | 85,842 | ¥ | (21 | ) | |||||||||||
Japanese prefectural and foreign municipal bond securities | 10,118 | 0 | 0 | 0 | 10,118 | 0 | |||||||||||||||||||
Corporate debt securities | 4,490 | (69 | ) | 16,329 | (878 | ) | 20,819 | (947 | ) | ||||||||||||||||
Specified bonds issued by SPEs in Japan | 3,929 | (106 | ) | 34,226 | (925 | ) | 38,155 | (1,031 | ) | ||||||||||||||||
CMBS and RMBS in the U.S., and other asset-backed securities | 2,142 | (44 | ) | 8,141 | (2,164 | ) | 10,283 | (2,208 | ) | ||||||||||||||||
Equity securities | 1,315 | (142 | ) | 318 | (19 | ) | 1,633 | (161 | ) | ||||||||||||||||
¥ | 107,836 | ¥ | (382 | ) | ¥ | 59,014 | ¥ | (3,986 | ) | ¥ | 166,850 | ¥ | (4,368 | ) | |||||||||||
March 31, 2014 | |||||||||||||||||||||||||
Millions of yen | |||||||||||||||||||||||||
Less than 12 months | 12 months or more | Total | |||||||||||||||||||||||
Fair value | Gross | Fair value | Gross | Fair value | Gross | ||||||||||||||||||||
unrealized | unrealized | unrealized | |||||||||||||||||||||||
losses | losses | losses | |||||||||||||||||||||||
Available-for-sale: | |||||||||||||||||||||||||
Japanese and foreign government bond securities | ¥ | 140,133 | ¥ | (10 | ) | ¥ | 14,977 | ¥ | (8 | ) | ¥ | 155,110 | ¥ | (18 | ) | ||||||||||
Japanese prefectural and foreign municipal bond securities | 31,407 | (143 | ) | 0 | 0 | 31,407 | (143 | ) | |||||||||||||||||
Corporate debt securities | 27,496 | (31 | ) | 10,968 | (524 | ) | 38,464 | (555 | ) | ||||||||||||||||
Specified bonds issued by SPEs in Japan | 0 | 0 | 2,138 | (148 | ) | 2,138 | (148 | ) | |||||||||||||||||
CMBS and RMBS in the U.S., and other asset-backed securities | 15,891 | (91 | ) | 2,540 | (950 | ) | 18,431 | (1,041 | ) | ||||||||||||||||
Equity securities | 15,957 | (541 | ) | 99 | (20 | ) | 16,056 | (561 | ) | ||||||||||||||||
¥ | 230,884 | ¥ | (816 | ) | ¥ | 30,722 | ¥ | (1,650 | ) | ¥ | 261,606 | ¥ | (2,466 | ) | |||||||||||
The number of investment securities that were in an unrealized loss position as of March 31, 2013 and 2014 were 132 and 184, respectively. The gross unrealized losses on these 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 (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. | |||||||||||||||||||||||||
Debt securities with unrealized loss position mainly include corporate debt securities in Japan, specified bonds issued by special purpose entities in Japan, CMBS and RMBS. | |||||||||||||||||||||||||
The unrealized loss associated with corporate debt securities is primarily due to changes in the market interest rate 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 believe that the Company and its subsidiaries are able to recover the entire amortized cost basis of those investments. Because the Company and its subsidiaries do not intend to sell the investments and it is not more likely than not that the Company and its subsidiaries will be required to sell the investments before recovery of their amortized cost basis, the Company and its subsidiaries do not consider these investments to be other-than-temporarily impaired at March 31, 2014. | |||||||||||||||||||||||||
The unrealized loss associated with specified bonds is primarily due to changes in the market interest rate and risk premium because of deterioration in the real estate market in Japan and the credit crunch in the capital and financial markets. Considering all available information to assess the collectability of those investments (such as performance and value of the underlying real estate, and seniority of the bonds), the Company and its subsidiaries believe that the Company and its subsidiaries are able to recover the entire amortized cost basis of those investments. Because the Company and its subsidiaries do not intend to sell the investments and it is not more likely than not that the Company and its subsidiaries will be required to sell the investments before recovery of their amortized cost basis, the Company and its subsidiaries do not consider these investments to be other-than-temporarily impaired at March 31, 2014. | |||||||||||||||||||||||||
The unrealized loss associated with CMBS and RMBS is primarily caused by changes in credit spreads and interest rates. In order to determine whether a credit loss exists, the Company and its subsidiaries estimate the present value of anticipated cash flows, discounted at the current yield to accrete the security. The cash flows are estimated based on a number of assumptions such as default rate and prepayment speed, as well as seniority of the security. Then, a credit loss is assessed by comparing the present value of the expected cash flows to the security’s amortized cost basis. Based on that assessment, the Company and its subsidiaries expect to recover the entire amortized cost basis and no credit impairment was identified. Because the Company and its subsidiaries do not intend to sell the investments and it is not more likely than not that the Company and its subsidiaries will be required to sell the investments before recovery of their amortized cost basis, the Company and its subsidiaries do not consider these investments to be other-than-temporarily impaired at March 31, 2014. | |||||||||||||||||||||||||
For equity securities with unrealized losses, the Company and its subsidiaries consider various factors to determine whether the decline is other-than-temporary, including the length of time and the extent to which the fair value has been less than the carrying value and the issuer’s specific economic conditions as well as the ability and intent to hold these securities for a period of time sufficient to recover the securities’ carrying amounts. Based on our ongoing monitoring process, the Company and its subsidiaries do not consider these investments to be other-than-temporarily impaired at March 31, 2014. | |||||||||||||||||||||||||
The total other-than-temporary impairment with an offset for the amount of the total other-than-temporary impairment recognized in other comprehensive income (loss) for fiscal 2012, 2013 and 2014 are as follows: | |||||||||||||||||||||||||
Millions of yen | |||||||||||||||||||||||||
2012 | 2013 | 2014 | |||||||||||||||||||||||
Total other-than-temporary impairment losses | ¥ | 17,100 | ¥ | 23,180 | ¥ | 7,992 | |||||||||||||||||||
Portion of loss recognized in other comprehensive income (before taxes) | (630 | ) | (342 | ) | (3 | ) | |||||||||||||||||||
Net impairment losses recognized in earnings | ¥ | 16,470 | ¥ | 22,838 | ¥ | 7,989 | |||||||||||||||||||
Total other-than-temporary impairment losses for fiscal 2012, 2013 and 2014 related to equity securities and debt securities. | |||||||||||||||||||||||||
During fiscal 2012, other-than-temporary impairment losses related to debt securities are recognized mainly on certain specified bonds, certain mortgage-backed and other asset-backed securities. During fiscal 2013, other-than-temporary impairment losses related to debt securities are recognized mainly on certain specified bonds and on certain mortgage-backed securities. During fiscal 2014, other-than-temporary impairment losses related to debt securities are recognized mainly on certain mortgage-backed securities. Specified bonds have experienced credit losses due to decline in the value of the underlying assets. Mortgage-backed and other asset-backed securities have experienced credit losses due to a decrease in cash flows attributable to significant default and bankruptcies on the underlying loans. Because the Company and its subsidiaries do not intend to sell the investments and it is not more likely than not that the Company and its subsidiaries will be required to sell the investments before recovery of their amortized cost basis, the credit loss component is recognized in earnings, and the non-credit loss component is recognized in other comprehensive income (loss), net of applicable income taxes. The credit loss assessment was 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 based on a number of assumptions such as seniority of the security. | |||||||||||||||||||||||||
Roll-forwards of the amount related to credit losses on other-than-temporarily impaired debt securities recognized in earnings for fiscal 2012, 2013 and 2014 are as follows: | |||||||||||||||||||||||||
Millions of yen | |||||||||||||||||||||||||
2012 | 2013 | 2014 | |||||||||||||||||||||||
Beginning | ¥ | 9,022 | ¥ | 8,199 | ¥ | 7,809 | |||||||||||||||||||
Addition during the period: | |||||||||||||||||||||||||
Credit loss for which an other-than-temporary impairment was not previously recognized | 3,524 | 110 | 8 | ||||||||||||||||||||||
Credit loss for which an other-than-temporary impairment was previously recognized | 320 | 1,171 | 239 | ||||||||||||||||||||||
Reduction during the period: | |||||||||||||||||||||||||
For securities sold or redeemed | (3,530 | ) | (1,049 | ) | (3,609 | ) | |||||||||||||||||||
Due to change in intent to sell or requirement to sell | (1,137 | ) | (622 | ) | (2,456 | ) | |||||||||||||||||||
Ending | ¥ | 8,199 | ¥ | 7,809 | ¥ | 1,991 | |||||||||||||||||||
At March 31, 2012, other-than-temporary impairment related to the non-credit losses arising from debt securities for which other-than-temporary impairment related to the credit loss had been recognized in earnings according to ASC 320-10-35-34 (“Investments—Debt and Equity Securities—Recognition of Other-Than-Temporary Impairments”) was included in unrealized gains/losses (before taxes) of CMBS and RMBS in the United States, and other asset-backed securities, with gross unrealized losses of ¥857 million, and was included in unrealized gains/losses (after taxes) of accumulated other comprehensive income, with gross unrealized losses of ¥547 million. At March 31,2013, other-than-temporary impairment related to the non-credit losses arising from debt securities for which other-than-temporary impairment related to the credit loss had been recognized in earnings was included in unrealized gains/losses (before taxes) of CMBS and RMBS in the United States, and other asset-backed securities, with gross unrealized losses of ¥435 million, and was included in unrealized gains/losses (after taxes) of accumulated other comprehensive income, with gross unrealized losses of ¥277 million. At March 31, 2014, other-than-temporary impairment related to the non-credit losses arising from debt securities for which other-than-temporary impairment related to the credit loss had been recognized in earnings was included in unrealized gains/losses (before taxes) of CMBS and RMBS in the U.S., and other asset-backed securities, with gross unrealized gains of ¥59 million and unrealized losses of ¥102 million, and was included in unrealized gains/losses (after taxes) of accumulated other comprehensive income, with gross unrealized gains of ¥38 million and unrealized losses of ¥65 million. The unrealized gains/losses include unrealized gains/losses on impaired securities relating to changes in the value of such securities subsequent to the impairment measurement date. | |||||||||||||||||||||||||
The following is a summary of the contractual maturities of debt securities classified as available-for-sale securities and held-to-maturity securities held at March 31, 2014: | |||||||||||||||||||||||||
Available-for-sale securities held at March 31, 2014: | |||||||||||||||||||||||||
Millions of yen | |||||||||||||||||||||||||
Amortized | Fair value | ||||||||||||||||||||||||
cost | |||||||||||||||||||||||||
Due within one year | ¥ | 195,067 | ¥ | 195,211 | |||||||||||||||||||||
Due after one to five years | 303,126 | 306,286 | |||||||||||||||||||||||
Due after five to ten years | 130,614 | 132,370 | |||||||||||||||||||||||
Due after ten years | 104,755 | 108,529 | |||||||||||||||||||||||
¥ | 733,562 | ¥ | 742,396 | ||||||||||||||||||||||
Held-to-maturity securities held at March 31, 2014: | |||||||||||||||||||||||||
Millions of yen | |||||||||||||||||||||||||
Amortized | Fair value | ||||||||||||||||||||||||
cost | |||||||||||||||||||||||||
Due within one year | ¥ | 1,422 | ¥ | 1,423 | |||||||||||||||||||||
Due after one to five years | 5 | 5 | |||||||||||||||||||||||
Due after ten years | 95,304 | 102,608 | |||||||||||||||||||||||
¥ | 96,731 | ¥ | 104,036 | ||||||||||||||||||||||
Securities not due at a single maturity date, such as mortgage-backed securities, are included in the above table based on their final maturities. | |||||||||||||||||||||||||
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 interest on loans and investment securities in the consolidated statements of income is interest income on investment securities of ¥15,169 million, ¥11,505 million and ¥12,393 million for fiscal 2012, 2013 and 2014, respectively. | |||||||||||||||||||||||||
The Company and a certain foreign subsidiary acquired debt securities with evidence of deterioration of credit quality at the time of acquisition, and it was not probable those debt securities were able to recover all contractual amounts. In accordance with the provision of ASC 310-30 (“Receivables—Loans and Debt Securities Acquired with Deteriorated Credit Quality”) and ASC 320 (“Investments—Debt and Equity Securities”), the Company and the subsidiary determined the expected future cash flows taking into account historical cash collections for debt securities with similar characteristics as well as expected prepayments and the amount and the timing of undiscounted expected principal, interest and other cash flows for each pool of debt securities. Accretable yield represents the excess of expected future cash flows over carrying value of the debt securities, which is recognized as interest income over the remaining life of the debt securities. For a debt security for which the fair value is less than the amortized cost basis, the Company and a certain foreign subsidiary estimates the present value of cash flows expected to be collected from the security and compares it with the amortized cost basis of the security to determine whether a credit loss exists. If, based on current information and events, the Company and the subsidiary determines a credit loss exists for that security, an other-than-temporary impairment is considered to have occurred. For a debt security for which an other-than-temporary impairment is considered to have occurred, the Company and the subsidiary recognize the entire difference between the amortized cost and the fair value in earnings if the Company and the subsidiary intend to sell the debt security or it is more likely than not that the Company and the subsidiary will be required to sell the debt security before recovery of its amortized cost basis less any current-period credit loss. On the other hand, if the Company and the subsidiary do not intend to sell the debt security and it is not more likely than not that the Company and the subsidiary will be required to sell the debt security before recovery of its amortized cost basis less any current-period credit loss, the Company and the subsidiary separate the difference between the amortized cost and the fair value of the debt securities into the credit loss component and the non-credit loss component. The credit loss component is recognized in earnings, and the non-credit loss component is recognized in other comprehensive income (loss), net of applicable income taxes. As of March 31, 2013 and 2014, the carrying amount and the nominal value of debt securities acquired with evidence of deterioration of credit quality were ¥5,556 million and ¥1,267 million, and ¥14,951 million and ¥6,112 million, and the outstanding balance of accretable yield was ¥4,994 million and ¥1,074 million, respectively. |
Securitization_Transactions
Securitization Transactions | 12 Months Ended | ||||||||||||
Mar. 31, 2014 | |||||||||||||
Securitization Transactions | ' | ||||||||||||
10. Securitization Transactions | |||||||||||||
The Company and its subsidiaries have securitized various financial assets such as lease receivables and installment loans (commercial mortgage loans, housing loans and other). | |||||||||||||
In the securitization process, these financial assets are transferred to various vehicles (the “SPEs”), such as trusts and special-purpose companies 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 retain 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. | |||||||||||||
In accordance with ASC 860 (“Transfers and Servicing”) and ASC 810 (“Consolidation”), trusts or SPEs used in securitization transactions have been consolidated if the Company and its subsidiaries are the primary beneficiary of the trusts or SPEs. | |||||||||||||
During fiscal 2012, 2013 and 2014, there was no securitization transaction accounted for as a sale. | |||||||||||||
Quantitative information about delinquencies, impaired loans and components of financial assets sold on securitization and other assets managed together as of March 31, 2013 and 2014, and quantitative information about net credit loss for the fiscal years ended March 31, 2012, 2013 and 2014 are as follows: | |||||||||||||
Total principal amount of receivables | |||||||||||||
Millions of yen | |||||||||||||
March 31, 2013 | March 31, 2014 | ||||||||||||
Direct financing leases | ¥ | 989,380 | ¥ | 1,094,073 | |||||||||
Installment loans | 2,691,171 | 2,315,555 | |||||||||||
Assets recorded on the balance sheet | 3,680,551 | 3,409,628 | |||||||||||
Direct financing leases sold on securitization | 1,698 | 1,156 | |||||||||||
Total assets managed together or sold on securitization | ¥ | 3,682,249 | ¥ | 3,410,784 | |||||||||
Principal amount of receivables more than 90 days | |||||||||||||
past-due and impaired loans | |||||||||||||
Millions of yen | |||||||||||||
March 31, 2013 | March 31, 2014 | ||||||||||||
Direct financing leases | ¥ | 15,806 | ¥ | 13,887 | |||||||||
Installment loans | 220,485 | 141,973 | |||||||||||
Assets recorded on the balance sheet | 236,291 | 155,860 | |||||||||||
Direct financing leases sold on securitization | 0 | 0 | |||||||||||
Total assets managed together or sold on securitization | ¥ | 236,291 | ¥ | 155,860 | |||||||||
Credit loss | |||||||||||||
Millions of yen | |||||||||||||
2012 | 2013 | 2014 | |||||||||||
Direct financing leases | ¥ | 6,783 | ¥ | 4,046 | ¥ | 4,351 | |||||||
Installment loans | 29,476 | 39,142 | 23,761 | ||||||||||
Assets recorded on the balance sheet | 36,259 | 43,188 | 28,112 | ||||||||||
Direct financing leases sold on securitization | 0 | 0 | 0 | ||||||||||
Total assets managed together or sold on securitization | ¥ | 36,259 | ¥ | 43,188 | ¥ | 28,112 | |||||||
A certain subsidiary originates and sells loans into the secondary market while retaining the obligation to service those loans. In addition, it undertakes obligations to service loans originated by others. The servicing assets related to those servicing activities are included in other operating assets and the balances of these servicing assets as of March 31, 2013 and 2014 were ¥14,562 million and ¥16,911 million, respectively. During the fiscal year ended March 31, 2013 and 2014, the servicing assets were increased by ¥4,224 million and ¥4,355 million, respectively, mainly from loans sold with servicing retained and decreased by ¥3,045 million and ¥3,416 million, respectively, mainly from amortization and increased by ¥1,850 million and ¥1,410 million, respectively, from the effects of changes in foreign exchange rates. The fair value of the servicing assets as of March 31, 2013 and 2014 were ¥19,376 million and ¥23,604 million, respectively. |
Variable_Interest_Entities
Variable Interest Entities | 12 Months Ended | ||||||||||||||||
Mar. 31, 2014 | |||||||||||||||||
Variable Interest Entities | ' | ||||||||||||||||
11. Variable Interest Entities | |||||||||||||||||
The Company and its subsidiaries use special purpose companies, partnerships and trusts (hereinafter referred to as 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 those SPEs. ASC 810 (“Consolidation”) addresses consolidation by business enterprises of SPEs within the scope of ASC 810. Generally these SPEs are entities where (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. Entities within the scope of ASC 810 are called variable interest entities (“VIEs”). | |||||||||||||||||
According to ASC 810, the Company and its subsidiaries are required to 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 shall consolidate a VIE: | |||||||||||||||||
• | The power to direct the activities of a VIE that most significantly impact the entity’s economic performance | ||||||||||||||||
• | 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 items 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 | ||||||||||||||||
• | 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 | ||||||||||||||||
• | Providing liquidity and other financial support | ||||||||||||||||
The Company and its subsidiaries do not have the power to direct activities of the VIEs that most significantly impact the VIEs’ economic performance if that power is shared among multiple unrelated parties, and accordingly do not consolidate such VIEs. | |||||||||||||||||
Information about VIEs (consolidated and non-consolidated) for the Company and its subsidiaries are as follows: | |||||||||||||||||
1 | Consolidated VIEs | ||||||||||||||||
March 31, 2013 | |||||||||||||||||
Millions of yen | |||||||||||||||||
Types of VIEs | Total | Total | Assets which | Commitments*3 | |||||||||||||
assets*1 | liabilities*1 | are pledged as | |||||||||||||||
collateral*2 | |||||||||||||||||
(a) VIEs for liquidating customer assets | ¥ | 6,191 | ¥ | 3,880 | ¥ | 6,191 | ¥ | 0 | |||||||||
(b) VIEs for acquisition of real estate and real estate development projects for customers | 20,081 | 2,112 | 0 | 0 | |||||||||||||
(c) VIEs for acquisition of real estate for the Company and its subsidiaries’ real estate-related business | 334,179 | 96,758 | 197,143 | 0 | |||||||||||||
(d) VIEs for corporate rehabilitation support business | 10,205 | 192 | 0 | 0 | |||||||||||||
(e) VIEs for investment in securities | 34,091 | 8,075 | 19,133 | 0 | |||||||||||||
(f) VIEs for securitizing financial assets such as direct financing lease receivable and loan receivable | 467,348 | 250,374 | 391,664 | 0 | |||||||||||||
(g) VIEs for securitization of commercial mortgage loans originated by third parties | 425,017 | 434,273 | 425,017 | 0 | |||||||||||||
(h) Other VIEs | 103,345 | 49,604 | 85,763 | 0 | |||||||||||||
Total | ¥ | 1,400,457 | ¥ | 845,268 | ¥ | 1,124,911 | ¥ | 0 | |||||||||
March 31, 2014 | |||||||||||||||||
Millions of yen | |||||||||||||||||
Types of VIEs | Total | Total | Assets which | Commitments*3 | |||||||||||||
assets*1 | liabilities*1 | are pledged as | |||||||||||||||
collateral*2 | |||||||||||||||||
(a) VIEs for liquidating customer assets | ¥ | 0 | ¥ | 0 | ¥ | 0 | ¥ | 0 | |||||||||
(b) VIEs for acquisition of real estate and real estate development projects for customers | 4,800 | 986 | 0 | 0 | |||||||||||||
(c) VIEs for acquisition of real estate for the Company and its subsidiaries’ real estate-related business | 288,392 | 96,591 | 201,427 | 0 | |||||||||||||
(d) VIEs for corporate rehabilitation support business | 6,925 | 309 | 0 | 0 | |||||||||||||
(e) VIEs for investment in securities | 23,449 | 9,405 | 13,767 | 0 | |||||||||||||
(f) VIEs for securitizing financial assets such as direct financing lease receivable and loan receivable | 303,154 | 188,463 | 239,072 | 0 | |||||||||||||
(g) VIEs for securitization of commercial mortgage loans originated by third parties | 64,026 | 67,251 | 64,026 | 0 | |||||||||||||
(h) Other VIEs | 122,494 | 65,942 | 87,015 | 29,756 | |||||||||||||
Total | ¥ | 813,240 | ¥ | 428,947 | ¥ | 605,307 | ¥ | 29,756 | |||||||||
*1 | The assets of most VIEs are used only to repay the liabilities of the VIEs, and the creditors of the liabilities of the 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 VIEs | ||||||||||||||||
March 31, 2013 | |||||||||||||||||
Millions of yen | |||||||||||||||||
Carrying amount of the | |||||||||||||||||
variable interests in the | |||||||||||||||||
VIEs held by the Company | |||||||||||||||||
and its subsidiaries | |||||||||||||||||
Types of VIEs | Total assets | Specified | Investments | Maximum | |||||||||||||
bonds and | exposure | ||||||||||||||||
non-recourse | to loss* | ||||||||||||||||
loans | |||||||||||||||||
(a) VIEs for liquidating customer asset | ¥ | 41,929 | ¥ | 3,428 | ¥ | 4,119 | ¥ | 7,547 | |||||||||
(b) VIEs for acquisition of real estate and real estate development projects for customers | 872,189 | 106,861 | 51,345 | 201,145 | |||||||||||||
(c) VIEs for acquisition of real estate for the Company and its subsidiaries’ real estate-related business | 0 | 0 | 0 | 0 | |||||||||||||
(d) VIEs for corporate rehabilitation support business | 0 | 0 | 0 | 0 | |||||||||||||
(e) VIEs for investment in securities | 1,327,751 | 0 | 24,822 | 40,501 | |||||||||||||
(f) VIEs for securitizing financial assets such as direct financing lease receivable and loan receivable | 0 | 0 | 0 | 0 | |||||||||||||
(g) VIEs for securitization of commercial mortgage loans originated by third parties | 2,236,389 | 0 | 23,257 | 23,798 | |||||||||||||
(h) Other VIEs | 40,806 | 97 | 4,079 | 4,176 | |||||||||||||
Total | ¥ | 4,519,064 | ¥ | 110,386 | ¥ | 107,622 | ¥ | 277,167 | |||||||||
March 31, 2014 | |||||||||||||||||
Millions of yen | |||||||||||||||||
Total assets | Carrying amount of the | Maximum | |||||||||||||||
variable interests in the | exposure | ||||||||||||||||
VIEs held by the Company | to loss* | ||||||||||||||||
and its subsidiaries | |||||||||||||||||
Types of VIEs | Specified | Investments | |||||||||||||||
bonds and | |||||||||||||||||
non-recourse | |||||||||||||||||
loans | |||||||||||||||||
(a) VIEs for liquidating customer assets | ¥ | 37,672 | ¥ | 799 | ¥ | 2,971 | ¥ | 3,770 | |||||||||
(b) VIEs for acquisition of real estate and real estate development projects for customers | 664,557 | 26,835 | 45,212 | 111,732 | |||||||||||||
(c) VIEs for acquisition of real estate for the Company and its subsidiaries’ real estate-related business | 0 | 0 | 0 | 0 | |||||||||||||
(d) VIEs for corporate rehabilitation support business | 0 | 0 | 0 | 0 | |||||||||||||
(e) VIEs for investment in securities | 2,136,226 | 0 | 24,814 | 41,981 | |||||||||||||
(f) VIEs for securitizing financial assets such as direct financing lease receivable and loan receivable | 0 | 0 | 0 | 0 | |||||||||||||
(g) VIEs for securitization of commercial mortgage loans originated by third parties | 1,517,734 | 0 | 8,989 | 9,310 | |||||||||||||
(h) Other VIEs | 32,245 | 246 | 4,624 | 4,870 | |||||||||||||
Total | ¥ | 4,388,434 | ¥ | 27,880 | ¥ | 86,610 | ¥ | 171,663 | |||||||||
* | 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 loans from financial institutions and have an equity investment made by the customer. By using cash flows from the liquidated assets, these VIEs repay the loan and pay dividends to equity investors if sufficient funds exist. | |||||||||||||||||
The Company and its subsidiaries provide non-recourse loans to such VIEs and occasionally make investments in them. The Company and its subsidiaries have consolidated some of those VIEs because the Company or its subsidiary effectively controls the VIEs by acting as the asset manager of the VIEs. | |||||||||||||||||
With respect to the variable interests of non-consolidated VIEs, non-recourse loans are included in installment loans, and investments are mainly included in other assets in the Company’s consolidated balance sheets. | |||||||||||||||||
(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 loans to such VIEs and hold specified bonds issued by them and/or make investments in them. The Company and its subsidiaries have consolidated certain VIEs because the Company or its subsidiary effectively controls the VIEs by acting as the asset manager of the VIEs. | |||||||||||||||||
The Company and its subsidiaries contributed additional funding to certain non-consolidated VIEs to support their repayment obligations, since those VIEs had difficulty repaying debt and accounts payable. The amount of that additional funding for fiscal 2013 was ¥2,000 million. As a result, the Company and its subsidiaries performed a reassessment and consolidated those VIEs. There was no additional funding or acquisition of subordinated interests during fiscal 2014. | |||||||||||||||||
In the Company’s consolidated balance sheets, assets of consolidated VIEs are mainly included in cash and cash equivalents, other operating assets, investment in affiliates and other receivables, and liabilities of those consolidated VIEs are mainly included in short-term debt, trade notes, accounts payable and other liabilities. | |||||||||||||||||
With respect to the variable interests of non-consolidated VIEs, specified bonds are included in investment in securities, non-recourse loans are included in installment loans, and investments are mainly included in investment in securities, investment in affiliates and other assets in the Company’s consolidated balance sheets. The Company and its subsidiaries have commitment agreements by which the Company and its subsidiaries may be required to provide additional investment in certain non-consolidated VIEs as long as the agreed-upon terms are met. Under these agreements, the Company and its subsidiaries are committed to invest in these VIEs with the other investors based on their respective ownership percentages. The Company and its subsidiaries concluded that the VIEs are not consolidated because the power to direct these VIEs is held by unrelated parties. In some cases, the Company and its subsidiaries concluded that the VIEs are not consolidated because the power to direct these VIEs is shared among multiple unrelated parties. | |||||||||||||||||
(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 loans from financial institutions and simplify the administration activities necessary for the real estate. The Company and its subsidiaries consolidate such VIEs even though the Company and its subsidiaries may not have voting rights if substantially all of such VIEs’ subordinated interests are issued to the Company and its subsidiaries, and therefore the VIEs are controlled by and for the benefit of the Company and its subsidiaries. | |||||||||||||||||
The Company and its subsidiaries contributed additional funding to certain consolidated VIEs, since those VIEs had difficulty repaying debt and accounts payable. The amount of that additional funding for fiscal 2013 was ¥646 million. There was no additional funding or acquisition of subordinated interests during fiscal 2014. | |||||||||||||||||
In the Company’s consolidated balance sheets, assets of the consolidated VIEs are mainly included in investment in operating leases, office facilities, cash and cash equivalents and other assets, and liabilities of those consolidated VIEs are mainly included in long-term debts. | |||||||||||||||||
(d) VIEs for corporate rehabilitation support business | |||||||||||||||||
Financial institutions, the Company and its subsidiary are involved with VIEs established for the corporate rehabilitation support business. VIEs receive the funds from investors including the financial institutions, the Company and the subsidiary, and purchase loan receivables due from borrowers which have financial problems, but are deemed to have the potential to recover in the future. The servicing operations for the VIEs are conducted by the subsidiary. | |||||||||||||||||
The Company and its subsidiary consolidated such VIEs since the Company and the subsidiary 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 trade notes, accounts payable and other liabilities, and accrued expenses. | |||||||||||||||||
(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 a subsidiary or fund management companies that are independent of the Company and its subsidiaries. | |||||||||||||||||
The Company consolidated certain such VIEs since the Company has the majority of the investment share of them, and has 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, investment in affiliates, installment loans, cash and cash equivalents, and liabilities of those consolidated VIEs are mainly included in short-term debt and long-term debt. | |||||||||||||||||
Variable interests of non-consolidated VIEs, which the Company and its subsidiaries have, are included in investment in securities. The Company and its subsidiaries have a commitment agreement by which the Company may be required to make additional investments in certain such non-consolidated VIEs. | |||||||||||||||||
(f) VIEs for securitizing financial assets such as direct financing lease receivable and loan receivable | |||||||||||||||||
The Company and its subsidiaries use VIEs to securitize financial assets such as direct financing lease receivables and loan 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 investment in direct financing leases and installment loans, and liabilities of those consolidated VIEs are mainly included in long-term debt. | |||||||||||||||||
(g) VIEs for securitization of commercial mortgage loans originated by third parties | |||||||||||||||||
The Company and its subsidiaries invest in CMBS and RMBS originated by third parties. In some cases of such securitization, the Company’s subsidiaries hold the subordinated portion of CMBS and the subsidiaries act as a special-servicer of the securitization transaction. As the special servicer, the Company’s 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 as special-servicer, including the right to dispose of the collateral, and have a responsibility to absorb losses of the VIEs that could potentially be significant to the entities by holding the subordinated part of the securities. | |||||||||||||||||
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 VIEs are included in investment in securities. The Company and its subsidiaries have a commitment agreement by which the Company may be required to make additional investment in certain such non-consolidated VIEs. | |||||||||||||||||
(h) Other VIEs | |||||||||||||||||
The Company and its subsidiaries are involved with other types of VIEs for various purposes. Consolidated and non-consolidated VIEs of this category are mainly kumiai structures. In addition, a subsidiary has consolidated a VIE that is not included in the categories (a) through (g) above, because the subsidiary holds the subordinated portion of the VIE and the VIE is effectively controlled by the subsidiary. The Company has commitment agreements by which the Company may be required to make additional investments or execute loans in such consolidated VIEs. | |||||||||||||||||
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 loan from one or more financial institutions. The kumiai investors (and any lenders to the kumiai structure) retain all of the economic risks and rewards in connection with purchasing and leasing activities of the kumiai structure, and all related gains or losses are recorded on the financial statements of the investors in the kumiai. The Company and its subsidiaries are responsible for the arrangement and marketing of these products and may act as servicer or administrator in kumiai transactions. The fee income for the arrangement and administration of these transactions is recognized in the Company’s consolidated statements of income. In some cases, the Company and its subsidiaries make investments in the kumiai or its related SPE, and these VIEs are consolidated because the Company and its subsidiaries have a responsibility to absorb any significant potential loss through the investments and have the power to direct the activities that most significantly impact their economic performance. In other cases, the Company and its subsidiaries are not considered to be the primary beneficiary of the VIEs or kumiais because the Company and its subsidiaries did not make significant investments or guarantee or otherwise undertake any significant financial commitments or have exposure with respect to the kumiai or its related SPE. | |||||||||||||||||
A subsidiary may use VIEs to finance. A subsidiary transfer their own held assets to SPEs, which borrow non-recourse loan from financial institutions and effectively pledge such assets as collateral. The Company guarantees the performance of obligation of the SPEs. A subsidiary continually hold subordinated interests in the SPEs and perform administrative work of such assets. A subsidiary consolidate such SPEs because the Company and its subsidiaries have a right to direct the activities of them that most significantly impact their economic performance by setting up the scheme and performing administrative work of the assets and have the obligation to absorb losses expected of them by holding the subordinated interests. | |||||||||||||||||
The Company and its subsidiaries may use VIEs in solar power generation projects. VIEs receive the funds from the Company and the subsidiaries, install solar panels by acquiring or leasing lands, and sell the generated power to electric power companies. The Company and its subsidiaries have consolidated certain VIEs because the Company or its subsidiaries make investments in such VIEs and effectively control the VIEs by acting as the asset manager of the VIEs. | |||||||||||||||||
Assets of the consolidated SPEs are mainly included in investment in operating leases, installment loans, other operating assets, investment in securities and other assets, and liabilities are mainly included in short-term debt and long-term debt in the Company’s consolidated balance sheets. |
Investment_in_Affiliates
Investment in Affiliates | 12 Months Ended | ||||||||||||
Mar. 31, 2014 | |||||||||||||
Investment in Affiliates | ' | ||||||||||||
12. Investment in Affiliates | |||||||||||||
Investment in affiliates at March 31, 2013 and 2014 consists of the following: | |||||||||||||
Millions of yen | |||||||||||||
2013 | 2014 | ||||||||||||
Shares | ¥ | 316,790 | ¥ | 305,420 | |||||||||
Loans | 9,942 | 8,880 | |||||||||||
¥ | 326,732 | ¥ | 314,300 | ||||||||||
Certain affiliates are listed on stock exchanges. The aggregate investment in and quoted market value of those affiliates amounted to ¥67,835 million and ¥99,758 million, respectively, as of March 31, 2013 and ¥32,860 million and ¥38,918 million, respectively, as of March 31, 2014. | |||||||||||||
In fiscal 2012, 2013 and 2014, the Company and its subsidiaries received dividends from affiliates of ¥8,653 million, ¥10,221 million and ¥9,957 million, respectively. | |||||||||||||
The balance of excess of cost over the underlying equity at acquisition dates of investment in affiliates amounted to ¥25,556 million and ¥35,889 million as of March 31, 2013 and 2014, respectively. | |||||||||||||
ORIX JREIT Inc., an equity method affiliate, entered into an asset management agreement with one of the Company’s subsidiaries and paid management fees of ¥1,691 million, ¥1,743 million and ¥1,905 million for fiscal 2012, 2013 and 2014, respectively. | |||||||||||||
In fiscal 2012, 2013 and 2014, certain subsidiaries sold to ORIX JREIT Inc., office buildings and condominiums mainly under operating leases. As a result of the sales, the subsidiaries recognized gains of ¥989 million in earnings as gains on sales of real estate under operating leases and gains of ¥1,995 million as life insurance premiums and related investment income for fiscal 2012. In fiscal 2013 and 2014, the subsidiaries recognized gains of ¥3,119 million and ¥2,261 million respectively in earnings as gains on sales of real estate under operating leases. The related intercompany profits have been eliminated based on the Company’s proportionate share. | |||||||||||||
During fiscal 2012, Monex Group acquired its shares from the market and canceled its own shares. As a result, the ownership interest of the Company in Monex Group increased from 21% to 22%. Additionally, the Company recognized ¥12,713 million of impairment losses because it was judged that the downward stock price movement of the Monex Group was other than temporary. | |||||||||||||
During fiscal 2013, the Company acquired 51% of the total number of outstanding shares of ORIX Credit Corporation (hereinafter, “ORIX Credit”), an equity method affiliate that operates a card loan business, from Sumitomo Mitsui Banking Corporation (hereinafter, “SMBC”), and ORIX Credit became a wholly-owned domestic subsidiary. As a result of this step acquisition of the interest in ORIX Credit, the Company remeasured its previously held equity interest to fair value, and recognized gains of ¥3,132 million in earnings as gains on sales of subsidiaries and affiliates and liquidation losses, net, based on ASC 805 (“Business Combinations”) for fiscal 2013. The remeasured fair value was calculated by reflecting the premium in the valuation that was based on the acquisition price paid to SMBC. | |||||||||||||
During fiscal 2014, the Company exercised its acquisition rights with respect to the type-2, type-4, type-7 and type-8 preferred stock of DAIKYO INCORPORATED (hereinafter, “DAIKYO”) held by the Company. As a result, the Company acquired 398,204,999 shares of DAIKYO’s common stock. Following the conversion, its voting rights in DAIKYO increased from 31.7% to 64.1% and DAIKYO became a consolidated subsidiary of the Company from an equity-method affiliate. Through this step acquisition of the interest in DAIKYO, the Company remeasured its previously held equity interest to fair value, and recognized gains of ¥58,435 million in earnings as gains on sales of subsidiaries and affiliates and liquidation losses, net, based on ASC 805 (“Business Combinations”) for fiscal 2014. The remeasured fair value was calculated by reflecting the premium in the valuation that was based on the closing price as of exercise day. | |||||||||||||
Companies comprising a significant portion of investment in affiliates were DAIKYO (31% of equity share), ORIX Credit (49% of equity share) and Monex Group (22% of equity share) as of March 31, 2012 and DAIKYO (31% of equity share) as of March 31, 2013. | |||||||||||||
Combined and condensed information relating to the affiliates for fiscal 2012, 2013 and 2014 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 | |||||||||||||
2012 | 2013 | 2014 | |||||||||||
Operations: | |||||||||||||
Total revenues | ¥ | 945,635 | ¥ | 827,740 | ¥ | 1,076,506 | |||||||
Income before income taxes | 74,223 | 97,301 | 136,760 | ||||||||||
Net income | 51,940 | 64,699 | 90,262 | ||||||||||
Financial position: | |||||||||||||
Total assets | ¥ | 4,561,537 | ¥ | 5,237,184 | ¥ | 5,710,165 | |||||||
Total liabilities | 3,508,038 | 4,031,673 | 4,560,504 | ||||||||||
Total equity | 1,053,499 | 1,205,511 | 1,149,661 | ||||||||||
The Company and its subsidiaries had no significant transactions with these companies except as described above. |
Goodwill_and_Other_Intangible_
Goodwill and Other Intangible Assets | 12 Months Ended | ||||||||||||||||||||||||||||
Mar. 31, 2014 | |||||||||||||||||||||||||||||
Goodwill and Other Intangible Assets | ' | ||||||||||||||||||||||||||||
13. Goodwill and Other Intangible Assets | |||||||||||||||||||||||||||||
Changes in goodwill by reportable segment for fiscal 2012, 2013 and 2014 are as follows: | |||||||||||||||||||||||||||||
Millions of yen | |||||||||||||||||||||||||||||
Corporate | Maintenance | Real Estate | Investment | Retail | Overseas | Total | |||||||||||||||||||||||
Financial | Leasing | and | |||||||||||||||||||||||||||
Services | Operation | ||||||||||||||||||||||||||||
Balance at March 31, 2011 | |||||||||||||||||||||||||||||
Goodwill | ¥ | 547 | ¥ | 282 | ¥ | 19,047 | ¥ | 3,674 | ¥ | 4,452 | ¥ | 69,395 | ¥ | 97,397 | |||||||||||||||
Accumulated impairment losses | (430 | ) | 0 | 0 | (2,177 | ) | 0 | 0 | (2,607 | ) | |||||||||||||||||||
117 | 282 | 19,047 | 1,497 | 4,452 | 69,395 | 94,790 | |||||||||||||||||||||||
Acquired | 380 | 0 | 44 | 14 | 0 | 3,586 | 4,024 | ||||||||||||||||||||||
Impairment | 0 | 0 | 0 | 0 | 0 | 0 | 0 | ||||||||||||||||||||||
Other (net)* | 0 | 0 | (28 | ) | (1,238 | ) | 0 | (1,737 | ) | (3,003 | ) | ||||||||||||||||||
Balance at March 31, 2012 | |||||||||||||||||||||||||||||
Goodwill | 754 | 282 | 19,063 | 312 | 4,452 | 71,244 | 96,107 | ||||||||||||||||||||||
Accumulated impairment losses | (257 | ) | 0 | 0 | (39 | ) | 0 | 0 | (296 | ) | |||||||||||||||||||
497 | 282 | 19,063 | 273 | 4,452 | 71,244 | 95,811 | |||||||||||||||||||||||
Acquired | 0 | 0 | 199 | 11,439 | 10,972 | 1,504 | 24,114 | ||||||||||||||||||||||
Impairment | 0 | 0 | 0 | 0 | 0 | 0 | 0 | ||||||||||||||||||||||
Other (net)* | 0 | 0 | 67 | 0 | 0 | 6,337 | 6,404 | ||||||||||||||||||||||
Balance at March 31, 2013 | |||||||||||||||||||||||||||||
Goodwill | 754 | 282 | 19,329 | 11,751 | 15,424 | 79,085 | 126,625 | ||||||||||||||||||||||
Accumulated impairment losses | (257 | ) | 0 | 0 | (39 | ) | 0 | 0 | (296 | ) | |||||||||||||||||||
497 | 282 | 19,329 | 11,712 | 15,424 | 79,085 | 126,329 | |||||||||||||||||||||||
Acquired | 550 | 0 | 0 | 44,856 | 0 | 169,307 | 214,713 | ||||||||||||||||||||||
Impairment | 0 | 0 | 0 | 0 | 0 | 0 | 0 | ||||||||||||||||||||||
Other (net)* | 0 | 0 | (29 | ) | 111 | 0 | 25,251 | 25,333 | |||||||||||||||||||||
Balance at March 31, 2014 | |||||||||||||||||||||||||||||
Goodwill | 1,304 | 282 | 19,300 | 56,718 | 15,424 | 273,643 | 366,671 | ||||||||||||||||||||||
Accumulated impairment losses | (257 | ) | 0 | 0 | (39 | ) | 0 | 0 | (296 | ) | |||||||||||||||||||
¥ | 1,047 | ¥ | 282 | ¥ | 19,300 | ¥ | 56,679 | ¥ | 15,424 | ¥ | 273,643 | ¥ | 366,375 | ||||||||||||||||
* | Other includes foreign currency translation adjustments and certain other reclassifications. | ||||||||||||||||||||||||||||
The Company and its subsidiaries recognized no impairment losses on goodwill during fiscal 2012, 2013 and 2014. | |||||||||||||||||||||||||||||
Other intangible assets at March 31, 2013 and 2014 consist of the following: | |||||||||||||||||||||||||||||
Millions of yen | |||||||||||||||||||||||||||||
2013 | 2014 | ||||||||||||||||||||||||||||
Intangible assets not subject to amortization: | |||||||||||||||||||||||||||||
Trade names | ¥ | 25,883 | ¥ | 47,360 | |||||||||||||||||||||||||
Asset management contracts | 0 | 167,147 | |||||||||||||||||||||||||||
Others | 605 | 233 | |||||||||||||||||||||||||||
26,488 | 214,740 | ||||||||||||||||||||||||||||
Intangible assets subject to amortization: | |||||||||||||||||||||||||||||
Software | 82,425 | 92,310 | |||||||||||||||||||||||||||
Customer relationships | 24,300 | 61,918 | |||||||||||||||||||||||||||
Others | 15,488 | 26,495 | |||||||||||||||||||||||||||
122,213 | 180,723 | ||||||||||||||||||||||||||||
Accumulated amortization | (58,384 | ) | (72,238 | ) | |||||||||||||||||||||||||
Net | 63,829 | 108,485 | |||||||||||||||||||||||||||
¥ | 90,317 | ¥ | 323,225 | ||||||||||||||||||||||||||
The aggregate amortization expenses for intangible assets are ¥7,066 million, ¥9,680 million and ¥17,112 million in fiscal 2012, 2013 and 2014, respectively. | |||||||||||||||||||||||||||||
The estimated amortization expenses for each of five succeeding fiscal years are ¥14,417 million in fiscal 2015, ¥13,641 million in fiscal 2016, ¥12,706 million in fiscal 2017, ¥10,243 million in fiscal 2018 and ¥8,787 million in fiscal 2019, respectively. | |||||||||||||||||||||||||||||
Intangible assets subject to amortization acquired during fiscal 2014 are ¥52,575 million. They mainly consist of ¥13,051 million of software and ¥36,488 million of customer relationships due to acquisitions. The weighted average amortization period for the software and the customer relationships due to acquisitions are six years and eight years, respectively. | |||||||||||||||||||||||||||||
As a result of the impairment test, the Company and its subsidiaries recognized no impairment losses on intangible assets during fiscal 2012, 2013 and 2014. |
ShortTerm_and_LongTerm_Debt
Short-Term and Long-Term Debt | 12 Months Ended | ||||||||||||
Mar. 31, 2014 | |||||||||||||
Short-Term and Long-Term Debt | ' | ||||||||||||
14. Short-Term and Long-Term Debt | |||||||||||||
Short-term debt consists of borrowings from financial institutions, commercial paper and notes. | |||||||||||||
The composition of short-term debt and the weighted average contract interest rate on short-term debt at March 31, 2013 and 2014 are as follows: | |||||||||||||
March 31, 2013 | |||||||||||||
Millions of yen | Weighted | ||||||||||||
average rate | |||||||||||||
Short-term debt in Japan, mainly from banks | ¥ | 164,046 | 0.4 | % | |||||||||
Short-term debt outside Japan, mainly from banks | 104,542 | 3.3 | |||||||||||
Commercial paper in Japan | 146,944 | 0.2 | |||||||||||
Commercial paper outside Japan | 4,560 | 3.8 | |||||||||||
Notes in Japan | 40 | 0.9 | |||||||||||
Notes outside Japan | 594 | 4.3 | |||||||||||
¥ | 420,726 | 1.1 | |||||||||||
March 31, 2014 | |||||||||||||
Millions of yen | Weighted | ||||||||||||
average rate | |||||||||||||
Short-term debt in Japan, mainly from banks | ¥ | 44,488 | 0.5 | % | |||||||||
Short-term debt outside Japan, mainly from banks | 164,110 | 3.2 | |||||||||||
Commercial paper in Japan | 89,958 | 0.2 | |||||||||||
Commercial paper outside Japan | 11,035 | 3.9 | |||||||||||
¥ | 309,591 | 2 | |||||||||||
The composition of long-term debt, the weighted average contract interest rate on long-term debt and the repayment due dates at March 31, 2013 and 2014 are as follows: | |||||||||||||
March 31, 2013 | |||||||||||||
Due | Millions of yen | Weighted | |||||||||||
(Fiscal Year) | average rate | ||||||||||||
Banks: | |||||||||||||
Fixed rate | 2014~2025 | ¥ | 339,565 | 2.6 | % | ||||||||
Floating rate | 2014~2027 | 1,233,059 | 1.1 | ||||||||||
Insurance companies and others: | |||||||||||||
Fixed rate | 2014~2023 | 280,729 | 1.6 | ||||||||||
Floating rate | 2014~2028 | 246,055 | 0.9 | ||||||||||
Unsecured bonds | 2014~2021 | 1,173,902 | 1.8 | ||||||||||
Unsecured convertible bonds with stock acquisition rights | 2014 | 50,289 | 1 | ||||||||||
Unsecured notes under medium-term note program | 2014~2018 | 58,169 | 2.9 | ||||||||||
Payables under securitized lease receivables | 2014~2019 | 160,163 | 0.9 | ||||||||||
Payables under securitized loan receivables and investment in securities | 2014~2039 | 519,603 | 4.9 | ||||||||||
¥ | 4,061,534 | 2 | |||||||||||
March 31, 2014 | |||||||||||||
Due | Millions of yen | Weighted | |||||||||||
(Fiscal Year) | average rate | ||||||||||||
Banks: | |||||||||||||
Fixed rate | 2015~2030 | ¥ | 416,417 | 2.3 | % | ||||||||
Floating rate | 2015~2030 | 1,475,384 | 1.1 | ||||||||||
Insurance companies and others: | |||||||||||||
Fixed rate | 2015~2024 | 287,403 | 1.4 | ||||||||||
Floating rate | 2017~2028 | 251,021 | 0.7 | ||||||||||
Unsecured bonds | 2015~2024 | 1,128,788 | 1.9 | ||||||||||
Unsecured notes under medium-term note program | 2016~2018 | 46,034 | 3.2 | ||||||||||
Payables under securitized lease receivables | 2018~2019 | 122,723 | 0.8 | ||||||||||
Payables under securitized loan receivables and investment in securities | 2018~2040 | 131,104 | 4.1 | ||||||||||
¥ | 3,858,874 | 1.6 | |||||||||||
The repayment schedule for the next five years and thereafter for long-term debt at March 31, 2014 is as follows: | |||||||||||||
Years ending March 31, | Millions of yen | ||||||||||||
2015 | ¥ | 706,325 | |||||||||||
2016 | 766,654 | ||||||||||||
2017 | 806,441 | ||||||||||||
2018 | 697,123 | ||||||||||||
2019 | 374,957 | ||||||||||||
Thereafter | 507,374 | ||||||||||||
Total | ¥ | 3,858,874 | |||||||||||
For borrowings from banks, insurance companies and other financial institutions, and for bonds, interest payments are usually paid semi-annually and principal repayments are made upon maturity of the loan contracts or bonds. For medium-term notes, interest payments are mainly made semi-annually and principal is repaid upon maturity of the notes. | |||||||||||||
For unsecured convertible bond with stock acquisition rights, the Company issued series three unsecured convertible bond with stock acquisition rights of ¥150,000 million in December 2008. There were no balance of convertible bonds as of March 31, 2014. | |||||||||||||
During fiscal 2012, 2013 and 2014, 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 ¥3,999 million, ¥1,002 million and ¥618 million, respectively. | |||||||||||||
Total committed credit lines for the Company and its subsidiaries were ¥481,096 million and ¥469,747 million at March 31, 2013 and 2014, respectively, and, of these lines, ¥439,530 million and ¥427,225 million were available at March 31, 2013 and 2014, respectively. Of the available committed credit lines, ¥230,586 million and ¥282,609 million were long-term committed credit lines at March 31, 2013 and 2014, respectively. | |||||||||||||
Some of the debt and commitment contracts contain covenant clauses, and some of these include financial restrictions, such as maintenance of certain ORIX Corporation shareholders’ equity ratios. As of March 31, 2014, the Company and its subsidiaries were in compliance with such objective covenant requirements. | |||||||||||||
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 described in Note 11 (“Variable Interest Entities”), the Company and certain subsidiaries provide the following assets as collateral for the short-term and long-term debt payables to financial institutions as of March 31, 2014: | |||||||||||||
Millions of yen | |||||||||||||
Minimum lease payments, loans and investment in operating leases | ¥ | 96,083 | |||||||||||
Investment in securities | 130,991 | ||||||||||||
Other operating assets | 61,784 | ||||||||||||
Other assets | 50,206 | ||||||||||||
¥ | 339,064 | ||||||||||||
As of March 31, 2014, investment in securities of ¥27,238 million was pledged for primarily collateral deposits. | |||||||||||||
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, 2014. |
Deposits
Deposits | 12 Months Ended | ||||||||
Mar. 31, 2014 | |||||||||
Deposits | ' | ||||||||
15. Deposits | |||||||||
Deposits at March 31, 2013 and 2014 consist of the following: | |||||||||
Millions of yen | |||||||||
2013 | 2014 | ||||||||
Time deposits | ¥ | 885,482 | ¥ | 981,182 | |||||
Other deposits | 193,105 | 225,231 | |||||||
Total | ¥ | 1,078,587 | ¥ | 1,206,413 | |||||
The balances of time deposits and certificates of deposit issued in amounts of ¥10 million or more were ¥561,449 million and ¥619,738 million at March 31, 2013 and 2014, respectively. | |||||||||
The maturity schedule of time deposits at March 31, 2014 is as follows: | |||||||||
Years ending March 31, | Millions of yen | ||||||||
2015 | ¥ | 658,234 | |||||||
2016 | 153,138 | ||||||||
2017 | 83,014 | ||||||||
2018 | 28,240 | ||||||||
2019 | 58,556 | ||||||||
Total | ¥ | 981,182 | |||||||
Income_Taxes
Income Taxes | 12 Months Ended | ||||||||||||
Mar. 31, 2014 | |||||||||||||
Income Taxes | ' | ||||||||||||
16. Income Taxes | |||||||||||||
Income before income taxes and discontinued operations, and the provision for income taxes in fiscal 2012, 2013 and 2014 are as follows: | |||||||||||||
Millions of yen | |||||||||||||
2012 | 2013 | 2014 | |||||||||||
Income before income taxes and discontinued operations: | |||||||||||||
Japan | ¥ | 71,317 | ¥ | 109,363 | ¥ | 181,891 | |||||||
Overseas | 56,198 | 63,209 | 101,835 | ||||||||||
¥ | 127,515 | ¥ | 172,572 | ¥ | 283,726 | ||||||||
Provision for income taxes: | |||||||||||||
Current— | |||||||||||||
Japan | ¥ | 11,956 | ¥ | 7,428 | ¥ | 18,296 | |||||||
Overseas | 16,425 | 13,675 | 27,093 | ||||||||||
28,381 | 21,103 | 45,389 | |||||||||||
Deferred— | |||||||||||||
Japan | 18,079 | 27,371 | 48,922 | ||||||||||
Overseas | (1,852 | ) | 5,208 | 2,925 | |||||||||
16,227 | 32,579 | 51,847 | |||||||||||
Provision for income taxes | ¥ | 44,608 | ¥ | 53,682 | ¥ | 97,236 | |||||||
In fiscal 2012, the Company and its subsidiaries in Japan are subject to a National Corporate tax of 30%, an Inhabitant tax of approximately 6% and a deductible Enterprise tax of approximately 8%, which in the aggregate result in a statutory income tax rate of approximately 40.9%. In fiscal 2013 and 2014, as a result of the tax reforms, the National Corporation tax was reduced from 30% to approximately 28% and accordingly, the statutory income tax rate was reduced to approximately 38.3%. | |||||||||||||
Reconciliation of the differences between the tax provision computed at the statutory rate and the consolidated provision for income taxes in fiscal 2012, 2013 and 2014 are as follows: | |||||||||||||
Millions of yen | |||||||||||||
2012 | 2013 | 2014 | |||||||||||
Income before income taxes and discontinued operations | ¥ | 127,515 | ¥ | 172,572 | ¥ | 283,726 | |||||||
Tax provision computed at statutory rate | ¥ | 52,154 | ¥ | 66,095 | ¥ | 108,667 | |||||||
Increases (reductions) in taxes due to: | |||||||||||||
Change in valuation allowance | 3,921 | (3,371 | ) | (17 | ) | ||||||||
Non-deductible expenses for tax purposes | 1,335 | 1,538 | 2,382 | ||||||||||
Non-taxable income for tax purposes | (2,852 | ) | (2,128 | ) | (3,224 | ) | |||||||
Effect of lower tax rates on foreign subsidiaries and a domestic life insurance subsidiary | (6,821 | ) | (4,720 | ) | (5,805 | ) | |||||||
Effect of the new Japanese tax law | (7,137 | ) | (580 | ) | (5,775 | ) | |||||||
Other, net | 4,008 | (3,152 | ) | 1,008 | |||||||||
Provision for income taxes | ¥ | 44,608 | ¥ | 53,682 | ¥ | 97,236 | |||||||
The effective income tax rate is different from the statutory tax rate primarily because of certain non-deductible expenses for tax purposes, non-taxable income for tax purposes, a change in valuation allowance, the effect of lower income tax rates on foreign subsidiaries and a domestic life insurance subsidiary and the effect of the tax reforms as discussed in the following paragraph. | |||||||||||||
On November 30, 2011, the bill for reconstruction funding after the March 11, 2011 Great East Japan Earthquake and the bill for the 2011 tax reform were approved by the National Diet of Japan. From fiscal years beginning on or after April 1, 2012, the Japanese corporation tax rate is reduced, and as a result, the statutory income tax rate for fiscal years beginning between April 1, 2012 and March 31, 2015 is reduced to approximately 38.3%. The rate for fiscal years beginning on or after April 1, 2015 will be reduced to approximately 35.9%. In addition, tax loss carry-forward rules are amended. The carry-forward period is extended to nine years, compared to seven years under the pre-amendment rules. Further, the deductible amount is limited to 80% of taxable income for the year, while total amount of taxable income for the year was available for the deduction under the pre-amendment rules. The amendment to the carry-forward period is applicable for tax losses incurred in fiscal years ending on or after April 1, 2008 and the amendment to the deductible amount is applicable for fiscal years beginning on or after April 1, 2012. Increase and decrease of the deferred tax assets and liabilities due to these tax reforms resulted in a decrease of provision for income taxes by ¥6,641 million in the accompanying consolidated statements of income in fiscal 2012. | |||||||||||||
On March 20, 2014, the bill for reconstruction funding and the bill for local corporate tax were approved by the National Diet of Japan. For a fiscal year beginning on April 1, 2014, special corporate tax for reconstruction will not be charged, and as a result, the statutory income tax rate for a fiscal year beginning on April 1, 2014 will be reduced from approximately 38.3% to approximately 35.9%. In addition, from fiscal years beginning on or after October 1, 2014, the statutory national income tax rate will increase from approximately 23.6% to approximately 24.6% and the statutory local income tax rate will decrease from approximately 12.3% to approximately 11.3%, while total statutory income tax rate will be remained as 35.9%. | |||||||||||||
Total income taxes recognized in fiscal 2012, 2013 and 2014 are as follows: | |||||||||||||
Millions of yen | |||||||||||||
2012 | 2013 | 2014 | |||||||||||
Provision for income taxes | ¥ | 44,608 | ¥ | 53,682 | ¥ | 97,236 | |||||||
Income taxes on discontinued operations | (1,219 | ) | (347 | ) | 4,681 | ||||||||
Income taxes on other comprehensive income (loss): | |||||||||||||
Net unrealized gains (losses) on investment in securities | 1,357 | 5,936 | 4,728 | ||||||||||
Defined benefit pension plans | (1,774 | ) | 2,727 | 1,396 | |||||||||
Foreign currency translation adjustments | 335 | 7,225 | 1,756 | ||||||||||
Net unrealized gains (losses) on derivative instruments | (648 | ) | 42 | 357 | |||||||||
Total income taxes | ¥ | 42,659 | ¥ | 69,265 | ¥ | 110,154 | |||||||
The tax effects of temporary differences giving rise to the deferred tax assets and liabilities at March 31, 2013 and 2014 are as follows: | |||||||||||||
Millions of yen | |||||||||||||
2013 | 2014 | ||||||||||||
Assets: | |||||||||||||
Net operating loss carryforwards | ¥ | 39,762 | ¥ | 79,712 | |||||||||
Allowance for doubtful receivables on direct financing leases and probable loan losses | 25,891 | 26,451 | |||||||||||
Investment in securities | 24,329 | 17,380 | |||||||||||
Other operating assets | 11,369 | 12,760 | |||||||||||
Accrued expenses | 10,456 | 23,727 | |||||||||||
Installment loans | 16,432 | 7,576 | |||||||||||
Other | 50,913 | 73,382 | |||||||||||
179,152 | 240,988 | ||||||||||||
Less: valuation allowance | (18,831 | ) | (28,669 | ) | |||||||||
160,321 | 212,319 | ||||||||||||
Liabilities: | |||||||||||||
Investment in direct financing leases | 14,617 | 7,855 | |||||||||||
Investment in operating leases | 72,925 | 86,485 | |||||||||||
Unrealized gains on investment in securities | 17,200 | 21,624 | |||||||||||
Deferred insurance policy acquisition costs | 19,311 | 24,212 | |||||||||||
Policy liabilities | 38,831 | 47,641 | |||||||||||
Other intangible assets | 11,204 | 90,727 | |||||||||||
Undistributed earnings | 32,723 | 65,532 | |||||||||||
Prepaid benefit cost | 13,475 | 12,540 | |||||||||||
Other | 52,636 | 62,779 | |||||||||||
272,922 | 419,395 | ||||||||||||
Net deferred tax liability | ¥ | 112,601 | ¥ | 207,076 | |||||||||
The valuation allowance is mainly recognized for deferred tax assets of consolidated subsidiaries with net operating loss carryforwards for tax purposes. In assessing the realizability of deferred tax assets, management considers whether it is more likely than not that some portion or all of the deferred tax assets will not be realized. The ultimate realization of deferred tax assets is dependent upon the generation of future taxable income during the periods in which those temporary differences become deductible and tax loss carryforwards are utilizable. Management considers the scheduled reversal of deferred tax liabilities, projected future taxable income, and tax planning strategies in making this assessment. Based upon the level of historical taxable income and projections for future taxable income over the periods in which the deferred tax assets are deductible, management believes it is more likely than not that the Company and its subsidiaries will realize the benefits of these deductible temporary differences and tax loss carryforwards, net of the existing valuation allowances at March 31, 2014. The amount of the deferred tax asset considered realizable, however, could be reduced in the near term if estimates of future taxable income during the carryforward period are reduced. The net changes in the total valuation allowance were decreases of ¥2,656 million in fiscal 2012, decreases of ¥5,307 million in fiscal 2013, and increases of ¥9,838 million in fiscal 2014. The adjustments to the beginning-of-the-year amount in the total valuation allowance resulting from reassessment of the realizability of deferred tax assets in future years were increases of ¥4,303 million in fiscal 2012, decreases of ¥4,749 million in fiscal 2013, and decreases of ¥1,908 million in fiscal 2014. | |||||||||||||
The Company and certain subsidiaries have net operating loss carryforwards of ¥387,269 million at March 31, 2014, which expire as follows: | |||||||||||||
Year ending March 31, | Millions of yen | ||||||||||||
2015 | ¥ | 19,503 | |||||||||||
2016 | 862 | ||||||||||||
2017 | 371 | ||||||||||||
2018 | 87,397 | ||||||||||||
2019 | 36,916 | ||||||||||||
Thereafter | 242,220 | ||||||||||||
Total | ¥ | 387,269 | |||||||||||
Net deferred tax assets and liabilities at March 31, 2013 and 2014 are reflected in the accompanying consolidated balance sheets under the following captions: | |||||||||||||
Millions of yen | |||||||||||||
2013 | 2014 | ||||||||||||
Other assets | ¥ | 18,805 | ¥ | 70,091 | |||||||||
Income taxes: Deferred | 131,406 | 277,167 | |||||||||||
Net deferred tax liability | ¥ | 112,601 | ¥ | 207,076 | |||||||||
The unrecognized tax benefits as of March 31, 2013 and March 31, 2014 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, 2014. | |||||||||||||
The total amounts of penalties and interest expense related to income taxes recognized in the consolidated balance sheets as of March 31, 2013 and March 31, 2014, and in the consolidated statements of income for the years ended March 31, 2012, 2013 and 2014 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 for the tax years prior to fiscal 2013, and its major domestic subsidiaries are no longer subject to ordinary tax examination for the tax years prior to fiscal 2009, respectively. | |||||||||||||
Subsidiaries in the United States remain subject to a tax examination for the tax years after fiscal 2008. Subsidiaries in the Netherlands remain subject to a tax examination for the tax years after fiscal 2002. |
Pension_Plans
Pension Plans | 12 Months Ended | ||||||||||||||||
Mar. 31, 2014 | |||||||||||||||||
Pension Plans | ' | ||||||||||||||||
17. Pension Plans | |||||||||||||||||
The Company and certain subsidiaries have contributory and non-contributory pension plans covering substantially all of their employees. Those contributory funded pension plans include defined benefit pension plans and defined contribution pension plans. Under the plans, employees are entitled to lump-sum payments at the time of termination of their employment or pension payments. Defined benefit pension plans consist of a plan of which the amounts of such payments are determined on the basis of length of service and remuneration at the time of termination and a cash balance plan. | |||||||||||||||||
The Company and its subsidiaries’ funding policy is to contribute annually the amounts actuarially determined. Assets of the plans are invested primarily in interest-bearing 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, 2013 and 2014 are as follows: | |||||||||||||||||
Millions of yen | |||||||||||||||||
Japanese plans | Overseas plans | ||||||||||||||||
2013 | 2014 | 2013 | 2014 | ||||||||||||||
Change in benefit obligation: | |||||||||||||||||
Benefit obligation at beginning of year | ¥ | 59,261 | ¥ | 64,112 | ¥ | 4,458 | ¥ | 5,368 | |||||||||
Service cost | 3,173 | 3,305 | 41 | 1,654 | |||||||||||||
Interest cost | 1,063 | 1,128 | 189 | 1,684 | |||||||||||||
Actuarial loss (gain) | (221 | ) | 1,956 | 236 | (1,215 | ) | |||||||||||
Foreign currency exchange rate change | 0 | 0 | 656 | 3,848 | |||||||||||||
Benefits paid | (2,281 | ) | (2,423 | ) | (212 | ) | (1,203 | ) | |||||||||
Business combinations | 3,117 | 15,649 | 0 | 59,048 | |||||||||||||
Plan amendments | 0 | (743 | ) | 0 | (344 | ) | |||||||||||
Benefit obligation at end of year | 64,112 | 82,984 | 5,368 | 68,840 | |||||||||||||
Change in plan assets: | |||||||||||||||||
Fair value of plan assets at beginning of year | 82,905 | 93,144 | 3,040 | 3,825 | |||||||||||||
Actual return on plan assets | 8,919 | 5,736 | 370 | 3,783 | |||||||||||||
Employer contribution | 2,502 | 2,717 | 89 | 1,929 | |||||||||||||
Benefits paid | (2,187 | ) | (2,324 | ) | (150 | ) | (976 | ) | |||||||||
Business combinations | 1,005 | 5,711 | 0 | 50,001 | |||||||||||||
Foreign currency exchange rate change | 0 | 0 | 476 | 3,480 | |||||||||||||
Fair value of plan assets at end of year | 93,144 | 104,984 | 3,825 | 62,042 | |||||||||||||
The funded status of the plans | ¥ | 29,032 | ¥ | 22,000 | ¥ | (1,543 | ) | ¥ | (6,798 | ) | |||||||
Amount recognized in the consolidated balance sheets consists of: | |||||||||||||||||
Prepaid benefit cost included in prepaid expenses | ¥ | 32,005 | ¥ | 34,910 | ¥ | 0 | ¥ | 9 | |||||||||
Accrued benefit liability included in accrued expenses | (2,973 | ) | (12,910 | ) | (1,543 | ) | (6,807 | ) | |||||||||
Net amount recognized | ¥ | 29,032 | ¥ | 22,000 | ¥ | (1,543 | ) | ¥ | (6,798 | ) | |||||||
Amount recognized in accumulated other comprehensive income (loss), pre-tax, at March 31, 2013 and 2014 consisted of: | |||||||||||||||||
Millions of yen | |||||||||||||||||
Japanese plans | Overseas plans | ||||||||||||||||
2013 | 2014 | 2013 | 2014 | ||||||||||||||
Net prior service credit | ¥ | 6,530 | ¥ | 6,014 | ¥ | 0 | ¥ | 361 | |||||||||
Net actuarial gain (loss) | (20,738 | ) | (18,088 | ) | (1,785 | ) | 695 | ||||||||||
Net transition obligation | (247 | ) | (194 | ) | (25 | ) | (22 | ) | |||||||||
Total recognized in accumulated other comprehensive income (loss), pre-tax | ¥ | (14,455 | ) | ¥ | (12,268 | ) | ¥ | (1,810 | ) | ¥ | 1,034 | ||||||
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 Japanese pension plans in 2014 are ¥(924) million, ¥547 million and ¥53 million, respectively, a component of net pension cost (gain) of overseas pension plans in 2014 are ¥(3) million, ¥60 million and ¥3 million, respectively | |||||||||||||||||
The accumulated benefit obligations for all Japanese defined benefit pension plans were ¥56,864 million and ¥71,863 million, respectively, at March 31, 2013 and 2014. The accumulated benefit obligations for all overseas defined benefit pension plans were ¥5,128 million and ¥61,730 million, respectively, at March 31, 2013 and 2014. | |||||||||||||||||
In Japanese pension plans, the aggregate projected benefit obligations, aggregate accumulated benefit obligations and aggregate fair values of plan assets for the plans with the accumulated benefit obligations in excess of plan assets were ¥4,006 million, ¥3,738 million and ¥1,034 million, respectively, at March 31, 2013 and ¥19,924 million, ¥17,487 million and ¥7,015 million, respectively, at March 31, 2014. In overseas pension plans, the aggregate projected benefit obligations, aggregate accumulated benefit obligations and aggregate fair values of plan assets for the plans with the accumulated benefit obligations in excess of plan assets were ¥5,335 million, ¥5,016 million and ¥3,799 million, respectively, at March 31, 2013 and ¥5,555 million, ¥5,372 million and ¥4,096 million, respectively, at March 31, 2014. | |||||||||||||||||
Net pension cost of the plans for fiscal 2012, 2013 and 2014 consists of the following: | |||||||||||||||||
Millions of yen | |||||||||||||||||
2012 | 2013 | 2014 | |||||||||||||||
Japanese plans: | |||||||||||||||||
Service cost | ¥ | 3,015 | ¥ | 3,173 | ¥ | 3,305 | |||||||||||
Interest cost | 1,140 | 1,063 | 1,128 | ||||||||||||||
Expected return on plan assets | (1,823 | ) | (1,826 | ) | (2,034 | ) | |||||||||||
Amortization of transition obligation | 53 | 53 | 53 | ||||||||||||||
Amortization of net actuarial loss | 1,175 | 1,447 | 777 | ||||||||||||||
Amortization of prior service credit | (1,193 | ) | (1,168 | ) | (1,259 | ) | |||||||||||
Net periodic pension cost | ¥ | 2,367 | ¥ | 2,742 | ¥ | 1,970 | |||||||||||
Overseas plans: | |||||||||||||||||
Service cost | ¥ | 34 | ¥ | 41 | ¥ | 1,654 | |||||||||||
Interest cost | 199 | 189 | 1,684 | ||||||||||||||
Expected return on plan assets | (196 | ) | (223 | ) | (2,389 | ) | |||||||||||
Amortization of transition obligation | 3 | 3 | 3 | ||||||||||||||
Amortization of net actuarial loss | 43 | 49 | 60 | ||||||||||||||
Amortization of prior service credit | 0 | 0 | (3 | ) | |||||||||||||
Net periodic pension cost | ¥ | 83 | ¥ | 59 | ¥ | 1,009 | |||||||||||
Other changes in plan assets and benefit obligations recognized in other comprehensive income (loss) for fiscal 2012, 2013 and 2014 are summarized as follows: | |||||||||||||||||
Millions of yen | |||||||||||||||||
2012 | 2013 | 2014 | |||||||||||||||
Japanese plans: | |||||||||||||||||
Current year actuarial gain (loss) | ¥ | (5,029 | ) | ¥ | 7,401 | ¥ | 1,873 | ||||||||||
Amortization of net actuarial loss | 1,175 | 1,447 | 777 | ||||||||||||||
Prior service credit due to amendments | 7 | 0 | 743 | ||||||||||||||
Amortization of prior service credit | (1,193 | ) | (1,168 | ) | (1,259 | ) | |||||||||||
Amortization of transition obligation | 53 | 53 | 53 | ||||||||||||||
Plan curtailments and settlements | 18 | 0 | 0 | ||||||||||||||
Total recognized in other comprehensive income (loss), pre-tax | ¥ | (4,969 | ) | ¥ | 7,733 | ¥ | 2,187 | ||||||||||
Overseas plans: | |||||||||||||||||
Current year actuarial gain (loss) | ¥ | (115 | ) | ¥ | (89 | ) | ¥ | 2,447 | |||||||||
Amortization of net actuarial loss | 43 | 49 | 60 | ||||||||||||||
Prior service credit due to amendments | 0 | 0 | 344 | ||||||||||||||
Amortization of prior service credit | 0 | 0 | (3 | ) | |||||||||||||
Amortization of transition obligation | 3 | 3 | 3 | ||||||||||||||
Foreign currency exchange rate change | 19 | (213 | ) | (7 | ) | ||||||||||||
Total recognized in other comprehensive income (loss), pre-tax | ¥ | (50 | ) | ¥ | (250 | ) | ¥ | 2,844 | |||||||||
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 plans pension plans used to determine these amounts are as follows: | |||||||||||||||||
Japanese plans | 2012 | 2013 | 2014 | ||||||||||||||
Weighted-average assumptions used to determine benefit obligations at March 31: | |||||||||||||||||
Discount rate | 1.8 | % | 1.8 | % | 1.4 | % | |||||||||||
Rate of increase in compensation levels | 6.1 | % | 6 | % | 5.1 | % | |||||||||||
Weighted-average assumptions used to determine net periodic pension cost for years ended March 31: | |||||||||||||||||
Discount rate | 2.1 | % | 1.8 | % | 1.8 | % | |||||||||||
Rate of increase in compensation levels | 6.1 | % | 6.1 | % | 6 | % | |||||||||||
Expected long-term rate of return on plan assets | 2.2 | % | 2.2 | % | 2.2 | % | |||||||||||
Overseas plans | 2012 | 2013 | 2014 | ||||||||||||||
Weighted-average assumptions used to determine benefit obligations at March 31: | |||||||||||||||||
Discount rate | 4.5 | % | 4.3 | % | 3.5 | % | |||||||||||
Rate of increase in compensation levels | 0.7 | % | 0.6 | % | 2.8 | % | |||||||||||
Weighted-average assumptions used to determine net periodic pension cost for years ended March 31: | |||||||||||||||||
Discount rate | 5.5 | % | 4.5 | % | 4.3 | % | |||||||||||
Rate of increase in compensation levels | 0.8 | % | 0.7 | % | 0.6 | % | |||||||||||
Expected long-term rate of return on plan assets | 7.2 | % | 7.2 | % | 5.6 | % | |||||||||||
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 three levels of input used to measure fair value are described in Note 2 (“Fair Value Measurement”). | |||||||||||||||||
The fair value of Japanese pension plan assets at March 31, 2013 and 2014, by asset category, are as follows: | |||||||||||||||||
Millions of yen | |||||||||||||||||
31-Mar-13 | |||||||||||||||||
Total | Quoted Prices | Significant | Significant | ||||||||||||||
Carrying | in Active | Other | Unobservable | ||||||||||||||
Value in | Markets for | Observable | Inputs | ||||||||||||||
Consolidated | Identical Assets | Inputs | (Level 3) | ||||||||||||||
Balance Sheets | (Level 1) | (Level 2) | |||||||||||||||
Equity securities: | |||||||||||||||||
Japan | |||||||||||||||||
Pooled funds*1 | ¥ | 12,458 | ¥ | 0 | ¥ | 12,458 | ¥ | 0 | |||||||||
Other than Japan | |||||||||||||||||
Pooled funds*2 | 14,613 | 0 | 14,613 | 0 | |||||||||||||
Debt securities: | |||||||||||||||||
Japan | |||||||||||||||||
Pooled funds*3 | 26,208 | 0 | 26,208 | 0 | |||||||||||||
Other than Japan | |||||||||||||||||
Pooled funds*4 | 14,641 | 0 | 14,641 | 0 | |||||||||||||
Other assets: | |||||||||||||||||
Life insurance company general accounts*5 | 17,703 | 0 | 17,703 | 0 | |||||||||||||
Others*6 | 7,521 | 0 | 7,521 | 0 | |||||||||||||
¥ | 93,144 | ¥ | 0 | ¥ | 93,144 | ¥ | 0 | ||||||||||
*1 | These funds invest in listing shares include shares of ORIX Corporation in the amounts of ¥12 million and units of ORIX JREIT Inc. in the amounts of ¥179 million at March 31, 2013. | ||||||||||||||||
*2 | These funds invest in listing 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 ¥107 million and investment corporation bonds of ORIX JREIT Inc. in the amounts of ¥41 million at March 31, 2013. | ||||||||||||||||
*4 | These funds invest approximately 90% in foreign government bonds and approximately 10% in foreign corporate 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, 2013, our policy for the portfolio of plans consists of three major components: approximately 30% is invested in equity securities, approximately 40% is invested in debt securities and approximately 30% is invested in other assets, primarily consisting of investments in life insurance company general accounts. | |||||||||||||||||
Millions of yen | |||||||||||||||||
31-Mar-14 | |||||||||||||||||
Total | Quoted Prices | Significant | Significant | ||||||||||||||
Carrying | in Active | Other | Unobservable | ||||||||||||||
Value in | Markets for | Observable | Inputs | ||||||||||||||
Consolidated | Identical Assets | Inputs | (Level 3) | ||||||||||||||
Balance Sheets | (Level 1) | (Level 2) | |||||||||||||||
Equity securities: | |||||||||||||||||
Japan | |||||||||||||||||
Pooled funds*1 | ¥ | 14,981 | ¥ | 0 | ¥ | 14,981 | ¥ | 0 | |||||||||
Other than Japan | |||||||||||||||||
Pooled funds*2 | 18,430 | 0 | 18,430 | 0 | |||||||||||||
Debt securities: | |||||||||||||||||
Japan | |||||||||||||||||
Pooled funds*3 | 28,931 | 0 | 28,931 | 0 | |||||||||||||
Other than Japan | |||||||||||||||||
Pooled funds*4 | 16,702 | 0 | 16,702 | 0 | |||||||||||||
Other assets: | |||||||||||||||||
Life insurance company general accounts*5 | 17,860 | 0 | 17,860 | 0 | |||||||||||||
Others*6 | 8,080 | 0 | 8,080 | 0 | |||||||||||||
¥ | 104,984 | ¥ | 0 | ¥ | 104,984 | ¥ | 0 | ||||||||||
*1 | These funds invest in listing shares include shares of ORIX Corporation in the amounts of ¥25 million and units of ORIX JREIT Inc. in the amounts of ¥181 million at March 31, 2014. | ||||||||||||||||
*2 | These funds invest in listing 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 ¥46 million and investment corporation bonds of ORIX JREIT Inc. in the amounts of ¥20 million at March 31, 2014. | ||||||||||||||||
*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, 2014, our policy for the portfolio of plans consists of three major components: approximately 30% is invested in equity securities, approximately 40% is invested in debt securities and approximately 30% is invested in other assets, primarily consisting of investments in life insurance company general accounts. | |||||||||||||||||
Level 1 assets are comprised principally of equity 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 pooled funds that invest in equity, debt securities and hedge funds and investments in life insurance company general accounts. Pooled funds are valued at the net asset value per share at the measurement date. They are not redeemable at the net asset value per share at the measurement date, but are redeemable at the net asset value per share in the near term after the measurement date. Investments in life insurance company general accounts are valued at conversion value. | |||||||||||||||||
The fair value of overseas pension plan assets at March 31, 2013 and 2014, by asset category, are as follows: | |||||||||||||||||
Millions of yen | |||||||||||||||||
31-Mar-13 | |||||||||||||||||
Total | Quoted Prices | Significant | Significant | ||||||||||||||
Carrying | in Active | Other | Unobservable | ||||||||||||||
Value in | Markets for | Observable | Inputs | ||||||||||||||
Consolidated | Identical Assets | Inputs | (Level 3) | ||||||||||||||
Balance Sheets | (Level 1) | (Level 2) | |||||||||||||||
Equity securities: | |||||||||||||||||
Other than Japan | |||||||||||||||||
Pooled funds*1 | ¥ | 57 | ¥ | 0 | ¥ | 57 | ¥ | 0 | |||||||||
Debt securities: | |||||||||||||||||
Other than Japan | |||||||||||||||||
Municipal bonds | 3,332 | 0 | 3,332 | 0 | |||||||||||||
Other assets: | |||||||||||||||||
Life insurance company general accounts*2 | 177 | 0 | 177 | 0 | |||||||||||||
Others*3 | 259 | 0 | 259 | 0 | |||||||||||||
¥ | 3,825 | ¥ | 0 | ¥ | 3,825 | ¥ | 0 | ||||||||||
*1 | These funds invest in listing 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, 2013, our policy for the portfolio of plans consists of two major components: approximately 90% is invested in debt securities and approximately 10% is invested in other assets, primarily consisting of investments in life insurance company general accounts. | |||||||||||||||||
Millions of yen | |||||||||||||||||
31-Mar-14 | |||||||||||||||||
Total | Quoted Prices | Significant | Significant | ||||||||||||||
Carrying | in Active | Other | Unobservable | ||||||||||||||
Value in | Markets for | Observable | Inputs | ||||||||||||||
Consolidated | Identical Assets | Inputs | (Level 3) | ||||||||||||||
Balance Sheets | (Level 1) | (Level 2) | |||||||||||||||
Equity securities: | |||||||||||||||||
Other than Japan | |||||||||||||||||
Shares*1 | ¥ | 24,420 | ¥ | 24,420 | ¥ | 0 | ¥ | 0 | |||||||||
Pooled funds*1 | 59 | 0 | 59 | 0 | |||||||||||||
Debt securities: | |||||||||||||||||
Other than Japan | |||||||||||||||||
Government bonds | 15,317 | 15,317 | 0 | 0 | |||||||||||||
Municipal bonds | 5,399 | 1,779 | 3,620 | 0 | |||||||||||||
Corporate bonds | 15,844 | 15,844 | 0 | 0 | |||||||||||||
Other assets: | |||||||||||||||||
Life insurance company general accounts*2 | 161 | 0 | 161 | 0 | |||||||||||||
Others*3 | 842 | 0 | 842 | 0 | |||||||||||||
¥ | 62,042 | ¥ | 57,360 | ¥ | 4,682 | ¥ | 0 | ||||||||||
*1 | These shares and funds invest in listing 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, 2014, our policy for the portfolio of plans consists of two major components: approximately 40% is invested in equity securities and approximately 60% is invested in debt securities. | |||||||||||||||||
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 pooled funds that invest in equity, debt securities and hedge funds and investments in life insurance company general accounts. Pooled funds are valued at the net asset value per share at the measurement date. They are not redeemable at the net asset value per share at the measurement date but they are redeemable at the net asset value per share in the near term after the measurement date. Investments in life insurance company general accounts are valued at conversion value. | |||||||||||||||||
The Company and certain subsidiaries expect to contribute ¥2,976 million to its Japanese pension plans and ¥11,191 to its overseas pension plans during the year ending March 31, 2014. | |||||||||||||||||
At March 31, 2014, 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: | |||||||||||||||||
Years ending March 31, | Millions of yen | ||||||||||||||||
Japanese plans | Overseas plans | ||||||||||||||||
2015 | ¥ | 1,900 | ¥ | 1,492 | |||||||||||||
2016 | 1,716 | 1,379 | |||||||||||||||
2017 | 1,827 | 1,386 | |||||||||||||||
2018 | 1,897 | 1,394 | |||||||||||||||
2019 | 1,891 | 1,430 | |||||||||||||||
2020-2024 | 12,339 | 8,360 | |||||||||||||||
Total | ¥ | 21,570 | ¥ | 15,441 | |||||||||||||
The cost recognized for Japanese defined contribution pension plans of the Company and certain of its subsidiaries for the years ended March 31, 2012, 2013 and 2014 were ¥816 million, ¥926 million and ¥1,023 million, respectively. The cost recognized for overseas defined contribution pension plans of the Company and certain of its subsidiaries for the years ended March 31, 2012, 2013 and 2014 were ¥593 million, ¥574 million and ¥1,560 million, respectively. | |||||||||||||||||
Redeemable_Noncontrolling_Inte
Redeemable Noncontrolling Interests | 12 Months Ended | ||||||||||||
Mar. 31, 2014 | |||||||||||||
Redeemable Noncontrolling Interests | ' | ||||||||||||
18. Redeemable Noncontrolling Interests | |||||||||||||
Changes in redeemable noncontrolling interests in fiscal 2012, 2013 and 2014 are as follows: | |||||||||||||
Millions of yen | |||||||||||||
2012 | 2013 | 2014 | |||||||||||
Beginning Balance | ¥ | 33,902 | ¥ | 37,633 | ¥ | 41,621 | |||||||
Adjustment of redeemable noncontrolling interests to redemption value | 1,188 | (400 | ) | 2,851 | |||||||||
Contribution to subsidiary | 0 | 0 | 413 | ||||||||||
Transaction with noncontrolling interests | 1,213 | 942 | 1,309 | ||||||||||
Comprehensive income | |||||||||||||
Net Income | 2,724 | 3,985 | 4,108 | ||||||||||
Other comprehensive income (loss) | |||||||||||||
Net change of foreign currency translation adjustments | (315 | ) | 5,224 | 4,099 | |||||||||
Total other comprehensive income (loss) | (315 | ) | 5,224 | 4,099 | |||||||||
Comprehensive income | 2,409 | 9,209 | 8,207 | ||||||||||
Cash dividends | (1,079 | ) | (5,763 | ) | (1,224 | ) | |||||||
Ending Balance | ¥ | 37,633 | ¥ | 41,621 | ¥ | 53,177 | |||||||
StockBased_Compensation
Stock-Based Compensation | 12 Months Ended | ||||||||||||||||
Mar. 31, 2014 | |||||||||||||||||
Stock-Based Compensation | ' | ||||||||||||||||
19. 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 2004, the Company has granted stock acquisition rights with a vesting period between 1.75 and 1.92 years and an exercise period between 9.83 and 9.92 years. The acquisition rights were to purchase the Company’s common stock at a specified exercise price and were distributed to directors, executive officers, corporate auditors and certain employees of the Company, subsidiaries and capital tie-up companies such as affiliated companies. The Company did not grant stock options in fiscal 2012, 2013 or 2014. | |||||||||||||||||
A summary of the Company’s stock acquisition rights is as follows: | |||||||||||||||||
Years ended March 31, | Exercise period | Number of shares | Exercise price * | ||||||||||||||
granted* | Yen | ||||||||||||||||
2004 | From June 26, 2005 to June 25, 2013 | 5,160,000 | ¥ | 700 | |||||||||||||
2005 | From June 24, 2006 to June 23, 2014 | 5,289,000 | 1,172 | ||||||||||||||
2006 | From June 22, 2007 to June 21, 2015 | 4,774,000 | 1,891 | ||||||||||||||
2007 | From June 21, 2008 to June 20, 2016 | 1,942,000 | 2,962 | ||||||||||||||
2008 | From July 5, 2009 to June 22, 2017 | 1,449,800 | 3,101 | ||||||||||||||
2009 | From July 18, 2010 to June 24, 2018 | 1,479,000 | 1,689 | ||||||||||||||
* | 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. | ||||||||||||||||
For the stock-option programs, the exercise prices, which are determined by a formula linked to the price of the Company’s common stock on the Tokyo Stock Exchange, are equal or greater than the fair market value of the Company’s common stock at the grant dates. | |||||||||||||||||
The following table summarizes information about the activity of these stock options for the year ended 2014: | |||||||||||||||||
Number of | Weighted average | Weighted average | Aggregate intrinsic value | ||||||||||||||
shares*2 | exercise price*1*2 | remaining | |||||||||||||||
contractual life | |||||||||||||||||
Yen | Years | Millions of yen | |||||||||||||||
Outstanding at beginning of the year | 9,051,000 | ¥ | 2,011 | ||||||||||||||
Exercised | (804,300 | ) | 1,077 | ||||||||||||||
Forfeited or expired | (430,200 | ) | 1,846 | ||||||||||||||
Outstanding at end of year | 7,816,500 | 2,117 | 1.97 | ¥ | 327 | ||||||||||||
Exercisable at end of year | 7,816,500 | ¥ | 2,117 | 1.97 | ¥ | 327 | |||||||||||
*1 | The exercise prices of the granted options were adjusted in July 2009 for the issuance of new 18 million shares. | ||||||||||||||||
*2 | 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. | ||||||||||||||||
The Company received ¥55 million, ¥345 million and ¥863 million in cash from the exercise of stock options during fiscal 2012, 2013 and 2014, respectively. | |||||||||||||||||
The total intrinsic value of options exercised during fiscal 2012, 2013 and 2014 was ¥5 million, ¥136 million and ¥403 million, respectively. | |||||||||||||||||
In fiscal 2012, 2013 and 2014, the Company did not recognize any incremental stock-based compensation costs of its stock-option program. As of March 31, 2014, the Company had no unrecognized compensation costs. | |||||||||||||||||
Stock compensation program | |||||||||||||||||
The Company maintains a stock compensation program, under which 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 adjusted for applicable withholding tax effect. The Company’s common shares are provided either from the Company’s treasury stock or by issuing new shares as necessary. In fiscal 2014, the Company granted 399,000 points, and 93,250 points were settled for individuals who retired during fiscal 2014. Total points outstanding under the stock compensation program as of March 31, 2014 were 2,043,542 points. The points were adjusted for the 10-for-1 stock split implemented on April 1, 2013. | |||||||||||||||||
During fiscal 2012, 2013 and 2014, the Company recognized incremental stock-based compensation costs of its stock compensation program in the amount of ¥288 million, ¥410 million and ¥609 million, respectively. |
Accumulated_Other_Comprehensiv
Accumulated Other Comprehensive Income (Loss) | 12 Months Ended | ||||||||||||||||||||
Mar. 31, 2014 | |||||||||||||||||||||
Accumulated Other Comprehensive Income (Loss) | ' | ||||||||||||||||||||
20. Accumulated Other Comprehensive Income (Loss) | |||||||||||||||||||||
Changes in each component of accumulated other comprehensive income (loss) attributable to ORIX Corporation Shareholders in fiscal 2012, 2013 and 2014 are as follows: | |||||||||||||||||||||
Millions of yen | |||||||||||||||||||||
Net unrealized | Defined | Foreign | Net unrealized | Accumulated | |||||||||||||||||
gains (losses) | benefit | currency | gains (losses) | other | |||||||||||||||||
on investment | pension | translation | on derivative | comprehensive | |||||||||||||||||
in securities | plans | adjustments | instruments | income (loss) | |||||||||||||||||
Balance at March 31, 2011 | ¥ | 11,503 | ¥ | (11,098 | ) | ¥ | (95,574 | ) | ¥ | (1,011 | ) | ¥ | (96,180 | ) | |||||||
Net unrealized gains on investment in securities, net of tax of ¥(3,151) million | 7,442 | 7,442 | |||||||||||||||||||
Reclassification adjustment included in net income, net of tax of ¥1,463 million | (2,321 | ) | (2,321 | ) | |||||||||||||||||
Defined benefit pension plans, net of tax of ¥1,807 million | (3,294 | ) | (3,294 | ) | |||||||||||||||||
Reclassification adjustment included in net income, net of tax of ¥(33) million | 47 | 47 | |||||||||||||||||||
Foreign currency translation adjustments, net of tax of ¥(335) million | (1,392 | ) | (1,392 | ) | |||||||||||||||||
Reclassification adjustment included in net income, net of tax of ¥0 million | 0 | 0 | |||||||||||||||||||
Net unrealized losses on derivative instruments, net of tax of ¥457 million | (989 | ) | (989 | ) | |||||||||||||||||
Reclassification adjustment included in net income, net of tax of ¥198 million | (181 | ) | (181 | ) | |||||||||||||||||
Total other comprehensive income(loss) | 5,121 | (3,247 | ) | (1,392 | ) | (1,170 | ) | (688 | ) | ||||||||||||
Transaction with noncontrolling interests | 0 | 0 | 20 | 0 | 20 | ||||||||||||||||
Other Comprehensive Income Attributable to the Noncontrolling Interest | 479 | (2 | ) | (979 | ) | (15 | ) | (517 | ) | ||||||||||||
Other Comprehensive Income Attributable to the Redeemable Noncontrolling Interests | 0 | 0 | (315 | ) | 0 | (315 | ) | ||||||||||||||
Balance at March 31, 2012 | 16,145 | (14,343 | ) | (95,692 | ) | (2,166 | ) | (96,056 | ) | ||||||||||||
Net unrealized gains on investment in securities, net of tax of ¥(8,206) million | 17,955 | 17,955 | |||||||||||||||||||
Reclassification adjustment included in net income, net of tax of ¥1,997 million | (4,625 | ) | (4,625 | ) | |||||||||||||||||
Defined benefit pension plans, net of tax of ¥(2,589) million | 4,511 | 4,511 | |||||||||||||||||||
Reclassification adjustment included in net income, net of tax of ¥(138) million | 248 | 248 | |||||||||||||||||||
Foreign currency translation adjustments, net of tax of ¥(5,254) million | 47,428 | 47,428 | |||||||||||||||||||
Reclassification adjustment included in net income, net of tax of ¥(1,971) million | 3,551 | 3,551 | |||||||||||||||||||
Net unrealized losses on derivative instruments, net of tax of ¥288 million | (556 | ) | (556 | ) | |||||||||||||||||
Reclassification adjustment included in net income, net of tax of ¥(328) million | 824 | 824 | |||||||||||||||||||
Total other comprehensive income(loss) | 13,330 | 4,759 | 50,979 | 268 | 69,336 | ||||||||||||||||
Transaction with noncontrolling interests | 0 | 2 | 87 | 0 | 89 | ||||||||||||||||
Other Comprehensive Income Attributable to the Noncontrolling Interest | 501 | 1 | 3,735 | (7 | ) | 4,230 | |||||||||||||||
Other Comprehensive Income Attributable to the Redeemable Noncontrolling Interests | 0 | 0 | 5,224 | 0 | 5,224 | ||||||||||||||||
Balance at March 31, 2013 | ¥ | 28,974 | ¥ | (9,587 | ) | ¥ | (53,759 | ) | ¥ | (1,891 | ) | ¥ | (36,263 | ) | |||||||
Balance at March 31, 2013 | ¥ | 28,974 | ¥ | (9,587 | ) | ¥ | (53,759 | ) | ¥ | (1,891 | ) | ¥ | (36,263 | ) | |||||||
Net unrealized gains on investment in securities, net of tax of ¥(9,529) million | 18,566 | 18,566 | |||||||||||||||||||
Reclassification adjustment included in net income, net of tax of ¥4,225 million | (7,963 | ) | (7,963 | ) | |||||||||||||||||
Defined benefit pension plans, net of tax of ¥(1,548) million | 3,850 | 3,850 | |||||||||||||||||||
Reclassification adjustment included in net income, net of tax of ¥91 million | (278 | ) | (278 | ) | |||||||||||||||||
Foreign currency translation adjustments, net of tax of ¥(1,739) million | 35,366 | 35,366 | |||||||||||||||||||
Reclassification adjustment included in net income, net of tax of ¥(17) million | 1,503 | 1,503 | |||||||||||||||||||
Net unrealized gains on derivative instruments, net of tax of ¥(31) million | 572 | 572 | |||||||||||||||||||
Reclassification adjustment included in net income, net of tax of ¥(298) million | 915 | 915 | |||||||||||||||||||
Total other comprehensive income (loss) | 10,603 | 3,572 | 36,869 | 1,487 | 52,531 | ||||||||||||||||
Other Comprehensive Income Attributable to the Noncontrolling Interest | 926 | 213 | 10,998 | 30 | 12,167 | ||||||||||||||||
Other Comprehensive Income Attributable to the Redeemable Noncontrolling Interests | 0 | 0 | 4,099 | 0 | 4,099 | ||||||||||||||||
Balance at March 31, 2014 | ¥ | 38,651 | ¥ | (6,228 | ) | ¥ | (31,987 | ) | ¥ | (434 | ) | ¥ | 2 | ||||||||
Amounts reclassified to net income from accumulated other comprehensive income (loss) for fiscal 2014 are as follows: | |||||||||||||||||||||
March 31, 2014 | |||||||||||||||||||||
Details about accumulated other comprehensive | Reclassification | Consolidated statements of income caption | |||||||||||||||||||
income components | adjustment included in | ||||||||||||||||||||
net income | |||||||||||||||||||||
Millions of yen | |||||||||||||||||||||
Net unrealized gains (losses) on investment in securities | |||||||||||||||||||||
Sales of investment securities | ¥ | 10,902 | Brokerage commissions and net gains on investment securities | ||||||||||||||||||
Sales of investment securities | 3,262 | Life insurance premiums and related investment income | |||||||||||||||||||
Amortization of investment securities | 858 | Interest on loans and investment securities | |||||||||||||||||||
Amortization of investment securities | (532 | ) | Life insurance premiums and related investment income | ||||||||||||||||||
Others | (2,302 | ) | Write-downs of securities and other | ||||||||||||||||||
12,188 | Total before tax | ||||||||||||||||||||
(4,225 | ) | Tax expenses or benefits | |||||||||||||||||||
¥ | 7,963 | Net of tax | |||||||||||||||||||
Defined benefit pension plans | |||||||||||||||||||||
Amortization of prior service credit | ¥ | 1,262 | See Note 17 “Pension Plans” | ||||||||||||||||||
Amortization of net actuarial loss | (837 | ) | See Note 17 “Pension Plans” | ||||||||||||||||||
Amortization of transition obligation | (56 | ) | See Note 17 “Pension Plans” | ||||||||||||||||||
369 | Total before tax | ||||||||||||||||||||
(91 | ) | Tax expenses or benefits | |||||||||||||||||||
¥ | 278 | Net of tax | |||||||||||||||||||
Foreign currency translation adjustments | |||||||||||||||||||||
Sales or liquidation | ¥ | (1,520 | ) | Gains on sales of subsidiaries and affiliates and liquidation losses, net | |||||||||||||||||
(1,520 | ) | Total before tax | |||||||||||||||||||
17 | Tax expenses or benefits | ||||||||||||||||||||
¥ | (1,503 | ) | Net of tax | ||||||||||||||||||
Net unrealized gains (losses) on derivative instruments | |||||||||||||||||||||
Interest rate swap agreements | ¥ | 39 | Interest on loans and investment securities/Interest expense | ||||||||||||||||||
Foreign exchange contracts | 773 | Foreign currency transaction loss | |||||||||||||||||||
Foreign currency swap agreements | (2,025 | ) | Interest on loans and investment securities/Interest expense/Foreign currency transaction loss | ||||||||||||||||||
(1,213 | ) | Total before tax | |||||||||||||||||||
298 | Tax expenses or benefits | ||||||||||||||||||||
¥ | (915 | ) | 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 18 (“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, 2014 | |||||||||||||
ORIX Corporation Shareholders' Equity | ' | ||||||||||||
21. ORIX Corporation Shareholders’ Equity | |||||||||||||
Changes in the number of shares issued in fiscal 2012, 2013 and 2014 are as follows: | |||||||||||||
Number of shares | |||||||||||||
2012 | 2013 | 2014 | |||||||||||
Beginning balance | 1,102,458,460 | 1,102,544,220 | 1,248,714,760 | ||||||||||
Exercise of stock options | 77,000 | 499,000 | 804,300 | ||||||||||
Conversion of convertible bonds | 8,760 | 145,671,540 | 73,258,568 | ||||||||||
Ending balance | 1,102,544,220 | 1,248,714,760 | 1,322,777,628 | ||||||||||
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 capital and the legal reserve equals 25% of the issued capital. The Act also provides that both additional paid-in capital and the legal reserve are not available for dividends but may be capitalized or may be reduced by resolution of the general meeting of shareholders. However, if specified in the Company’s articles of incorporation, dividends can be declared by the Board of Directors instead of the general meeting of shareholders. In accordance with this, the Board of Directors of the Company resolved in May 2014 that a total of ¥30,117 million dividends shall be distributed to the shareholders of record as of March 31, 2014. The liability for declared dividends and related impact on total equity is accounted for in the period of such Board of Directors’ resolution. | |||||||||||||
The Act provides that at least one-half of amounts paid for new shares are included in common stock when they are issued. In conformity therewith, the Company has divided the principal amount of bonds converted into common stock and proceeds received from the issuance of common stock, including the exercise of warrants and stock acquisition rights, equally between common stock and additional paid-in capital, and set off expenses related to the issuance from the additional paid-in capital. | |||||||||||||
The amount available for dividends under the Act is calculated based on the amount recorded in the Company’s non-consolidated financial statements prepared in accordance with accounting principles generally accepted in Japan. As a result, the amount available for dividends is ¥276,487 million as of March 31, 2014. | |||||||||||||
Retained earnings at March 31, 2014 include ¥40,226 million relating to equity in undistributed earnings of the companies accounted for by the equity method. | |||||||||||||
As of March 31, 2014, the restricted net assets of certain subsidiaries, which include regulatory capital requirements mainly for banking operations and life insurance of ¥42,765 million, do not exceed 25% of consolidated net assets. |
Brokerage_Commissions_and_Net_
Brokerage Commissions and Net Gains on Investment Securities | 12 Months Ended | ||||||||||||
Mar. 31, 2014 | |||||||||||||
Brokerage Commissions and Net Gains on Investment Securities | ' | ||||||||||||
22. Brokerage Commissions and Net Gains on Investment Securities | |||||||||||||
Brokerage commissions and net gains on investment securities in fiscal 2012, 2013 and 2014 consist of the following: | |||||||||||||
Millions of yen | |||||||||||||
2012 | 2013 | 2014 | |||||||||||
Net gains on investment securities | ¥ | 24,894 | ¥ | 28,805 | ¥ | 19,412 | |||||||
Dividends income, other | 4,443 | 6,009 | 7,771 | ||||||||||
¥ | 29,337 | ¥ | 34,814 | ¥ | 27,183 | ||||||||
Trading activities—Net gains on investment securities include net trading gains of ¥9,324 million, net trading gains of ¥3,435 million and net trading losses of ¥3,208 million for fiscal 2012, 2013 and 2014, respectively. Gains on derivative trading instruments are included in income from discontinued operations. For further information, see Note 27 “Discontinued Operations.” |
Life_Insurance_Operations
Life Insurance Operations | 12 Months Ended | ||||||||||||
Mar. 31, 2014 | |||||||||||||
Life Insurance Operations | ' | ||||||||||||
23. Life Insurance Operations | |||||||||||||
Life insurance premiums and related investment income in fiscal 2012, 2013 and 2014 consist of the following: | |||||||||||||
Millions of yen | |||||||||||||
2012 | 2013 | 2014 | |||||||||||
Life insurance premiums | ¥ | 116,836 | ¥ | 130,187 | ¥ | 145,464 | |||||||
Life insurance related investment income | 10,071 | 8,539 | 9,942 | ||||||||||
¥ | 126,907 | ¥ | 138,726 | ¥ | 155,406 | ||||||||
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 relating to policy issuance and underwriting). These policy acquisition costs are amortized over the respective policy periods in proportion to premium revenue recognized. Amortization charged to income for fiscal 2012, 2013 and 2014 amounted to ¥7,307 million, ¥7,196 million and ¥9,701 million, respectively. The amount for fiscal 2012 is adjusted retrospectively due to the adoption of Accounting Standards Update 2010-26. |
Asset_Management_and_Servicing
Asset Management and Servicing Operations | 12 Months Ended | ||||||||||||
Mar. 31, 2014 | |||||||||||||
Asset Management and Servicing Operations | ' | ||||||||||||
24. Asset Management and Servicing Operations | |||||||||||||
Asset management and servicing revenues and expenses in fiscal 2012, 2013 and 2014 consist of the following: | |||||||||||||
Millions of yen | |||||||||||||
Revenues from asset management and servicing: | 2012 | 2013 | 2014 | ||||||||||
Management fee income | ¥ | 9,297 | ¥ | 8,181 | ¥ | 111,970 | |||||||
Performance fee income | 3,528 | 6,962 | 5,956 | ||||||||||
Other | 83 | 122 | 8,566 | ||||||||||
¥ | 12,908 | ¥ | 15,265 | ¥ | 126,492 | ||||||||
Millions of yen | |||||||||||||
Expenses from asset management and servicing: | 2012 | 2013 | 2014 | ||||||||||
Distribution fee expenses | ¥ | 172 | ¥ | 324 | ¥ | 14,767 | |||||||
Sub-advisory fee expenses | 309 | 259 | 19,483 | ||||||||||
Other | 12 | 10 | 1,900 | ||||||||||
¥ | 493 | ¥ | 593 | ¥ | 36,150 | ||||||||
Other_Operations
Other Operations | 12 Months Ended | ||||||||||||
Mar. 31, 2014 | |||||||||||||
Other Operations | ' | ||||||||||||
25. Other Operations | |||||||||||||
Other operating revenues and other operating expenses in fiscal 2012, 2013 and 2014 consist of the following: | |||||||||||||
Millions of yen | |||||||||||||
Other operating revenues: | 2012 | 2013 | 2014 | ||||||||||
Revenues from the vehicle maintenance and management services | ¥ | 45,150 | ¥ | 45,654 | ¥ | 46,433 | |||||||
Revenues from commissions for M&A advisory services, financing advice, financial restructuring advisory services and related services | 37,513 | 42,556 | 58,892 | ||||||||||
Revenues from private equity investment | — | 32,681 | 134,444 | ||||||||||
Revenues from environment and energy related business | 21,202 | 29,812 | 51,441 | ||||||||||
Revenues from facilities management of golf courses | 23,061 | 23,479 | 24,229 | ||||||||||
Revenues from facilities management of hotels and Japanese inns | 29,355 | 31,093 | 36,825 | ||||||||||
Other | 94,398 | 110,416 | 139,049 | ||||||||||
¥ | 250,679 | ¥ | 315,691 | ¥ | 491,313 | ||||||||
Millions of yen | |||||||||||||
Other operating expenses: | 2012 | 2013 | 2014 | ||||||||||
Expenses from the vehicle maintenance and management services | ¥ | 35,026 | ¥ | 33,336 | ¥ | 32,915 | |||||||
Expenses from private equity investment | — | 28,607 | 118,112 | ||||||||||
Expenses from environment and energy related business | 18,056 | 23,142 | 41,857 | ||||||||||
Expenses from facilities management of golf courses | 20,418 | 21,130 | 20,749 | ||||||||||
Expenses from facilities management of hotels and Japanese inns | 26,038 | 26,959 | 32,822 | ||||||||||
Other | 52,983 | 61,519 | 64,320 | ||||||||||
¥ | 152,521 | ¥ | 194,693 | ¥ | 310,775 | ||||||||
Other items consist of revenues and expenses from training facilities and senior housing, operating results from real estate related and aquarium businesses, commissions for the sale of insurance and other financial products, and revenues and expenses from other operations, of which there were no items exceeding 10% of total other operating revenues and expenses in fiscal 2012, 2013 and 2014. | |||||||||||||
Gains and losses from the disposition of operating facilities included in other operating assets were not significant for fiscal 2012, 2013 and 2014. |
Writedowns_of_LongLived_Assets
Write-downs of Long-Lived Assets | 12 Months Ended |
Mar. 31, 2014 | |
Write-downs of Long-Lived Assets | ' |
26. Write-downs of Long-Lived Assets | |
In accordance with ASC 360 (“Property, Plant, and Equipment”), the Company and its subsidiaries perform tests for recoverability on assets 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. We 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 flow methodologies using future cash flows estimated to be generated from operation of existing assets or completion of development projects, as appropriate. | |
During fiscal 2012, 2013 and 2014, the Company and certain subsidiaries recognized impairment losses for the difference between carrying amounts and fair values in the amount of ¥20,246 million, ¥21,053 million and ¥26,742 million, respectively, which are reflected as write-downs of long-lived assets and income from discontinued operations. Of these amounts, ¥15,167 million, ¥17,896 million and ¥23,421 million are reflected as write-downs of long-lived assets in the accompanying consolidated statements of income for fiscal 2012, 2013 and 2014, respectively. Breakdowns of these amounts by segment are provided in Note 34 (“Segment Information”). | |
The details of significant write-downs are as follows. | |
Office Buildings—During fiscal 2012, write-downs of ¥1,055 million were recorded for 17 office buildings held for sale, and write-downs of ¥605 million were recorded in relation to three office buildings due to a decline in estimated cash flows of each unit. During fiscal 2013, write-downs of ¥1,055 million were recorded for 14 office buildings held for sale, and write-downs of ¥923 million were recorded in relation to two office buildings due to a decline in estimated cash flows of each unit. During fiscal 2014, write-downs of ¥1,445 million were recorded for five office buildings held for sale, write-downs of ¥3,582 million were recorded in relation to two office buildings due to a decline in estimated cash flows of each unit, and write-downs of ¥4,109 million were recorded for an office building due to change in use. | |
Condominiums—During fiscal 2012, write-downs of ¥1,108 million were recorded for 25 condominiums held for sale, and write-downs of ¥269 million were recorded in relation to five condominiums due to a decline in estimated cash flows of each unit. During fiscal 2013, write-downs of ¥1,142 million were recorded for 13 condominiums held for sale, and write-downs of ¥3,853 million were recorded in relation to four condominiums due to a decline in estimated cash flows of each unit or property. During fiscal 2014, write-downs of ¥988 million were recorded for a condominium held for sale. | |
Commercial Facilities Other Than Office Buildings—During fiscal 2012, write-downs of ¥385 million were recorded for seven buildings held for sale. During fiscal 2013, write-downs of ¥442 million were recorded for four buildings held for sale, and write-downs of ¥1,582 million were recorded in relation to two buildings due to a decline in estimated cash flows of each unit. During fiscal 2014, write-downs of ¥137 million were recorded for a building held for sale, and write-downs of ¥2,976 million were recorded in relation to two buildings due to a decline in estimated cash flows of each unit. | |
Land undeveloped or under construction—During fiscal 2012, write-downs of ¥2,220 million were recorded for land undeveloped or under construction held for sale, and write-downs of ¥6,983 million were recorded in relation to land undeveloped or under construction due to a decline in estimated cash flows of each unit. During fiscal 2013, write-downs of ¥608 million were recorded for land undeveloped or under construction held for sale, and write-downs of ¥6,818 million were recorded in relation to land undeveloped or under construction due to a decline in estimated cash flows of each unit. During fiscal 2014, write-downs of ¥713 million were recorded for land undeveloped or under construction held for sale, and write-downs of ¥3,787 million were recorded in relation to land undeveloped or under construction due to a decline in estimated cash flows of each unit. | |
Others—During fiscal 2012, 2013 and 2014, write-downs of ¥7,621 million, ¥4,630 million and ¥9,005 million, respectively, for long-lived assets other than the above were recorded, mainly because the carrying amounts exceeded the estimated undiscounted future cash flows, which decreased due to deterioration in operating performance. In addition, write-down of long-lived assets in fiscal 2014 includes write-downs of ¥5,052 million of a building used for training facility in facilities operation business and ¥1,292 million of information-related equipment in rental operation. |
Discontinued_Operations
Discontinued Operations | 12 Months Ended | ||||||||||||
Mar. 31, 2014 | |||||||||||||
Discontinued Operations | ' | ||||||||||||
27. Discontinued Operations | |||||||||||||
ASC 205-20 (“Presentation of Financial Statements—Discontinued Operations”) requires that the Company and its subsidiaries reclassify the operations sold or disposed of, or to be disposed of by sale without significant continuing involvement in the operations to discontinued operations. Under this Codification Section, the Company and its subsidiaries report the gains on sales and the results of these operations of subsidiaries, business units, and certain properties, which have been sold or are to be disposed of by sale, as income from discontinued operations in the accompanying consolidated statements of income. Revenues and expenses generated by the operations of such subsidiaries, business units and properties recognized in fiscal 2012 and 2013 have also been reclassified as income from discontinued operations in the accompanying consolidated statements of income. | |||||||||||||
During fiscal 2012, the Company and its subsidiaries sold a subsidiary which operated real-estate rental business, a subsidiary that operated a Japanese inn and hotel, a subsidiary that operated a golf course, a subsidiary that operated ski resorts, a subsidiary that operated a property management business and a subsidiary that operated a spa facility. In addition, the Company liquidated a kumiai, which was effectively a type of SPE, seeking for rent revenue. As a result of the sales and the liquidation, a loss of ¥361 million was recognized during fiscal 2012. | |||||||||||||
During fiscal 2013, the Company and its subsidiaries completed the liquidation procedure for a kumiai in Japan which was effectively a type of SPE, operating private-equity investment and management, and the Company wound up a subsidiary overseas which operated reinsurance business. As a result, a loss of ¥13 million was recognized during fiscal 2013. Furthermore, the Company has determined to wind up a subsidiary that operates M&A advisory services business in Japan and a subsidiary that operates alternative investment business in Japan during fiscal 2013. There were no significant assets or liabilities of the subsidiaries in the accompanying consolidated balance sheets at March 31, 2013. Net losses of ¥1,188 million and net losses of ¥370 million on derivative trading instruments are included in income from discontinued operations for the subsidiary that operates alternative investment business in Japan for fiscal 2012 and 2013, respectively. | |||||||||||||
During fiscal 2014, the Company liquidated a subsidiary that operated a hotel. The Company has also determined to wind up an overseas subsidiary that operated corporate finance business and the liquidation of the subsidiary substantially completed. As a result, a loss of ¥1,600 million was recognized during fiscal 2014. Furthermore, the Company determined to wind up a subsidiary that operates alternative investment business in Japan during fiscal 2013 but completed the liquidation procedure for the subsidiary during fiscal 2014. There were no gains or losses from liquidating this subsidiary. | |||||||||||||
During fiscal 2014, the Company has determined to sell the food business unit of a subsidiary, which is composed of the food service business unit and the food business unit. In fiscal 2013 and 2014, the operating income from the food business unit were ¥175 million and ¥333 million, respectively. With respect to the food business unit of the subsidiary held for sale as of March 31 2014, included in the accompanying consolidated balance sheet are mainly other operating assets of ¥1,561 million, other receivables of ¥2,069 million, other assets of ¥1,500 million, trade notes, accounts payable and other liabilities of ¥1,822 million and long-term debt of ¥1,336 million. | |||||||||||||
The Company and its subsidiaries own various real estate properties, including commercial and office buildings, for rental operations. In fiscal 2012, 2013 and 2014, the Company and its subsidiaries recognized ¥4,921 million, ¥6,802 million and ¥16,200 million of aggregated gains on sales of such real estate properties, respectively. In addition, the Company and its subsidiaries determined to dispose by sale of rental properties of ¥39,459 million and ¥44,694 million that are mainly included in investment in operating leases at March 31, 2013 and 2014, respectively. | |||||||||||||
Discontinued operations in fiscal 2012, 2013 and 2014 consist of the following: | |||||||||||||
Millions of yen | |||||||||||||
2012 | 2013 | 2014 | |||||||||||
Revenues | ¥ | 30,253 | ¥ | 20,699 | ¥ | 26,607 | |||||||
Income from discontinued operations, net* | 1,775 | (179 | ) | 12,182 | |||||||||
Provision for income taxes | 1,219 | 347 | (4,681 | ) | |||||||||
Discontinued operations, net of applicable tax effect | ¥ | 2,994 | ¥ | 168 | ¥ | 7,501 | |||||||
* | Income from discontinued operations, net includes aggregate gains on sales of subsidiaries, business units, and rental properties in the amount of ¥3,609 million, ¥6,789 million and ¥14,600 million in fiscal 2012, 2013 and 2014, respectively. |
Per_Share_Data
Per Share Data | 12 Months Ended | ||||||||||||
Mar. 31, 2014 | |||||||||||||
Per Share Data | ' | ||||||||||||
28. Per Share Data | |||||||||||||
Reconciliation of the differences between basic and diluted earnings per share (EPS) in fiscal 2012, 2013 and 2014 is as follows: | |||||||||||||
In fiscal 2012, the diluted EPS calculation excludes stock options for 9,820 thousand shares, as they were antidilutive. In fiscal 2013, the diluted EPS calculation excludes stock options for 9,010 thousand shares, as they were antidilutive. In fiscal 2014, the diluted EPS calculation excludes stock options for 6,815 thousand shares, as they were antidilutive. | |||||||||||||
Millions of yen | |||||||||||||
2012 | 2013 | 2014 | |||||||||||
Income attributable to ORIX Corporation shareholders from continuing operations | ¥ | 79,810 | ¥ | 112,144 | ¥ | 179,499 | |||||||
Effect of dilutive securities | |||||||||||||
Expense related to convertible bond | 2,364 | 1,329 | 265 | ||||||||||
Income from continuing operations for diluted EPS computation | ¥ | 82,174 | ¥ | 113,473 | ¥ | 179,764 | |||||||
Thousands of shares | |||||||||||||
2012 | 2013 | 2014 | |||||||||||
Weighted-average shares | 1,075,095 | 1,087,883 | 1,268,081 | ||||||||||
Effect of dilutive securities | |||||||||||||
Conversion of convertible bond | 244,104 | 206,635 | 40,057 | ||||||||||
Exercise of stock options | 1,228 | 1,546 | 2,117 | ||||||||||
Weighted-average shares for diluted EPS computation | 1,320,427 | 1,296,064 | 1,310,255 | ||||||||||
Yen | |||||||||||||
2012 | 2013 | 2014 | |||||||||||
Earnings per share for income attributable to ORIX Corporation shareholders from continuing operations: | |||||||||||||
Basic | ¥ | 74.24 | ¥ | 103.09 | ¥ | 141.55 | |||||||
Diluted | 62.23 | 87.55 | 137.2 | ||||||||||
On April 1, 2013, the Company implemented a 10-for-1 stock split of common stock held by shareholders registered on the Company’s register of shareholders as of March 31, 2013. The number of shares and per share data have been adjusted retrospectively to reflect the stock split for fiscal 2012 and 2013 presented. |
Derivative_Financial_Instrumen
Derivative Financial Instruments and Hedging | 12 Months Ended | ||||||||||||||||||||
Mar. 31, 2014 | |||||||||||||||||||||
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 and liability management systems. 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 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. | |||||||||||||||||||||
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. | |||||||||||||||||||||
(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. Net gains (losses) before deducting applicable taxes on derivative contracts were reclassified from accumulated other comprehensive income (loss) into earnings when earnings were affected by the variability in cash flows of the designated hedged item. The amounts of these net gains (losses) after deducting applicable taxes were net gains of ¥181 million, net losses of ¥824 million and net losses of ¥915 million during fiscal 2012, 2013 and 2014, respectively. No amount of net gains (losses), which represent the ineffectiveness of cash flow hedges, was recorded in earnings for fiscal 2012, and ¥69 million of losses and ¥269 million of gains were recorded in earnings for fiscal 2013 and 2014, respectively. Approximately ¥482 million of net derivative losses included in accumulated other comprehensive income (loss), net of applicable income taxes at March 31, 2014 will be reclassified into earnings within fiscal 2015. | |||||||||||||||||||||
(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 currency swap agreements and foreign exchange contracts to minimize foreign currency exposures on lease receivables, loan receivables and borrowings, denominated in foreign currency. The Company and its subsidiaries designate interest rate swap to hedge interest rate exposure of the fair values of loan receivables. The Company and certain overseas subsidiaries, which issued medium-term notes or bonds with fixed interest rates, use interest rate swap contracts to hedge interest rate exposure of the fair values of these medium-term notes. In cases where the medium-term notes were denominated in other than the subsidiaries’ local currencies, foreign currency swap agreements are used to hedge foreign exchange rate exposure. A certain overseas subsidiary uses foreign currency long-term-debt to hedge foreign exchange rate exposure from unrecognized firm commitment. For fiscal 2012, 2013 and 2014, net losses of ¥265 million, ¥47 million and ¥20 million of hedge ineffectiveness associated with instruments designated as fair value hedges were recorded in earnings. | |||||||||||||||||||||
(c) Hedges of net investment in foreign operations | |||||||||||||||||||||
The Company uses foreign exchange contracts, borrowings and bonds denominated in the subsidiaries’ local currencies to hedge the foreign currency exposure of the net investment in overseas subsidiaries. The gains and losses of these hedging instruments were recorded in foreign currency translation adjustments, which is a part of other comprehensive income (loss). | |||||||||||||||||||||
(d) Trading derivatives or derivatives not designated as hedging instruments | |||||||||||||||||||||
The Company and its subsidiaries engage in trading activities involving various future contracts. Therefore the Company and the subsidiaries are at various risks such as share price fluctuation risk, interest rate risk and foreign currency exchange risk. The Company and the subsidiaries check that these risks are below a certain level by using internal indicators and determine whether such contracts should be continued or not. The Company and certain subsidiaries entered into certain interest rate swap agreements, foreign currency swap agreements and foreign exchange contracts for risk management purposes which are not qualified for hedge accounting under ASC 815 (“Derivatives and Hedging”). | |||||||||||||||||||||
ASC 815-10-50 (“Derivatives and Hedging—Disclosures”) requires companies to disclose the fair value of derivative instruments and their gains (losses) in tabular format, as well as information about credit-risk-related contingent features in derivative agreements. | |||||||||||||||||||||
The effect of derivative instruments on the consolidated statements of income, pre-tax, for fiscal 2012 is as follows. | |||||||||||||||||||||
(1) Cash flow hedges | |||||||||||||||||||||
Gains (losses) | Gains (losses) reclassified from | Gains (losses) recognized | |||||||||||||||||||
recognized | accumulated other comprehensive | in income on derivative | |||||||||||||||||||
in other | income (loss) into income | (ineffective portion and amount | |||||||||||||||||||
comprehensive | (effective portion) | excluded from effectiveness | |||||||||||||||||||
income on | testing) | ||||||||||||||||||||
derivative | |||||||||||||||||||||
(effective portion) | |||||||||||||||||||||
Millions | Consolidated | Millions | Consolidated | Millions | |||||||||||||||||
of yen | statements of | of yen | statements of | of yen | |||||||||||||||||
income location | income location | ||||||||||||||||||||
Interest rate swap agreements | ¥ | (489 | ) | Interest on loans and investment securities/Interest expense | ¥ | 44 | — | ¥ | 0 | ||||||||||||
Foreign exchange contracts | (526 | ) | Foreign currency transaction loss | (696 | ) | — | 0 | ||||||||||||||
Foreign currency swap agreements | (409 | ) | Interest on loans and investment securities/Interest expense/Foreign currency transaction loss | 1,031 | — | 0 | |||||||||||||||
(2) Fair value hedges | |||||||||||||||||||||
Gains (losses) recognized | Gains (losses) recognized | ||||||||||||||||||||
in income on derivative and other | in income on hedged item | ||||||||||||||||||||
Millions | Consolidated | Millions | Consolidated | ||||||||||||||||||
of yen | statements of | of yen | statements of | ||||||||||||||||||
income location | income location | ||||||||||||||||||||
Interest rate swap agreements | ¥ | 4,072 | Interest on loans and investment securities/Interest expense | ¥ | (4,337 | ) | Interest on loans and investment securities/Interest expense | ||||||||||||||
Foreign exchange contracts | 972 | Foreign currency transaction loss | (972 | ) | Foreign currency transaction loss | ||||||||||||||||
Foreign currency swap agreements | 227 | Foreign currency transaction loss | (277 | ) | Foreign currency transaction loss | ||||||||||||||||
Foreign currency long-term debt | 69 | Foreign currency transaction loss | (69 | ) | Foreign currency transaction loss | ||||||||||||||||
(3) Hedges of net investment in foreign operations | |||||||||||||||||||||
Gains (losses) | Gains (losses) reclassified from | Gains (losses) recognized | |||||||||||||||||||
recognized | accumulated other comprehensive | in income on derivative and others | |||||||||||||||||||
in other | income (loss) into income | (ineffective portion and amount | |||||||||||||||||||
comprehensive | (effective portion) | excluded from effectiveness testing) | |||||||||||||||||||
income on | |||||||||||||||||||||
derivative | |||||||||||||||||||||
and others | |||||||||||||||||||||
(effective portion) | |||||||||||||||||||||
Millions | Consolidated | Millions | Consolidated | Millions | |||||||||||||||||
of yen | statements of | of yen | statements of | of yen | |||||||||||||||||
income location | income location | ||||||||||||||||||||
Foreign exchange contracts | ¥ | (1,198 | ) | — | ¥ | 0 | — | ¥ | 0 | ||||||||||||
Borrowings and bonds in local currency | 1,348 | — | 0 | — | 0 | ||||||||||||||||
(4) Trading derivatives or derivatives not designated as hedging instruments | |||||||||||||||||||||
Gains (losses) recognized in income on derivative | |||||||||||||||||||||
Millions | Consolidated statements of income location | ||||||||||||||||||||
of yen | |||||||||||||||||||||
Interest rate swap agreements | ¥ | 23 | Other operating revenues/expenses | ||||||||||||||||||
Foreign currency swap agreements | 24 | Other operating revenues/expenses | |||||||||||||||||||
Futures | (1,056 | ) | Brokerage commissions and net gains on investment securities | ||||||||||||||||||
Foreign exchange contracts | 615 | Brokerage commissions and net gains on investment securities | |||||||||||||||||||
Credit derivatives held/written | (92 | ) | Other operating revenues/expenses | ||||||||||||||||||
Options held/written, Caps held and other | 137 | Other operating revenues/expenses | |||||||||||||||||||
The effect of derivative instruments on the consolidated statements of income, pre-tax, for fiscal 2013 is as follows. | |||||||||||||||||||||
(1) Cash flow hedges | |||||||||||||||||||||
Gains (losses) | Gains (losses) reclassified from | Gains (losses) recognized | |||||||||||||||||||
recognized | accumulated other comprehensive | in income on derivative | |||||||||||||||||||
in other | income (loss) into income | (ineffective portion and amount | |||||||||||||||||||
comprehensive | (effective portion) | excluded from effectiveness testing) | |||||||||||||||||||
income on | |||||||||||||||||||||
derivative | |||||||||||||||||||||
(effective portion) | |||||||||||||||||||||
Millions | Consolidated | Millions | Consolidated | Millions | |||||||||||||||||
of yen | statements of | of yen | statements of | of yen | |||||||||||||||||
income location | income location | ||||||||||||||||||||
Interest rate swap agreements | ¥ | (249 | ) | Interest on loans and investment securities/Interest expense | ¥ | 6 | — | ¥ | 0 | ||||||||||||
Foreign exchange contracts | (1,546 | ) | Foreign currency transaction loss Interest on loans and investment | 73 | — | 0 | |||||||||||||||
Foreign currency swap agreements | 960 | securities/Interest expense/Foreign currency transaction loss | (1,231 | ) | Foreign currency transaction loss | (69 | ) | ||||||||||||||
(2) Fair value hedges | |||||||||||||||||||||
Gains (losses) recognized | Gains (losses) recognized | ||||||||||||||||||||
in income on derivative and other | in income on hedged item | ||||||||||||||||||||
Millions | Consolidated | Millions | Consolidated | ||||||||||||||||||
of yen | statements of | of yen | statements of | ||||||||||||||||||
income location | income location | ||||||||||||||||||||
Interest rate swap agreements | ¥ | 76 | Interest on loans and investment | ¥ | (120 | ) | Interest on loans and investment | ||||||||||||||
securities/Interest expense | securities/Interest expense | ||||||||||||||||||||
Foreign exchange contracts | (8,828 | ) | Foreign currency transaction loss | 8,828 | Foreign currency transaction loss | ||||||||||||||||
Foreign currency swap agreements | (2,352 | ) | Foreign currency transaction loss | 2,349 | Foreign currency transaction loss | ||||||||||||||||
Foreign currency long-term-debt | 172 | Foreign currency transaction loss | (172 | ) | Foreign currency transaction loss | ||||||||||||||||
(3) Hedges of net investment in foreign operations | |||||||||||||||||||||
Gains (losses) | Gains (losses) reclassified from | Gains (losses) recognized | |||||||||||||||||||
recognized | accumulated other comprehensive | in income on derivative and others | |||||||||||||||||||
in other | income (loss) into income | (ineffective portion and amount | |||||||||||||||||||
comprehensive | (effective portion) | excluded from effectiveness testing) | |||||||||||||||||||
income on | |||||||||||||||||||||
derivative | |||||||||||||||||||||
and others | |||||||||||||||||||||
(effective portion) | |||||||||||||||||||||
Millions | Consolidated | Millions | Consolidated | Millions | |||||||||||||||||
of yen | statements of | of yen | statements of | of yen | |||||||||||||||||
income location | income location | ||||||||||||||||||||
Foreign exchange contracts | ¥ | (11,524 | ) | Gains on sales of subsidiaries | ¥ | 1,425 | — | ¥ | 0 | ||||||||||||
and affiliates and liquidation losses, net | |||||||||||||||||||||
Borrowings and bonds in local currency | (19,637 | ) | Gains on sales of subsidiaries | 3,464 | — | 0 | |||||||||||||||
and affiliates and liquidation losses, net | |||||||||||||||||||||
(4) Trading derivatives or derivatives not designated as hedging instruments | |||||||||||||||||||||
Gains (losses) recognized in income on derivative | |||||||||||||||||||||
Millions | Consolidated statements of income location | ||||||||||||||||||||
of yen | |||||||||||||||||||||
Interest rate swap agreements | ¥ | 8 | Other operating revenues/expenses | ||||||||||||||||||
Futures | (504 | ) | Brokerage commissions and net gains on investment securities | ||||||||||||||||||
Foreign exchange contracts | (236 | ) | Brokerage commissions and net gains on investment securities | ||||||||||||||||||
Credit derivatives held/written | 344 | Other operating revenues/expenses | |||||||||||||||||||
Options held/written and other | 992 | Other operating revenues/expenses | |||||||||||||||||||
The effect of derivative instruments on the consolidated statements of income, pre-tax, for fiscal 2014 is as follows. | |||||||||||||||||||||
(1) Cash flow hedges | |||||||||||||||||||||
Gains (losses) | Gains (losses) reclassified from | Gains (losses) recognized | |||||||||||||||||||
recognized | accumulated other comprehensive | in income on derivative | |||||||||||||||||||
in other | income (loss) into income | (ineffective portion and amount | |||||||||||||||||||
comprehensive | (effective portion) | excluded from effectiveness testing) | |||||||||||||||||||
income on | |||||||||||||||||||||
derivative | |||||||||||||||||||||
(effective portion) | |||||||||||||||||||||
Millions | Consolidated | Millions | Consolidated | Millions | |||||||||||||||||
of yen | statements of | of yen | statements | of yen | |||||||||||||||||
income location | of income location | ||||||||||||||||||||
Interest rate swap agreements | ¥ | 945 | Interest on loans and investment securities/Interest expense | ¥ | 39 | — | ¥ | 0 | |||||||||||||
Foreign exchange contracts | (948 | ) | Foreign currency transaction loss | 773 | — | 0 | |||||||||||||||
Foreign currency swap agreements | 594 | Interest on loans and investment securities/Interest expense/Foreign currency transaction loss | (2,025 | ) | Foreign currency transaction loss | 269 | |||||||||||||||
(2) Fair value hedges | |||||||||||||||||||||
Gains (losses) recognized | Gains (losses) recognized | ||||||||||||||||||||
in income on derivative and other | in income on hedged item | ||||||||||||||||||||
Millions | Consolidated | Millions | Consolidated | ||||||||||||||||||
of yen | statements of | of yen | statements of | ||||||||||||||||||
income location | income location | ||||||||||||||||||||
Interest rate swap agreements | ¥ | (2,296 | ) | Interest on loans and investment securities/Interest expense | ¥ | 2,276 | Interest on loans and investment securities/Interest expense | ||||||||||||||
Foreign exchange contracts | (3,574 | ) | Foreign currency transaction loss | 3,574 | Foreign currency transaction loss | ||||||||||||||||
Foreign currency swap agreements | (2,896 | ) | Foreign currency transaction loss | 2,896 | Foreign currency transaction loss | ||||||||||||||||
Foreign currency long-term-debt | (1,609 | ) | Foreign currency transaction loss | 1,609 | Foreign currency transaction loss | ||||||||||||||||
(3) Hedges of net investment in foreign operations | |||||||||||||||||||||
Gains (losses) | Gains (losses) reclassified from | Gains (losses) recognized | |||||||||||||||||||
recognized | accumulated other comprehensive | in income on derivative and others | |||||||||||||||||||
in other | income (loss) into income | (ineffective portion and amount | |||||||||||||||||||
comprehensive | (effective portion) | excluded from effectiveness testing) | |||||||||||||||||||
income on | |||||||||||||||||||||
derivative | |||||||||||||||||||||
and others | |||||||||||||||||||||
(effective portion) | |||||||||||||||||||||
Millions | Consolidated | Millions | Consolidated | Millions | |||||||||||||||||
of yen | statements of | of yen | statements of | of yen | |||||||||||||||||
income location | income location | ||||||||||||||||||||
Foreign exchange contracts | ¥ | (23,638 | ) | Gains on sales of subsidiaries and affiliates and liquidation losses, net | ¥ | (171 | ) | — | ¥ | 0 | |||||||||||
Borrowings and bonds in local currency | (16,469 | ) | — | 0 | — | 0 | |||||||||||||||
(4) Trading derivatives or derivatives not designated as hedging instruments | |||||||||||||||||||||
Gains (losses) recognized in income on derivative | |||||||||||||||||||||
Millions | Consolidated statements of income location | ||||||||||||||||||||
of yen | |||||||||||||||||||||
Interest rate swap agreements | ¥ | 5 | Other operating revenues/expenses | ||||||||||||||||||
Futures | (167 | ) | Brokerage commissions and net gains on investment securities | ||||||||||||||||||
Foreign exchange contracts | (406 | ) | Brokerage commissions and net gains on investment securities | ||||||||||||||||||
Credit derivatives held/written | (506 | ) | Other operating revenues/expenses | ||||||||||||||||||
Options written and other | (241 | ) | Other operating revenues/expenses | ||||||||||||||||||
Notional amounts of derivative instruments and other, fair values of derivative instruments and other before offsetting at March 31, 2013 and 2014 are as follows. | |||||||||||||||||||||
March 31, 2013 | |||||||||||||||||||||
Asset derivatives | Liability derivatives | ||||||||||||||||||||
Notional amount | Fair value | Consolidated | Fair value | Consolidated | |||||||||||||||||
balance sheets | balance sheets | ||||||||||||||||||||
Millions | Millions | location | Millions | location | |||||||||||||||||
of yen | of yen | of yen | |||||||||||||||||||
Derivatives designated as hedging instruments and other: | |||||||||||||||||||||
Interest rate swap agreements | ¥ | 264,434 | ¥ | 4,654 | Other receivables | ¥ | 1,451 | Trade notes, accounts payable and other liabilities | |||||||||||||
Futures, Foreign exchange contracts | 191,980 | 838 | Other receivables | 4,624 | Trade notes, accounts payable and other liabilities | ||||||||||||||||
Foreign currency swap agreements | 83,000 | 2,890 | Other receivables | 8,263 | Trade notes, accounts payable and other liabilities | ||||||||||||||||
Foreign currency long-term-debt | 161,379 | 0 | — | 0 | — | ||||||||||||||||
Trading derivatives or derivatives not designated as hedging instruments: | |||||||||||||||||||||
Interest rate swap agreements | ¥ | 1,294 | ¥ | 0 | — | ¥ | 8 | Trade notes, accounts payable and other liabilities | |||||||||||||
Options held/written and other | 217,999 | 5,654 | Other receivables | 3,530 | Trade notes, accounts payable and other liabilities | ||||||||||||||||
Futures, Foreign exchange contracts | 41,363 | 192 | Other receivables | 61 | Trade notes, accounts payable and other liabilities | ||||||||||||||||
Credit derivatives held/written | 20,161 | 370 | Other receivables | 100 | Trade notes, accounts payable and other liabilities | ||||||||||||||||
March 31, 2014 | |||||||||||||||||||||
Asset derivatives | Liability derivatives | ||||||||||||||||||||
Notional amount | Fair value | Consolidated | Fair value | Consolidated | |||||||||||||||||
balance sheets | balance sheets | ||||||||||||||||||||
Millions | Millions | location | Millions | location | |||||||||||||||||
of yen | of yen | of yen | |||||||||||||||||||
Derivatives designated as hedging instruments and other: | |||||||||||||||||||||
Interest rate swap agreements | ¥ | 206,605 | ¥ | 2,528 | Other receivables | ¥ | 634 | Trade notes, accounts payable and other liabilities | |||||||||||||
Futures, Foreign exchange contracts | 370,243 | 1,018 | Other receivables | 4,708 | |||||||||||||||||
Trade notes, accounts payable and other liabilities | |||||||||||||||||||||
Foreign currency swap agreements | 93,276 | 3,534 | Other receivables | 7,176 | |||||||||||||||||
Trade notes, accounts payable and other liabilities | |||||||||||||||||||||
Foreign currency long- term-debt | 261,483 | 0 | — | 0 | — | ||||||||||||||||
Trading derivatives or derivatives not designated as hedging instruments: | |||||||||||||||||||||
Options written and other | ¥ | 173,637 | ¥ | 5,486 | Other receivables | ¥ | 3,605 | Trade notes, accounts payable and other liabilities | |||||||||||||
Futures, Foreign exchange contracts | 65,094 | 56 | Other receivables | 472 | |||||||||||||||||
Trade notes, accounts payable and other liabilities | |||||||||||||||||||||
Credit derivatives held/written | 13,715 | 29 | Other receivables | 265 | Trade notes, accounts payable and other liabilities | ||||||||||||||||
Certain of the Company’s derivative instruments contain provisions that require the Company to maintain an investment grade credit rating from each of the major credit rating agencies. If the Company’s credit rating were to fall below investment grade, it would be in violation of these provisions, and the counterparties to the derivative instruments could request immediate payment on derivative instruments that are in net liability positions. There are no derivative instruments with credit-risk-related contingent features that are in a liability position on March 31, 2013 and 2014. | |||||||||||||||||||||
ASC 815-10-50 (“Derivatives and Hedging—Disclosures”) requires sellers of credit derivatives to disclose additional information about credit-risk-related potential payment risk. | |||||||||||||||||||||
The Company and its subsidiaries have contracted credit derivatives for the purpose of trading. Details of credit derivatives written as of March 31, 2013 and 2014 are as follows. | |||||||||||||||||||||
March 31, 2013 | |||||||||||||||||||||
Types of derivatives | The events or circumstances | Maximum | Approximate | Fair value of | |||||||||||||||||
that would require | potential amount of | remaining | the credit | ||||||||||||||||||
the seller to perform under | future payment under | term of the | derivative | ||||||||||||||||||
the credit derivative | the credit derivative | credit | |||||||||||||||||||
Millions | derivative | Millions | |||||||||||||||||||
of yen | of yen | ||||||||||||||||||||
Credit default swap | In case of credit event (bankruptcy, failure to pay, restructuring) occurring in underlying reference company* | ¥ | 832 | Less than | ¥ | (29 | ) | ||||||||||||||
five years | |||||||||||||||||||||
* | Underlying reference company’s credit ratings are Caa1 or better rated by rating agencies as of March 31, 2013. | ||||||||||||||||||||
March 31, 2014 | |||||||||||||||||||||
Types of derivatives | The events or circumstances | Maximum | Approximate | Fair value of | |||||||||||||||||
that would require | potential amount of | remaining | the credit | ||||||||||||||||||
the seller to perform under | future payment under | term of the | derivative | ||||||||||||||||||
the credit derivative | the credit derivative | credit | |||||||||||||||||||
Millions | derivative | Millions | |||||||||||||||||||
of yen | of yen | ||||||||||||||||||||
Credit default swap | In case of credit event (bankruptcy, failure to pay, restructuring) occurring in underlying reference company* | ¥ | 425 | Less than | ¥ | 29 | |||||||||||||||
four years | |||||||||||||||||||||
* | Underlying reference company’s credit ratings are Baa1 or better rated by rating agencies as of March 31, 2014. |
Offsetting_Assets_and_Liabilit
Offsetting Assets and Liabilities | 12 Months Ended | ||||||||||||||||||||||||
Mar. 31, 2014 | |||||||||||||||||||||||||
Offsetting Assets and Liabilities | ' | ||||||||||||||||||||||||
30. Offsetting Assets and Liabilities | |||||||||||||||||||||||||
The gross amounts recognized, gross amounts offset, and net amounts presented in the consolidated balance sheet regarding to derivative assets and liabilities and other assets and liabilities as of March 31, 2013 and 2014 are as follows. | |||||||||||||||||||||||||
March 31, 2013 | |||||||||||||||||||||||||
Millions of yen | |||||||||||||||||||||||||
Gross amounts | Gross amounts | Net amounts | Gross amounts not offset in | Net amount | |||||||||||||||||||||
recognized | offset in the | presented in | the consolidated balance sheets*1 | ||||||||||||||||||||||
consolidated | the consolidated | ||||||||||||||||||||||||
balance sheets | balance sheets | Financial | Cash collateral | ||||||||||||||||||||||
instruments | |||||||||||||||||||||||||
Derivative assets | ¥ | 17,124 | ¥ | (2,639 | ) | ¥ | 14,485 | ¥ | (2,994 | ) | ¥ | (124 | ) | ¥ | 11,367 | ||||||||||
Reverse repurchase, securities borrowing, and similar arrangements*2 | 7,752 | (7,639 | ) | 113 | 0 | 0 | 113 | ||||||||||||||||||
Total assets | 24,876 | (10,278 | ) | 14,598 | (2,994 | ) | (124 | ) | 11,480 | ||||||||||||||||
Derivative liabilities | 20,676 | (2,639 | ) | 18,037 | (2,994 | ) | (159 | ) | 14,884 | ||||||||||||||||
Repurchase, securities lending, and similar arrangements*2 | 7,639 | (7,639 | ) | 0 | 0 | 0 | 0 | ||||||||||||||||||
Total liabilities | ¥ | 28,315 | ¥ | (10,278 | ) | ¥ | 18,037 | ¥ | (2,994 | ) | ¥ | (159 | ) | ¥ | 14,884 | ||||||||||
March 31, 2014 | |||||||||||||||||||||||||
Millions of yen | |||||||||||||||||||||||||
Gross amounts | Gross amounts | Net amounts | Gross amounts not offset in | Net amount | |||||||||||||||||||||
recognized | offset in the | presented in | the consolidated balance sheets*1 | ||||||||||||||||||||||
consolidated | the consolidated | ||||||||||||||||||||||||
balance sheets | balance sheets | Financial | Cash collateral | ||||||||||||||||||||||
instruments | |||||||||||||||||||||||||
Derivative assets | ¥ | 12,651 | ¥ | (214 | ) | ¥ | 12,437 | ¥ | (1,015 | ) | ¥ | 0 | ¥ | 11,422 | |||||||||||
Reverse repurchase, securities borrowing, and similar arrangements*2 | 3,064 | (3,049 | ) | 15 | 0 | 0 | 15 | ||||||||||||||||||
Total assets | 15,715 | (3,263 | ) | 12,452 | (1,015 | ) | 0 | 11,437 | |||||||||||||||||
Derivative liabilities | 16,860 | (214 | ) | 16,646 | (1,015 | ) | (571 | ) | 15,060 | ||||||||||||||||
Repurchase, securities lending, and similar arrangements*2 | 3,049 | (3,049 | ) | 0 | 0 | 0 | 0 | ||||||||||||||||||
Total liabilities | ¥ | 19,909 | ¥ | (3,263 | ) | ¥ | 16,646 | ¥ | (1,015 | ) | ¥ | (571 | ) | ¥ | 15,060 | ||||||||||
*1 | The balances related to enforceable master netting agreements or similar agreements which were not offset in the consolidated balance sheets. | ||||||||||||||||||||||||
*2 | Reserve repurchase agreements and securities borrowing, and similar transactions are reported within other receivables in the consolidated balance sheets. Repurchase agreements and securities lending, and similar transactions are reported within trade notes, accounts payable and other liabilities in the consolidated balance sheets. |
Significant_Concentrations_of_
Significant Concentrations of Credit Risk | 12 Months Ended |
Mar. 31, 2014 | |
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 direct financing 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. | |
The Company and its subsidiaries make investments in securities for various purposes. The risk of incurring significant losses during a certain period is believed to be minimal due to the diversification in the investment portfolio. However, various factors, including the issuer’s credit risk and market trends, could expose the Company and its subsidiaries to a risk of unexpected loss. | |
At March 31, 2013 and 2014, 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, ¥4,723 billion, or 77%, at March 31, 2013 and ¥4,752 billion, or 79%, at March 31, 2014 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 United States. The gross amount of such exposure is ¥777 billion and ¥503 billion as of March 31, 2013 and 2014, respectively. Since the Company and its subsidiaries adopted ASU 2009-16 and ASU 2009-17 on April 1, 2010, which changed the circumstances under which we are required to consolidate certain VIEs, the amounts above in relation to our exposure in the United States mainly include the effect of such consolidated VIEs. | |
The Company and its subsidiaries run businesses such as development and rental of commercial real estate and office buildings, condominium development and sales, hotel, golf course, and training facility operation. Real estate in development and rental business is mainly recorded in investment in direct financing leases and operating leases. In connection with investment in direct financing leases and operating leases, the percentage of investment in real estate to consolidated total assets is 11.7% and 9.7% as of March 31, 2013 and 2014, respectively. | |
The Company and its subsidiaries have transportation equipment such as automobile operations and aircraft. Transportation equipment is mainly recorded in investment in direct financing leases and operating leases. In connection with investment in direct financing leases and operating leases, the percentage of investment in transportation equipment to consolidated total assets is 10.4% and 10.9% as of March 31, 2013 and 2014, respectively. | |
The Company and its subsidiaries provide consumers with housing loans. In connection with installment loans, the percentage of housing loans to consolidated total assets is 10.9% and 10.8% as of March 31, 2013 and 2014, respectively. |
Estimated_Fair_Value_of_Financ
Estimated Fair Value of Financial Instruments | 12 Months Ended | ||||||||||||||||||||
Mar. 31, 2014 | |||||||||||||||||||||
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 amounts reported in the accompanying consolidated financial statements and the related market or fair value. | |||||||||||||||||||||
The disclosures include financial instruments and derivative financial instruments, other than investment in direct financing leases, investment in subsidiaries and affiliates, pension obligations and insurance contracts. | |||||||||||||||||||||
March 31, 2013 | |||||||||||||||||||||
Millions of yen | |||||||||||||||||||||
Carrying | Estimated | Level 1 | Level 2 | Level 3 | |||||||||||||||||
amount | fair value | ||||||||||||||||||||
Trading instruments | |||||||||||||||||||||
Trading securities | ¥ | 33,041 | ¥ | 33,041 | ¥ | 2,184 | ¥ | 30,857 | ¥ | 0 | |||||||||||
Futures, Foreign exchange contracts: | |||||||||||||||||||||
Assets | 147 | 147 | 147 | 0 | 0 | ||||||||||||||||
Liabilities | 0 | 0 | 0 | 0 | 0 | ||||||||||||||||
Credit derivatives held/written: | |||||||||||||||||||||
Assets | 370 | 370 | 0 | 370 | 0 | ||||||||||||||||
Liabilities | 100 | 100 | 0 | 100 | 0 | ||||||||||||||||
Options held/written and other: | |||||||||||||||||||||
Assets | 5,654 | 5,654 | 0 | 3,555 | 2,099 | ||||||||||||||||
Liabilities | 3,530 | 3,530 | 0 | 3,530 | 0 | ||||||||||||||||
Non-trading instruments | |||||||||||||||||||||
Assets: | |||||||||||||||||||||
Cash and cash equivalents | ¥ | 826,296 | ¥ | 826,296 | ¥ | 826,296 | ¥ | 0 | ¥ | 0 | |||||||||||
Restricted cash | 106,919 | 106,919 | 106,919 | 0 | 0 | ||||||||||||||||
Time deposits | 8,356 | 8,356 | 0 | 8,356 | 0 | ||||||||||||||||
Installment loans (net of allowance for probable loan losses) | 2,602,737 | 2,625,132 | 0 | 82,125 | 2,543,007 | ||||||||||||||||
Investment in securities: | |||||||||||||||||||||
Practicable to estimate fair value | 852,550 | 861,570 | 166,398 | 552,394 | 142,778 | ||||||||||||||||
Not practicable to estimate fair value* | 208,077 | 208,077 | 0 | 0 | 0 | ||||||||||||||||
Liabilities: | |||||||||||||||||||||
Short-term debt | ¥ | 420,726 | ¥ | 420,726 | ¥ | 0 | ¥ | 420,726 | ¥ | 0 | |||||||||||
Deposits | 1,078,587 | 1,081,273 | 0 | 1,081,273 | 0 | ||||||||||||||||
Long-term debt | 4,061,534 | 4,081,912 | 0 | 1,486,219 | 2,595,693 | ||||||||||||||||
Futures, Foreign exchange contracts: | |||||||||||||||||||||
Assets | 883 | 883 | 0 | 883 | 0 | ||||||||||||||||
Liabilities | 4,685 | 4,685 | 0 | 4,685 | 0 | ||||||||||||||||
Foreign currency swap agreements: | |||||||||||||||||||||
Assets | 2,890 | 2,890 | 0 | 2,890 | 0 | ||||||||||||||||
Liabilities | 8,263 | 8,263 | 0 | 8,263 | 0 | ||||||||||||||||
Interest rate swap agreements: | |||||||||||||||||||||
Assets | 4,654 | 4,654 | 0 | 4,654 | 0 | ||||||||||||||||
Liabilities | 1,459 | 1,459 | 0 | 1,459 | 0 | ||||||||||||||||
* | The fair value of investment securities of ¥208,077 million was not estimated, as it was not practical. | ||||||||||||||||||||
March 31, 2014 | |||||||||||||||||||||
Millions of yen | |||||||||||||||||||||
Carrying | Estimated | Level 1 | Level 2 | Level 3 | |||||||||||||||||
amount | fair value | ||||||||||||||||||||
Trading instruments | |||||||||||||||||||||
Trading securities | ¥ | 16,079 | ¥ | 16,079 | ¥ | 275 | ¥ | 15,804 | ¥ | 0 | |||||||||||
Futures, Foreign exchange contracts: | |||||||||||||||||||||
Assets | 8 | 8 | 8 | 0 | 0 | ||||||||||||||||
Liabilities | 184 | 184 | 28 | 156 | 0 | ||||||||||||||||
Credit derivatives held/written: | |||||||||||||||||||||
Assets | 29 | 29 | 0 | 29 | 0 | ||||||||||||||||
Liabilities | 265 | 265 | 0 | 265 | 0 | ||||||||||||||||
Options written and other: | |||||||||||||||||||||
Assets | 5,486 | 5,486 | 0 | 3,000 | 2,486 | ||||||||||||||||
Liabilities | 3,605 | 3,605 | 0 | 3,605 | 0 | ||||||||||||||||
Non-trading instruments | |||||||||||||||||||||
Assets: | |||||||||||||||||||||
Cash and cash equivalents | ¥ | 827,299 | ¥ | 827,299 | ¥ | 827,299 | ¥ | 0 | ¥ | 0 | |||||||||||
Restricted cash | 86,690 | 86,690 | 86,690 | 0 | 0 | ||||||||||||||||
Time deposits | 7,510 | 7,510 | 0 | 7,510 | 0 | ||||||||||||||||
Installment loans (net of allowance for probable loan losses) | 2,246,143 | 2,274,922 | 0 | 120,583 | 2,154,339 | ||||||||||||||||
Investment in securities: | |||||||||||||||||||||
Practicable to estimate fair value | 984,654 | 991,959 | 230,618 | 671,023 | 90,318 | ||||||||||||||||
Not practicable to estimate fair value* | 213,843 | 213,843 | 0 | 0 | 0 | ||||||||||||||||
Liabilities: | |||||||||||||||||||||
Short-term debt | ¥ | 309,591 | ¥ | 309,591 | ¥ | 0 | ¥ | 309,591 | ¥ | 0 | |||||||||||
Deposits | 1,206,413 | 1,206,642 | 0 | 1,206,642 | 0 | ||||||||||||||||
Long-term debt | 3,858,874 | 3,865,456 | 0 | 1,235,377 | 2,630,079 | ||||||||||||||||
Futures, Foreign exchange contracts: | |||||||||||||||||||||
Assets | 852 | 852 | 0 | 852 | 0 | ||||||||||||||||
Liabilities | 4,782 | 4,782 | 0 | 4,782 | 0 | ||||||||||||||||
Foreign currency swap agreements: | |||||||||||||||||||||
Assets | 3,534 | 3,534 | 0 | 3,534 | 0 | ||||||||||||||||
Liabilities | 7,176 | 7,176 | 0 | 7,176 | 0 | ||||||||||||||||
Interest rate swap agreements: | |||||||||||||||||||||
Assets | 2,528 | 2,528 | 0 | 2,528 | 0 | ||||||||||||||||
Liabilities | 634 | 634 | 0 | 634 | 0 | ||||||||||||||||
* | The fair value of investment securities of ¥213,843 million was not estimated, as it was not practical. | ||||||||||||||||||||
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. | |||||||||||||||||||||
Estimation of fair value | |||||||||||||||||||||
The following methods and significant assumptions were used to estimate the fair value of each class of financial instrument for which it is practicable to estimate a value: | |||||||||||||||||||||
Cash and cash equivalents, restricted cash, time deposits and short-term debt—The carrying amounts recognized in the balance sheets were determined to be reasonable estimates of their fair values due to their short maturity. | |||||||||||||||||||||
Installment loans—The carrying amounts of floating-rate installment loans with no significant changes in credit risk and which could be repriced within a short-term period were determined to be reasonable estimates of their fair values. The carrying amounts of purchased loans were determined to be reasonable estimates of their fair values because the carrying amounts (net of allowance) are considered to properly reflect the recoverability and value of these loans. For certain homogeneous categories of medium- and long-term fixed-rate loans, such as housing loans, the estimated fair values were calculated by discounting the future cash flows using the current interest rates charged by the Company and its subsidiaries for new loans made to borrowers with similar credit ratings and remaining maturities. Concerning above, if available, estimated fair values were based on quoted market prices or quotations provided by dealers. | |||||||||||||||||||||
Investment in securities—For trading securities and available-for-sale securities other than specified bonds issued by SPEs and certain other mortgage-backed and asset-backed securities, the estimated fair values, which are also the carrying amounts recorded in the balance sheets, were generally based on quoted market prices or quotations provided by dealers. As for the specified bonds issued by the SPEs and certain other mortgage-backed and asset-backed securities included in available-for-sale securities, the Company and its subsidiaries estimated the fair value by using valuation models including discounted cash flow methodologies and broker quotes (see Note 2). For held-to-maturity securities, the estimated fair values were based on quoted market prices. For certain investment funds included in other securities, the fair values are estimated based on net asset value per share or discounted cash flow methodologies. With regard to other securities other than the investment funds described above, the Company and its subsidiaries have not estimated the fair value, as it is not practicable to do so. Those other securities mainly consist of non-marketable equity securities and preferred capital shares. Because there were no quoted market prices for such other securities and each security has a different nature and characteristics, reasonable estimates of fair values could not be made without incurring excessive costs. | |||||||||||||||||||||
Deposits—The carrying amounts of demand deposits recognized in the consolidated balance sheets were determined to be reasonable estimates of their fair values. The estimated fair values of time deposits were calculated by discounting the future cash flows. The current interest rates offered for the deposits with similar terms and remaining average maturities were used as the discount rates. | |||||||||||||||||||||
Long-term debt—The carrying amounts of long-term debt with floating rates which could be repriced within short-term periods were determined to be reasonable estimates of their fair values. For medium-and long-term fixed-rate debt, the estimated fair values were calculated by discounting the future cash flows. The borrowing interest rates that were currently available to the Company and its subsidiaries offered by financial institutions for debt with similar terms and remaining average maturities were used as the discount rates. Concerning above, if available, estimated fair values were based on quoted market prices or quotations provided by dealers. | |||||||||||||||||||||
Derivatives—For exchange-traded derivatives, fair value is based on quoted market prices. Fair value estimates for other derivatives generally reflect the estimated amounts that the Company and its subsidiaries would receive or pay to terminate the contracts at the reporting date, thereby taking into account the current unrealized gains or losses of open contracts. Discounted amounts of future cash flows using the current interest rate are used when estimating the fair values for most of the Company’s and its subsidiaries’ derivatives. |
Commitments_Guarantees_and_Con
Commitments, Guarantees and Contingent Liabilities | 12 Months Ended | ||||||||||||||||||||||||
Mar. 31, 2014 | |||||||||||||||||||||||||
Commitments, Guarantees and Contingent Liabilities | ' | ||||||||||||||||||||||||
33. Commitments, Guarantees and Contingent Liabilities | |||||||||||||||||||||||||
Commitments—As of March 31, 2014, the Company and its subsidiaries have commitments for the purchase of equipment to be leased, having a cost of ¥20,390 million. | |||||||||||||||||||||||||
The minimum future rentals on non-cancelable operating leases are as follows: | |||||||||||||||||||||||||
Years ending March 31, | Millions of yen | ||||||||||||||||||||||||
2015 | ¥ | 7,558 | |||||||||||||||||||||||
2016 | 6,859 | ||||||||||||||||||||||||
2017 | 6,187 | ||||||||||||||||||||||||
2018 | 5,372 | ||||||||||||||||||||||||
2019 | 4,520 | ||||||||||||||||||||||||
Thereafter | 25,649 | ||||||||||||||||||||||||
Total | ¥ | 56,145 | |||||||||||||||||||||||
The Company and its subsidiaries lease office space under operating lease agreements, which are primarily cancelable, and made rental payments totaling ¥7,681 million, ¥7,848 million and ¥10,055 million in fiscal 2012, 2013 and 2014, respectively. | |||||||||||||||||||||||||
Certain computer systems of the Company and its subsidiaries have been operated and maintained under non-cancelable contracts with third-party service providers. For such services, the Company and its subsidiaries made payments totaling ¥442 million, ¥487 million and ¥3,399 million in fiscal 2012, 2013 and 2014, respectively. The longest contract of them will mature in fiscal 2020. As of March 31, 2014, the amounts due are as follows: | |||||||||||||||||||||||||
Years ending March 31, | Millions of yen | ||||||||||||||||||||||||
2015 | ¥ | 2,931 | |||||||||||||||||||||||
2016 | 1,369 | ||||||||||||||||||||||||
2017 | 1,029 | ||||||||||||||||||||||||
2018 | 295 | ||||||||||||||||||||||||
2019 | 217 | ||||||||||||||||||||||||
Thereafter | 125 | ||||||||||||||||||||||||
Total | ¥ | 5,966 | |||||||||||||||||||||||
The Company and its subsidiaries have commitments to fund estimated construction costs to complete ongoing real estate development projects and other commitments, totaling ¥69,375 million as of March 31, 2014. | |||||||||||||||||||||||||
The Company and its subsidiaries have agreements to commit to execute loans for consumers, and to invest in funds, as long as the agreed-upon terms are met. As of March 31, 2014, the total unused credit and capital amount available is ¥295,079 million. | |||||||||||||||||||||||||
Guarantees—The Company and its subsidiaries apply ASC 460 (“Guarantees”), and at the inception of a guarantee recognize a liability in the consolidated balance sheets at fair value for the guarantee within the scope of ASC 460. 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, 2013 and 2014: | |||||||||||||||||||||||||
2013 | 2014 | ||||||||||||||||||||||||
Millions of yen | Fiscal | Millions of yen | Fiscal | ||||||||||||||||||||||
year | year | ||||||||||||||||||||||||
Guarantees | Potential | Book | Maturity | Potential | Book | Maturity | |||||||||||||||||||
future | value of | of the | future | value of | of the | ||||||||||||||||||||
payment | guarantee | longest | payment | guarantee | longest | ||||||||||||||||||||
liabilities | contract | liabilities | contract | ||||||||||||||||||||||
Corporate loans | ¥ | 316,650 | ¥ | 2,587 | 2026 | ¥ | 349,435 | ¥ | 3,577 | 2021 | |||||||||||||||
Transferred loans | 196,162 | 4,246 | 2044 | 212,150 | 3,671 | 2045 | |||||||||||||||||||
Consumer loans | 77,034 | 8,085 | 2018 | 96,183 | 9,607 | 2018 | |||||||||||||||||||
Housing loans | 29,510 | 7,437 | 2051 | 33,704 | 7,013 | 2051 | |||||||||||||||||||
Other | 2,936 | 126 | 2024 | 3,070 | 92 | 2024 | |||||||||||||||||||
Total | ¥ | 622,292 | ¥ | 22,481 | — | ¥ | 694,542 | ¥ | 23,960 | — | |||||||||||||||
Guarantee of corporate loans: The Company and certain subsidiaries mainly guarantee corporate loans issued by financial institutions for customers. The Company and its subsidiaries are obliged to pay the outstanding loans when the guaranteed customers fail to pay principal and/or interest in accordance with the contract terms. In some cases, the corporate loans are secured by the guaranteed customers’ assets. Once the Company and its subsidiaries assume the guaranteed customers’ obligation, the Company and its subsidiaries obtain a right to claim the collateral assets. In other cases, certain contracts that guarantee corporate loans issued by financial institutions for customers include contracts that the amounts of performance guarantee are limited to a range of guarantee commissions. As of March 31, 2013 and March 31, 2014, total notional amount of the loans subject to such guarantees are ¥1,239,000 million and ¥1,269,000 million respectively, and book value of guarantee liabilities which amount is included in the table above are ¥734 million and ¥823 million, respectively. The potential future payment amounts included in the table above for these guarantees are limited to the agreed range of the guarantee commissions, which are less than the total notional amounts of the loans subject to these guarantees. | |||||||||||||||||||||||||
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 2014. | |||||||||||||||||||||||||
Guarantee of transferred loans: A subsidiary in the United States is authorized to underwrite, originate, fund, and service multi-family and seniors housing loans without prior approval from Fannie Mae under Fannie Mae’s Delegated Underwriting and Servicing program. As part of this program, Fannie Mae provides a commitment to purchase the loans. | |||||||||||||||||||||||||
In return for the delegated authority, the subsidiary guarantees the performance of certain housing loans transferred to Fannie Mae 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 2014. | |||||||||||||||||||||||||
Guarantee of consumer loans: A subsidiary guarantees consumer loans, typically card loans, issued by Japanese financial institutions. The subsidiary is obligated to pay the outstanding obligations when these loans become delinquent generally for more than a month. | |||||||||||||||||||||||||
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 2014. | |||||||||||||||||||||||||
Guarantee of housing loans: The Company and certain subsidiaries guarantee housing loans issued by Japanese financial institutions to third party individuals. The Company and its subsidiaries are typically obliged to pay the outstanding loans when these loans become delinquent more than three months. The housing loans are usually secured by the real properties. Once the Company and its subsidiaries assume the guaranteed parties’ obligation, the Company and its subsidiaries obtain a right to claim the collateral assets. | |||||||||||||||||||||||||
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 2014. | |||||||||||||||||||||||||
Other guarantees: Other guarantees include the guarantees to financial institutions and the guarantees derived from collection agency agreements. Pursuant to the contracts of the guarantees to financial institutions, a subsidiary pays to the financial institutions when customers of the financial institutions become debtors and default on the debts. Pursuant to the agreements of the guarantees derived from collection agency agreements, the Company and certain subsidiaries collect third parties’ debt and pay the uncovered amounts. | |||||||||||||||||||||||||
Litigation—The Company and its 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, 2014 | |||||||||||||||||||||||||||||
Segment Information | ' | ||||||||||||||||||||||||||||
34. Segment Information | |||||||||||||||||||||||||||||
Financial information about the operating segments reported below is that which is available by segment and evaluated regularly by the management in deciding how to allocate resources and in assessing performance. | |||||||||||||||||||||||||||||
From July 1, 2013, in conjunction with the acquisition of Robeco, goodwill and other intangible assets have been allocated to the relevant segments. In addition, from November 1, 2013, ORIX’s Information and Communication Technology Department which was previously included in the Maintenance Leasing Segment, is disclosed as part of the Corporate Financial Services Segment due to reorganization of operation management. | |||||||||||||||||||||||||||||
Due to these changes, the reclassified figures are shown for the years ended March 31, 2012 and 2013. | |||||||||||||||||||||||||||||
An overview of operations for each of the six segments follows below. | |||||||||||||||||||||||||||||
Corporate Financial Services | : | Lending, leasing and fee business | |||||||||||||||||||||||||||
Maintenance Leasing | : | Automobile leasing and rentals, car sharing, and precision measuring and IT-related equipment rentals and leasing | |||||||||||||||||||||||||||
Real Estate | : | Real estate development, rental and financing, facility operation, REIT asset management and real estate investment advisory services | |||||||||||||||||||||||||||
Investment and Operation | : | Environment and energy-related business, principal investment and loan servicing (asset recovery) | |||||||||||||||||||||||||||
Retail | : | Life insurance, banking and card loan business | |||||||||||||||||||||||||||
Overseas Business | : | Leasing, lending, investment in bonds, investment banking, asset management and ship- and aircraft-related operations | |||||||||||||||||||||||||||
Financial information of the segments for the years ended March 31, 2012, 2013 and 2014 is as follows: | |||||||||||||||||||||||||||||
Year ended March 31, 2012 | Millions of yen | ||||||||||||||||||||||||||||
Corporate | Maintenance | Real | Investment | Retail | Overseas | Total | |||||||||||||||||||||||
Financial | Leasing | Estate | and | Business | |||||||||||||||||||||||||
Services | Operation | ||||||||||||||||||||||||||||
Revenues | ¥ | 76,393 | ¥ | 228,007 | ¥ | 222,631 | ¥ | 73,293 | ¥ | 160,071 | ¥ | 187,240 | ¥ | 947,635 | |||||||||||||||
Interest revenue | 20,242 | 2 | 10,729 | 21,716 | 29,041 | 32,210 | 113,940 | ||||||||||||||||||||||
Interest expense | 10,336 | 3,609 | 15,213 | 5,759 | 7,195 | 19,216 | 61,328 | ||||||||||||||||||||||
Depreciation and amortization | 3,738 | 98,495 | 17,574 | 1,742 | 8,916 | 28,194 | 158,659 | ||||||||||||||||||||||
Other significant non-cash items: | |||||||||||||||||||||||||||||
Provision for doubtful receivables and probable loan losses | 2,461 | (173 | ) | 2,988 | 7,427 | 1,128 | 3,811 | 17,642 | |||||||||||||||||||||
Write-downs of long-lived assets | 793 | 0 | 11,311 | 713 | 0 | 798 | 13,615 | ||||||||||||||||||||||
Increase in policy liabilities | 0 | 0 | 0 | 0 | 6,421 | 0 | 6,421 | ||||||||||||||||||||||
Equity in net income (loss) of affiliates and gains (losses) on sales of subsidiaries and affiliates and liquidation losses, net | 687 | 146 | 1,321 | 7,033 | (9,996 | ) | 6,299 | 5,490 | |||||||||||||||||||||
Discontinued operations | 475 | 0 | 1,608 | (3,309 | ) | 1,749 | 661 | 1,184 | |||||||||||||||||||||
Segment profits | 22,989 | 33,253 | 1,349 | 15,983 | 19,352 | 49,768 | 142,694 | ||||||||||||||||||||||
Segment assets | 946,468 | 490,869 | 1,390,518 | 471,923 | 1,742,906 | 1,081,190 | 6,123,874 | ||||||||||||||||||||||
Long-lived assets | 27,132 | 327,386 | 977,102 | 33,964 | 44,986 | 195,207 | 1,605,777 | ||||||||||||||||||||||
Expenditures for long-lived assets | 909 | 126,779 | 22,945 | 507 | 14 | 63,506 | 214,660 | ||||||||||||||||||||||
Investment in affiliates | 16,842 | 880 | 84,697 | 61,469 | 79,255 | 88,564 | 331,707 | ||||||||||||||||||||||
Millions of yen | |||||||||||||||||||||||||||||
Year ended March 31, 2013 | Corporate | Maintenance | Real Estate | Investment | Retail | Overseas | Total | ||||||||||||||||||||||
Financial | Leasing | and | Business | ||||||||||||||||||||||||||
Services | Operation | ||||||||||||||||||||||||||||
Revenues | ¥ | 76,128 | ¥ | 234,651 | ¥ | 215,212 | ¥ | 121,933 | ¥ | 188,695 | ¥ | 202,516 | ¥ | 1,039,135 | |||||||||||||||
Interest revenue | 17,946 | 15 | 9,062 | 22,573 | 45,854 | 35,830 | 131,280 | ||||||||||||||||||||||
Interest expense | 10,181 | 3,624 | 12,083 | 4,469 | 6,674 | 18,249 | 55,280 | ||||||||||||||||||||||
Depreciation and amortization | 2,610 | 106,254 | 18,369 | 2,110 | 10,631 | 31,695 | 171,669 | ||||||||||||||||||||||
Other significant non-cash items: | |||||||||||||||||||||||||||||
Provision for doubtful receivables and probable loan losses | 331 | (77 | ) | (449 | ) | 5,532 | 2,611 | 2,438 | 10,386 | ||||||||||||||||||||
Write-downs of long-lived assets | 0 | 0 | 12,075 | 1,723 | 0 | 328 | 14,126 | ||||||||||||||||||||||
Increase in policy liabilities | 0 | 0 | 0 | 0 | 20,990 | 0 | 20,990 | ||||||||||||||||||||||
Equity in net income (loss) of affiliates and gains (losses) on sales of subsidiaries and affiliates and liquidation losses, net | 1,145 | 176 | (631 | ) | 7,251 | 4,680 | 9,521 | 22,142 | |||||||||||||||||||||
Discontinued operations | 0 | 0 | 3,662 | (841 | ) | 632 | 575 | 4,028 | |||||||||||||||||||||
Segment profits | 25,932 | 34,913 | 5,582 | 34,937 | 43,209 | 52,756 | 197,329 | ||||||||||||||||||||||
Segment assets | 943,295 | 549,300 | 1,133,170 | 444,315 | 1,994,140 | 1,318,434 | 6,382,654 | ||||||||||||||||||||||
Long-lived assets | 27,485 | 381,746 | 864,754 | 49,441 | 92,817 | 280,218 | 1,696,461 | ||||||||||||||||||||||
Expenditures for long-lived assets | 1,943 | 160,420 | 22,276 | 1,200 | 206 | 109,426 | 295,471 | ||||||||||||||||||||||
Investment in affiliates | 18,020 | 1,459 | 73,141 | 65,713 | 25,205 | 143,019 | 326,557 | ||||||||||||||||||||||
Millions of yen | |||||||||||||||||||||||||||||
Year ended March 31, 2014 | Corporate | Maintenance | Real Estate | Investment | Retail | Overseas | Total | ||||||||||||||||||||||
Financial | Leasing | and | Business | ||||||||||||||||||||||||||
Services | Operation | ||||||||||||||||||||||||||||
Revenues | ¥ | 76,877 | ¥ | 251,366 | ¥ | 198,450 | ¥ | 178,532 | ¥ | 211,468 | ¥ | 416,226 | ¥ | 1,332,919 | |||||||||||||||
Interest revenue | 15,250 | 12 | 3,789 | 17,258 | 50,381 | 34,760 | 121,450 | ||||||||||||||||||||||
Interest expense | 8,594 | 3,687 | 8,812 | 3,939 | 5,592 | 28,042 | 58,666 | ||||||||||||||||||||||
Depreciation and amortization | 3,170 | 117,357 | 19,200 | 2,760 | 12,644 | 41,551 | 196,682 | ||||||||||||||||||||||
Other significant non-cash items: | |||||||||||||||||||||||||||||
Provision for doubtful receivables and probable loan losses | (974 | ) | 363 | 2,079 | 2,615 | 3,485 | 5,673 | 13,241 | |||||||||||||||||||||
Write-downs of long-lived assets | 0 | 1,292 | 16,958 | 15 | 0 | 1,046 | 19,311 | ||||||||||||||||||||||
Increase in policy liabilities | 0 | 0 | 0 | 0 | 28,429 | 0 | 28,429 | ||||||||||||||||||||||
Equity in net income (loss) of affiliates and gains (losses) on sales of subsidiaries and affiliates and liquidation losses, net | 792 | 152 | 4,709 | 68,216 | 3,920 | 6,793 | 84,582 | ||||||||||||||||||||||
Discontinued operations | 0 | 0 | 8,832 | 383 | 238 | (279 | ) | 9,174 | |||||||||||||||||||||
Segment profits | 24,874 | 37,062 | 17,956 | 94,111 | 49,871 | 69,688 | 293,562 | ||||||||||||||||||||||
Segment assets | 992,078 | 622,009 | 962,404 | 565,740 | 2,166,986 | 1,972,138 | 7,281,355 | ||||||||||||||||||||||
Long-lived assets | 26,665 | 433,342 | 773,146 | 71,403 | 76,491 | 396,948 | 1,777,995 | ||||||||||||||||||||||
Expenditures for long-lived assets | 3,505 | 176,952 | 32,056 | 22,428 | 195 | 117,419 | 352,555 | ||||||||||||||||||||||
Investment in affiliates | 18,909 | 1,718 | 62,504 | 76,734 | 10,971 | 143,454 | 314,290 | ||||||||||||||||||||||
Segment figures reported in these tables include operations classified as discontinued operations in the accompanying consolidated statements of income. | |||||||||||||||||||||||||||||
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, income from discontinued operations and the consolidation of certain variable interest entities (VIEs). Income taxes are not included in segment profits or losses because the management evaluates segments’ performance on a pre-tax basis. Also, 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 (per-tax) attributable to ORIX Corporation Shareholders. On the other hand, income from discontinued operations is included in segment profits or losses because the management considers such disposal activities as part of the ordinary course of business. Net income attributable to the noncontrolling interests, net income attributable to the redeemable noncontrolling interests and income from discontinued operations, which are recognized net of tax in the accompanying consolidated statements of income, are adjusted to profit or loss before income taxes, when calculating segment profits or losses. Most of selling, general and administrative expenses, including compensation costs that are directly related to the revenue generating activities of each segment, have been accumulated by and charged to each segment. Gains and losses that management does not consider for evaluating the performance of the segments, such as write-downs of certain securities, write-downs of certain long-lived assets and certain foreign exchange gains or losses are excluded from the segment profits or losses, and are regarded as corporate items. | |||||||||||||||||||||||||||||
Assets attributed to each segment are investment in direct financing leases, installment loans, investment in operating leases, investment in securities, other operating assets, investment in affiliates, inventories, advances for investment in operating leases (included in other assets), advances for investment in other operating assets (included in other assets) and goodwill and other intangible assets recognized as a result of business combination (included in other assets). This has resulted in the depreciation of office facilities being included in each segment’s profit or loss while the carrying amounts of corresponding assets are not allocated to each segment’s assets. However, the effect resulting from this allocation is not significant. | |||||||||||||||||||||||||||||
For those VIEs that are used for securitization and are consolidated in accordance with ASC 810 (“Consolidations”), for which the VIE’s assets can be used only to settle related obligations of those VIEs and the creditors (or beneficial interest holders) do not have recourse to other assets of the Company or its subsidiaries, segment assets are measured based on the amount of the Company and its subsidiaries’ net investments in the VIEs, which is different from the amount of total assets of the VIEs, and accordingly, segment revenues are also measured at a net amount representing the revenues earned on the net investments in the VIEs. | |||||||||||||||||||||||||||||
Certain gains or losses related to assets and liabilities of consolidated VIEs, which are not ultimately attributable to the Company and its subsidiaries, are excluded from segment profits. | |||||||||||||||||||||||||||||
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 | |||||||||||||||||||||||||||||
2012 | 2013 | 2014 | |||||||||||||||||||||||||||
Segment revenues: | |||||||||||||||||||||||||||||
Total revenues for segments | ¥ | 947,635 | ¥ | 1,039,135 | ¥ | 1,332,919 | |||||||||||||||||||||||
Revenues related to corporate assets | 5,564 | 4,118 | 4,935 | ||||||||||||||||||||||||||
Revenues related to assets of certain VIEs | 41,833 | 33,210 | 30,404 | ||||||||||||||||||||||||||
Revenues from discontinued operations | (30,253 | ) | (20,699 | ) | (26,607 | ) | |||||||||||||||||||||||
Total consolidated revenues | ¥ | 964,779 | ¥ | 1,055,764 | ¥ | 1,341,651 | |||||||||||||||||||||||
Segment profits: | |||||||||||||||||||||||||||||
Total segment profits | ¥ | 142,694 | ¥ | 197,329 | ¥ | 293,562 | |||||||||||||||||||||||
Corporate interest expenses, general and administrative expenses | (14,690 | ) | (23,133 | ) | (17,387 | ) | |||||||||||||||||||||||
Corporate other gains (losses) | (3,689 | ) | (11,784 | ) | (4,467 | ) | |||||||||||||||||||||||
Gains (losses) related to assets or liabilities of certain VIEs | 2,583 | 2,832 | 17,003 | ||||||||||||||||||||||||||
Discontinued operations, pre-tax | (1,775 | ) | 179 | (12,182 | ) | ||||||||||||||||||||||||
Net income attributable to the noncontrolling interests and net income attributable to the redeemable noncontrolling interests, net of applicable tax effect | 2,392 | 7,149 | 7,197 | ||||||||||||||||||||||||||
Total consolidated income before income taxes and discontinued operations | ¥ | 127,515 | ¥ | 172,572 | ¥ | 283,726 | |||||||||||||||||||||||
Segment assets: | |||||||||||||||||||||||||||||
Total segment assets | ¥ | 6,123,874 | ¥ | 6,382,654 | ¥ | 7,281,355 | |||||||||||||||||||||||
Cash and cash equivalents, restricted cash and time deposits | 934,257 | 941,571 | 921,499 | ||||||||||||||||||||||||||
Allowance for doubtful receivables on direct financing leases and probable loan losses | (136,588 | ) | (104,264 | ) | (84,796 | ) | |||||||||||||||||||||||
Other receivables | 188,108 | 196,626 | 239,958 | ||||||||||||||||||||||||||
Other corporate assets | 357,244 | 354,433 | 458,225 | ||||||||||||||||||||||||||
Assets of certain VIEs | 865,935 | 668,690 | 253,151 | ||||||||||||||||||||||||||
Total consolidated assets | ¥ | 8,332,830 | ¥ | 8,439,710 | ¥ | 9,069,392 | |||||||||||||||||||||||
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 | |||||||||||||||||||||||||||||
Year Ended March 31, 2012 | |||||||||||||||||||||||||||||
Japan | America*2 | Other*3 | Difference between Geographic Total | Consolidated | |||||||||||||||||||||||||
and Consolidated Amounts | Amounts | ||||||||||||||||||||||||||||
Total Revenues | ¥ | 768,955 | ¥ | 130,717 | ¥ | 95,360 | ¥ | (30,253 | ) | ¥ | 964,779 | ||||||||||||||||||
Income before Income Taxes*1 | 74,966 | 26,894 | 27,430 | (1,775 | ) | 127,515 | |||||||||||||||||||||||
Millions of yen | |||||||||||||||||||||||||||||
Year Ended March 31, 2013 | |||||||||||||||||||||||||||||
Japan | America*2 | Other*3 | Difference between Geographic Total | Consolidated | |||||||||||||||||||||||||
and Consolidated Amounts | Amounts | ||||||||||||||||||||||||||||
Total Revenues | ¥ | 843,625 | ¥ | 130,561 | ¥ | 102,277 | ¥ | (20,699 | ) | ¥ | 1,055,764 | ||||||||||||||||||
Income before Income Taxes*1 | 116,235 | 27,458 | 28,700 | 179 | 172,572 | ||||||||||||||||||||||||
Millions of yen | |||||||||||||||||||||||||||||
Year Ended March 31, 2014 | |||||||||||||||||||||||||||||
Japan | America*2 | Other*3*4 | Difference between Geographic Total | Consolidated | |||||||||||||||||||||||||
and Consolidated Amounts | Amounts | ||||||||||||||||||||||||||||
Total Revenues | ¥ | 923,242 | ¥ | 149,610 | ¥ | 295,406 | ¥ | (26,607 | ) | ¥ | 1,341,651 | ||||||||||||||||||
Income before Income Taxes*1 | 208,829 | 42,901 | 44,178 | (12,182 | ) | 283,726 | |||||||||||||||||||||||
*1 | Results of discontinued operations before applicable tax effect are included in each amount attributed to each geographic area. | ||||||||||||||||||||||||||||
*2 | Mainly United States | ||||||||||||||||||||||||||||
*3 | Mainly Asia, Europe, Australasia and Middle East | ||||||||||||||||||||||||||||
*4 | Robeco, one of the Company’s subsidiaries domiciled in the Netherlands, conducts principally an asset management business. Due to the integrated nature of such business with its customer base spread across the world, “Other” locations include the total revenues and the income before income taxes of Robeco, respectively, for the fiscal year ended March 31, 2014. The revenues of Robeco aggregated on a legal entity basis were ¥58,997 million in America and ¥52,030 million in other for the fiscal year ended March 31, 2014. | ||||||||||||||||||||||||||||
ASC 280 (“Segment Reporting”) requires disclosure of revenues from external customers for each product and service as enterprise-wide information. The consolidated statements of income in which the revenues are categorized based on the nature of the types of business conducted include the required information. | |||||||||||||||||||||||||||||
No single customer accounted for 10% or more of the Company’s total revenues for the fiscal years ended March 31, 2012, 2013 and 2014. |
Subsequent_Events
Subsequent Events | 12 Months Ended |
Mar. 31, 2014 | |
Subsequent Events | ' |
35. Subsequent Events | |
On April 28, 2014, ORIX Life Insurance Corporation (hereinafter, “ORIX Life Insurance”), a subsidiary of the Company, decided, subject to obtaining the required approval of relevant regulatory authorities, to purchase all issued shares of Hartford Life Insurance K.K. (Address: Minato-ku, Tokyo, Business Description: Life insurance business and reinsurance business, hereinafter “HLIKK”) held by Hartford Life, Inc. (Address: Simsbury, Connecticut, U.S.A.) in order to enhance its capital strength and improve the soundness of its management, in view of accelerating its growth. Upon closing, HLIKK would become a consolidated subsidiary of the Company. | |
Total acquisition cost of the HLIKK’s shares was estimated at $895 million. (approximately ¥91.6 billion) as of April 28, 2014. However, the purchase price is subject to potential upward or downward adjustments at the closing date based on changes in the adjusted net worth of HLIKK. | |
The Company and its subsidiaries are currently evaluating the effect of this purchase on the Company and its subsidiaries’ results of operations and financial position as of the date of this filling. | |
The purchase is targeted to be closed during July 2014. |
Schedule_IIValuation_and_Quali
Schedule II.-Valuation and Qualifying Accounts and Reserves | 12 Months Ended | ||||||||||||||||||||||||
Mar. 31, 2014 | |||||||||||||||||||||||||
Schedule II.-Valuation and Qualifying Accounts and Reserves | ' | ||||||||||||||||||||||||
Schedule II.—Valuation and Qualifying Accounts and Reserves | |||||||||||||||||||||||||
ORIX Corporation and Subsidiaries | |||||||||||||||||||||||||
Description | Millions of yen | ||||||||||||||||||||||||
Year Ended March 31, 2012 | |||||||||||||||||||||||||
Balance at | Acquisitions | Addition: | Deduction | Translation | Balance at | ||||||||||||||||||||
beginning | Charged to | adjustment | end of period | ||||||||||||||||||||||
of period | costs and | ||||||||||||||||||||||||
expenses | |||||||||||||||||||||||||
Restructuring cost: | |||||||||||||||||||||||||
Closed office lease obligations | ¥ | 78 | ¥ | 0 | ¥ | 0 | ¥ | (38 | ) | ¥ | (1 | ) | ¥ | 39 | |||||||||||
Severance and other benefits to terminated employees | 0 | 0 | 15 | (15 | ) | 0 | 0 | ||||||||||||||||||
Total | ¥ | 78 | ¥ | 0 | ¥ | 15 | ¥ | (53 | ) | ¥ | (1 | ) | ¥ | 39 | |||||||||||
Description | Millions of yen | ||||||||||||||||||||||||
Year Ended March 31, 2013 | |||||||||||||||||||||||||
Balance at | Acquisitions | Addition: | Deduction | Translation | Balance at | ||||||||||||||||||||
beginning | Charged to | adjustment | end of period | ||||||||||||||||||||||
of period | costs and | ||||||||||||||||||||||||
expenses | |||||||||||||||||||||||||
Restructuring cost: | |||||||||||||||||||||||||
Closed office lease obligations | ¥ | 39 | ¥ | 0 | ¥ | 0 | ¥ | (31 | ) | ¥ | 1 | ¥ | 9 | ||||||||||||
Severance and other benefits to terminated employees | 0 | 0 | 3 | (3 | ) | 0 | 0 | ||||||||||||||||||
Total | ¥ | 39 | ¥ | 0 | ¥ | 3 | ¥ | (34 | ) | ¥ | 1 | ¥ | 9 | ||||||||||||
Description | Millions of yen | ||||||||||||||||||||||||
Year Ended March 31, 2014 | |||||||||||||||||||||||||
Balance at | Acquisitions | Addition: | Deduction | Translation | Balance at | ||||||||||||||||||||
beginning | Charged to | adjustment | end of period | ||||||||||||||||||||||
of period | costs and | ||||||||||||||||||||||||
expenses | |||||||||||||||||||||||||
Restructuring cost: | |||||||||||||||||||||||||
Closed office lease obligations | ¥ | 9 | ¥ | 0 | ¥ | 0 | ¥ | (9 | ) | ¥ | 0 | ¥ | 0 | ||||||||||||
Severance and other benefits to terminated employees | 0 | 3,049 | 0 | (1,221 | ) | 104 | 1,932 | ||||||||||||||||||
Total | ¥ | 9 | ¥ | 3,049 | ¥ | 0 | ¥ | (1,230 | ) | ¥ | 104 | ¥ | 1,932 | ||||||||||||
Description | Millions of yen | ||||||||||||||||||||||||
Balance at | Acquisitions | Addition: | Deduction*1 | Other*2 | Balance at | ||||||||||||||||||||
beginning | Charged to | end of period | |||||||||||||||||||||||
of period | costs and | ||||||||||||||||||||||||
expenses | |||||||||||||||||||||||||
Deferred tax assets: | |||||||||||||||||||||||||
Valuation allowance | |||||||||||||||||||||||||
Year ended March 31, 2012 | ¥ | 26,794 | ¥ | 875 | ¥ | 6,339 | ¥ | (6,836 | ) | ¥ | (3,034 | ) | ¥ | 24,138 | |||||||||||
Year ended March 31, 2013 | ¥ | 24,138 | ¥ | 1,085 | ¥ | 4,973 | ¥ | (12,116 | ) | ¥ | 751 | ¥ | 18,831 | ||||||||||||
Year ended March 31, 2014 | ¥ | 18,831 | ¥ | 10,453 | ¥ | 3,300 | ¥ | (3,964 | ) | ¥ | 49 | ¥ | 28,669 | ||||||||||||
*1 | The amount of deduction includes benefits recognized in earnings, expiry of loss carryforwards and sales of subsidiaries. | ||||||||||||||||||||||||
*2 | The amount of other includes translation adjustment and the effect of changes in statutory tax rate. |
Significant_Accounting_and_Rep1
Significant Accounting and Reporting Policies (Policies) | 12 Months Ended | |||
Mar. 31, 2014 | ||||
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 initial direct costs to originate leases and loans, use of the straight-line method of depreciation for operating lease equipment, deferral of life insurance policy acquisition costs, calculation of insurance policy liabilities, accounting for goodwill and intangible assets resulting from business combinations, accounting for pension plans, accounting for changes in a parent’s ownership interest in its subsidiary, accounting for securitization of financial assets, reflection of the income tax effect on such adjustments and reclassification of discontinued operations, and the presentation of the noncontrolling interests. | ||||
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 pursuant to FASB Accounting Standards Codification (“ASC”) 810-10-25-2 to 14 (“Consolidation—The Effect of Noncontrolling Rights on Consolidation”). In addition, the consolidated financial statements also include variable interest entities to which the Company and its subsidiaries are primary beneficiaries pursuant to ASC 810 (“Consolidation”). | ||||
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 the 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. These are the selection of valuation techniques and determination of assumptions used in fair value measurements (see Note 2), the determination and periodic reassessment of the unguaranteed residual value for direct financing leases and operating leases (see (e)), the determination and reassessment of insurance policy liabilities and deferred policy acquisition costs (see (f)), the determination of the allowance for doubtful receivables on direct financing leases and probable loan losses (see (g)), the determination of impairment of long-lived assets (see (h)), the determination of impairment of investment in securities (see (i)), the determination of the valuation allowance for deferred tax assets and the evaluation of tax positions (see (j)), assessment and measurement of effectiveness in hedging relationship using derivative financial instruments (see (l)), the determination of benefit obligation and net periodic pension cost (see (m)) and the determination of impairment of goodwill and intangible assets not subject to amortization (see (w)). | ||||
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. | ||||
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 accumulated other comprehensive income (loss) arise from the translation of foreign currency financial statements into Japanese yen. | ||||
Recognition of revenues | ' | |||
(e) Recognition of revenues | ||||
Revenues are recognized when persuasive evidence of an arrangement exists, the service has been rendered or the goods have been delivered to the customer, the transaction price is fixed or determinable and collectability is reasonably assured. | ||||
In addition to the aforementioned general policy, the policies as specifically described hereinafter are applied for each of the major revenue items. | ||||
Leases—The Company and its subsidiaries lease various assets to customers under direct financing or operating lease arrangements. Classification of a lease arrangement into either a direct financing lease or an operating lease is dependent upon the specific conditions of the arrangement. Revenue recognition policies applied for direct financing leases and operating leases are specifically described in sections following this paragraph. In providing leasing services, the Company and its subsidiaries execute supplemental services, such as paying insurance and handling taxes on leased assets on behalf of lessees. In some cases, automobile maintenance services are also provided 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 taken into income over the contract period in proportion to the estimated service costs to be incurred and are recorded in other operating revenues in the accompanying consolidated statements of income. | ||||
(1) Recognition of revenues for direct financing leases | ||||
Direct financing leases consist of full-payout leases for various equipment types, including office equipment, industrial machinery and transportation equipment. The excess of aggregate lease rentals plus the estimated unguaranteed residual value over the cost of the leased equipment constitutes the unearned lease income to be taken into income over the lease term by using the interest method. The estimated residual values represent estimated proceeds from the disposition of equipment at the time the lease is terminated. Estimates of unguaranteed residual values are based on current market values of used equipment, estimates of when and how much equipment will become obsolete and actual recovery being experienced for similar used equipment. Initial direct costs are being deferred and amortized as a yield adjustment over the life of related lease by using the interest method. The unamortized balance of initial direct costs is reflected as a component of investment in direct financing leases. | ||||
(2) Recognition of revenues for operating leases | ||||
Revenues from operating leases are recognized on a straight-line basis over the contract terms. 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 9 years, measuring and information-related equipment is 4 years, real estate (other than land) is 31 years and other is 6 years. Depreciation expenses are included in costs of operating leases. Gains or losses arising from dispositions of operating lease assets, except real estate under operating leases, are included in operating lease revenues. With respect to some sales of real estate under operating leases such as commercial buildings, the Company or its subsidiaries may retain an interest in some cash flows of the real estate in the form of management or operation of the real estate. Where the Company or its subsidiaries have significant continuing involvement in the operations from the real estate under operating leases which have been disposed of, the gains or losses arising from such disposition are separately disclosed as gains on sales of real estate under operating leases, whereas if the Company or its subsidiaries have no significant continuing involvement in the operations from such disposed real estate, the gains or losses are reported as income from discontinued operations, net. | ||||
Estimates of residual values are based on current market values of used equipment, estimates of when and how much equipment will become obsolete and actual recovery being experienced for similar used equipment. | ||||
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. | ||||
Non-accrual policy—In common with all classes, past-due financing receivables are receivables for which principal or interest is past-due 30 days or more. Loans whose terms have been modified are not classified as past-due financing receivables if the principals and interests are not past-due 30 days or more in accordance with the modified terms. The Company and its subsidiaries suspend accruing revenues on past-due installment loans and direct financing leases when principal or interest is past-due 90 days or more, or earlier, if management determines 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 investment in direct financing 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 loans are applied first against past due interest and then any surpluses are applied to principal in view of the conditions of the contract and obligors. The Company and its subsidiaries return non-accrual loans and lease receivables to accrual status when it becomes probable that the Company and its subsidiaries will be able to collect all amounts due according to the contractual terms of these loans and receivables, as evidenced by continual payments from the debtors. The period of such continual payments before returning to accrual status varies depending on factors that we consider are relevant in assessing the debtor’s creditworthiness, such as the debtor’s business characteristics and financial conditions as well as relevant economic conditions and trends. | ||||
Brokerage commissions and net gains on investment securities—Brokerage commissions and net gains on investment securities are recorded on a trade date basis. | ||||
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. | ||||
Revenues from asset management and servicing—The Company and its subsidiaries provide to our customers investment management services for investments in financial assets, and asset management as well as maintenance and administrative services for investments in real estate properties. The Company and its subsidiaries also perform servicing duties on behalf of their customers. The Company and its subsidiaries receive fees for those services from Company’s customers. | ||||
Revenues from asset management and servicing are recognized in the consolidated statements of income when transactions occur or services are rendered and the amounts are fixed or determinable and collectability of which is reasonably assured. Certain subsidiaries recognize revenues from performance fees when earned based on the performance of the asset under management. Another subsidiary recognizes revenues from performance fees on an accrual basis over the period in which services are performed. | ||||
Revenues from asset management and servicing primarily include management fee income and performance fee income. 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 the contracts with customers. Performance fees are calculated based on the predetermined percentages of the performance of the assets under management in accordance with the contracts with customers. | ||||
Insurance premiums and expenses | ' | |||
(f) Insurance premiums and expenses | ||||
Premium income from life insurance policies is recognized as earned premiums when due. | ||||
Life insurance benefits are recorded as expenses when they are incurred. Policy liabilities for future policy benefits are established 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 and medical insurance. 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. The Company’s life insurance 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. | ||||
ASC 944 (“Financial Services—Insurance”) requires insurance companies to defer certain costs related directly to the successful acquisition of new or renewal insurance contracts and amortize them over the respective policy periods in proportion to anticipated premium revenue. These deferred policy acquisition costs consist primarily of first-year commissions in excess of recurring policy maintenance costs and expenses for underwriting policies. | ||||
Allowance for doubtful receivables on direct financing leases and probable loan losses | ' | |||
(g) Allowance for doubtful receivables on direct financing leases and probable loan losses | ||||
The allowance for doubtful receivables on direct financing 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 direct financing 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 experience, current delinquencies and delinquency trends, future cash flows expected to be received from the direct financing leases and loans and value of underlying collateral and guarantees. 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 loans, including loans that are not individually evaluated for impairment, and direct financing leases, the Company and its subsidiaries evaluate prior charge-off experience segmented by the debtors’ industries and the purpose of the loans, and then develop the allowance for doubtful receivables on direct financing leases and probable loan losses considering the prior charge-off experience and current economic conditions. | ||||
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 have followed ASC 360 (“Property, Plant, and Equipment”). Under ASC 360, long-lived assets to be held and used in operations, including tangible assets and intangible assets being amortized, consisting primarily of office building, condominiums, golf courses and other operating assets, shall be tested for recoverability whenever events or changes in circumstances indicate that the assets might be impaired. When the undiscounted future cash flows estimated to be generated by those assets are less than the carrying amount of those assets, the net 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 | ||||
Trading securities are reported at fair value with unrealized gains and losses included in income. | ||||
Available-for-sale securities are reported at fair value, and unrealized gains or losses are recorded in accumulated other comprehensive income (loss), net of applicable income taxes, except investments which are recorded at fair value with unrealized gains and losses included in income by electing the fair value option under ASC 825 (“Financial Instruments”). | ||||
Held-to-maturity securities are recorded at amortized cost. | ||||
Other securities are recorded at cost or carrying value that reflects equity income and loss based on the Company’s share, except investments which are recorded at fair value with unrealized gains and losses included in income by electing the fair value option under ASC 825 (“Financial Instruments”). | ||||
For available-for-sale securities, the Company and its subsidiaries generally recognize losses related to equity securities for which the fair value has been significantly below the acquisition cost (or current carrying value if an adjustment has been made in the past) for more than six months. Also, the Company and its subsidiaries charge against income losses related to equity securities in situations where, even though the fair value has not remained significantly below the carrying value for six months, the decline in the fair value of an equity security is based on the issuer’s specific economic conditions and not just general declines in the related market and where it is considered unlikely that the fair value of the equity security will recover within six months. | ||||
For debt securities, 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 securities if the Company and its subsidiaries intend to sell the debt security or it is more likely than not that the Company and its subsidiary 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 securities into the credit loss component and the non-credit loss component. The credit loss component is recognized in earnings, and the non-credit loss component is recognized in other comprehensive income (loss), net of applicable income taxes. | ||||
For other securities, when the Company and its subsidiaries determine the decline in value is other than temporary the Company and its subsidiaries reduce the carrying value of the security to the fair value and charge against income losses related to these other securities in situations. | ||||
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 operating loss and tax credit 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. 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 have followed ASC 740 (“Income Taxes”). According to ASC 740, the Company and its subsidiaries 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 the tax position that meets the recognition threshold at the largest amount of tax benefit that is greater than 50% likely of being realized upon settlement with the taxing authority. 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 consolidated subsidiaries have elected to file a consolidated tax return for National Corporation tax purposes. | ||||
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 (“the assets”) are sold to trusts or SPEs that issue asset-backed beneficial interests and securities to the investors. | ||||
In accordance with ASC 860 (“Transfers and Servicing”) and ASC 810 (“Consolidation”), trusts or SPEs used in securitization transactions have been consolidated if the Company and its subsidiaries are the primary beneficiary of the trusts or SPEs, and the transfers of the financial assets to those consolidated trusts and SPEs are not accounted for as sales. Assets held by consolidated trusts or consolidated SPEs continue to be accounted for as lease receivables and loan receivable, 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. | ||||
A certain subsidiary originates and sells loans into the secondary market, while retaining the obligation to service those loans. In addition, it 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 apply ASC 815 (“Derivatives and Hedging”), and all derivatives held by the Company and its subsidiaries are recognized 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 that are not hedges must be 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 change in the fair value of hedged assets or liabilities through the consolidated statements of income, or recorded in other comprehensive income (loss). | ||||
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) to the extent that the derivative is effective as a hedge, 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), depending on whether the hedged transaction 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, to the extent effective as a hedge, are recorded in the foreign currency translation adjustments account within other comprehensive income (loss). | ||||
Changes in the fair value of derivatives that are not held as a hedge, such as those held for trading use, or the ineffective portion of the change in fair value of derivatives that qualify as a hedge, are recorded in earnings. | ||||
For all hedging relationships, at inception the Company and its subsidiaries formally document the details of the hedging relationship and the hedged activity. The Company and its subsidiaries also 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 pension plans covering substantially all of their employees. The Company and its subsidiaries apply ASC 715 (“Compensation—Retirement Benefits”), and the costs of pension plans are accrued based on amounts determined using actuarial methods, with assumptions of discount rate, rate of increase in compensation level, expected long-term rate of return on plan assets and others. | ||||
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 | ||||
The Company and its subsidiaries apply ASC 718 (“Compensation—Stock Compensation”). ASC 718 requires, with limited exception, that the cost of employee services received in exchange for an award of equity instruments be measured based on the grant-date fair value. The costs are recognized over the requisite employee 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 capital to common stock as required by the Japanese Commercial Code (the “Code”) before amendment. However, no such reclassification was made for stock splits when common stock already included a portion of the proceeds from shares issued at a price in excess of par value. This method of accounting was in conformity with accounting principles generally accepted in Japan. | ||||
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 has become 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 capital amounts equal to the fair market value of the shares issued. Common stock is increased by the par value of the shares and additional paid-in capital is increased by the excess of the market value over par value of the shares issued. Had such stock splits made prior to October 1, 2001 been accounted for in this manner, additional paid-in capital as of March 31, 2014 would have increased by approximately ¥24,674 million, with a corresponding decrease in retained earnings. Total ORIX Corporation shareholders’ equity would remain unchanged. A stock split on May 19, 2000 and April 1, 2013 was excluded from the above amounts because the stock split was not considered to be a stock dividend under U.S. GAAP. | ||||
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 loans and others. | ||||
Other operating assets | ' | |||
(r) Other operating assets | ||||
Other operating assets consist primarily of operating facilities (including golf courses, hotels and training facilities and senior housing), 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 2012, 2013 and 2014 were ¥6,547 million, ¥8,072 million and ¥15,129 million, respectively. Accumulated depreciation was ¥48,313 million and ¥62,182 million as of March 31, 2013 and 2014, respectively. Estimated useful lives range up to 50 years for buildings, up to 60 years for land improvement and up to 20 years for others. | ||||
Other receivables | ' | |||
(s) Other receivables | ||||
Other receivables primarily include payments made on behalf of lessees for property tax, maintenance fees and insurance premiums in relation to direct financing lease contracts, accounts receivables in relation to sales of assets to be leased, residential condominiums and other assets, and derivative assets. | ||||
Inventories | ' | |||
(t) Inventories | ||||
Inventories primarily consist of advance and/or progress payments for development of residential condominiums for sale and completed residential condominiums (including completed residential condominiums waiting to be delivered to buyers under the contracts for sale). Advance and/or progress payments for development of residential condominiums for sale are carried at cost less any impairment losses and finished goods (including completed residential condominiums) are stated at the lower of cost or market. As of March 31, 2013 and 2014, advance and/or progress payments were ¥34,556 million and ¥111,813 million, respectively, and finished goods were ¥6,933 million and ¥24,291 million, respectively. | ||||
Certain subsidiaries recorded ¥4,039 million, ¥3,377 million and ¥5,650 million of write-downs principally for advance and/or progress payments for development of residential condominiums for sale for fiscal 2012, 2013 and 2014, respectively, resulting from an increase in development costs and/or a decrease in expected sales price. These write-downs were recorded in costs of real estate sales and included in the Real Estate 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 2012, 2013 and 2014 were ¥3,228 million, ¥2,994 million and ¥3,494 million, respectively. Accumulated depreciation was ¥41,698 million and ¥39,747 million as of March 31, 2013 and 2014, respectively. Estimated useful lives range up to 62 years for buildings and fixtures and up to 20 years for machinery and equipment. | ||||
Other assets | ' | |||
(v) Other assets | ||||
Other assets consist primarily of the excess of purchase prices over the net assets acquired in acquisitions (goodwill) and other intangible assets (see (w)), deferred insurance policy acquisition costs which are amortized over the contract periods, leasehold deposits, advance payments made in relation to purchases of assets to be leased and construction of real estate for operating lease, and deferred tax assets. | ||||
Goodwill and other intangible assets | ' | |||
(w) Goodwill and other intangible assets | ||||
The Company and its subsidiaries have followed ASC 805 (“Business Combinations”) and ASC 350 (“Intangibles—Goodwill and Other”). ASC 805 requires that all business combinations be accounted for using the acquisition method. It also requires that intangible assets acquired in a business combination be recognized apart from goodwill if the intangible assets meet one of two criteria—either the contractual-legal criterion or the separability criterion. In a business combination achieved in stages, the Company and its subsidiaries remeasure their previously held equity interest at the acquisition-date fair value and recognize the resulting gain or loss, if any, in earnings. | ||||
ASC 350 establishes how intangible assets (other than those acquired in a business combination) should be accounted for upon acquisition. It also addresses how goodwill and other intangible assets should be accounted for subsequent to their acquisition. Goodwill and intangible assets that have indefinite useful lives are not amortized but tested at least annually for impairment. Additionally, if events or changes in circumstances indicate that the asset might be impaired, we test for impairment when such events or changes occur. Under ASC 350, the Company and its subsidiaries may perform a qualitative assessment to determine whether to calculate the fair value of a reporting unit under the first step of the two-step goodwill impairment test. If, after assessing the totality of events or circumstances, it is determined 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 impairment test. However, if the Company and/or subsidiaries conclude otherwise, the Company and/or subsidiaries perform the first step of the two-step impairment test by calculating the fair value of the reporting unit and comparing the fair value with the carrying amount of the reporting unit. If the fair value of the reporting unit falls below its carrying amount, then the Company and/or subsidiaries perform the second step of the goodwill impairment test by comparing the fair value of goodwill with its carrying amount. If the carrying amount of goodwill exceeds its 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 perform the qualitative assessment for some goodwill but bypass the qualitative assessment and proceed directly to the first step of the two-step impairment test for other goodwill. | ||||
The Company and its subsidiaries adopted Accounting Standards Update 2012-02 (“Testing Indefinite-Lived Intangible Assets for Impairment”—ASC 350 (“Intangibles—Goodwill and Other”)) during the fiscal year ended March 31, 2013. According to ASU 2012-02, the Company and its subsidiaries may perform a qualitative assessment to determine whether it is more likely than not that the indefinite-lived intangible asset is impaired. 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 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, 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. 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. | ||||
Intangible assets with finite lives are amortized over their useful lives and tested for impairment in accordance with ASC 360 (“Property, Plant, and Equipment”). | ||||
Trade notes, accounts payable and other liabilities | ' | |||
(x) Trade notes, accounts payable and other liabilities | ||||
Trade notes, accounts payable and other liabilities include accounts payables, guarantee liabilities, and derivative liabilities. | ||||
Capitalization of interest costs | ' | |||
(y) Capitalization of interest costs | ||||
The Company and its subsidiaries capitalized interest costs of ¥2,395 million, ¥1,707 million and ¥981 million in fiscal 2012, 2013 and 2014, respectively, related to specific long-term development projects. | ||||
Advertising | ' | |||
(z) Advertising | ||||
The costs of advertising are expensed as incurred. The total amounts charged to advertising expense in fiscal 2012, 2013 and 2014 are ¥5,888 million, ¥11,579 million and ¥15,269 million, respectively. | ||||
Discontinued operations | ' | |||
(aa) Discontinued operations | ||||
The Company and its subsidiaries have followed ASC 205-20 (“Presentation of Financial Statements—Discontinued Operations”). Under ASC 205-20, the scope of discontinued operations includes the operating results of any component of an entity with its own identifiable operations and cash flow and in which operations the Company and its subsidiaries will not have significant continuing involvement. Included in reported discontinued operations are the operating results of operations for the subsidiaries, the business units and certain properties sold or to be disposed of by sale without significant continuing involvements, which results of operations for prior periods presented have also been reclassified as discontinued operations in the accompanying consolidated statements of income and consolidated statements of cash flows. | ||||
Earnings per share | ' | |||
(ab) Earnings per share | ||||
Basic earnings per share is computed by dividing income attributable to ORIX Corporation shareholders from continuing operations and net income attributable to ORIX Corporation shareholders by the weighted average number of shares of common stock outstanding in each period and diluted earnings per share reflects the potential dilution that could occur if securities or other contracts to issue common stock were exercised or converted into common stock. Earnings per share is adjusted for any stock splits and stock dividends retrospectively. For discussion stock splits, see Note 28 (“Per Share Data”). | ||||
Furthermore, the Company and its subsidiaries apply ASC 260-10-45-43 to 44 (“Earnings Per Share—Contingently Convertible Instruments”) to Liquid Yield Option Notes™ which were redeemed in fiscal 2013. | ||||
Partial sale and additional acquisition of the parent's ownership interest in subsidiaries | ' | |||
(ac) Partial sale and additional acquisition of the parent’s ownership interest in subsidiaries | ||||
A partial sale and an additional acquisition of the parent’s ownership interest in subsidiaries where the parent continues to retain control of that 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 | ' | |||
(ad) Redeemable noncontrolling interests | ||||
Noncontrolling interests in certain subsidiaries 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 in accordance with provisions including EITF Topic No. D-98 (ASC 480-10-s99-3A) (“Classification and Measurement of Redeemable Securities”). | ||||
Issuance of stock by an affiliate | ' | |||
(ae) 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 gain or loss in the consolidated statements of income in the year in which the change in ownership interest occurs. | ||||
New accounting pronouncements | ' | |||
(af) New accounting pronouncements | ||||
In December 2011, Accounting Standards Update 2011-10 (“Derecognition of in Substance Real Estate—a Scope Clarification”—ASC 360 (“Property, Plant, and Equipment”)) was issued. This Update is intended to resolve the diversity in practice and clarifies that when a parent (reporting entity) ceases to have a controlling financial interest in a subsidiary that is in substance real estate as a result of default on the subsidiary’s non-recourse debt, the reporting entity should apply the guidance in ASC 360-20 (“Property, Plant, and Equipment—Real Estate Sales”) to determine whether it should derecognize the in substance real estate. The Company and its subsidiaries adopted this Update on April 1, 2013. The adoption had no effect on the Company and its subsidiaries’ results of operations or financial position. | ||||
In December 2011, Accounting Standards Update 2011-11 (“Disclosures about Offsetting Assets and Liabilities”—ASC 210 (“Balance Sheet”)) was issued. This Update requires all entities that have financial instruments and derivative instruments that are either offset in the balance sheet or subject to an enforceable master netting arrangement or similar agreement to disclose information about offsetting and related arrangements. In January 2013, Accounting Standards Update 2013-01 (“Clarifying the Scope of Disclosures about Offsetting Assets and Liabilities”—ASC 210 (“Balance Sheet”)) was issued. This Update clarifies that the scope of Update 2011-11 applies to derivatives, repurchase agreements and reverse repurchase agreements, and securities borrowing and securities lending transactions that are either offset in accordance with Section 210-20-45 or Section 815-10-45 or subject to an enforceable master netting arrangement or similar agreement. The Company and its subsidiaries adopted these Updates on April 1, 2013. These Updates only relate to certain disclosure requirements and the adoption had no effect on the Company and its subsidiaries’ results of operations or financial position. | ||||
In February 2013, Accounting Standards Update 2013-02 (“Reporting of Amounts Reclassified Out of Accumulated Other Comprehensive Income”—ASC 220 (“Comprehensive Income”)) was issued. This Update supersedes the reporting requirement for reclassifications out of accumulated other comprehensive income, originally required under Accounting Standards Update 2011-05, for which the effective date was deferred by Accounting Standards Update 2011-12. This Update requires an entity to present information about amounts reclassified out of accumulated other comprehensive income, their corresponding effect on line items of net income and other information by component. An entity shall provide the information together, in one location, either on the face of the statement where net income is presented or as a separate disclosure in the notes to the financial statement. The Company and its subsidiaries adopted this Update on April 1, 2013. The Update only relates to certain disclosure requirements and the adoption had no effect on the Company and its subsidiaries’ results of operations or financial position. | ||||
In February 2013, Accounting Standards Update 2013-04 (“Obligations Resulting from Joint and Several Liability Arrangements for Which the Total Amount of the Obligation Is Fixed at the Reporting Date”—ASC 405 (“Liabilities”)) was issued. This Update requires an entity to measure obligations resulting from joint and several liability arrangements for which the total amount of the obligation within the scope of this guidance is fixed at the reporting date, as the sum of the amount the reporting entity agreed to pay on the basis of its arrangement among its co-obligors and any additional amount the reporting entity expects to pay on behalf of its co-obligors. The Update is effective for fiscal years, and interim periods within those years, beginning after December 15, 2013. Early adoption is permitted. The adoption is not expected to have a material effect on the Company and its subsidiaries’ results of operations or financial position. | ||||
In March 2013, Accounting Standards Update 2013-05 (“Parent’s Accounting for the Cumulative Translation Adjustment upon Derecognition of Certain Subsidiaries or Groups of Assets within a Foreign Entity or of an Investment in a Foreign Entity”—ASC 830 (“Foreign Currency Matters”)) was issued. This Update requires that when a reporting entity (parent) ceases to have a controlling financial interest in a subsidiary or group of assets that is a nonprofit activity or a business within a foreign entity, the parent release any related cumulative translation adjustment into net income only if the sale or transfer results in the complete or substantially complete liquidation of the foreign entity in which the subsidiary or group of assets had resided. This Update continues to require an entity to release a pro rata portion of the cumulative translation adjustment into net income upon a partial sale of an equity method investment that is a foreign entity. This Update requires an acquirer to release any related cumulative translation adjustment into net income when the acquirer obtains a controlling financial interest in a foreign entity that was previously an equity method affiliate in a business combination achieved in stages. The Update is effective for fiscal years, and interim periods within those years, beginning after December 15, 2013. Early adoption is permitted. Generally, the effect of adopting this Update on the Company and its subsidiaries’ results of operations or financial position will depend on future transactions. | ||||
In April 2013, Accounting Standards Update 2013-07 (“Liquidation Basis of Accounting”—ASC 205 (“Presentation of Financial Statements”)) was issued. This Update requires an entity to prepare its financial statements using the liquidation basis of accounting when liquidation is imminent and provides principles for the recognition and measurement of assets and liabilities and requirements for financial statements prepared using the liquidation basis of accounting. The Update is effective for fiscal years, and interim periods within those years, beginning after December 15, 2013. Early adoption is permitted. Generally, the effect of adopting this Update on the Company and its subsidiaries’ results of operations or financial position will depend on future transactions. | ||||
In June 2013, Accounting Standards Update 2013-08 (“Amendments to the Scope, Measurement, and Disclosure Requirements”—ASC 946 (“Financial Services—Investment Companies”)) was issued. This Update changes the approach to the investment company assessment, clarifies the characteristics of an investment company, and provides comprehensive guidance for assessing whether an entity is an investment company. This Update requires an investment company to measure noncontrolling ownership interests in other investment companies at fair value rather than using the equity method of accounting. This Update requires an investment company to disclose the additional information about an entity’s status as an investment company and financial support provided or contractually required to be provided by an investment company to its investees. The Update is effective for interim and annual reporting periods in fiscal years that begin after December 15, 2013. Early adoption is prohibited. The adoption is not expected to have a material effect on the Company and its subsidiaries’ results of operations or financial position. | ||||
In July 2013, Accounting Standards Update 2013-10 (“Inclusion of the Fed Funds Effective Swap Rate (or Overnight Index Swap Rate) as a Benchmark Interest Rate for Hedge Accounting Purposes”—ASC 815 (“Derivatives and Hedging”)) was issued. This Update permits the Fed Funds Effective Swap Rate (OIS) to be used as a U.S. benchmark interest rate for hedge accounting purposes under Topic 815, in addition to the interest rates on direct Treasury obligations of the U.S. government and LIBOR swap rate. This Update also removes the restriction on using different benchmark rates for similar hedges. The Company and its subsidiaries adopted this Update for qualifying new or redesignated hedging relationships entered into on or after July 17, 2013. The adoption had no effect on the Company and its subsidiaries’ results of operations or financial position. | ||||
In July 2013, Accounting Standards Update 2013-11 (“Presentation of an Unrecognized Tax Benefit When a Net Operating Loss Carryforward, a Similar Tax Loss, or a Tax Credit Carryforward Exists”—ASC 740 (“Income Taxes”)) was issued. This Update requires an entity to present an unrecognized tax benefit as a reduction of a deferred tax asset for a net operating loss carryforward, or similar tax loss or tax credit carryforward, rather than as a liability, with certain exceptions. This Update is effective for fiscal years, and interim periods within those years, beginning after December 15, 2013. The amendments should be applied prospectively to all unrecognized tax benefits that exist at the effective date, although retrospective application is permitted. Early adoption is permitted. The adoption is not expected to have a material effect on the Company and its subsidiaries’ results of operations or financial position. | ||||
In January 2014, Accounting Standards Update 2014-04 (“Reclassification of Residential Real Estate Collateralized Consumer Mortgage Loans upon Foreclosure”—ASC 310-40 (“Receivables—Troubled Debt Restructurings by Creditors”)) was issued. This Update clarifies when a creditor is considered to have received physical possession resulting from an in substance repossession or foreclosure of residential real estate property collateralizing a consumer mortgage loan. Additionally, this Update requires an entity to disclose the amount of foreclosed residential real estate property and the recorded investment in consumer mortgage loans collateralized by residential real estate property that are in the process of foreclosure. This Update is effective for fiscal years, and interim periods within those annual periods beginning after December 15, 2014. The amendments should be applied on either a prospective basis or a modified retrospective basis. Early adoption is permitted. The adoption is not expected to have a material effect on the Company and its subsidiaries’ results of operations or financial position. | ||||
In April 2014, Accounting Standards Update 2014-08 (“Reporting Discontinued Operations and Disclosures of Disposals of Components of an Entity”—ASC 205 (“Presentation of Financial Statements”) and ASC 360 (“Property, Plant, and Equipment”)) was issued. This Update requires an entity to report a disposal (or a classification as held for sale) of a component of an entity or a group of components of an entity in discontinued operations if it represents a strategic shift that has (or will have) a major effect on an entity’s operations and financial results. This Update requires an entity to present, for each comparative period, the assets and liabilities of discontinued operations separately in the asset and liability sections, respectively, of the statement of financial position. Furthermore, this Update requires additional disclosures about discontinued operations and a disposal of an individually significant component that does not qualify for discontinued operations. The Update is effective prospectively for disposals (or classifications as held for sale) that occur within fiscal years, and interim periods within those annual periods beginning after December 15, 2014. Early adoption is permitted. Generally, the effect of adopting this Update on the Company and its subsidiaries’ results of operations or financial position will depend on future transactions. | ||||
In May 2014, Accounting Standards Update 2014-09 (“Revenue from Contracts with Customers”—ASC 606 (“Revenue from Contracts with Customers”)) was issued. The core principle of this Update is that an entity should recognize revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. To achieve that core principle, an entity should apply a five-step model to determine when to recognize revenue, and in what amount. The five steps to apply the model are: | ||||
• | Identify the contract(s) with a customer | |||
• | Identify the performance obligations in the contract | |||
• | Determine the transaction price | |||
• | Allocate the transaction price to the performance obligations in the contract | |||
• | Recognize revenue when (or as) the entity satisfies a performance obligation | |||
This Update requires an entity to disclose more information about contracts with customers than under the current disclosure requirements. The Update is effective for fiscal years, and interim periods within those years beginning after December 15, 2016. Early adoption is prohibited. An entity should apply the amendments in this Update using either a retrospective method or a cumulative-effect method. The entity using the retrospective method may elect some optional expedients to simplify a full retrospective basis. The entity using the cumulative-effect method would recognize the cumulative effect of initially applying this Update as an adjustment to the opening balance of retained earnings or net assets at the date of initial application. 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 and financial position. | ||||
Reclassifications | ' | |||
(ag) Reclassifications | ||||
Revenues and Expenses from asset management and loan servicing business have been separately presented from fiscal 2014 as, “Revenues from asset management and servicing” and “Expenses from asset management and servicing.” The amounts in fiscal 2012 and 2013 have been reclassified for this change. |
Fair_Value_Measurements_Tables
Fair Value Measurements (Tables) | 12 Months Ended | ||||||||||||||||||||||||||||||||||||||||
Mar. 31, 2014 | |||||||||||||||||||||||||||||||||||||||||
Recorded Amounts of Major Financial Assets and Liabilities Measured at Fair Value on Recurring Basis | ' | ||||||||||||||||||||||||||||||||||||||||
The following table presents recorded amounts of major financial assets and liabilities measured at fair value on a recurring basis as of March 31, 2013 and 2014: | |||||||||||||||||||||||||||||||||||||||||
March 31, 2013 | |||||||||||||||||||||||||||||||||||||||||
Millions of yen | |||||||||||||||||||||||||||||||||||||||||
Total | Quoted Prices | Significant | Significant | ||||||||||||||||||||||||||||||||||||||
Carrying | in Active | Other | Unobservable | ||||||||||||||||||||||||||||||||||||||
Value in | Markets for | Observable | Inputs | ||||||||||||||||||||||||||||||||||||||
Consolidated | Identical Assets | Inputs | (Level 3) | ||||||||||||||||||||||||||||||||||||||
Balance Sheets | (Level 1) | (Level 2) | |||||||||||||||||||||||||||||||||||||||
Financial Assets: | |||||||||||||||||||||||||||||||||||||||||
Loans held for sale*1 | ¥ | 16,026 | ¥ | 0 | ¥ | 16,026 | ¥ | 0 | |||||||||||||||||||||||||||||||||
Trading securities | 33,041 | 2,184 | 30,857 | 0 | |||||||||||||||||||||||||||||||||||||
Available-for-sale securities | 757,299 | 166,398 | 453,923 | 136,978 | |||||||||||||||||||||||||||||||||||||
Japanese and foreign government bond securities | 278,717 | 98,990 | 179,727 | 0 | |||||||||||||||||||||||||||||||||||||
Japanese prefectural and foreign municipal bond securities | 61,090 | 0 | 61,090 | 0 | |||||||||||||||||||||||||||||||||||||
Corporate debt securities | 196,835 | 0 | 190,311 | 6,524 | |||||||||||||||||||||||||||||||||||||
Specified bonds issued by SPEs in Japan | 63,244 | 0 | 0 | 63,244 | |||||||||||||||||||||||||||||||||||||
CMBS and RMBS in the U.S., and other asset- backed securities | 60,691 | 0 | 1,792 | 58,899 | |||||||||||||||||||||||||||||||||||||
Other debt securities | 8,311 | 0 | 0 | 8,311 | |||||||||||||||||||||||||||||||||||||
Equity securities | 88,411 | 67,408 | 21,003 | 0 | |||||||||||||||||||||||||||||||||||||
Other securities | 5,800 | 0 | 0 | 5,800 | |||||||||||||||||||||||||||||||||||||
Investment funds*3 | 5,800 | 0 | 0 | 5,800 | |||||||||||||||||||||||||||||||||||||
Derivative assets | 14,598 | 147 | 12,352 | 2,099 | |||||||||||||||||||||||||||||||||||||
Interest rate swap agreements | 4,654 | 0 | 4,654 | 0 | |||||||||||||||||||||||||||||||||||||
Options held/written and other | 5,654 | 0 | 3,555 | 2,099 | |||||||||||||||||||||||||||||||||||||
Futures, foreign exchange contracts | 1,030 | 147 | 883 | 0 | |||||||||||||||||||||||||||||||||||||
Foreign currency swap agreements | 2,890 | 0 | 2,890 | 0 | |||||||||||||||||||||||||||||||||||||
Credit derivatives held | 370 | 0 | 370 | 0 | |||||||||||||||||||||||||||||||||||||
¥ | 826,764 | ¥ | 168,729 | ¥ | 513,158 | ¥ | 144,847 | ||||||||||||||||||||||||||||||||||
Financial Liabilities: | |||||||||||||||||||||||||||||||||||||||||
Derivative liabilities | ¥ | 18,037 | ¥ | 0 | ¥ | 18,037 | ¥ | 0 | |||||||||||||||||||||||||||||||||
Interest rate swap agreements | 1,459 | 0 | 1,459 | 0 | |||||||||||||||||||||||||||||||||||||
Options held/written and other | 3,530 | 0 | 3,530 | 0 | |||||||||||||||||||||||||||||||||||||
Futures, foreign exchange contracts | 4,685 | 0 | 4,685 | 0 | |||||||||||||||||||||||||||||||||||||
Foreign currency swap agreements | 8,263 | 0 | 8,263 | 0 | |||||||||||||||||||||||||||||||||||||
Credit derivatives held/written | 100 | 0 | 100 | 0 | |||||||||||||||||||||||||||||||||||||
¥ | 18,037 | ¥ | 0 | ¥ | 18,037 | ¥ | 0 | ||||||||||||||||||||||||||||||||||
March 31, 2014 | |||||||||||||||||||||||||||||||||||||||||
Millions of yen | |||||||||||||||||||||||||||||||||||||||||
Total | Quoted Prices | Significant | Significant | ||||||||||||||||||||||||||||||||||||||
Carrying | in Active | Other | Unobservable | ||||||||||||||||||||||||||||||||||||||
Value in | Markets for | Observable | Inputs | ||||||||||||||||||||||||||||||||||||||
Consolidated | Identical Assets | Inputs | (Level 3) | ||||||||||||||||||||||||||||||||||||||
Balance Sheets | (Level 1) | (Level 2) | |||||||||||||||||||||||||||||||||||||||
Financial Assets: | |||||||||||||||||||||||||||||||||||||||||
Loans held for sale*1 | ¥ | 12,631 | ¥ | 0 | ¥ | 12,631 | ¥ | 0 | |||||||||||||||||||||||||||||||||
Trading securities | 16,079 | 275 | 15,804 | 0 | |||||||||||||||||||||||||||||||||||||
Available-for-sale securities | 881,606 | 230,618 | 566,987 | 84,001 | |||||||||||||||||||||||||||||||||||||
Japanese and foreign government bond securities | 360,360 | 114,989 | 245,371 | 0 | |||||||||||||||||||||||||||||||||||||
Japanese prefectural and foreign municipal bond securities | 96,697 | 0 | 96,697 | 0 | |||||||||||||||||||||||||||||||||||||
Corporate debt securities | 201,386 | 0 | 200,725 | 661 | |||||||||||||||||||||||||||||||||||||
Specified bonds issued by SPEs in Japan | 6,772 | 0 | 0 | 6,772 | |||||||||||||||||||||||||||||||||||||
CMBS and RMBS in the U.S., and other asset- backed securities | 65,631 | 0 | 613 | 65,018 | |||||||||||||||||||||||||||||||||||||
Other debt securities | 11,550 | 0 | 0 | 11,550 | |||||||||||||||||||||||||||||||||||||
Equity securities*2 | 139,210 | 115,629 | 23,581 | 0 | |||||||||||||||||||||||||||||||||||||
Other securities | 6,317 | 0 | 0 | 6,317 | |||||||||||||||||||||||||||||||||||||
Investment funds*3 | 6,317 | 0 | 0 | 6,317 | |||||||||||||||||||||||||||||||||||||
Derivative assets | 12,437 | 8 | 9,943 | 2,486 | |||||||||||||||||||||||||||||||||||||
Interest rate swap agreements | 2,528 | 0 | 2,528 | 0 | |||||||||||||||||||||||||||||||||||||
Options written and other | 5,486 | 0 | 3,000 | 2,486 | |||||||||||||||||||||||||||||||||||||
Futures, foreign exchange contracts | 860 | 8 | 852 | 0 | |||||||||||||||||||||||||||||||||||||
Foreign currency swap agreements | 3,534 | 0 | 3,534 | 0 | |||||||||||||||||||||||||||||||||||||
Credit derivatives written | 29 | 0 | 29 | 0 | |||||||||||||||||||||||||||||||||||||
¥ | 929,070 | ¥ | 230,901 | ¥ | 605,365 | ¥ | 92,804 | ||||||||||||||||||||||||||||||||||
Financial Liabilities: | |||||||||||||||||||||||||||||||||||||||||
Derivative liabilities | ¥ | 16,646 | ¥ | 28 | ¥ | 16,618 | ¥ | 0 | |||||||||||||||||||||||||||||||||
Interest rate swap agreements | 634 | 0 | 634 | 0 | |||||||||||||||||||||||||||||||||||||
Options written and other | 3,605 | 0 | 3,605 | 0 | |||||||||||||||||||||||||||||||||||||
Futures, foreign exchange contracts | 4,966 | 28 | 4,938 | 0 | |||||||||||||||||||||||||||||||||||||
Foreign currency swap agreements | 7,176 | 0 | 7,176 | 0 | |||||||||||||||||||||||||||||||||||||
Credit derivatives held | 265 | 0 | 265 | 0 | |||||||||||||||||||||||||||||||||||||
Accounts Payable | 2,833 | 0 | 0 | 2,833 | |||||||||||||||||||||||||||||||||||||
Contingent consideration | 2,833 | 0 | 0 | 2,833 | |||||||||||||||||||||||||||||||||||||
¥ | 19,478 | ¥ | 28 | ¥ | 16,617 | ¥ | 2,833 | ||||||||||||||||||||||||||||||||||
*1 | A subsidiary elected the fair value option under ASC 825 (“Financial Instruments”) on the loans held for sale originated on or after October 1, 2011. These loans are multi-family and seniors housing loans and are sold to Federal National Mortgage Association (“Fannie Mae”) or institutional investors. Included in other operating revenues in the consolidated statements of income were gains from the change in the fair value of the loans of ¥1,024 million for the fiscal year ended March 31, 2012, losses from the change in the fair value of the loans of ¥628 million for the fiscal year ended March 31, 2013 and gains from the change in the fair value of the loans of ¥116 million for the fiscal year ended March 31, 2014. No gains or losses were recognized in earnings during the fiscal year ended March 31, 2012, the fiscal year ended March 31, 2013 and the fiscal year ended March 31, 2014 attributable to changes in instrument-specific credit risk. The amounts of aggregate unpaid principal balance and aggregate fair value at March 31, 2013, were ¥15,535 million and ¥16,026 million, respectively, and the amount of the aggregate fair value exceeded the amount of aggregate unpaid principal balance by ¥491 million. The amounts of aggregate unpaid principal balance and aggregate fair value at March 31, 2014, were ¥12,024 million and ¥12,631 million, respectively, and the amount of the aggregate fair value exceeded the amount of aggregate unpaid principal balance by ¥607 million. As of March 31, 2013 and 2014, there were no loans that were 90 days or more past due, in non-accrual status, or both. | ||||||||||||||||||||||||||||||||||||||||
*2 | A subsidiary that has newly become a consolidated subsidiary of the Company during this fiscal year elected the fair value option under ASC 825 (“Financial Instruments”) for investments in equity securities included in available-for-sale securities. Included in brokerage commissions and net gains on investment securities in the consolidated statements of income were gains from the change in the fair value of those investments of ¥333 million for the fiscal year ended March 31, 2014. The amount of aggregate fair value elected the fair value option is ¥5,116 million as of March 31, 2014. | ||||||||||||||||||||||||||||||||||||||||
*3 | A subsidiary and another company that have newly become a consolidated subsidiary of the Company during this fiscal year elected the fair value option under ASC 825 (“Financial Instruments”) for investments in some funds. Included in brokerage commissions and net gains on investment securities in the consolidated statements of income were gains from the change in the fair value of those investments of ¥670 million for the fiscal year ended March 31, 2013 and ¥1,412 million for the fiscal year ended March 31, 2014. The amounts of aggregate fair value elected the fair value option were ¥5,800 million and ¥6,317 million as of March 31, 2013 and 2014, respectively. | ||||||||||||||||||||||||||||||||||||||||
Reconciliation of Financial Assets Measured at Fair Value on Recurring Basis Using Significant Unobservable Inputs | ' | ||||||||||||||||||||||||||||||||||||||||
The following table presents the reconciliation of financial assets and liabilities measured at fair value on a recurring basis using significant unobservable inputs (Level 3) during fiscal year 2012, 2013 and 2014: | |||||||||||||||||||||||||||||||||||||||||
2012 | |||||||||||||||||||||||||||||||||||||||||
Millions of yen | |||||||||||||||||||||||||||||||||||||||||
Balance at | Purchases | Sales | Settlements | Transfers | Balance at | Change in | |||||||||||||||||||||||||||||||||||
April 1, | in and/ | March 31, | unrealized | ||||||||||||||||||||||||||||||||||||||
2011 | Gains or losses | or out of | 2012 | gains or losses | |||||||||||||||||||||||||||||||||||||
(realized/ unrealized) | Level 3 | included in | |||||||||||||||||||||||||||||||||||||||
(net)*3 | earnings for | ||||||||||||||||||||||||||||||||||||||||
assets and | |||||||||||||||||||||||||||||||||||||||||
liabilities still | |||||||||||||||||||||||||||||||||||||||||
held at | |||||||||||||||||||||||||||||||||||||||||
March 31, | |||||||||||||||||||||||||||||||||||||||||
Included in | Included in | Total | 2012*1 | ||||||||||||||||||||||||||||||||||||||
earnings*1 | other | ||||||||||||||||||||||||||||||||||||||||
comprehensive | |||||||||||||||||||||||||||||||||||||||||
Income*2 | |||||||||||||||||||||||||||||||||||||||||
Available-for-sale securities | ¥ | 315,676 | ¥ | (1,262 | ) | ¥ | 1,443 | ¥ | 181 | ¥ | 63,980 | ¥ | (18,054 | ) | ¥ | (118,596 | ) | ¥ | 468 | ¥ | 243,655 | ¥ | (2,429 | ) | |||||||||||||||||
Corporate debt securities | 2,573 | (18 | ) | 108 | 90 | 2,549 | (431 | ) | (2,337 | ) | 468 | 2,912 | (35 | ) | |||||||||||||||||||||||||||
Specified bonds issued by SPEs in Japan | 222,314 | (3,066 | ) | 2,178 | (888 | ) | 6,668 | (9,625 | ) | (79,317 | ) | 0 | 139,152 | (3,397 | ) | ||||||||||||||||||||||||||
CMBS and RMBS in the U.S., and other asset-backed securities | 85,283 | 1,822 | (1,056 | ) | 766 | 49,072 | (7,998 | ) | (33,942 | ) | 0 | 93,181 | 1,003 | ||||||||||||||||||||||||||||
Other debt securities | 5,506 | 0 | 213 | 213 | 5,691 | 0 | (3,000 | ) | 0 | 8,410 | 0 | ||||||||||||||||||||||||||||||
Derivative assets and liabilities (net) | 2,946 | 2,159 | 0 | 2,159 | 0 | 0 | 188 | 0 | 5,293 | 2,159 | |||||||||||||||||||||||||||||||
Options held/written, caps held and other | 3,134 | 2,159 | 0 | 2,159 | 0 | 0 | 0 | 0 | 5,293 | 2,159 | |||||||||||||||||||||||||||||||
Credit derivatives held/written | (188 | ) | 0 | 0 | 0 | 0 | 0 | 188 | 0 | 0 | 0 | ||||||||||||||||||||||||||||||
2013 | |||||||||||||||||||||||||||||||||||||||||
Millions of yen | |||||||||||||||||||||||||||||||||||||||||
Balance at | Purchases | Sales | Settlements | Transfers | Balance at | Change in | |||||||||||||||||||||||||||||||||||
April 1, | in and/ | March 31, | unrealized | ||||||||||||||||||||||||||||||||||||||
2012 | Gains or losses | or out of | 2013 | gains or losses | |||||||||||||||||||||||||||||||||||||
(realized/ unrealized) | Level 3 | included in | |||||||||||||||||||||||||||||||||||||||
(net)*3 | earnings for | ||||||||||||||||||||||||||||||||||||||||
assets and | |||||||||||||||||||||||||||||||||||||||||
liabilities still | |||||||||||||||||||||||||||||||||||||||||
held at | |||||||||||||||||||||||||||||||||||||||||
March 31, | |||||||||||||||||||||||||||||||||||||||||
Included in | Included in | Total | 2013*1 | ||||||||||||||||||||||||||||||||||||||
earnings*1 | other | ||||||||||||||||||||||||||||||||||||||||
comprehensive | |||||||||||||||||||||||||||||||||||||||||
Income*2 | |||||||||||||||||||||||||||||||||||||||||
Available-for-sale securities | ¥243,655 | ¥(9,225) | ¥7,693 | ¥(1,532) | ¥19,294 | ¥ | (10,564 | ) | ¥ | (113,875 | ) | ¥0 | ¥136,978 | ¥ | (9,783 | ) | |||||||||||||||||||||||||
Corporate debt securities | 2,912 | (508 | ) | 908 | 400 | 3,942 | (432 | ) | (298 | ) | 0 | 6,524 | (456 | ) | |||||||||||||||||||||||||||
Specified bonds issued by SPEs in Japan | 139,152 | (9,228 | ) | (15 | ) | (9,243 | ) | 5,419 | (9 | ) | (72,075 | ) | 0 | 63,244 | (8,095 | ) | |||||||||||||||||||||||||
CMBS and RMBS in the U.S., and other asset-backed securities | 93,181 | (369 | ) | 5,381 | 5,012 | 9,933 | (7,725 | ) | (41,502 | ) | 0 | 58,899 | (1,232 | ) | |||||||||||||||||||||||||||
Other debt securities | 8,410 | 880 | 1,419 | 2,299 | 0 | (2,398 | ) | 0 | 0 | 8,311 | 0 | ||||||||||||||||||||||||||||||
Other securities | 0 | 670 | 825 | 1,495 | 5,018 | (713 | ) | 0 | 0 | 5,800 | 670 | ||||||||||||||||||||||||||||||
Investment funds | 0 | 670 | 825 | 1,495 | 5,018 | (713 | ) | 0 | 0 | 5,800 | 670 | ||||||||||||||||||||||||||||||
Derivative assets and liabilities (net) | 5,293 | (3,194 | ) | 0 | (3,194 | ) | 0 | 0 | 0 | 0 | 2,099 | (3,194 | ) | ||||||||||||||||||||||||||||
Options held/written, caps held and other | 5,293 | (3,194 | ) | 0 | (3,194 | ) | 0 | 0 | 0 | 0 | 2,099 | (3,194 | ) | ||||||||||||||||||||||||||||
2014 | |||||||||||||||||||||||||||||||||||||||||
Millions of yen | |||||||||||||||||||||||||||||||||||||||||
Balance at | Purchases | Sales | Settlements | Transfers | Balance at | Change in | |||||||||||||||||||||||||||||||||||
April 1, | in and/ | March 31, | unrealized | ||||||||||||||||||||||||||||||||||||||
2013 | Gains or losses | or out of | 2014 | gains or losses | |||||||||||||||||||||||||||||||||||||
(realized/ unrealized) | Level 3 | included in | |||||||||||||||||||||||||||||||||||||||
(net)*3 | earnings for | ||||||||||||||||||||||||||||||||||||||||
assets and | |||||||||||||||||||||||||||||||||||||||||
liabilities still | |||||||||||||||||||||||||||||||||||||||||
held at | |||||||||||||||||||||||||||||||||||||||||
March 31, | |||||||||||||||||||||||||||||||||||||||||
Included in | Included in | Total | 2014*1 | ||||||||||||||||||||||||||||||||||||||
earnings*1 | other | ||||||||||||||||||||||||||||||||||||||||
comprehensive | |||||||||||||||||||||||||||||||||||||||||
Income*2 | |||||||||||||||||||||||||||||||||||||||||
Available-for-sale securities | ¥ | 136,978 | ¥4,364 | ¥4,056 | ¥8,420 | ¥ | 56,202 | ¥ | (13,817 | ) | ¥ | (103,782 | ) | ¥ | 0 | ¥ | 84,001 | ¥ | 180 | ||||||||||||||||||||||
Corporate debt securities | 6,524 | 416 | (356 | ) | 60 | 0 | (1,325 | ) | (4,598 | ) | 0 | 661 | 0 | ||||||||||||||||||||||||||||
Specified bonds issued by SPEs in Japan | 63,244 | 327 | 839 | 1,166 | 0 | (36 | ) | (57,602 | ) | 0 | 6,772 | 5 | |||||||||||||||||||||||||||||
CMBS and RMBS in the U.S., and other asset- backed securities | 58,899 | 3,621 | 1,334 | 4,955 | 55,202 | (12,456 | ) | (41,582 | ) | 0 | 65,018 | 175 | |||||||||||||||||||||||||||||
Other debt securities | 8,311 | 0 | 2,239 | 2,239 | 1,000 | 0 | 0 | 0 | 11,550 | 0 | |||||||||||||||||||||||||||||||
Other securities | 5,800 | 1,767 | 584 | 2,351 | 2,013 | (3,824 | ) | (23 | ) | 0 | 6,317 | 1,767 | |||||||||||||||||||||||||||||
Investment funds | 5,800 | 1,767 | 584 | 2,351 | 2,013 | (3,824 | ) | (23 | ) | 0 | 6,317 | 1,767 | |||||||||||||||||||||||||||||
Derivative assets and liabilities (net) | 2,099 | 2,987 | 0 | 2,987 | 0 | 0 | (2,600 | ) | 0 | 2,486 | 2,987 | ||||||||||||||||||||||||||||||
Options held/written and other | 2,099 | 2,987 | 0 | 2,987 | 0 | 0 | (2,600 | ) | 0 | 2,486 | 2,987 | ||||||||||||||||||||||||||||||
Accounts payable | 0 | 2,343 | 0 | 2,343 | 5,176 | 0 | 0 | 0 | 2,833 | 2,343 | |||||||||||||||||||||||||||||||
Contingent consideration | 0 | 2,343 | 0 | 2,343 | 5,176 | 0 | 0 | 0 | 2,833 | 2,343 | |||||||||||||||||||||||||||||||
*1 | Principally, gains and losses from available-for-sale securities are included in “brokerage commissions and net gains on investment securities”, “write-downs of securities” or “life insurance premiums and related investment income”; other securities are included in “brokerage commissions and net gains on investment securities” and derivative assets and liabilities (net) are included in “other operating revenues/expenses,” and gains from accounts payable are included in “other operating revenues”. Also, for available-for-sale securities, amortization of interest recognized in interest on loans and investment securities 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.” | ||||||||||||||||||||||||||||||||||||||||
*3 | The amount reported in “Transfers in and/or out of Level 3 (net)” is the fair value at the beginning of quarter during which the transfers occur. | ||||||||||||||||||||||||||||||||||||||||
Recorded Amounts of Major Assets Measured at Fair Value on Nonrecurring Basis | ' | ||||||||||||||||||||||||||||||||||||||||
The following table presents recorded amounts of assets measured at fair value on a nonrecurring basis as of March 31, 2013 and 2014. These assets are measured at fair value on a nonrecurring basis mainly to recognize impairment: | |||||||||||||||||||||||||||||||||||||||||
March 31, 2013 | |||||||||||||||||||||||||||||||||||||||||
Millions of yen | |||||||||||||||||||||||||||||||||||||||||
Total | Quoted Prices | Significant | Significant | ||||||||||||||||||||||||||||||||||||||
Carrying | in Active | Other | Unobservable | ||||||||||||||||||||||||||||||||||||||
Value in | Markets for | Observable | Inputs | ||||||||||||||||||||||||||||||||||||||
Consolidated | Identical Assets | Inputs | (Level 3) | ||||||||||||||||||||||||||||||||||||||
Balance Sheets | (Level 1) | (Level 2) | |||||||||||||||||||||||||||||||||||||||
Assets: | |||||||||||||||||||||||||||||||||||||||||
Real estate collateral-dependent loans (net of allowance for probable loan losses) | ¥ | 60,564 | ¥ | 0 | ¥ | 0 | ¥ | 60,564 | |||||||||||||||||||||||||||||||||
Investment in operating leases and other operating assets | 21,960 | 0 | 0 | 21,960 | |||||||||||||||||||||||||||||||||||||
Land and buildings undeveloped or under construction | 11,845 | 0 | 0 | 11,845 | |||||||||||||||||||||||||||||||||||||
Certain investment in affiliates | 3,704 | 0 | 0 | 3,704 | |||||||||||||||||||||||||||||||||||||
¥ | 98,073 | ¥ | 0 | ¥ | 0 | ¥ | 98,073 | ||||||||||||||||||||||||||||||||||
March 31, 2014 | |||||||||||||||||||||||||||||||||||||||||
Millions of yen | |||||||||||||||||||||||||||||||||||||||||
Total | Quoted Prices | Significant | Significant | ||||||||||||||||||||||||||||||||||||||
Carrying | in Active | Other | Unobservable | ||||||||||||||||||||||||||||||||||||||
Value in | Markets for | Observable | Inputs | ||||||||||||||||||||||||||||||||||||||
Consolidated | Identical Assets | Inputs | (Level 3) | ||||||||||||||||||||||||||||||||||||||
Balance Sheets | (Level 1) | (Level 2) | |||||||||||||||||||||||||||||||||||||||
Assets: | |||||||||||||||||||||||||||||||||||||||||
Real estate collateral-dependent loans (net of allowance for probable loan losses) | ¥ | 39,866 | ¥ | 0 | ¥ | 0 | ¥ | 39,866 | |||||||||||||||||||||||||||||||||
Investment in operating leases and other operating assets | 60,665 | 0 | 0 | 60,665 | |||||||||||||||||||||||||||||||||||||
Land and buildings undeveloped or under construction | 18,237 | 0 | 0 | 18,237 | |||||||||||||||||||||||||||||||||||||
¥ | 118,768 | ¥ | 0 | ¥ | 0 | ¥ | 118,768 | ||||||||||||||||||||||||||||||||||
Information about Valuation Techniques and Significant Unobservable Inputs Used in Valuation of Level Three Assets Measured at Fair Value on Recurring Basis | ' | ||||||||||||||||||||||||||||||||||||||||
The following table provides information about the valuation techniques and significant unobservable inputs used in the valuation of Level 3 assets or liabilities measured at fair value on a recurring basis as of March 31, 2013 and 2014. | |||||||||||||||||||||||||||||||||||||||||
March 31, 2013 | |||||||||||||||||||||||||||||||||||||||||
Millions of | Valuation Technique(s) | Significant | Range | ||||||||||||||||||||||||||||||||||||||
yen | Unobservable | (Weighted Average) | |||||||||||||||||||||||||||||||||||||||
Fair Value | Inputs | ||||||||||||||||||||||||||||||||||||||||
Financial Assets: | |||||||||||||||||||||||||||||||||||||||||
Available-for-sale securities | |||||||||||||||||||||||||||||||||||||||||
Corporate debt securities | ¥ | 974 | Discounted cash flows | Discount rate | 5.40% | ||||||||||||||||||||||||||||||||||||
-5.40% | |||||||||||||||||||||||||||||||||||||||||
5,550 | Appraisals/Broker quotes | — | — | ||||||||||||||||||||||||||||||||||||||
Specified bonds issued by SPEs in Japan | 60,013 | Discounted cash flows | Discount rate | 1.0% – 12.0% | |||||||||||||||||||||||||||||||||||||
-4.90% | |||||||||||||||||||||||||||||||||||||||||
3,231 | Appraisals/Broker quotes | — | — | ||||||||||||||||||||||||||||||||||||||
CMBS and RMBS in the U.S., and other asset-backed securities | 30,804 | Discounted cash flows | Discount rate | 2.9% – 42.6% | |||||||||||||||||||||||||||||||||||||
-9.30% | |||||||||||||||||||||||||||||||||||||||||
Probability of default | 0.0% – 12.8% | ||||||||||||||||||||||||||||||||||||||||
-1.70% | |||||||||||||||||||||||||||||||||||||||||
28,095 | Appraisals/Broker quotes | — | — | ||||||||||||||||||||||||||||||||||||||
Other debt securities | 8,311 | Discounted cash flows | Discount rate | 11.70% | |||||||||||||||||||||||||||||||||||||
-11.70% | |||||||||||||||||||||||||||||||||||||||||
Other securities | |||||||||||||||||||||||||||||||||||||||||
Investment funds | 5,800 | Discounted cash flows | Discount rate | 13.0% – 20.0% | |||||||||||||||||||||||||||||||||||||
-18.60% | |||||||||||||||||||||||||||||||||||||||||
Derivative assets | |||||||||||||||||||||||||||||||||||||||||
Options held/written and other | 2,099 | Discounted cash flows | Discount rate | 10.0% – 15.0% | |||||||||||||||||||||||||||||||||||||
-12.30% | |||||||||||||||||||||||||||||||||||||||||
¥ | 144,877 | ||||||||||||||||||||||||||||||||||||||||
March 31, 2014 | |||||||||||||||||||||||||||||||||||||||||
Millions of | Valuation Technique(s) | Significant | Range | ||||||||||||||||||||||||||||||||||||||
yen | Unobservable | (Weighted Average) | |||||||||||||||||||||||||||||||||||||||
Fair Value | Inputs | ||||||||||||||||||||||||||||||||||||||||
Financial Assets: | |||||||||||||||||||||||||||||||||||||||||
Available-for-sale securities Corporate debt securities | ¥ | 661 | Appraisals/Broker quotes | — | — | ||||||||||||||||||||||||||||||||||||
Specified bonds issued by SPEs in Japan | 3,627 | Discounted cash flows | Discount rate | 1.0% – 11.1% | |||||||||||||||||||||||||||||||||||||
-4.50% | |||||||||||||||||||||||||||||||||||||||||
3,145 | Appraisals/Broker quotes | — | — | ||||||||||||||||||||||||||||||||||||||
CMBS and RMBS in the U.S., and other asset-backed securities | 22,991 | Discounted cash flows | Discount rate | 4.1% – 38.0% | |||||||||||||||||||||||||||||||||||||
-18.10% | |||||||||||||||||||||||||||||||||||||||||
Probability of default | 0.0% – 18.1% | ||||||||||||||||||||||||||||||||||||||||
-0.60% | |||||||||||||||||||||||||||||||||||||||||
42,027 | Appraisals/Broker quotes | — | — | ||||||||||||||||||||||||||||||||||||||
Other debt securities | 11,550 | Discounted cash flows | Discount rate | 12.00% | |||||||||||||||||||||||||||||||||||||
-12.00% | |||||||||||||||||||||||||||||||||||||||||
Other securities | |||||||||||||||||||||||||||||||||||||||||
Investment funds | 6,317 | Internal cash flows | Discount rate | 15.0% – 32.0% | |||||||||||||||||||||||||||||||||||||
-20.10% | |||||||||||||||||||||||||||||||||||||||||
Derivative assets | |||||||||||||||||||||||||||||||||||||||||
Options written and other | 2,486 | Discounted cash flows | Discount rate | 10.0% – 15.0% | |||||||||||||||||||||||||||||||||||||
-11.50% | |||||||||||||||||||||||||||||||||||||||||
¥ | 92,804 | ||||||||||||||||||||||||||||||||||||||||
Financial Liabilities: | |||||||||||||||||||||||||||||||||||||||||
Accounts payable | ¥ | 2,833 | Monte Carlo simulation | Discount rate | 16.00% | ||||||||||||||||||||||||||||||||||||
Contingent consideration | |||||||||||||||||||||||||||||||||||||||||
-16.00% | |||||||||||||||||||||||||||||||||||||||||
¥ | 2,833 | ||||||||||||||||||||||||||||||||||||||||
Information about Valuation Techniques and Significant Unobservable Inputs Used in Valuation of Level Three Assets Measured at Fair Value on Nonrecurring Basis | ' | ||||||||||||||||||||||||||||||||||||||||
The following table provides 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 as of March 31, 2013 and 2014. | |||||||||||||||||||||||||||||||||||||||||
March 31, 2013 | |||||||||||||||||||||||||||||||||||||||||
Millions of | Valuation Technique(s) | Significant | Range | ||||||||||||||||||||||||||||||||||||||
yen | Unobservable Inputs | (Weighted Average) | |||||||||||||||||||||||||||||||||||||||
Fair Value | |||||||||||||||||||||||||||||||||||||||||
Assets: | |||||||||||||||||||||||||||||||||||||||||
Real estate collateral-dependent loans (net of allowance for probable loan losses) | ¥ | 60,564 | Discounted cash flows | Discount rate | 5.4% – 19.0% | ||||||||||||||||||||||||||||||||||||
-8.40% | |||||||||||||||||||||||||||||||||||||||||
Direct capitalization | Capitalization rate | 5.0% – 21.0% | |||||||||||||||||||||||||||||||||||||||
-10.70% | |||||||||||||||||||||||||||||||||||||||||
Investment in operating leases and other operating assets | 21,960 | Discounted cash flows | Discount rate | 4.4% – 12.7% | |||||||||||||||||||||||||||||||||||||
-6.90% | |||||||||||||||||||||||||||||||||||||||||
Land and buildings undeveloped or under construction | 11,845 | Discounted cash flows | Discount rate | 4.7% – 9.6% | |||||||||||||||||||||||||||||||||||||
-6.60% | |||||||||||||||||||||||||||||||||||||||||
Certain investment in affiliates | 3,704 | Discounted cash flows | Discount rate | 5.0% – 9.2% | |||||||||||||||||||||||||||||||||||||
-8.80% | |||||||||||||||||||||||||||||||||||||||||
¥ | 98,073 | ||||||||||||||||||||||||||||||||||||||||
March 31, 2014 | |||||||||||||||||||||||||||||||||||||||||
Millions of | Valuation Technique(s) | Significant | Range | ||||||||||||||||||||||||||||||||||||||
yen | Unobservable Inputs | (Weighted Average) | |||||||||||||||||||||||||||||||||||||||
Fair Value | |||||||||||||||||||||||||||||||||||||||||
Assets: | |||||||||||||||||||||||||||||||||||||||||
Real estate collateral-dependent loans (net of allowance for probable loan losses) | 39,866 | Discounted cash flows | Discount rate | 5.3% – 19.0% | |||||||||||||||||||||||||||||||||||||
-10.20% | |||||||||||||||||||||||||||||||||||||||||
Direct capitalization | Capitalization rate | 5.6% – 19.0% | |||||||||||||||||||||||||||||||||||||||
-10.30% | |||||||||||||||||||||||||||||||||||||||||
Investment in operating leases and other operating assets | 60,665 | Discounted cash flows | Discount rate | 5.2% – 11.0% | |||||||||||||||||||||||||||||||||||||
-5.60% | |||||||||||||||||||||||||||||||||||||||||
Land and buildings undeveloped or under construction | 18,237 | Discounted cash flows | Discount rate | 3.9% – 9.9% | |||||||||||||||||||||||||||||||||||||
-7.10% | |||||||||||||||||||||||||||||||||||||||||
¥ | 118,768 | ||||||||||||||||||||||||||||||||||||||||
Acquisitions_Tables
Acquisitions (Tables) | 12 Months Ended | ||||||||
Mar. 31, 2014 | |||||||||
Other Intangible Assets Recognized in the Acquisition | ' | ||||||||
Other intangible assets recognized in this acquisition consist of the following: | |||||||||
Millions of yen | Years | ||||||||
Acquired intangibles | Weighted-average | ||||||||
recorded at fair value | amortization period | ||||||||
Intangible assets not subject to amortization: | |||||||||
Asset management contracts | ¥ | 152,680 | — | ||||||
Trade names | 18,115 | — | |||||||
170,795 | |||||||||
Intangibles subject to amortization: | |||||||||
Customer relationships | 32,994 | 7 | |||||||
Software | 1,941 | 7 | |||||||
34,935 | |||||||||
Total | ¥ | 205,730 | |||||||
Robeco Groep N. V. | ' | ||||||||
Fair Value Amounts Allocated to Assets Acquired and Liabilities Assumed | ' | ||||||||
The following table provides preliminary fair value amounts allocated to assets acquired and liabilities assumed of Robeco. | |||||||||
Millions of yen | |||||||||
Fair value amounts of assets, liabilities | |||||||||
and noncontrolling interest | |||||||||
Cash and Cash Equivalents | ¥ | 43,737 | |||||||
Investment in Securities | 3,325 | ||||||||
Investment in Affiliates | 931 | ||||||||
Other Receivables | 17,938 | ||||||||
Prepaid Expenses | 1,908 | ||||||||
Office Facilities | 1,839 | ||||||||
Other Assets | 372,926 | ||||||||
Total Assets | 442,604 | ||||||||
Trade Notes, Accounts Payable and Other Liabilities | 6,529 | ||||||||
Accrued Expenses | 50,222 | ||||||||
Current and Deferred Income Taxes | 71,087 | ||||||||
Long-Term Debt | 31,016 | ||||||||
Total Liabilities | 158,854 | ||||||||
Noncontrolling interests | 27,850 | ||||||||
Net | ¥ | 255,900 | |||||||
Combined Results of Operations of Company and its Subsidiaries | ' | ||||||||
The following unaudited supplemental pro forma financial information presents the combined results of operations of the Company and its subsidiaries as though the acquisition had occurred as of April 1, 2012, the beginning of the fiscal year ended March 31, 2013: | |||||||||
Millions of yen | |||||||||
March 31, 2013 | March 31, 2014 | ||||||||
Total revenues | ¥ | 1,162,081 | ¥ | 1,371,773 | |||||
Income from Continuing Operations | 130,050 | 187,765 | |||||||
DAIKYO | ' | ||||||||
Fair Value Amounts Allocated to Assets Acquired and Liabilities Assumed | ' | ||||||||
The following table provides preliminary fair value amounts allocated to assets acquired and liabilities assumed from DAIKYO. The acquisition occurred during the three months ended March 31, 2014, and purchase price allocation has not yet been finalized as of June 26, 2014. Because the fair value measurements of these assets and liabilities require estimates based on various assumptions, the provisional amounts are subject to change as more information about facts and circumstances that existed at the acquisition date becomes available. | |||||||||
Millions of yen | |||||||||
Provisional fair value amounts of | |||||||||
assets, liabilities and noncontrolling | |||||||||
interest | |||||||||
Cash and Cash Equivalents | ¥ | 105,328 | |||||||
Investment in Operating Leases | 3,710 | ||||||||
Investment in Securities | 1,438 | ||||||||
Investment in Affiliates | 44,628 | ||||||||
Other Receivables | 17,284 | ||||||||
Inventories | 102,400 | ||||||||
Prepaid Expenses | 785 | ||||||||
Office Facilities | 9,274 | ||||||||
Other Assets | 73,390 | ||||||||
Total Assets | 358,237 | ||||||||
Short-Term Debt | 1,647 | ||||||||
Trade Notes, Accounts Payable and Other Liabilities | 63,909 | ||||||||
Accrued Expenses | 17,971 | ||||||||
Current and Deferred Income Taxes | 5,288 | ||||||||
Security Deposits | 6,289 | ||||||||
Long-Term Debt | 69,790 | ||||||||
Total Liabilities | 164,894 | ||||||||
Noncontrolling interests | 68,737 | ||||||||
Net | ¥ | 124,606 | |||||||
Combined Results of Operations of Company and its Subsidiaries | ' | ||||||||
The following unaudited supplemental pro forma financial information presents the combined results of operations of the Company and its subsidiaries as though the acquisition had occurred as of April 1, 2012, the beginning of the fiscal year ended March 31, 2013: | |||||||||
Millions of yen | |||||||||
March 31, 2013 | March 31, 2014 | ||||||||
Total revenues | ¥ | 1,336,271 | ¥ | 1,617,195 | |||||
Income from Continuing Operations | 133,572 | 203,243 |
Cash_Flow_Information_Tables
Cash Flow Information (Tables) | 12 Months Ended | ||||||||||||
Mar. 31, 2014 | |||||||||||||
Cash Payments | ' | ||||||||||||
Cash payments during fiscal 2012, 2013 and 2014 are as follows: | |||||||||||||
Millions of yen | |||||||||||||
2012 | 2013 | 2014 | |||||||||||
Cash payments: | |||||||||||||
Interest | ¥ | 116,271 | ¥ | 105,308 | ¥ | 88,343 | |||||||
Income taxes | 49,190 | 11,955 | 32,831 |
Investment_in_Direct_Financing1
Investment in Direct Financing Leases (Tables) | 12 Months Ended | ||||||||
Mar. 31, 2014 | |||||||||
Investment in Direct Financing Leases | ' | ||||||||
Investment in direct financing leases at March 31, 2013 and 2014 consists of the following: | |||||||||
Millions of yen | |||||||||
2013 | 2014 | ||||||||
Total Minimum lease payments to be received | ¥ | 1,167,170 | ¥ | 1,282,872 | |||||
Less : Estimated executory costs | (60,802 | ) | (61,723 | ) | |||||
Minimum lease payments receivable | 1,106,368 | 1,221,149 | |||||||
Estimated residual value | 27,141 | 27,351 | |||||||
Initial direct costs | 5,212 | 5,157 | |||||||
Unearned lease income | (149,341 | ) | (159,584 | ) | |||||
¥ | 989,380 | ¥ | 1,094,073 | ||||||
Minimum Lease Payments Receivable Due in Each of Next Five Years and Thereafter | ' | ||||||||
At March 31, 2014, the amounts due in each of the next five years and thereafter are as follows: | |||||||||
Years ending March 31, | Millions of yen | ||||||||
2015 | ¥ | 407,807 | |||||||
2016 | 286,155 | ||||||||
2017 | 199,129 | ||||||||
2018 | 119,182 | ||||||||
2019 | 66,361 | ||||||||
Thereafter | 142,515 | ||||||||
Total | ¥ | 1,221,149 | |||||||
Investment_in_Operating_Leases1
Investment in Operating Leases (Tables) | 12 Months Ended | ||||||||||||
Mar. 31, 2014 | |||||||||||||
Investment in Operating Leases | ' | ||||||||||||
Investment in operating leases at March 31, 2013 and 2014 consists of the following: | |||||||||||||
Millions of yen | |||||||||||||
2013 | 2014 | ||||||||||||
Transportation equipment | ¥ | 752,020 | ¥ | 845,820 | |||||||||
Measuring and information-related equipment | 216,026 | 228,386 | |||||||||||
Real estate | 817,330 | 712,828 | |||||||||||
Other | 18,020 | 17,799 | |||||||||||
1,803,396 | 1,804,833 | ||||||||||||
Accumulated depreciation | (431,329 | ) | (449,435 | ) | |||||||||
Net | 1,372,067 | 1,355,398 | |||||||||||
Accrued rental receivables | 23,466 | 20,288 | |||||||||||
¥ | 1,395,533 | ¥ | 1,375,686 | ||||||||||
Depreciation and Various Expenses (Insurance, Property Tax and Other) of Operating Lease | ' | ||||||||||||
Depreciation and various expenses for fiscal 2012, 2013 and 2014 are as follows: | |||||||||||||
Millions of yen | |||||||||||||
2012 | 2013 | 2014 | |||||||||||
Depreciation expenses | ¥ | 135,197 | ¥ | 145,928 | ¥ | 166,234 | |||||||
Various expenses | 46,207 | 48,501 | 49,655 | ||||||||||
¥ | 181,404 | ¥ | 194,429 | ¥ | 215,889 | ||||||||
Minimum Future Rentals Receivable on Non-Cancelable Operating Leases | ' | ||||||||||||
The minimum future rentals on non-cancelable operating leases are as follows: | |||||||||||||
Years ending March 31, | Millions of yen | ||||||||||||
2015 | ¥ | 170,645 | |||||||||||
2016 | 115,619 | ||||||||||||
2017 | 83,607 | ||||||||||||
2018 | 55,204 | ||||||||||||
2019 | 31,553 | ||||||||||||
Thereafter | 65,145 | ||||||||||||
Total | ¥ | 521,773 | |||||||||||
Installment_Loans_Tables
Installment Loans (Tables) | 12 Months Ended | ||||||||||||||||||||||||
Mar. 31, 2014 | |||||||||||||||||||||||||
Composition of Installment Loans By Domicile and Type of Borrower | ' | ||||||||||||||||||||||||
The composition of installment loans by domicile and type of borrower at March 31, 2013 and 2014 is as follows: | |||||||||||||||||||||||||
Millions of yen | |||||||||||||||||||||||||
2013 | 2014 | ||||||||||||||||||||||||
Borrowers in Japan: | |||||||||||||||||||||||||
Consumer— | |||||||||||||||||||||||||
Housing loans | ¥ | 912,651 | ¥ | 973,439 | |||||||||||||||||||||
Card loans | 225,707 | 228,868 | |||||||||||||||||||||||
Other | 26,967 | 24,875 | |||||||||||||||||||||||
1,165,325 | 1,227,182 | ||||||||||||||||||||||||
Corporate— | |||||||||||||||||||||||||
Real estate companies | 245,465 | 228,062 | |||||||||||||||||||||||
Non-recourse loans | 134,440 | 72,625 | |||||||||||||||||||||||
Commercial, industrial and other companies | 442,146 | 409,846 | |||||||||||||||||||||||
822,051 | 710,533 | ||||||||||||||||||||||||
Overseas: | |||||||||||||||||||||||||
Non-recourse loans | 434,517 | 101,579 | |||||||||||||||||||||||
Commercial, industrial companies and other | 198,477 | 222,920 | |||||||||||||||||||||||
632,994 | 324,499 | ||||||||||||||||||||||||
Purchased loans* | 70,801 | 53,341 | |||||||||||||||||||||||
¥ | 2,691,171 | ¥ | 2,315,555 | ||||||||||||||||||||||
* | 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 in accordance with ASC 310-30 (“Receivables—Loans and Debt Securities Acquired with Deteriorated Credit Quality”). | ||||||||||||||||||||||||
Contractual Maturities of Installment Loans Except Purchased Loans | ' | ||||||||||||||||||||||||
At March 31, 2014, 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 | ||||||||||||||||||||||||
2015 | ¥ | 509,601 | |||||||||||||||||||||||
2016 | 243,109 | ||||||||||||||||||||||||
2017 | 217,104 | ||||||||||||||||||||||||
2018 | 170,556 | ||||||||||||||||||||||||
2019 | 171,551 | ||||||||||||||||||||||||
Thereafter | 950,293 | ||||||||||||||||||||||||
Total | ¥ | 2,262,214 | |||||||||||||||||||||||
Allowance for Doubtful Receivables on Direct Financing Leases and Probable Loan Losses | ' | ||||||||||||||||||||||||
The following table provides information about the allowance for credit losses for fiscal 2012, 2013 and 2014: | |||||||||||||||||||||||||
March 31, 2012 | |||||||||||||||||||||||||
Millions of yen | |||||||||||||||||||||||||
Loans | |||||||||||||||||||||||||
Consumer | Corporate | Purchased | Direct | Total | |||||||||||||||||||||
loans*1 | financing | ||||||||||||||||||||||||
Non-recourse | Other | leases | |||||||||||||||||||||||
loans | |||||||||||||||||||||||||
Allowance for Credit Losses: | |||||||||||||||||||||||||
Beginning balance | ¥ | 17,096 | ¥ | 27,426 | ¥ | 70,972 | ¥ | 17,455 | ¥ | 21,201 | ¥ | 154,150 | |||||||||||||
Provision charged to income | 947 | 6,509 | 5,974 | 3,188 | 2,568 | 19,186 | |||||||||||||||||||
Charge-offs | (1,943 | ) | (10,083 | ) | (18,928 | ) | (793 | ) | (6,863 | ) | (38,610 | ) | |||||||||||||
Recoveries | 43 | 16 | 2,212 | 0 | 80 | 2,351 | |||||||||||||||||||
Other*2 | (3 | ) | (363 | ) | 36 | (25 | ) | (134 | ) | (489 | ) | ||||||||||||||
Ending balance | ¥ | 16,140 | ¥ | 23,505 | ¥ | 60,266 | ¥ | 19,825 | ¥ | 16,852 | ¥ | 136,588 | |||||||||||||
Individually evaluated for impairment | 3,002 | 20,657 | 49,853 | 17,895 | 0 | 91,407 | |||||||||||||||||||
Not individually evaluated for impairment | 13,138 | 2,848 | 10,413 | 1,930 | 16,852 | 45,181 | |||||||||||||||||||
Financing receivables: | |||||||||||||||||||||||||
Ending balance | ¥ | 881,483 | ¥ | 775,465 | ¥ | 995,246 | ¥ | 97,559 | ¥ | 900,886 | ¥ | 3,650,639 | |||||||||||||
Individually evaluated for impairment | 9,021 | 82,957 | 166,889 | 34,907 | 0 | 293,774 | |||||||||||||||||||
Not individually evaluated for impairment | 872,462 | 692,508 | 828,357 | 62,652 | 900,886 | 3,356,865 | |||||||||||||||||||
March 31, 2013 | |||||||||||||||||||||||||
Millions of yen | |||||||||||||||||||||||||
Loans | Direct | Total | |||||||||||||||||||||||
Consumer | Corporate | Purchased | financing | ||||||||||||||||||||||
Non-recourse | Other | loans*1 | leases | ||||||||||||||||||||||
Loans | |||||||||||||||||||||||||
Allowance for Credit Losses: | |||||||||||||||||||||||||
Beginning balance | ¥ | 16,140 | ¥ | 23,505 | ¥ | 60,266 | ¥ | 19,825 | ¥ | 16,852 | ¥ | 136,588 | |||||||||||||
Provision charged to income | 809 | (200 | ) | 2,335 | 4,649 | 2,423 | 10,016 | ||||||||||||||||||
Charge-offs | (3,050 | ) | (7,384 | ) | (20,566 | ) | (9,412 | ) | (4,409 | ) | (44,821 | ) | |||||||||||||
Recoveries | 281 | 1 | 988 | 0 | 363 | 1,633 | |||||||||||||||||||
Other*3 | 346 | 795 | (1,148 | ) | 254 | 601 | 848 | ||||||||||||||||||
Ending balance | ¥ | 14,526 | ¥ | 16,717 | ¥ | 41,875 | ¥ | 15,316 | ¥ | 15,830 | ¥ | 104,264 | |||||||||||||
Individually evaluated for impairment | 3,190 | 14,620 | 34,206 | 13,135 | 0 | 65,151 | |||||||||||||||||||
Not individually evaluated for impairment | 11,336 | 2,097 | 7,669 | 2,181 | 15,830 | 39,113 | |||||||||||||||||||
Financing receivables: | |||||||||||||||||||||||||
Ending balance | ¥ | 1,171,142 | ¥ | 568,957 | ¥ | 862,332 | ¥ | 70,801 | ¥ | 989,380 | ¥ | 3,662,612 | |||||||||||||
Individually evaluated for impairment | 10,861 | 61,050 | 111,722 | 29,107 | 0 | 212,740 | |||||||||||||||||||
Not individually evaluated for impairment | 1,160,281 | 507,907 | 750,610 | 41,694 | 989,380 | 3,449,872 | |||||||||||||||||||
March 31, 2014 | |||||||||||||||||||||||||
Millions of yen | |||||||||||||||||||||||||
Loans | Total | ||||||||||||||||||||||||
Consumer | Corporate | Purchased | Direct | ||||||||||||||||||||||
loans*1 | financing | ||||||||||||||||||||||||
Non-recourse | Other | leases | |||||||||||||||||||||||
loans | |||||||||||||||||||||||||
Allowance for Credit Losses: | |||||||||||||||||||||||||
Beginning balance | ¥ | 14,526 | ¥ | 16,717 | ¥ | 41,875 | ¥ | 15,316 | ¥ | 15,830 | ¥ | 104,264 | |||||||||||||
Provision charged to income | 4,437 | 2,381 | 833 | 2,532 | 3,651 | 13,834 | |||||||||||||||||||
Charge-offs | (5,786 | ) | (3,590 | ) | (11,803 | ) | (3,921 | ) | (4,421 | ) | (29,521 | ) | |||||||||||||
Recoveries | 290 | 140 | 798 | 111 | 70 | 1,409 | |||||||||||||||||||
Other*4 | 6 | (6,601 | ) | 1,041 | 110 | 254 | (5,190 | ) | |||||||||||||||||
Ending balance | ¥ | 13,473 | ¥ | 9,047 | ¥ | 32,744 | ¥ | 14,148 | ¥ | 15,384 | ¥ | 84,796 | |||||||||||||
Individually evaluated for impairment | 3,279 | 8,534 | 25,054 | 12,288 | 0 | 49,155 | |||||||||||||||||||
Not individually evaluated for impairment | 10,194 | 513 | 7,690 | 1,860 | 15,384 | 35,641 | |||||||||||||||||||
Financing receivables: | |||||||||||||||||||||||||
Ending balance | ¥ | 1,236,414 | ¥ | 174,204 | ¥ | 837,329 | ¥ | 53,341 | ¥ | 1,094,073 | ¥ | 3,395,361 | |||||||||||||
Individually evaluated for impairment | 11,796 | 24,902 | 76,051 | 23,075 | 0 | 135,824 | |||||||||||||||||||
Not individually evaluated for impairment | 1,224,618 | 149,302 | 761,278 | 30,266 | 1,094,073 | 3,259,537 | |||||||||||||||||||
*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 in accordance with ASC 310-30 (“Receivables—Loans and Debt Securities Acquired with Deteriorated Credit Quality”). | ||||||||||||||||||||||||
*2 | Other mainly includes foreign currency translation adjustments, amounts reclassified to discontinued operations and decrease in allowance related to sales of a subsidiary. | ||||||||||||||||||||||||
*3 | Other mainly includes foreign currency translation adjustments and decrease in allowance related to newly consolidated subsidiaries and sales of a subsidiary. | ||||||||||||||||||||||||
*4 | Other mainly includes foreign currency translation adjustments and decrease in allowance related to newly consolidated subsidiaries. Additionally, Other in Non-recourse loans includes a decrease of ¥6,562 million due to the sale of controlling class interests of a certain VIE, which was formerly consolidated, to a third party and resulting in deconsolidation of that VIE. | ||||||||||||||||||||||||
Purchased loans | ' | ||||||||||||||||||||||||
Allowance for Doubtful Receivables on Direct Financing Leases and Probable Loan Losses | ' | ||||||||||||||||||||||||
Changes in the allowance for uncollectible accounts relating to the purchased loans for fiscal 2012, 2013 and 2014 are as follows: | |||||||||||||||||||||||||
Millions of yen | |||||||||||||||||||||||||
2012 | 2013 | 2014 | |||||||||||||||||||||||
Beginning balance | ¥ | 17,455 | ¥ | 19,825 | ¥ | 15,316 | |||||||||||||||||||
Provision charged to income | 3,188 | 4,649 | 2,532 | ||||||||||||||||||||||
Charge-offs | (793 | ) | (9,412 | ) | (3,921 | ) | |||||||||||||||||||
Recoveries | 0 | 0 | 111 | ||||||||||||||||||||||
Other* | (25 | ) | 254 | 110 | |||||||||||||||||||||
Ending balance | ¥ | 19,825 | ¥ | 15,316 | ¥ | 14,148 | |||||||||||||||||||
* | Other includes foreign currency translation adjustments. |
Credit_Quality_of_Financing_Re1
Credit Quality of Financing Receivables and the Allowance for Credit Losses (Tables) | 12 Months Ended | ||||||||||||||||||||||
Mar. 31, 2014 | |||||||||||||||||||||||
Information about Impaired Loans | ' | ||||||||||||||||||||||
The following table provides information about the impaired loans as of March 31, 2013 and 2014: | |||||||||||||||||||||||
March 31, 2013 | |||||||||||||||||||||||
Millions of Yen | |||||||||||||||||||||||
Portfolio segment | Class | Loans | Unpaid | Related | |||||||||||||||||||
Individually | Principal | Allowance | |||||||||||||||||||||
Evaluated for | Balance | ||||||||||||||||||||||
Impairment | |||||||||||||||||||||||
With no related allowance recorded*1: | ¥ | 52,798 | ¥ | 52,768 | ¥ | 0 | |||||||||||||||||
Consumer borrowers | 1,003 | 989 | 0 | ||||||||||||||||||||
Housing loans | 1,003 | 989 | 0 | ||||||||||||||||||||
Card loans | 0 | 0 | 0 | ||||||||||||||||||||
Other | 0 | 0 | 0 | ||||||||||||||||||||
Corporate borrowers | 51,795 | 51,779 | 0 | ||||||||||||||||||||
Non-recourse loans | Japan | 21,409 | 21,407 | 0 | |||||||||||||||||||
U.S. | 5,825 | 5,825 | 0 | ||||||||||||||||||||
Other | Real estate companies | 7,063 | 7,060 | 0 | |||||||||||||||||||
Entertainment companies | 6,148 | 6,147 | 0 | ||||||||||||||||||||
Other | 11,350 | 11,340 | 0 | ||||||||||||||||||||
Purchased loans | 0 | 0 | 0 | ||||||||||||||||||||
With an allowance recorded*2: | 159,942 | 158,798 | 65,151 | ||||||||||||||||||||
Consumer borrowers | 9,858 | 9,828 | 3,190 | ||||||||||||||||||||
Housing loans | 7,496 | 7,471 | 2,565 | ||||||||||||||||||||
Card loans | 1,858 | 1,854 | 547 | ||||||||||||||||||||
Other | 504 | 503 | 78 | ||||||||||||||||||||
Corporate borrowers | 120,977 | 119,863 | 48,826 | ||||||||||||||||||||
Non-recourse loans | Japan | 2,006 | 2,004 | 1,021 | |||||||||||||||||||
U.S. | 31,810 | 31,706 | 13,599 | ||||||||||||||||||||
Other | Real estate companies | 40,063 | 39,896 | 15,862 | |||||||||||||||||||
Entertainment companies | 5,889 | 5,843 | 2,118 | ||||||||||||||||||||
Other | 41,209 | 40,414 | 16,226 | ||||||||||||||||||||
Purchased loans | 29,107 | 29,107 | 13,135 | ||||||||||||||||||||
Total: | ¥ | 212,740 | ¥ | 211,566 | ¥ | 65,151 | |||||||||||||||||
Consumer borrowers | 10,861 | 10,817 | 3,190 | ||||||||||||||||||||
Housing loans | 8,499 | 8,460 | 2,565 | ||||||||||||||||||||
Card loans | 1,858 | 1,854 | 547 | ||||||||||||||||||||
Other | 504 | 503 | 78 | ||||||||||||||||||||
Corporate borrowers | 172,772 | 171,642 | 48,826 | ||||||||||||||||||||
Non-recourse loans | Japan | 23,415 | 23,411 | 1,021 | |||||||||||||||||||
U.S. | 37,635 | 37,531 | 13,599 | ||||||||||||||||||||
Other | Real estate companies | 47,126 | 46,956 | 15,862 | |||||||||||||||||||
Entertainment companies | 12,037 | 11,990 | 2,118 | ||||||||||||||||||||
Other | 52,559 | 51,754 | 16,226 | ||||||||||||||||||||
Purchased loans | 29,107 | 29,107 | 13,135 | ||||||||||||||||||||
March 31, 2014 | |||||||||||||||||||||||
Millions of Yen | |||||||||||||||||||||||
Portfolio segment | Class | Loans | Unpaid | Related | |||||||||||||||||||
Individually | Principal | Allowance | |||||||||||||||||||||
Evaluated for | Balance | ||||||||||||||||||||||
Impairment | |||||||||||||||||||||||
With no related allowance recorded*1: | ¥ | 25,049 | ¥ | 25,025 | ¥ | 0 | |||||||||||||||||
Consumer borrowers | 725 | 711 | 0 | ||||||||||||||||||||
Housing loans | 725 | 711 | 0 | ||||||||||||||||||||
Card loans | 0 | 0 | 0 | ||||||||||||||||||||
Other | 0 | 0 | 0 | ||||||||||||||||||||
Corporate borrowers | 24,324 | 24,314 | 0 | ||||||||||||||||||||
Non-recourse loans | Japan | 6,505 | 6,505 | 0 | |||||||||||||||||||
U.S. | 2,259 | 2,259 | 0 | ||||||||||||||||||||
Other | Real estate companies | 3,770 | 3,767 | 0 | |||||||||||||||||||
Entertainment companies | 2,614 | 2,613 | 0 | ||||||||||||||||||||
Other | 9,176 | 9,170 | 0 | ||||||||||||||||||||
Purchased loans | 0 | 0 | 0 | ||||||||||||||||||||
With an allowance recorded*2: | 110,775 | 110,064 | 49,155 | ||||||||||||||||||||
Consumer borrowers | 11,071 | 11,010 | 3,279 | ||||||||||||||||||||
Housing loans | 6,592 | 6,543 | 2,432 | ||||||||||||||||||||
Card loans | 2,950 | 2,942 | 629 | ||||||||||||||||||||
Other | 1,529 | 1,525 | 218 | ||||||||||||||||||||
Corporate borrowers | 76,629 | 75,979 | 33,588 | ||||||||||||||||||||
Non-recourse loans | Japan | 1,363 | 1,299 | 1,020 | |||||||||||||||||||
U.S. | 14,775 | 14,746 | 7,514 | ||||||||||||||||||||
Other | Real estate companies | 25,099 | 25,046 | 8,911 | |||||||||||||||||||
Entertainment companies | 5,213 | 5,172 | 1,801 | ||||||||||||||||||||
Other | 30,179 | 29,716 | 14,342 | ||||||||||||||||||||
Purchased loans | 23,075 | 23,075 | 12,288 | ||||||||||||||||||||
Total: | ¥ | 135,824 | ¥ | 135,089 | ¥ | 49,155 | |||||||||||||||||
Consumer borrowers | 11,796 | 11,721 | 3,279 | ||||||||||||||||||||
Housing loans | 7,317 | 7,254 | 2,432 | ||||||||||||||||||||
Card loans | 2,950 | 2,942 | 629 | ||||||||||||||||||||
Other | 1,529 | 1,525 | 218 | ||||||||||||||||||||
Corporate borrowers | 100,953 | 100,293 | 33,588 | ||||||||||||||||||||
Non-recourse loans | Japan | 7,868 | 7,804 | 1,020 | |||||||||||||||||||
U.S. | 17,034 | 17,005 | 7,514 | ||||||||||||||||||||
Other | Real estate companies | 28,869 | 28,813 | 8,911 | |||||||||||||||||||
Entertainment companies | 7,827 | 7,785 | 1,801 | ||||||||||||||||||||
Other | 39,355 | 38,886 | 14,342 | ||||||||||||||||||||
Purchased loans | 23,075 | 23,075 | 12,288 | ||||||||||||||||||||
*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 following table provides information about the average recorded investments in impaired loans and interest income on impaired loans for fiscal 2012, 2013 and 2014: | |||||||||||||||||||||||
March 31, 2012 | |||||||||||||||||||||||
Millions of yen | |||||||||||||||||||||||
Portfolio segment | Class | Average Recorded | Interest Income on | Interest on | |||||||||||||||||||
Investments in | Impaired Loans | Impaired Loans | |||||||||||||||||||||
Impaired Loans*1 | Collected in Cash | ||||||||||||||||||||||
Consumer borrowers | ¥ | 8,933 | ¥ | 226 | ¥ | 204 | |||||||||||||||||
Housing loans | 8,933 | 226 | 204 | ||||||||||||||||||||
Other | 0 | 0 | 0 | ||||||||||||||||||||
Corporate borrowers | 252,683 | 4,506 | 3,976 | ||||||||||||||||||||
Non-recourse loans | Japan | 30,021 | 367 | 311 | |||||||||||||||||||
U.S. | 41,399 | 794 | 695 | ||||||||||||||||||||
Other | Real estate companies | 84,121 | 1,243 | 1,102 | |||||||||||||||||||
Entertainment companies | 25,796 | 724 | 711 | ||||||||||||||||||||
Other | 71,346 | 1,378 | 1,157 | ||||||||||||||||||||
Purchased loans | 34,063 | 0 | 0 | ||||||||||||||||||||
Total | ¥ | 295,679 | ¥ | 4,732 | ¥ | 4,180 | |||||||||||||||||
March 31, 2013 | |||||||||||||||||||||||
Millions of yen | |||||||||||||||||||||||
Portfolio segment | Class | Average Recorded | Interest Income on | Interest on | |||||||||||||||||||
Investments in | Impaired Loans | Impaired Loans | |||||||||||||||||||||
Impaired Loans*1 | Collected in Cash | ||||||||||||||||||||||
Consumer borrowers | ¥ | 9,586 | ¥ | 209 | ¥ | 168 | |||||||||||||||||
Housing loans | 8,635 | 188 | 152 | ||||||||||||||||||||
Card loans | 771 | 16 | 12 | ||||||||||||||||||||
Other | 180 | 5 | 4 | ||||||||||||||||||||
Corporate borrowers | 221,136 | 4,259 | 3,968 | ||||||||||||||||||||
Non-recourse loans | Japan | 37,282 | 216 | 211 | |||||||||||||||||||
U.S. | 41,903 | 1,726 | 1,726 | ||||||||||||||||||||
Other | Real estate companies | 62,265 | 889 | 804 | |||||||||||||||||||
Entertainment companies | 16,443 | 364 | 322 | ||||||||||||||||||||
Other | 63,243 | 1,064 | 905 | ||||||||||||||||||||
Purchased loans | 29,217 | 0 | 0 | ||||||||||||||||||||
Total | ¥ | 259,939 | ¥ | 4,468 | ¥ | 4,136 | |||||||||||||||||
March 31, 2014 | |||||||||||||||||||||||
Millions of yen | |||||||||||||||||||||||
Portfolio segment | Class | Average Recorded | Interest Income on | Interest on | |||||||||||||||||||
Investments in | Impaired Loans | Impaired Loans | |||||||||||||||||||||
Impaired Loans*1 | Collected in Cash | ||||||||||||||||||||||
Consumer borrowers | ¥ | 11,445 | ¥ | 295 | ¥ | 230 | |||||||||||||||||
Housing loans | 8,004 | 231 | 178 | ||||||||||||||||||||
Card loans | 2,453 | 38 | 31 | ||||||||||||||||||||
Other | 988 | 26 | 21 | ||||||||||||||||||||
Corporate borrowers | 134,927 | 4,146 | 3,449 | ||||||||||||||||||||
Non-recourse loans | Japan | 15,897 | 234 | 219 | |||||||||||||||||||
U.S. | 23,119 | 667 | 667 | ||||||||||||||||||||
Other | Real estate companies | 38,733 | 1,154 | 990 | |||||||||||||||||||
Entertainment companies | 10,277 | 509 | 343 | ||||||||||||||||||||
Other | 46,901 | 1,582 | 1,230 | ||||||||||||||||||||
Purchased loans | 25,588 | 0 | 0 | ||||||||||||||||||||
Total | ¥ | 171,960 | ¥ | 4,441 | ¥ | 3,679 | |||||||||||||||||
*1 | Average balances are calculated on the basis of fiscal beginning and quarter-end balances. | ||||||||||||||||||||||
Information about Credit Quality Indicators | ' | ||||||||||||||||||||||
The following table provides information about the credit quality indicators as of March 31, 2013 and 2014: | |||||||||||||||||||||||
March 31, 2013 | |||||||||||||||||||||||
Millions of yen | |||||||||||||||||||||||
Non-performing | |||||||||||||||||||||||
Portfolio segment | Class | Performing | Loans | 90+ days | Subtotal | Total | |||||||||||||||||
individually | past-due | ||||||||||||||||||||||
evaluated for | loans not | ||||||||||||||||||||||
impairment | individually | ||||||||||||||||||||||
evaluated for | |||||||||||||||||||||||
impairment | |||||||||||||||||||||||
Consumer borrowers | ¥ | 1,152,536 | ¥ | 10,861 | ¥ | 7,745 | ¥ | 18,606 | ¥ | 1,171,142 | |||||||||||||
Housing loans | 901,895 | 8,499 | 6,397 | 14,896 | 916,791 | ||||||||||||||||||
Card loans | 223,130 | 1,858 | 719 | 2,577 | 225,707 | ||||||||||||||||||
Other | 27,511 | 504 | 629 | 1,133 | 28,644 | ||||||||||||||||||
Corporate borrowers | 1,258,517 | 172,772 | 0 | 172,772 | 1,431,289 | ||||||||||||||||||
Non-recourse loans | Japan | 111,025 | 23,415 | 0 | 23,415 | 134,440 | |||||||||||||||||
U.S. | 396,882 | 37,635 | 0 | 37,635 | 434,517 | ||||||||||||||||||
Other | Real estate companies | 229,555 | 47,126 | 0 | 47,126 | 276,681 | |||||||||||||||||
Entertainment companies | 109,222 | 12,037 | 0 | 12,037 | 121,259 | ||||||||||||||||||
Other | 411,833 | 52,559 | 0 | 52,559 | 464,392 | ||||||||||||||||||
Purchased loans | 41,694 | 29,107 | 0 | 29,107 | 70,801 | ||||||||||||||||||
Direct financing leases | 973,574 | 0 | 15,806 | 15,806 | 989,380 | ||||||||||||||||||
Japan | 680,351 | 0 | 12,234 | 12,234 | 692,585 | ||||||||||||||||||
Overseas | 293,223 | 0 | 3,572 | 3,572 | 296,795 | ||||||||||||||||||
Total | ¥ | 3,426,321 | ¥ | 212,740 | ¥ | 23,551 | ¥ | 236,291 | ¥ | 3,662,612 | |||||||||||||
March 31, 2014 | |||||||||||||||||||||||
Millions of yen | |||||||||||||||||||||||
Non-performing | |||||||||||||||||||||||
Portfolio segment | Class | Performing | Loans | 90+ days | Subtotal | Total | |||||||||||||||||
individually | past-due | ||||||||||||||||||||||
evaluated for | loans not | ||||||||||||||||||||||
impairment | individually | ||||||||||||||||||||||
evaluated for | |||||||||||||||||||||||
impairment | |||||||||||||||||||||||
Consumer borrowers | ¥ | 1,218,469 | ¥ | 11,796 | ¥ | 6,149 | ¥ | 17,945 | ¥ | 1,236,414 | |||||||||||||
Housing loans | 968,269 | 7,317 | 4,211 | 11,528 | 979,797 | ||||||||||||||||||
Card loans | 225,198 | 2,950 | 720 | 3,670 | 228,868 | ||||||||||||||||||
Other | 25,002 | 1,529 | 1,218 | 2,747 | 27,749 | ||||||||||||||||||
Corporate borrowers | 910,580 | 100,953 | 0 | 100,953 | 1,011,533 | ||||||||||||||||||
Non-recourse loans | Japan | 64,757 | 7,868 | 0 | 7,868 | 72,625 | |||||||||||||||||
U.S. | 84,545 | 17,034 | 0 | 17,034 | 101,579 | ||||||||||||||||||
Other | Real estate companies | 217,096 | 28,869 | 0 | 28,869 | 245,965 | |||||||||||||||||
Entertainment companies | 99,057 | 7,827 | 0 | 7,827 | 106,884 | ||||||||||||||||||
Other | 445,125 | 39,355 | 0 | 39,355 | 484,480 | ||||||||||||||||||
Purchased loans | 30,266 | 23,075 | 0 | 23,075 | 53,341 | ||||||||||||||||||
Direct financing leases | 1,080,186 | 0 | 13,887 | 13,887 | 1,094,073 | ||||||||||||||||||
Japan | 751,877 | 0 | 9,560 | 9,560 | 761,437 | ||||||||||||||||||
Overseas | 328,309 | 0 | 4,327 | 4,327 | 332,636 | ||||||||||||||||||
Total | ¥ | 3,239,501 | ¥ | 135,824 | ¥ | 20,036 | ¥ | 155,860 | ¥ | 3,395,361 | |||||||||||||
Note: | Loans held for sale are not included in the table above. | ||||||||||||||||||||||
Information about Nonaccrual and Past Due Financing Receivables | ' | ||||||||||||||||||||||
The following table provides information about the non-accrual and past-due financing receivables as of March 31, 2013 and 2014: | |||||||||||||||||||||||
March 31, 2013 | |||||||||||||||||||||||
Millions of yen | |||||||||||||||||||||||
Past-Due Financing Receivables | |||||||||||||||||||||||
Portfolio segment | Class | 30-89 Days | 90 Days | Total | Total | Non-Accrual | |||||||||||||||||
Past-Due | or More | Past-Due | Financing | ||||||||||||||||||||
Past-Due | Receivables | ||||||||||||||||||||||
Consumer borrowers | ¥ | 4,699 | ¥ | 12,170 | ¥ | 16,869 | ¥ | 1,171,142 | ¥ | 12,170 | |||||||||||||
Housing loans | 3,650 | 10,422 | 14,072 | 916,791 | 10,422 | ||||||||||||||||||
Card loans | 738 | 1,078 | 1,816 | 225,707 | 1,078 | ||||||||||||||||||
Other | 311 | 670 | 981 | 28,644 | 670 | ||||||||||||||||||
Corporate borrowers | 64,539 | 73,876 | 138,415 | 1,431,289 | 73,876 | ||||||||||||||||||
Non-recourse loans | Japan | 0 | 15,211 | 15,211 | 134,440 | 15,211 | |||||||||||||||||
U.S. | 59,532 | 7,516 | 67,048 | 434,517 | 7,516 | ||||||||||||||||||
Other | Real estate companies | 1,324 | 23,921 | 25,245 | 276,681 | 23,921 | |||||||||||||||||
Entertainment companies | 437 | 1,542 | 1,979 | 121,259 | 1,542 | ||||||||||||||||||
Other | 3,246 | 25,686 | 28,932 | 464,392 | 25,686 | ||||||||||||||||||
Direct financing leases | 5,480 | 15,806 | 21,286 | 989,380 | 15,806 | ||||||||||||||||||
Japan | 1,467 | 12,234 | 13,701 | 692,585 | 12,234 | ||||||||||||||||||
Overseas | 4,013 | 3,572 | 7,585 | 296,795 | 3,572 | ||||||||||||||||||
Total | ¥ | 74,718 | ¥ | 101,852 | ¥ | 176,570 | ¥ | 3,591,811 | ¥ | 101,852 | |||||||||||||
March 31, 2014 | |||||||||||||||||||||||
Millions of yen | |||||||||||||||||||||||
Past-Due Financing Receivables | |||||||||||||||||||||||
Portfolio segment | Class | 30- | 90 Days | Total | Total | Non-Accrual | |||||||||||||||||
89 Days | or More | Past-Due | Financing | ||||||||||||||||||||
Past-Due | Past-Due | Receivables | |||||||||||||||||||||
Consumer borrowers | ¥ | 4,477 | ¥ | 10,542 | ¥ | 15,019 | ¥ | 1,236,414 | ¥ | 10,542 | |||||||||||||
Housing loans | 3,157 | 8,009 | 11,166 | 979,797 | 8,009 | ||||||||||||||||||
Card loans | 731 | 1,204 | 1,935 | 228,868 | 1,204 | ||||||||||||||||||
Other | 589 | 1,329 | 1,918 | 27,749 | 1,329 | ||||||||||||||||||
Corporate borrowers | 20,977 | 45,372 | 66,349 | 1,011,533 | 58,298 | ||||||||||||||||||
Non-recourse loans | Japan | 1,364 | 5,418 | 6,782 | 72,625 | 5,418 | |||||||||||||||||
U.S. | 17,470 | 3,687 | 21,157 | 101,579 | 14,432 | ||||||||||||||||||
Other | Real estate companies | 149 | 13,005 | 13,154 | 245,965 | 13,005 | |||||||||||||||||
Entertainment companies | 1,195 | 1,297 | 2,492 | 106,884 | 1,297 | ||||||||||||||||||
Other | 799 | 21,965 | 22,764 | 484,480 | 24,146 | ||||||||||||||||||
Direct financing leases | 6,365 | 13,887 | 20,252 | 1,094,073 | 13,887 | ||||||||||||||||||
Japan | 1,563 | 9,560 | 11,123 | 761,437 | 9,560 | ||||||||||||||||||
Overseas | 4,802 | 4,327 | 9,129 | 332,636 | 4,327 | ||||||||||||||||||
Total | ¥ | 31,819 | ¥ | 69,801 | ¥ | 101,620 | ¥ | 3,342,020 | ¥ | 82,727 | |||||||||||||
Note: | Loans held for sale and purchases loans are not included in the table above. | ||||||||||||||||||||||
Information about Troubled Debt Restructurings of Financing Receivables | ' | ||||||||||||||||||||||
The following table provides information about troubled debt restructurings of financing receivables that occurred during fiscal 2012, 2013 and 2014: | |||||||||||||||||||||||
March 31, 2012 | |||||||||||||||||||||||
Millions of yen | |||||||||||||||||||||||
Portfolio segment | Class | Pre-modification | Post-modification | ||||||||||||||||||||
Outstanding | Outstanding | ||||||||||||||||||||||
Recorded Investment | Recorded Investment | ||||||||||||||||||||||
Consumer borrowers | ¥ | 1,867 | ¥ | 1,690 | |||||||||||||||||||
Housing loans | 1,867 | 1,690 | |||||||||||||||||||||
Corporate borrowers | 27,471 | 26,112 | |||||||||||||||||||||
Non-recourse loans | Japan | 943 | 943 | ||||||||||||||||||||
U.S. | 7,783 | 7,518 | |||||||||||||||||||||
Other | Real estate companies | 6,436 | 5,636 | ||||||||||||||||||||
Other | 12,309 | 12,015 | |||||||||||||||||||||
Total | ¥ | 29,338 | ¥ | 27,802 | |||||||||||||||||||
March 31, 2013 | |||||||||||||||||||||||
Millions of yen | |||||||||||||||||||||||
Portfolio segment | Class | Pre-modification | Post-modification | ||||||||||||||||||||
Outstanding | Outstanding | ||||||||||||||||||||||
Recorded Investment | Recorded Investment | ||||||||||||||||||||||
Consumer borrowers | ¥ | 3,580 | ¥ | 2,396 | |||||||||||||||||||
Housing loans | 1,290 | 894 | |||||||||||||||||||||
Card loans | 1,649 | 1,081 | |||||||||||||||||||||
Other | 641 | 421 | |||||||||||||||||||||
Corporate borrowers | 17,970 | 17,544 | |||||||||||||||||||||
Non-recourse loans | Japan | 5,180 | 5,180 | ||||||||||||||||||||
U.S. | 10,036 | 10,036 | |||||||||||||||||||||
Other | Real estate companies | 967 | 861 | ||||||||||||||||||||
Other | 1,787 | 1,467 | |||||||||||||||||||||
Total | ¥ | 21,550 | ¥ | 19,940 | |||||||||||||||||||
March 31, 2014 | |||||||||||||||||||||||
Millions of yen | |||||||||||||||||||||||
Portfolio segment | Class | Pre-modification | Post-modification | ||||||||||||||||||||
Outstanding | Outstanding | ||||||||||||||||||||||
Recorded Investment | Recorded Investment | ||||||||||||||||||||||
Consumer borrowers | ¥ | 3,899 | ¥ | 2,586 | |||||||||||||||||||
Housing loans | 724 | 334 | |||||||||||||||||||||
Card loans | 1,898 | 1,391 | |||||||||||||||||||||
Other | 1,277 | 861 | |||||||||||||||||||||
Corporate borrowers | 14,135 | 11,097 | |||||||||||||||||||||
Non-recourse loans | Japan | 4,745 | 2,608 | ||||||||||||||||||||
U.S. | 4,809 | 4,723 | |||||||||||||||||||||
Other | Real estate companies | 328 | 276 | ||||||||||||||||||||
Entertainment companies | 779 | 509 | |||||||||||||||||||||
Other | 3,474 | 2,981 | |||||||||||||||||||||
Total | ¥ | 18,034 | ¥ | 13,683 | |||||||||||||||||||
The following table provides information about financing receivables modified as troubled debt restructurings within the previous 12 months from March 31, 2012 and for which there was a payment default during fiscal 2012: | |||||||||||||||||||||||
March 31, 2012 | |||||||||||||||||||||||
Millions of yen | |||||||||||||||||||||||
Portfolio segment | Class | Recorded Investment | |||||||||||||||||||||
Consumer borrowers | ¥ | 392 | |||||||||||||||||||||
Housing loans | 392 | ||||||||||||||||||||||
Corporate borrowers | 2,331 | ||||||||||||||||||||||
Non-recourse loans | U.S. | 409 | |||||||||||||||||||||
Other | Other | 1,922 | |||||||||||||||||||||
Total | ¥ | 2,723 | |||||||||||||||||||||
The following table provides information about financing receivables modified as troubled debt restructurings within the previous 12 months from March 31, 2013 and for which there was a payment default during fiscal 2013: | |||||||||||||||||||||||
March 31, 2013 | |||||||||||||||||||||||
Millions of yen | |||||||||||||||||||||||
Portfolio segment | Class | Recorded Investment | |||||||||||||||||||||
Consumer borrowers | ¥ | 383 | |||||||||||||||||||||
Housing loans | 369 | ||||||||||||||||||||||
Card loans | 12 | ||||||||||||||||||||||
Other | 2 | ||||||||||||||||||||||
Corporate borrowers | 92 | ||||||||||||||||||||||
Other | Other | 92 | |||||||||||||||||||||
Total | ¥ | 475 | |||||||||||||||||||||
The following table provides information about financing receivables modified as troubled debt restructurings within the previous 12 months from March 31, 2014 and for which there was a payment default during fiscal 2014: | |||||||||||||||||||||||
31-Mar-14 | |||||||||||||||||||||||
Millions of yen | |||||||||||||||||||||||
Portfolio segment | Class | Recorded Investment | |||||||||||||||||||||
Consumer borrowers | ¥ | 57 | |||||||||||||||||||||
Housing loans | 18 | ||||||||||||||||||||||
Card loans | 31 | ||||||||||||||||||||||
Other | 8 | ||||||||||||||||||||||
Corporate borrowers | 565 | ||||||||||||||||||||||
Non-recourse loans | U.S. | 497 | |||||||||||||||||||||
Other | Real estate companies | 42 | |||||||||||||||||||||
Other | 26 | ||||||||||||||||||||||
Total | ¥ | 622 | |||||||||||||||||||||
Investment_in_Securities_Table
Investment in Securities (Tables) | 12 Months Ended | ||||||||||||||||||||||||
Mar. 31, 2014 | |||||||||||||||||||||||||
Investment in Securities | ' | ||||||||||||||||||||||||
Investment in securities at March 31, 2013 and 2014 consists of the following: | |||||||||||||||||||||||||
Millions of yen | |||||||||||||||||||||||||
2013 | 2014 | ||||||||||||||||||||||||
Trading securities | ¥ | 33,041 | ¥ | 16,079 | |||||||||||||||||||||
Available-for-sale securities | 757,299 | 881,606 | |||||||||||||||||||||||
Held-to-maturity securities | 89,451 | 96,731 | |||||||||||||||||||||||
Other securities | 213,877 | 220,160 | |||||||||||||||||||||||
Total | ¥ | 1,093,668 | ¥ | 1,214,576 | |||||||||||||||||||||
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 securities and held-to-maturity securities in each major security type at March 31, 2013 and 2014 are as follows: | |||||||||||||||||||||||||
March 31, 2013 | |||||||||||||||||||||||||
Millions of yen | |||||||||||||||||||||||||
Amortized | Gross | Gross | Fair value | ||||||||||||||||||||||
cost | unrealized | unrealized | |||||||||||||||||||||||
gains | losses | ||||||||||||||||||||||||
Available-for-sale: | |||||||||||||||||||||||||
Japanese and foreign government bond securities | ¥ | 276,832 | ¥ | 1,906 | ¥ | (21 | ) | ¥ | 278,717 | ||||||||||||||||
Japanese prefectural and foreign municipal bond securities | 58,571 | 2,519 | 0 | 61,090 | |||||||||||||||||||||
Corporate debt securities | 193,973 | 3,809 | (947 | ) | 196,835 | ||||||||||||||||||||
Specified bonds issued by SPEs in Japan | 64,159 | 116 | (1,031 | ) | 63,244 | ||||||||||||||||||||
CMBS and RMBS in the U.S., and other asset-backed securities | 59,419 | 3,480 | (2,208 | ) | 60,691 | ||||||||||||||||||||
Other debt securities | 7,367 | 944 | 0 | 8,311 | |||||||||||||||||||||
Equity securities | 53,869 | 34,703 | (161 | ) | 88,411 | ||||||||||||||||||||
714,190 | 47,477 | (4,368 | ) | 757,299 | |||||||||||||||||||||
Held-to-maturity: | |||||||||||||||||||||||||
Japanese government bond securities and other | 89,451 | 9,020 | 0 | 98,471 | |||||||||||||||||||||
¥ | 803,641 | ¥ | 56,497 | ¥ | (4,368 | ) | ¥ | 855,770 | |||||||||||||||||
March 31, 2014 | |||||||||||||||||||||||||
Millions of yen | |||||||||||||||||||||||||
Amortized | Gross | Gross | Fair value | ||||||||||||||||||||||
cost | unrealized | unrealized | |||||||||||||||||||||||
gains | losses | ||||||||||||||||||||||||
Available-for-sale: | |||||||||||||||||||||||||
Japanese and foreign government bond securities | ¥ | 359,148 | ¥ | 1,230 | ¥ | (18 | ) | ¥ | 360,360 | ||||||||||||||||
Japanese prefectural and foreign municipal bond securities | 93,927 | 2,913 | (143 | ) | 96,697 | ||||||||||||||||||||
Corporate debt securities | 199,340 | 2,601 | (555 | ) | 201,386 | ||||||||||||||||||||
Specified bonds issued by SPEs in Japan | 6,850 | 70 | (148 | ) | 6,772 | ||||||||||||||||||||
CMBS and RMBS in the U.S., and other asset-backed securities | 64,789 | 1,883 | (1,041 | ) | 65,631 | ||||||||||||||||||||
Other debt securities | 9,508 | 2,042 | 0 | 11,550 | |||||||||||||||||||||
Equity securities | 87,988 | 51,783 | (561 | ) | 139,210 | ||||||||||||||||||||
821,550 | 62,522 | (2,466 | ) | 881,606 | |||||||||||||||||||||
Held-to-maturity: | |||||||||||||||||||||||||
Japanese government bond securities and other | 96,731 | 7,305 | 0 | 104,036 | |||||||||||||||||||||
¥ | 918,281 | ¥ | 69,827 | ¥ | (2,466 | ) | ¥ | 985,642 | |||||||||||||||||
Information about Available-for-Sale Securities and Held-to-Maturity Securities with Gross Unrealized Losses and Length of Time Individual Securities Have Been in Continuous Unrealized Loss Position | ' | ||||||||||||||||||||||||
The following table provides information about available-for-sale securities with gross unrealized losses and the length of time that individual securities have been in a continuous unrealized loss position as of March 31, 2013 and 2014, respectively: | |||||||||||||||||||||||||
March 31, 2013 | |||||||||||||||||||||||||
Millions of yen | |||||||||||||||||||||||||
Less than 12 months | 12 months or more | Total | |||||||||||||||||||||||
Fair value | Gross | Fair value | Gross | Fair value | Gross | ||||||||||||||||||||
unrealized | unrealized | unrealized | |||||||||||||||||||||||
losses | losses | losses | |||||||||||||||||||||||
Available-for-sale: | |||||||||||||||||||||||||
Japanese and foreign government bond securities | ¥ | 85,842 | ¥ | (21 | ) | ¥ | 0 | ¥ | 0 | ¥ | 85,842 | ¥ | (21 | ) | |||||||||||
Japanese prefectural and foreign municipal bond securities | 10,118 | 0 | 0 | 0 | 10,118 | 0 | |||||||||||||||||||
Corporate debt securities | 4,490 | (69 | ) | 16,329 | (878 | ) | 20,819 | (947 | ) | ||||||||||||||||
Specified bonds issued by SPEs in Japan | 3,929 | (106 | ) | 34,226 | (925 | ) | 38,155 | (1,031 | ) | ||||||||||||||||
CMBS and RMBS in the U.S., and other asset-backed securities | 2,142 | (44 | ) | 8,141 | (2,164 | ) | 10,283 | (2,208 | ) | ||||||||||||||||
Equity securities | 1,315 | (142 | ) | 318 | (19 | ) | 1,633 | (161 | ) | ||||||||||||||||
¥ | 107,836 | ¥ | (382 | ) | ¥ | 59,014 | ¥ | (3,986 | ) | ¥ | 166,850 | ¥ | (4,368 | ) | |||||||||||
March 31, 2014 | |||||||||||||||||||||||||
Millions of yen | |||||||||||||||||||||||||
Less than 12 months | 12 months or more | Total | |||||||||||||||||||||||
Fair value | Gross | Fair value | Gross | Fair value | Gross | ||||||||||||||||||||
unrealized | unrealized | unrealized | |||||||||||||||||||||||
losses | losses | losses | |||||||||||||||||||||||
Available-for-sale: | |||||||||||||||||||||||||
Japanese and foreign government bond securities | ¥ | 140,133 | ¥ | (10 | ) | ¥ | 14,977 | ¥ | (8 | ) | ¥ | 155,110 | ¥ | (18 | ) | ||||||||||
Japanese prefectural and foreign municipal bond securities | 31,407 | (143 | ) | 0 | 0 | 31,407 | (143 | ) | |||||||||||||||||
Corporate debt securities | 27,496 | (31 | ) | 10,968 | (524 | ) | 38,464 | (555 | ) | ||||||||||||||||
Specified bonds issued by SPEs in Japan | 0 | 0 | 2,138 | (148 | ) | 2,138 | (148 | ) | |||||||||||||||||
CMBS and RMBS in the U.S., and other asset-backed securities | 15,891 | (91 | ) | 2,540 | (950 | ) | 18,431 | (1,041 | ) | ||||||||||||||||
Equity securities | 15,957 | (541 | ) | 99 | (20 | ) | 16,056 | (561 | ) | ||||||||||||||||
¥ | 230,884 | ¥ | (816 | ) | ¥ | 30,722 | ¥ | (1,650 | ) | ¥ | 261,606 | ¥ | (2,466 | ) | |||||||||||
Total Other-Than-Temporary Impairment with Offset for Amount of Total Other-Than-Temporary Impairment Recognized in Other Comprehensive Income | ' | ||||||||||||||||||||||||
The total other-than-temporary impairment with an offset for the amount of the total other-than-temporary impairment recognized in other comprehensive income (loss) for fiscal 2012, 2013 and 2014 are as follows: | |||||||||||||||||||||||||
Millions of yen | |||||||||||||||||||||||||
2012 | 2013 | 2014 | |||||||||||||||||||||||
Total other-than-temporary impairment losses | ¥ | 17,100 | ¥ | 23,180 | ¥ | 7,992 | |||||||||||||||||||
Portion of loss recognized in other comprehensive income (before taxes) | (630 | ) | (342 | ) | (3 | ) | |||||||||||||||||||
Net impairment losses recognized in earnings | ¥ | 16,470 | ¥ | 22,838 | ¥ | 7,989 | |||||||||||||||||||
Roll-Forwards of Amount Related to Credit Losses on Other-Than-Temporarily Impaired Debt Securities Recognized in Earnings | ' | ||||||||||||||||||||||||
Roll-forwards of the amount related to credit losses on other-than-temporarily impaired debt securities recognized in earnings for fiscal 2012, 2013 and 2014 are as follows: | |||||||||||||||||||||||||
Millions of yen | |||||||||||||||||||||||||
2012 | 2013 | 2014 | |||||||||||||||||||||||
Beginning | ¥ | 9,022 | ¥ | 8,199 | ¥ | 7,809 | |||||||||||||||||||
Addition during the period: | |||||||||||||||||||||||||
Credit loss for which an other-than-temporary impairment was not previously recognized | 3,524 | 110 | 8 | ||||||||||||||||||||||
Credit loss for which an other-than-temporary impairment was previously recognized | 320 | 1,171 | 239 | ||||||||||||||||||||||
Reduction during the period: | |||||||||||||||||||||||||
For securities sold or redeemed | (3,530 | ) | (1,049 | ) | (3,609 | ) | |||||||||||||||||||
Due to change in intent to sell or requirement to sell | (1,137 | ) | (622 | ) | (2,456 | ) | |||||||||||||||||||
Ending | ¥ | 8,199 | ¥ | 7,809 | ¥ | 1,991 | |||||||||||||||||||
Summary of Contractual Maturities of Debt Securities Classified as Available-for-Sale Securities and Held-to-Maturity Securities | ' | ||||||||||||||||||||||||
The following is a summary of the contractual maturities of debt securities classified as available-for-sale securities and held-to-maturity securities held at March 31, 2014: | |||||||||||||||||||||||||
Available-for-sale securities held at March 31, 2014: | |||||||||||||||||||||||||
Millions of yen | |||||||||||||||||||||||||
Amortized | Fair value | ||||||||||||||||||||||||
cost | |||||||||||||||||||||||||
Due within one year | ¥ | 195,067 | ¥ | 195,211 | |||||||||||||||||||||
Due after one to five years | 303,126 | 306,286 | |||||||||||||||||||||||
Due after five to ten years | 130,614 | 132,370 | |||||||||||||||||||||||
Due after ten years | 104,755 | 108,529 | |||||||||||||||||||||||
¥ | 733,562 | ¥ | 742,396 | ||||||||||||||||||||||
Held-to-maturity securities held at March 31, 2014: | |||||||||||||||||||||||||
Millions of yen | |||||||||||||||||||||||||
Amortized | Fair value | ||||||||||||||||||||||||
cost | |||||||||||||||||||||||||
Due within one year | ¥ | 1,422 | ¥ | 1,423 | |||||||||||||||||||||
Due after one to five years | 5 | 5 | |||||||||||||||||||||||
Due after ten years | 95,304 | 102,608 | |||||||||||||||||||||||
¥ | 96,731 | ¥ | 104,036 | ||||||||||||||||||||||
Securitization_Transactions_Ta
Securitization Transactions (Tables) | 12 Months Ended | ||||||||||||
Mar. 31, 2014 | |||||||||||||
Quantitative Information About Delinquencies, Net Credit Losses, and Components of Financial Assets Sold on Securitization and Other Assets Managed Together | ' | ||||||||||||
Quantitative information about delinquencies, impaired loans and components of financial assets sold on securitization and other assets managed together as of March 31, 2013 and 2014, and quantitative information about net credit loss for the fiscal years ended March 31, 2012, 2013 and 2014 are as follows: | |||||||||||||
Total principal amount of receivables | |||||||||||||
Millions of yen | |||||||||||||
March 31, 2013 | March 31, 2014 | ||||||||||||
Direct financing leases | ¥ | 989,380 | ¥ | 1,094,073 | |||||||||
Installment loans | 2,691,171 | 2,315,555 | |||||||||||
Assets recorded on the balance sheet | 3,680,551 | 3,409,628 | |||||||||||
Direct financing leases sold on securitization | 1,698 | 1,156 | |||||||||||
Total assets managed together or sold on securitization | ¥ | 3,682,249 | ¥ | 3,410,784 | |||||||||
Principal amount of receivables more than 90 days | |||||||||||||
past-due and impaired loans | |||||||||||||
Millions of yen | |||||||||||||
March 31, 2013 | March 31, 2014 | ||||||||||||
Direct financing leases | ¥ | 15,806 | ¥ | 13,887 | |||||||||
Installment loans | 220,485 | 141,973 | |||||||||||
Assets recorded on the balance sheet | 236,291 | 155,860 | |||||||||||
Direct financing leases sold on securitization | 0 | 0 | |||||||||||
Total assets managed together or sold on securitization | ¥ | 236,291 | ¥ | 155,860 | |||||||||
Credit loss | |||||||||||||
Millions of yen | |||||||||||||
2012 | 2013 | 2014 | |||||||||||
Direct financing leases | ¥ | 6,783 | ¥ | 4,046 | ¥ | 4,351 | |||||||
Installment loans | 29,476 | 39,142 | 23,761 | ||||||||||
Assets recorded on the balance sheet | 36,259 | 43,188 | 28,112 | ||||||||||
Direct financing leases sold on securitization | 0 | 0 | 0 | ||||||||||
Total assets managed together or sold on securitization | ¥ | 36,259 | ¥ | 43,188 | ¥ | 28,112 | |||||||
Variable_Interest_Entities_Tab
Variable Interest Entities (Tables) | 12 Months Ended | ||||||||||||||||
Mar. 31, 2014 | |||||||||||||||||
Variable Interest Entity, Primary Beneficiary | ' | ||||||||||||||||
Variable Interest Entities Disclosure | ' | ||||||||||||||||
Information about VIEs (consolidated and non-consolidated) for the Company and its subsidiaries are as follows: | |||||||||||||||||
1 | Consolidated VIEs | ||||||||||||||||
March 31, 2013 | |||||||||||||||||
Millions of yen | |||||||||||||||||
Types of VIEs | Total | Total | Assets which | Commitments*3 | |||||||||||||
assets*1 | liabilities*1 | are pledged as | |||||||||||||||
collateral*2 | |||||||||||||||||
(a) VIEs for liquidating customer assets | ¥ | 6,191 | ¥ | 3,880 | ¥ | 6,191 | ¥ | 0 | |||||||||
(b) VIEs for acquisition of real estate and real estate development projects for customers | 20,081 | 2,112 | 0 | 0 | |||||||||||||
(c) VIEs for acquisition of real estate for the Company and its subsidiaries’ real estate-related business | 334,179 | 96,758 | 197,143 | 0 | |||||||||||||
(d) VIEs for corporate rehabilitation support business | 10,205 | 192 | 0 | 0 | |||||||||||||
(e) VIEs for investment in securities | 34,091 | 8,075 | 19,133 | 0 | |||||||||||||
(f) VIEs for securitizing financial assets such as direct financing lease receivable and loan receivable | 467,348 | 250,374 | 391,664 | 0 | |||||||||||||
(g) VIEs for securitization of commercial mortgage loans originated by third parties | 425,017 | 434,273 | 425,017 | 0 | |||||||||||||
(h) Other VIEs | 103,345 | 49,604 | 85,763 | 0 | |||||||||||||
Total | ¥ | 1,400,457 | ¥ | 845,268 | ¥ | 1,124,911 | ¥ | 0 | |||||||||
March 31, 2014 | |||||||||||||||||
Millions of yen | |||||||||||||||||
Types of VIEs | Total | Total | Assets which | Commitments*3 | |||||||||||||
assets*1 | liabilities*1 | are pledged as | |||||||||||||||
collateral*2 | |||||||||||||||||
(a) VIEs for liquidating customer assets | ¥ | 0 | ¥ | 0 | ¥ | 0 | ¥ | 0 | |||||||||
(b) VIEs for acquisition of real estate and real estate development projects for customers | 4,800 | 986 | 0 | 0 | |||||||||||||
(c) VIEs for acquisition of real estate for the Company and its subsidiaries’ real estate-related business | 288,392 | 96,591 | 201,427 | 0 | |||||||||||||
(d) VIEs for corporate rehabilitation support business | 6,925 | 309 | 0 | 0 | |||||||||||||
(e) VIEs for investment in securities | 23,449 | 9,405 | 13,767 | 0 | |||||||||||||
(f) VIEs for securitizing financial assets such as direct financing lease receivable and loan receivable | 303,154 | 188,463 | 239,072 | 0 | |||||||||||||
(g) VIEs for securitization of commercial mortgage loans originated by third parties | 64,026 | 67,251 | 64,026 | 0 | |||||||||||||
(h) Other VIEs | 122,494 | 65,942 | 87,015 | 29,756 | |||||||||||||
Total | ¥ | 813,240 | ¥ | 428,947 | ¥ | 605,307 | ¥ | 29,756 | |||||||||
*1 | The assets of most VIEs are used only to repay the liabilities of the VIEs, and the creditors of the liabilities of the 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 | ' | ||||||||||||||||
Variable Interest Entities Disclosure | ' | ||||||||||||||||
2 | Non-consolidated VIEs | ||||||||||||||||
March 31, 2013 | |||||||||||||||||
Millions of yen | |||||||||||||||||
Carrying amount of the | |||||||||||||||||
variable interests in the | |||||||||||||||||
VIEs held by the Company | |||||||||||||||||
and its subsidiaries | |||||||||||||||||
Types of VIEs | Total assets | Specified | Investments | Maximum | |||||||||||||
bonds and | exposure | ||||||||||||||||
non-recourse | to loss* | ||||||||||||||||
loans | |||||||||||||||||
(a) VIEs for liquidating customer asset | ¥ | 41,929 | ¥ | 3,428 | ¥ | 4,119 | ¥ | 7,547 | |||||||||
(b) VIEs for acquisition of real estate and real estate development projects for customers | 872,189 | 106,861 | 51,345 | 201,145 | |||||||||||||
(c) VIEs for acquisition of real estate for the Company and its subsidiaries’ real estate-related business | 0 | 0 | 0 | 0 | |||||||||||||
(d) VIEs for corporate rehabilitation support business | 0 | 0 | 0 | 0 | |||||||||||||
(e) VIEs for investment in securities | 1,327,751 | 0 | 24,822 | 40,501 | |||||||||||||
(f) VIEs for securitizing financial assets such as direct financing lease receivable and loan receivable | 0 | 0 | 0 | 0 | |||||||||||||
(g) VIEs for securitization of commercial mortgage loans originated by third parties | 2,236,389 | 0 | 23,257 | 23,798 | |||||||||||||
(h) Other VIEs | 40,806 | 97 | 4,079 | 4,176 | |||||||||||||
Total | ¥ | 4,519,064 | ¥ | 110,386 | ¥ | 107,622 | ¥ | 277,167 | |||||||||
March 31, 2014 | |||||||||||||||||
Millions of yen | |||||||||||||||||
Total assets | Carrying amount of the | Maximum | |||||||||||||||
variable interests in the | exposure | ||||||||||||||||
VIEs held by the Company | to loss* | ||||||||||||||||
and its subsidiaries | |||||||||||||||||
Types of VIEs | Specified | Investments | |||||||||||||||
bonds and | |||||||||||||||||
non-recourse | |||||||||||||||||
loans | |||||||||||||||||
(a) VIEs for liquidating customer assets | ¥ | 37,672 | ¥ | 799 | ¥ | 2,971 | ¥ | 3,770 | |||||||||
(b) VIEs for acquisition of real estate and real estate development projects for customers | 664,557 | 26,835 | 45,212 | 111,732 | |||||||||||||
(c) VIEs for acquisition of real estate for the Company and its subsidiaries’ real estate-related business | 0 | 0 | 0 | 0 | |||||||||||||
(d) VIEs for corporate rehabilitation support business | 0 | 0 | 0 | 0 | |||||||||||||
(e) VIEs for investment in securities | 2,136,226 | 0 | 24,814 | 41,981 | |||||||||||||
(f) VIEs for securitizing financial assets such as direct financing lease receivable and loan receivable | 0 | 0 | 0 | 0 | |||||||||||||
(g) VIEs for securitization of commercial mortgage loans originated by third parties | 1,517,734 | 0 | 8,989 | 9,310 | |||||||||||||
(h) Other VIEs | 32,245 | 246 | 4,624 | 4,870 | |||||||||||||
Total | ¥ | 4,388,434 | ¥ | 27,880 | ¥ | 86,610 | ¥ | 171,663 | |||||||||
* | 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, 2014 | |||||||||||||
Investment in Affiliates | ' | ||||||||||||
Investment in affiliates at March 31, 2013 and 2014 consists of the following: | |||||||||||||
Millions of yen | |||||||||||||
2013 | 2014 | ||||||||||||
Shares | ¥ | 316,790 | ¥ | 305,420 | |||||||||
Loans | 9,942 | 8,880 | |||||||||||
¥ | 326,732 | ¥ | 314,300 | ||||||||||
Combined and Condensed Information Related to Affiliates | ' | ||||||||||||
Combined and condensed information relating to the affiliates for fiscal 2012, 2013 and 2014 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 | |||||||||||||
2012 | 2013 | 2014 | |||||||||||
Operations: | |||||||||||||
Total revenues | ¥ | 945,635 | ¥ | 827,740 | ¥ | 1,076,506 | |||||||
Income before income taxes | 74,223 | 97,301 | 136,760 | ||||||||||
Net income | 51,940 | 64,699 | 90,262 | ||||||||||
Financial position: | |||||||||||||
Total assets | ¥ | 4,561,537 | ¥ | 5,237,184 | ¥ | 5,710,165 | |||||||
Total liabilities | 3,508,038 | 4,031,673 | 4,560,504 | ||||||||||
Total equity | 1,053,499 | 1,205,511 | 1,149,661 |
Goodwill_and_Other_Intangible_1
Goodwill and Other Intangible Assets (Tables) | 12 Months Ended | ||||||||||||||||||||||||||||
Mar. 31, 2014 | |||||||||||||||||||||||||||||
Changes in Goodwill by Reportable Segment | ' | ||||||||||||||||||||||||||||
Changes in goodwill by reportable segment for fiscal 2012, 2013 and 2014 are as follows: | |||||||||||||||||||||||||||||
Millions of yen | |||||||||||||||||||||||||||||
Corporate | Maintenance | Real Estate | Investment | Retail | Overseas | Total | |||||||||||||||||||||||
Financial | Leasing | and | |||||||||||||||||||||||||||
Services | Operation | ||||||||||||||||||||||||||||
Balance at March 31, 2011 | |||||||||||||||||||||||||||||
Goodwill | ¥ | 547 | ¥ | 282 | ¥ | 19,047 | ¥ | 3,674 | ¥ | 4,452 | ¥ | 69,395 | ¥ | 97,397 | |||||||||||||||
Accumulated impairment losses | (430 | ) | 0 | 0 | (2,177 | ) | 0 | 0 | (2,607 | ) | |||||||||||||||||||
117 | 282 | 19,047 | 1,497 | 4,452 | 69,395 | 94,790 | |||||||||||||||||||||||
Acquired | 380 | 0 | 44 | 14 | 0 | 3,586 | 4,024 | ||||||||||||||||||||||
Impairment | 0 | 0 | 0 | 0 | 0 | 0 | 0 | ||||||||||||||||||||||
Other (net)* | 0 | 0 | (28 | ) | (1,238 | ) | 0 | (1,737 | ) | (3,003 | ) | ||||||||||||||||||
Balance at March 31, 2012 | |||||||||||||||||||||||||||||
Goodwill | 754 | 282 | 19,063 | 312 | 4,452 | 71,244 | 96,107 | ||||||||||||||||||||||
Accumulated impairment losses | (257 | ) | 0 | 0 | (39 | ) | 0 | 0 | (296 | ) | |||||||||||||||||||
497 | 282 | 19,063 | 273 | 4,452 | 71,244 | 95,811 | |||||||||||||||||||||||
Acquired | 0 | 0 | 199 | 11,439 | 10,972 | 1,504 | 24,114 | ||||||||||||||||||||||
Impairment | 0 | 0 | 0 | 0 | 0 | 0 | 0 | ||||||||||||||||||||||
Other (net)* | 0 | 0 | 67 | 0 | 0 | 6,337 | 6,404 | ||||||||||||||||||||||
Balance at March 31, 2013 | |||||||||||||||||||||||||||||
Goodwill | 754 | 282 | 19,329 | 11,751 | 15,424 | 79,085 | 126,625 | ||||||||||||||||||||||
Accumulated impairment losses | (257 | ) | 0 | 0 | (39 | ) | 0 | 0 | (296 | ) | |||||||||||||||||||
497 | 282 | 19,329 | 11,712 | 15,424 | 79,085 | 126,329 | |||||||||||||||||||||||
Acquired | 550 | 0 | 0 | 44,856 | 0 | 169,307 | 214,713 | ||||||||||||||||||||||
Impairment | 0 | 0 | 0 | 0 | 0 | 0 | 0 | ||||||||||||||||||||||
Other (net)* | 0 | 0 | (29 | ) | 111 | 0 | 25,251 | 25,333 | |||||||||||||||||||||
Balance at March 31, 2014 | |||||||||||||||||||||||||||||
Goodwill | 1,304 | 282 | 19,300 | 56,718 | 15,424 | 273,643 | 366,671 | ||||||||||||||||||||||
Accumulated impairment losses | (257 | ) | 0 | 0 | (39 | ) | 0 | 0 | (296 | ) | |||||||||||||||||||
¥ | 1,047 | ¥ | 282 | ¥ | 19,300 | ¥ | 56,679 | ¥ | 15,424 | ¥ | 273,643 | ¥ | 366,375 | ||||||||||||||||
* | Other includes foreign currency translation adjustments and certain other reclassifications. | ||||||||||||||||||||||||||||
Other Intangible Assets | ' | ||||||||||||||||||||||||||||
Other intangible assets at March 31, 2013 and 2014 consist of the following: | |||||||||||||||||||||||||||||
Millions of yen | |||||||||||||||||||||||||||||
2013 | 2014 | ||||||||||||||||||||||||||||
Intangible assets not subject to amortization: | |||||||||||||||||||||||||||||
Trade names | ¥ | 25,883 | ¥ | 47,360 | |||||||||||||||||||||||||
Asset management contracts | 0 | 167,147 | |||||||||||||||||||||||||||
Others | 605 | 233 | |||||||||||||||||||||||||||
26,488 | 214,740 | ||||||||||||||||||||||||||||
Intangible assets subject to amortization: | |||||||||||||||||||||||||||||
Software | 82,425 | 92,310 | |||||||||||||||||||||||||||
Customer relationships | 24,300 | 61,918 | |||||||||||||||||||||||||||
Others | 15,488 | 26,495 | |||||||||||||||||||||||||||
122,213 | 180,723 | ||||||||||||||||||||||||||||
Accumulated amortization | (58,384 | ) | (72,238 | ) | |||||||||||||||||||||||||
Net | 63,829 | 108,485 | |||||||||||||||||||||||||||
¥ | 90,317 | ¥ | 323,225 | ||||||||||||||||||||||||||
ShortTerm_and_LongTerm_Debt_Ta
Short-Term and Long-Term Debt (Tables) | 12 Months Ended | ||||||||||||
Mar. 31, 2014 | |||||||||||||
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, 2013 and 2014 are as follows: | |||||||||||||
March 31, 2013 | |||||||||||||
Millions of yen | Weighted | ||||||||||||
average rate | |||||||||||||
Short-term debt in Japan, mainly from banks | ¥ | 164,046 | 0.4 | % | |||||||||
Short-term debt outside Japan, mainly from banks | 104,542 | 3.3 | |||||||||||
Commercial paper in Japan | 146,944 | 0.2 | |||||||||||
Commercial paper outside Japan | 4,560 | 3.8 | |||||||||||
Notes in Japan | 40 | 0.9 | |||||||||||
Notes outside Japan | 594 | 4.3 | |||||||||||
¥ | 420,726 | 1.1 | |||||||||||
March 31, 2014 | |||||||||||||
Millions of yen | Weighted | ||||||||||||
average rate | |||||||||||||
Short-term debt in Japan, mainly from banks | ¥ | 44,488 | 0.5 | % | |||||||||
Short-term debt outside Japan, mainly from banks | 164,110 | 3.2 | |||||||||||
Commercial paper in Japan | 89,958 | 0.2 | |||||||||||
Commercial paper outside Japan | 11,035 | 3.9 | |||||||||||
¥ | 309,591 | 2 | |||||||||||
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, 2013 and 2014 are as follows: | |||||||||||||
March 31, 2013 | |||||||||||||
Due | Millions of yen | Weighted | |||||||||||
(Fiscal Year) | average rate | ||||||||||||
Banks: | |||||||||||||
Fixed rate | 2014~2025 | ¥ | 339,565 | 2.6 | % | ||||||||
Floating rate | 2014~2027 | 1,233,059 | 1.1 | ||||||||||
Insurance companies and others: | |||||||||||||
Fixed rate | 2014~2023 | 280,729 | 1.6 | ||||||||||
Floating rate | 2014~2028 | 246,055 | 0.9 | ||||||||||
Unsecured bonds | 2014~2021 | 1,173,902 | 1.8 | ||||||||||
Unsecured convertible bonds with stock acquisition rights | 2014 | 50,289 | 1 | ||||||||||
Unsecured notes under medium-term note program | 2014~2018 | 58,169 | 2.9 | ||||||||||
Payables under securitized lease receivables | 2014~2019 | 160,163 | 0.9 | ||||||||||
Payables under securitized loan receivables and investment in securities | 2014~2039 | 519,603 | 4.9 | ||||||||||
¥ | 4,061,534 | 2 | |||||||||||
March 31, 2014 | |||||||||||||
Due | Millions of yen | Weighted | |||||||||||
(Fiscal Year) | average rate | ||||||||||||
Banks: | |||||||||||||
Fixed rate | 2015~2030 | ¥ | 416,417 | 2.3 | % | ||||||||
Floating rate | 2015~2030 | 1,475,384 | 1.1 | ||||||||||
Insurance companies and others: | |||||||||||||
Fixed rate | 2015~2024 | 287,403 | 1.4 | ||||||||||
Floating rate | 2017~2028 | 251,021 | 0.7 | ||||||||||
Unsecured bonds | 2015~2024 | 1,128,788 | 1.9 | ||||||||||
Unsecured notes under medium-term note program | 2016~2018 | 46,034 | 3.2 | ||||||||||
Payables under securitized lease receivables | 2018~2019 | 122,723 | 0.8 | ||||||||||
Payables under securitized loan receivables and investment in securities | 2018~2040 | 131,104 | 4.1 | ||||||||||
¥ | 3,858,874 | 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, 2014 is as follows: | |||||||||||||
Years ending March 31, | Millions of yen | ||||||||||||
2015 | ¥ | 706,325 | |||||||||||
2016 | 766,654 | ||||||||||||
2017 | 806,441 | ||||||||||||
2018 | 697,123 | ||||||||||||
2019 | 374,957 | ||||||||||||
Thereafter | 507,374 | ||||||||||||
Total | ¥ | 3,858,874 | |||||||||||
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 described in Note 11 (“Variable Interest Entities”), the Company and certain subsidiaries provide the following assets as collateral for the short-term and long-term debt payables to financial institutions as of March 31, 2014: | |||||||||||||
Millions of yen | |||||||||||||
Minimum lease payments, loans and investment in operating leases | ¥ | 96,083 | |||||||||||
Investment in securities | 130,991 | ||||||||||||
Other operating assets | 61,784 | ||||||||||||
Other assets | 50,206 | ||||||||||||
¥ | 339,064 | ||||||||||||
Deposits_Tables
Deposits (Tables) | 12 Months Ended | ||||||||
Mar. 31, 2014 | |||||||||
Deposits | ' | ||||||||
Deposits at March 31, 2013 and 2014 consist of the following: | |||||||||
Millions of yen | |||||||||
2013 | 2014 | ||||||||
Time deposits | ¥ | 885,482 | ¥ | 981,182 | |||||
Other deposits | 193,105 | 225,231 | |||||||
Total | ¥ | 1,078,587 | ¥ | 1,206,413 | |||||
Schedule of Time Deposits Maturity | ' | ||||||||
The maturity schedule of time deposits at March 31, 2014 is as follows: | |||||||||
Years ending March 31, | Millions of yen | ||||||||
2015 | ¥ | 658,234 | |||||||
2016 | 153,138 | ||||||||
2017 | 83,014 | ||||||||
2018 | 28,240 | ||||||||
2019 | 58,556 | ||||||||
Total | ¥ | 981,182 | |||||||
Income_Taxes_Tables
Income Taxes (Tables) | 12 Months Ended | ||||||||||||
Mar. 31, 2014 | |||||||||||||
Income before Income Taxes and Discontinued Operations, and Provision for Income Taxes | ' | ||||||||||||
Income before income taxes and discontinued operations, and the provision for income taxes in fiscal 2012, 2013 and 2014 are as follows: | |||||||||||||
Millions of yen | |||||||||||||
2012 | 2013 | 2014 | |||||||||||
Income before income taxes and discontinued operations: | |||||||||||||
Japan | ¥ | 71,317 | ¥ | 109,363 | ¥ | 181,891 | |||||||
Overseas | 56,198 | 63,209 | 101,835 | ||||||||||
¥ | 127,515 | ¥ | 172,572 | ¥ | 283,726 | ||||||||
Provision for income taxes: | |||||||||||||
Current— | |||||||||||||
Japan | ¥ | 11,956 | ¥ | 7,428 | ¥ | 18,296 | |||||||
Overseas | 16,425 | 13,675 | 27,093 | ||||||||||
28,381 | 21,103 | 45,389 | |||||||||||
Deferred— | |||||||||||||
Japan | 18,079 | 27,371 | 48,922 | ||||||||||
Overseas | (1,852 | ) | 5,208 | 2,925 | |||||||||
16,227 | 32,579 | 51,847 | |||||||||||
Provision for income taxes | ¥ | 44,608 | ¥ | 53,682 | ¥ | 97,236 | |||||||
Reconciliation of Differences between Tax Provision Computed and Consolidated Provisions for Income Taxes | ' | ||||||||||||
Reconciliation of the differences between the tax provision computed at the statutory rate and the consolidated provision for income taxes in fiscal 2012, 2013 and 2014 are as follows: | |||||||||||||
Millions of yen | |||||||||||||
2012 | 2013 | 2014 | |||||||||||
Income before income taxes and discontinued operations | ¥ | 127,515 | ¥ | 172,572 | ¥ | 283,726 | |||||||
Tax provision computed at statutory rate | ¥ | 52,154 | ¥ | 66,095 | ¥ | 108,667 | |||||||
Increases (reductions) in taxes due to: | |||||||||||||
Change in valuation allowance | 3,921 | (3,371 | ) | (17 | ) | ||||||||
Non-deductible expenses for tax purposes | 1,335 | 1,538 | 2,382 | ||||||||||
Non-taxable income for tax purposes | (2,852 | ) | (2,128 | ) | (3,224 | ) | |||||||
Effect of lower tax rates on foreign subsidiaries and a domestic life insurance subsidiary | (6,821 | ) | (4,720 | ) | (5,805 | ) | |||||||
Effect of the new Japanese tax law | (7,137 | ) | (580 | ) | (5,775 | ) | |||||||
Other, net | 4,008 | (3,152 | ) | 1,008 | |||||||||
Provision for income taxes | ¥ | 44,608 | ¥ | 53,682 | ¥ | 97,236 | |||||||
Total Income Tax Recognized | ' | ||||||||||||
Total income taxes recognized in fiscal 2012, 2013 and 2014 are as follows: | |||||||||||||
Millions of yen | |||||||||||||
2012 | 2013 | 2014 | |||||||||||
Provision for income taxes | ¥ | 44,608 | ¥ | 53,682 | ¥ | 97,236 | |||||||
Income taxes on discontinued operations | (1,219 | ) | (347 | ) | 4,681 | ||||||||
Income taxes on other comprehensive income (loss): | |||||||||||||
Net unrealized gains (losses) on investment in securities | 1,357 | 5,936 | 4,728 | ||||||||||
Defined benefit pension plans | (1,774 | ) | 2,727 | 1,396 | |||||||||
Foreign currency translation adjustments | 335 | 7,225 | 1,756 | ||||||||||
Net unrealized gains (losses) on derivative instruments | (648 | ) | 42 | 357 | |||||||||
Total income taxes | ¥ | 42,659 | ¥ | 69,265 | ¥ | 110,154 | |||||||
Deferred Tax Assets and Liabilities | ' | ||||||||||||
The tax effects of temporary differences giving rise to the deferred tax assets and liabilities at March 31, 2013 and 2014 are as follows: | |||||||||||||
Millions of yen | |||||||||||||
2013 | 2014 | ||||||||||||
Assets: | |||||||||||||
Net operating loss carryforwards | ¥ | 39,762 | ¥ | 79,712 | |||||||||
Allowance for doubtful receivables on direct financing leases and probable loan losses | 25,891 | 26,451 | |||||||||||
Investment in securities | 24,329 | 17,380 | |||||||||||
Other operating assets | 11,369 | 12,760 | |||||||||||
Accrued expenses | 10,456 | 23,727 | |||||||||||
Installment loans | 16,432 | 7,576 | |||||||||||
Other | 50,913 | 73,382 | |||||||||||
179,152 | 240,988 | ||||||||||||
Less: valuation allowance | (18,831 | ) | (28,669 | ) | |||||||||
160,321 | 212,319 | ||||||||||||
Liabilities: | |||||||||||||
Investment in direct financing leases | 14,617 | 7,855 | |||||||||||
Investment in operating leases | 72,925 | 86,485 | |||||||||||
Unrealized gains on investment in securities | 17,200 | 21,624 | |||||||||||
Deferred insurance policy acquisition costs | 19,311 | 24,212 | |||||||||||
Policy liabilities | 38,831 | 47,641 | |||||||||||
Other intangible assets | 11,204 | 90,727 | |||||||||||
Undistributed earnings | 32,723 | 65,532 | |||||||||||
Prepaid benefit cost | 13,475 | 12,540 | |||||||||||
Other | 52,636 | 62,779 | |||||||||||
272,922 | 419,395 | ||||||||||||
Net deferred tax liability | ¥ | 112,601 | ¥ | 207,076 | |||||||||
Net deferred tax assets and liabilities at March 31, 2013 and 2014 are reflected in the accompanying consolidated balance sheets under the following captions: | |||||||||||||
Millions of yen | |||||||||||||
2013 | 2014 | ||||||||||||
Other assets | ¥ | 18,805 | ¥ | 70,091 | |||||||||
Income taxes: Deferred | 131,406 | 277,167 | |||||||||||
Net deferred tax liability | ¥ | 112,601 | ¥ | 207,076 | |||||||||
Net Operating Loss Carryforwards Expire Date | ' | ||||||||||||
The Company and certain subsidiaries have net operating loss carryforwards of ¥387,269 million at March 31, 2014, which expire as follows: | |||||||||||||
Year ending March 31, | Millions of yen | ||||||||||||
2015 | ¥ | 19,503 | |||||||||||
2016 | 862 | ||||||||||||
2017 | 371 | ||||||||||||
2018 | 87,397 | ||||||||||||
2019 | 36,916 | ||||||||||||
Thereafter | 242,220 | ||||||||||||
Total | ¥ | 387,269 | |||||||||||
Pension_Plans_Tables
Pension Plans (Tables) | 12 Months Ended | ||||||||||||||||
Mar. 31, 2014 | |||||||||||||||||
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, 2013 and 2014 are as follows: | |||||||||||||||||
Millions of yen | |||||||||||||||||
Japanese plans | Overseas plans | ||||||||||||||||
2013 | 2014 | 2013 | 2014 | ||||||||||||||
Change in benefit obligation: | |||||||||||||||||
Benefit obligation at beginning of year | ¥ | 59,261 | ¥ | 64,112 | ¥ | 4,458 | ¥ | 5,368 | |||||||||
Service cost | 3,173 | 3,305 | 41 | 1,654 | |||||||||||||
Interest cost | 1,063 | 1,128 | 189 | 1,684 | |||||||||||||
Actuarial loss (gain) | (221 | ) | 1,956 | 236 | (1,215 | ) | |||||||||||
Foreign currency exchange rate change | 0 | 0 | 656 | 3,848 | |||||||||||||
Benefits paid | (2,281 | ) | (2,423 | ) | (212 | ) | (1,203 | ) | |||||||||
Business combinations | 3,117 | 15,649 | 0 | 59,048 | |||||||||||||
Plan amendments | 0 | (743 | ) | 0 | (344 | ) | |||||||||||
Benefit obligation at end of year | 64,112 | 82,984 | 5,368 | 68,840 | |||||||||||||
Change in plan assets: | |||||||||||||||||
Fair value of plan assets at beginning of year | 82,905 | 93,144 | 3,040 | 3,825 | |||||||||||||
Actual return on plan assets | 8,919 | 5,736 | 370 | 3,783 | |||||||||||||
Employer contribution | 2,502 | 2,717 | 89 | 1,929 | |||||||||||||
Benefits paid | (2,187 | ) | (2,324 | ) | (150 | ) | (976 | ) | |||||||||
Business combinations | 1,005 | 5,711 | 0 | 50,001 | |||||||||||||
Foreign currency exchange rate change | 0 | 0 | 476 | 3,480 | |||||||||||||
Fair value of plan assets at end of year | 93,144 | 104,984 | 3,825 | 62,042 | |||||||||||||
The funded status of the plans | ¥ | 29,032 | ¥ | 22,000 | ¥ | (1,543 | ) | ¥ | (6,798 | ) | |||||||
Amount recognized in the consolidated balance sheets consists of: | |||||||||||||||||
Prepaid benefit cost included in prepaid expenses | ¥ | 32,005 | ¥ | 34,910 | ¥ | 0 | ¥ | 9 | |||||||||
Accrued benefit liability included in accrued expenses | (2,973 | ) | (12,910 | ) | (1,543 | ) | (6,807 | ) | |||||||||
Net amount recognized | ¥ | 29,032 | ¥ | 22,000 | ¥ | (1,543 | ) | ¥ | (6,798 | ) | |||||||
Defined Benefit Plan Amount Recognized in Accumulated Other Comprehensive Income (Loss), Pre-tax | ' | ||||||||||||||||
Amount recognized in accumulated other comprehensive income (loss), pre-tax, at March 31, 2013 and 2014 consisted of: | |||||||||||||||||
Millions of yen | |||||||||||||||||
Japanese plans | Overseas plans | ||||||||||||||||
2013 | 2014 | 2013 | 2014 | ||||||||||||||
Net prior service credit | ¥ | 6,530 | ¥ | 6,014 | ¥ | 0 | ¥ | 361 | |||||||||
Net actuarial gain (loss) | (20,738 | ) | (18,088 | ) | (1,785 | ) | 695 | ||||||||||
Net transition obligation | (247 | ) | (194 | ) | (25 | ) | (22 | ) | |||||||||
Total recognized in accumulated other comprehensive income (loss), pre-tax | ¥ | (14,455 | ) | ¥ | (12,268 | ) | ¥ | (1,810 | ) | ¥ | 1,034 | ||||||
Net Pension Cost of Defined Benefit Plans | ' | ||||||||||||||||
Net pension cost of the plans for fiscal 2012, 2013 and 2014 consists of the following: | |||||||||||||||||
Millions of yen | |||||||||||||||||
2012 | 2013 | 2014 | |||||||||||||||
Japanese plans: | |||||||||||||||||
Service cost | ¥ | 3,015 | ¥ | 3,173 | ¥ | 3,305 | |||||||||||
Interest cost | 1,140 | 1,063 | 1,128 | ||||||||||||||
Expected return on plan assets | (1,823 | ) | (1,826 | ) | (2,034 | ) | |||||||||||
Amortization of transition obligation | 53 | 53 | 53 | ||||||||||||||
Amortization of net actuarial loss | 1,175 | 1,447 | 777 | ||||||||||||||
Amortization of prior service credit | (1,193 | ) | (1,168 | ) | (1,259 | ) | |||||||||||
Net periodic pension cost | ¥ | 2,367 | ¥ | 2,742 | ¥ | 1,970 | |||||||||||
Overseas plans: | |||||||||||||||||
Service cost | ¥ | 34 | ¥ | 41 | ¥ | 1,654 | |||||||||||
Interest cost | 199 | 189 | 1,684 | ||||||||||||||
Expected return on plan assets | (196 | ) | (223 | ) | (2,389 | ) | |||||||||||
Amortization of transition obligation | 3 | 3 | 3 | ||||||||||||||
Amortization of net actuarial loss | 43 | 49 | 60 | ||||||||||||||
Amortization of prior service credit | 0 | 0 | (3 | ) | |||||||||||||
Net periodic pension cost | ¥ | 83 | ¥ | 59 | ¥ | 1,009 | |||||||||||
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 2012, 2013 and 2014 are summarized as follows: | |||||||||||||||||
Millions of yen | |||||||||||||||||
2012 | 2013 | 2014 | |||||||||||||||
Japanese plans: | |||||||||||||||||
Current year actuarial gain (loss) | ¥ | (5,029 | ) | ¥ | 7,401 | ¥ | 1,873 | ||||||||||
Amortization of net actuarial loss | 1,175 | 1,447 | 777 | ||||||||||||||
Prior service credit due to amendments | 7 | 0 | 743 | ||||||||||||||
Amortization of prior service credit | (1,193 | ) | (1,168 | ) | (1,259 | ) | |||||||||||
Amortization of transition obligation | 53 | 53 | 53 | ||||||||||||||
Plan curtailments and settlements | 18 | 0 | 0 | ||||||||||||||
Total recognized in other comprehensive income (loss), pre-tax | ¥ | (4,969 | ) | ¥ | 7,733 | ¥ | 2,187 | ||||||||||
Overseas plans: | |||||||||||||||||
Current year actuarial gain (loss) | ¥ | (115 | ) | ¥ | (89 | ) | ¥ | 2,447 | |||||||||
Amortization of net actuarial loss | 43 | 49 | 60 | ||||||||||||||
Prior service credit due to amendments | 0 | 0 | 344 | ||||||||||||||
Amortization of prior service credit | 0 | 0 | (3 | ) | |||||||||||||
Amortization of transition obligation | 3 | 3 | 3 | ||||||||||||||
Foreign currency exchange rate change | 19 | (213 | ) | (7 | ) | ||||||||||||
Total recognized in other comprehensive income (loss), pre-tax | ¥ | (50 | ) | ¥ | (250 | ) | ¥ | 2,844 | |||||||||
Significant Assumptions of Japan and Overseas Pension Plans Used to Determine Plan Amounts | ' | ||||||||||||||||
Significant assumptions of Japanese pension plans and overseas plans pension plans used to determine these amounts are as follows: | |||||||||||||||||
Japanese plans | 2012 | 2013 | 2014 | ||||||||||||||
Weighted-average assumptions used to determine benefit obligations at March 31: | |||||||||||||||||
Discount rate | 1.8 | % | 1.8 | % | 1.4 | % | |||||||||||
Rate of increase in compensation levels | 6.1 | % | 6 | % | 5.1 | % | |||||||||||
Weighted-average assumptions used to determine net periodic pension cost for years ended March 31: | |||||||||||||||||
Discount rate | 2.1 | % | 1.8 | % | 1.8 | % | |||||||||||
Rate of increase in compensation levels | 6.1 | % | 6.1 | % | 6 | % | |||||||||||
Expected long-term rate of return on plan assets | 2.2 | % | 2.2 | % | 2.2 | % | |||||||||||
Overseas plans | 2012 | 2013 | 2014 | ||||||||||||||
Weighted-average assumptions used to determine benefit obligations at March 31: | |||||||||||||||||
Discount rate | 4.5 | % | 4.3 | % | 3.5 | % | |||||||||||
Rate of increase in compensation levels | 0.7 | % | 0.6 | % | 2.8 | % | |||||||||||
Weighted-average assumptions used to determine net periodic pension cost for years ended March 31: | |||||||||||||||||
Discount rate | 5.5 | % | 4.5 | % | 4.3 | % | |||||||||||
Rate of increase in compensation levels | 0.8 | % | 0.7 | % | 0.6 | % | |||||||||||
Expected long-term rate of return on plan assets | 7.2 | % | 7.2 | % | 5.6 | % | |||||||||||
Benefits Expected to be Paid | ' | ||||||||||||||||
At March 31, 2014, 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: | |||||||||||||||||
Years ending March 31, | Millions of yen | ||||||||||||||||
Japanese plans | Overseas plans | ||||||||||||||||
2015 | ¥ | 1,900 | ¥ | 1,492 | |||||||||||||
2016 | 1,716 | 1,379 | |||||||||||||||
2017 | 1,827 | 1,386 | |||||||||||||||
2018 | 1,897 | 1,394 | |||||||||||||||
2019 | 1,891 | 1,430 | |||||||||||||||
2020-2024 | 12,339 | 8,360 | |||||||||||||||
Total | ¥ | 21,570 | ¥ | 15,441 | |||||||||||||
Domestic Pension Plans Of Foreign Entity Defined Benefit | ' | ||||||||||||||||
Fair Value of Pension Plan Assets by Asset Category | ' | ||||||||||||||||
The fair value of Japanese pension plan assets at March 31, 2013 and 2014, by asset category, are as follows: | |||||||||||||||||
Millions of yen | |||||||||||||||||
31-Mar-13 | |||||||||||||||||
Total | Quoted Prices | Significant | Significant | ||||||||||||||
Carrying | in Active | Other | Unobservable | ||||||||||||||
Value in | Markets for | Observable | Inputs | ||||||||||||||
Consolidated | Identical Assets | Inputs | (Level 3) | ||||||||||||||
Balance Sheets | (Level 1) | (Level 2) | |||||||||||||||
Equity securities: | |||||||||||||||||
Japan | |||||||||||||||||
Pooled funds*1 | ¥ | 12,458 | ¥ | 0 | ¥ | 12,458 | ¥ | 0 | |||||||||
Other than Japan | |||||||||||||||||
Pooled funds*2 | 14,613 | 0 | 14,613 | 0 | |||||||||||||
Debt securities: | |||||||||||||||||
Japan | |||||||||||||||||
Pooled funds*3 | 26,208 | 0 | 26,208 | 0 | |||||||||||||
Other than Japan | |||||||||||||||||
Pooled funds*4 | 14,641 | 0 | 14,641 | 0 | |||||||||||||
Other assets: | |||||||||||||||||
Life insurance company general accounts*5 | 17,703 | 0 | 17,703 | 0 | |||||||||||||
Others*6 | 7,521 | 0 | 7,521 | 0 | |||||||||||||
¥ | 93,144 | ¥ | 0 | ¥ | 93,144 | ¥ | 0 | ||||||||||
*1 | These funds invest in listing shares include shares of ORIX Corporation in the amounts of ¥12 million and units of ORIX JREIT Inc. in the amounts of ¥179 million at March 31, 2013. | ||||||||||||||||
*2 | These funds invest in listing 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 ¥107 million and investment corporation bonds of ORIX JREIT Inc. in the amounts of ¥41 million at March 31, 2013. | ||||||||||||||||
*4 | These funds invest approximately 90% in foreign government bonds and approximately 10% in foreign corporate 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. | ||||||||||||||||
Millions of yen | |||||||||||||||||
31-Mar-14 | |||||||||||||||||
Total | Quoted Prices | Significant | Significant | ||||||||||||||
Carrying | in Active | Other | Unobservable | ||||||||||||||
Value in | Markets for | Observable | Inputs | ||||||||||||||
Consolidated | Identical Assets | Inputs | (Level 3) | ||||||||||||||
Balance Sheets | (Level 1) | (Level 2) | |||||||||||||||
Equity securities: | |||||||||||||||||
Japan | |||||||||||||||||
Pooled funds*1 | ¥ | 14,981 | ¥ | 0 | ¥ | 14,981 | ¥ | 0 | |||||||||
Other than Japan | |||||||||||||||||
Pooled funds*2 | 18,430 | 0 | 18,430 | 0 | |||||||||||||
Debt securities: | |||||||||||||||||
Japan | |||||||||||||||||
Pooled funds*3 | 28,931 | 0 | 28,931 | 0 | |||||||||||||
Other than Japan | |||||||||||||||||
Pooled funds*4 | 16,702 | 0 | 16,702 | 0 | |||||||||||||
Other assets: | |||||||||||||||||
Life insurance company general accounts*5 | 17,860 | 0 | 17,860 | 0 | |||||||||||||
Others*6 | 8,080 | 0 | 8,080 | 0 | |||||||||||||
¥ | 104,984 | ¥ | 0 | ¥ | 104,984 | ¥ | 0 | ||||||||||
*1 | These funds invest in listing shares include shares of ORIX Corporation in the amounts of ¥25 million and units of ORIX JREIT Inc. in the amounts of ¥181 million at March 31, 2014. | ||||||||||||||||
*2 | These funds invest in listing 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 ¥46 million and investment corporation bonds of ORIX JREIT Inc. in the amounts of ¥20 million at March 31, 2014. | ||||||||||||||||
*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 Pension Plans Defined Benefit | ' | ||||||||||||||||
Fair Value of Pension Plan Assets by Asset Category | ' | ||||||||||||||||
The fair value of overseas pension plan assets at March 31, 2013 and 2014, by asset category, are as follows: | |||||||||||||||||
Millions of yen | |||||||||||||||||
31-Mar-13 | |||||||||||||||||
Total | Quoted Prices | Significant | Significant | ||||||||||||||
Carrying | in Active | Other | Unobservable | ||||||||||||||
Value in | Markets for | Observable | Inputs | ||||||||||||||
Consolidated | Identical Assets | Inputs | (Level 3) | ||||||||||||||
Balance Sheets | (Level 1) | (Level 2) | |||||||||||||||
Equity securities: | |||||||||||||||||
Other than Japan | |||||||||||||||||
Pooled funds*1 | ¥ | 57 | ¥ | 0 | ¥ | 57 | ¥ | 0 | |||||||||
Debt securities: | |||||||||||||||||
Other than Japan | |||||||||||||||||
Municipal bonds | 3,332 | 0 | 3,332 | 0 | |||||||||||||
Other assets: | |||||||||||||||||
Life insurance company general accounts*2 | 177 | 0 | 177 | 0 | |||||||||||||
Others*3 | 259 | 0 | 259 | 0 | |||||||||||||
¥ | 3,825 | ¥ | 0 | ¥ | 3,825 | ¥ | 0 | ||||||||||
*1 | These funds invest in listing 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. | ||||||||||||||||
Millions of yen | |||||||||||||||||
31-Mar-14 | |||||||||||||||||
Total | Quoted Prices | Significant | Significant | ||||||||||||||
Carrying | in Active | Other | Unobservable | ||||||||||||||
Value in | Markets for | Observable | Inputs | ||||||||||||||
Consolidated | Identical Assets | Inputs | (Level 3) | ||||||||||||||
Balance Sheets | (Level 1) | (Level 2) | |||||||||||||||
Equity securities: | |||||||||||||||||
Other than Japan | |||||||||||||||||
Shares*1 | ¥ | 24,420 | ¥ | 24,420 | ¥ | 0 | ¥ | 0 | |||||||||
Pooled funds*1 | 59 | 0 | 59 | 0 | |||||||||||||
Debt securities: | |||||||||||||||||
Other than Japan | |||||||||||||||||
Government bonds | 15,317 | 15,317 | 0 | 0 | |||||||||||||
Municipal bonds | 5,399 | 1,779 | 3,620 | 0 | |||||||||||||
Corporate bonds | 15,844 | 15,844 | 0 | 0 | |||||||||||||
Other assets: | |||||||||||||||||
Life insurance company general accounts*2 | 161 | 0 | 161 | 0 | |||||||||||||
Others*3 | 842 | 0 | 842 | 0 | |||||||||||||
¥ | 62,042 | ¥ | 57,360 | ¥ | 4,682 | ¥ | 0 | ||||||||||
*1 | These shares and funds invest in listing 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_Inte1
Redeemable Noncontrolling Interests (Tables) | 12 Months Ended | ||||||||||||
Mar. 31, 2014 | |||||||||||||
Changes in Redeemable Noncontrolling Interests | ' | ||||||||||||
Changes in redeemable noncontrolling interests in fiscal 2012, 2013 and 2014 are as follows: | |||||||||||||
Millions of yen | |||||||||||||
2012 | 2013 | 2014 | |||||||||||
Beginning Balance | ¥ | 33,902 | ¥ | 37,633 | ¥ | 41,621 | |||||||
Adjustment of redeemable noncontrolling interests to redemption value | 1,188 | (400 | ) | 2,851 | |||||||||
Contribution to subsidiary | 0 | 0 | 413 | ||||||||||
Transaction with noncontrolling interests | 1,213 | 942 | 1,309 | ||||||||||
Comprehensive income | |||||||||||||
Net Income | 2,724 | 3,985 | 4,108 | ||||||||||
Other comprehensive income (loss) | |||||||||||||
Net change of foreign currency translation adjustments | (315 | ) | 5,224 | 4,099 | |||||||||
Total other comprehensive income (loss) | (315 | ) | 5,224 | 4,099 | |||||||||
Comprehensive income | 2,409 | 9,209 | 8,207 | ||||||||||
Cash dividends | (1,079 | ) | (5,763 | ) | (1,224 | ) | |||||||
Ending Balance | ¥ | 37,633 | ¥ | 41,621 | ¥ | 53,177 | |||||||
StockBased_Compensation_Tables
Stock-Based Compensation (Tables) | 12 Months Ended | ||||||||||||||||
Mar. 31, 2014 | |||||||||||||||||
Summary of Information Related to Stock Acquisition Rights | ' | ||||||||||||||||
A summary of the Company’s stock acquisition rights is as follows: | |||||||||||||||||
Years ended March 31, | Exercise period | Number of shares | Exercise price * | ||||||||||||||
granted* | Yen | ||||||||||||||||
2004 | From June 26, 2005 to June 25, 2013 | 5,160,000 | ¥ | 700 | |||||||||||||
2005 | From June 24, 2006 to June 23, 2014 | 5,289,000 | 1,172 | ||||||||||||||
2006 | From June 22, 2007 to June 21, 2015 | 4,774,000 | 1,891 | ||||||||||||||
2007 | From June 21, 2008 to June 20, 2016 | 1,942,000 | 2,962 | ||||||||||||||
2008 | From July 5, 2009 to June 22, 2017 | 1,449,800 | 3,101 | ||||||||||||||
2009 | From July 18, 2010 to June 24, 2018 | 1,479,000 | 1,689 | ||||||||||||||
* | 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. | ||||||||||||||||
Summary of Information about Stock Options Activity | ' | ||||||||||||||||
The following table summarizes information about the activity of these stock options for the year ended 2014: | |||||||||||||||||
Number of | Weighted average | Weighted average | Aggregate intrinsic value | ||||||||||||||
shares*2 | exercise price*1*2 | remaining | |||||||||||||||
contractual life | |||||||||||||||||
Yen | Years | Millions of yen | |||||||||||||||
Outstanding at beginning of the year | 9,051,000 | ¥ | 2,011 | ||||||||||||||
Exercised | (804,300 | ) | 1,077 | ||||||||||||||
Forfeited or expired | (430,200 | ) | 1,846 | ||||||||||||||
Outstanding at end of year | 7,816,500 | 2,117 | 1.97 | ¥ | 327 | ||||||||||||
Exercisable at end of year | 7,816,500 | ¥ | 2,117 | 1.97 | ¥ | 327 | |||||||||||
*1 | The exercise prices of the granted options were adjusted in July 2009 for the issuance of new 18 million shares. | ||||||||||||||||
*2 | 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. |
Accumulated_Other_Comprehensiv1
Accumulated Other Comprehensive Income (Loss) (Tables) | 12 Months Ended | ||||||||||||||||||||
Mar. 31, 2014 | |||||||||||||||||||||
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 2012, 2013 and 2014 are as follows: | |||||||||||||||||||||
Millions of yen | |||||||||||||||||||||
Net unrealized | Defined | Foreign | Net unrealized | Accumulated | |||||||||||||||||
gains (losses) | benefit | currency | gains (losses) | other | |||||||||||||||||
on investment | pension | translation | on derivative | comprehensive | |||||||||||||||||
in securities | plans | adjustments | instruments | income (loss) | |||||||||||||||||
Balance at March 31, 2011 | ¥ | 11,503 | ¥ | (11,098 | ) | ¥ | (95,574 | ) | ¥ | (1,011 | ) | ¥ | (96,180 | ) | |||||||
Net unrealized gains on investment in securities, net of tax of ¥(3,151) million | 7,442 | 7,442 | |||||||||||||||||||
Reclassification adjustment included in net income, net of tax of ¥1,463 million | (2,321 | ) | (2,321 | ) | |||||||||||||||||
Defined benefit pension plans, net of tax of ¥1,807 million | (3,294 | ) | (3,294 | ) | |||||||||||||||||
Reclassification adjustment included in net income, net of tax of ¥(33) million | 47 | 47 | |||||||||||||||||||
Foreign currency translation adjustments, net of tax of ¥(335) million | (1,392 | ) | (1,392 | ) | |||||||||||||||||
Reclassification adjustment included in net income, net of tax of ¥0 million | 0 | 0 | |||||||||||||||||||
Net unrealized losses on derivative instruments, net of tax of ¥457 million | (989 | ) | (989 | ) | |||||||||||||||||
Reclassification adjustment included in net income, net of tax of ¥198 million | (181 | ) | (181 | ) | |||||||||||||||||
Total other comprehensive income(loss) | 5,121 | (3,247 | ) | (1,392 | ) | (1,170 | ) | (688 | ) | ||||||||||||
Transaction with noncontrolling interests | 0 | 0 | 20 | 0 | 20 | ||||||||||||||||
Other Comprehensive Income Attributable to the Noncontrolling Interest | 479 | (2 | ) | (979 | ) | (15 | ) | (517 | ) | ||||||||||||
Other Comprehensive Income Attributable to the Redeemable Noncontrolling Interests | 0 | 0 | (315 | ) | 0 | (315 | ) | ||||||||||||||
Balance at March 31, 2012 | 16,145 | (14,343 | ) | (95,692 | ) | (2,166 | ) | (96,056 | ) | ||||||||||||
Net unrealized gains on investment in securities, net of tax of ¥(8,206) million | 17,955 | 17,955 | |||||||||||||||||||
Reclassification adjustment included in net income, net of tax of ¥1,997 million | (4,625 | ) | (4,625 | ) | |||||||||||||||||
Defined benefit pension plans, net of tax of ¥(2,589) million | 4,511 | 4,511 | |||||||||||||||||||
Reclassification adjustment included in net income, net of tax of ¥(138) million | 248 | 248 | |||||||||||||||||||
Foreign currency translation adjustments, net of tax of ¥(5,254) million | 47,428 | 47,428 | |||||||||||||||||||
Reclassification adjustment included in net income, net of tax of ¥(1,971) million | 3,551 | 3,551 | |||||||||||||||||||
Net unrealized losses on derivative instruments, net of tax of ¥288 million | (556 | ) | (556 | ) | |||||||||||||||||
Reclassification adjustment included in net income, net of tax of ¥(328) million | 824 | 824 | |||||||||||||||||||
Total other comprehensive income(loss) | 13,330 | 4,759 | 50,979 | 268 | 69,336 | ||||||||||||||||
Transaction with noncontrolling interests | 0 | 2 | 87 | 0 | 89 | ||||||||||||||||
Other Comprehensive Income Attributable to the Noncontrolling Interest | 501 | 1 | 3,735 | (7 | ) | 4,230 | |||||||||||||||
Other Comprehensive Income Attributable to the Redeemable Noncontrolling Interests | 0 | 0 | 5,224 | 0 | 5,224 | ||||||||||||||||
Balance at March 31, 2013 | ¥ | 28,974 | ¥ | (9,587 | ) | ¥ | (53,759 | ) | ¥ | (1,891 | ) | ¥ | (36,263 | ) | |||||||
Balance at March 31, 2013 | ¥ | 28,974 | ¥ | (9,587 | ) | ¥ | (53,759 | ) | ¥ | (1,891 | ) | ¥ | (36,263 | ) | |||||||
Net unrealized gains on investment in securities, net of tax of ¥(9,529) million | 18,566 | 18,566 | |||||||||||||||||||
Reclassification adjustment included in net income, net of tax of ¥4,225 million | (7,963 | ) | (7,963 | ) | |||||||||||||||||
Defined benefit pension plans, net of tax of ¥(1,548) million | 3,850 | 3,850 | |||||||||||||||||||
Reclassification adjustment included in net income, net of tax of ¥91 million | (278 | ) | (278 | ) | |||||||||||||||||
Foreign currency translation adjustments, net of tax of ¥(1,739) million | 35,366 | 35,366 | |||||||||||||||||||
Reclassification adjustment included in net income, net of tax of ¥(17) million | 1,503 | 1,503 | |||||||||||||||||||
Net unrealized gains on derivative instruments, net of tax of ¥(31) million | 572 | 572 | |||||||||||||||||||
Reclassification adjustment included in net income, net of tax of ¥(298) million | 915 | 915 | |||||||||||||||||||
Total other comprehensive income (loss) | 10,603 | 3,572 | 36,869 | 1,487 | 52,531 | ||||||||||||||||
Other Comprehensive Income Attributable to the Noncontrolling Interest | 926 | 213 | 10,998 | 30 | 12,167 | ||||||||||||||||
Other Comprehensive Income Attributable to the Redeemable Noncontrolling Interests | 0 | 0 | 4,099 | 0 | 4,099 | ||||||||||||||||
Balance at March 31, 2014 | ¥ | 38,651 | ¥ | (6,228 | ) | ¥ | (31,987 | ) | ¥ | (434 | ) | ¥ | 2 | ||||||||
Amounts Reclassified to Net Income from Accumulated Other Comprehensive Income (loss) | ' | ||||||||||||||||||||
Amounts reclassified to net income from accumulated other comprehensive income (loss) for fiscal 2014 are as follows: | |||||||||||||||||||||
March 31, 2014 | |||||||||||||||||||||
Details about accumulated other comprehensive | Reclassification | Consolidated statements of income caption | |||||||||||||||||||
income components | adjustment included in | ||||||||||||||||||||
net income | |||||||||||||||||||||
Millions of yen | |||||||||||||||||||||
Net unrealized gains (losses) on investment in securities | |||||||||||||||||||||
Sales of investment securities | ¥ | 10,902 | Brokerage commissions and net gains on investment securities | ||||||||||||||||||
Sales of investment securities | 3,262 | Life insurance premiums and related investment income | |||||||||||||||||||
Amortization of investment securities | 858 | Interest on loans and investment securities | |||||||||||||||||||
Amortization of investment securities | (532 | ) | Life insurance premiums and related investment income | ||||||||||||||||||
Others | (2,302 | ) | Write-downs of securities and other | ||||||||||||||||||
12,188 | Total before tax | ||||||||||||||||||||
(4,225 | ) | Tax expenses or benefits | |||||||||||||||||||
¥ | 7,963 | Net of tax | |||||||||||||||||||
Defined benefit pension plans | |||||||||||||||||||||
Amortization of prior service credit | ¥ | 1,262 | See Note 17 “Pension Plans” | ||||||||||||||||||
Amortization of net actuarial loss | (837 | ) | See Note 17 “Pension Plans” | ||||||||||||||||||
Amortization of transition obligation | (56 | ) | See Note 17 “Pension Plans” | ||||||||||||||||||
369 | Total before tax | ||||||||||||||||||||
(91 | ) | Tax expenses or benefits | |||||||||||||||||||
¥ | 278 | Net of tax | |||||||||||||||||||
Foreign currency translation adjustments | |||||||||||||||||||||
Sales or liquidation | ¥ | (1,520 | ) | Gains on sales of subsidiaries and affiliates and liquidation losses, net | |||||||||||||||||
(1,520 | ) | Total before tax | |||||||||||||||||||
17 | Tax expenses or benefits | ||||||||||||||||||||
¥ | (1,503 | ) | Net of tax | ||||||||||||||||||
Net unrealized gains (losses) on derivative instruments | |||||||||||||||||||||
Interest rate swap agreements | ¥ | 39 | Interest on loans and investment securities/Interest expense | ||||||||||||||||||
Foreign exchange contracts | 773 | Foreign currency transaction loss | |||||||||||||||||||
Foreign currency swap agreements | (2,025 | ) | Interest on loans and investment securities/Interest expense/Foreign currency transaction loss | ||||||||||||||||||
(1,213 | ) | Total before tax | |||||||||||||||||||
298 | Tax expenses or benefits | ||||||||||||||||||||
¥ | (915 | ) | Net of tax | ||||||||||||||||||
ORIX_Corporation_Shareholders_1
ORIX Corporation Shareholders' Equity (Tables) | 12 Months Ended | ||||||||||||
Mar. 31, 2014 | |||||||||||||
Changes in Number of Shares Issued | ' | ||||||||||||
Changes in the number of shares issued in fiscal 2012, 2013 and 2014 are as follows: | |||||||||||||
Number of shares | |||||||||||||
2012 | 2013 | 2014 | |||||||||||
Beginning balance | 1,102,458,460 | 1,102,544,220 | 1,248,714,760 | ||||||||||
Exercise of stock options | 77,000 | 499,000 | 804,300 | ||||||||||
Conversion of convertible bonds | 8,760 | 145,671,540 | 73,258,568 | ||||||||||
Ending balance | 1,102,544,220 | 1,248,714,760 | 1,322,777,628 | ||||||||||
Brokerage_Commissions_and_Net_1
Brokerage Commissions and Net Gains on Investment Securities (Tables) | 12 Months Ended | ||||||||||||
Mar. 31, 2014 | |||||||||||||
Brokerage Commissions and Net Gains (Losses) on Investment Securities | ' | ||||||||||||
Brokerage commissions and net gains on investment securities in fiscal 2012, 2013 and 2014 consist of the following: | |||||||||||||
Millions of yen | |||||||||||||
2012 | 2013 | 2014 | |||||||||||
Net gains on investment securities | ¥ | 24,894 | ¥ | 28,805 | ¥ | 19,412 | |||||||
Dividends income, other | 4,443 | 6,009 | 7,771 | ||||||||||
¥ | 29,337 | ¥ | 34,814 | ¥ | 27,183 | ||||||||
Life_Insurance_Operations_Tabl
Life Insurance Operations (Tables) | 12 Months Ended | ||||||||||||
Mar. 31, 2014 | |||||||||||||
Life Insurance Premiums and Related Investment Income | ' | ||||||||||||
Life insurance premiums and related investment income in fiscal 2012, 2013 and 2014 consist of the following: | |||||||||||||
Millions of yen | |||||||||||||
2012 | 2013 | 2014 | |||||||||||
Life insurance premiums | ¥ | 116,836 | ¥ | 130,187 | ¥ | 145,464 | |||||||
Life insurance related investment income | 10,071 | 8,539 | 9,942 | ||||||||||
¥ | 126,907 | ¥ | 138,726 | ¥ | 155,406 | ||||||||
Asset_Management_and_Servicing1
Asset Management and Servicing Operations (Tables) | 12 Months Ended | ||||||||||||
Mar. 31, 2014 | |||||||||||||
Asset management and servicing revenues and expenses | ' | ||||||||||||
Asset management and servicing revenues and expenses in fiscal 2012, 2013 and 2014 consist of the following: | |||||||||||||
Millions of yen | |||||||||||||
Revenues from asset management and servicing: | 2012 | 2013 | 2014 | ||||||||||
Management fee income | ¥ | 9,297 | ¥ | 8,181 | ¥ | 111,970 | |||||||
Performance fee income | 3,528 | 6,962 | 5,956 | ||||||||||
Other | 83 | 122 | 8,566 | ||||||||||
¥ | 12,908 | ¥ | 15,265 | ¥ | 126,492 | ||||||||
Millions of yen | |||||||||||||
Expenses from asset management and servicing: | 2012 | 2013 | 2014 | ||||||||||
Distribution fee expenses | ¥ | 172 | ¥ | 324 | ¥ | 14,767 | |||||||
Sub-advisory fee expenses | 309 | 259 | 19,483 | ||||||||||
Other | 12 | 10 | 1,900 | ||||||||||
¥ | 493 | ¥ | 593 | ¥ | 36,150 | ||||||||
Other_Operations_Tables
Other Operations (Tables) | 12 Months Ended | ||||||||||||
Mar. 31, 2014 | |||||||||||||
Other Operating Revenues and Other Operating Expenses | ' | ||||||||||||
Other operating revenues and other operating expenses in fiscal 2012, 2013 and 2014 consist of the following: | |||||||||||||
Millions of yen | |||||||||||||
Other operating revenues: | 2012 | 2013 | 2014 | ||||||||||
Revenues from the vehicle maintenance and management services | ¥ | 45,150 | ¥ | 45,654 | ¥ | 46,433 | |||||||
Revenues from commissions for M&A advisory services, financing advice, financial restructuring advisory services and related services | 37,513 | 42,556 | 58,892 | ||||||||||
Revenues from private equity investment | — | 32,681 | 134,444 | ||||||||||
Revenues from environment and energy related business | 21,202 | 29,812 | 51,441 | ||||||||||
Revenues from facilities management of golf courses | 23,061 | 23,479 | 24,229 | ||||||||||
Revenues from facilities management of hotels and Japanese inns | 29,355 | 31,093 | 36,825 | ||||||||||
Other | 94,398 | 110,416 | 139,049 | ||||||||||
¥ | 250,679 | ¥ | 315,691 | ¥ | 491,313 | ||||||||
Millions of yen | |||||||||||||
Other operating expenses: | 2012 | 2013 | 2014 | ||||||||||
Expenses from the vehicle maintenance and management services | ¥ | 35,026 | ¥ | 33,336 | ¥ | 32,915 | |||||||
Expenses from private equity investment | — | 28,607 | 118,112 | ||||||||||
Expenses from environment and energy related business | 18,056 | 23,142 | 41,857 | ||||||||||
Expenses from facilities management of golf courses | 20,418 | 21,130 | 20,749 | ||||||||||
Expenses from facilities management of hotels and Japanese inns | 26,038 | 26,959 | 32,822 | ||||||||||
Other | 52,983 | 61,519 | 64,320 | ||||||||||
¥ | 152,521 | ¥ | 194,693 | ¥ | 310,775 | ||||||||
Discontinued_Operations_Tables
Discontinued Operations (Tables) | 12 Months Ended | ||||||||||||
Mar. 31, 2014 | |||||||||||||
Discontinued Operations | ' | ||||||||||||
Discontinued operations in fiscal 2012, 2013 and 2014 consist of the following: | |||||||||||||
Millions of yen | |||||||||||||
2012 | 2013 | 2014 | |||||||||||
Revenues | ¥ | 30,253 | ¥ | 20,699 | ¥ | 26,607 | |||||||
Income from discontinued operations, net* | 1,775 | (179 | ) | 12,182 | |||||||||
Provision for income taxes | 1,219 | 347 | (4,681 | ) | |||||||||
Discontinued operations, net of applicable tax effect | ¥ | 2,994 | ¥ | 168 | ¥ | 7,501 | |||||||
* | Income from discontinued operations, net includes aggregate gains on sales of subsidiaries, business units, and rental properties in the amount of ¥3,609 million, ¥6,789 million and ¥14,600 million in fiscal 2012, 2013 and 2014, respectively. |
Per_Share_Data_Tables
Per Share Data (Tables) | 12 Months Ended | ||||||||||||
Mar. 31, 2014 | |||||||||||||
Reconciliation of Differences Between Basic and Diluted Earnings Per Share (EPS) | ' | ||||||||||||
Reconciliation of the differences between basic and diluted earnings per share (EPS) in fiscal 2012, 2013 and 2014 is as follows: | |||||||||||||
In fiscal 2012, the diluted EPS calculation excludes stock options for 9,820 thousand shares, as they were antidilutive. In fiscal 2013, the diluted EPS calculation excludes stock options for 9,010 thousand shares, as they were antidilutive. In fiscal 2014, the diluted EPS calculation excludes stock options for 6,815 thousand shares, as they were antidilutive. | |||||||||||||
Millions of yen | |||||||||||||
2012 | 2013 | 2014 | |||||||||||
Income attributable to ORIX Corporation shareholders from continuing operations | ¥ | 79,810 | ¥ | 112,144 | ¥ | 179,499 | |||||||
Effect of dilutive securities | |||||||||||||
Expense related to convertible bond | 2,364 | 1,329 | 265 | ||||||||||
Income from continuing operations for diluted EPS computation | ¥ | 82,174 | ¥ | 113,473 | ¥ | 179,764 | |||||||
Thousands of shares | |||||||||||||
2012 | 2013 | 2014 | |||||||||||
Weighted-average shares | 1,075,095 | 1,087,883 | 1,268,081 | ||||||||||
Effect of dilutive securities | |||||||||||||
Conversion of convertible bond | 244,104 | 206,635 | 40,057 | ||||||||||
Exercise of stock options | 1,228 | 1,546 | 2,117 | ||||||||||
Weighted-average shares for diluted EPS computation | 1,320,427 | 1,296,064 | 1,310,255 | ||||||||||
Yen | |||||||||||||
2012 | 2013 | 2014 | |||||||||||
Earnings per share for income attributable to ORIX Corporation shareholders from continuing operations: | |||||||||||||
Basic | ¥ | 74.24 | ¥ | 103.09 | ¥ | 141.55 | |||||||
Diluted | 62.23 | 87.55 | 137.2 |
Derivative_Financial_Instrumen1
Derivative Financial Instruments and Hedging (Tables) | 12 Months Ended | ||||||||||||||||||||
Mar. 31, 2014 | |||||||||||||||||||||
Effect of Derivative Instruments on Consolidated Statements of Income, Pre-tax | ' | ||||||||||||||||||||
The effect of derivative instruments on the consolidated statements of income, pre-tax, for fiscal 2012 is as follows. | |||||||||||||||||||||
(1) Cash flow hedges | |||||||||||||||||||||
Gains (losses) | Gains (losses) reclassified from | Gains (losses) recognized | |||||||||||||||||||
recognized | accumulated other comprehensive | in income on derivative | |||||||||||||||||||
in other | income (loss) into income | (ineffective portion and amount | |||||||||||||||||||
comprehensive | (effective portion) | excluded from effectiveness | |||||||||||||||||||
income on | testing) | ||||||||||||||||||||
derivative | |||||||||||||||||||||
(effective portion) | |||||||||||||||||||||
Millions | Consolidated | Millions | Consolidated | Millions | |||||||||||||||||
of yen | statements of | of yen | statements of | of yen | |||||||||||||||||
income location | income location | ||||||||||||||||||||
Interest rate swap agreements | ¥ | (489 | ) | Interest on loans and investment securities/Interest expense | ¥ | 44 | — | ¥ | 0 | ||||||||||||
Foreign exchange contracts | (526 | ) | Foreign currency transaction loss | (696 | ) | — | 0 | ||||||||||||||
Foreign currency swap agreements | (409 | ) | Interest on loans and investment securities/Interest expense/Foreign currency transaction loss | 1,031 | — | 0 | |||||||||||||||
(2) Fair value hedges | |||||||||||||||||||||
Gains (losses) recognized | Gains (losses) recognized | ||||||||||||||||||||
in income on derivative and other | in income on hedged item | ||||||||||||||||||||
Millions | Consolidated | Millions | Consolidated | ||||||||||||||||||
of yen | statements of | of yen | statements of | ||||||||||||||||||
income location | income location | ||||||||||||||||||||
Interest rate swap agreements | ¥ | 4,072 | Interest on loans and investment securities/Interest expense | ¥ | (4,337 | ) | Interest on loans and investment securities/Interest expense | ||||||||||||||
Foreign exchange contracts | 972 | Foreign currency transaction loss | (972 | ) | Foreign currency transaction loss | ||||||||||||||||
Foreign currency swap agreements | 227 | Foreign currency transaction loss | (277 | ) | Foreign currency transaction loss | ||||||||||||||||
Foreign currency long-term debt | 69 | Foreign currency transaction loss | (69 | ) | Foreign currency transaction loss | ||||||||||||||||
(3) Hedges of net investment in foreign operations | |||||||||||||||||||||
Gains (losses) | Gains (losses) reclassified from | Gains (losses) recognized | |||||||||||||||||||
recognized | accumulated other comprehensive | in income on derivative and others | |||||||||||||||||||
in other | income (loss) into income | (ineffective portion and amount | |||||||||||||||||||
comprehensive | (effective portion) | excluded from effectiveness testing) | |||||||||||||||||||
income on | |||||||||||||||||||||
derivative | |||||||||||||||||||||
and others | |||||||||||||||||||||
(effective portion) | |||||||||||||||||||||
Millions | Consolidated | Millions | Consolidated | Millions | |||||||||||||||||
of yen | statements of | of yen | statements of | of yen | |||||||||||||||||
income location | income location | ||||||||||||||||||||
Foreign exchange contracts | ¥ | (1,198 | ) | — | ¥ | 0 | — | ¥ | 0 | ||||||||||||
Borrowings and bonds in local currency | 1,348 | — | 0 | — | 0 | ||||||||||||||||
(4) Trading derivatives or derivatives not designated as hedging instruments | |||||||||||||||||||||
Gains (losses) recognized in income on derivative | |||||||||||||||||||||
Millions | Consolidated statements of income location | ||||||||||||||||||||
of yen | |||||||||||||||||||||
Interest rate swap agreements | ¥ | 23 | Other operating revenues/expenses | ||||||||||||||||||
Foreign currency swap agreements | 24 | Other operating revenues/expenses | |||||||||||||||||||
Futures | (1,056 | ) | Brokerage commissions and net gains on investment securities | ||||||||||||||||||
Foreign exchange contracts | 615 | Brokerage commissions and net gains on investment securities | |||||||||||||||||||
Credit derivatives held/written | (92 | ) | Other operating revenues/expenses | ||||||||||||||||||
Options held/written, Caps held and other | 137 | Other operating revenues/expenses | |||||||||||||||||||
The effect of derivative instruments on the consolidated statements of income, pre-tax, for fiscal 2013 is as follows. | |||||||||||||||||||||
(1) Cash flow hedges | |||||||||||||||||||||
Gains (losses) | Gains (losses) reclassified from | Gains (losses) recognized | |||||||||||||||||||
recognized | accumulated other comprehensive | in income on derivative | |||||||||||||||||||
in other | income (loss) into income | (ineffective portion and amount | |||||||||||||||||||
comprehensive | (effective portion) | excluded from effectiveness testing) | |||||||||||||||||||
income on | |||||||||||||||||||||
derivative | |||||||||||||||||||||
(effective portion) | |||||||||||||||||||||
Millions | Consolidated | Millions | Consolidated | Millions | |||||||||||||||||
of yen | statements of | of yen | statements of | of yen | |||||||||||||||||
income location | income location | ||||||||||||||||||||
Interest rate swap agreements | ¥ | (249 | ) | Interest on loans and investment securities/Interest expense | ¥ | 6 | — | ¥ | 0 | ||||||||||||
Foreign exchange contracts | (1,546 | ) | Foreign currency transaction loss Interest on loans and investment | 73 | — | 0 | |||||||||||||||
Foreign currency swap agreements | 960 | securities/Interest expense/Foreign currency transaction loss | (1,231 | ) | Foreign currency transaction loss | (69 | ) | ||||||||||||||
(2) Fair value hedges | |||||||||||||||||||||
Gains (losses) recognized | Gains (losses) recognized | ||||||||||||||||||||
in income on derivative and other | in income on hedged item | ||||||||||||||||||||
Millions | Consolidated | Millions | Consolidated | ||||||||||||||||||
of yen | statements of | of yen | statements of | ||||||||||||||||||
income location | income location | ||||||||||||||||||||
Interest rate swap agreements | ¥ | 76 | Interest on loans and investment | ¥ | (120 | ) | Interest on loans and investment | ||||||||||||||
securities/Interest expense | securities/Interest expense | ||||||||||||||||||||
Foreign exchange contracts | (8,828 | ) | Foreign currency transaction loss | 8,828 | Foreign currency transaction loss | ||||||||||||||||
Foreign currency swap agreements | (2,352 | ) | Foreign currency transaction loss | 2,349 | Foreign currency transaction loss | ||||||||||||||||
Foreign currency long-term-debt | 172 | Foreign currency transaction loss | (172 | ) | Foreign currency transaction loss | ||||||||||||||||
(3) Hedges of net investment in foreign operations | |||||||||||||||||||||
Gains (losses) | Gains (losses) reclassified from | Gains (losses) recognized | |||||||||||||||||||
recognized | accumulated other comprehensive | in income on derivative and others | |||||||||||||||||||
in other | income (loss) into income | (ineffective portion and amount | |||||||||||||||||||
comprehensive | (effective portion) | excluded from effectiveness testing) | |||||||||||||||||||
income on | |||||||||||||||||||||
derivative | |||||||||||||||||||||
and others | |||||||||||||||||||||
(effective portion) | |||||||||||||||||||||
Millions | Consolidated | Millions | Consolidated | Millions | |||||||||||||||||
of yen | statements of | of yen | statements of | of yen | |||||||||||||||||
income location | income location | ||||||||||||||||||||
Foreign exchange contracts | ¥ | (11,524 | ) | Gains on sales of subsidiaries | ¥ | 1,425 | — | ¥ | 0 | ||||||||||||
and affiliates and liquidation losses, net | |||||||||||||||||||||
Borrowings and bonds in local currency | (19,637 | ) | Gains on sales of subsidiaries | 3,464 | — | 0 | |||||||||||||||
and affiliates and liquidation losses, net | |||||||||||||||||||||
(4) Trading derivatives or derivatives not designated as hedging instruments | |||||||||||||||||||||
Gains (losses) recognized in income on derivative | |||||||||||||||||||||
Millions | Consolidated statements of income location | ||||||||||||||||||||
of yen | |||||||||||||||||||||
Interest rate swap agreements | ¥ | 8 | Other operating revenues/expenses | ||||||||||||||||||
Futures | (504 | ) | Brokerage commissions and net gains on investment securities | ||||||||||||||||||
Foreign exchange contracts | (236 | ) | Brokerage commissions and net gains on investment securities | ||||||||||||||||||
Credit derivatives held/written | 344 | Other operating revenues/expenses | |||||||||||||||||||
Options held/written and other | 992 | Other operating revenues/expenses | |||||||||||||||||||
The effect of derivative instruments on the consolidated statements of income, pre-tax, for fiscal 2014 is as follows. | |||||||||||||||||||||
(1) Cash flow hedges | |||||||||||||||||||||
Gains (losses) | Gains (losses) reclassified from | Gains (losses) recognized | |||||||||||||||||||
recognized | accumulated other comprehensive | in income on derivative | |||||||||||||||||||
in other | income (loss) into income | (ineffective portion and amount | |||||||||||||||||||
comprehensive | (effective portion) | excluded from effectiveness testing) | |||||||||||||||||||
income on | |||||||||||||||||||||
derivative | |||||||||||||||||||||
(effective portion) | |||||||||||||||||||||
Millions | Consolidated | Millions | Consolidated | Millions | |||||||||||||||||
of yen | statements of | of yen | statements | of yen | |||||||||||||||||
income location | of income location | ||||||||||||||||||||
Interest rate swap agreements | ¥ | 945 | Interest on loans and investment securities/Interest expense | ¥ | 39 | — | ¥ | 0 | |||||||||||||
Foreign exchange contracts | (948 | ) | Foreign currency transaction loss | 773 | — | 0 | |||||||||||||||
Foreign currency swap agreements | 594 | Interest on loans and investment securities/Interest expense/Foreign currency transaction loss | (2,025 | ) | Foreign currency transaction loss | 269 | |||||||||||||||
(2) Fair value hedges | |||||||||||||||||||||
Gains (losses) recognized | Gains (losses) recognized | ||||||||||||||||||||
in income on derivative and other | in income on hedged item | ||||||||||||||||||||
Millions | Consolidated | Millions | Consolidated | ||||||||||||||||||
of yen | statements of | of yen | statements of | ||||||||||||||||||
income location | income location | ||||||||||||||||||||
Interest rate swap agreements | ¥ | (2,296 | ) | Interest on loans and investment securities/Interest expense | ¥ | 2,276 | Interest on loans and investment securities/Interest expense | ||||||||||||||
Foreign exchange contracts | (3,574 | ) | Foreign currency transaction loss | 3,574 | Foreign currency transaction loss | ||||||||||||||||
Foreign currency swap agreements | (2,896 | ) | Foreign currency transaction loss | 2,896 | Foreign currency transaction loss | ||||||||||||||||
Foreign currency long-term-debt | (1,609 | ) | Foreign currency transaction loss | 1,609 | Foreign currency transaction loss | ||||||||||||||||
(3) Hedges of net investment in foreign operations | |||||||||||||||||||||
Gains (losses) | Gains (losses) reclassified from | Gains (losses) recognized | |||||||||||||||||||
recognized | accumulated other comprehensive | in income on derivative and others | |||||||||||||||||||
in other | income (loss) into income | (ineffective portion and amount | |||||||||||||||||||
comprehensive | (effective portion) | excluded from effectiveness testing) | |||||||||||||||||||
income on | |||||||||||||||||||||
derivative | |||||||||||||||||||||
and others | |||||||||||||||||||||
(effective portion) | |||||||||||||||||||||
Millions | Consolidated | Millions | Consolidated | Millions | |||||||||||||||||
of yen | statements of | of yen | statements of | of yen | |||||||||||||||||
income location | income location | ||||||||||||||||||||
Foreign exchange contracts | ¥ | (23,638 | ) | Gains on sales of subsidiaries and affiliates and liquidation losses, net | ¥ | (171 | ) | — | ¥ | 0 | |||||||||||
Borrowings and bonds in local currency | (16,469 | ) | — | 0 | — | 0 | |||||||||||||||
(4) Trading derivatives or derivatives not designated as hedging instruments | |||||||||||||||||||||
Gains (losses) recognized in income on derivative | |||||||||||||||||||||
Millions | Consolidated statements of income location | ||||||||||||||||||||
of yen | |||||||||||||||||||||
Interest rate swap agreements | ¥ | 5 | Other operating revenues/expenses | ||||||||||||||||||
Futures | (167 | ) | Brokerage commissions and net gains on investment securities | ||||||||||||||||||
Foreign exchange contracts | (406 | ) | Brokerage commissions and net gains on investment securities | ||||||||||||||||||
Credit derivatives held/written | (506 | ) | Other operating revenues/expenses | ||||||||||||||||||
Options written and other | (241 | ) | Other operating revenues/expenses | ||||||||||||||||||
Notional Amounts of Derivative Instruments and 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, 2013 and 2014 are as follows. | |||||||||||||||||||||
March 31, 2013 | |||||||||||||||||||||
Asset derivatives | Liability derivatives | ||||||||||||||||||||
Notional amount | Fair value | Consolidated | Fair value | Consolidated | |||||||||||||||||
balance sheets | balance sheets | ||||||||||||||||||||
Millions | Millions | location | Millions | location | |||||||||||||||||
of yen | of yen | of yen | |||||||||||||||||||
Derivatives designated as hedging instruments and other: | |||||||||||||||||||||
Interest rate swap agreements | ¥ | 264,434 | ¥ | 4,654 | Other receivables | ¥ | 1,451 | Trade notes, accounts payable and other liabilities | |||||||||||||
Futures, Foreign exchange contracts | 191,980 | 838 | Other receivables | 4,624 | Trade notes, accounts payable and other liabilities | ||||||||||||||||
Foreign currency swap agreements | 83,000 | 2,890 | Other receivables | 8,263 | Trade notes, accounts payable and other liabilities | ||||||||||||||||
Foreign currency long-term-debt | 161,379 | 0 | — | 0 | — | ||||||||||||||||
Trading derivatives or derivatives not designated as hedging instruments: | |||||||||||||||||||||
Interest rate swap agreements | ¥ | 1,294 | ¥ | 0 | — | ¥ | 8 | Trade notes, accounts payable and other liabilities | |||||||||||||
Options held/written and other | 217,999 | 5,654 | Other receivables | 3,530 | Trade notes, accounts payable and other liabilities | ||||||||||||||||
Futures, Foreign exchange contracts | 41,363 | 192 | Other receivables | 61 | Trade notes, accounts payable and other liabilities | ||||||||||||||||
Credit derivatives held/written | 20,161 | 370 | Other receivables | 100 | Trade notes, accounts payable and other liabilities | ||||||||||||||||
March 31, 2014 | |||||||||||||||||||||
Asset derivatives | Liability derivatives | ||||||||||||||||||||
Notional amount | Fair value | Consolidated | Fair value | Consolidated | |||||||||||||||||
balance sheets | balance sheets | ||||||||||||||||||||
Millions | Millions | location | Millions | location | |||||||||||||||||
of yen | of yen | of yen | |||||||||||||||||||
Derivatives designated as hedging instruments and other: | |||||||||||||||||||||
Interest rate swap agreements | ¥ | 206,605 | ¥ | 2,528 | Other receivables | ¥ | 634 | Trade notes, accounts payable and other liabilities | |||||||||||||
Futures, Foreign exchange contracts | 370,243 | 1,018 | Other receivables | 4,708 | |||||||||||||||||
Trade notes, accounts payable and other liabilities | |||||||||||||||||||||
Foreign currency swap agreements | 93,276 | 3,534 | Other receivables | 7,176 | |||||||||||||||||
Trade notes, accounts payable and other liabilities | |||||||||||||||||||||
Foreign currency long- term-debt | 261,483 | 0 | — | 0 | — | ||||||||||||||||
Trading derivatives or derivatives not designated as hedging instruments: | |||||||||||||||||||||
Options written and other | ¥ | 173,637 | ¥ | 5,486 | Other receivables | ¥ | 3,605 | Trade notes, accounts payable and other liabilities | |||||||||||||
Futures, Foreign exchange contracts | 65,094 | 56 | Other receivables | 472 | |||||||||||||||||
Trade notes, accounts payable and other liabilities | |||||||||||||||||||||
Credit derivatives held/written | 13,715 | 29 | Other receivables | 265 | Trade notes, accounts payable and other liabilities | ||||||||||||||||
Disclosure of Credit Derivatives | ' | ||||||||||||||||||||
The Company and its subsidiaries have contracted credit derivatives for the purpose of trading. Details of credit derivatives written as of March 31, 2013 and 2014 are as follows. | |||||||||||||||||||||
March 31, 2013 | |||||||||||||||||||||
Types of derivatives | The events or circumstances | Maximum | Approximate | Fair value of | |||||||||||||||||
that would require | potential amount of | remaining | the credit | ||||||||||||||||||
the seller to perform under | future payment under | term of the | derivative | ||||||||||||||||||
the credit derivative | the credit derivative | credit | |||||||||||||||||||
Millions | derivative | Millions | |||||||||||||||||||
of yen | of yen | ||||||||||||||||||||
Credit default swap | In case of credit event (bankruptcy, failure to pay, restructuring) occurring in underlying reference company* | ¥ | 832 | Less than | ¥ | (29 | ) | ||||||||||||||
five years | |||||||||||||||||||||
* | Underlying reference company’s credit ratings are Caa1 or better rated by rating agencies as of March 31, 2013. | ||||||||||||||||||||
March 31, 2014 | |||||||||||||||||||||
Types of derivatives | The events or circumstances | Maximum | Approximate | Fair value of | |||||||||||||||||
that would require | potential amount of | remaining | the credit | ||||||||||||||||||
the seller to perform under | future payment under | term of the | derivative | ||||||||||||||||||
the credit derivative | the credit derivative | credit | |||||||||||||||||||
Millions | derivative | Millions | |||||||||||||||||||
of yen | of yen | ||||||||||||||||||||
Credit default swap | In case of credit event (bankruptcy, failure to pay, restructuring) occurring in underlying reference company* | ¥ | 425 | Less than | ¥ | 29 | |||||||||||||||
four years | |||||||||||||||||||||
* | Underlying reference company’s credit ratings are Baa1 or better rated by rating agencies as of March 31, 2014. |
Offsetting_Assets_and_Liabilit1
Offsetting Assets and Liabilities (Tables) | 12 Months Ended | ||||||||||||||||||||||||
Mar. 31, 2014 | |||||||||||||||||||||||||
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 sheet regarding to derivative assets and liabilities and other assets and liabilities as of March 31, 2013 and 2014 are as follows. | |||||||||||||||||||||||||
March 31, 2013 | |||||||||||||||||||||||||
Millions of yen | |||||||||||||||||||||||||
Gross amounts | Gross amounts | Net amounts | Gross amounts not offset in | Net amount | |||||||||||||||||||||
recognized | offset in the | presented in | the consolidated balance sheets*1 | ||||||||||||||||||||||
consolidated | the consolidated | ||||||||||||||||||||||||
balance sheets | balance sheets | Financial | Cash collateral | ||||||||||||||||||||||
instruments | |||||||||||||||||||||||||
Derivative assets | ¥ | 17,124 | ¥ | (2,639 | ) | ¥ | 14,485 | ¥ | (2,994 | ) | ¥ | (124 | ) | ¥ | 11,367 | ||||||||||
Reverse repurchase, securities borrowing, and similar arrangements*2 | 7,752 | (7,639 | ) | 113 | 0 | 0 | 113 | ||||||||||||||||||
Total assets | 24,876 | (10,278 | ) | 14,598 | (2,994 | ) | (124 | ) | 11,480 | ||||||||||||||||
Derivative liabilities | 20,676 | (2,639 | ) | 18,037 | (2,994 | ) | (159 | ) | 14,884 | ||||||||||||||||
Repurchase, securities lending, and similar arrangements*2 | 7,639 | (7,639 | ) | 0 | 0 | 0 | 0 | ||||||||||||||||||
Total liabilities | ¥ | 28,315 | ¥ | (10,278 | ) | ¥ | 18,037 | ¥ | (2,994 | ) | ¥ | (159 | ) | ¥ | 14,884 | ||||||||||
March 31, 2014 | |||||||||||||||||||||||||
Millions of yen | |||||||||||||||||||||||||
Gross amounts | Gross amounts | Net amounts | Gross amounts not offset in | Net amount | |||||||||||||||||||||
recognized | offset in the | presented in | the consolidated balance sheets*1 | ||||||||||||||||||||||
consolidated | the consolidated | ||||||||||||||||||||||||
balance sheets | balance sheets | Financial | Cash collateral | ||||||||||||||||||||||
instruments | |||||||||||||||||||||||||
Derivative assets | ¥ | 12,651 | ¥ | (214 | ) | ¥ | 12,437 | ¥ | (1,015 | ) | ¥ | 0 | ¥ | 11,422 | |||||||||||
Reverse repurchase, securities borrowing, and similar arrangements*2 | 3,064 | (3,049 | ) | 15 | 0 | 0 | 15 | ||||||||||||||||||
Total assets | 15,715 | (3,263 | ) | 12,452 | (1,015 | ) | 0 | 11,437 | |||||||||||||||||
Derivative liabilities | 16,860 | (214 | ) | 16,646 | (1,015 | ) | (571 | ) | 15,060 | ||||||||||||||||
Repurchase, securities lending, and similar arrangements*2 | 3,049 | (3,049 | ) | 0 | 0 | 0 | 0 | ||||||||||||||||||
Total liabilities | ¥ | 19,909 | ¥ | (3,263 | ) | ¥ | 16,646 | ¥ | (1,015 | ) | ¥ | (571 | ) | ¥ | 15,060 | ||||||||||
*1 | The balances related to enforceable master netting agreements or similar agreements which were not offset in the consolidated balance sheets. | ||||||||||||||||||||||||
*2 | Reserve repurchase agreements and securities borrowing, and similar transactions are reported within other receivables in the consolidated balance sheets. Repurchase agreements and securities lending, and similar transactions are reported within trade notes, accounts payable and other liabilities in the consolidated balance sheets. | ||||||||||||||||||||||||
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 sheet regarding to derivative assets and liabilities and other assets and liabilities as of March 31, 2013 and 2014 are as follows. | |||||||||||||||||||||||||
March 31, 2013 | |||||||||||||||||||||||||
Millions of yen | |||||||||||||||||||||||||
Gross amounts | Gross amounts | Net amounts | Gross amounts not offset in | Net amount | |||||||||||||||||||||
recognized | offset in the | presented in | the consolidated balance sheets*1 | ||||||||||||||||||||||
consolidated | the consolidated | ||||||||||||||||||||||||
balance sheets | balance sheets | Financial | Cash collateral | ||||||||||||||||||||||
instruments | |||||||||||||||||||||||||
Derivative assets | ¥ | 17,124 | ¥ | (2,639 | ) | ¥ | 14,485 | ¥ | (2,994 | ) | ¥ | (124 | ) | ¥ | 11,367 | ||||||||||
Reverse repurchase, securities borrowing, and similar arrangements*2 | 7,752 | (7,639 | ) | 113 | 0 | 0 | 113 | ||||||||||||||||||
Total assets | 24,876 | (10,278 | ) | 14,598 | (2,994 | ) | (124 | ) | 11,480 | ||||||||||||||||
Derivative liabilities | 20,676 | (2,639 | ) | 18,037 | (2,994 | ) | (159 | ) | 14,884 | ||||||||||||||||
Repurchase, securities lending, and similar arrangements*2 | 7,639 | (7,639 | ) | 0 | 0 | 0 | 0 | ||||||||||||||||||
Total liabilities | ¥ | 28,315 | ¥ | (10,278 | ) | ¥ | 18,037 | ¥ | (2,994 | ) | ¥ | (159 | ) | ¥ | 14,884 | ||||||||||
March 31, 2014 | |||||||||||||||||||||||||
Millions of yen | |||||||||||||||||||||||||
Gross amounts | Gross amounts | Net amounts | Gross amounts not offset in | Net amount | |||||||||||||||||||||
recognized | offset in the | presented in | the consolidated balance sheets*1 | ||||||||||||||||||||||
consolidated | the consolidated | ||||||||||||||||||||||||
balance sheets | balance sheets | Financial | Cash collateral | ||||||||||||||||||||||
instruments | |||||||||||||||||||||||||
Derivative assets | ¥ | 12,651 | ¥ | (214 | ) | ¥ | 12,437 | ¥ | (1,015 | ) | ¥ | 0 | ¥ | 11,422 | |||||||||||
Reverse repurchase, securities borrowing, and similar arrangements*2 | 3,064 | (3,049 | ) | 15 | 0 | 0 | 15 | ||||||||||||||||||
Total assets | 15,715 | (3,263 | ) | 12,452 | (1,015 | ) | 0 | 11,437 | |||||||||||||||||
Derivative liabilities | 16,860 | (214 | ) | 16,646 | (1,015 | ) | (571 | ) | 15,060 | ||||||||||||||||
Repurchase, securities lending, and similar arrangements*2 | 3,049 | (3,049 | ) | 0 | 0 | 0 | 0 | ||||||||||||||||||
Total liabilities | ¥ | 19,909 | ¥ | (3,263 | ) | ¥ | 16,646 | ¥ | (1,015 | ) | ¥ | (571 | ) | ¥ | 15,060 | ||||||||||
*1 | The balances related to enforceable master netting agreements or similar agreements which were not offset in the consolidated balance sheets. | ||||||||||||||||||||||||
*2 | Reserve repurchase agreements and securities borrowing, and similar transactions are reported within other receivables in the consolidated balance sheets. Repurchase agreements and securities lending, and similar transactions are reported within trade notes, accounts payable and other liabilities in the consolidated balance sheets. |
Estimated_Fair_Value_of_Financ1
Estimated Fair Value of Financial Instruments (Tables) | 12 Months Ended | ||||||||||||||||||||
Mar. 31, 2014 | |||||||||||||||||||||
Financial Instruments and Derivatives Financial Instruments, Except for Investment in Direct Financing Leases, Investment in Subsidiaries and Affiliates, Pension Obligations and Insurance Contracts | ' | ||||||||||||||||||||
The following information is provided to help readers gain an understanding of the relationship between amounts reported in the accompanying consolidated financial statements and the related market or fair value. | |||||||||||||||||||||
The disclosures include financial instruments and derivative financial instruments, other than investment in direct financing leases, investment in subsidiaries and affiliates, pension obligations and insurance contracts. | |||||||||||||||||||||
March 31, 2013 | |||||||||||||||||||||
Millions of yen | |||||||||||||||||||||
Carrying | Estimated | Level 1 | Level 2 | Level 3 | |||||||||||||||||
amount | fair value | ||||||||||||||||||||
Trading instruments | |||||||||||||||||||||
Trading securities | ¥ | 33,041 | ¥ | 33,041 | ¥ | 2,184 | ¥ | 30,857 | ¥ | 0 | |||||||||||
Futures, Foreign exchange contracts: | |||||||||||||||||||||
Assets | 147 | 147 | 147 | 0 | 0 | ||||||||||||||||
Liabilities | 0 | 0 | 0 | 0 | 0 | ||||||||||||||||
Credit derivatives held/written: | |||||||||||||||||||||
Assets | 370 | 370 | 0 | 370 | 0 | ||||||||||||||||
Liabilities | 100 | 100 | 0 | 100 | 0 | ||||||||||||||||
Options held/written and other: | |||||||||||||||||||||
Assets | 5,654 | 5,654 | 0 | 3,555 | 2,099 | ||||||||||||||||
Liabilities | 3,530 | 3,530 | 0 | 3,530 | 0 | ||||||||||||||||
Non-trading instruments | |||||||||||||||||||||
Assets: | |||||||||||||||||||||
Cash and cash equivalents | ¥ | 826,296 | ¥ | 826,296 | ¥ | 826,296 | ¥ | 0 | ¥ | 0 | |||||||||||
Restricted cash | 106,919 | 106,919 | 106,919 | 0 | 0 | ||||||||||||||||
Time deposits | 8,356 | 8,356 | 0 | 8,356 | 0 | ||||||||||||||||
Installment loans (net of allowance for probable loan losses) | 2,602,737 | 2,625,132 | 0 | 82,125 | 2,543,007 | ||||||||||||||||
Investment in securities: | |||||||||||||||||||||
Practicable to estimate fair value | 852,550 | 861,570 | 166,398 | 552,394 | 142,778 | ||||||||||||||||
Not practicable to estimate fair value* | 208,077 | 208,077 | 0 | 0 | 0 | ||||||||||||||||
Liabilities: | |||||||||||||||||||||
Short-term debt | ¥ | 420,726 | ¥ | 420,726 | ¥ | 0 | ¥ | 420,726 | ¥ | 0 | |||||||||||
Deposits | 1,078,587 | 1,081,273 | 0 | 1,081,273 | 0 | ||||||||||||||||
Long-term debt | 4,061,534 | 4,081,912 | 0 | 1,486,219 | 2,595,693 | ||||||||||||||||
Futures, Foreign exchange contracts: | |||||||||||||||||||||
Assets | 883 | 883 | 0 | 883 | 0 | ||||||||||||||||
Liabilities | 4,685 | 4,685 | 0 | 4,685 | 0 | ||||||||||||||||
Foreign currency swap agreements: | |||||||||||||||||||||
Assets | 2,890 | 2,890 | 0 | 2,890 | 0 | ||||||||||||||||
Liabilities | 8,263 | 8,263 | 0 | 8,263 | 0 | ||||||||||||||||
Interest rate swap agreements: | |||||||||||||||||||||
Assets | 4,654 | 4,654 | 0 | 4,654 | 0 | ||||||||||||||||
Liabilities | 1,459 | 1,459 | 0 | 1,459 | 0 | ||||||||||||||||
* | The fair value of investment securities of ¥208,077 million was not estimated, as it was not practical. | ||||||||||||||||||||
March 31, 2014 | |||||||||||||||||||||
Millions of yen | |||||||||||||||||||||
Carrying | Estimated | Level 1 | Level 2 | Level 3 | |||||||||||||||||
amount | fair value | ||||||||||||||||||||
Trading instruments | |||||||||||||||||||||
Trading securities | ¥ | 16,079 | ¥ | 16,079 | ¥ | 275 | ¥ | 15,804 | ¥ | 0 | |||||||||||
Futures, Foreign exchange contracts: | |||||||||||||||||||||
Assets | 8 | 8 | 8 | 0 | 0 | ||||||||||||||||
Liabilities | 184 | 184 | 28 | 156 | 0 | ||||||||||||||||
Credit derivatives held/written: | |||||||||||||||||||||
Assets | 29 | 29 | 0 | 29 | 0 | ||||||||||||||||
Liabilities | 265 | 265 | 0 | 265 | 0 | ||||||||||||||||
Options written and other: | |||||||||||||||||||||
Assets | 5,486 | 5,486 | 0 | 3,000 | 2,486 | ||||||||||||||||
Liabilities | 3,605 | 3,605 | 0 | 3,605 | 0 | ||||||||||||||||
Non-trading instruments | |||||||||||||||||||||
Assets: | |||||||||||||||||||||
Cash and cash equivalents | ¥ | 827,299 | ¥ | 827,299 | ¥ | 827,299 | ¥ | 0 | ¥ | 0 | |||||||||||
Restricted cash | 86,690 | 86,690 | 86,690 | 0 | 0 | ||||||||||||||||
Time deposits | 7,510 | 7,510 | 0 | 7,510 | 0 | ||||||||||||||||
Installment loans (net of allowance for probable loan losses) | 2,246,143 | 2,274,922 | 0 | 120,583 | 2,154,339 | ||||||||||||||||
Investment in securities: | |||||||||||||||||||||
Practicable to estimate fair value | 984,654 | 991,959 | 230,618 | 671,023 | 90,318 | ||||||||||||||||
Not practicable to estimate fair value* | 213,843 | 213,843 | 0 | 0 | 0 | ||||||||||||||||
Liabilities: | |||||||||||||||||||||
Short-term debt | ¥ | 309,591 | ¥ | 309,591 | ¥ | 0 | ¥ | 309,591 | ¥ | 0 | |||||||||||
Deposits | 1,206,413 | 1,206,642 | 0 | 1,206,642 | 0 | ||||||||||||||||
Long-term debt | 3,858,874 | 3,865,456 | 0 | 1,235,377 | 2,630,079 | ||||||||||||||||
Futures, Foreign exchange contracts: | |||||||||||||||||||||
Assets | 852 | 852 | 0 | 852 | 0 | ||||||||||||||||
Liabilities | 4,782 | 4,782 | 0 | 4,782 | 0 | ||||||||||||||||
Foreign currency swap agreements: | |||||||||||||||||||||
Assets | 3,534 | 3,534 | 0 | 3,534 | 0 | ||||||||||||||||
Liabilities | 7,176 | 7,176 | 0 | 7,176 | 0 | ||||||||||||||||
Interest rate swap agreements: | |||||||||||||||||||||
Assets | 2,528 | 2,528 | 0 | 2,528 | 0 | ||||||||||||||||
Liabilities | 634 | 634 | 0 | 634 | 0 | ||||||||||||||||
* | The fair value of investment securities of ¥213,843 million was not estimated, as it was not practical. |
Commitments_Guarantees_and_Con1
Commitments, Guarantees and Contingent Liabilities (Tables) | 12 Months Ended | ||||||||||||||||||||||||
Mar. 31, 2014 | |||||||||||||||||||||||||
Minimum Future Rentals on Non-Cancelable Operating Leases | ' | ||||||||||||||||||||||||
The minimum future rentals on non-cancelable operating leases are as follows: | |||||||||||||||||||||||||
Years ending March 31, | Millions of yen | ||||||||||||||||||||||||
2015 | ¥ | 7,558 | |||||||||||||||||||||||
2016 | 6,859 | ||||||||||||||||||||||||
2017 | 6,187 | ||||||||||||||||||||||||
2018 | 5,372 | ||||||||||||||||||||||||
2019 | 4,520 | ||||||||||||||||||||||||
Thereafter | 25,649 | ||||||||||||||||||||||||
Total | ¥ | 56,145 | |||||||||||||||||||||||
Amounts Due under Non Cancelable Contracts | ' | ||||||||||||||||||||||||
As of March 31, 2014, the amounts due are as follows: | |||||||||||||||||||||||||
Years ending March 31, | Millions of yen | ||||||||||||||||||||||||
2015 | ¥ | 2,931 | |||||||||||||||||||||||
2016 | 1,369 | ||||||||||||||||||||||||
2017 | 1,029 | ||||||||||||||||||||||||
2018 | 295 | ||||||||||||||||||||||||
2019 | 217 | ||||||||||||||||||||||||
Thereafter | 125 | ||||||||||||||||||||||||
Total | ¥ | 5,966 | |||||||||||||||||||||||
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, 2013 and 2014: | |||||||||||||||||||||||||
2013 | 2014 | ||||||||||||||||||||||||
Millions of yen | Fiscal | Millions of yen | Fiscal | ||||||||||||||||||||||
year | year | ||||||||||||||||||||||||
Guarantees | Potential | Book | Maturity | Potential | Book | Maturity | |||||||||||||||||||
future | value of | of the | future | value of | of the | ||||||||||||||||||||
payment | guarantee | longest | payment | guarantee | longest | ||||||||||||||||||||
liabilities | contract | liabilities | contract | ||||||||||||||||||||||
Corporate loans | ¥ | 316,650 | ¥ | 2,587 | 2026 | ¥ | 349,435 | ¥ | 3,577 | 2021 | |||||||||||||||
Transferred loans | 196,162 | 4,246 | 2044 | 212,150 | 3,671 | 2045 | |||||||||||||||||||
Consumer loans | 77,034 | 8,085 | 2018 | 96,183 | 9,607 | 2018 | |||||||||||||||||||
Housing loans | 29,510 | 7,437 | 2051 | 33,704 | 7,013 | 2051 | |||||||||||||||||||
Other | 2,936 | 126 | 2024 | 3,070 | 92 | 2024 | |||||||||||||||||||
Total | ¥ | 622,292 | ¥ | 22,481 | — | ¥ | 694,542 | ¥ | 23,960 | — | |||||||||||||||
Segment_Information_Tables
Segment Information (Tables) | 12 Months Ended | ||||||||||||||||||||||||||||
Mar. 31, 2014 | |||||||||||||||||||||||||||||
Financial Information of Segments | ' | ||||||||||||||||||||||||||||
Financial information of the segments for the years ended March 31, 2012, 2013 and 2014 is as follows: | |||||||||||||||||||||||||||||
Year ended March 31, 2012 | Millions of yen | ||||||||||||||||||||||||||||
Corporate | Maintenance | Real | Investment | Retail | Overseas | Total | |||||||||||||||||||||||
Financial | Leasing | Estate | and | Business | |||||||||||||||||||||||||
Services | Operation | ||||||||||||||||||||||||||||
Revenues | ¥ | 76,393 | ¥ | 228,007 | ¥ | 222,631 | ¥ | 73,293 | ¥ | 160,071 | ¥ | 187,240 | ¥ | 947,635 | |||||||||||||||
Interest revenue | 20,242 | 2 | 10,729 | 21,716 | 29,041 | 32,210 | 113,940 | ||||||||||||||||||||||
Interest expense | 10,336 | 3,609 | 15,213 | 5,759 | 7,195 | 19,216 | 61,328 | ||||||||||||||||||||||
Depreciation and amortization | 3,738 | 98,495 | 17,574 | 1,742 | 8,916 | 28,194 | 158,659 | ||||||||||||||||||||||
Other significant non-cash items: | |||||||||||||||||||||||||||||
Provision for doubtful receivables and probable loan losses | 2,461 | (173 | ) | 2,988 | 7,427 | 1,128 | 3,811 | 17,642 | |||||||||||||||||||||
Write-downs of long-lived assets | 793 | 0 | 11,311 | 713 | 0 | 798 | 13,615 | ||||||||||||||||||||||
Increase in policy liabilities | 0 | 0 | 0 | 0 | 6,421 | 0 | 6,421 | ||||||||||||||||||||||
Equity in net income (loss) of affiliates and gains (losses) on sales of subsidiaries and affiliates and liquidation losses, net | 687 | 146 | 1,321 | 7,033 | (9,996 | ) | 6,299 | 5,490 | |||||||||||||||||||||
Discontinued operations | 475 | 0 | 1,608 | (3,309 | ) | 1,749 | 661 | 1,184 | |||||||||||||||||||||
Segment profits | 22,989 | 33,253 | 1,349 | 15,983 | 19,352 | 49,768 | 142,694 | ||||||||||||||||||||||
Segment assets | 946,468 | 490,869 | 1,390,518 | 471,923 | 1,742,906 | 1,081,190 | 6,123,874 | ||||||||||||||||||||||
Long-lived assets | 27,132 | 327,386 | 977,102 | 33,964 | 44,986 | 195,207 | 1,605,777 | ||||||||||||||||||||||
Expenditures for long-lived assets | 909 | 126,779 | 22,945 | 507 | 14 | 63,506 | 214,660 | ||||||||||||||||||||||
Investment in affiliates | 16,842 | 880 | 84,697 | 61,469 | 79,255 | 88,564 | 331,707 | ||||||||||||||||||||||
Millions of yen | |||||||||||||||||||||||||||||
Year ended March 31, 2013 | Corporate | Maintenance | Real Estate | Investment | Retail | Overseas | Total | ||||||||||||||||||||||
Financial | Leasing | and | Business | ||||||||||||||||||||||||||
Services | Operation | ||||||||||||||||||||||||||||
Revenues | ¥ | 76,128 | ¥ | 234,651 | ¥ | 215,212 | ¥ | 121,933 | ¥ | 188,695 | ¥ | 202,516 | ¥ | 1,039,135 | |||||||||||||||
Interest revenue | 17,946 | 15 | 9,062 | 22,573 | 45,854 | 35,830 | 131,280 | ||||||||||||||||||||||
Interest expense | 10,181 | 3,624 | 12,083 | 4,469 | 6,674 | 18,249 | 55,280 | ||||||||||||||||||||||
Depreciation and amortization | 2,610 | 106,254 | 18,369 | 2,110 | 10,631 | 31,695 | 171,669 | ||||||||||||||||||||||
Other significant non-cash items: | |||||||||||||||||||||||||||||
Provision for doubtful receivables and probable loan losses | 331 | (77 | ) | (449 | ) | 5,532 | 2,611 | 2,438 | 10,386 | ||||||||||||||||||||
Write-downs of long-lived assets | 0 | 0 | 12,075 | 1,723 | 0 | 328 | 14,126 | ||||||||||||||||||||||
Increase in policy liabilities | 0 | 0 | 0 | 0 | 20,990 | 0 | 20,990 | ||||||||||||||||||||||
Equity in net income (loss) of affiliates and gains (losses) on sales of subsidiaries and affiliates and liquidation losses, net | 1,145 | 176 | (631 | ) | 7,251 | 4,680 | 9,521 | 22,142 | |||||||||||||||||||||
Discontinued operations | 0 | 0 | 3,662 | (841 | ) | 632 | 575 | 4,028 | |||||||||||||||||||||
Segment profits | 25,932 | 34,913 | 5,582 | 34,937 | 43,209 | 52,756 | 197,329 | ||||||||||||||||||||||
Segment assets | 943,295 | 549,300 | 1,133,170 | 444,315 | 1,994,140 | 1,318,434 | 6,382,654 | ||||||||||||||||||||||
Long-lived assets | 27,485 | 381,746 | 864,754 | 49,441 | 92,817 | 280,218 | 1,696,461 | ||||||||||||||||||||||
Expenditures for long-lived assets | 1,943 | 160,420 | 22,276 | 1,200 | 206 | 109,426 | 295,471 | ||||||||||||||||||||||
Investment in affiliates | 18,020 | 1,459 | 73,141 | 65,713 | 25,205 | 143,019 | 326,557 | ||||||||||||||||||||||
Millions of yen | |||||||||||||||||||||||||||||
Year ended March 31, 2014 | Corporate | Maintenance | Real Estate | Investment | Retail | Overseas | Total | ||||||||||||||||||||||
Financial | Leasing | and | Business | ||||||||||||||||||||||||||
Services | Operation | ||||||||||||||||||||||||||||
Revenues | ¥ | 76,877 | ¥ | 251,366 | ¥ | 198,450 | ¥ | 178,532 | ¥ | 211,468 | ¥ | 416,226 | ¥ | 1,332,919 | |||||||||||||||
Interest revenue | 15,250 | 12 | 3,789 | 17,258 | 50,381 | 34,760 | 121,450 | ||||||||||||||||||||||
Interest expense | 8,594 | 3,687 | 8,812 | 3,939 | 5,592 | 28,042 | 58,666 | ||||||||||||||||||||||
Depreciation and amortization | 3,170 | 117,357 | 19,200 | 2,760 | 12,644 | 41,551 | 196,682 | ||||||||||||||||||||||
Other significant non-cash items: | |||||||||||||||||||||||||||||
Provision for doubtful receivables and probable loan losses | (974 | ) | 363 | 2,079 | 2,615 | 3,485 | 5,673 | 13,241 | |||||||||||||||||||||
Write-downs of long-lived assets | 0 | 1,292 | 16,958 | 15 | 0 | 1,046 | 19,311 | ||||||||||||||||||||||
Increase in policy liabilities | 0 | 0 | 0 | 0 | 28,429 | 0 | 28,429 | ||||||||||||||||||||||
Equity in net income (loss) of affiliates and gains (losses) on sales of subsidiaries and affiliates and liquidation losses, net | 792 | 152 | 4,709 | 68,216 | 3,920 | 6,793 | 84,582 | ||||||||||||||||||||||
Discontinued operations | 0 | 0 | 8,832 | 383 | 238 | (279 | ) | 9,174 | |||||||||||||||||||||
Segment profits | 24,874 | 37,062 | 17,956 | 94,111 | 49,871 | 69,688 | 293,562 | ||||||||||||||||||||||
Segment assets | 992,078 | 622,009 | 962,404 | 565,740 | 2,166,986 | 1,972,138 | 7,281,355 | ||||||||||||||||||||||
Long-lived assets | 26,665 | 433,342 | 773,146 | 71,403 | 76,491 | 396,948 | 1,777,995 | ||||||||||||||||||||||
Expenditures for long-lived assets | 3,505 | 176,952 | 32,056 | 22,428 | 195 | 117,419 | 352,555 | ||||||||||||||||||||||
Investment in affiliates | 18,909 | 1,718 | 62,504 | 76,734 | 10,971 | 143,454 | 314,290 | ||||||||||||||||||||||
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 | |||||||||||||||||||||||||||||
2012 | 2013 | 2014 | |||||||||||||||||||||||||||
Segment revenues: | |||||||||||||||||||||||||||||
Total revenues for segments | ¥ | 947,635 | ¥ | 1,039,135 | ¥ | 1,332,919 | |||||||||||||||||||||||
Revenues related to corporate assets | 5,564 | 4,118 | 4,935 | ||||||||||||||||||||||||||
Revenues related to assets of certain VIEs | 41,833 | 33,210 | 30,404 | ||||||||||||||||||||||||||
Revenues from discontinued operations | (30,253 | ) | (20,699 | ) | (26,607 | ) | |||||||||||||||||||||||
Total consolidated revenues | ¥ | 964,779 | ¥ | 1,055,764 | ¥ | 1,341,651 | |||||||||||||||||||||||
Segment profits: | |||||||||||||||||||||||||||||
Total segment profits | ¥ | 142,694 | ¥ | 197,329 | ¥ | 293,562 | |||||||||||||||||||||||
Corporate interest expenses, general and administrative expenses | (14,690 | ) | (23,133 | ) | (17,387 | ) | |||||||||||||||||||||||
Corporate other gains (losses) | (3,689 | ) | (11,784 | ) | (4,467 | ) | |||||||||||||||||||||||
Gains (losses) related to assets or liabilities of certain VIEs | 2,583 | 2,832 | 17,003 | ||||||||||||||||||||||||||
Discontinued operations, pre-tax | (1,775 | ) | 179 | (12,182 | ) | ||||||||||||||||||||||||
Net income attributable to the noncontrolling interests and net income attributable to the redeemable noncontrolling interests, net of applicable tax effect | 2,392 | 7,149 | 7,197 | ||||||||||||||||||||||||||
Total consolidated income before income taxes and discontinued operations | ¥ | 127,515 | ¥ | 172,572 | ¥ | 283,726 | |||||||||||||||||||||||
Segment assets: | |||||||||||||||||||||||||||||
Total segment assets | ¥ | 6,123,874 | ¥ | 6,382,654 | ¥ | 7,281,355 | |||||||||||||||||||||||
Cash and cash equivalents, restricted cash and time deposits | 934,257 | 941,571 | 921,499 | ||||||||||||||||||||||||||
Allowance for doubtful receivables on direct financing leases and probable loan losses | (136,588 | ) | (104,264 | ) | (84,796 | ) | |||||||||||||||||||||||
Other receivables | 188,108 | 196,626 | 239,958 | ||||||||||||||||||||||||||
Other corporate assets | 357,244 | 354,433 | 458,225 | ||||||||||||||||||||||||||
Assets of certain VIEs | 865,935 | 668,690 | 253,151 | ||||||||||||||||||||||||||
Total consolidated assets | ¥ | 8,332,830 | ¥ | 8,439,710 | ¥ | 9,069,392 | |||||||||||||||||||||||
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 | |||||||||||||||||||||||||||||
Year Ended March 31, 2012 | |||||||||||||||||||||||||||||
Japan | America*2 | Other*3 | Difference between Geographic Total | Consolidated | |||||||||||||||||||||||||
and Consolidated Amounts | Amounts | ||||||||||||||||||||||||||||
Total Revenues | ¥ | 768,955 | ¥ | 130,717 | ¥ | 95,360 | ¥ | (30,253 | ) | ¥ | 964,779 | ||||||||||||||||||
Income before Income Taxes*1 | 74,966 | 26,894 | 27,430 | (1,775 | ) | 127,515 | |||||||||||||||||||||||
Millions of yen | |||||||||||||||||||||||||||||
Year Ended March 31, 2013 | |||||||||||||||||||||||||||||
Japan | America*2 | Other*3 | Difference between Geographic Total | Consolidated | |||||||||||||||||||||||||
and Consolidated Amounts | Amounts | ||||||||||||||||||||||||||||
Total Revenues | ¥ | 843,625 | ¥ | 130,561 | ¥ | 102,277 | ¥ | (20,699 | ) | ¥ | 1,055,764 | ||||||||||||||||||
Income before Income Taxes*1 | 116,235 | 27,458 | 28,700 | 179 | 172,572 | ||||||||||||||||||||||||
Millions of yen | |||||||||||||||||||||||||||||
Year Ended March 31, 2014 | |||||||||||||||||||||||||||||
Japan | America*2 | Other*3*4 | Difference between Geographic Total | Consolidated | |||||||||||||||||||||||||
and Consolidated Amounts | Amounts | ||||||||||||||||||||||||||||
Total Revenues | ¥ | 923,242 | ¥ | 149,610 | ¥ | 295,406 | ¥ | (26,607 | ) | ¥ | 1,341,651 | ||||||||||||||||||
Income before Income Taxes*1 | 208,829 | 42,901 | 44,178 | (12,182 | ) | 283,726 | |||||||||||||||||||||||
*1 | Results of discontinued operations before applicable tax effect are included in each amount attributed to each geographic area. | ||||||||||||||||||||||||||||
*2 | Mainly United States | ||||||||||||||||||||||||||||
*3 | Mainly Asia, Europe, Australasia and Middle East | ||||||||||||||||||||||||||||
*4 | Robeco, one of the Company’s subsidiaries domiciled in the Netherlands, conducts principally an asset management business. Due to the integrated nature of such business with its customer base spread across the world, “Other” locations include the total revenues and the income before income taxes of Robeco, respectively, for the fiscal year ended March 31, 2014. The revenues of Robeco aggregated on a legal entity basis were ¥58,997 million in America and ¥52,030 million in other for the fiscal year ended March 31, 2014. |
Significant_Accounting_and_Rep2
Significant Accounting and Reporting Policies - Additional Information (Detail) (JPY ¥) | 12 Months Ended | ||
In Millions, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 | Mar. 31, 2012 |
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 | ' | ' |
Advance and/or progress payments for development of condominiums for sale | 111,813 | 34,556 | ' |
Finished goods | 24,291 | 6,933 | ' |
Write-down of advance and/or progress payments for development of residential condominiums | 5,650 | 3,377 | 4,039 |
Capitalized interest costs related to specific long-term development projects | 981 | 1,707 | 2,395 |
Advertising expense | 15,269 | 11,579 | 5,888 |
Investment in operating leases | Transportation equipment | ' | ' | ' |
Significant Accounting Policies [Line Items] | ' | ' | ' |
Estimated average useful lives | '9 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 | ' | ' | ' |
Significant Accounting Policies [Line Items] | ' | ' | ' |
Estimated average useful lives | '31 years | ' | ' |
Investment in operating leases | Property, Plant and Equipment, Other Types | ' | ' | ' |
Significant Accounting Policies [Line Items] | ' | ' | ' |
Estimated average useful lives | '6 years | ' | ' |
Other Operating Assets | ' | ' | ' |
Significant Accounting Policies [Line Items] | ' | ' | ' |
Depreciation expenses | 15,129 | 8,072 | 6,547 |
Accumulated depreciation | 62,182 | 48,313 | ' |
Other Operating Assets | Property, Plant and Equipment, Other Types | Maximum | ' | ' | ' |
Significant Accounting Policies [Line Items] | ' | ' | ' |
Estimated average useful lives | '20 years | ' | ' |
Other Operating Assets | Buildings | Maximum | ' | ' | ' |
Significant Accounting Policies [Line Items] | ' | ' | ' |
Estimated average useful lives | '50 years | ' | ' |
Other Operating Assets | Land improvement | Maximum | ' | ' | ' |
Significant Accounting Policies [Line Items] | ' | ' | ' |
Estimated average useful lives | '60 years | ' | ' |
Office Facilities | ' | ' | ' |
Significant Accounting Policies [Line Items] | ' | ' | ' |
Depreciation expenses | 3,494 | 2,994 | 3,228 |
Accumulated depreciation | ¥ 39,747 | ¥ 41,698 | ' |
Office Facilities | Buildings and fixtures | Maximum | ' | ' | ' |
Significant Accounting Policies [Line Items] | ' | ' | ' |
Estimated average useful lives | '62 years | ' | ' |
Office Facilities | Machinery and equipment | Maximum | ' | ' | ' |
Significant Accounting Policies [Line Items] | ' | ' | ' |
Estimated average useful lives | '20 years | ' | ' |
Recorded_Amounts_of_Major_Fina
Recorded Amounts of Major Financial Assets and Liabilities Measured at Fair Value on Recurring Basis (Detail) (JPY ¥) | Mar. 31, 2014 | Mar. 31, 2013 | ||
In Millions, unless otherwise specified | ||||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ' | ' | ||
Fair value measured on recurring basis investments | ¥ 11,433 | ¥ 5,800 | ||
Derivative assets | 12,452 | 14,598 | ||
Derivative liabilities | 16,646 | 18,037 | ||
Available-for-sale securities | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ' | ' | ||
Fair value measured on recurring basis investments | 5,116 | ' | ||
Other securities | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ' | ' | ||
Fair value measured on recurring basis investments | 6,317 | 5,800 | ||
Fair Value, Measurements, Recurring | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ' | ' | ||
Derivative assets | 12,437 | 14,598 | ||
Financial assets | 929,070 | 826,764 | ||
Derivative liabilities | 16,646 | 18,037 | ||
Financial liabilities | 19,478 | 18,037 | ||
Accounts Payable | 2,833 | ' | ||
Fair Value, Measurements, Recurring | Interest rate swap agreements | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ' | ' | ||
Derivative assets | 2,528 | 4,654 | ||
Derivative liabilities | 634 | 1,459 | ||
Fair Value, Measurements, Recurring | Options Held (Written) and Other | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ' | ' | ||
Derivative assets | 5,486 | 5,654 | ||
Derivative liabilities | 3,605 | 3,530 | ||
Fair Value, Measurements, Recurring | Futures, Foreign exchange contracts | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ' | ' | ||
Derivative assets | 860 | 1,030 | ||
Derivative liabilities | 4,966 | 4,685 | ||
Fair Value, Measurements, Recurring | Foreign currency swap agreements | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ' | ' | ||
Derivative assets | 3,534 | 2,890 | ||
Derivative liabilities | 7,176 | 8,263 | ||
Fair Value, Measurements, Recurring | Credit derivatives held/written | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ' | ' | ||
Derivative assets | 29 | 370 | ||
Derivative liabilities | 265 | 100 | ||
Fair Value, Measurements, Recurring | Contingent consideration | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ' | ' | ||
Accounts Payable | 2,833 | ' | ||
Fair Value, Measurements, Recurring | Loans Held-for-Sale | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ' | ' | ||
Fair value measured on recurring basis investments | 12,631 | [1] | 16,026 | [1] |
Fair Value, Measurements, Recurring | Trading securities | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ' | ' | ||
Fair value measured on recurring basis investments | 16,079 | 33,041 | ||
Fair Value, Measurements, Recurring | Available-for-sale securities | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ' | ' | ||
Fair value measured on recurring basis investments | 881,606 | 757,299 | ||
Fair Value, Measurements, Recurring | Available-for-sale securities | Japanese and foreign government bond securities | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ' | ' | ||
Fair value measured on recurring basis investments | 360,360 | 278,717 | ||
Fair Value, Measurements, Recurring | Available-for-sale securities | Japanese prefectural and foreign municipal bond securities | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ' | ' | ||
Fair value measured on recurring basis investments | 96,697 | 61,090 | ||
Fair Value, Measurements, Recurring | Available-for-sale securities | Corporate debt securities | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ' | ' | ||
Fair value measured on recurring basis investments | 201,386 | 196,835 | ||
Fair Value, Measurements, Recurring | Available-for-sale securities | Specified bonds issued by SPEs in Japan | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ' | ' | ||
Fair value measured on recurring basis investments | 6,772 | 63,244 | ||
Fair Value, Measurements, Recurring | Available-for-sale securities | CMBS and RMBS in the U.S., and other asset-backed securities | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ' | ' | ||
Fair value measured on recurring basis investments | 65,631 | 60,691 | ||
Fair Value, Measurements, Recurring | Available-for-sale securities | Other Debt Securities | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ' | ' | ||
Fair value measured on recurring basis investments | 11,550 | 8,311 | ||
Fair Value, Measurements, Recurring | Available-for-sale securities | Equity securities | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ' | ' | ||
Fair value measured on recurring basis investments | 139,210 | [2] | 88,411 | |
Fair Value, Measurements, Recurring | Other securities | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ' | ' | ||
Fair value measured on recurring basis investments | 6,317 | 5,800 | ||
Fair Value, Measurements, Recurring | Other securities | Investment funds | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ' | ' | ||
Fair value measured on recurring basis investments | 6,317 | [3] | 5,800 | [3] |
Fair Value, Measurements, Recurring | Level 1 | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ' | ' | ||
Derivative assets | 8 | 147 | ||
Financial assets | 230,901 | 168,729 | ||
Derivative liabilities | 28 | 0 | ||
Financial liabilities | 28 | 0 | ||
Accounts Payable | 0 | ' | ||
Fair Value, Measurements, Recurring | Level 1 | Interest rate swap agreements | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ' | ' | ||
Derivative assets | 0 | 0 | ||
Derivative liabilities | 0 | 0 | ||
Fair Value, Measurements, Recurring | Level 1 | Options Held (Written) and Other | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ' | ' | ||
Derivative assets | 0 | 0 | ||
Derivative liabilities | 0 | 0 | ||
Fair Value, Measurements, Recurring | Level 1 | Futures, Foreign exchange contracts | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ' | ' | ||
Derivative assets | 8 | 147 | ||
Derivative liabilities | 28 | 0 | ||
Fair Value, Measurements, Recurring | Level 1 | Foreign currency swap agreements | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ' | ' | ||
Derivative assets | 0 | 0 | ||
Derivative liabilities | 0 | 0 | ||
Fair Value, Measurements, Recurring | Level 1 | Credit derivatives held/written | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ' | ' | ||
Derivative assets | 0 | 0 | ||
Derivative liabilities | 0 | 0 | ||
Fair Value, Measurements, Recurring | Level 1 | Contingent consideration | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ' | ' | ||
Accounts Payable | 0 | ' | ||
Fair Value, Measurements, Recurring | Level 1 | Loans Held-for-Sale | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ' | ' | ||
Fair value measured on recurring basis investments | 0 | [1] | 0 | [1] |
Fair Value, Measurements, Recurring | Level 1 | Trading securities | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ' | ' | ||
Fair value measured on recurring basis investments | 275 | 2,184 | ||
Fair Value, Measurements, Recurring | Level 1 | Available-for-sale securities | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ' | ' | ||
Fair value measured on recurring basis investments | 230,618 | 166,398 | ||
Fair Value, Measurements, Recurring | Level 1 | Available-for-sale securities | Japanese and foreign government bond securities | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ' | ' | ||
Fair value measured on recurring basis investments | 114,989 | 98,990 | ||
Fair Value, Measurements, Recurring | Level 1 | Available-for-sale securities | Japanese prefectural and foreign municipal bond securities | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ' | ' | ||
Fair value measured on recurring basis investments | 0 | 0 | ||
Fair Value, Measurements, Recurring | Level 1 | Available-for-sale securities | Corporate debt securities | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ' | ' | ||
Fair value measured on recurring basis investments | 0 | 0 | ||
Fair Value, Measurements, Recurring | Level 1 | Available-for-sale securities | Specified bonds issued by SPEs in Japan | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ' | ' | ||
Fair value measured on recurring basis investments | 0 | 0 | ||
Fair Value, Measurements, Recurring | Level 1 | Available-for-sale securities | CMBS and RMBS in the U.S., and other asset-backed securities | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ' | ' | ||
Fair value measured on recurring basis investments | 0 | 0 | ||
Fair Value, Measurements, Recurring | Level 1 | Available-for-sale securities | Other Debt Securities | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ' | ' | ||
Fair value measured on recurring basis investments | 0 | 0 | ||
Fair Value, Measurements, Recurring | Level 1 | Available-for-sale securities | Equity securities | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ' | ' | ||
Fair value measured on recurring basis investments | 115,629 | [2] | 67,408 | |
Fair Value, Measurements, Recurring | Level 1 | Other securities | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ' | ' | ||
Fair value measured on recurring basis investments | 0 | 0 | ||
Fair Value, Measurements, Recurring | Level 1 | Other securities | Investment funds | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ' | ' | ||
Fair value measured on recurring basis investments | 0 | [3] | 0 | [3] |
Fair Value, Measurements, Recurring | Level 2 | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ' | ' | ||
Derivative assets | 9,943 | 12,352 | ||
Financial assets | 605,365 | 513,158 | ||
Derivative liabilities | 16,618 | 18,037 | ||
Financial liabilities | 16,617 | 18,037 | ||
Accounts Payable | 0 | ' | ||
Fair Value, Measurements, Recurring | Level 2 | Interest rate swap agreements | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ' | ' | ||
Derivative assets | 2,528 | 4,654 | ||
Derivative liabilities | 634 | 1,459 | ||
Fair Value, Measurements, Recurring | Level 2 | Options Held (Written) and Other | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ' | ' | ||
Derivative assets | 3,000 | 3,555 | ||
Derivative liabilities | 3,605 | 3,530 | ||
Fair Value, Measurements, Recurring | Level 2 | Futures, Foreign exchange contracts | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ' | ' | ||
Derivative assets | 852 | 883 | ||
Derivative liabilities | 4,938 | 4,685 | ||
Fair Value, Measurements, Recurring | Level 2 | Foreign currency swap agreements | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ' | ' | ||
Derivative assets | 3,534 | 2,890 | ||
Derivative liabilities | 7,176 | 8,263 | ||
Fair Value, Measurements, Recurring | Level 2 | Credit derivatives held/written | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ' | ' | ||
Derivative assets | 29 | 370 | ||
Derivative liabilities | 265 | 100 | ||
Fair Value, Measurements, Recurring | Level 2 | Contingent consideration | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ' | ' | ||
Accounts Payable | 0 | ' | ||
Fair Value, Measurements, Recurring | Level 2 | Loans Held-for-Sale | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ' | ' | ||
Fair value measured on recurring basis investments | 12,631 | [1] | 16,026 | [1] |
Fair Value, Measurements, Recurring | Level 2 | Trading securities | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ' | ' | ||
Fair value measured on recurring basis investments | 15,804 | 30,857 | ||
Fair Value, Measurements, Recurring | Level 2 | Available-for-sale securities | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ' | ' | ||
Fair value measured on recurring basis investments | 566,987 | 453,923 | ||
Fair Value, Measurements, Recurring | Level 2 | Available-for-sale securities | Japanese and foreign government bond securities | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ' | ' | ||
Fair value measured on recurring basis investments | 245,371 | 179,727 | ||
Fair Value, Measurements, Recurring | Level 2 | Available-for-sale securities | Japanese prefectural and foreign municipal bond securities | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ' | ' | ||
Fair value measured on recurring basis investments | 96,697 | 61,090 | ||
Fair Value, Measurements, Recurring | Level 2 | Available-for-sale securities | Corporate debt securities | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ' | ' | ||
Fair value measured on recurring basis investments | 200,725 | 190,311 | ||
Fair Value, Measurements, Recurring | Level 2 | Available-for-sale securities | Specified bonds issued by SPEs in Japan | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ' | ' | ||
Fair value measured on recurring basis investments | 0 | 0 | ||
Fair Value, Measurements, Recurring | Level 2 | Available-for-sale securities | CMBS and RMBS in the U.S., and other asset-backed securities | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ' | ' | ||
Fair value measured on recurring basis investments | 613 | 1,792 | ||
Fair Value, Measurements, Recurring | Level 2 | Available-for-sale securities | Other Debt Securities | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ' | ' | ||
Fair value measured on recurring basis investments | 0 | 0 | ||
Fair Value, Measurements, Recurring | Level 2 | Available-for-sale securities | Equity securities | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ' | ' | ||
Fair value measured on recurring basis investments | 23,581 | [2] | 21,003 | |
Fair Value, Measurements, Recurring | Level 2 | Other securities | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ' | ' | ||
Fair value measured on recurring basis investments | 0 | 0 | ||
Fair Value, Measurements, Recurring | Level 2 | Other securities | Investment funds | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ' | ' | ||
Fair value measured on recurring basis investments | 0 | [3] | 0 | [3] |
Fair Value, Measurements, Recurring | Level 3 | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ' | ' | ||
Derivative assets | 2,486 | 2,099 | ||
Financial assets | 92,804 | 144,847 | ||
Derivative liabilities | 0 | 0 | ||
Financial liabilities | 2,833 | 0 | ||
Accounts Payable | 2,833 | ' | ||
Fair Value, Measurements, Recurring | Level 3 | Interest rate swap agreements | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ' | ' | ||
Derivative assets | 0 | 0 | ||
Derivative liabilities | 0 | 0 | ||
Fair Value, Measurements, Recurring | Level 3 | Options Held (Written) and Other | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ' | ' | ||
Derivative assets | 2,486 | 2,099 | ||
Derivative liabilities | 0 | 0 | ||
Fair Value, Measurements, Recurring | Level 3 | Futures, Foreign exchange contracts | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ' | ' | ||
Derivative assets | 0 | 0 | ||
Derivative liabilities | 0 | 0 | ||
Fair Value, Measurements, Recurring | Level 3 | Foreign currency swap agreements | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ' | ' | ||
Derivative assets | 0 | 0 | ||
Derivative liabilities | 0 | 0 | ||
Fair Value, Measurements, Recurring | Level 3 | Credit derivatives held/written | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ' | ' | ||
Derivative assets | 0 | 0 | ||
Derivative liabilities | 0 | 0 | ||
Fair Value, Measurements, Recurring | Level 3 | Contingent consideration | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ' | ' | ||
Accounts Payable | 2,833 | ' | ||
Fair Value, Measurements, Recurring | Level 3 | Loans Held-for-Sale | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ' | ' | ||
Fair value measured on recurring basis investments | 0 | [1] | 0 | [1] |
Fair Value, Measurements, Recurring | Level 3 | Trading securities | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ' | ' | ||
Fair value measured on recurring basis investments | 0 | 0 | ||
Fair Value, Measurements, Recurring | Level 3 | Available-for-sale securities | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ' | ' | ||
Fair value measured on recurring basis investments | 84,001 | 136,978 | ||
Fair Value, Measurements, Recurring | Level 3 | Available-for-sale securities | Japanese and foreign government bond securities | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ' | ' | ||
Fair value measured on recurring basis investments | 0 | 0 | ||
Fair Value, Measurements, Recurring | Level 3 | Available-for-sale securities | Japanese prefectural and foreign municipal bond securities | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ' | ' | ||
Fair value measured on recurring basis investments | 0 | 0 | ||
Fair Value, Measurements, Recurring | Level 3 | Available-for-sale securities | Corporate debt securities | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ' | ' | ||
Fair value measured on recurring basis investments | 661 | 6,524 | ||
Fair Value, Measurements, Recurring | Level 3 | Available-for-sale securities | Specified bonds issued by SPEs in Japan | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ' | ' | ||
Fair value measured on recurring basis investments | 6,772 | 63,244 | ||
Fair Value, Measurements, Recurring | Level 3 | Available-for-sale securities | CMBS and RMBS in the U.S., and other asset-backed securities | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ' | ' | ||
Fair value measured on recurring basis investments | 65,018 | 58,899 | ||
Fair Value, Measurements, Recurring | Level 3 | Available-for-sale securities | Other Debt Securities | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ' | ' | ||
Fair value measured on recurring basis investments | 11,550 | 8,311 | ||
Fair Value, Measurements, Recurring | Level 3 | Available-for-sale securities | Equity securities | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ' | ' | ||
Fair value measured on recurring basis investments | 0 | [2] | 0 | |
Fair Value, Measurements, Recurring | Level 3 | Other securities | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ' | ' | ||
Fair value measured on recurring basis investments | 6,317 | 5,800 | ||
Fair Value, Measurements, Recurring | Level 3 | Other securities | Investment funds | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ' | ' | ||
Fair value measured on recurring basis investments | ¥ 6,317 | [3] | ¥ 5,800 | [3] |
[1] | A subsidiary elected the fair value option under ASC 825 ("Financial Instruments") on the loans held for sale originated on or after October 1, 2011. These loans are multi-family and seniors housing loans and are sold to Federal National Mortgage Association ("Fannie Mae") or institutional investors. Included in other operating revenues in the consolidated statements of income were gains from the change in the fair value of the loans of ¥1,024 million for the fiscal year ended March 31, 2012, losses from the change in the fair value of the loans of ¥628 million for the fiscal year ended March 31, 2013 and gains from the change in the fair value of the loans of ¥116 million for the fiscal year ended March 31, 2014. No gains or losses were recognized in earnings during the fiscal year ended March 31, 2012, the fiscal year ended March 31, 2013 and the fiscal year ended March 31, 2014 attributable to changes in instrument-specific credit risk. The amounts of aggregate unpaid principal balance and aggregate fair value at March 31, 2013, were ¥15,535 million and ¥16,026 million, respectively, and the amount of the aggregate fair value exceeded the amount of aggregate unpaid principal balance by ¥491 million. The amounts of aggregate unpaid principal balance and aggregate fair value at March 31, 2014, were ¥12,024 million and ¥12,631 million, respectively, and the amount of the aggregate fair value exceeded the amount of aggregate unpaid principal balance by ¥607 million. As of March 31, 2013 and 2014, there were no loans that were 90 days or more past due, in non-accrual status, or both. | |||
[2] | A subsidiary that has newly become a consolidated subsidiary of the Company during this fiscal year elected the fair value option under ASC 825 ("Financial Instruments") for investments in equity securities included in available-for-sale securities. Included in brokerage commissions and net gains on investment securities in the consolidated statements of income were gains from the change in the fair value of those investments of ¥333 million for the fiscal year ended March 31, 2014. The amount of aggregate fair value elected the fair value option is ¥5,116 million as of March 31, 2014. | |||
[3] | A subsidiary and another company that have newly become a consolidated subsidiary of the Company during this fiscal year elected the fair value option under ASC 825 ("Financial Instruments") for investments in some funds. Included in brokerage commissions and net gains on investment securities in the consolidated statements of income were gains from the change in the fair value of those investments of ¥670 million for the fiscal year ended March 31, 2013 and ¥1,412 million for the fiscal year ended March 31, 2014. The amounts of aggregate fair value elected the fair value option were ¥5,800 million and ¥6,317 million as of March 31, 2013 and 2014, respectively. |
Recorded_Amounts_of_Major_Fina1
Recorded Amounts of Major Financial Assets and Liabilities Measured at Fair Value on Recurring Basis (Parenthetical) (Detail) (JPY ¥) | 12 Months Ended | ||
In Millions, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 | Mar. 31, 2012 |
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ' | ' | ' |
Gains (losses) from change in fair value | ¥ 333 | ' | ' |
Aggregate unpaid loan principal balance | 12,024 | 15,535 | ' |
Aggregate loan fair value | 12,631 | 16,026 | ' |
Amount by which aggregate fair value of loan exceeds aggregate unpaid principal balance | 607 | 491 | ' |
Investment funds fair value | 11,433 | 5,800 | ' |
Loans Held-for-Sale | ' | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ' | ' | ' |
Gains (losses) from change in fair value | 116 | -628 | 1,024 |
Available-for-sale securities | ' | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ' | ' | ' |
Investment funds fair value | 5,116 | ' | ' |
Other securities | ' | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ' | ' | ' |
Investment funds fair value | 6,317 | 5,800 | ' |
Investments | ' | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ' | ' | ' |
Gains (losses) from change in fair value | ¥ 1,412 | ¥ 670 | ' |
Reconciliation_of_Financial_As
Reconciliation of Financial Assets Measured at Fair Value on Recurring Basis Using Significant Unobservable Inputs (Detail) (JPY ¥) | 12 Months Ended | |||||
In Millions, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 | Mar. 31, 2012 | |||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ' | ' | ' | |||
Ending Balance | ¥ 92,804 | ¥ 144,877 | ' | |||
Available-for-sale securities | ' | ' | ' | |||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ' | ' | ' | |||
Beginning Balance | 136,978 | 243,655 | 315,676 | |||
Gains or losses (realized/ unrealized), included in earnings | 4,364 | [1] | -9,225 | [1] | -1,262 | [1] |
Gains or losses (realized/ unrealized), included in other comprehensive income | 4,056 | [2] | 7,693 | [2] | 1,443 | [2] |
Gains or losses (realized/ unrealized), total | 8,420 | -1,532 | 181 | |||
Purchases | 56,202 | 19,294 | 63,980 | |||
Sales | -13,817 | -10,564 | -18,054 | |||
Settlements | -103,782 | -113,875 | -118,596 | |||
Transfers in and/or out of Level 3 (net) | 0 | [3] | 0 | [3] | 468 | [3] |
Ending Balance | 84,001 | 136,978 | 243,655 | |||
Change in unrealized gains or losses included in earnings for assets and liabilities still held at the end of period | 180 | [1] | -9,783 | [1] | -2,429 | [1] |
Available-for-sale securities | Corporate debt securities | ' | ' | ' | |||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ' | ' | ' | |||
Beginning Balance | 6,524 | 2,912 | 2,573 | |||
Gains or losses (realized/ unrealized), included in earnings | 416 | [1] | -508 | [1] | -18 | [1] |
Gains or losses (realized/ unrealized), included in other comprehensive income | -356 | [2] | 908 | [2] | 108 | [2] |
Gains or losses (realized/ unrealized), total | 60 | 400 | 90 | |||
Purchases | 0 | 3,942 | 2,549 | |||
Sales | -1,325 | -432 | -431 | |||
Settlements | -4,598 | -298 | -2,337 | |||
Transfers in and/or out of Level 3 (net) | 0 | [3] | 0 | [3] | 468 | [3] |
Ending Balance | 661 | 6,524 | 2,912 | |||
Change in unrealized gains or losses included in earnings for assets and liabilities still held at the end of period | 0 | [1] | -456 | [1] | -35 | [1] |
Available-for-sale securities | Specified bonds issued by SPEs in Japan | ' | ' | ' | |||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ' | ' | ' | |||
Beginning Balance | 63,244 | 139,152 | 222,314 | |||
Gains or losses (realized/ unrealized), included in earnings | 327 | [1] | -9,228 | [1] | -3,066 | [1] |
Gains or losses (realized/ unrealized), included in other comprehensive income | 839 | [2] | -15 | [2] | 2,178 | [2] |
Gains or losses (realized/ unrealized), total | 1,166 | -9,243 | -888 | |||
Purchases | 0 | 5,419 | 6,668 | |||
Sales | -36 | -9 | -9,625 | |||
Settlements | -57,602 | -72,075 | -79,317 | |||
Transfers in and/or out of Level 3 (net) | 0 | [3] | 0 | [3] | 0 | [3] |
Ending Balance | 6,772 | 63,244 | 139,152 | |||
Change in unrealized gains or losses included in earnings for assets and liabilities still held at the end of period | 5 | [1] | -8,095 | [1] | -3,397 | [1] |
Available-for-sale securities | CMBS and RMBS in the U.S., and other asset-backed securities | ' | ' | ' | |||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ' | ' | ' | |||
Beginning Balance | 58,899 | 93,181 | 85,283 | |||
Gains or losses (realized/ unrealized), included in earnings | 3,621 | [1] | -369 | [1] | 1,822 | [1] |
Gains or losses (realized/ unrealized), included in other comprehensive income | 1,334 | [2] | 5,381 | [2] | -1,056 | [2] |
Gains or losses (realized/ unrealized), total | 4,955 | 5,012 | 766 | |||
Purchases | 55,202 | 9,933 | 49,072 | |||
Sales | -12,456 | -7,725 | -7,998 | |||
Settlements | -41,582 | -41,502 | -33,942 | |||
Transfers in and/or out of Level 3 (net) | 0 | [3] | 0 | [3] | 0 | [3] |
Ending Balance | 65,018 | 58,899 | 93,181 | |||
Change in unrealized gains or losses included in earnings for assets and liabilities still held at the end of period | 175 | [1] | -1,232 | [1] | 1,003 | [1] |
Available-for-sale securities | Other Debt Securities | ' | ' | ' | |||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ' | ' | ' | |||
Beginning Balance | 8,311 | 8,410 | 5,506 | |||
Gains or losses (realized/ unrealized), included in earnings | 0 | [1] | 880 | [1] | 0 | [1] |
Gains or losses (realized/ unrealized), included in other comprehensive income | 2,239 | [2] | 1,419 | [2] | 213 | [2] |
Gains or losses (realized/ unrealized), total | 2,239 | 2,299 | 213 | |||
Purchases | 1,000 | 0 | 5,691 | |||
Sales | 0 | -2,398 | 0 | |||
Settlements | 0 | 0 | -3,000 | |||
Transfers in and/or out of Level 3 (net) | 0 | [3] | 0 | [3] | 0 | [3] |
Ending Balance | 11,550 | 8,311 | 8,410 | |||
Change in unrealized gains or losses included in earnings for assets and liabilities still held at the end of period | 0 | [1] | 0 | [1] | 0 | [1] |
Derivative Financial Instruments, Assets and Liabilities | ' | ' | ' | |||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ' | ' | ' | |||
Beginning Balance | 2,099 | 5,293 | 2,946 | |||
Gains or losses (realized/ unrealized), included in earnings | 2,987 | [1] | -3,194 | [1] | 2,159 | [1] |
Gains or losses (realized/ unrealized), included in other comprehensive income | 0 | [2] | 0 | [2] | 0 | [2] |
Gains or losses (realized/ unrealized), total | 2,987 | -3,194 | 2,159 | |||
Purchases | 0 | 0 | 0 | |||
Sales | 0 | 0 | 0 | |||
Settlements | -2,600 | 0 | 188 | |||
Transfers in and/or out of Level 3 (net) | 0 | [3] | 0 | [3] | 0 | [3] |
Ending Balance | 2,486 | 2,099 | 5,293 | |||
Change in unrealized gains or losses included in earnings for assets and liabilities still held at the end of period | 2,987 | [1] | -3,194 | [1] | 2,159 | [1] |
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 | 2,099 | 5,293 | 3,134 | |||
Gains or losses (realized/ unrealized), included in earnings | 2,987 | [1] | -3,194 | [1] | 2,159 | [1] |
Gains or losses (realized/ unrealized), included in other comprehensive income | 0 | [2] | 0 | [2] | 0 | [2] |
Gains or losses (realized/ unrealized), total | 2,987 | -3,194 | 2,159 | |||
Purchases | 0 | 0 | 0 | |||
Sales | 0 | 0 | 0 | |||
Settlements | -2,600 | 0 | 0 | |||
Transfers in and/or out of Level 3 (net) | 0 | [3] | 0 | [3] | 0 | [3] |
Ending Balance | 2,486 | 2,099 | 5,293 | |||
Change in unrealized gains or losses included in earnings for assets and liabilities still held at the end of period | 2,987 | [1] | -3,194 | [1] | 2,159 | [1] |
Derivative Financial Instruments, Assets and Liabilities | Credit derivatives held/written | ' | ' | ' | |||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ' | ' | ' | |||
Beginning Balance | ' | ' | -188 | |||
Gains or losses (realized/ unrealized), included in earnings | ' | ' | 0 | [1] | ||
Gains or losses (realized/ unrealized), included in other comprehensive income | ' | ' | 0 | [2] | ||
Gains or losses (realized/ unrealized), total | ' | ' | 0 | |||
Purchases | ' | ' | 0 | |||
Sales | ' | ' | 0 | |||
Settlements | ' | ' | 188 | |||
Transfers in and/or out of Level 3 (net) | ' | ' | 0 | [3] | ||
Ending Balance | ' | ' | 0 | |||
Change in unrealized gains or losses included in earnings for assets and liabilities still held at the end of period | ' | ' | 0 | [1] | ||
Other securities | ' | ' | ' | |||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ' | ' | ' | |||
Beginning Balance | 5,800 | 0 | ' | |||
Gains or losses (realized/ unrealized), included in earnings | 1,767 | [1] | 670 | [1] | ' | |
Gains or losses (realized/ unrealized), included in other comprehensive income | 584 | [2] | 825 | [2] | ' | |
Gains or losses (realized/ unrealized), total | 2,351 | 1,495 | ' | |||
Purchases | 2,013 | 5,018 | ' | |||
Sales | -3,824 | -713 | ' | |||
Settlements | -23 | 0 | ' | |||
Transfers in and/or out of Level 3 (net) | 0 | [3] | 0 | [3] | ' | |
Ending Balance | 6,317 | 5,800 | ' | |||
Change in unrealized gains or losses included in earnings for assets and liabilities still held at the end of period | 1,767 | [1] | 670 | [1] | ' | |
Other securities | Investment funds | ' | ' | ' | |||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ' | ' | ' | |||
Beginning Balance | 5,800 | 0 | ' | |||
Gains or losses (realized/ unrealized), included in earnings | 1,767 | [1] | 670 | [1] | ' | |
Gains or losses (realized/ unrealized), included in other comprehensive income | 584 | [2] | 825 | [2] | ' | |
Gains or losses (realized/ unrealized), total | 2,351 | 1,495 | ' | |||
Purchases | 2,013 | 5,018 | ' | |||
Sales | -3,824 | -713 | ' | |||
Settlements | -23 | 0 | ' | |||
Transfers in and/or out of Level 3 (net) | 0 | [3] | 0 | [3] | ' | |
Ending Balance | 6,317 | 5,800 | ' | |||
Change in unrealized gains or losses included in earnings for assets and liabilities still held at the end of period | 1,767 | [1] | 670 | [1] | ' | |
Accounts Payable | ' | ' | ' | |||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ' | ' | ' | |||
Beginning Balance | 0 | ' | ' | |||
Gains or losses (realized/ unrealized), included in earnings | 2,343 | [1] | ' | ' | ||
Gains or losses (realized/ unrealized), included in other comprehensive income | 0 | [2] | ' | ' | ||
Gains or losses (realized/ unrealized), total | 2,343 | ' | ' | |||
Purchases | 5,176 | ' | ' | |||
Sales | 0 | ' | ' | |||
Settlements | 0 | ' | ' | |||
Transfers in and/or out of Level 3 (net) | 0 | [3] | ' | ' | ||
Ending Balance | 2,833 | ' | ' | |||
Change in unrealized gains or losses included in earnings for assets and liabilities still held at the end of period | 2,343 | [1] | ' | ' | ||
Accounts Payable | Contingent consideration | ' | ' | ' | |||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ' | ' | ' | |||
Beginning Balance | 0 | ' | ' | |||
Gains or losses (realized/ unrealized), included in earnings | 2,343 | [1] | ' | ' | ||
Gains or losses (realized/ unrealized), included in other comprehensive income | 0 | [2] | ' | ' | ||
Gains or losses (realized/ unrealized), total | 2,343 | ' | ' | |||
Purchases | 5,176 | ' | ' | |||
Sales | 0 | ' | ' | |||
Settlements | 0 | ' | ' | |||
Transfers in and/or out of Level 3 (net) | 0 | [3] | ' | ' | ||
Ending Balance | 2,833 | ' | ' | |||
Change in unrealized gains or losses included in earnings for assets and liabilities still held at the end of period | ¥ 2,343 | [1] | ' | ' | ||
[1] | Principally, gains and losses from available-for-sale securities are included in "brokerage commissions and net gains on investment securities", "write-downs of securities" or "life insurance premiums and related investment income"; other securities are included in "brokerage commissions and net gains on investment securities" and derivative assets and liabilities (net) are included in "other operating revenues/expenses," and gains from accounts payable are included in "other operating revenues". Also, for available-for-sale securities, amortization of interest recognized in interest on loans and investment securities 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." | |||||
[3] | The amount reported in "Transfers in and/or out of Level 3 (net)" is the fair value at the beginning of quarter during which the transfers occur. |
Fair_Value_Measurements_Additi
Fair Value Measurements - Additional Information (Detail) (Corporate debt securities, JPY ¥) | 12 Months Ended |
In Millions, unless otherwise specified | Mar. 31, 2012 |
Corporate debt securities | ' |
Fair Value Assets Liabilities Measured On Recurring Basis [Line Items] | ' |
Corporate debt securities transferred from Level 2 to Level 3 | ¥ 468 |
Recorded_Amounts_of_Major_Asse
Recorded Amounts of Major Assets Measured at Fair Value on Nonrecurring Basis (Detail) (Fair Value, Measurements, Nonrecurring, JPY ¥) | Mar. 31, 2014 | Mar. 31, 2013 |
In Millions, unless otherwise specified | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Assets measured at fair value on a nonrecurring basis | ¥ 118,768 | ¥ 98,073 |
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 | 39,866 | 60,564 |
Investment in Operating Leases and Other Operating Assets | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Assets measured at fair value on a nonrecurring basis | 60,665 | 21,960 |
Land And Buildings Undeveloped Or Under Construction | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Assets measured at fair value on a nonrecurring basis | 18,237 | 11,845 |
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 | ' | 3,704 |
Level 1 | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Assets measured at fair value on a nonrecurring basis | 0 | 0 |
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 |
Level 1 | Investment in Operating Leases and Other Operating Assets | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Assets measured at fair value on a nonrecurring basis | 0 | 0 |
Level 1 | Land And Buildings Undeveloped Or Under Construction | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Assets measured at fair value on a nonrecurring basis | 0 | 0 |
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 | ' | 0 |
Level 2 | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Assets measured at fair value on a nonrecurring basis | 0 | 0 |
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 |
Level 2 | Investment in Operating Leases and Other Operating Assets | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Assets measured at fair value on a nonrecurring basis | 0 | 0 |
Level 2 | Land And Buildings Undeveloped Or Under Construction | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Assets measured at fair value on a nonrecurring basis | 0 | 0 |
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 |
Level 3 | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Assets measured at fair value on a nonrecurring basis | 118,768 | 98,073 |
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 | 39,866 | 60,564 |
Level 3 | Investment in Operating Leases and Other Operating Assets | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Assets measured at fair value on a nonrecurring basis | 60,665 | 21,960 |
Level 3 | Land And Buildings Undeveloped Or Under Construction | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Assets measured at fair value on a nonrecurring basis | 18,237 | 11,845 |
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 | ' | ¥ 3,704 |
Information_about_Valuation_Te
Information about Valuation Techniques and Significant Unobservable Inputs Used in Valuation of Level Three Assets Measured at Fair Value on Recurring Basis (Detail) (JPY ¥) | Mar. 31, 2014 | Mar. 31, 2013 | Mar. 31, 2014 | Mar. 31, 2014 | Mar. 31, 2013 | Mar. 31, 2012 | Mar. 31, 2011 | Mar. 31, 2013 | Mar. 31, 2014 | Mar. 31, 2013 | Mar. 31, 2014 | Mar. 31, 2013 | Mar. 31, 2014 | Mar. 31, 2013 | Mar. 31, 2014 | Mar. 31, 2013 | Mar. 31, 2014 | Mar. 31, 2013 | Mar. 31, 2014 | Mar. 31, 2013 | Mar. 31, 2014 | Mar. 31, 2013 | Mar. 31, 2014 | Mar. 31, 2013 | Mar. 31, 2012 | Mar. 31, 2013 | Mar. 31, 2014 | Mar. 31, 2014 | Mar. 31, 2013 | Mar. 31, 2014 | Mar. 31, 2014 | Mar. 31, 2014 | Mar. 31, 2013 | Mar. 31, 2014 | Mar. 31, 2013 | Mar. 31, 2014 | Mar. 31, 2013 | Mar. 31, 2014 | Mar. 31, 2013 | Mar. 31, 2014 | Mar. 31, 2014 | Mar. 31, 2013 | Mar. 31, 2014 | Mar. 31, 2013 | Mar. 31, 2014 | Mar. 31, 2014 | Mar. 31, 2013 | Mar. 31, 2014 | Mar. 31, 2013 | Mar. 31, 2014 | Mar. 31, 2013 | Mar. 31, 2014 | Mar. 31, 2013 | Mar. 31, 2013 | Mar. 31, 2014 | Mar. 31, 2014 | Mar. 31, 2013 |
In Millions, unless otherwise specified | Contingent consideration | Available-for-sale securities | Available-for-sale securities | Available-for-sale securities | Available-for-sale securities | Available-for-sale securities | Available-for-sale securities | Available-for-sale securities | Available-for-sale securities | Available-for-sale securities | Available-for-sale securities | Available-for-sale securities | Available-for-sale securities | Available-for-sale securities | Available-for-sale securities | Available-for-sale securities | Available-for-sale securities | Available-for-sale securities | Available-for-sale securities | Available-for-sale securities | Other securities | Other securities | Other securities | Other securities | Other securities | Derivative assets | Derivative assets | Minimum | Minimum | Minimum | Minimum | Minimum | Minimum | Minimum | Minimum | Minimum | Minimum | Minimum | Minimum | Minimum | Maximum | Maximum | Maximum | Maximum | Maximum | Maximum | Maximum | Maximum | Maximum | Maximum | Maximum | Maximum | Maximum | Maximum | Maximum | ||
Monte Carlo Simulation Valuation Technique | Corporate debt securities | Corporate debt securities | Corporate debt securities | Specified bonds issued by SPEs in Japan | Specified bonds issued by SPEs in Japan | Specified bonds issued by SPEs in Japan | Specified bonds issued by SPEs in Japan | CMBS and RMBS in the U.S., and other asset-backed securities | CMBS and RMBS in the U.S., and other asset-backed securities | CMBS and RMBS in the U.S., and other asset-backed securities | CMBS and RMBS in the U.S., and other asset-backed securities | CMBS and RMBS in the U.S., and other asset-backed securities | CMBS and RMBS in the U.S., and other asset-backed securities | Other Debt Securities | Other Debt Securities | Investment funds | Investment funds | Discounted Cash Flows Valuation Technique | Discounted Cash Flows Valuation Technique | Contingent consideration | Available-for-sale securities | Available-for-sale securities | Available-for-sale securities | Available-for-sale securities | Available-for-sale securities | Available-for-sale securities | Available-for-sale securities | Available-for-sale securities | Other securities | Other securities | Derivative assets | Derivative assets | Contingent consideration | Available-for-sale securities | Available-for-sale securities | Available-for-sale securities | Available-for-sale securities | Available-for-sale securities | Available-for-sale securities | Available-for-sale securities | Available-for-sale securities | Available-for-sale securities | Available-for-sale securities | Other securities | Other securities | Derivative assets | Derivative assets | ||||||||||
Discounted Cash Flows Valuation Technique | Appraisals/Broker Quotes Valuation Technique | Appraisals/Broker Quotes Valuation Technique | Discounted Cash Flows Valuation Technique | Discounted Cash Flows Valuation Technique | Appraisals/Broker Quotes Valuation Technique | Appraisals/Broker Quotes Valuation Technique | Discounted Cash Flows Valuation Technique | Discounted Cash Flows Valuation Technique | Appraisals/Broker Quotes Valuation Technique | Appraisals/Broker Quotes Valuation Technique | Discounted Cash Flows Valuation Technique | Discounted Cash Flows Valuation Technique | Discounted Cash Flows Valuation Technique | Internal Cash Flows Valuation Technique | Monte Carlo Simulation Valuation Technique | Corporate debt securities | Specified bonds issued by SPEs in Japan | Specified bonds issued by SPEs in Japan | CMBS and RMBS in the U.S., and other asset-backed securities | CMBS and RMBS in the U.S., and other asset-backed securities | CMBS and RMBS in the U.S., and other asset-backed securities | CMBS and RMBS in the U.S., and other asset-backed securities | Other Debt Securities | Investment funds | Investment funds | Discounted Cash Flows Valuation Technique | Discounted Cash Flows Valuation Technique | Monte Carlo Simulation Valuation Technique | Corporate debt securities | Corporate debt securities | Specified bonds issued by SPEs in Japan | Specified bonds issued by SPEs in Japan | CMBS and RMBS in the U.S., and other asset-backed securities | CMBS and RMBS in the U.S., and other asset-backed securities | CMBS and RMBS in the U.S., and other asset-backed securities | CMBS and RMBS in the U.S., and other asset-backed securities | Other Debt Securities | Other Debt Securities | Investment funds | Investment funds | Discounted Cash Flows Valuation Technique | Discounted Cash Flows Valuation Technique | |||||||||||||||
Appraisals/Broker Quotes Valuation Technique | Discounted Cash Flows Valuation Technique | Discounted Cash Flows Valuation Technique | Discounted Cash Flows Valuation Technique | Discounted Cash Flows Valuation Technique | Discounted Cash Flows Valuation Technique | Discounted Cash Flows Valuation Technique | Internal Cash Flows Valuation Technique | Discounted Cash Flows Valuation Technique | Appraisals/Broker Quotes Valuation Technique | Discounted Cash Flows Valuation Technique | Discounted Cash Flows Valuation Technique | Discounted Cash Flows Valuation Technique | Discounted Cash Flows Valuation Technique | Discounted Cash Flows Valuation Technique | Discounted Cash Flows Valuation Technique | Discounted Cash Flows Valuation Technique | Internal Cash Flows Valuation Technique | ||||||||||||||||||||||||||||||||||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Fair Value | ¥ 92,804 | ¥ 144,877 | ¥ 2,833 | ¥ 84,001 | ¥ 136,978 | ¥ 243,655 | ¥ 315,676 | ¥ 974 | ¥ 661 | ¥ 5,550 | ¥ 3,627 | ¥ 60,013 | ¥ 3,145 | ¥ 3,231 | ' | ' | ¥ 22,991 | ¥ 30,804 | ¥ 42,027 | ¥ 28,095 | ¥ 11,550 | ¥ 8,311 | ¥ 6,317 | ¥ 5,800 | ¥ 0 | ¥ 5,800 | ¥ 6,317 | ¥ 2,486 | ¥ 2,099 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Valuation Technique(s) | ' | ' | 'Monte Carlo simulation | ' | ' | ' | ' | 'Discounted cash flows | 'Appraisals/Broker quotes | 'Appraisals/Broker quotes | 'Discounted cash flows | 'Discounted cash flows | 'Appraisals/Broker quotes | 'Appraisals/Broker quotes | ' | ' | 'Discounted cash flows | 'Discounted cash flows | 'Appraisals/Broker quotes | 'Appraisals/Broker quotes | 'Discounted cash flows | 'Discounted cash flows | ' | ' | ' | 'Discounted cash flows | 'Internal cash flows | 'Discounted cash flows | 'Discounted cash flows | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Significant Unobservable Inputs | ' | ' | 'Discount rate | ' | ' | ' | ' | 'Discount rate | '- | '- | 'Discount rate | 'Discount rate | '- | '- | 'Probability of default | 'Probability of default | 'Discount rate | 'Discount rate | '- | '- | 'Discount rate | 'Discount rate | ' | ' | ' | 'Discount rate | 'Discount rate | 'Discount rate | 'Discount rate | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Weighted Average Discount Rate | ' | ' | 16.00% | ' | ' | ' | ' | 5.40% | ' | ' | 4.50% | 4.90% | ' | ' | ' | ' | 18.10% | 9.30% | ' | ' | 12.00% | 11.70% | ' | ' | ' | 18.60% | 20.10% | 11.50% | 12.30% | 16.00% | 0.00% | 1.00% | 1.00% | ' | ' | 4.10% | 2.90% | 12.00% | 13.00% | 15.00% | 10.00% | 10.00% | 16.00% | 5.40% | 0.00% | 11.10% | 12.00% | ' | ' | 38.00% | 42.60% | 12.00% | 11.70% | 20.00% | 32.00% | 15.00% | 15.00% |
Weighted Average Probability of default | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0.60% | 1.70% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0.00% | 0.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 18.10% | 12.80% | ' | ' | ' | ' | ' | ' | ' | ' |
Information_about_Valuation_Te1
Information about Valuation Techniques and Significant Unobservable Inputs Used in Valuation of Level Three Assets Measured at Fair Value on Nonrecurring Basis (Detail) (JPY ¥) | 3 Months Ended | |
In Millions, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Fair Value | ¥ 118,768 | ¥ 98,073 |
Real Estate Collateral Dependent Loans | Discounted Cash Flows Valuation Technique | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Fair Value | 39,866 | 60,564 |
Valuation Technique(s) | 'Discounted cash flows | 'Discounted cash flows |
Significant Unobservable Inputs | 'Discount rate | 'Discount rate |
Weighted Average Discount Rate | 10.20% | 8.40% |
Real Estate Collateral Dependent Loans | Direct Capitalization Valuation Technique | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Valuation Technique(s) | 'Direct capitalization | 'Direct capitalization |
Significant Unobservable Inputs | 'Capitalization rate | 'Capitalization rate |
Weighted Average Discount Rate | 10.30% | 10.70% |
Investment in Operating Leases and Other Operating Assets | Discounted Cash Flows Valuation Technique | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Fair Value | 60,665 | 21,960 |
Valuation Technique(s) | 'Discounted cash flows | 'Discounted cash flows |
Significant Unobservable Inputs | 'Discount rate | 'Discount rate |
Weighted Average Discount Rate | 5.60% | 6.90% |
Land And Buildings Undeveloped Or Under Construction | Discounted Cash Flows Valuation Technique | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Fair Value | 18,237 | 11,845 |
Valuation Technique(s) | 'Discounted cash flows | 'Discounted cash flows |
Significant Unobservable Inputs | 'Discount rate | 'Discount rate |
Weighted Average Discount Rate | 7.10% | 6.60% |
Certain investment in affiliates | Discounted Cash Flows Valuation Technique | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Fair Value | ' | ¥ 3,704 |
Valuation Technique(s) | ' | 'Discounted cash flows |
Significant Unobservable Inputs | ' | 'Discount rate |
Weighted Average Discount Rate | ' | 8.80% |
Minimum | Real Estate Collateral Dependent Loans | Discounted Cash Flows Valuation Technique | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Weighted Average Discount Rate | 5.30% | 5.40% |
Minimum | Real Estate Collateral Dependent Loans | Direct Capitalization Valuation Technique | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Weighted Average Discount Rate | 5.60% | 5.00% |
Minimum | Investment in Operating Leases and Other Operating Assets | Discounted Cash Flows Valuation Technique | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Weighted Average Discount Rate | 5.20% | 4.40% |
Minimum | Land And Buildings Undeveloped Or Under Construction | Discounted Cash Flows Valuation Technique | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Weighted Average Discount Rate | 3.90% | 4.70% |
Minimum | Certain investment in affiliates | Discounted Cash Flows Valuation Technique | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Weighted Average Discount Rate | ' | 5.00% |
Maximum | Real Estate Collateral Dependent Loans | Discounted Cash Flows Valuation Technique | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Weighted Average Discount Rate | 19.00% | 19.00% |
Maximum | Real Estate Collateral Dependent Loans | Direct Capitalization Valuation Technique | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Weighted Average Discount Rate | 19.00% | 21.00% |
Maximum | Investment in Operating Leases and Other Operating Assets | Discounted Cash Flows Valuation Technique | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Weighted Average Discount Rate | 11.00% | 12.70% |
Maximum | Land And Buildings Undeveloped Or Under Construction | Discounted Cash Flows Valuation Technique | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Weighted Average Discount Rate | 9.90% | 9.60% |
Maximum | Certain investment in affiliates | Discounted Cash Flows Valuation Technique | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Weighted Average Discount Rate | ' | 9.20% |
Acquisitions_Additional_Inform
Acquisitions - Additional Information (Detail) (JPY ¥) | 12 Months Ended | 0 Months Ended | 12 Months Ended | 0 Months Ended | ||||||||||||||||||
In Millions, except Share data, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 | Mar. 31, 2012 | Mar. 31, 2011 | Jul. 01, 2013 | Mar. 31, 2014 | Mar. 31, 2014 | Mar. 31, 2014 | Mar. 31, 2013 | Mar. 31, 2012 | Feb. 27, 2014 | Mar. 31, 2014 | Mar. 31, 2005 | Mar. 31, 2005 | Mar. 31, 2005 | Mar. 31, 2005 | Mar. 31, 2009 | Mar. 31, 2009 | Mar. 31, 2013 | Mar. 31, 2012 | Mar. 31, 2013 | Mar. 31, 2012 |
Robeco Groep N. V. | Robeco Groep N. V. | Robeco Groep N. V. | Series of Individually Immaterial Business Acquisitions | Series of Individually Immaterial Business Acquisitions | Series of Individually Immaterial Business Acquisitions | DAIKYO | DAIKYO | DAIKYO | DAIKYO | DAIKYO | DAIKYO | DAIKYO | DAIKYO | Scenario, Previously Reported | Scenario, Previously Reported | Scenario, Adjustment | Scenario, Adjustment | |||||
Other operating revenues | Type-1 preferred stock | Type-2 preferred stock | Type-4 preferred stock | Type-7 preferred stock | Type-8 preferred stock | Series of Individually Immaterial Business Acquisitions | Series of Individually Immaterial Business Acquisitions | Series of Individually Immaterial Business Acquisitions | Series of Individually Immaterial Business Acquisitions | |||||||||||||
Business Acquisition [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Percentage of voting interests acquired | ' | 51.00% | ' | ' | 90.01% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Total acquisition consideration | ' | ' | ' | ' | ¥ 255,900 | ¥ 255,900 | ' | ' | ' | ' | ' | ¥ 124,606 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Consideration transferred for acquired interest | ' | ' | ' | ' | 250,724 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Acquisition, cost of acquired entity paid in cash | ' | ' | ' | ' | 231,316 | ' | ' | 62,565 | 70,537 | 11,964 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Other transfer to acquire interest | ' | ' | ' | ' | 19,408 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Shares issued for acquired interest | ' | ' | ' | ' | 13,902,900 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Shares price for acquired interest | ' | ' | ' | ' | ¥ 1,396 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Estimated fair value of contingent consideration | ' | ' | ' | ' | 5,176 | 2,833 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Contingent consideration remeasuresment reduction | ' | ' | ' | ' | ' | ' | 2,343 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Transaction costs | ' | ' | ' | ' | 2,039 | ' | ' | ' | ' | ' | 23 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Goodwill | 366,375 | 126,329 | 95,811 | 94,790 | ' | 131,780 | ' | 39,507 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 34,429 | 4,024 | 24,114 | 3,478 |
Acquired intangible assets other than goodwill | ' | ' | ' | ' | ' | 205,730 | ' | 1,343 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 14,491 | 0 | 29,090 | 2,476 |
Revenues | 1,341,651 | 1,055,764 | 964,779 | ' | ' | 111,027 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Income from continuing operations | 186,490 | 118,890 | 82,907 | ' | ' | 17,251 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Number of common stock shares acquired in business acquisition | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 398,204,999 | ' | 133,720,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Number of preferred stock shares acquired in business acquisition | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 10,000,000 | 15,000,000 | 25,000,000 | 25,000,000 | 23,598,144 | ' | ' | ' | ' |
Percentage of ownership interest before the acquisition | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 31.70% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Percentage of ownership interest after the acquisition | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 64.10% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Business combination, step acquisition, equity interest in acquiree, fair value | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 124,606 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Business combination, step acquisition, equity interest in acquiree, remeasurement gain | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 58,435 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Goodwill and other intangible assets | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 43,426 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Goodwill Available For Tax Deductions | ' | ' | ' | ' | ' | ' | ' | ¥ 1,184 | ¥ 6,964 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Fair_Value_Amounts_Allocated_t
Fair Value Amounts Allocated to Assets Acquired and Liabilities Assumed (Detail) (JPY ¥) | Mar. 31, 2014 | Jul. 01, 2013 |
In Millions, unless otherwise specified | ||
Robeco Groep N. V. | ' | ' |
Business Acquisition [Line Items] | ' | ' |
Cash and Cash Equivalents | ¥ 43,737 | ' |
Investment in Securities | 3,325 | ' |
Investment In Affiliates | 931 | ' |
Other Receivables | 17,938 | ' |
Prepaid Expenses | 1,908 | ' |
Office Facilities | 1,839 | ' |
Other Assets | 372,926 | ' |
Total Assets | 442,604 | ' |
Trade Notes, Accounts Payable and Other Liabilities | 6,529 | ' |
Accrued Expenses | 50,222 | ' |
Current and Deferred Income Taxes | 71,087 | ' |
Long-Term Debt | 31,016 | ' |
Total Liabilities | 158,854 | ' |
Noncontrolling interests | 27,850 | ' |
Net | 255,900 | 255,900 |
DAIKYO | ' | ' |
Business Acquisition [Line Items] | ' | ' |
Cash and Cash Equivalents | 105,328 | ' |
Investment in Operating Leases | 3,710 | ' |
Investment in Securities | 1,438 | ' |
Investment In Affiliates | 44,628 | ' |
Other Receivables | 17,284 | ' |
Inventories | 102,400 | ' |
Prepaid Expenses | 785 | ' |
Office Facilities | 9,274 | ' |
Other Assets | 73,390 | ' |
Total Assets | 358,237 | ' |
Short-Term Debt | 1,647 | ' |
Trade Notes, Accounts Payable and Other Liabilities | 63,909 | ' |
Accrued Expenses | 17,971 | ' |
Current and Deferred Income Taxes | 5,288 | ' |
Security Deposits | 6,289 | ' |
Long-Term Debt | 69,790 | ' |
Total Liabilities | 164,894 | ' |
Noncontrolling interests | 68,737 | ' |
Net | ¥ 124,606 | ' |
Other_Intangible_Assets_Recogn
Other Intangible Assets Recognized in the Acquisition (Detail) (Robeco Groep N. V., JPY ¥) | 12 Months Ended |
In Millions, unless otherwise specified | Mar. 31, 2014 |
Business Acquisition [Line Items] | ' |
Acquired intangible assets not subject to amortization recorded at fair value | ¥ 170,795 |
Acquired Intangibles subject to amortization recorded at fair value | 34,935 |
Total | 205,730 |
Asset management contracts | ' |
Business Acquisition [Line Items] | ' |
Acquired intangible assets not subject to amortization recorded at fair value | 152,680 |
Trade names | ' |
Business Acquisition [Line Items] | ' |
Acquired intangible assets not subject to amortization recorded at fair value | 18,115 |
Customer relationships | ' |
Business Acquisition [Line Items] | ' |
Acquired Intangibles subject to amortization recorded at fair value | 32,994 |
Weighted average amortization period | '7 years |
Software | ' |
Business Acquisition [Line Items] | ' |
Acquired Intangibles subject to amortization recorded at fair value | ¥ 1,941 |
Weighted average amortization period | '7 years |
Combined_Results_of_Operations
Combined Results of Operations of Company and its Subsidiaries (Detail) (JPY ¥) | 12 Months Ended | |
In Millions, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 |
Robeco Groep N. V. | ' | ' |
Business Acquisition [Line Items] | ' | ' |
Total revenues | ¥ 1,371,773 | ¥ 1,162,081 |
Income from Continuing Operations | 187,765 | 130,050 |
DAIKYO | ' | ' |
Business Acquisition [Line Items] | ' | ' |
Total revenues | 1,617,195 | 1,336,271 |
Income from Continuing Operations | ¥ 203,243 | ¥ 133,572 |
Cash_Payments_Detail
Cash Payments (Detail) (JPY ¥) | 12 Months Ended | ||
In Millions, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 | Mar. 31, 2012 |
Cash payments: | ' | ' | ' |
Interest | ¥ 88,343 | ¥ 105,308 | ¥ 116,271 |
Income taxes | ¥ 32,831 | ¥ 11,955 | ¥ 49,190 |
Cash_Flow_Information_Addition
Cash Flow Information - Additional Information (Detail) (JPY ¥) | 12 Months Ended | ||
In Millions, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 | Mar. 31, 2012 |
Schedule of Cash Flow, Supplemental [Line Items] | ' | ' | ' |
Real estate under operating leases transferred from installment loans and investment in securities as a result of real estate collateral acquired from non-recourse loans | ¥ 50,820 | ¥ 49,396 | ¥ 90,398 |
Real estate under other assets transferred from installment loans and investment in securities as a result of real estate collateral acquired from non-recourse loans | 8,741 | ' | ' |
Assets decreased due to deconsolidation of VIEs | 155,918 | 33,847 | ' |
Liabilities decreased due to deconsolidation of VIEs | 170,869 | 33,847 | ' |
Conversion of convertible bond | ¥ 49,944 | ¥ 99,773 | ¥ 6 |
Investment_in_Direct_Financing2
Investment in Direct Financing Leases (Detail) (JPY ¥) | Mar. 31, 2014 | Mar. 31, 2013 |
In Millions, unless otherwise specified | ||
Leases Disclosure [Line Items] | ' | ' |
Total Minimum lease payments to be received | ¥ 1,282,872 | ¥ 1,167,170 |
Less: Estimated executory costs | -61,723 | -60,802 |
Minimum lease payments receivable | 1,221,149 | 1,106,368 |
Estimated residual value | 27,351 | 27,141 |
Initial direct costs | 5,157 | 5,212 |
Unearned lease income | -159,584 | -149,341 |
Investment in Direct Financing Leases | ¥ 1,094,073 | ¥ 989,380 |
Minimum_Lease_Payments_Receiva
Minimum Lease Payments Receivable Due in Each of Next Five Years and Thereafter (Detail) (JPY ¥) | Mar. 31, 2014 |
In Millions, unless otherwise specified | |
Leases Disclosure [Line Items] | ' |
2015 | ¥ 407,807 |
2016 | 286,155 |
2017 | 199,129 |
2018 | 119,182 |
2019 | 66,361 |
Thereafter | 142,515 |
Total | ¥ 1,221,149 |
Investment_in_Operating_Leases2
Investment in Operating Leases (Detail) (JPY ¥) | Mar. 31, 2014 | Mar. 31, 2013 |
In Millions, unless otherwise specified | ||
Property Subject to or Available for Operating Lease [Line Items] | ' | ' |
Property Subject to or Available for Operating Lease, Gross | ¥ 1,804,833 | ¥ 1,803,396 |
Accumulated depreciation | -449,435 | -431,329 |
Net | 1,355,398 | 1,372,067 |
Accrued rental receivables | 20,288 | 23,466 |
Investment in Operating Leases | 1,375,686 | 1,395,533 |
Transportation equipment | ' | ' |
Property Subject to or Available for Operating Lease [Line Items] | ' | ' |
Property Subject to or Available for Operating Lease, Gross | 845,820 | 752,020 |
Measuring and information-related equipment | ' | ' |
Property Subject to or Available for Operating Lease [Line Items] | ' | ' |
Property Subject to or Available for Operating Lease, Gross | 228,386 | 216,026 |
Real Estate | ' | ' |
Property Subject to or Available for Operating Lease [Line Items] | ' | ' |
Property Subject to or Available for Operating Lease, Gross | 712,828 | 817,330 |
Other | ' | ' |
Property Subject to or Available for Operating Lease [Line Items] | ' | ' |
Property Subject to or Available for Operating Lease, Gross | ¥ 17,799 | ¥ 18,020 |
Investment_in_Operating_Leases3
Investment in Operating Leases - Additional Information (Detail) (JPY ¥) | 12 Months Ended | ||
In Millions, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 | Mar. 31, 2012 |
Schedule of Operating Leases [Line Items] | ' | ' | ' |
Gains on sales of operating lease assets other than real estate | ¥ 17,820 | ¥ 14,032 | ¥ 14,721 |
Maximum | ' | ' | ' |
Schedule of Operating Leases [Line Items] | ' | ' | ' |
Operating lease contracts, non- cancelable lease terms | '23 years | ' | ' |
Depreciation_and_Various_Expen
Depreciation and Various Expenses (Insurance, Property Tax and Other) of Operating Leases (Detail) (JPY ¥) | 12 Months Ended | ||
In Millions, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 | Mar. 31, 2012 |
Schedule of Operating Leases [Line Items] | ' | ' | ' |
Depreciation expenses | ¥ 166,234 | ¥ 145,928 | ¥ 135,197 |
Various expenses | 49,655 | 48,501 | 46,207 |
Costs of operating leases | ¥ 215,889 | ¥ 194,429 | ¥ 181,404 |
Minimum_Future_Rentals_Receiva
Minimum Future Rentals Receivable on Non-Cancelable Operating Leases (Detail) (JPY ¥) | Mar. 31, 2014 |
In Millions, unless otherwise specified | |
Schedule of Operating Leases [Line Items] | ' |
2015 | ¥ 170,645 |
2016 | 115,619 |
2017 | 83,607 |
2018 | 55,204 |
2019 | 31,553 |
Thereafter | 65,145 |
Total | ¥ 521,773 |
Composition_of_Installment_Loa
Composition of Installment Loans By Domicile and Type of Borrower (Detail) (JPY ¥) | Mar. 31, 2014 | Mar. 31, 2013 | ||
In Millions, unless otherwise specified | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' | ||
Installment Loans | ¥ 2,315,555 | ¥ 2,691,171 | ||
Purchased loans | ' | ' | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' | ||
Installment Loans | 53,341 | [1] | 70,801 | [1] |
Japan | Consumer Housing loans | ' | ' | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' | ||
Installment Loans | 973,439 | 912,651 | ||
Japan | Card loans | ' | ' | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' | ||
Installment Loans | 228,868 | 225,707 | ||
Japan | Consumer - Other | ' | ' | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' | ||
Installment Loans | 24,875 | 26,967 | ||
Japan | Consumer Loan | ' | ' | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' | ||
Installment Loans | 1,227,182 | 1,165,325 | ||
Japan | Corporate Real Estate Companies Loans | ' | ' | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' | ||
Installment Loans | 228,062 | 245,465 | ||
Japan | Non-recourse loans | ' | ' | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' | ||
Installment Loans | 72,625 | 134,440 | ||
Japan | Corporate Commercial, industrial and other companies | ' | ' | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' | ||
Installment Loans | 409,846 | 442,146 | ||
Japan | Corporate Loans | ' | ' | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' | ||
Installment Loans | 710,533 | 822,051 | ||
Overseas | ' | ' | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' | ||
Installment Loans | 324,499 | 632,994 | ||
Overseas | Corporate Commercial, industrial and other companies | ' | ' | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' | ||
Installment Loans | 222,920 | 198,477 | ||
Overseas | Non-recourse Loans | ' | ' | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' | ||
Installment Loans | ¥ 101,579 | ¥ 434,517 | ||
[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 in accordance with ASC 310-30 ("Receivables-Loans and Debt Securities Acquired with Deteriorated Credit Quality"). |
Contractual_Maturities_of_Inst
Contractual Maturities of Installment Loans Except Purchased Loans (Detail) (JPY ¥) | Mar. 31, 2014 |
In Millions, unless otherwise specified | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' |
2015 | ¥ 509,601 |
2016 | 243,109 |
2017 | 217,104 |
2018 | 170,556 |
2019 | 171,551 |
Thereafter | 950,293 |
Total | ¥ 2,262,214 |
Installment_Loans_Additional_I
Installment Loans - Additional Information (Detail) (JPY ¥) | 12 Months Ended | ||||
In Millions, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 | Mar. 31, 2012 | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' | ' | ||
Interest income on loans | ¥ 118,287 | ¥ 144,458 | ¥ 132,719 | ||
Loans held for sale in installment loans | 14,267 | 17,939 | ' | ||
Loans held for sale measured at fair value | 12,631 | 16,026 | ' | ||
Installment Loans | 2,315,555 | 2,691,171 | ' | ||
Purchased loans | ' | ' | ' | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' | ' | ||
Installment Loans | 53,341 | [1] | 70,801 | [1] | ' |
Fair value at the acquisition date of purchased loans acquired during the period | 4,742 | 5,672 | ' | ||
Purchased loans | Class Of Financing Receivable | ' | ' | ' | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' | ' | ||
Purchased loans for which valuation allowances were provided | ¥ 23,075 | ¥ 29,107 | ' | ||
[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 in accordance with ASC 310-30 ("Receivables-Loans and Debt Securities Acquired with Deteriorated Credit Quality"). |
Changes_in_Allowance_for_Uncol
Changes in Allowance for Uncollectible Accounts Relating to Purchased Loans (Detail) (JPY ¥) | 12 Months Ended | |||||
In Millions, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 | Mar. 31, 2012 | |||
Financing Receivable, Allowance for Credit Losses [Line Items] | ' | ' | ' | |||
Beginning balance | ¥ 104,264 | ¥ 136,588 | ¥ 154,150 | |||
Provision charged to income | 13,834 | 10,016 | 19,186 | |||
Charge-offs | -29,521 | -44,821 | -38,610 | |||
Recoveries | 1,409 | 1,633 | 2,351 | |||
Other | -5,190 | [1] | 848 | [2] | -489 | [3] |
Ending balance | 84,796 | 104,264 | 136,588 | |||
Purchased loans | ' | ' | ' | |||
Financing Receivable, Allowance for Credit Losses [Line Items] | ' | ' | ' | |||
Beginning balance | 15,316 | [4] | 19,825 | [4] | 17,455 | [4] |
Provision charged to income | 2,532 | [4] | 4,649 | [4] | 3,188 | [4] |
Charge-offs | -3,921 | [4] | -9,412 | [4] | -793 | [4] |
Recoveries | 111 | [4] | 0 | [4] | 0 | [4] |
Other | 110 | [1],[4],[5] | 254 | [2],[4],[5] | -25 | [3],[4],[5] |
Ending balance | ¥ 14,148 | [4] | ¥ 15,316 | [4] | ¥ 19,825 | [4] |
[1] | Other mainly includes foreign currency translation adjustments and decrease in allowance related to newly consolidated subsidiaries. Additionally, Other in Non-recourse loans includes a decrease of ¥6,562 million due to the sale of controlling class interests of a certain VIE, which was formerly consolidated, to a third party and resulting in deconsolidation of that VIE. | |||||
[2] | Other mainly includes foreign currency translation adjustments and decrease in allowance related to newly consolidated subsidiaries and sales of a subsidiary. | |||||
[3] | Other mainly includes foreign currency translation adjustments, amounts reclassified to discontinued operations and decrease in allowance related to sales of a subsidiary. | |||||
[4] | 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 in accordance with ASC 310-30 ("Receivables-Loans and Debt Securities Acquired with Deteriorated Credit Quality"). | |||||
[5] | Other includes foreign currency translation adjustments. |
Information_about_Allowance_fo
Information about Allowance for Credit Losses (Detail) (JPY ¥) | 12 Months Ended | |||||
In Millions, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 | Mar. 31, 2012 | |||
Financing Receivable, Allowance for Credit Losses [Line Items] | ' | ' | ' | |||
Beginning balance | ¥ 104,264 | ¥ 136,588 | ¥ 154,150 | |||
Provision charged to income | 13,834 | 10,016 | 19,186 | |||
Charge-offs | -29,521 | -44,821 | -38,610 | |||
Recoveries | 1,409 | 1,633 | 2,351 | |||
Other | -5,190 | [1] | 848 | [2] | -489 | [3] |
Ending balance | 84,796 | 104,264 | 136,588 | |||
Allowance for Credit Losses, Individually Evaluated for Impairment | 49,155 | 65,151 | 91,407 | |||
Allowance for Credit Losses, Not Individually Evaluated for Impairment | 35,641 | 39,113 | 45,181 | |||
Financing receivables, Ending Balance | 3,395,361 | 3,662,612 | 3,650,639 | |||
Financing receivables, Individually Evaluated for Impairment | 135,824 | 212,740 | 293,774 | |||
Financing receivables, Not Individually Evaluated for Impairment | 3,259,537 | 3,449,872 | 3,356,865 | |||
Consumer Loan | ' | ' | ' | |||
Financing Receivable, Allowance for Credit Losses [Line Items] | ' | ' | ' | |||
Beginning balance | 14,526 | 16,140 | 17,096 | |||
Provision charged to income | 4,437 | 809 | 947 | |||
Charge-offs | -5,786 | -3,050 | -1,943 | |||
Recoveries | 290 | 281 | 43 | |||
Other | 6 | [1] | 346 | [2] | -3 | [3] |
Ending balance | 13,473 | 14,526 | 16,140 | |||
Allowance for Credit Losses, Individually Evaluated for Impairment | 3,279 | 3,190 | 3,002 | |||
Allowance for Credit Losses, Not Individually Evaluated for Impairment | 10,194 | 11,336 | 13,138 | |||
Financing receivables, Ending Balance | 1,236,414 | 1,171,142 | 881,483 | |||
Financing receivables, Individually Evaluated for Impairment | 11,796 | 10,861 | 9,021 | |||
Financing receivables, Not Individually Evaluated for Impairment | 1,224,618 | 1,160,281 | 872,462 | |||
Non-recourse Loans | ' | ' | ' | |||
Financing Receivable, Allowance for Credit Losses [Line Items] | ' | ' | ' | |||
Beginning balance | 16,717 | 23,505 | 27,426 | |||
Provision charged to income | 2,381 | -200 | 6,509 | |||
Charge-offs | -3,590 | -7,384 | -10,083 | |||
Recoveries | 140 | 1 | 16 | |||
Other | -6,601 | [1] | 795 | [2] | -363 | [3] |
Ending balance | 9,047 | 16,717 | 23,505 | |||
Allowance for Credit Losses, Individually Evaluated for Impairment | 8,534 | 14,620 | 20,657 | |||
Allowance for Credit Losses, Not Individually Evaluated for Impairment | 513 | 2,097 | 2,848 | |||
Financing receivables, Ending Balance | 174,204 | 568,957 | 775,465 | |||
Financing receivables, Individually Evaluated for Impairment | 24,902 | 61,050 | 82,957 | |||
Financing receivables, Not Individually Evaluated for Impairment | 149,302 | 507,907 | 692,508 | |||
Other loans | ' | ' | ' | |||
Financing Receivable, Allowance for Credit Losses [Line Items] | ' | ' | ' | |||
Beginning balance | 41,875 | 60,266 | 70,972 | |||
Provision charged to income | 833 | 2,335 | 5,974 | |||
Charge-offs | -11,803 | -20,566 | -18,928 | |||
Recoveries | 798 | 988 | 2,212 | |||
Other | 1,041 | [1] | -1,148 | [2] | 36 | [3] |
Ending balance | 32,744 | 41,875 | 60,266 | |||
Allowance for Credit Losses, Individually Evaluated for Impairment | 25,054 | 34,206 | 49,853 | |||
Allowance for Credit Losses, Not Individually Evaluated for Impairment | 7,690 | 7,669 | 10,413 | |||
Financing receivables, Ending Balance | 837,329 | 862,332 | 995,246 | |||
Financing receivables, Individually Evaluated for Impairment | 76,051 | 111,722 | 166,889 | |||
Financing receivables, Not Individually Evaluated for Impairment | 761,278 | 750,610 | 828,357 | |||
Purchased loans | ' | ' | ' | |||
Financing Receivable, Allowance for Credit Losses [Line Items] | ' | ' | ' | |||
Beginning balance | 15,316 | [4] | 19,825 | [4] | 17,455 | [4] |
Provision charged to income | 2,532 | [4] | 4,649 | [4] | 3,188 | [4] |
Charge-offs | -3,921 | [4] | -9,412 | [4] | -793 | [4] |
Recoveries | 111 | [4] | 0 | [4] | 0 | [4] |
Other | 110 | [1],[4],[5] | 254 | [2],[4],[5] | -25 | [3],[4],[5] |
Ending balance | 14,148 | [4] | 15,316 | [4] | 19,825 | [4] |
Allowance for Credit Losses, Individually Evaluated for Impairment | 12,288 | [4] | 13,135 | [4] | 17,895 | [4] |
Allowance for Credit Losses, Not Individually Evaluated for Impairment | 1,860 | [4] | 2,181 | [4] | 1,930 | [4] |
Financing receivables, Ending Balance | 53,341 | [4] | 70,801 | [4] | 97,559 | [4] |
Financing receivables, Individually Evaluated for Impairment | 23,075 | [4] | 29,107 | [4] | 34,907 | [4] |
Financing receivables, Not Individually Evaluated for Impairment | 30,266 | [4] | 41,694 | [4] | 62,652 | [4] |
Direct Financing Leases | ' | ' | ' | |||
Financing Receivable, Allowance for Credit Losses [Line Items] | ' | ' | ' | |||
Beginning balance | 15,830 | 16,852 | 21,201 | |||
Provision charged to income | 3,651 | 2,423 | 2,568 | |||
Charge-offs | -4,421 | -4,409 | -6,863 | |||
Recoveries | 70 | 363 | 80 | |||
Other | 254 | [1] | 601 | [2] | -134 | [3] |
Ending balance | 15,384 | 15,830 | 16,852 | |||
Allowance for Credit Losses, Individually Evaluated for Impairment | 0 | 0 | 0 | |||
Allowance for Credit Losses, Not Individually Evaluated for Impairment | 15,384 | 15,830 | 16,852 | |||
Financing receivables, Ending Balance | 1,094,073 | 989,380 | 900,886 | |||
Financing receivables, Individually Evaluated for Impairment | 0 | 0 | 0 | |||
Financing receivables, Not Individually Evaluated for Impairment | ¥ 1,094,073 | ¥ 989,380 | ¥ 900,886 | |||
[1] | Other mainly includes foreign currency translation adjustments and decrease in allowance related to newly consolidated subsidiaries. Additionally, Other in Non-recourse loans includes a decrease of ¥6,562 million due to the sale of controlling class interests of a certain VIE, which was formerly consolidated, to a third party and resulting in deconsolidation of that VIE. | |||||
[2] | Other mainly includes foreign currency translation adjustments and decrease in allowance related to newly consolidated subsidiaries and sales of a subsidiary. | |||||
[3] | Other mainly includes foreign currency translation adjustments, amounts reclassified to discontinued operations and decrease in allowance related to sales of a subsidiary. | |||||
[4] | 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 in accordance with ASC 310-30 ("Receivables-Loans and Debt Securities Acquired with Deteriorated Credit Quality"). | |||||
[5] | Other includes foreign currency translation adjustments. |
Information_about_Allowance_fo1
Information about Allowance for Credit Losses (Parenthetical) (Detail) (Non-recourse Loans, JPY ¥) | 12 Months Ended |
In Millions, unless otherwise specified | Mar. 31, 2014 |
Non-recourse Loans | ' |
Financing Receivable, Allowance for Credit Losses [Line Items] | ' |
Decreases non-recourse loans | ¥ (6,562) |
Information_about_Impaired_Loa
Information about Impaired Loans (Detail) (JPY ¥) | Mar. 31, 2014 | Mar. 31, 2013 | Mar. 31, 2012 | |||
In Millions, unless otherwise specified | ||||||
Financing Receivable, Impaired [Line Items] | ' | ' | ' | |||
Loans Individually Evaluated for Impairment | ¥ 135,824 | ¥ 212,740 | ¥ 293,774 | |||
Unpaid Principal Balance | 135,089 | 211,566 | ' | |||
Related Allowance | 49,155 | 65,151 | 91,407 | |||
Consumer Loan | ' | ' | ' | |||
Financing Receivable, Impaired [Line Items] | ' | ' | ' | |||
Loans Individually Evaluated for Impairment | 11,796 | 10,861 | 9,021 | |||
Unpaid Principal Balance | 11,721 | 10,817 | ' | |||
Related Allowance | 3,279 | 3,190 | 3,002 | |||
Consumer Housing loans | ' | ' | ' | |||
Financing Receivable, Impaired [Line Items] | ' | ' | ' | |||
Loans Individually Evaluated for Impairment | 7,317 | 8,499 | ' | |||
Unpaid Principal Balance | 7,254 | 8,460 | ' | |||
Related Allowance | 2,432 | 2,565 | ' | |||
Consumer-Card loans | ' | ' | ' | |||
Financing Receivable, Impaired [Line Items] | ' | ' | ' | |||
Loans Individually Evaluated for Impairment | 2,950 | 1,858 | ' | |||
Unpaid Principal Balance | 2,942 | 1,854 | ' | |||
Related Allowance | 629 | 547 | ' | |||
Consumer - Other | ' | ' | ' | |||
Financing Receivable, Impaired [Line Items] | ' | ' | ' | |||
Loans Individually Evaluated for Impairment | 1,529 | 504 | ' | |||
Unpaid Principal Balance | 1,525 | 503 | ' | |||
Related Allowance | 218 | 78 | ' | |||
Corporate Loans | ' | ' | ' | |||
Financing Receivable, Impaired [Line Items] | ' | ' | ' | |||
Loans Individually Evaluated for Impairment | 100,953 | 172,772 | ' | |||
Unpaid Principal Balance | 100,293 | 171,642 | ' | |||
Related Allowance | 33,588 | 48,826 | ' | |||
Non-recourse Loans | ' | ' | ' | |||
Financing Receivable, Impaired [Line Items] | ' | ' | ' | |||
Loans Individually Evaluated for Impairment | 24,902 | 61,050 | 82,957 | |||
Related Allowance | 8,534 | 14,620 | 20,657 | |||
Non-recourse Loans | Japan | ' | ' | ' | |||
Financing Receivable, Impaired [Line Items] | ' | ' | ' | |||
Loans Individually Evaluated for Impairment | 7,868 | 23,415 | ' | |||
Unpaid Principal Balance | 7,804 | 23,411 | ' | |||
Related Allowance | 1,020 | 1,021 | ' | |||
Non-recourse Loans | United States | ' | ' | ' | |||
Financing Receivable, Impaired [Line Items] | ' | ' | ' | |||
Loans Individually Evaluated for Impairment | 17,034 | 37,635 | ' | |||
Unpaid Principal Balance | 17,005 | 37,531 | ' | |||
Related Allowance | 7,514 | 13,599 | ' | |||
Real estate companies | ' | ' | ' | |||
Financing Receivable, Impaired [Line Items] | ' | ' | ' | |||
Loans Individually Evaluated for Impairment | 28,869 | 47,126 | ' | |||
Unpaid Principal Balance | 28,813 | 46,956 | ' | |||
Related Allowance | 8,911 | 15,862 | ' | |||
Other-Entertainment industry | ' | ' | ' | |||
Financing Receivable, Impaired [Line Items] | ' | ' | ' | |||
Loans Individually Evaluated for Impairment | 7,827 | 12,037 | ' | |||
Unpaid Principal Balance | 7,785 | 11,990 | ' | |||
Related Allowance | 1,801 | 2,118 | ' | |||
Other - Other | ' | ' | ' | |||
Financing Receivable, Impaired [Line Items] | ' | ' | ' | |||
Loans Individually Evaluated for Impairment | 39,355 | 52,559 | ' | |||
Unpaid Principal Balance | 38,886 | 51,754 | ' | |||
Related Allowance | 14,342 | 16,226 | ' | |||
Purchased loans | ' | ' | ' | |||
Financing Receivable, Impaired [Line Items] | ' | ' | ' | |||
Loans Individually Evaluated for Impairment | 23,075 | [1] | 29,107 | [1] | 34,907 | [1] |
Unpaid Principal Balance | 23,075 | 29,107 | ' | |||
Related Allowance | 12,288 | [1] | 13,135 | [1] | 17,895 | [1] |
Impaired Financing Receivables with No Related Allowance | ' | ' | ' | |||
Financing Receivable, Impaired [Line Items] | ' | ' | ' | |||
Loans Individually Evaluated for Impairment | 25,049 | [2] | 52,798 | [2] | ' | |
Unpaid Principal Balance | 25,025 | [2] | 52,768 | [2] | ' | |
Related Allowance | 0 | [2] | 0 | [2] | ' | |
Impaired Financing Receivables with No Related Allowance | Consumer Loan | ' | ' | ' | |||
Financing Receivable, Impaired [Line Items] | ' | ' | ' | |||
Loans Individually Evaluated for Impairment | 725 | 1,003 | ' | |||
Unpaid Principal Balance | 711 | 989 | ' | |||
Related Allowance | 0 | 0 | ' | |||
Impaired Financing Receivables with No Related Allowance | Consumer Housing loans | ' | ' | ' | |||
Financing Receivable, Impaired [Line Items] | ' | ' | ' | |||
Loans Individually Evaluated for Impairment | 725 | 1,003 | ' | |||
Unpaid Principal Balance | 711 | 989 | ' | |||
Related Allowance | 0 | 0 | ' | |||
Impaired Financing Receivables with No Related Allowance | Consumer-Card loans | ' | ' | ' | |||
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 | ' | ' | ' | |||
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 | Corporate Loans | ' | ' | ' | |||
Financing Receivable, Impaired [Line Items] | ' | ' | ' | |||
Loans Individually Evaluated for Impairment | 24,324 | 51,795 | ' | |||
Unpaid Principal Balance | 24,314 | 51,779 | ' | |||
Related Allowance | 0 | 0 | ' | |||
Impaired Financing Receivables with No Related Allowance | Non-recourse Loans | Japan | ' | ' | ' | |||
Financing Receivable, Impaired [Line Items] | ' | ' | ' | |||
Loans Individually Evaluated for Impairment | 6,505 | 21,409 | ' | |||
Unpaid Principal Balance | 6,505 | 21,407 | ' | |||
Related Allowance | 0 | 0 | ' | |||
Impaired Financing Receivables with No Related Allowance | Non-recourse Loans | United States | ' | ' | ' | |||
Financing Receivable, Impaired [Line Items] | ' | ' | ' | |||
Loans Individually Evaluated for Impairment | 2,259 | 5,825 | ' | |||
Unpaid Principal Balance | 2,259 | 5,825 | ' | |||
Related Allowance | 0 | 0 | ' | |||
Impaired Financing Receivables with No Related Allowance | Real estate companies | ' | ' | ' | |||
Financing Receivable, Impaired [Line Items] | ' | ' | ' | |||
Loans Individually Evaluated for Impairment | 3,770 | 7,063 | ' | |||
Unpaid Principal Balance | 3,767 | 7,060 | ' | |||
Related Allowance | 0 | 0 | ' | |||
Impaired Financing Receivables with No Related Allowance | Other-Entertainment industry | ' | ' | ' | |||
Financing Receivable, Impaired [Line Items] | ' | ' | ' | |||
Loans Individually Evaluated for Impairment | 2,614 | 6,148 | ' | |||
Unpaid Principal Balance | 2,613 | 6,147 | ' | |||
Related Allowance | 0 | 0 | ' | |||
Impaired Financing Receivables with No Related Allowance | Other - Other | ' | ' | ' | |||
Financing Receivable, Impaired [Line Items] | ' | ' | ' | |||
Loans Individually Evaluated for Impairment | 9,176 | 11,350 | ' | |||
Unpaid Principal Balance | 9,170 | 11,340 | ' | |||
Related Allowance | 0 | 0 | ' | |||
Impaired Financing Receivables with No Related Allowance | Purchased loans | ' | ' | ' | |||
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 Related Allowance | ' | ' | ' | |||
Financing Receivable, Impaired [Line Items] | ' | ' | ' | |||
Loans Individually Evaluated for Impairment | 110,775 | [3] | 159,942 | [3] | ' | |
Unpaid Principal Balance | 110,064 | [3] | 158,798 | [3] | ' | |
Related Allowance | 49,155 | [3] | 65,151 | [3] | ' | |
Impaired Financing Receivables with Related Allowance | Consumer Loan | ' | ' | ' | |||
Financing Receivable, Impaired [Line Items] | ' | ' | ' | |||
Loans Individually Evaluated for Impairment | 11,071 | 9,858 | ' | |||
Unpaid Principal Balance | 11,010 | 9,828 | ' | |||
Related Allowance | 3,279 | 3,190 | ' | |||
Impaired Financing Receivables with Related Allowance | Consumer Housing loans | ' | ' | ' | |||
Financing Receivable, Impaired [Line Items] | ' | ' | ' | |||
Loans Individually Evaluated for Impairment | 6,592 | 7,496 | ' | |||
Unpaid Principal Balance | 6,543 | 7,471 | ' | |||
Related Allowance | 2,432 | 2,565 | ' | |||
Impaired Financing Receivables with Related Allowance | Consumer-Card loans | ' | ' | ' | |||
Financing Receivable, Impaired [Line Items] | ' | ' | ' | |||
Loans Individually Evaluated for Impairment | 2,950 | 1,858 | ' | |||
Unpaid Principal Balance | 2,942 | 1,854 | ' | |||
Related Allowance | 629 | 547 | ' | |||
Impaired Financing Receivables with Related Allowance | Consumer - Other | ' | ' | ' | |||
Financing Receivable, Impaired [Line Items] | ' | ' | ' | |||
Loans Individually Evaluated for Impairment | 1,529 | 504 | ' | |||
Unpaid Principal Balance | 1,525 | 503 | ' | |||
Related Allowance | 218 | 78 | ' | |||
Impaired Financing Receivables with Related Allowance | Corporate Loans | ' | ' | ' | |||
Financing Receivable, Impaired [Line Items] | ' | ' | ' | |||
Loans Individually Evaluated for Impairment | 76,629 | 120,977 | ' | |||
Unpaid Principal Balance | 75,979 | 119,863 | ' | |||
Related Allowance | 33,588 | 48,826 | ' | |||
Impaired Financing Receivables with Related Allowance | Non-recourse Loans | Japan | ' | ' | ' | |||
Financing Receivable, Impaired [Line Items] | ' | ' | ' | |||
Loans Individually Evaluated for Impairment | 1,363 | 2,006 | ' | |||
Unpaid Principal Balance | 1,299 | 2,004 | ' | |||
Related Allowance | 1,020 | 1,021 | ' | |||
Impaired Financing Receivables with Related Allowance | Non-recourse Loans | United States | ' | ' | ' | |||
Financing Receivable, Impaired [Line Items] | ' | ' | ' | |||
Loans Individually Evaluated for Impairment | 14,775 | 31,810 | ' | |||
Unpaid Principal Balance | 14,746 | 31,706 | ' | |||
Related Allowance | 7,514 | 13,599 | ' | |||
Impaired Financing Receivables with Related Allowance | Real estate companies | ' | ' | ' | |||
Financing Receivable, Impaired [Line Items] | ' | ' | ' | |||
Loans Individually Evaluated for Impairment | 25,099 | 40,063 | ' | |||
Unpaid Principal Balance | 25,046 | 39,896 | ' | |||
Related Allowance | 8,911 | 15,862 | ' | |||
Impaired Financing Receivables with Related Allowance | Other-Entertainment industry | ' | ' | ' | |||
Financing Receivable, Impaired [Line Items] | ' | ' | ' | |||
Loans Individually Evaluated for Impairment | 5,213 | 5,889 | ' | |||
Unpaid Principal Balance | 5,172 | 5,843 | ' | |||
Related Allowance | 1,801 | 2,118 | ' | |||
Impaired Financing Receivables with Related Allowance | Other - Other | ' | ' | ' | |||
Financing Receivable, Impaired [Line Items] | ' | ' | ' | |||
Loans Individually Evaluated for Impairment | 30,179 | 41,209 | ' | |||
Unpaid Principal Balance | 29,716 | 40,414 | ' | |||
Related Allowance | 14,342 | 16,226 | ' | |||
Impaired Financing Receivables with Related Allowance | Purchased loans | ' | ' | ' | |||
Financing Receivable, Impaired [Line Items] | ' | ' | ' | |||
Loans Individually Evaluated for Impairment | 23,075 | 29,107 | ' | |||
Unpaid Principal Balance | 23,075 | 29,107 | ' | |||
Related Allowance | ¥ 12,288 | ¥ 13,135 | ' | |||
[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 in accordance with ASC 310-30 ("Receivables-Loans and Debt Securities Acquired with Deteriorated Credit Quality"). | |||||
[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. |
Average_Recorded_Investments_o
Average Recorded Investments of Impaired Loans and Interest Income (Detail) (JPY ¥) | 12 Months Ended | |||||
In Millions, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 | Mar. 31, 2012 | |||
Financing Receivable, Impaired [Line Items] | ' | ' | ' | |||
Average Recorded Investments in Impaired Loans | ¥ 171,960 | [1] | ¥ 259,939 | [1] | ¥ 295,679 | [1] |
Interest Income on Impaired Loans | 4,441 | 4,468 | 4,732 | |||
Interest on Impaired Loans Collected in Cash | 3,679 | 4,136 | 4,180 | |||
Consumer Loan | ' | ' | ' | |||
Financing Receivable, Impaired [Line Items] | ' | ' | ' | |||
Average Recorded Investments in Impaired Loans | 11,445 | [1] | 9,586 | [1] | 8,933 | [1] |
Interest Income on Impaired Loans | 295 | 209 | 226 | |||
Interest on Impaired Loans Collected in Cash | 230 | 168 | 204 | |||
Consumer Housing loans | ' | ' | ' | |||
Financing Receivable, Impaired [Line Items] | ' | ' | ' | |||
Average Recorded Investments in Impaired Loans | 8,004 | [1] | 8,635 | [1] | 8,933 | [1] |
Interest Income on Impaired Loans | 231 | 188 | 226 | |||
Interest on Impaired Loans Collected in Cash | 178 | 152 | 204 | |||
Consumer-Card loans | ' | ' | ' | |||
Financing Receivable, Impaired [Line Items] | ' | ' | ' | |||
Average Recorded Investments in Impaired Loans | 2,453 | [1] | 771 | [1] | ' | |
Interest Income on Impaired Loans | 38 | 16 | ' | |||
Interest on Impaired Loans Collected in Cash | 31 | 12 | ' | |||
Consumer - Other | ' | ' | ' | |||
Financing Receivable, Impaired [Line Items] | ' | ' | ' | |||
Average Recorded Investments in Impaired Loans | 988 | [1] | 180 | [1] | 0 | [1] |
Interest Income on Impaired Loans | 26 | 5 | 0 | |||
Interest on Impaired Loans Collected in Cash | 21 | 4 | 0 | |||
Corporate Loans | ' | ' | ' | |||
Financing Receivable, Impaired [Line Items] | ' | ' | ' | |||
Average Recorded Investments in Impaired Loans | 134,927 | [1] | 221,136 | [1] | 252,683 | [1] |
Interest Income on Impaired Loans | 4,146 | 4,259 | 4,506 | |||
Interest on Impaired Loans Collected in Cash | 3,449 | 3,968 | 3,976 | |||
Non-recourse Loans | Japan | ' | ' | ' | |||
Financing Receivable, Impaired [Line Items] | ' | ' | ' | |||
Average Recorded Investments in Impaired Loans | 15,897 | [1] | 37,282 | [1] | 30,021 | [1] |
Interest Income on Impaired Loans | 234 | 216 | 367 | |||
Interest on Impaired Loans Collected in Cash | 219 | 211 | 311 | |||
Non-recourse Loans | United States | ' | ' | ' | |||
Financing Receivable, Impaired [Line Items] | ' | ' | ' | |||
Average Recorded Investments in Impaired Loans | 23,119 | [1] | 41,903 | [1] | 41,399 | [1] |
Interest Income on Impaired Loans | 667 | 1,726 | 794 | |||
Interest on Impaired Loans Collected in Cash | 667 | 1,726 | 695 | |||
Real estate companies | ' | ' | ' | |||
Financing Receivable, Impaired [Line Items] | ' | ' | ' | |||
Average Recorded Investments in Impaired Loans | 38,733 | [1] | 62,265 | [1] | 84,121 | [1] |
Interest Income on Impaired Loans | 1,154 | 889 | 1,243 | |||
Interest on Impaired Loans Collected in Cash | 990 | 804 | 1,102 | |||
Other-Entertainment industry | ' | ' | ' | |||
Financing Receivable, Impaired [Line Items] | ' | ' | ' | |||
Average Recorded Investments in Impaired Loans | 10,277 | [1] | 16,443 | [1] | 25,796 | [1] |
Interest Income on Impaired Loans | 509 | 364 | 724 | |||
Interest on Impaired Loans Collected in Cash | 343 | 322 | 711 | |||
Other - Other | ' | ' | ' | |||
Financing Receivable, Impaired [Line Items] | ' | ' | ' | |||
Average Recorded Investments in Impaired Loans | 46,901 | [1] | 63,243 | [1] | 71,346 | [1] |
Interest Income on Impaired Loans | 1,582 | 1,064 | 1,378 | |||
Interest on Impaired Loans Collected in Cash | 1,230 | 905 | 1,157 | |||
Purchased loans | ' | ' | ' | |||
Financing Receivable, Impaired [Line Items] | ' | ' | ' | |||
Average Recorded Investments in Impaired Loans | 25,588 | [1] | 29,217 | [1] | 34,063 | [1] |
Interest Income on Impaired Loans | 0 | 0 | 0 | |||
Interest on Impaired Loans Collected in Cash | ¥ 0 | ¥ 0 | ¥ 0 | |||
[1] | Average balances are calculated on the basis of fiscal beginning and quarter-end balances. |
Information_about_Credit_Quali
Information about Credit Quality Indicators (Detail) (JPY ¥) | Mar. 31, 2014 | Mar. 31, 2013 | Mar. 31, 2012 | |||
In Millions, unless otherwise specified | ||||||
Financing Receivable, Recorded Investment [Line Items] | ' | ' | ' | |||
Financing receivable | ¥ 3,395,361 | ¥ 3,662,612 | ¥ 3,650,639 | |||
Consumer Loan | ' | ' | ' | |||
Financing Receivable, Recorded Investment [Line Items] | ' | ' | ' | |||
Financing receivable | 1,236,414 | 1,171,142 | 881,483 | |||
Consumer Housing loans | ' | ' | ' | |||
Financing Receivable, Recorded Investment [Line Items] | ' | ' | ' | |||
Financing receivable | 979,797 | 916,791 | ' | |||
Consumer-Card loans | ' | ' | ' | |||
Financing Receivable, Recorded Investment [Line Items] | ' | ' | ' | |||
Financing receivable | 228,868 | 225,707 | ' | |||
Consumer - Other | ' | ' | ' | |||
Financing Receivable, Recorded Investment [Line Items] | ' | ' | ' | |||
Financing receivable | 27,749 | 28,644 | ' | |||
Corporate Loans | ' | ' | ' | |||
Financing Receivable, Recorded Investment [Line Items] | ' | ' | ' | |||
Financing receivable | 1,011,533 | 1,431,289 | ' | |||
Non-recourse Loans | ' | ' | ' | |||
Financing Receivable, Recorded Investment [Line Items] | ' | ' | ' | |||
Financing receivable | 174,204 | 568,957 | 775,465 | |||
Non-recourse Loans | Japan | ' | ' | ' | |||
Financing Receivable, Recorded Investment [Line Items] | ' | ' | ' | |||
Financing receivable | 72,625 | 134,440 | ' | |||
Non-recourse Loans | United States | ' | ' | ' | |||
Financing Receivable, Recorded Investment [Line Items] | ' | ' | ' | |||
Financing receivable | 101,579 | 434,517 | ' | |||
Real estate companies | ' | ' | ' | |||
Financing Receivable, Recorded Investment [Line Items] | ' | ' | ' | |||
Financing receivable | 245,965 | 276,681 | ' | |||
Other-Entertainment industry | ' | ' | ' | |||
Financing Receivable, Recorded Investment [Line Items] | ' | ' | ' | |||
Financing receivable | 106,884 | 121,259 | ' | |||
Other - Other | ' | ' | ' | |||
Financing Receivable, Recorded Investment [Line Items] | ' | ' | ' | |||
Financing receivable | 484,480 | 464,392 | ' | |||
Purchased loans | ' | ' | ' | |||
Financing Receivable, Recorded Investment [Line Items] | ' | ' | ' | |||
Financing receivable | 53,341 | [1] | 70,801 | [1] | 97,559 | [1] |
Direct Financing Leases | ' | ' | ' | |||
Financing Receivable, Recorded Investment [Line Items] | ' | ' | ' | |||
Financing receivable | 1,094,073 | 989,380 | 900,886 | |||
Direct Financing Leases | Japan | ' | ' | ' | |||
Financing Receivable, Recorded Investment [Line Items] | ' | ' | ' | |||
Financing receivable | 761,437 | 692,585 | ' | |||
Direct Financing Leases | Overseas | ' | ' | ' | |||
Financing Receivable, Recorded Investment [Line Items] | ' | ' | ' | |||
Financing receivable | 332,636 | 296,795 | ' | |||
Performing | ' | ' | ' | |||
Financing Receivable, Recorded Investment [Line Items] | ' | ' | ' | |||
Financing receivable | 3,239,501 | 3,426,321 | ' | |||
Performing | Consumer Loan | ' | ' | ' | |||
Financing Receivable, Recorded Investment [Line Items] | ' | ' | ' | |||
Financing receivable | 1,218,469 | 1,152,536 | ' | |||
Performing | Consumer Housing loans | ' | ' | ' | |||
Financing Receivable, Recorded Investment [Line Items] | ' | ' | ' | |||
Financing receivable | 968,269 | 901,895 | ' | |||
Performing | Consumer-Card loans | ' | ' | ' | |||
Financing Receivable, Recorded Investment [Line Items] | ' | ' | ' | |||
Financing receivable | 225,198 | 223,130 | ' | |||
Performing | Consumer - Other | ' | ' | ' | |||
Financing Receivable, Recorded Investment [Line Items] | ' | ' | ' | |||
Financing receivable | 25,002 | 27,511 | ' | |||
Performing | Corporate Loans | ' | ' | ' | |||
Financing Receivable, Recorded Investment [Line Items] | ' | ' | ' | |||
Financing receivable | 910,580 | 1,258,517 | ' | |||
Performing | Non-recourse Loans | Japan | ' | ' | ' | |||
Financing Receivable, Recorded Investment [Line Items] | ' | ' | ' | |||
Financing receivable | 64,757 | 111,025 | ' | |||
Performing | Non-recourse Loans | United States | ' | ' | ' | |||
Financing Receivable, Recorded Investment [Line Items] | ' | ' | ' | |||
Financing receivable | 84,545 | 396,882 | ' | |||
Performing | Real estate companies | ' | ' | ' | |||
Financing Receivable, Recorded Investment [Line Items] | ' | ' | ' | |||
Financing receivable | 217,096 | 229,555 | ' | |||
Performing | Other-Entertainment industry | ' | ' | ' | |||
Financing Receivable, Recorded Investment [Line Items] | ' | ' | ' | |||
Financing receivable | 99,057 | 109,222 | ' | |||
Performing | Other - Other | ' | ' | ' | |||
Financing Receivable, Recorded Investment [Line Items] | ' | ' | ' | |||
Financing receivable | 445,125 | 411,833 | ' | |||
Performing | Purchased loans | ' | ' | ' | |||
Financing Receivable, Recorded Investment [Line Items] | ' | ' | ' | |||
Financing receivable | 30,266 | 41,694 | ' | |||
Performing | Direct Financing Leases | ' | ' | ' | |||
Financing Receivable, Recorded Investment [Line Items] | ' | ' | ' | |||
Financing receivable | 1,080,186 | 973,574 | ' | |||
Performing | Direct Financing Leases | Japan | ' | ' | ' | |||
Financing Receivable, Recorded Investment [Line Items] | ' | ' | ' | |||
Financing receivable | 751,877 | 680,351 | ' | |||
Performing | Direct Financing Leases | Overseas | ' | ' | ' | |||
Financing Receivable, Recorded Investment [Line Items] | ' | ' | ' | |||
Financing receivable | 328,309 | 293,223 | ' | |||
Nonperforming Financing Receivable Individually Evaluated for Impairment | ' | ' | ' | |||
Financing Receivable, Recorded Investment [Line Items] | ' | ' | ' | |||
Financing receivable | 135,824 | 212,740 | ' | |||
Nonperforming Financing Receivable Individually Evaluated for Impairment | Consumer Loan | ' | ' | ' | |||
Financing Receivable, Recorded Investment [Line Items] | ' | ' | ' | |||
Financing receivable | 11,796 | 10,861 | ' | |||
Nonperforming Financing Receivable Individually Evaluated for Impairment | Consumer Housing loans | ' | ' | ' | |||
Financing Receivable, Recorded Investment [Line Items] | ' | ' | ' | |||
Financing receivable | 7,317 | 8,499 | ' | |||
Nonperforming Financing Receivable Individually Evaluated for Impairment | Consumer-Card loans | ' | ' | ' | |||
Financing Receivable, Recorded Investment [Line Items] | ' | ' | ' | |||
Financing receivable | 2,950 | 1,858 | ' | |||
Nonperforming Financing Receivable Individually Evaluated for Impairment | Consumer - Other | ' | ' | ' | |||
Financing Receivable, Recorded Investment [Line Items] | ' | ' | ' | |||
Financing receivable | 1,529 | 504 | ' | |||
Nonperforming Financing Receivable Individually Evaluated for Impairment | Corporate Loans | ' | ' | ' | |||
Financing Receivable, Recorded Investment [Line Items] | ' | ' | ' | |||
Financing receivable | 100,953 | 172,772 | ' | |||
Nonperforming Financing Receivable Individually Evaluated for Impairment | Non-recourse Loans | Japan | ' | ' | ' | |||
Financing Receivable, Recorded Investment [Line Items] | ' | ' | ' | |||
Financing receivable | 7,868 | 23,415 | ' | |||
Nonperforming Financing Receivable Individually Evaluated for Impairment | Non-recourse Loans | United States | ' | ' | ' | |||
Financing Receivable, Recorded Investment [Line Items] | ' | ' | ' | |||
Financing receivable | 17,034 | 37,635 | ' | |||
Nonperforming Financing Receivable Individually Evaluated for Impairment | Real estate companies | ' | ' | ' | |||
Financing Receivable, Recorded Investment [Line Items] | ' | ' | ' | |||
Financing receivable | 28,869 | 47,126 | ' | |||
Nonperforming Financing Receivable Individually Evaluated for Impairment | Other-Entertainment industry | ' | ' | ' | |||
Financing Receivable, Recorded Investment [Line Items] | ' | ' | ' | |||
Financing receivable | 7,827 | 12,037 | ' | |||
Nonperforming Financing Receivable Individually Evaluated for Impairment | Other - Other | ' | ' | ' | |||
Financing Receivable, Recorded Investment [Line Items] | ' | ' | ' | |||
Financing receivable | 39,355 | 52,559 | ' | |||
Nonperforming Financing Receivable Individually Evaluated for Impairment | Purchased loans | ' | ' | ' | |||
Financing Receivable, Recorded Investment [Line Items] | ' | ' | ' | |||
Financing receivable | 23,075 | 29,107 | ' | |||
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 more than 90 days Past Due Not Individually Evaluated for Impairment | ' | ' | ' | |||
Financing Receivable, Recorded Investment [Line Items] | ' | ' | ' | |||
Financing receivable | 20,036 | 23,551 | ' | |||
Nonperforming Financing Receivable more than 90 days Past Due Not Individually Evaluated for Impairment | Consumer Loan | ' | ' | ' | |||
Financing Receivable, Recorded Investment [Line Items] | ' | ' | ' | |||
Financing receivable | 6,149 | 7,745 | ' | |||
Nonperforming Financing Receivable more than 90 days Past Due Not Individually Evaluated for Impairment | Consumer Housing loans | ' | ' | ' | |||
Financing Receivable, Recorded Investment [Line Items] | ' | ' | ' | |||
Financing receivable | 4,211 | 6,397 | ' | |||
Nonperforming Financing Receivable more than 90 days Past Due Not Individually Evaluated for Impairment | Consumer-Card loans | ' | ' | ' | |||
Financing Receivable, Recorded Investment [Line Items] | ' | ' | ' | |||
Financing receivable | 720 | 719 | ' | |||
Nonperforming Financing Receivable more than 90 days Past Due Not Individually Evaluated for Impairment | Consumer - Other | ' | ' | ' | |||
Financing Receivable, Recorded Investment [Line Items] | ' | ' | ' | |||
Financing receivable | 1,218 | 629 | ' | |||
Nonperforming Financing Receivable more than 90 days Past Due Not Individually Evaluated for Impairment | Corporate Loans | ' | ' | ' | |||
Financing Receivable, Recorded Investment [Line Items] | ' | ' | ' | |||
Financing receivable | 0 | 0 | ' | |||
Nonperforming Financing Receivable more than 90 days Past Due Not Individually Evaluated for Impairment | 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 | Non-recourse Loans | United States | ' | ' | ' | |||
Financing Receivable, Recorded Investment [Line Items] | ' | ' | ' | |||
Financing receivable | 0 | 0 | ' | |||
Nonperforming Financing Receivable more than 90 days Past Due Not Individually Evaluated for Impairment | Real estate companies | ' | ' | ' | |||
Financing Receivable, Recorded Investment [Line Items] | ' | ' | ' | |||
Financing receivable | 0 | 0 | ' | |||
Nonperforming Financing Receivable more than 90 days Past Due Not Individually Evaluated for Impairment | Other-Entertainment industry | ' | ' | ' | |||
Financing Receivable, Recorded Investment [Line Items] | ' | ' | ' | |||
Financing receivable | 0 | 0 | ' | |||
Nonperforming Financing Receivable more than 90 days Past Due Not Individually Evaluated for Impairment | Other - Other | ' | ' | ' | |||
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 more than 90 days Past Due Not Individually Evaluated for Impairment | Direct Financing Leases | ' | ' | ' | |||
Financing Receivable, Recorded Investment [Line Items] | ' | ' | ' | |||
Financing receivable | 13,887 | 15,806 | ' | |||
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 | 9,560 | 12,234 | ' | |||
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 | 4,327 | 3,572 | ' | |||
Nonperforming | ' | ' | ' | |||
Financing Receivable, Recorded Investment [Line Items] | ' | ' | ' | |||
Financing receivable | 155,860 | 236,291 | ' | |||
Nonperforming | Consumer Loan | ' | ' | ' | |||
Financing Receivable, Recorded Investment [Line Items] | ' | ' | ' | |||
Financing receivable | 17,945 | 18,606 | ' | |||
Nonperforming | Consumer Housing loans | ' | ' | ' | |||
Financing Receivable, Recorded Investment [Line Items] | ' | ' | ' | |||
Financing receivable | 11,528 | 14,896 | ' | |||
Nonperforming | Consumer-Card loans | ' | ' | ' | |||
Financing Receivable, Recorded Investment [Line Items] | ' | ' | ' | |||
Financing receivable | 3,670 | 2,577 | ' | |||
Nonperforming | Consumer - Other | ' | ' | ' | |||
Financing Receivable, Recorded Investment [Line Items] | ' | ' | ' | |||
Financing receivable | 2,747 | 1,133 | ' | |||
Nonperforming | Corporate Loans | ' | ' | ' | |||
Financing Receivable, Recorded Investment [Line Items] | ' | ' | ' | |||
Financing receivable | 100,953 | 172,772 | ' | |||
Nonperforming | Non-recourse Loans | Japan | ' | ' | ' | |||
Financing Receivable, Recorded Investment [Line Items] | ' | ' | ' | |||
Financing receivable | 7,868 | 23,415 | ' | |||
Nonperforming | Non-recourse Loans | United States | ' | ' | ' | |||
Financing Receivable, Recorded Investment [Line Items] | ' | ' | ' | |||
Financing receivable | 17,034 | 37,635 | ' | |||
Nonperforming | Real estate companies | ' | ' | ' | |||
Financing Receivable, Recorded Investment [Line Items] | ' | ' | ' | |||
Financing receivable | 28,869 | 47,126 | ' | |||
Nonperforming | Other-Entertainment industry | ' | ' | ' | |||
Financing Receivable, Recorded Investment [Line Items] | ' | ' | ' | |||
Financing receivable | 7,827 | 12,037 | ' | |||
Nonperforming | Other - Other | ' | ' | ' | |||
Financing Receivable, Recorded Investment [Line Items] | ' | ' | ' | |||
Financing receivable | 39,355 | 52,559 | ' | |||
Nonperforming | Purchased loans | ' | ' | ' | |||
Financing Receivable, Recorded Investment [Line Items] | ' | ' | ' | |||
Financing receivable | 23,075 | 29,107 | ' | |||
Nonperforming | Direct Financing Leases | ' | ' | ' | |||
Financing Receivable, Recorded Investment [Line Items] | ' | ' | ' | |||
Financing receivable | 13,887 | 15,806 | ' | |||
Nonperforming | Direct Financing Leases | Japan | ' | ' | ' | |||
Financing Receivable, Recorded Investment [Line Items] | ' | ' | ' | |||
Financing receivable | 9,560 | 12,234 | ' | |||
Nonperforming | Direct Financing Leases | Overseas | ' | ' | ' | |||
Financing Receivable, Recorded Investment [Line Items] | ' | ' | ' | |||
Financing receivable | ¥ 4,327 | ¥ 3,572 | ' | |||
[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 in accordance with ASC 310-30 ("Receivables-Loans and Debt Securities Acquired with Deteriorated Credit Quality"). |
Information_about_Nonaccrual_a
Information about Nonaccrual and Past Due Financing Receivables (Detail) (JPY ¥) | Mar. 31, 2014 | Mar. 31, 2013 |
In Millions, unless otherwise specified | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ' | ' |
30-89 Days Past-Due Financing Receivables | ¥ 31,819 | ¥ 74,718 |
90 Days or More Past-Due Financing Receivables | 69,801 | 101,852 |
Total Past Due Financing Receivables | 101,620 | 176,570 |
Total Financing Receivables | 3,342,020 | 3,591,811 |
Non-Accrual | 82,727 | 101,852 |
Consumer Loan | ' | ' |
Financing Receivable, Recorded Investment, Past Due [Line Items] | ' | ' |
30-89 Days Past-Due Financing Receivables | 4,477 | 4,699 |
90 Days or More Past-Due Financing Receivables | 10,542 | 12,170 |
Total Past Due Financing Receivables | 15,019 | 16,869 |
Total Financing Receivables | 1,236,414 | 1,171,142 |
Non-Accrual | 10,542 | 12,170 |
Consumer Housing loans | ' | ' |
Financing Receivable, Recorded Investment, Past Due [Line Items] | ' | ' |
30-89 Days Past-Due Financing Receivables | 3,157 | 3,650 |
90 Days or More Past-Due Financing Receivables | 8,009 | 10,422 |
Total Past Due Financing Receivables | 11,166 | 14,072 |
Total Financing Receivables | 979,797 | 916,791 |
Non-Accrual | 8,009 | 10,422 |
Consumer-Card loans | ' | ' |
Financing Receivable, Recorded Investment, Past Due [Line Items] | ' | ' |
30-89 Days Past-Due Financing Receivables | 731 | 738 |
90 Days or More Past-Due Financing Receivables | 1,204 | 1,078 |
Total Past Due Financing Receivables | 1,935 | 1,816 |
Total Financing Receivables | 228,868 | 225,707 |
Non-Accrual | 1,204 | 1,078 |
Consumer - Other | ' | ' |
Financing Receivable, Recorded Investment, Past Due [Line Items] | ' | ' |
30-89 Days Past-Due Financing Receivables | 589 | 311 |
90 Days or More Past-Due Financing Receivables | 1,329 | 670 |
Total Past Due Financing Receivables | 1,918 | 981 |
Total Financing Receivables | 27,749 | 28,644 |
Non-Accrual | 1,329 | 670 |
Corporate Loans | ' | ' |
Financing Receivable, Recorded Investment, Past Due [Line Items] | ' | ' |
30-89 Days Past-Due Financing Receivables | 20,977 | 64,539 |
90 Days or More Past-Due Financing Receivables | 45,372 | 73,876 |
Total Past Due Financing Receivables | 66,349 | 138,415 |
Total Financing Receivables | 1,011,533 | 1,431,289 |
Non-Accrual | 58,298 | 73,876 |
Non-recourse Loans | Japan | ' | ' |
Financing Receivable, Recorded Investment, Past Due [Line Items] | ' | ' |
30-89 Days Past-Due Financing Receivables | 1,364 | 0 |
90 Days or More Past-Due Financing Receivables | 5,418 | 15,211 |
Total Past Due Financing Receivables | 6,782 | 15,211 |
Total Financing Receivables | 72,625 | 134,440 |
Non-Accrual | 5,418 | 15,211 |
Non-recourse Loans | United States | ' | ' |
Financing Receivable, Recorded Investment, Past Due [Line Items] | ' | ' |
30-89 Days Past-Due Financing Receivables | 17,470 | 59,532 |
90 Days or More Past-Due Financing Receivables | 3,687 | 7,516 |
Total Past Due Financing Receivables | 21,157 | 67,048 |
Total Financing Receivables | 101,579 | 434,517 |
Non-Accrual | 14,432 | 7,516 |
Real estate companies | ' | ' |
Financing Receivable, Recorded Investment, Past Due [Line Items] | ' | ' |
30-89 Days Past-Due Financing Receivables | 149 | 1,324 |
90 Days or More Past-Due Financing Receivables | 13,005 | 23,921 |
Total Past Due Financing Receivables | 13,154 | 25,245 |
Total Financing Receivables | 245,965 | 276,681 |
Non-Accrual | 13,005 | 23,921 |
Other-Entertainment industry | ' | ' |
Financing Receivable, Recorded Investment, Past Due [Line Items] | ' | ' |
30-89 Days Past-Due Financing Receivables | 1,195 | 437 |
90 Days or More Past-Due Financing Receivables | 1,297 | 1,542 |
Total Past Due Financing Receivables | 2,492 | 1,979 |
Total Financing Receivables | 106,884 | 121,259 |
Non-Accrual | 1,297 | 1,542 |
Other - Other | ' | ' |
Financing Receivable, Recorded Investment, Past Due [Line Items] | ' | ' |
30-89 Days Past-Due Financing Receivables | 799 | 3,246 |
90 Days or More Past-Due Financing Receivables | 21,965 | 25,686 |
Total Past Due Financing Receivables | 22,764 | 28,932 |
Total Financing Receivables | 484,480 | 464,392 |
Non-Accrual | 24,146 | 25,686 |
Direct Financing Leases | ' | ' |
Financing Receivable, Recorded Investment, Past Due [Line Items] | ' | ' |
30-89 Days Past-Due Financing Receivables | 6,365 | 5,480 |
90 Days or More Past-Due Financing Receivables | 13,887 | 15,806 |
Total Past Due Financing Receivables | 20,252 | 21,286 |
Total Financing Receivables | 1,094,073 | 989,380 |
Non-Accrual | 13,887 | 15,806 |
Direct Financing Leases | Japan | ' | ' |
Financing Receivable, Recorded Investment, Past Due [Line Items] | ' | ' |
30-89 Days Past-Due Financing Receivables | 1,563 | 1,467 |
90 Days or More Past-Due Financing Receivables | 9,560 | 12,234 |
Total Past Due Financing Receivables | 11,123 | 13,701 |
Total Financing Receivables | 761,437 | 692,585 |
Non-Accrual | 9,560 | 12,234 |
Direct Financing Leases | Overseas | ' | ' |
Financing Receivable, Recorded Investment, Past Due [Line Items] | ' | ' |
30-89 Days Past-Due Financing Receivables | 4,802 | 4,013 |
90 Days or More Past-Due Financing Receivables | 4,327 | 3,572 |
Total Past Due Financing Receivables | 9,129 | 7,585 |
Total Financing Receivables | 332,636 | 296,795 |
Non-Accrual | ¥ 4,327 | ¥ 3,572 |
Information_about_Troubled_Deb
Information about Troubled Debt Restructurings of Financing Receivables (Detail) (JPY ¥) | 12 Months Ended | ||
In Millions, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 | Mar. 31, 2012 |
Financing Receivable, Modifications [Line Items] | ' | ' | ' |
Pre-modification Outstanding Recorded Investment | ¥ 18,034 | ¥ 21,550 | ¥ 29,338 |
Post-modification Outstanding Recorded Investment | 13,683 | 19,940 | 27,802 |
Consumer Loan | ' | ' | ' |
Financing Receivable, Modifications [Line Items] | ' | ' | ' |
Pre-modification Outstanding Recorded Investment | 3,899 | 3,580 | 1,867 |
Post-modification Outstanding Recorded Investment | 2,586 | 2,396 | 1,690 |
Consumer Housing loans | ' | ' | ' |
Financing Receivable, Modifications [Line Items] | ' | ' | ' |
Pre-modification Outstanding Recorded Investment | 724 | 1,290 | ' |
Post-modification Outstanding Recorded Investment | 334 | 894 | ' |
Consumer-Card loans | ' | ' | ' |
Financing Receivable, Modifications [Line Items] | ' | ' | ' |
Pre-modification Outstanding Recorded Investment | 1,898 | 1,649 | 1,867 |
Post-modification Outstanding Recorded Investment | 1,391 | 1,081 | 1,690 |
Other Consumer Loan | ' | ' | ' |
Financing Receivable, Modifications [Line Items] | ' | ' | ' |
Pre-modification Outstanding Recorded Investment | 1,277 | 641 | ' |
Post-modification Outstanding Recorded Investment | 861 | 421 | ' |
Corporate Loans | ' | ' | ' |
Financing Receivable, Modifications [Line Items] | ' | ' | ' |
Pre-modification Outstanding Recorded Investment | 14,135 | 17,970 | 27,471 |
Post-modification Outstanding Recorded Investment | 11,097 | 17,544 | 26,112 |
Non-recourse Loans | Japan | ' | ' | ' |
Financing Receivable, Modifications [Line Items] | ' | ' | ' |
Pre-modification Outstanding Recorded Investment | 4,745 | 5,180 | 943 |
Post-modification Outstanding Recorded Investment | 2,608 | 5,180 | 943 |
Non-recourse Loans | United States | ' | ' | ' |
Financing Receivable, Modifications [Line Items] | ' | ' | ' |
Pre-modification Outstanding Recorded Investment | 4,809 | 10,036 | 7,783 |
Post-modification Outstanding Recorded Investment | 4,723 | 10,036 | 7,518 |
Real estate companies | ' | ' | ' |
Financing Receivable, Modifications [Line Items] | ' | ' | ' |
Pre-modification Outstanding Recorded Investment | 328 | 967 | 6,436 |
Post-modification Outstanding Recorded Investment | 276 | 861 | 5,636 |
Other - Other | ' | ' | ' |
Financing Receivable, Modifications [Line Items] | ' | ' | ' |
Pre-modification Outstanding Recorded Investment | 3,474 | 1,787 | 12,309 |
Post-modification Outstanding Recorded Investment | 2,981 | 1,467 | 12,015 |
Other-Entertainment industry | ' | ' | ' |
Financing Receivable, Modifications [Line Items] | ' | ' | ' |
Pre-modification Outstanding Recorded Investment | 779 | ' | ' |
Post-modification Outstanding Recorded Investment | ¥ 509 | ' | ' |
Information_about_Financing_Re
Information about Financing Receivables Modified as Troubled Debt Restructurings (Detail) (JPY ¥) | Mar. 31, 2014 | Mar. 31, 2013 | Mar. 31, 2012 |
In Millions, unless otherwise specified | |||
Financing Receivable, Modifications [Line Items] | ' | ' | ' |
Recorded Investment | ¥ 622 | ¥ 475 | ¥ 2,723 |
Consumer Loan | ' | ' | ' |
Financing Receivable, Modifications [Line Items] | ' | ' | ' |
Recorded Investment | 57 | 383 | 392 |
Consumer Housing loans | ' | ' | ' |
Financing Receivable, Modifications [Line Items] | ' | ' | ' |
Recorded Investment | 18 | 369 | 392 |
Corporate Loans | ' | ' | ' |
Financing Receivable, Modifications [Line Items] | ' | ' | ' |
Recorded Investment | 565 | 92 | 2,331 |
Non-recourse Loans | ' | ' | ' |
Financing Receivable, Modifications [Line Items] | ' | ' | ' |
Recorded Investment | 497 | ' | 409 |
Other | ' | ' | ' |
Financing Receivable, Modifications [Line Items] | ' | ' | ' |
Recorded Investment | 26 | 92 | 1,922 |
Consumer-Card loans | ' | ' | ' |
Financing Receivable, Modifications [Line Items] | ' | ' | ' |
Recorded Investment | 31 | 12 | ' |
Other Consumer Loan | ' | ' | ' |
Financing Receivable, Modifications [Line Items] | ' | ' | ' |
Recorded Investment | 8 | 2 | ' |
Real estate companies | ' | ' | ' |
Financing Receivable, Modifications [Line Items] | ' | ' | ' |
Recorded Investment | ¥ 42 | ' | ' |
Investment_in_Securities_Detai
Investment in Securities (Detail) (JPY ¥) | Mar. 31, 2014 | Mar. 31, 2013 |
In Millions, unless otherwise specified | ||
Schedule of Investments [Line Items] | ' | ' |
Trading securities | ¥ 16,079 | ¥ 33,041 |
Available-for-sale securities | 881,606 | 757,299 |
Held-to-maturity securities | 96,731 | 89,451 |
Other securities | 220,160 | 213,877 |
Total | ¥ 1,214,576 | ¥ 1,093,668 |
Investment_in_Securities_Addit
Investment in Securities - Additional Information (Detail) (JPY ¥) | 12 Months Ended | ||
In Millions, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 | Mar. 31, 2012 |
Investment | Investment | ||
Schedule of Investments [Line Items] | ' | ' | ' |
Net unrealized holding gains (losses) on trading securities | ¥ 3,083 | ¥ 1,662 | ¥ 4,730 |
Proceeds from sales of available-for-sale securities | 318,697 | 417,534 | 279,367 |
Available-for-sale securities gross realized gains | 14,517 | 17,830 | 9,882 |
Available-for-sale securities gross realized losses | 368 | 578 | 963 |
Write-downs of securities | 7,989 | 22,838 | 16,470 |
Aggregate carrying amount of other securities accounted for under the cost method | 80,953 | 86,406 | ' |
Aggregate carrying amount of other securities not evaluated for impairment | 72,089 | 83,591 | ' |
Investment funds fair value | 11,433 | 5,800 | ' |
Number of investment securities in an unrealized loss position | 184 | 132 | ' |
Interest income on investment securities | 12,393 | 11,505 | 15,169 |
Carrying amount of debt securities acquired with evidence of deterioration of credit quality | 1,267 | 5,556 | ' |
Nominal value of debt securities acquired with evidence of deterioration of credit quality | 6,112 | 14,951 | ' |
Outstanding balance of accretable yield of debt securities acquired with evidence of deterioration of credit quality | 1,074 | 4,994 | ' |
CMBS and RMBS in the U.S., and other asset-backed securities | ' | ' | ' |
Schedule of Investments [Line Items] | ' | ' | ' |
Non-credit components of other-than-temporary impairments, gross unrealized losses | 102 | 435 | 857 |
Non-credit components of other-than-temporary impairments, gross unrealized gains | 59 | ' | ' |
Non-credit components of other-than-temporary impairments losses, accumulated other comprehensive income | 65 | 277 | 547 |
Non-credit components of other-than-temporary impairments gains, accumulated other comprehensive income | 38 | ' | ' |
Other securities | ' | ' | ' |
Schedule of Investments [Line Items] | ' | ' | ' |
Investment funds fair value | 6,317 | 5,800 | ' |
Available-for-sale securities | ' | ' | ' |
Schedule of Investments [Line Items] | ' | ' | ' |
Investment funds fair value | ¥ 5,116 | ' | ' |
Amortized_Cost_Basis_Amounts_G
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 ¥) | Mar. 31, 2014 | Mar. 31, 2013 |
In Millions, unless otherwise specified | ||
Schedule of Investments [Line Items] | ' | ' |
Available-for-sale securities, Amortized cost | ¥ 821,550 | ¥ 714,190 |
Available-for-sale securities, Gross unrealized gains | 62,522 | 47,477 |
Available-for-sale securities, Gross unrealized losses | -2,466 | -4,368 |
Available-for-sale securities, Fair value | 881,606 | 757,299 |
Held-to-maturity securities, Amortized cost | 96,731 | 89,451 |
Held-to-maturity securities, Fair value | 104,036 | ' |
Amortized cost | 918,281 | 803,641 |
Gross unrealized gains | 69,827 | 56,497 |
Gross unrealized losses | -2,466 | -4,368 |
Fair value | 985,642 | 855,770 |
Japanese and foreign government bond securities | ' | ' |
Schedule of Investments [Line Items] | ' | ' |
Available-for-sale securities, Amortized cost | 359,148 | 276,832 |
Available-for-sale securities, Gross unrealized gains | 1,230 | 1,906 |
Available-for-sale securities, Gross unrealized losses | -18 | -21 |
Available-for-sale securities, Fair value | 360,360 | 278,717 |
Japanese prefectural and foreign municipal bond securities | ' | ' |
Schedule of Investments [Line Items] | ' | ' |
Available-for-sale securities, Amortized cost | 93,927 | 58,571 |
Available-for-sale securities, Gross unrealized gains | 2,913 | 2,519 |
Available-for-sale securities, Gross unrealized losses | -143 | 0 |
Available-for-sale securities, Fair value | 96,697 | 61,090 |
Corporate debt securities | ' | ' |
Schedule of Investments [Line Items] | ' | ' |
Available-for-sale securities, Amortized cost | 199,340 | 193,973 |
Available-for-sale securities, Gross unrealized gains | 2,601 | 3,809 |
Available-for-sale securities, Gross unrealized losses | -555 | -947 |
Available-for-sale securities, Fair value | 201,386 | 196,835 |
Specified bonds issued by SPEs in Japan | ' | ' |
Schedule of Investments [Line Items] | ' | ' |
Available-for-sale securities, Amortized cost | 6,850 | 64,159 |
Available-for-sale securities, Gross unrealized gains | 70 | 116 |
Available-for-sale securities, Gross unrealized losses | -148 | -1,031 |
Available-for-sale securities, Fair value | 6,772 | 63,244 |
CMBS and RMBS in the U.S., and other asset-backed securities | ' | ' |
Schedule of Investments [Line Items] | ' | ' |
Available-for-sale securities, Amortized cost | 64,789 | 59,419 |
Available-for-sale securities, Gross unrealized gains | 1,883 | 3,480 |
Available-for-sale securities, Gross unrealized losses | -1,041 | -2,208 |
Available-for-sale securities, Fair value | 65,631 | 60,691 |
Other Debt Securities | ' | ' |
Schedule of Investments [Line Items] | ' | ' |
Available-for-sale securities, Amortized cost | 9,508 | 7,367 |
Available-for-sale securities, Gross unrealized gains | 2,042 | 944 |
Available-for-sale securities, Gross unrealized losses | 0 | 0 |
Available-for-sale securities, Fair value | 11,550 | 8,311 |
Equity securities | ' | ' |
Schedule of Investments [Line Items] | ' | ' |
Available-for-sale securities, Amortized cost | 87,988 | 53,869 |
Available-for-sale securities, Gross unrealized gains | 51,783 | 34,703 |
Available-for-sale securities, Gross unrealized losses | -561 | -161 |
Available-for-sale securities, Fair value | 139,210 | 88,411 |
Japanese Government Bond Securities | ' | ' |
Schedule of Investments [Line Items] | ' | ' |
Held-to-maturity securities, Amortized cost | 96,731 | 89,451 |
Held-to-maturity securities, Gross unrealized gains | 7,305 | 9,020 |
Held-to-maturity securities, Gross unrealized losses | 0 | 0 |
Held-to-maturity securities, Fair value | ¥ 104,036 | ¥ 98,471 |
Information_about_Availablefor
Information about Available-for-Sale Securities and Held-to-Maturity Securities with Gross Unrealized Losses and Length of Time Individual Securities Have Been in Continuous Unrealized Loss Position (Detail) (JPY ¥) | Mar. 31, 2014 | Mar. 31, 2013 |
In Millions, unless otherwise specified | ||
Investments, Unrealized Loss Position [Line Items] | ' | ' |
Less than 12 months Fair value | ¥ 230,884 | ¥ 107,836 |
Less than 12 months Gross unrealized losses | -816 | -382 |
12 months or more Fair value | 30,722 | 59,014 |
12 months or more Gross unrealized losses | -1,650 | -3,986 |
Total Fair value | 261,606 | 166,850 |
Total Gross unrealized losses | -2,466 | -4,368 |
Japanese and foreign government bond securities | ' | ' |
Investments, Unrealized Loss Position [Line Items] | ' | ' |
Less than 12 months Fair value | 140,133 | 85,842 |
Less than 12 months Gross unrealized losses | -10 | -21 |
12 months or more Fair value | 14,977 | 0 |
12 months or more Gross unrealized losses | -8 | 0 |
Total Fair value | 155,110 | 85,842 |
Total Gross unrealized losses | -18 | -21 |
Japanese prefectural and foreign municipal bond securities | ' | ' |
Investments, Unrealized Loss Position [Line Items] | ' | ' |
Less than 12 months Fair value | 31,407 | 10,118 |
Less than 12 months Gross unrealized losses | -143 | 0 |
12 months or more Fair value | 0 | 0 |
12 months or more Gross unrealized losses | 0 | 0 |
Total Fair value | 31,407 | 10,118 |
Total Gross unrealized losses | -143 | 0 |
Corporate debt securities | ' | ' |
Investments, Unrealized Loss Position [Line Items] | ' | ' |
Less than 12 months Fair value | 27,496 | 4,490 |
Less than 12 months Gross unrealized losses | -31 | -69 |
12 months or more Fair value | 10,968 | 16,329 |
12 months or more Gross unrealized losses | -524 | -878 |
Total Fair value | 38,464 | 20,819 |
Total Gross unrealized losses | -555 | -947 |
Specified bonds issued by SPEs in Japan | ' | ' |
Investments, Unrealized Loss Position [Line Items] | ' | ' |
Less than 12 months Fair value | 0 | 3,929 |
Less than 12 months Gross unrealized losses | 0 | -106 |
12 months or more Fair value | 2,138 | 34,226 |
12 months or more Gross unrealized losses | -148 | -925 |
Total Fair value | 2,138 | 38,155 |
Total Gross unrealized losses | -148 | -1,031 |
CMBS and RMBS in the U.S., and other asset-backed securities | ' | ' |
Investments, Unrealized Loss Position [Line Items] | ' | ' |
Less than 12 months Fair value | 15,891 | 2,142 |
Less than 12 months Gross unrealized losses | -91 | -44 |
12 months or more Fair value | 2,540 | 8,141 |
12 months or more Gross unrealized losses | -950 | -2,164 |
Total Fair value | 18,431 | 10,283 |
Total Gross unrealized losses | -1,041 | -2,208 |
Equity securities | ' | ' |
Investments, Unrealized Loss Position [Line Items] | ' | ' |
Less than 12 months Fair value | 15,957 | 1,315 |
Less than 12 months Gross unrealized losses | -541 | -142 |
12 months or more Fair value | 99 | 318 |
12 months or more Gross unrealized losses | -20 | -19 |
Total Fair value | 16,056 | 1,633 |
Total Gross unrealized losses | ¥ (561) | ¥ (161) |
Total_OtherThanTemporary_Impai
Total Other-Than-Temporary Impairment with Offset for Amount of Total Other-Than-Temporary Impairment Recognized in Other Comprehensive Income (Loss) (Detail) (JPY ¥) | 12 Months Ended | ||
In Millions, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 | Mar. 31, 2012 |
Gain (Loss) on Investments [Line Items] | ' | ' | ' |
Total other-than-temporary impairment losses | ¥ 7,992 | ¥ 23,180 | ¥ 17,100 |
Portion of loss recognized in other comprehensive income (before taxes) | -3 | -342 | -630 |
Net impairment losses recognized in earnings | ¥ 7,989 | ¥ 22,838 | ¥ 16,470 |
RollForwards_of_Amount_Related
Roll-Forwards of Amount Related to Credit Losses on Other-Than-Temporarily Impaired Debt Securities Recognized in Earnings (Detail) (JPY ¥) | 12 Months Ended | ||
In Millions, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 | Mar. 31, 2012 |
Other than Temporary Impairment, Credit Losses Recognized in Earnings [Line Items] | ' | ' | ' |
Beginning | ¥ 7,809 | ¥ 8,199 | ¥ 9,022 |
Credit loss for which an other-than-temporary impairment was not previously recognized | 8 | 110 | 3,524 |
Credit loss for which an other-than-temporary impairment was previously recognized | 239 | 1,171 | 320 |
For securities sold or redeemed | -3,609 | -1,049 | -3,530 |
Due to change in intent to sell or requirement to sell | -2,456 | -622 | -1,137 |
Ending | ¥ 1,991 | ¥ 7,809 | ¥ 8,199 |
Summary_of_Contractual_Maturit
Summary of Contractual Maturities of Debt Securities Classified as Available-for-Sale Securities and Held-to-Maturity Securities (Detail) (JPY ¥) | Mar. 31, 2014 | Mar. 31, 2013 |
In Millions, unless otherwise specified | ||
Available-for-sale securities, amortized cost | ' | ' |
Due within one year | ¥ 195,067 | ' |
Due after one to five years | 303,126 | ' |
Due after five to ten years | 130,614 | ' |
Due after ten years | 104,755 | ' |
Available-for-sale Securities, Debt Maturities, Amortized Cost Basis, Total | 733,562 | ' |
Available-for-sale securities, fair value | ' | ' |
Due within one year | 195,211 | ' |
Due after one to five years | 306,286 | ' |
Due after five to ten years | 132,370 | ' |
Due after ten years | 108,529 | ' |
Available-for-sale Securities, Debt Securities, Total | 742,396 | ' |
Held-to-maturity securities, amortized cost | ' | ' |
Due within one year | 1,422 | ' |
Due after one to five years | 5 | ' |
Due after ten years | 95,304 | ' |
Held-to-maturity securities | 96,731 | 89,451 |
Held-to-maturity securities, fair value | ' | ' |
Due within one year | 1,423 | ' |
Due after one to five years | 5 | ' |
Due after ten years | 102,608 | ' |
Held-to-maturity securities, Fair value | ¥ 104,036 | ' |
Quantitative_Information_About
Quantitative Information About Delinquencies, Net Credit Losses, and Components of Financial Assets Sold on Securitization and Other Assets Managed Together (Detail) (JPY ¥) | 12 Months Ended | ||
In Millions, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 | Mar. 31, 2012 |
Assets that Continue to be Recognized, Securitized or Asset-backed Financing Arrangement Assets and any Other Financial Assets Managed Together [Line Items] | ' | ' | ' |
Principal amount of assets managed or sold on securitization receivables | ¥ 3,409,628 | ¥ 3,680,551 | ' |
Direct financing leases sold on securitization | 1,156 | 1,698 | ' |
Principal amount of assets managed or sold on securitization receivables | 3,410,784 | 3,682,249 | ' |
Principal amount of assets managed or sold on securitization receivables more than 90 days past-due and impaired loans | 155,860 | 236,291 | ' |
Direct financing lease sold on securitization | 0 | 0 | ' |
Principal amount of assets managed or sold on securitization receivables more than 90 days past-due and impaired loans | 155,860 | 236,291 | ' |
Assets recorded on the balance sheet credit losses | 28,112 | 43,188 | 36,259 |
Direct financing lease sold on securitization credit losses | 0 | 0 | 0 |
Assets managed or sold on securitization net credit losses | 28,112 | 43,188 | 36,259 |
Direct Financing Leases | ' | ' | ' |
Assets that Continue to be Recognized, Securitized or Asset-backed Financing Arrangement Assets and any Other Financial Assets Managed Together [Line Items] | ' | ' | ' |
Principal amount of assets managed or sold on securitization receivables | 1,094,073 | 989,380 | ' |
Principal amount of assets managed or sold on securitization receivables more than 90 days past-due and impaired loans | 13,887 | 15,806 | ' |
Assets recorded on the balance sheet credit losses | 4,351 | 4,046 | 6,783 |
Installment Loans | ' | ' | ' |
Assets that Continue to be Recognized, Securitized or Asset-backed Financing Arrangement Assets and any Other Financial Assets Managed Together [Line Items] | ' | ' | ' |
Principal amount of assets managed or sold on securitization receivables | 2,315,555 | 2,691,171 | ' |
Principal amount of assets managed or sold on securitization receivables more than 90 days past-due and impaired loans | 141,973 | 220,485 | ' |
Assets recorded on the balance sheet credit losses | ¥ 23,761 | ¥ 39,142 | ¥ 29,476 |
Securitization_Transactions_Ad
Securitization Transactions - Additional Information (Detail) (JPY ¥) | 12 Months Ended | |
In Millions, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 |
Securitization or Asset-backed Financing Arrangement, Financial Asset for which Transfer is Accounted as Sale [Line Items] | ' | ' |
Servicing assets | ¥ 16,911 | ¥ 14,562 |
Increase in servicing assets | 4,355 | 4,224 |
Amortization of servicing assets | 3,416 | 3,045 |
Foreign currency translation effects on servicing assets | 1,410 | 1,850 |
Fair value of servicing assets | ¥ 23,604 | ¥ 19,376 |
Information_about_Consolidated
Information about Consolidated VIEs (Detail) (JPY ¥) | Mar. 31, 2014 | Mar. 31, 2013 | ||
In Millions, unless otherwise specified | ||||
Variable Interest Entity [Line Items] | ' | ' | ||
Total assets | ¥ 813,240 | [1] | ¥ 1,400,457 | [1] |
Total Liabilities | 428,947 | [1] | 845,268 | [1] |
Assets which are pledged as collateral | 605,307 | [2] | 1,124,911 | [2] |
Commitments | 29,756 | [3] | 0 | [3] |
Liquidating Customer Assets | ' | ' | ||
Variable Interest Entity [Line Items] | ' | ' | ||
Total assets | 0 | [1] | 6,191 | [1] |
Total Liabilities | 0 | [1] | 3,880 | [1] |
Assets which are pledged as collateral | 0 | [2] | 6,191 | [2] |
Commitments | 0 | [3] | 0 | [3] |
Acquisition Of Real Estate And Real Estate Development Projects For Customers | ' | ' | ||
Variable Interest Entity [Line Items] | ' | ' | ||
Total assets | 4,800 | [1] | 20,081 | [1] |
Total Liabilities | 986 | [1] | 2,112 | [1] |
Assets which are pledged as collateral | 0 | [2] | 0 | [2] |
Commitments | 0 | [3] | 0 | [3] |
Acquisition Of Real Estate For The Company And Its Subsidiaries Real Estate Related Business | ' | ' | ||
Variable Interest Entity [Line Items] | ' | ' | ||
Total assets | 288,392 | [1] | 334,179 | [1] |
Total Liabilities | 96,591 | [1] | 96,758 | [1] |
Assets which are pledged as collateral | 201,427 | [2] | 197,143 | [2] |
Commitments | 0 | [3] | 0 | [3] |
Corporate Rehabilitation Support Business | ' | ' | ||
Variable Interest Entity [Line Items] | ' | ' | ||
Total assets | 6,925 | [1] | 10,205 | [1] |
Total Liabilities | 309 | [1] | 192 | [1] |
Assets which are pledged as collateral | 0 | [2] | 0 | [2] |
Commitments | 0 | [3] | 0 | [3] |
Investment in securities | ' | ' | ||
Variable Interest Entity [Line Items] | ' | ' | ||
Total assets | 23,449 | [1] | 34,091 | [1] |
Total Liabilities | 9,405 | [1] | 8,075 | [1] |
Assets which are pledged as collateral | 13,767 | [2] | 19,133 | [2] |
Commitments | 0 | [3] | 0 | [3] |
Securitizing Financial Assets | ' | ' | ||
Variable Interest Entity [Line Items] | ' | ' | ||
Total assets | 303,154 | [1] | 467,348 | [1] |
Total Liabilities | 188,463 | [1] | 250,374 | [1] |
Assets which are pledged as collateral | 239,072 | [2] | 391,664 | [2] |
Commitments | 0 | [3] | 0 | [3] |
Securitization Of Commercial Mortgage Loans Originated By Third Parties | ' | ' | ||
Variable Interest Entity [Line Items] | ' | ' | ||
Total assets | 64,026 | [1] | 425,017 | [1] |
Total Liabilities | 67,251 | [1] | 434,273 | [1] |
Assets which are pledged as collateral | 64,026 | [2] | 425,017 | [2] |
Commitments | 0 | [3] | 0 | [3] |
Other | ' | ' | ||
Variable Interest Entity [Line Items] | ' | ' | ||
Total assets | 122,494 | [1] | 103,345 | [1] |
Total Liabilities | 65,942 | [1] | 49,604 | [1] |
Assets which are pledged as collateral | 87,015 | [2] | 85,763 | [2] |
Commitments | ¥ 29,756 | [3] | ¥ 0 | [3] |
[1] | The assets of most VIEs are used only to repay the liabilities of the VIEs, and the creditors of the liabilities of the 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. |
Information_about_Non_Consolid
Information about Non Consolidated VIEs (Detail) (JPY ¥) | Mar. 31, 2014 | Mar. 31, 2013 | ||
In Millions, unless otherwise specified | ||||
Variable Interest Entity [Line Items] | ' | ' | ||
Total assets | ¥ 4,388,434 | ¥ 4,519,064 | ||
Specified bonds and non-recourse loans | 27,880 | 110,386 | ||
Investments | 86,610 | 107,622 | ||
Maximum exposure to loss | 171,663 | [1] | 277,167 | [1] |
Liquidating Customer Assets | ' | ' | ||
Variable Interest Entity [Line Items] | ' | ' | ||
Total assets | 37,672 | 41,929 | ||
Specified bonds and non-recourse loans | 799 | 3,428 | ||
Investments | 2,971 | 4,119 | ||
Maximum exposure to loss | 3,770 | [1] | 7,547 | [1] |
Acquisition Of Real Estate And Real Estate Development Projects For Customers | ' | ' | ||
Variable Interest Entity [Line Items] | ' | ' | ||
Total assets | 664,557 | 872,189 | ||
Specified bonds and non-recourse loans | 26,835 | 106,861 | ||
Investments | 45,212 | 51,345 | ||
Maximum exposure to loss | 111,732 | [1] | 201,145 | [1] |
Acquisition Of Real Estate For The Company And Its Subsidiaries Real Estate Related Business | ' | ' | ||
Variable Interest Entity [Line Items] | ' | ' | ||
Total assets | 0 | 0 | ||
Specified bonds and non-recourse loans | 0 | 0 | ||
Investments | 0 | 0 | ||
Maximum exposure to loss | 0 | [1] | 0 | [1] |
Corporate Rehabilitation Support Business | ' | ' | ||
Variable Interest Entity [Line Items] | ' | ' | ||
Total assets | 0 | 0 | ||
Specified bonds and non-recourse loans | 0 | 0 | ||
Investments | 0 | 0 | ||
Maximum exposure to loss | 0 | [1] | 0 | [1] |
Investment in securities | ' | ' | ||
Variable Interest Entity [Line Items] | ' | ' | ||
Total assets | 2,136,226 | 1,327,751 | ||
Specified bonds and non-recourse loans | 0 | 0 | ||
Investments | 24,814 | 24,822 | ||
Maximum exposure to loss | 41,981 | [1] | 40,501 | [1] |
Securitizing Financial Assets | ' | ' | ||
Variable Interest Entity [Line Items] | ' | ' | ||
Total assets | 0 | 0 | ||
Specified bonds and non-recourse loans | 0 | 0 | ||
Investments | 0 | 0 | ||
Maximum exposure to loss | 0 | [1] | 0 | [1] |
Securitization Of Commercial Mortgage Loans Originated By Third Parties | ' | ' | ||
Variable Interest Entity [Line Items] | ' | ' | ||
Total assets | 1,517,734 | 2,236,389 | ||
Specified bonds and non-recourse loans | 0 | 0 | ||
Investments | 8,989 | 23,257 | ||
Maximum exposure to loss | 9,310 | [1] | 23,798 | [1] |
Other | ' | ' | ||
Variable Interest Entity [Line Items] | ' | ' | ||
Total assets | 32,245 | 40,806 | ||
Specified bonds and non-recourse loans | 246 | 97 | ||
Investments | 4,624 | 4,079 | ||
Maximum exposure to loss | ¥ 4,870 | [1] | ¥ 4,176 | [1] |
[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. |
Variable_Interest_Entities_Add
Variable Interest Entities - Additional Information (Detail) (Variable Interest Entity, Not Primary Beneficiary, JPY ¥) | 12 Months Ended | |
In Millions, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 |
VIEs for acquisition of real estate and real estate development projects for customers | ' | ' |
Variable Interest Entity [Line Items] | ' | ' |
Additional fund contributed to certain non-consolidated VIEs to support their repayment | ' | ¥ 2,000 |
VIEs for acquisition of real estate for the Company and its subsidiaries' real estate-related business | ' | ' |
Variable Interest Entity [Line Items] | ' | ' |
Additional fund contributed to certain non-consolidated VIEs to support their repayment | ¥ 0 | ¥ 646 |
Investment_in_Affiliates_Detai
Investment in Affiliates (Detail) (JPY ¥) | Mar. 31, 2014 | Mar. 31, 2013 |
In Millions, unless otherwise specified | ||
Investments in and Advances to Affiliates [Line Items] | ' | ' |
Shares | ¥ 305,420 | ¥ 316,790 |
Loans | 8,880 | 9,942 |
Investment in Affiliates | ¥ 314,300 | ¥ 326,732 |
Investment_in_Affiliates_Addit
Investment in Affiliates - Additional Information (Detail) (JPY ¥) | 12 Months Ended | ||
In Millions, except Share data, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 | Mar. 31, 2012 |
Schedule of Equity Method Investments [Line Items] | ' | ' | ' |
Investment in affiliates, aggregate investment | ¥ 32,860 | ¥ 67,835 | ' |
Investment in affiliates, market value | 38,918 | 99,758 | ' |
Investment in affiliates, dividends received | 9,957 | 10,221 | 8,653 |
Investment in affiliates, excess of cost over the underlying equity at acquisition dates | 35,889 | 25,556 | ' |
Asset management fee paid | 36,150 | 593 | 493 |
Gains on the sales office buildings | 5,872 | 5,816 | 2,222 |
Gains on life insurance premium and related investment income | 155,406 | 138,726 | 126,907 |
Percentage of ownership interest acquired | ' | 51.00% | ' |
Gain loss on sale of stock in subsidiary or equity method investee | ' | 3,132 | ' |
Gains on sales of subsidiaries and affiliates | 64,923 | 7,883 | 3,317 |
Monex Group | ' | ' | ' |
Schedule of Equity Method Investments [Line Items] | ' | ' | ' |
Sales of stock by subsidiaries or affiliates, percentage of ownership before the transaction | ' | ' | 21.00% |
Sales of stock by subsidiaries or affiliates, percentage of ownership after the transaction | ' | ' | 22.00% |
Impairment losses recognized | ' | ' | 12,713 |
Investment in affiliates, percentage of ownership | ' | ' | 22.00% |
ORIX JREIT Inc. | ' | ' | ' |
Schedule of Equity Method Investments [Line Items] | ' | ' | ' |
Asset management fee paid | 1,905 | 1,743 | 1,691 |
Gains on the sales office buildings | 2,261 | 3,119 | 989 |
Gains on life insurance premium and related investment income | ' | ' | 1,995 |
DAIKYO | ' | ' | ' |
Schedule of Equity Method Investments [Line Items] | ' | ' | ' |
Number of common stock shares acquired in business acquisition | 398,204,999 | ' | ' |
Investment in affiliates, percentage of ownership | 31.70% | 31.00% | 31.00% |
Investment in affiliates, percentage of ownership | 64.10% | ' | ' |
Gains on sales of subsidiaries and affiliates | ¥ 58,435 | ' | ' |
ORIX Credit | ' | ' | ' |
Schedule of Equity Method Investments [Line Items] | ' | ' | ' |
Investment in affiliates, percentage of ownership | ' | ' | 49.00% |
Combined_and_Condensed_Informa
Combined and Condensed Information Related to Affiliates (Detail) (JPY ¥) | 12 Months Ended | ||
In Millions, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 | Mar. 31, 2012 |
Operations: | ' | ' | ' |
Total revenues | ¥ 1,076,506 | ¥ 827,740 | ¥ 945,635 |
Income before income taxes | 136,760 | 97,301 | 74,223 |
Net income | 90,262 | 64,699 | 51,940 |
Financial position: | ' | ' | ' |
Total assets | 5,710,165 | 5,237,184 | 4,561,537 |
Total liabilities | 4,560,504 | 4,031,673 | 3,508,038 |
Total equity | ¥ 1,149,661 | ¥ 1,205,511 | ¥ 1,053,499 |
Changes_in_Goodwill_by_Reporta
Changes in Goodwill by Reportable Segment (Detail) (JPY ¥) | 12 Months Ended | |||||
In Millions, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 | Mar. 31, 2012 | |||
Goodwill [Line Items] | ' | ' | ' | |||
Goodwill | ¥ 126,625 | ¥ 96,107 | ¥ 97,397 | |||
Accumulated impairment losses | -296 | -296 | -2,607 | |||
Beginning Balance | 126,329 | 95,811 | 94,790 | |||
Acquired | 214,713 | 24,114 | 4,024 | |||
Impairment | 0 | 0 | 0 | |||
Other (net) | 25,333 | [1] | 6,404 | [1] | -3,003 | [1] |
Goodwill | 366,671 | 126,625 | 96,107 | |||
Accumulated impairment losses | -296 | -296 | -296 | |||
Ending Balance | 366,375 | 126,329 | 95,811 | |||
Corporate Financial Services | ' | ' | ' | |||
Goodwill [Line Items] | ' | ' | ' | |||
Goodwill | 754 | 754 | 547 | |||
Accumulated impairment losses | -257 | -257 | -430 | |||
Beginning Balance | 497 | 497 | 117 | |||
Acquired | 550 | 0 | 380 | |||
Impairment | 0 | 0 | 0 | |||
Other (net) | 0 | [1] | 0 | [1] | 0 | [1] |
Goodwill | 1,304 | 754 | 754 | |||
Accumulated impairment losses | -257 | -257 | -257 | |||
Ending Balance | 1,047 | 497 | 497 | |||
Maintenance Leasing | ' | ' | ' | |||
Goodwill [Line Items] | ' | ' | ' | |||
Goodwill | 282 | 282 | 282 | |||
Accumulated impairment losses | 0 | 0 | 0 | |||
Beginning Balance | 282 | 282 | 282 | |||
Acquired | 0 | 0 | 0 | |||
Impairment | 0 | 0 | 0 | |||
Other (net) | 0 | [1] | 0 | [1] | 0 | [1] |
Goodwill | 282 | 282 | 282 | |||
Accumulated impairment losses | 0 | 0 | 0 | |||
Ending Balance | 282 | 282 | 282 | |||
Real Estate | ' | ' | ' | |||
Goodwill [Line Items] | ' | ' | ' | |||
Goodwill | 19,329 | 19,063 | 19,047 | |||
Accumulated impairment losses | 0 | 0 | 0 | |||
Beginning Balance | 19,329 | 19,063 | 19,047 | |||
Acquired | 0 | 199 | 44 | |||
Impairment | 0 | 0 | 0 | |||
Other (net) | -29 | [1] | 67 | [1] | -28 | [1] |
Goodwill | 19,300 | 19,329 | 19,063 | |||
Accumulated impairment losses | 0 | 0 | 0 | |||
Ending Balance | 19,300 | 19,329 | 19,063 | |||
Investment and Operation | ' | ' | ' | |||
Goodwill [Line Items] | ' | ' | ' | |||
Goodwill | 11,751 | 312 | 3,674 | |||
Accumulated impairment losses | -39 | -39 | -2,177 | |||
Beginning Balance | 11,712 | 273 | 1,497 | |||
Acquired | 44,856 | 11,439 | 14 | |||
Impairment | 0 | 0 | 0 | |||
Other (net) | 111 | [1] | 0 | [1] | -1,238 | [1] |
Goodwill | 56,718 | 11,751 | 312 | |||
Accumulated impairment losses | -39 | -39 | -39 | |||
Ending Balance | 56,679 | 11,712 | 273 | |||
Retail | ' | ' | ' | |||
Goodwill [Line Items] | ' | ' | ' | |||
Goodwill | 15,424 | 4,452 | 4,452 | |||
Accumulated impairment losses | 0 | 0 | 0 | |||
Beginning Balance | 15,424 | 4,452 | 4,452 | |||
Acquired | 0 | 10,972 | 0 | |||
Impairment | 0 | 0 | 0 | |||
Other (net) | 0 | [1] | 0 | [1] | 0 | [1] |
Goodwill | 15,424 | 15,424 | 4,452 | |||
Accumulated impairment losses | 0 | 0 | 0 | |||
Ending Balance | 15,424 | 15,424 | 4,452 | |||
Overseas | ' | ' | ' | |||
Goodwill [Line Items] | ' | ' | ' | |||
Goodwill | 79,085 | 71,244 | 69,395 | |||
Accumulated impairment losses | 0 | 0 | 0 | |||
Beginning Balance | 79,085 | 71,244 | 69,395 | |||
Acquired | 169,307 | 1,504 | 3,586 | |||
Impairment | 0 | 0 | 0 | |||
Other (net) | 25,251 | [1] | 6,337 | [1] | -1,737 | [1] |
Goodwill | 273,643 | 79,085 | 71,244 | |||
Accumulated impairment losses | 0 | 0 | 0 | |||
Ending Balance | ¥ 273,643 | ¥ 79,085 | ¥ 71,244 | |||
[1] | Other includes foreign currency translation adjustments and certain other reclassifications. |
Other_Intangible_Assets_Detail
Other Intangible Assets (Detail) (JPY ¥) | Mar. 31, 2014 | Mar. 31, 2013 |
In Millions, unless otherwise specified | ||
Intangible assets not subject to amortization: | ' | ' |
Trade names | ¥ 47,360 | ¥ 25,883 |
Asset management contracts | 167,147 | 0 |
Others | 233 | 605 |
Indefinite-Lived Intangible Assets (Excluding Goodwill), Total | 214,740 | 26,488 |
Intangible assets subject to amortization: | ' | ' |
Software | 92,310 | 82,425 |
Customer relationships | 61,918 | 24,300 |
Others | 26,495 | 15,488 |
Finite-Lived Intangible Assets, Gross, Total | 180,723 | 122,213 |
Accumulated amortization | -72,238 | -58,384 |
Net | 108,485 | 63,829 |
Intangible Assets, Net (Excluding Goodwill), Total | ¥ 323,225 | ¥ 90,317 |
Goodwill_and_Other_Intangible_2
Goodwill and Other Intangible Assets - Additional Information (Detail) (JPY ¥) | 12 Months Ended | ||
In Millions, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 | Mar. 31, 2012 |
Intangible Assets by Major Class [Line Items] | ' | ' | ' |
Aggregate amortization expenses for intangible assets | ¥ 17,112 | ¥ 9,680 | ¥ 7,066 |
Estimated amortization expenses in fiscal 2015 | 14,417 | ' | ' |
Estimated amortization expenses in fiscal 2016 | 13,641 | ' | ' |
Estimated amortization expenses in fiscal 2017 | 12,706 | ' | ' |
Estimated amortization expenses in fiscal 2018 | 10,243 | ' | ' |
Estimated amortization expenses in fiscal 2019 | 8,787 | ' | ' |
Intangible assets subject to amortization acquired | 52,575 | ' | ' |
Impairment losses on intangible assets | 0 | 0 | 0 |
Software | ' | ' | ' |
Intangible Assets by Major Class [Line Items] | ' | ' | ' |
Intangible assets subject to amortization acquired | 13,051 | ' | ' |
Weighted average amortization period | '6 years | ' | ' |
Customer relationships | ' | ' | ' |
Intangible Assets by Major Class [Line Items] | ' | ' | ' |
Intangible assets subject to amortization acquired | ¥ 36,488 | ' | ' |
Weighted average amortization period | '8 years | ' | ' |
Composition_of_Short_Term_Debt
Composition of Short Term Debt and Weighted Average Contract Interest Rate on Short Term Debt (Detail) (JPY ¥) | Mar. 31, 2014 | Mar. 31, 2013 |
In Millions, unless otherwise specified | ||
Short-term Debt [Line Items] | ' | ' |
Short-term debt | ¥ 309,591 | ¥ 420,726 |
Weighted average rate | 2.00% | 1.10% |
Japan | Bank Borrowings | ' | ' |
Short-term Debt [Line Items] | ' | ' |
Short-term debt | 44,488 | 164,046 |
Weighted average rate | 0.50% | 0.40% |
Japan | Commercial Paper | ' | ' |
Short-term Debt [Line Items] | ' | ' |
Short-term debt | 89,958 | 146,944 |
Weighted average rate | 0.20% | 0.20% |
Japan | Notes Payable to Banks | ' | ' |
Short-term Debt [Line Items] | ' | ' |
Short-term debt | ' | 40 |
Weighted average rate | ' | 0.90% |
Overseas | Bank Borrowings | ' | ' |
Short-term Debt [Line Items] | ' | ' |
Short-term debt | 164,110 | 104,542 |
Weighted average rate | 3.20% | 3.30% |
Overseas | Commercial Paper | ' | ' |
Short-term Debt [Line Items] | ' | ' |
Short-term debt | 11,035 | 4,560 |
Weighted average rate | 3.90% | 3.80% |
Overseas | Notes Payable to Banks | ' | ' |
Short-term Debt [Line Items] | ' | ' |
Short-term debt | ' | ¥ 594 |
Weighted average rate | ' | 4.30% |
Composition_of_Long_Term_Debt_
Composition of Long Term Debt, Weighted Average Contract Interest Rate on Long Term Debt and Repayment Due Dates (Detail) (JPY ¥) | 12 Months Ended | |
In Millions, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 |
Debt Instrument [Line Items] | ' | ' |
Long-Term Debt | ¥ 3,858,874 | ¥ 4,061,534 |
Weighted average rate | 1.60% | 2.00% |
Banks Fixed Rate | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Long-Term Debt | 416,417 | 339,565 |
Weighted average rate | 2.30% | 2.60% |
Minimum maturity date | '2015 | '2014 |
Maximum maturity date | '2030 | '2025 |
Banks Floating Rate | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Long-Term Debt | 1,475,384 | 1,233,059 |
Weighted average rate | 1.10% | 1.10% |
Minimum maturity date | '2015 | '2014 |
Maximum maturity date | '2030 | '2027 |
Insurance Companies And Others Fixed Rate | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Long-Term Debt | 287,403 | 280,729 |
Weighted average rate | 1.40% | 1.60% |
Minimum maturity date | '2015 | '2014 |
Maximum maturity date | '2024 | '2023 |
Insurance Companies And Others Floating Rate | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Long-Term Debt | 251,021 | 246,055 |
Weighted average rate | 0.70% | 0.90% |
Minimum maturity date | '2017 | '2014 |
Maximum maturity date | '2028 | '2028 |
Unsecured Bonds | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Long-Term Debt | 1,128,788 | 1,173,902 |
Weighted average rate | 1.90% | 1.80% |
Minimum maturity date | '2015 | '2014 |
Maximum maturity date | '2024 | '2021 |
Unsecured Convertible Bonds With Stock Acquisition Rights | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Long-Term Debt | ' | 50,289 |
Weighted average rate | ' | 1.00% |
Maturity date | ' | '2014 |
Unsecured Notes Under Medium Term Note Program | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Long-Term Debt | 46,034 | 58,169 |
Weighted average rate | 3.20% | 2.90% |
Minimum maturity date | '2016 | '2014 |
Maximum maturity date | '2018 | '2018 |
Payables Under Securitized Lease Receivables | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Long-Term Debt | 122,723 | 160,163 |
Weighted average rate | 0.80% | 0.90% |
Minimum maturity date | '2018 | '2014 |
Maximum maturity date | '2019 | '2019 |
Payables Under Securitized Loan Receivables And Investment In Securities | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Long-Term Debt | ¥ 131,104 | ¥ 519,603 |
Weighted average rate | 4.10% | 4.90% |
Minimum maturity date | '2018 | '2014 |
Maximum maturity date | '2040 | '2039 |
Schedule_of_Long_Term_Debt_Rep
Schedule of Long Term Debt Repayment (Detail) (JPY ¥) | Mar. 31, 2014 | Mar. 31, 2013 |
In Millions, unless otherwise specified | ||
Debt Instrument [Line Items] | ' | ' |
2015 | ¥ 706,325 | ' |
2016 | 766,654 | ' |
2017 | 806,441 | ' |
2018 | 697,123 | ' |
2019 | 374,957 | ' |
Thereafter | 507,374 | ' |
Total | ¥ 3,858,874 | ¥ 4,061,534 |
ShortTerm_and_LongTerm_Debt_Ad
Short-Term and Long-Term Debt - Additional Information (Detail) (JPY ¥) | 12 Months Ended | |||||
In Millions, except Share data, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 | Mar. 31, 2012 | Mar. 31, 2014 | Dec. 31, 2008 | Mar. 31, 2014 |
Unsecured Convertible Bonds With Stock Acquisition Rights | Unsecured Convertible Bonds With Stock Acquisition Rights | Securities Pledged as Collateral | ||||
Debt Instrument [Line Items] | ' | ' | ' | ' | ' | ' |
Unsecured bond issued | ' | ' | ' | ' | ¥ 150,000 | ' |
Debt instrument convertible into shares of common stock, shares | ' | ' | ' | 0 | ' | ' |
Net amortization expenses of bond premiums and discounts, deferred issuance costs of bonds and medium-term notes | 618 | 1,002 | 3,999 | ' | ' | ' |
Total committed credit lines | 469,747 | 481,096 | ' | ' | ' | ' |
Available credit lines | 427,225 | 439,530 | ' | ' | ' | ' |
Long-term committed credit lines | 282,609 | 230,586 | ' | ' | ' | ' |
Investment in securities pledged for primarily collateral deposits | ¥ 1,214,576 | ¥ 1,093,668 | ' | ' | ' | ¥ 27,238 |
Secured_Assets_for_Short_Term_
Secured Assets for Short Term and Long Term Debt Payables to Financial Institutions (Detail) (JPY ¥) | Mar. 31, 2014 |
In Millions, unless otherwise specified | |
Debt Disclosure [Line Items] | ' |
Minimum lease payments, loans and investment in operating leases | ¥ 96,083 |
Investment in securities | 130,991 |
Other operating assets | 61,784 |
Other assets | 50,206 |
Pledged Assets, Other, Not Separately Reported on Statement of Financial Position, Total | ¥ 339,064 |
Deposits_Detail
Deposits (Detail) (JPY ¥) | Mar. 31, 2014 | Mar. 31, 2013 |
In Millions, unless otherwise specified | ||
Deposits From Banking Clients [Line Items] | ' | ' |
Time deposits | ¥ 981,182 | ¥ 885,482 |
Other deposits | 225,231 | 193,105 |
Total | ¥ 1,206,413 | ¥ 1,078,587 |
Deposits_Additional_Informatio
Deposits - Additional Information (Detail) (JPY ¥) | Mar. 31, 2014 | Mar. 31, 2013 |
In Millions, unless otherwise specified | ||
Deposits From Banking Clients [Line Items] | ' | ' |
Time deposits, including certificates of deposit issued in amounts of 10 million Yen or more | ¥ 619,738 | ¥ 561,449 |
Schedule_of_Time_Deposits_Matu
Schedule of Time Deposits Maturity (Detail) (JPY ¥) | Mar. 31, 2014 | Mar. 31, 2013 |
In Millions, unless otherwise specified | ||
Deposits From Banking Clients [Line Items] | ' | ' |
2015 | ¥ 658,234 | ' |
2016 | 153,138 | ' |
2017 | 83,014 | ' |
2018 | 28,240 | ' |
2019 | 58,556 | ' |
Total | ¥ 981,182 | ¥ 885,482 |
Income_before_Income_Taxes_and
Income before Income Taxes and Discontinued Operations, and Provision for Income Taxes (Detail) (JPY ¥) | 12 Months Ended | |||||
In Millions, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 | Mar. 31, 2012 | |||
Income Taxes [Line Items] | ' | ' | ' | |||
Income before income taxes and discontinued operations | ¥ 181,891 | ¥ 109,363 | ¥ 71,317 | |||
Income before income taxes and discontinued operations | 101,835 | 63,209 | 56,198 | |||
Income before income taxes and discontinued operations | 283,726 | [1] | 172,572 | [1] | 127,515 | [1] |
Current provision for income taxes | 45,389 | 21,103 | 28,381 | |||
Deferred provision for income taxes | 51,847 | 32,579 | 16,227 | |||
Provision for income taxes | 97,236 | 53,682 | 44,608 | |||
Japan | ' | ' | ' | |||
Income Taxes [Line Items] | ' | ' | ' | |||
Current provision for income taxes | 18,296 | 7,428 | 11,956 | |||
Deferred provision for income taxes | 48,922 | 27,371 | 18,079 | |||
Overseas | ' | ' | ' | |||
Income Taxes [Line Items] | ' | ' | ' | |||
Current provision for income taxes | 27,093 | 13,675 | 16,425 | |||
Deferred provision for income taxes | ¥ 2,925 | ¥ 5,208 | ¥ (1,852) | |||
[1] | Results of discontinued operations before applicable tax effect are included in each amount attributed to each geographic area. |
Income_Taxes_Additional_Inform
Income Taxes - Additional Information (Detail) (JPY ¥) | 12 Months Ended | ||
In Millions, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 | Mar. 31, 2012 |
Income Taxes [Line Items] | ' | ' | ' |
National Corporate tax | 28.00% | 28.00% | 30.00% |
Inhabitant tax | 6.00% | 6.00% | 6.00% |
Enterprise tax | 8.00% | 8.00% | 8.00% |
Statutory income tax rate | 38.30% | 38.30% | 40.90% |
Decrease in provision for income taxes | ' | ' | ¥ (6,641) |
Net changes in total valuation allowance | 9,838 | -5,307 | -2,656 |
Change in valuation allowance | -1,908 | -4,749 | 4,303 |
Net operating loss carryforwards | ¥ 387,269 | ' | ' |
Amended | ' | ' | ' |
Income Taxes [Line Items] | ' | ' | ' |
Tax loss carry-forward, period | ' | ' | '9 years |
Percentage of tax rate deductible from taxable income | ' | ' | 80.00% |
Before Amendment | ' | ' | ' |
Income Taxes [Line Items] | ' | ' | ' |
Tax loss carry-forward, period | ' | ' | '7 years |
Fiscal Years April 1, 2012 Through March 31, 2015 | ' | ' | ' |
Income Taxes [Line Items] | ' | ' | ' |
Statutory income tax rate | ' | ' | 38.30% |
Fiscal Years After April 1, 2015 | ' | ' | ' |
Income Taxes [Line Items] | ' | ' | ' |
Statutory income tax rate | ' | ' | 35.90% |
Fiscal fears beginning April 1, 2014 | ' | ' | ' |
Income Taxes [Line Items] | ' | ' | ' |
Statutory income tax rate | 35.90% | ' | ' |
Before fiscal years beginning on or after October 1, 2014 | ' | ' | ' |
Income Taxes [Line Items] | ' | ' | ' |
Statutory income tax rate for national tax | 23.60% | ' | ' |
Statutory income tax rate for local tax | 12.30% | ' | ' |
Fiscal years beginning on or after October 1, 2014 | ' | ' | ' |
Income Taxes [Line Items] | ' | ' | ' |
Statutory income tax rate for national tax | 24.60% | ' | ' |
Statutory income tax rate for local tax | 11.30% | ' | ' |
Reconciliation_of_Differences_
Reconciliation of Differences between Tax Provision Computed and Consolidated Provisions for Income Taxes (Detail) (JPY ¥) | 12 Months Ended | |||||
In Millions, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 | Mar. 31, 2012 | |||
Reconciliation of Provision of Income Taxes [Line Items] | ' | ' | ' | |||
Income before income taxes and discontinued operations | ¥ 283,726 | [1] | ¥ 172,572 | [1] | ¥ 127,515 | [1] |
Tax provision computed at statutory rate | 108,667 | 66,095 | 52,154 | |||
Increases (reductions) in taxes due to: | ' | ' | ' | |||
Change in valuation allowance | -17 | -3,371 | 3,921 | |||
Non-deductible expenses for tax purposes | 2,382 | 1,538 | 1,335 | |||
Non-taxable income for tax purposes | -3,224 | -2,128 | -2,852 | |||
Effect of lower tax rates on foreign subsidiaries and a domestic life insurance subsidiary | -5,805 | -4,720 | -6,821 | |||
Effect of the new Japanese tax law | -5,775 | -580 | -7,137 | |||
Other, net | 1,008 | -3,152 | 4,008 | |||
Provision for income taxes | ¥ 97,236 | ¥ 53,682 | ¥ 44,608 | |||
[1] | Results of discontinued operations before applicable tax effect are included in each amount attributed to each geographic area. |
Total_Income_Tax_Recognized_De
Total Income Tax Recognized (Detail) (JPY ¥) | 12 Months Ended | ||
In Millions, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 | Mar. 31, 2012 |
Income Taxes [Line Items] | ' | ' | ' |
Provision for income taxes | ¥ 97,236 | ¥ 53,682 | ¥ 44,608 |
Income taxes on discontinued operations | 4,681 | -347 | -1,219 |
Income taxes on other comprehensive income (loss): | ' | ' | ' |
Net unrealized gains (losses) on investment in securities | 4,728 | 5,936 | 1,357 |
Defined benefit pension plans | 1,396 | 2,727 | -1,774 |
Foreign currency translation adjustments | 1,756 | 7,225 | 335 |
Net unrealized gains (losses) on derivative instruments | 357 | 42 | -648 |
Total income taxes | ¥ 110,154 | ¥ 69,265 | ¥ 42,659 |
Tax_Effects_of_Temporary_Diffe
Tax Effects of Temporary Differences Giving Rise to Deferred Tax Assets and Liabilities (Detail) (JPY ¥) | Mar. 31, 2014 | Mar. 31, 2013 |
In Millions, unless otherwise specified | ||
Assets: | ' | ' |
Net operating loss carryforwards | ¥ 79,712 | ¥ 39,762 |
Allowance for doubtful receivables on direct financing leases and probable loan losses | 26,451 | 25,891 |
Investment in securities | 17,380 | 24,329 |
Other operating assets | 12,760 | 11,369 |
Accrued expenses | 23,727 | 10,456 |
Installment loans | 7,576 | 16,432 |
Other | 73,382 | 50,913 |
Deferred Tax Assets, Gross, Total | 240,988 | 179,152 |
Less: valuation allowance | -28,669 | -18,831 |
Deferred Tax Assets, Net of Valuation Allowance, Total | 212,319 | 160,321 |
Liabilities: | ' | ' |
Investment in direct financing leases | 7,855 | 14,617 |
Investment in operating leases | 86,485 | 72,925 |
Unrealized gains on investment in securities | 21,624 | 17,200 |
Deferred insurance policy acquisition costs | 24,212 | 19,311 |
Policy liabilities | 47,641 | 38,831 |
Other intangible assets | 90,727 | 11,204 |
Undistributed earnings | 65,532 | 32,723 |
Prepaid benefit cost | 12,540 | 13,475 |
Other | 62,779 | 52,636 |
Deferred Tax Liabilities, Net, Total | 419,395 | 272,922 |
Net deferred tax liability | ¥ 207,076 | ¥ 112,601 |
Net_Operating_Loss_Carryforwar
Net Operating Loss Carryforwards Expire Date (Detail) (JPY ¥) | Mar. 31, 2014 |
In Millions, unless otherwise specified | |
Operating Loss Carryforwards [Line Items] | ' |
2015 | ¥ 19,503 |
2016 | 862 |
2017 | 371 |
2018 | 87,397 |
2019 | 36,916 |
Thereafter | 242,220 |
Total | ¥ 387,269 |
Net_Deferred_Tax_Assets_and_Li
Net Deferred Tax Assets and Liabilities (Detail) (JPY ¥) | Mar. 31, 2014 | Mar. 31, 2013 |
In Millions, unless otherwise specified | ||
Schedule of Deferred Income Tax Assets and Liabilities [Line Items] | ' | ' |
Other assets | ¥ 70,091 | ¥ 18,805 |
Income taxes: Deferred | 277,167 | 131,406 |
Net deferred tax liability | ¥ 207,076 | ¥ 112,601 |
Funded_Status_of_Defined_Benef
Funded Status of Defined Benefit Pension Plans (Detail) (JPY ¥) | 12 Months Ended | ||
In Millions, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 | Mar. 31, 2012 |
Domestic Pension Plans Of Foreign Entity Defined Benefit | ' | ' | ' |
Change in benefit obligation: | ' | ' | ' |
Benefit obligation at beginning of year | ¥ 64,112 | ¥ 59,261 | ' |
Service cost | 3,305 | 3,173 | 3,015 |
Interest cost | 1,128 | 1,063 | 1,140 |
Actuarial loss (gain) | 1,956 | -221 | ' |
Foreign currency exchange rate change | 0 | 0 | ' |
Benefits paid | -2,423 | -2,281 | ' |
Business combinations | 15,649 | 3,117 | ' |
Plan amendments | -743 | 0 | ' |
Benefit obligation at end of year | 82,984 | 64,112 | 59,261 |
Change in plan assets: | ' | ' | ' |
Fair value of plan assets at beginning of year | 93,144 | 82,905 | ' |
Actual return on plan assets | 5,736 | 8,919 | ' |
Employer contribution | 2,717 | 2,502 | ' |
Benefits paid | -2,324 | -2,187 | ' |
Business combinations | 5,711 | 1,005 | ' |
Foreign currency exchange rate change | 0 | 0 | ' |
Fair value of plan assets at end of year | 104,984 | 93,144 | 82,905 |
The funded status of the plans | 22,000 | 29,032 | ' |
Amount recognized in the consolidated balance sheets consists of: | ' | ' | ' |
Prepaid benefit cost included in prepaid expenses | 34,910 | 32,005 | ' |
Accrued benefit liability included in accrued expenses | -12,910 | -2,973 | ' |
Net amount recognized | 22,000 | 29,032 | ' |
Overseas Pension Plans Defined Benefit | ' | ' | ' |
Change in benefit obligation: | ' | ' | ' |
Benefit obligation at beginning of year | 5,368 | 4,458 | ' |
Service cost | 1,654 | 41 | 34 |
Interest cost | 1,684 | 189 | 199 |
Actuarial loss (gain) | -1,215 | 236 | ' |
Foreign currency exchange rate change | 3,848 | 656 | ' |
Benefits paid | -1,203 | -212 | ' |
Business combinations | 59,048 | 0 | ' |
Plan amendments | -344 | 0 | ' |
Benefit obligation at end of year | 68,840 | 5,368 | 4,458 |
Change in plan assets: | ' | ' | ' |
Fair value of plan assets at beginning of year | 3,825 | 3,040 | ' |
Actual return on plan assets | 3,783 | 370 | ' |
Employer contribution | 1,929 | 89 | ' |
Benefits paid | -976 | -150 | ' |
Business combinations | 50,001 | 0 | ' |
Foreign currency exchange rate change | 3,480 | 476 | ' |
Fair value of plan assets at end of year | 62,042 | 3,825 | 3,040 |
The funded status of the plans | -6,798 | -1,543 | ' |
Amount recognized in the consolidated balance sheets consists of: | ' | ' | ' |
Prepaid benefit cost included in prepaid expenses | 9 | 0 | ' |
Accrued benefit liability included in accrued expenses | -6,807 | -1,543 | ' |
Net amount recognized | ¥ (6,798) | ¥ (1,543) | ' |
Defined_Benefit_Plan_Amount_Re
Defined Benefit Plan Amount Recognized in Accumulated Other Comprehensive Income (Loss), Pre-tax (Detail) (JPY ¥) | Mar. 31, 2014 | Mar. 31, 2013 |
In Millions, unless otherwise specified | ||
Domestic Pension Plans Of Foreign Entity Defined Benefit | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' |
Net prior service credit | ¥ 6,014 | ¥ 6,530 |
Net actuarial gain (loss) | -18,088 | -20,738 |
Net transition obligation | -194 | -247 |
Total recognized in accumulated other comprehensive income (loss), pre-tax | -12,268 | -14,455 |
Overseas Pension Plans Defined Benefit | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' |
Net prior service credit | 361 | 0 |
Net actuarial gain (loss) | 695 | -1,785 |
Net transition obligation | -22 | -25 |
Total recognized in accumulated other comprehensive income (loss), pre-tax | ¥ 1,034 | ¥ (1,810) |
Pension_Plans_Additional_Infor
Pension Plans - Additional Information (Detail) (JPY ¥) | 1 Months Ended | 12 Months Ended | ||
In Millions, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2014 | Mar. 31, 2013 | Mar. 31, 2012 |
Domestic Pension Plans Of Foreign Entity Defined Benefit | ' | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' | ' |
Estimated portions of net prior service credit that will be recognized as a component of net pension cost | ' | ¥ (924) | ' | ' |
Estimated portions of net actuarial loss that will be recognized as a component of net pension cost | ' | 547 | ' | ' |
Estimated portions of net transition obligation that will be recognized as a component of net pension | ' | 53 | ' | ' |
Accumulated benefit obligations for all defined benefit pension plans | 71,863 | 71,863 | 56,864 | ' |
Aggregate projected benefit obligations for plans with accumulated benefit obligations in excess of plan assets | 19,924 | 19,924 | 4,006 | ' |
Aggregate accumulated benefit obligations for plans with accumulated benefit obligations in excess of plan assets | 17,487 | 17,487 | 3,738 | ' |
Aggregate fair values of plan assets for the plans with accumulated benefit obligations in excess of plan assets | 7,015 | 7,015 | 1,034 | ' |
Expected pension plans contributions by Company and certain subsidiaries | ' | 2,976 | ' | ' |
Cost recognized for defined contribution pension plans of Company and certain of its subsidiaries | ' | 1,023 | 926 | 816 |
Overseas Pension Plans Defined Benefit | ' | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' | ' |
Estimated portions of net prior service credit that will be recognized as a component of net pension cost | -3 | ' | ' | ' |
Estimated portions of net actuarial loss that will be recognized as a component of net pension cost | 60 | ' | ' | ' |
Estimated portions of net transition obligation that will be recognized as a component of net pension | 3 | ' | ' | ' |
Accumulated benefit obligations for all defined benefit pension plans | 61,730 | 61,730 | 5,128 | ' |
Aggregate projected benefit obligations for plans with accumulated benefit obligations in excess of plan assets | 5,555 | 5,555 | 5,335 | ' |
Aggregate accumulated benefit obligations for plans with accumulated benefit obligations in excess of plan assets | 5,372 | 5,372 | 5,016 | ' |
Aggregate fair values of plan assets for the plans with accumulated benefit obligations in excess of plan assets | 4,096 | 4,096 | 3,799 | ' |
Expected pension plans contributions by Company and certain subsidiaries | ' | 11,191 | ' | ' |
Cost recognized for defined contribution pension plans of Company and certain of its subsidiaries | ' | ¥ 1,560 | ¥ 574 | ¥ 593 |
Equity securities | Domestic Pension Plans Of Foreign Entity Defined Benefit | ' | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' | ' |
Portfolio of plans | 30.00% | 30.00% | 30.00% | ' |
Equity securities | Overseas Pension Plans Defined Benefit | ' | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' | ' |
Portfolio of plans | 40.00% | 40.00% | ' | ' |
Debt Securities | Domestic Pension Plans Of Foreign Entity Defined Benefit | ' | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' | ' |
Portfolio of plans | 40.00% | 40.00% | 40.00% | ' |
Debt Securities | Overseas Pension Plans Defined Benefit | ' | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' | ' |
Portfolio of plans | 60.00% | 60.00% | 90.00% | ' |
Other investment | Domestic Pension Plans Of Foreign Entity Defined Benefit | ' | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' | ' |
Portfolio of plans | 30.00% | 30.00% | 30.00% | ' |
Other investment | Overseas Pension Plans Defined Benefit | ' | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' | ' |
Portfolio of plans | ' | ' | 10.00% | ' |
Net_Pension_Cost_of_Defined_Be
Net Pension Cost of Defined Benefit Plans (Detail) (JPY ¥) | 12 Months Ended | ||
In Millions, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 | Mar. 31, 2012 |
Domestic Pension Plans Of Foreign Entity Defined Benefit | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Service cost | ¥ 3,305 | ¥ 3,173 | ¥ 3,015 |
Interest cost | 1,128 | 1,063 | 1,140 |
Expected return on plan assets | -2,034 | -1,826 | -1,823 |
Amortization of transition obligation | 53 | 53 | 53 |
Amortization of net actuarial loss | 777 | 1,447 | 1,175 |
Amortization of prior service credit | -1,259 | -1,168 | -1,193 |
Net periodic pension cost | 1,970 | 2,742 | 2,367 |
Overseas Pension Plans Defined Benefit | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Service cost | 1,654 | 41 | 34 |
Interest cost | 1,684 | 189 | 199 |
Expected return on plan assets | -2,389 | -223 | -196 |
Amortization of transition obligation | 3 | 3 | 3 |
Amortization of net actuarial loss | 60 | 49 | 43 |
Amortization of prior service credit | -3 | 0 | 0 |
Net periodic pension cost | ¥ 1,009 | ¥ 59 | ¥ 83 |
Other_Changes_in_Plan_Assets_a
Other Changes in Plan Assets and Benefit Obligations Recognized in Other Comprehensive Income (Loss) (Detail) (JPY ¥) | 12 Months Ended | ||
In Millions, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 | Mar. 31, 2012 |
Domestic Pension Plans Of Foreign Entity Defined Benefit | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Current year actuarial gain (loss) | ¥ 1,873 | ¥ 7,401 | ¥ (5,029) |
Amortization of net actuarial loss | 777 | 1,447 | 1,175 |
Prior service credit due to amendments | 743 | 0 | 7 |
Amortization of prior service credit | -1,259 | -1,168 | -1,193 |
Amortization of transition obligation | 53 | 53 | 53 |
Plan curtailments and settlements | 0 | 0 | 18 |
Total recognized in other comprehensive income (loss), pre-tax | 2,187 | 7,733 | -4,969 |
Overseas Pension Plans Defined Benefit | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Current year actuarial gain (loss) | 2,447 | -89 | -115 |
Amortization of net actuarial loss | 60 | 49 | 43 |
Prior service credit due to amendments | 344 | 0 | 0 |
Amortization of prior service credit | -3 | 0 | 0 |
Amortization of transition obligation | 3 | 3 | 3 |
Foreign currency exchange rate change | -7 | -213 | 19 |
Total recognized in other comprehensive income (loss), pre-tax | ¥ 2,844 | ¥ (250) | ¥ (50) |
Significant_Assumptions_of_Jap
Significant Assumptions of Japan and Overseas Pension Plans Used to Determine Plan Amounts (Detail) | 12 Months Ended | ||
Mar. 31, 2014 | Mar. 31, 2013 | Mar. 31, 2012 | |
Domestic Pension Plans Of Foreign Entity Defined Benefit | ' | ' | ' |
Weighted-average assumptions used to determine benefit obligations at March 31: | ' | ' | ' |
Discount rate | 1.40% | 1.80% | 1.80% |
Rate of increase in compensation levels | 5.10% | 6.00% | 6.10% |
Weighted-average assumptions used to determine net periodic pension cost for years ended March 31: | ' | ' | ' |
Discount rate | 1.80% | 1.80% | 2.10% |
Rate of increase in compensation levels | 6.00% | 6.10% | 6.10% |
Expected long-term rate of return on plan assets | 2.20% | 2.20% | 2.20% |
Overseas Pension Plans Defined Benefit | ' | ' | ' |
Weighted-average assumptions used to determine benefit obligations at March 31: | ' | ' | ' |
Discount rate | 3.50% | 4.30% | 4.50% |
Rate of increase in compensation levels | 2.80% | 0.60% | 0.70% |
Weighted-average assumptions used to determine net periodic pension cost for years ended March 31: | ' | ' | ' |
Discount rate | 4.30% | 4.50% | 5.50% |
Rate of increase in compensation levels | 0.60% | 0.70% | 0.80% |
Expected long-term rate of return on plan assets | 5.60% | 7.20% | 7.20% |
Fair_Value_of_Pension_Plan_Ass
Fair Value of Pension Plan Assets by Asset Category (Detail) (JPY ¥) | Mar. 31, 2014 | Mar. 31, 2013 | Mar. 31, 2012 | ||
In Millions, unless otherwise specified | |||||
Overseas Pension Plans Defined Benefit | ' | ' | ' | ||
Schedule of Pension and Other Postretirment Plan Assets by Fair Value [Line Items] | ' | ' | ' | ||
Fair value of pension plan assets | ¥ 62,042 | ¥ 3,825 | ¥ 3,040 | ||
Overseas Pension Plans Defined Benefit | Level 1 | ' | ' | ' | ||
Schedule of Pension and Other Postretirment Plan Assets by Fair Value [Line Items] | ' | ' | ' | ||
Fair value of pension plan assets | 57,360 | 0 | ' | ||
Overseas Pension Plans Defined Benefit | Level 2 | ' | ' | ' | ||
Schedule of Pension and Other Postretirment Plan Assets by Fair Value [Line Items] | ' | ' | ' | ||
Fair value of pension plan assets | 4,682 | 3,825 | ' | ||
Overseas Pension Plans Defined Benefit | Level 3 | ' | ' | ' | ||
Schedule of Pension and Other Postretirment Plan Assets by Fair Value [Line Items] | ' | ' | ' | ||
Fair value of pension plan assets | 0 | 0 | ' | ||
Domestic Pension Plans Of Foreign Entity Defined Benefit | ' | ' | ' | ||
Schedule of Pension and Other Postretirment Plan Assets by Fair Value [Line Items] | ' | ' | ' | ||
Fair value of pension plan assets | 104,984 | 93,144 | 82,905 | ||
Domestic Pension Plans Of Foreign Entity Defined Benefit | Level 1 | ' | ' | ' | ||
Schedule of Pension and Other Postretirment Plan Assets by Fair Value [Line Items] | ' | ' | ' | ||
Fair value of pension plan assets | 0 | 0 | ' | ||
Domestic Pension Plans Of Foreign Entity Defined Benefit | Level 2 | ' | ' | ' | ||
Schedule of Pension and Other Postretirment Plan Assets by Fair Value [Line Items] | ' | ' | ' | ||
Fair value of pension plan assets | 104,984 | 93,144 | ' | ||
Domestic Pension Plans Of Foreign Entity Defined Benefit | Level 3 | ' | ' | ' | ||
Schedule of Pension and Other Postretirment Plan Assets by Fair Value [Line Items] | ' | ' | ' | ||
Fair value of pension plan assets | 0 | 0 | ' | ||
Pooled Equity Securities Funds | Overseas Pension Plans Defined Benefit | Overseas | ' | ' | ' | ||
Schedule of Pension and Other Postretirment Plan Assets by Fair Value [Line Items] | ' | ' | ' | ||
Fair value of pension plan assets | 59 | [1] | 57 | [2] | ' |
Pooled Equity Securities Funds | Overseas Pension Plans Defined Benefit | Level 1 | Overseas | ' | ' | ' | ||
Schedule of Pension and Other Postretirment Plan Assets by Fair Value [Line Items] | ' | ' | ' | ||
Fair value of pension plan assets | 0 | [1] | 0 | [2] | ' |
Pooled Equity Securities Funds | Overseas Pension Plans Defined Benefit | Level 2 | Overseas | ' | ' | ' | ||
Schedule of Pension and Other Postretirment Plan Assets by Fair Value [Line Items] | ' | ' | ' | ||
Fair value of pension plan assets | 59 | [1] | 57 | [2] | ' |
Pooled Equity Securities Funds | Overseas Pension Plans Defined Benefit | Level 3 | Overseas | ' | ' | ' | ||
Schedule of Pension and Other Postretirment Plan Assets by Fair Value [Line Items] | ' | ' | ' | ||
Fair value of pension plan assets | 0 | [1] | 0 | [2] | ' |
Pooled Equity Securities Funds | Domestic Pension Plans Of Foreign Entity Defined Benefit | Japan | ' | ' | ' | ||
Schedule of Pension and Other Postretirment Plan Assets by Fair Value [Line Items] | ' | ' | ' | ||
Fair value of pension plan assets | 14,981 | [3] | 12,458 | [4] | ' |
Pooled Equity Securities Funds | Domestic Pension Plans Of Foreign Entity Defined Benefit | Overseas | ' | ' | ' | ||
Schedule of Pension and Other Postretirment Plan Assets by Fair Value [Line Items] | ' | ' | ' | ||
Fair value of pension plan assets | 18,430 | [2] | 14,613 | [2] | ' |
Pooled Equity Securities Funds | Domestic Pension Plans Of Foreign Entity Defined Benefit | Level 1 | Japan | ' | ' | ' | ||
Schedule of Pension and Other Postretirment Plan Assets by Fair Value [Line Items] | ' | ' | ' | ||
Fair value of pension plan assets | 0 | [3] | 0 | [4] | ' |
Pooled Equity Securities Funds | Domestic Pension Plans Of Foreign Entity Defined Benefit | Level 1 | Overseas | ' | ' | ' | ||
Schedule of Pension and Other Postretirment Plan Assets by Fair Value [Line Items] | ' | ' | ' | ||
Fair value of pension plan assets | 0 | [2] | 0 | [2] | ' |
Pooled Equity Securities Funds | Domestic Pension Plans Of Foreign Entity Defined Benefit | Level 2 | Japan | ' | ' | ' | ||
Schedule of Pension and Other Postretirment Plan Assets by Fair Value [Line Items] | ' | ' | ' | ||
Fair value of pension plan assets | 14,981 | [3] | 12,458 | [4] | ' |
Pooled Equity Securities Funds | Domestic Pension Plans Of Foreign Entity Defined Benefit | Level 2 | Overseas | ' | ' | ' | ||
Schedule of Pension and Other Postretirment Plan Assets by Fair Value [Line Items] | ' | ' | ' | ||
Fair value of pension plan assets | 18,430 | [2] | 14,613 | [2] | ' |
Pooled Equity Securities Funds | Domestic Pension Plans Of Foreign Entity Defined Benefit | Level 3 | Japan | ' | ' | ' | ||
Schedule of Pension and Other Postretirment Plan Assets by Fair Value [Line Items] | ' | ' | ' | ||
Fair value of pension plan assets | 0 | [3] | 0 | [4] | ' |
Pooled Equity Securities Funds | Domestic Pension Plans Of Foreign Entity Defined Benefit | Level 3 | Overseas | ' | ' | ' | ||
Schedule of Pension and Other Postretirment Plan Assets by Fair Value [Line Items] | ' | ' | ' | ||
Fair value of pension plan assets | 0 | [2] | 0 | [2] | ' |
Pooled Debt Securities Funds | Domestic Pension Plans Of Foreign Entity Defined Benefit | Japan | ' | ' | ' | ||
Schedule of Pension and Other Postretirment Plan Assets by Fair Value [Line Items] | ' | ' | ' | ||
Fair value of pension plan assets | 28,931 | [5] | 26,208 | [6] | ' |
Pooled Debt Securities Funds | Domestic Pension Plans Of Foreign Entity Defined Benefit | Overseas | ' | ' | ' | ||
Schedule of Pension and Other Postretirment Plan Assets by Fair Value [Line Items] | ' | ' | ' | ||
Fair value of pension plan assets | 16,702 | [7] | 14,641 | [8] | ' |
Pooled Debt Securities Funds | Domestic Pension Plans Of Foreign Entity Defined Benefit | Level 1 | Japan | ' | ' | ' | ||
Schedule of Pension and Other Postretirment Plan Assets by Fair Value [Line Items] | ' | ' | ' | ||
Fair value of pension plan assets | 0 | [5] | 0 | [6] | ' |
Pooled Debt Securities Funds | Domestic Pension Plans Of Foreign Entity Defined Benefit | Level 1 | Overseas | ' | ' | ' | ||
Schedule of Pension and Other Postretirment Plan Assets by Fair Value [Line Items] | ' | ' | ' | ||
Fair value of pension plan assets | 0 | [7] | 0 | [8] | ' |
Pooled Debt Securities Funds | Domestic Pension Plans Of Foreign Entity Defined Benefit | Level 2 | Japan | ' | ' | ' | ||
Schedule of Pension and Other Postretirment Plan Assets by Fair Value [Line Items] | ' | ' | ' | ||
Fair value of pension plan assets | 28,931 | [5] | 26,208 | [6] | ' |
Pooled Debt Securities Funds | Domestic Pension Plans Of Foreign Entity Defined Benefit | Level 2 | Overseas | ' | ' | ' | ||
Schedule of Pension and Other Postretirment Plan Assets by Fair Value [Line Items] | ' | ' | ' | ||
Fair value of pension plan assets | 16,702 | [7] | 14,641 | [8] | ' |
Pooled Debt Securities Funds | Domestic Pension Plans Of Foreign Entity Defined Benefit | Level 3 | Japan | ' | ' | ' | ||
Schedule of Pension and Other Postretirment Plan Assets by Fair Value [Line Items] | ' | ' | ' | ||
Fair value of pension plan assets | 0 | [5] | 0 | [6] | ' |
Pooled Debt Securities Funds | Domestic Pension Plans Of Foreign Entity Defined Benefit | Level 3 | Overseas | ' | ' | ' | ||
Schedule of Pension and Other Postretirment Plan Assets by Fair Value [Line Items] | ' | ' | ' | ||
Fair value of pension plan assets | 0 | [7] | 0 | [8] | ' |
Municipal Bonds | Overseas Pension Plans Defined Benefit | Overseas | ' | ' | ' | ||
Schedule of Pension and Other Postretirment Plan Assets by Fair Value [Line Items] | ' | ' | ' | ||
Fair value of pension plan assets | 5,399 | 3,332 | ' | ||
Municipal Bonds | Overseas Pension Plans Defined Benefit | Level 1 | Overseas | ' | ' | ' | ||
Schedule of Pension and Other Postretirment Plan Assets by Fair Value [Line Items] | ' | ' | ' | ||
Fair value of pension plan assets | 1,779 | 0 | ' | ||
Municipal Bonds | Overseas Pension Plans Defined Benefit | Level 2 | Overseas | ' | ' | ' | ||
Schedule of Pension and Other Postretirment Plan Assets by Fair Value [Line Items] | ' | ' | ' | ||
Fair value of pension plan assets | 3,620 | 3,332 | ' | ||
Municipal Bonds | Overseas Pension Plans Defined Benefit | Level 3 | Overseas | ' | ' | ' | ||
Schedule of Pension and Other Postretirment Plan Assets by Fair Value [Line Items] | ' | ' | ' | ||
Fair value of pension plan assets | 0 | 0 | ' | ||
Life Insurance Company General Accounts | Overseas Pension Plans Defined Benefit | ' | ' | ' | ||
Schedule of Pension and Other Postretirment Plan Assets by Fair Value [Line Items] | ' | ' | ' | ||
Fair value of pension plan assets | ' | 177 | [9] | ' | |
Life Insurance Company General Accounts | Overseas Pension Plans Defined Benefit | Other Assets | ' | ' | ' | ||
Schedule of Pension and Other Postretirment Plan Assets by Fair Value [Line Items] | ' | ' | ' | ||
Fair value of pension plan assets | 161 | [9] | ' | ' | |
Life Insurance Company General Accounts | Overseas Pension Plans Defined Benefit | Level 1 | ' | ' | ' | ||
Schedule of Pension and Other Postretirment Plan Assets by Fair Value [Line Items] | ' | ' | ' | ||
Fair value of pension plan assets | ' | 0 | [9] | ' | |
Life Insurance Company General Accounts | Overseas Pension Plans Defined Benefit | Level 1 | Other Assets | ' | ' | ' | ||
Schedule of Pension and Other Postretirment Plan Assets by Fair Value [Line Items] | ' | ' | ' | ||
Fair value of pension plan assets | 0 | [9] | ' | ' | |
Life Insurance Company General Accounts | Overseas Pension Plans Defined Benefit | Level 2 | ' | ' | ' | ||
Schedule of Pension and Other Postretirment Plan Assets by Fair Value [Line Items] | ' | ' | ' | ||
Fair value of pension plan assets | ' | 177 | [9] | ' | |
Life Insurance Company General Accounts | Overseas Pension Plans Defined Benefit | Level 2 | Other Assets | ' | ' | ' | ||
Schedule of Pension and Other Postretirment Plan Assets by Fair Value [Line Items] | ' | ' | ' | ||
Fair value of pension plan assets | 161 | [9] | ' | ' | |
Life Insurance Company General Accounts | Overseas Pension Plans Defined Benefit | Level 3 | ' | ' | ' | ||
Schedule of Pension and Other Postretirment Plan Assets by Fair Value [Line Items] | ' | ' | ' | ||
Fair value of pension plan assets | ' | 0 | [9] | ' | |
Life Insurance Company General Accounts | Overseas Pension Plans Defined Benefit | Level 3 | Other Assets | ' | ' | ' | ||
Schedule of Pension and Other Postretirment Plan Assets by Fair Value [Line Items] | ' | ' | ' | ||
Fair value of pension plan assets | 0 | [9] | ' | ' | |
Life Insurance Company General Accounts | Domestic Pension Plans Of Foreign Entity Defined Benefit | ' | ' | ' | ||
Schedule of Pension and Other Postretirment Plan Assets by Fair Value [Line Items] | ' | ' | ' | ||
Fair value of pension plan assets | 17,860 | [9] | 17,703 | [9] | ' |
Life Insurance Company General Accounts | Domestic Pension Plans Of Foreign Entity Defined Benefit | Level 1 | ' | ' | ' | ||
Schedule of Pension and Other Postretirment Plan Assets by Fair Value [Line Items] | ' | ' | ' | ||
Fair value of pension plan assets | 0 | [9] | 0 | [9] | ' |
Life Insurance Company General Accounts | Domestic Pension Plans Of Foreign Entity Defined Benefit | Level 2 | ' | ' | ' | ||
Schedule of Pension and Other Postretirment Plan Assets by Fair Value [Line Items] | ' | ' | ' | ||
Fair value of pension plan assets | 17,860 | [9] | 17,703 | [9] | ' |
Life Insurance Company General Accounts | Domestic Pension Plans Of Foreign Entity Defined Benefit | Level 3 | ' | ' | ' | ||
Schedule of Pension and Other Postretirment Plan Assets by Fair Value [Line Items] | ' | ' | ' | ||
Fair value of pension plan assets | 0 | [9] | 0 | [9] | ' |
Other | Overseas Pension Plans Defined Benefit | ' | ' | ' | ||
Schedule of Pension and Other Postretirment Plan Assets by Fair Value [Line Items] | ' | ' | ' | ||
Fair value of pension plan assets | ' | 259 | [10] | ' | |
Other | Overseas Pension Plans Defined Benefit | Other Assets | ' | ' | ' | ||
Schedule of Pension and Other Postretirment Plan Assets by Fair Value [Line Items] | ' | ' | ' | ||
Fair value of pension plan assets | 842 | [10] | ' | ' | |
Other | Overseas Pension Plans Defined Benefit | Level 1 | ' | ' | ' | ||
Schedule of Pension and Other Postretirment Plan Assets by Fair Value [Line Items] | ' | ' | ' | ||
Fair value of pension plan assets | ' | 0 | [10] | ' | |
Other | Overseas Pension Plans Defined Benefit | Level 1 | Other Assets | ' | ' | ' | ||
Schedule of Pension and Other Postretirment Plan Assets by Fair Value [Line Items] | ' | ' | ' | ||
Fair value of pension plan assets | 0 | [10] | ' | ' | |
Other | Overseas Pension Plans Defined Benefit | Level 2 | ' | ' | ' | ||
Schedule of Pension and Other Postretirment Plan Assets by Fair Value [Line Items] | ' | ' | ' | ||
Fair value of pension plan assets | ' | 259 | [10] | ' | |
Other | Overseas Pension Plans Defined Benefit | Level 2 | Other Assets | ' | ' | ' | ||
Schedule of Pension and Other Postretirment Plan Assets by Fair Value [Line Items] | ' | ' | ' | ||
Fair value of pension plan assets | 842 | [10] | ' | ' | |
Other | Overseas Pension Plans Defined Benefit | Level 3 | ' | ' | ' | ||
Schedule of Pension and Other Postretirment Plan Assets by Fair Value [Line Items] | ' | ' | ' | ||
Fair value of pension plan assets | ' | 0 | [10] | ' | |
Other | Overseas Pension Plans Defined Benefit | Level 3 | Other Assets | ' | ' | ' | ||
Schedule of Pension and Other Postretirment Plan Assets by Fair Value [Line Items] | ' | ' | ' | ||
Fair value of pension plan assets | 0 | [10] | ' | ' | |
Other | Domestic Pension Plans Of Foreign Entity Defined Benefit | ' | ' | ' | ||
Schedule of Pension and Other Postretirment Plan Assets by Fair Value [Line Items] | ' | ' | ' | ||
Fair value of pension plan assets | 8,080 | [10] | 7,521 | [10] | ' |
Other | Domestic Pension Plans Of Foreign Entity Defined Benefit | Level 1 | ' | ' | ' | ||
Schedule of Pension and Other Postretirment Plan Assets by Fair Value [Line Items] | ' | ' | ' | ||
Fair value of pension plan assets | 0 | [10] | 0 | [10] | ' |
Other | Domestic Pension Plans Of Foreign Entity Defined Benefit | Level 2 | ' | ' | ' | ||
Schedule of Pension and Other Postretirment Plan Assets by Fair Value [Line Items] | ' | ' | ' | ||
Fair value of pension plan assets | 8,080 | [10] | 7,521 | [10] | ' |
Other | Domestic Pension Plans Of Foreign Entity Defined Benefit | Level 3 | ' | ' | ' | ||
Schedule of Pension and Other Postretirment Plan Assets by Fair Value [Line Items] | ' | ' | ' | ||
Fair value of pension plan assets | 0 | [10] | 0 | [10] | ' |
Shares | Overseas Pension Plans Defined Benefit | Overseas | ' | ' | ' | ||
Schedule of Pension and Other Postretirment Plan Assets by Fair Value [Line Items] | ' | ' | ' | ||
Fair value of pension plan assets | 24,420 | [1] | ' | ' | |
Shares | Overseas Pension Plans Defined Benefit | Level 1 | Overseas | ' | ' | ' | ||
Schedule of Pension and Other Postretirment Plan Assets by Fair Value [Line Items] | ' | ' | ' | ||
Fair value of pension plan assets | 24,420 | [1] | ' | ' | |
Shares | Overseas Pension Plans Defined Benefit | Level 2 | Overseas | ' | ' | ' | ||
Schedule of Pension and Other Postretirment Plan Assets by Fair Value [Line Items] | ' | ' | ' | ||
Fair value of pension plan assets | 0 | [1] | ' | ' | |
Shares | Overseas Pension Plans Defined Benefit | Level 3 | Overseas | ' | ' | ' | ||
Schedule of Pension and Other Postretirment Plan Assets by Fair Value [Line Items] | ' | ' | ' | ||
Fair value of pension plan assets | 0 | [1] | ' | ' | |
Government Bonds | Overseas Pension Plans Defined Benefit | Overseas | ' | ' | ' | ||
Schedule of Pension and Other Postretirment Plan Assets by Fair Value [Line Items] | ' | ' | ' | ||
Fair value of pension plan assets | 15,317 | ' | ' | ||
Government Bonds | Overseas Pension Plans Defined Benefit | Level 1 | Overseas | ' | ' | ' | ||
Schedule of Pension and Other Postretirment Plan Assets by Fair Value [Line Items] | ' | ' | ' | ||
Fair value of pension plan assets | 15,317 | ' | ' | ||
Government Bonds | Overseas Pension Plans Defined Benefit | Level 2 | Overseas | ' | ' | ' | ||
Schedule of Pension and Other Postretirment Plan Assets by Fair Value [Line Items] | ' | ' | ' | ||
Fair value of pension plan assets | 0 | ' | ' | ||
Government Bonds | Overseas Pension Plans Defined Benefit | Level 3 | Overseas | ' | ' | ' | ||
Schedule of Pension and Other Postretirment Plan Assets by Fair Value [Line Items] | ' | ' | ' | ||
Fair value of pension plan assets | 0 | ' | ' | ||
Corporate Bonds | Overseas Pension Plans Defined Benefit | Overseas | ' | ' | ' | ||
Schedule of Pension and Other Postretirment Plan Assets by Fair Value [Line Items] | ' | ' | ' | ||
Fair value of pension plan assets | 15,844 | ' | ' | ||
Corporate Bonds | Overseas Pension Plans Defined Benefit | Level 1 | Overseas | ' | ' | ' | ||
Schedule of Pension and Other Postretirment Plan Assets by Fair Value [Line Items] | ' | ' | ' | ||
Fair value of pension plan assets | 15,844 | ' | ' | ||
Corporate Bonds | Overseas Pension Plans Defined Benefit | Level 2 | Overseas | ' | ' | ' | ||
Schedule of Pension and Other Postretirment Plan Assets by Fair Value [Line Items] | ' | ' | ' | ||
Fair value of pension plan assets | 0 | ' | ' | ||
Corporate Bonds | Overseas Pension Plans Defined Benefit | Level 3 | Overseas | ' | ' | ' | ||
Schedule of Pension and Other Postretirment Plan Assets by Fair Value [Line Items] | ' | ' | ' | ||
Fair value of pension plan assets | ¥ 0 | ' | ' | ||
[1] | These shares and funds invest in listing shares. | ||||
[2] | These funds invest in listing shares. | ||||
[3] | These funds invest in listing shares include shares of ORIX Corporation in the amounts of ¥25 million and units of ORIX JREIT Inc. in the amounts of ¥181 million at March 31, 2014. | ||||
[4] | These funds invest in listing shares include shares of ORIX Corporation in the amounts of ¥12 million and units of ORIX JREIT Inc. in the amounts of ¥179 million at March 31, 2013. | ||||
[5] | 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 ¥46 million and investment corporation bonds of ORIX JREIT Inc. in the amounts of ¥20 million at March 31, 2014. | ||||
[6] | 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 ¥107 million and investment corporation bonds of ORIX JREIT Inc. in the amounts of ¥41 million at March 31, 2013. | ||||
[7] | These funds invest entirely in foreign government bonds. | ||||
[8] | These funds invest approximately 90% in foreign government bonds and approximately 10% in foreign corporate bonds. | ||||
[9] | Life insurance company general accounts are accounts with guaranteed capital and minimum interest rate, in which life insurance companies manage funds on several contracts. | ||||
[10] | Others include derivative instruments held for hedging change in the fair value of equity securities, and short-term instruments. |
Fair_Value_of_Pension_Plan_Ass1
Fair Value of Pension Plan Assets by Asset Category (Parenthetical) (Detail) (JPY ¥) | Mar. 31, 2014 | Mar. 31, 2013 | Mar. 31, 2012 | Mar. 31, 2014 | Mar. 31, 2013 | Mar. 31, 2012 | Mar. 31, 2013 | Mar. 31, 2014 | Mar. 31, 2013 | Mar. 31, 2014 | Mar. 31, 2013 | Mar. 31, 2013 | Mar. 31, 2014 | Mar. 31, 2014 | Mar. 31, 2013 | Mar. 31, 2013 | Mar. 31, 2014 | Mar. 31, 2014 | Mar. 31, 2013 | Mar. 31, 2013 |
In Millions, unless otherwise specified | Overseas Pension Plans Defined Benefit | Overseas Pension Plans Defined Benefit | Overseas Pension Plans Defined Benefit | Domestic Pension Plans Of Foreign Entity Defined Benefit | Domestic Pension Plans Of Foreign Entity Defined Benefit | Domestic Pension Plans Of Foreign Entity Defined Benefit | Japanese Government Bond Securities | Japanese Government Bond Securities | Japanese Municipal Bonds Securities | Japanese Municipal Bonds Securities | Japanese Corporate Bonds Securities | Japanese Corporate Bonds Securities | Japanese Corporate Bonds Securities | Japanese Corporate Bonds Securities | Japanese Companies Equity Securities | Japanese Companies Equity Securities | Japanese Companies Equity Securities | Japanese Companies Equity Securities | Foreign Government Bonds | Debt Securities |
Overseas Pension Plans Defined Benefit | Domestic Pension Plans Of Foreign Entity Defined Benefit | Overseas Pension Plans Defined Benefit | Domestic Pension Plans Of Foreign Entity Defined Benefit | Overseas Pension Plans Defined Benefit | Overseas Pension Plans Defined Benefit | Domestic Pension Plans Of Foreign Entity Defined Benefit | Domestic Pension Plans Of Foreign Entity Defined Benefit | Overseas Pension Plans Defined Benefit | Overseas Pension Plans Defined Benefit | Domestic Pension Plans Of Foreign Entity Defined Benefit | Domestic Pension Plans Of Foreign Entity Defined Benefit | Domestic Pension Plans Of Foreign Entity Defined Benefit | Domestic Pension Plans Of Foreign Entity Defined Benefit | |||||||
ORIX JREIT Inc. | ORIX JREIT Inc. | ORIX JREIT Inc. | ORIX JREIT Inc. | |||||||||||||||||
Schedule of Pension and Other Postretirment Plan Assets by Fair Value [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Fair value of pension plan assets | ¥ 62,042 | ¥ 3,825 | ¥ 3,040 | ¥ 104,984 | ¥ 93,144 | ¥ 82,905 | ' | ' | ' | ' | ¥ 107 | ¥ 41 | ¥ 46 | ¥ 20 | ¥ 12 | ¥ 179 | ¥ 25 | ¥ 181 | ' | ' |
Pension plan assets investment allocation in pooled funds | ' | ' | ' | ' | ' | ' | 70.00% | 70.00% | 10.00% | 10.00% | 20.00% | ' | 20.00% | ' | ' | ' | ' | ' | 90.00% | 10.00% |
Benefits_Expected_to_be_Paid_D
Benefits Expected to be Paid (Detail) (JPY ¥) | Mar. 31, 2014 |
In Millions, unless otherwise specified | |
Domestic Pension Plans Of Foreign Entity Defined Benefit | ' |
Defined Benefit Plan Disclosure [Line Items] | ' |
2015 | ¥ 1,900 |
2016 | 1,716 |
2017 | 1,827 |
2018 | 1,897 |
2019 | 1,891 |
2020-2024 | 12,339 |
Total | 21,570 |
Overseas Pension Plans Defined Benefit | ' |
Defined Benefit Plan Disclosure [Line Items] | ' |
2015 | 1,492 |
2016 | 1,379 |
2017 | 1,386 |
2018 | 1,394 |
2019 | 1,430 |
2020-2024 | 8,360 |
Total | ¥ 15,441 |
Changes_in_Redeemable_Noncontr
Changes in Redeemable Noncontrolling Interests (Detail) (JPY ¥) | 12 Months Ended | ||
In Millions, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 | Mar. 31, 2012 |
Beginning Balance | ¥ 41,621 | ¥ 37,633 | ¥ 33,902 |
Adjustment of redeemable noncontrolling interests to redemption value | 2,851 | -400 | 1,188 |
Contribution to subsidiary | 413 | 0 | 0 |
Transaction with noncontrolling interests | 1,309 | 942 | 1,213 |
Comprehensive income | ' | ' | ' |
Net Income | 4,108 | 3,985 | 2,724 |
Other comprehensive income (loss) | ' | ' | ' |
Net change of foreign currency translation adjustments | 4,099 | 5,224 | -315 |
Total other comprehensive income (loss) | 4,099 | 5,224 | -315 |
Comprehensive income | 8,207 | 9,209 | 2,409 |
Cash dividends | -1,224 | -5,763 | -1,079 |
Ending Balance | ¥ 53,177 | ¥ 41,621 | ¥ 37,633 |
StockBased_Compensation_Additi
Stock-Based Compensation - Additional Information (Detail) (JPY ¥) | 12 Months Ended | ||
In Millions, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 | Mar. 31, 2012 |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' |
Cash received from the exercise of stock options | ¥ 863 | ¥ 345 | ¥ 55 |
Unrecognized compensation costs | 0 | ' | ' |
Stock Options | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' |
Total intrinsic value of options exercised | 403 | 136 | 5 |
Incremental stock-based compensation costs recognized | 0 | 0 | 0 |
Stock Options | Minimum | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' |
Weighted average vesting period | '1 year 9 months | ' | ' |
Weighted average exercise period | '9 years 9 months 29 days | ' | ' |
Stock Options | Maximum | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' |
Weighted average vesting period | '1 year 11 months 1 day | ' | ' |
Weighted average exercise period | '9 years 11 months 1 day | ' | ' |
Stock Compensation Plan | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' |
Points granted | 399,000 | ' | ' |
Points settled for individuals retired | 93,250 | ' | ' |
Points outstanding | 2,043,542 | ' | ' |
Incremental stock-based compensation costs recognized | ¥ 609 | ¥ 410 | ¥ 288 |
Summary_of_Information_Related
Summary of Information Related to Stock Acquisition Rights (Detail) (JPY ¥) | 1 Months Ended | 12 Months Ended | |||||
Jul. 31, 2009 | Mar. 31, 2014 | Mar. 31, 2014 | Mar. 31, 2014 | Mar. 31, 2014 | Mar. 31, 2014 | Mar. 31, 2014 | |
Stock Options Fiscal 2004 Plan | Stock Options Fiscal 2005 Plan | Stock Options Fiscal 2006 Plan | Stock Options Fiscal 2007 Plan | Stock Options Fiscal 2008 Plan | Stock Options Fiscal 2009 Plan | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' | ' | ' | ' | ' |
Exercise period, range start | ' | 26-Jun-05 | 24-Jun-06 | 22-Jun-07 | 21-Jun-08 | 5-Jul-09 | 18-Jul-10 |
Exercise period, range end | ' | 25-Jun-13 | 23-Jun-14 | 21-Jun-15 | 20-Jun-16 | 22-Jun-17 | 24-Jun-18 |
Number of shares Initially granted | 18,000,000 | 5,160,000 | 5,289,000 | 4,774,000 | 1,942,000 | 1,449,800 | 1,479,000 |
Exercise Price | ' | ¥ 700 | ¥ 1,172 | ¥ 1,891 | ¥ 2,962 | ¥ 3,101 | ¥ 1,689 |
Summary_of_Information_Related1
Summary of Information Related to Stock Acquisition Rights (Parenthetical) (Detail) | 12 Months Ended |
Mar. 31, 2013 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' |
Stock split implemented | 10 |
Summary_of_Information_about_S
Summary of Information about Stock Options Activity (Detail) (JPY ¥) | 12 Months Ended | |
In Millions, except Share data, unless otherwise specified | Mar. 31, 2014 | |
Number of shares | ' | |
Outstanding at beginning of the year | 9,051,000 | [1] |
Exercised | -804,300 | [1] |
Forfeited or expired | -430,200 | [1] |
Outstanding at end of year | 7,816,500 | [1] |
Exercisable at end of year | 7,816,500 | [1] |
Weighted average exercise price | ' | |
Outstanding at beginning of the year | ¥ 2,011 | [1],[2] |
Exercised | ¥ 1,077 | [1],[2] |
Forfeited or expired | ¥ 1,846 | [1],[2] |
Outstanding at end of year | ¥ 2,117 | [1],[2] |
Exercisable at end of year | ¥ 2,117 | [1],[2] |
Weighted average remaining contractual life | ' | |
Outstanding at end of year | '1 year 11 months 19 days | |
Exercisable at end of year | '1 year 11 months 19 days | |
Aggregate intrinsic value | ' | |
Outstanding at end of year | ¥ 327 | |
Exercisable at end of year | ¥ 327 | |
[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. | |
[2] | The exercise prices of the granted options were adjusted in July 2009 for the issuance of new 18 million shares. |
Summary_of_Information_about_S1
Summary of Information about Stock Options Activity (Parenthetical) (Detail) | 1 Months Ended | 12 Months Ended |
In Millions, unless otherwise specified | Jul. 31, 2009 | Mar. 31, 2013 |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' |
Granted options, issuance of new shares | 18 | ' |
Stock split implemented | ' | 10 |
Changes_in_Components_of_Accum
Changes in Components of Accumulated Other Comprehensive Income (Loss) (Detail) (JPY ¥) | 12 Months Ended | ||
In Millions, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 | Mar. 31, 2012 |
Beginning Balance | ¥ (36,263) | ¥ (96,056) | ¥ (96,180) |
Net unrealized gains on investment in securities, net of tax of ¥(3,151) million in 2012, and ¥(8206) million in 2013, and ¥(9,529) million in 2014 | 18,566 | 17,955 | 7,442 |
Reclassification adjustment included in net income, net of tax of ¥1,463 million in 2012 and ¥1,997 million in 2013, and ¥4,255 million in 2014 | -7,963 | -4,625 | -2,321 |
Defined benefit pension plans, net of tax of ¥1,807 million in 2012 and ¥(2589) million in 2013, and ¥(1548)million in 2014 | 3,850 | 4,511 | -3,294 |
Reclassification adjustment included in net income, net of tax of ¥(33) million in 2012, and ¥(138) million in 2013, and ¥91 million in 2014 | -278 | 248 | 47 |
Foreign currency translation adjustments, net of tax of ¥(335) million in 2012, and ¥(5,254) million in 2013, and ¥1,739 million in 2014 | 35,366 | 47,428 | -1,392 |
Reclassification adjustment included in net income, net of tax of ¥0 million in 2012, and ¥(1,971) million in 2013, and ¥17 million in 2014 | 1,503 | 3,551 | 0 |
Net unrealized losses on derivative instruments, net of tax of ¥457 million in 2012, and and ¥288 million in 2013, and ¥31 million in 2014 | 572 | -556 | -989 |
Reclassification adjustment included in net income, net of tax of ¥198 million in 2012, and ¥ (328) million in 2013, and ¥ (298) million in 2014 | 915 | 824 | -181 |
Total other comprehensive income (loss) | 52,531 | 69,336 | -688 |
Transaction with noncontrolling interests | ' | 89 | 20 |
Other Comprehensive Income Attributable to the Noncontrolling Interest | 12,167 | 4,230 | -517 |
Other Comprehensive Income Attributable to the Redeemable Noncontrolling Interests | 4,099 | 5,224 | -315 |
Ending Balance | 2 | -36,263 | -96,056 |
Net unrealized gains (losses) on investment in securities | ' | ' | ' |
Beginning Balance | 28,974 | 16,145 | 11,503 |
Net unrealized gains on investment in securities, net of tax of ¥(3,151) million in 2012, and ¥(8206) million in 2013, and ¥(9,529) million in 2014 | 18,566 | 17,955 | 7,442 |
Reclassification adjustment included in net income, net of tax of ¥1,463 million in 2012 and ¥1,997 million in 2013, and ¥4,255 million in 2014 | -7,963 | -4,625 | -2,321 |
Total other comprehensive income (loss) | 10,603 | 13,330 | 5,121 |
Transaction with noncontrolling interests | ' | 0 | 0 |
Other Comprehensive Income Attributable to the Noncontrolling Interest | 926 | 501 | 479 |
Other Comprehensive Income Attributable to the Redeemable Noncontrolling Interests | 0 | 0 | 0 |
Ending Balance | 38,651 | 28,974 | 16,145 |
Defined benefit pension plans | ' | ' | ' |
Beginning Balance | -9,587 | -14,343 | -11,098 |
Defined benefit pension plans, net of tax of ¥1,807 million in 2012 and ¥(2589) million in 2013, and ¥(1548)million in 2014 | 3,850 | 4,511 | -3,294 |
Reclassification adjustment included in net income, net of tax of ¥(33) million in 2012, and ¥(138) million in 2013, and ¥91 million in 2014 | -278 | 248 | 47 |
Total other comprehensive income (loss) | 3,572 | 4,759 | -3,247 |
Transaction with noncontrolling interests | ' | 2 | 0 |
Other Comprehensive Income Attributable to the Noncontrolling Interest | 213 | 1 | -2 |
Other Comprehensive Income Attributable to the Redeemable Noncontrolling Interests | 0 | 0 | 0 |
Ending Balance | -6,228 | -9,587 | -14,343 |
Foreign currency translation adjustments | ' | ' | ' |
Beginning Balance | -53,759 | -95,692 | -95,574 |
Foreign currency translation adjustments, net of tax of ¥(335) million in 2012, and ¥(5,254) million in 2013, and ¥1,739 million in 2014 | 35,366 | 47,428 | -1,392 |
Reclassification adjustment included in net income, net of tax of ¥0 million in 2012, and ¥(1,971) million in 2013, and ¥17 million in 2014 | 1,503 | 3,551 | 0 |
Total other comprehensive income (loss) | 36,869 | 50,979 | -1,392 |
Transaction with noncontrolling interests | ' | 87 | 20 |
Other Comprehensive Income Attributable to the Noncontrolling Interest | 10,998 | 3,735 | -979 |
Other Comprehensive Income Attributable to the Redeemable Noncontrolling Interests | 4,099 | 5,224 | -315 |
Ending Balance | -31,987 | -53,759 | -95,692 |
Net unrealized gains (losses) on derivative instruments | ' | ' | ' |
Beginning Balance | -1,891 | -2,166 | -1,011 |
Net unrealized losses on derivative instruments, net of tax of ¥457 million in 2012, and and ¥288 million in 2013, and ¥31 million in 2014 | 572 | -556 | -989 |
Reclassification adjustment included in net income, net of tax of ¥198 million in 2012, and ¥ (328) million in 2013, and ¥ (298) million in 2014 | 915 | 824 | -181 |
Total other comprehensive income (loss) | 1,487 | 268 | -1,170 |
Transaction with noncontrolling interests | ' | 0 | 0 |
Other Comprehensive Income Attributable to the Noncontrolling Interest | 30 | -7 | -15 |
Other Comprehensive Income Attributable to the Redeemable Noncontrolling Interests | 0 | 0 | 0 |
Ending Balance | ¥ (434) | ¥ (1,891) | ¥ (2,166) |
Changes_in_Components_of_Accum1
Changes in Components of Accumulated Other Comprehensive Income (Loss) (Parenthetical) (Detail) (JPY ¥) | 12 Months Ended | ||
In Millions, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 | Mar. 31, 2012 |
Net unrealized gains on investment in securities, tax | ¥ (9,529) | ¥ (8,206) | ¥ (3,151) |
Reclassification adjustment included in net income, tax | -4,255 | 1,997 | 1,463 |
Defined benefit pension plans, tax | -1,548 | -2,589 | 1,807 |
Reclassification adjustment included in net income, tax | -91 | -138 | -33 |
Foreign currency translation adjustments, tax | -1,739 | -5,254 | -335 |
Reclassification adjustment included in net income, tax | -17 | -1,971 | 0 |
Net unrealized losses on derivative instruments, tax | 31 | 288 | 457 |
Reclassification adjustment included in net income, tax | ¥ (298) | ¥ (328) | ¥ 198 |
Amounts_Reclassified_to_Net_In
Amounts Reclassified to Net Income from Accumulated Other Comprehensive Income (loss) (Detail) (JPY ¥) | 12 Months Ended | ||
In Millions, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 | Mar. 31, 2012 |
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ' | ' | ' |
Brokerage commissions and net gains on investment securities | ¥ 27,183 | ¥ 34,814 | ¥ 29,337 |
Gains on sales of subsidiaries and affiliates and liquidation losses, net | 64,923 | 7,883 | 3,317 |
Life insurance premiums and related investment income | 155,406 | 138,726 | 126,907 |
Write-downs of securities and other | -7,989 | -22,838 | -16,470 |
Income before Income Taxes and Discontinued Operations | 283,726 | 172,572 | 127,515 |
Tax expenses or benefits | -97,236 | -53,682 | -44,608 |
Net Income | 193,991 | 119,058 | 85,901 |
Interest on loans and investment securities/Interest expense | -82,859 | -100,966 | -109,872 |
Foreign currency transaction loss | -723 | -503 | 217 |
Net unrealized gains (losses) on derivative instruments | ' | ' | ' |
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ' | ' | ' |
Net Income | -915 | -824 | 181 |
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] | ' | ' | ' |
Brokerage commissions and net gains on investment securities | 10,902 | ' | ' |
Interest on loans and investment securities | 858 | ' | ' |
Write-downs of securities and other | -2,302 | ' | ' |
Income before Income Taxes and Discontinued Operations | 12,188 | ' | ' |
Tax expenses or benefits | -4,225 | ' | ' |
Net Income | 7,963 | ' | ' |
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] | ' | ' | ' |
Life insurance premiums and related investment income | 3,262 | ' | ' |
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 | -532 | ' | ' |
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 | 1,262 | ' | ' |
Amortization of net actuarial loss | -837 | ' | ' |
Amortization of transition obligation | -56 | ' | ' |
Income before Income Taxes and Discontinued Operations | 369 | ' | ' |
Tax expenses or benefits | -91 | ' | ' |
Net Income | 278 | ' | ' |
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 | -1,520 | ' | ' |
Income before Income Taxes and Discontinued Operations | -1,520 | ' | ' |
Tax expenses or benefits | 17 | ' | ' |
Net Income | -1,503 | ' | ' |
Reclassification out of Accumulated Other Comprehensive Income | Net unrealized gains (losses) on derivative instruments | ' | ' | ' |
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ' | ' | ' |
Income before Income Taxes and Discontinued Operations | -1,213 | ' | ' |
Tax expenses or benefits | 298 | ' | ' |
Net Income | -915 | ' | ' |
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] | ' | ' | ' |
Interest on loans and investment securities/Interest expense | 39 | ' | ' |
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] | ' | ' | ' |
Foreign currency transaction loss | 773 | ' | ' |
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 on loans and investment securities/Interest expense | ¥ (2,025) | ' | ' |
Changes_in_Number_of_Shares_Is
Changes in Number of Shares Issued (Detail) | 12 Months Ended | |||
Mar. 31, 2014 | Mar. 31, 2013 | Mar. 31, 2012 | ||
Stockholders Equity Note [Line Items] | ' | ' | ' | |
Exercise of stock options | 804,300 | [1] | ' | ' |
Common Stock | ' | ' | ' | |
Stockholders Equity Note [Line Items] | ' | ' | ' | |
Beginning balance | 1,248,714,760 | 1,102,544,220 | 1,102,458,460 | |
Exercise of stock options | 804,300 | 499,000 | 77,000 | |
Conversion of convertible bonds | 73,258,568 | 145,671,540 | 8,760 | |
Ending balance | 1,322,777,628 | 1,248,714,760 | 1,102,544,220 | |
[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_2
ORIX Corporation Shareholders' Equity - Additional Information (Detail) (JPY ¥) | 12 Months Ended | ||
In Millions, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 | Mar. 31, 2012 |
Stockholders Equity Note [Line Items] | ' | ' | ' |
Dividends to be distributed to shareholders | ¥ 30,117 | ' | ' |
Declared date of dividends to be distributed to shareholders | '2014-05 | ' | ' |
Record date of dividends to be distributed to shareholders | 31-Mar-14 | ' | ' |
Amount available for dividends under the Japanese Companies Act | 276,487 | ' | ' |
Equity in undistributed earnings of the companies accounted for by the equity method | 17,825 | 13,836 | 1,983 |
Restricted net assets of certain subsidiaries which include regulatory capital requirements for life insurance and banking operations | 42,765 | ' | ' |
Maximum | ' | ' | ' |
Stockholders Equity Note [Line Items] | ' | ' | ' |
Restricted net assets of certain subsidiaries, percentage to consolidated net assets | 25.00% | ' | ' |
Retained Earnings | ' | ' | ' |
Stockholders Equity Note [Line Items] | ' | ' | ' |
Equity in undistributed earnings of the companies accounted for by the equity method | ¥ 40,226 | ' | ' |
Brokerage_Commissions_and_Net_2
Brokerage Commissions and Net Gains (Losses) on Investment Securities (Detail) (JPY ¥) | 12 Months Ended | ||
In Millions, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 | Mar. 31, 2012 |
Net Investment Income [Line Items] | ' | ' | ' |
Net gains on investment securities | ¥ 19,412 | ¥ 28,805 | ¥ 24,894 |
Dividends income, other | 7,771 | 6,009 | 4,443 |
Brokerage commissions and net gains on investment securities | ¥ 27,183 | ¥ 34,814 | ¥ 29,337 |
Brokerage_Commissions_and_Net_3
Brokerage Commissions and Net Gains on Investment Securities - Additional Information (Detail) (JPY ¥) | 12 Months Ended | ||
In Millions, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 | Mar. 31, 2012 |
Net Investment Income [Line Items] | ' | ' | ' |
Net trading gains (losses) | ¥ 3,208 | ¥ 3,435 | ¥ 9,324 |
Life_Insurance_Premiums_and_Re
Life Insurance Premiums and Related Investment Income (Detail) (JPY ¥) | 12 Months Ended | ||
In Millions, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 | Mar. 31, 2012 |
Net Investment Income [Line Items] | ' | ' | ' |
Life insurance premiums | ¥ 145,464 | ¥ 130,187 | ¥ 116,836 |
Life insurance related investment income | 9,942 | 8,539 | 10,071 |
Gains on life insurance premium and related investment income | ¥ 155,406 | ¥ 138,726 | ¥ 126,907 |
Life_Insurance_Operations_Addi
Life Insurance Operations - Additional Information (Detail) (JPY ¥) | 12 Months Ended | ||
In Millions, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 | Mar. 31, 2012 |
Net Investment Income [Line Items] | ' | ' | ' |
Amortization of policy acquisition costs charged to income | ¥ 9,701 | ¥ 7,196 | ¥ 7,307 |
Revenues_and_Expenses_from_Ass
Revenues and Expenses from Asset Management and Servicing (Detail) (JPY ¥) | 12 Months Ended | ||
In Millions, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 | Mar. 31, 2012 |
Assets that Continue to be Recognized, Securitized or Asset-backed Financing Arrangement Assets and any Other Financial Assets Managed Together [Line Items] | ' | ' | ' |
Management fee income | ¥ 111,970 | ¥ 8,181 | ¥ 9,297 |
Performance fee income | 5,956 | 6,962 | 3,528 |
Other | 8,566 | 122 | 83 |
Revenues from asset management and servicing | 126,492 | 15,265 | 12,908 |
Distribution fee expenses | 14,767 | 324 | 172 |
Sub-advisory fee expenses | 19,483 | 259 | 309 |
Other | 1,900 | 10 | 12 |
Expenses from asset management and servicing | ¥ 36,150 | ¥ 593 | ¥ 493 |
Other_Operating_Revenues_and_O
Other Operating Revenues and Other Operating Expenses (Detail) (JPY ¥) | 12 Months Ended | ||
In Millions, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 | Mar. 31, 2012 |
Other operating revenues | ¥ 491,313 | ¥ 315,691 | ¥ 250,679 |
Other operating expenses | 310,775 | 194,693 | 152,521 |
Vehicle Maintenance and Management Services | ' | ' | ' |
Other operating revenues | 46,433 | 45,654 | 45,150 |
Other operating expenses | 32,915 | 33,336 | 35,026 |
M & A Advisory Services, Financing Advice, Financial Restructuring Advisory Services and Related Services | ' | ' | ' |
Other operating revenues | 58,892 | 42,556 | 37,513 |
Private Equity Investment | ' | ' | ' |
Other operating revenues | 134,444 | 32,681 | ' |
Other operating expenses | 118,112 | 28,607 | ' |
Environment and Energy Related Business | ' | ' | ' |
Other operating revenues | 51,441 | 29,812 | 21,202 |
Facilities Management of Golf Courses | ' | ' | ' |
Other operating revenues | 24,229 | 23,479 | 23,061 |
Other operating expenses | 20,749 | 21,130 | 20,418 |
Facilities Management of Hotels and Japanese Inns | ' | ' | ' |
Other operating revenues | 36,825 | 31,093 | 29,355 |
Other operating expenses | 32,822 | 26,959 | 26,038 |
Other Segment | ' | ' | ' |
Other operating revenues | 139,049 | 110,416 | 94,398 |
Other operating expenses | 64,320 | 61,519 | 52,983 |
Energy Related Businesses | ' | ' | ' |
Other operating expenses | ¥ 41,857 | ¥ 23,142 | ¥ 18,056 |
Recovered_Sheet1
Write-Downs of Long-Lived Assets - Additional Information (Detail) (JPY ¥) | 12 Months Ended | ||
In Millions, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 | Mar. 31, 2012 |
Impaired Long-Lived Assets Held and Used [Line Items] | ' | ' | ' |
Impairment losses | ¥ 26,742 | ¥ 21,053 | ¥ 20,246 |
Write-downs of long-lived assets | 23,421 | 17,896 | 15,167 |
Office Building | ' | ' | ' |
Impaired Long-Lived Assets Held and Used [Line Items] | ' | ' | ' |
Impairment losses | 3,582 | 923 | 605 |
Number of impaired assets | 2 | 2 | 3 |
Impairment loss due to change in use | 4,109 | ' | ' |
Office Building Held for Sale | ' | ' | ' |
Impaired Long-Lived Assets Held and Used [Line Items] | ' | ' | ' |
Impairment losses | 1,445 | 1,055 | 1,055 |
Number of impaired assets | 5 | 14 | 17 |
Condominiums Held for Sale | ' | ' | ' |
Impaired Long-Lived Assets Held and Used [Line Items] | ' | ' | ' |
Impairment losses | 988 | 1,142 | 1,108 |
Number of impaired assets | 1 | 13 | 25 |
Condominiums | ' | ' | ' |
Impaired Long-Lived Assets Held and Used [Line Items] | ' | ' | ' |
Impairment losses | ' | 3,853 | 269 |
Number of impaired assets | ' | 4 | 5 |
Commercial Facilities Other Than Office Buildings | ' | ' | ' |
Impaired Long-Lived Assets Held and Used [Line Items] | ' | ' | ' |
Impairment losses | 2,976 | 1,582 | ' |
Number of impaired assets | 2 | 2 | ' |
Commercial Facilities Other Than Office Buildings Held for Sale | ' | ' | ' |
Impaired Long-Lived Assets Held and Used [Line Items] | ' | ' | ' |
Impairment losses | 137 | 442 | 385 |
Number of impaired assets | 1 | 4 | 7 |
Land Undeveloped Or Under Construction Held for Sale | ' | ' | ' |
Impaired Long-Lived Assets Held and Used [Line Items] | ' | ' | ' |
Impairment losses | 713 | 608 | 2,220 |
Land Undeveloped Or Under Construction | ' | ' | ' |
Impaired Long-Lived Assets Held and Used [Line Items] | ' | ' | ' |
Impairment losses | 3,787 | 6,818 | 6,983 |
Property, Plant and Equipment, Other Types | ' | ' | ' |
Impaired Long-Lived Assets Held and Used [Line Items] | ' | ' | ' |
Impairment losses | 9,005 | 4,630 | 7,621 |
Building used for training facility in facilities operation business | ' | ' | ' |
Impaired Long-Lived Assets Held and Used [Line Items] | ' | ' | ' |
Impairment losses | 5,052 | ' | ' |
Information-related equipment in rental operation | ' | ' | ' |
Impaired Long-Lived Assets Held and Used [Line Items] | ' | ' | ' |
Impairment losses | ¥ 1,292 | ' | ' |
Discontinued_Operations_Additi
Discontinued Operations - Additional Information (Detail) (JPY ¥) | 12 Months Ended | ||
In Millions, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 | Mar. 31, 2012 |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ' | ' | ' |
Gains (losses) on sales of subsidiaries and liquidation losses, net | ' | ¥ (13) | ¥ (361) |
Gains losses on derivative trading instruments included in income from subsidiary | ' | -370 | -1,188 |
Loss on Liquidating Subsidiary | 14,600 | 6,789 | 3,609 |
Other Operating Assets | 312,774 | 233,258 | ' |
Other Receivables | 239,958 | 196,626 | ' |
Other Assets | 1,041,356 | 475,466 | ' |
Gains on sales of real estate properties | 17,820 | 14,032 | 14,721 |
Rental properties held for sale | 44,694 | 39,459 | ' |
Segment, Discontinued Operations | ' | ' | ' |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ' | ' | ' |
Gains (losses) on sales of subsidiaries and liquidation losses, net | 333 | 175 | ' |
Other Operating Assets | 1,561 | ' | ' |
Other Receivables | 2,069 | ' | ' |
Other Assets | 1,500 | ' | ' |
Current Liabilities | 1,822 | ' | ' |
Long Term Liabilities | 1,336 | ' | ' |
Real Estate | ' | ' | ' |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ' | ' | ' |
Gains on sales of real estate properties | 16,200 | 6,802 | 4,921 |
Subsidiaries | ' | ' | ' |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ' | ' | ' |
Loss on Liquidating Subsidiary | ¥ 1,600 | ' | ' |
Discontinued_Operations_Detail
Discontinued Operations (Detail) (JPY ¥) | 12 Months Ended | |||||
In Millions, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 | Mar. 31, 2012 | |||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ' | ' | ' | |||
Revenues | ¥ 26,607 | ¥ 20,699 | ¥ 30,253 | |||
Income from discontinued operations, net | 12,182 | [1] | -179 | [1] | 1,775 | [1] |
Provision for income taxes | -4,681 | 347 | 1,219 | |||
Discontinued operations, net of applicable tax effect | ¥ 7,501 | ¥ 168 | ¥ 2,994 | |||
[1] | Income from discontinued operations, net includes aggregate gains on sales of subsidiaries, business units, and rental properties in the amount of ¥3,609 million, ¥6,789 million and ¥14,600 million in fiscal 2012, 2013 and 2014, respectively. |
Discontinued_Operations_Parent
Discontinued Operations (Parenthetical) (Detail) (JPY ¥) | 12 Months Ended | ||
In Millions, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 | Mar. 31, 2012 |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ' | ' | ' |
Income from discontinued operations, aggregate gains on sales of subsidiaries, business units, and rental properties | ¥ 14,600 | ¥ 6,789 | ¥ 3,609 |
Per_Share_Data_Additional_Info
Per Share Data - Additional Information (Detail) (Stock Options) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 | Mar. 31, 2012 |
Stock Options | ' | ' | ' |
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ' | ' | ' |
Antidilutive shares excluded from calculation of diluted EPS | 6,815 | 9,010 | 9,820 |
Reconciliation_of_Differences_1
Reconciliation of Differences Between Basic and Diluted Earnings Per Share (EPS) (Detail) (JPY ¥) | 12 Months Ended | ||
In Millions, except Share data in Thousands, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 | Mar. 31, 2012 |
Earnings Per Share, Diluted, by Common Class, Including Two Class Method [Line Items] | ' | ' | ' |
Income attributable to ORIX Corporation shareholders from continuing operations | ¥ 179,499 | ¥ 112,144 | ¥ 79,810 |
Effect of dilutive securities | ' | ' | ' |
Expense related to convertible bond | 265 | 1,329 | 2,364 |
Income from continuing operations for diluted EPS computation | ¥ 179,764 | ¥ 113,473 | ¥ 82,174 |
Weighted-average shares | 1,268,081 | 1,087,883 | 1,075,095 |
Effect of dilutive securities | ' | ' | ' |
Conversion of convertible bond | 40,057 | 206,635 | 244,104 |
Exercise of stock options | 2,117 | 1,546 | 1,228 |
Weighted-average shares for diluted EPS computation | 1,310,255 | 1,296,064 | 1,320,427 |
Earnings per share for income attributable to ORIX Corporation shareholders from continuing operations: | ' | ' | ' |
Basic | ¥ 141.55 | ¥ 103.09 | ¥ 74.24 |
Diluted | ¥ 137.2 | ¥ 87.55 | ¥ 62.23 |
Derivative_Financial_Instrumen2
Derivative Financial Instruments and Hedging - Additional Information (Detail) (JPY ¥) | 12 Months Ended | ||
In Millions, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 | Mar. 31, 2012 |
Derivative Instruments, Gain (Loss) [Line Items] | ' | ' | ' |
Net gains (losses) on cash flow hedges reclassified from accumulated other comprehensive income (loss) into earnings | ¥ 193,991 | ¥ 119,058 | ¥ 85,901 |
Net derivative losses included in accumulated other comprehensive income (loss), that will be reclassified into earnings within fiscal 2015 | -482 | ' | ' |
Net gains (losses) on cash flow hedges reclassified from accumulated other comprehensive income (loss) into earnings | 269 | -69 | 0 |
Net gains (losses) hedge ineffectiveness associated with instruments designated as fair value hedges recorded in earnings | -20 | -47 | -265 |
Net unrealized gains (losses) on derivative instruments | ' | ' | ' |
Derivative Instruments, Gain (Loss) [Line Items] | ' | ' | ' |
Net gains (losses) on cash flow hedges reclassified from accumulated other comprehensive income (loss) into earnings | ¥ (915) | ¥ (824) | ¥ 181 |
Effect_of_Derivative_Instrumen
Effect of Derivative Instruments on Consolidated Statements of Income, Pre-tax (Detail) (JPY ¥) | 12 Months Ended | ||
In Millions, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 | Mar. 31, 2012 |
Derivative Instruments, Gain (Loss) [Line Items] | ' | ' | ' |
Gains (losses) recognized in income on derivative | ' | ¥ (370) | ¥ (1,188) |
Cash flow hedges | Interest rate swap agreements | ' | ' | ' |
Derivative Instruments, Gain (Loss) [Line Items] | ' | ' | ' |
Gains (losses) recognized in other comprehensive income on derivative (effective portion) | 945 | -249 | -489 |
Gains (losses) recognized in income on derivative (ineffective portion and amount excluded from effectiveness testing) | 0 | 0 | 0 |
Cash flow hedges | Interest rate swap agreements | Interest on loans and investment securities/Interest expense | ' | ' | ' |
Derivative Instruments, Gain (Loss) [Line Items] | ' | ' | ' |
Gains (losses) reclassified from accumulated other comprehensive income (loss) into income (effective portion) | 39 | 6 | 44 |
Cash flow hedges | Foreign exchange contracts | ' | ' | ' |
Derivative Instruments, Gain (Loss) [Line Items] | ' | ' | ' |
Gains (losses) recognized in other comprehensive income on derivative (effective portion) | -948 | -1,546 | -526 |
Gains (losses) recognized in income on derivative (ineffective portion and amount excluded from effectiveness testing) | 0 | 0 | 0 |
Cash flow hedges | Foreign exchange contracts | Foreign currency transaction loss | ' | ' | ' |
Derivative Instruments, Gain (Loss) [Line Items] | ' | ' | ' |
Gains (losses) reclassified from accumulated other comprehensive income (loss) into income (effective portion) | 773 | 73 | -696 |
Cash flow hedges | Foreign currency swap agreements | ' | ' | ' |
Derivative Instruments, Gain (Loss) [Line Items] | ' | ' | ' |
Gains (losses) recognized in other comprehensive income on derivative (effective portion) | 594 | 960 | -409 |
Gains (losses) recognized in income on derivative (ineffective portion and amount excluded from effectiveness testing) | ' | ' | 0 |
Cash flow hedges | Foreign currency swap agreements | Foreign currency transaction loss | ' | ' | ' |
Derivative Instruments, Gain (Loss) [Line Items] | ' | ' | ' |
Gains (losses) recognized in income on derivative (ineffective portion and amount excluded from effectiveness testing) | 269 | -69 | ' |
Cash flow hedges | Foreign currency swap agreements | Interest on loans and investment securities/Interest expense/Foreign currency transaction loss | ' | ' | ' |
Derivative Instruments, Gain (Loss) [Line Items] | ' | ' | ' |
Gains (losses) reclassified from accumulated other comprehensive income (loss) into income (effective portion) | -2,025 | -1,231 | 1,031 |
Fair value hedges | Interest rate swap agreements | Interest on loans and investment securities/Interest expense | ' | ' | ' |
Derivative Instruments, Gain (Loss) [Line Items] | ' | ' | ' |
Gains (losses) recognized in income on derivative | -2,296 | 76 | 4,072 |
Gains (losses) recognized in income on hedged item | 2,276 | -120 | -4,337 |
Fair value hedges | Foreign exchange contracts | Foreign currency transaction loss | ' | ' | ' |
Derivative Instruments, Gain (Loss) [Line Items] | ' | ' | ' |
Gains (losses) recognized in income on derivative | -3,574 | -8,828 | 972 |
Gains (losses) recognized in income on hedged item | 3,574 | 8,828 | -972 |
Fair value hedges | Foreign currency swap agreements | Foreign currency transaction loss | ' | ' | ' |
Derivative Instruments, Gain (Loss) [Line Items] | ' | ' | ' |
Gains (losses) recognized in income on derivative | -2,896 | -2,352 | 227 |
Gains (losses) recognized in income on hedged item | 2,896 | 2,349 | -277 |
Fair value hedges | Foreign Exchange Long Term Debt | Foreign currency transaction loss | ' | ' | ' |
Derivative Instruments, Gain (Loss) [Line Items] | ' | ' | ' |
Gains (losses) recognized in income on derivative | -1,609 | 172 | 69 |
Gains (losses) recognized in income on hedged item | 1,609 | -172 | -69 |
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 (effective portion) | -23,638 | -11,524 | -1,198 |
Gains (losses) reclassified from accumulated other comprehensive income (loss) into income (effective portion) | ' | ' | 0 |
Gains (losses) recognized in income on derivative (ineffective portion and amount excluded from effectiveness testing) | 0 | 0 | 0 |
Hedges of net investment in foreign operations | Foreign exchange contracts | Gains (losses) on sales of subsidiaries and affiliates and liquidation losses, net | ' | ' | ' |
Derivative Instruments, Gain (Loss) [Line Items] | ' | ' | ' |
Gains (losses) reclassified from accumulated other comprehensive income (loss) into income (effective portion) | -171 | 1,425 | ' |
Hedges of net investment in foreign operations | Debt Loans and Bonds in Local Currency | ' | ' | ' |
Derivative Instruments, Gain (Loss) [Line Items] | ' | ' | ' |
Gains (losses) recognized in other comprehensive income on derivative (effective portion) | -16,469 | -19,637 | 1,348 |
Gains (losses) reclassified from accumulated 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 | 0 |
Hedges of net investment in foreign operations | Debt Loans and Bonds in Local Currency | Gains (losses) on sales of subsidiaries and affiliates and liquidation losses, net | ' | ' | ' |
Derivative Instruments, Gain (Loss) [Line Items] | ' | ' | ' |
Gains (losses) reclassified from accumulated other comprehensive income (loss) into income (effective portion) | ' | 3,464 | ' |
Trading derivatives or derivatives not designated as hedging instruments | Interest rate swap agreements | Other operating revenues/expenses | ' | ' | ' |
Derivative Instruments, Gain (Loss) [Line Items] | ' | ' | ' |
Gains (losses) recognized in income on derivative | 5 | 8 | 23 |
Trading derivatives or derivatives not designated as hedging instruments | Foreign exchange contracts | Brokerage commissions and net gains (losses) on investment securities | ' | ' | ' |
Derivative Instruments, Gain (Loss) [Line Items] | ' | ' | ' |
Gains (losses) recognized in income on derivative | -406 | -236 | 615 |
Trading derivatives or derivatives not designated as hedging instruments | Foreign currency swap agreements | Other operating revenues/expenses | ' | ' | ' |
Derivative Instruments, Gain (Loss) [Line Items] | ' | ' | ' |
Gains (losses) recognized in income on derivative | ' | ' | 24 |
Trading derivatives or derivatives not designated as hedging instruments | Future | Brokerage commissions and net gains (losses) on investment securities | ' | ' | ' |
Derivative Instruments, Gain (Loss) [Line Items] | ' | ' | ' |
Gains (losses) recognized in income on derivative | -167 | -504 | -1,056 |
Trading derivatives or derivatives not designated as hedging instruments | Credit derivatives held/written | Other operating revenues/expenses | ' | ' | ' |
Derivative Instruments, Gain (Loss) [Line Items] | ' | ' | ' |
Gains (losses) recognized in income on derivative | -506 | 344 | -92 |
Trading derivatives or derivatives not designated as hedging instruments | Options Held (Written) and Other | Other operating revenues/expenses | ' | ' | ' |
Derivative Instruments, Gain (Loss) [Line Items] | ' | ' | ' |
Gains (losses) recognized in income on derivative | ¥ (241) | ¥ 992 | ¥ 137 |
Notional_Amounts_of_Derivative
Notional Amounts of Derivative Instruments and Fair Values of Derivative Instruments and Other Before Offsetting (Detail) (JPY ¥) | Mar. 31, 2014 | Mar. 31, 2013 |
In Millions, unless otherwise specified | ||
Derivatives, Fair Value [Line Items] | ' | ' |
Asset derivatives Fair value | ¥ 15,715 | ¥ 24,876 |
Liability derivatives Fair value | 19,909 | 28,315 |
Derivatives designated as hedging instruments and other | Interest rate swap agreements | ' | ' |
Derivatives, Fair Value [Line Items] | ' | ' |
Notional amount | 206,605 | 264,434 |
Derivatives designated as hedging instruments and other | Interest rate swap agreements | Other Receivables | ' | ' |
Derivatives, Fair Value [Line Items] | ' | ' |
Asset derivatives Fair value | 2,528 | 4,654 |
Derivatives designated as hedging instruments and other | Interest rate swap agreements | Trade notes, accounts payable and other liabilities | ' | ' |
Derivatives, Fair Value [Line Items] | ' | ' |
Liability derivatives Fair value | 634 | 1,451 |
Derivatives designated as hedging instruments and other | Futures, Foreign exchange contracts | ' | ' |
Derivatives, Fair Value [Line Items] | ' | ' |
Notional amount | 370,243 | 191,980 |
Derivatives designated as hedging instruments and other | Futures, Foreign exchange contracts | Other Receivables | ' | ' |
Derivatives, Fair Value [Line Items] | ' | ' |
Asset derivatives Fair value | 1,018 | 838 |
Derivatives designated as hedging instruments and other | Futures, Foreign exchange contracts | Trade notes, accounts payable and other liabilities | ' | ' |
Derivatives, Fair Value [Line Items] | ' | ' |
Liability derivatives Fair value | 4,708 | 4,624 |
Derivatives designated as hedging instruments and other | Foreign currency swap agreements | ' | ' |
Derivatives, Fair Value [Line Items] | ' | ' |
Notional amount | 93,276 | 83,000 |
Derivatives designated as hedging instruments and other | Foreign currency swap agreements | Other Receivables | ' | ' |
Derivatives, Fair Value [Line Items] | ' | ' |
Asset derivatives Fair value | 3,534 | 2,890 |
Derivatives designated as hedging instruments and other | Foreign currency swap agreements | Trade notes, accounts payable and other liabilities | ' | ' |
Derivatives, Fair Value [Line Items] | ' | ' |
Liability derivatives Fair value | 7,176 | 8,263 |
Derivatives designated as hedging instruments and other | Foreign Exchange Long Term Debt | ' | ' |
Derivatives, Fair Value [Line Items] | ' | ' |
Notional amount | 261,483 | 161,379 |
Asset derivatives Fair value | 0 | 0 |
Liability derivatives Fair value | 0 | 0 |
Trading derivatives or derivatives not designated as hedging instruments | Interest rate swap agreements | ' | ' |
Derivatives, Fair Value [Line Items] | ' | ' |
Notional amount | ' | 1,294 |
Asset derivatives Fair value | ' | 0 |
Trading derivatives or derivatives not designated as hedging instruments | Interest rate swap agreements | Trade notes, accounts payable and other liabilities | ' | ' |
Derivatives, Fair Value [Line Items] | ' | ' |
Liability derivatives Fair value | ' | 8 |
Trading derivatives or derivatives not designated as hedging instruments | Futures, Foreign exchange contracts | ' | ' |
Derivatives, Fair Value [Line Items] | ' | ' |
Notional amount | 65,094 | 41,363 |
Trading derivatives or derivatives not designated as hedging instruments | Futures, Foreign exchange contracts | Other Receivables | ' | ' |
Derivatives, Fair Value [Line Items] | ' | ' |
Asset derivatives Fair value | 56 | 192 |
Trading derivatives or derivatives not designated as hedging instruments | Futures, Foreign exchange contracts | Trade notes, accounts payable and other liabilities | ' | ' |
Derivatives, Fair Value [Line Items] | ' | ' |
Liability derivatives Fair value | 472 | 61 |
Trading derivatives or derivatives not designated as hedging instruments | Options held/written and other | ' | ' |
Derivatives, Fair Value [Line Items] | ' | ' |
Notional amount | 173,637 | 217,999 |
Trading derivatives or derivatives not designated as hedging instruments | Options held/written and other | Other Receivables | ' | ' |
Derivatives, Fair Value [Line Items] | ' | ' |
Asset derivatives Fair value | 5,486 | 5,654 |
Trading derivatives or derivatives not designated as hedging instruments | Options held/written and other | Trade notes, accounts payable and other liabilities | ' | ' |
Derivatives, Fair Value [Line Items] | ' | ' |
Liability derivatives Fair value | 3,605 | 3,530 |
Trading derivatives or derivatives not designated as hedging instruments | Credit derivatives held/written | ' | ' |
Derivatives, Fair Value [Line Items] | ' | ' |
Notional amount | 13,715 | 20,161 |
Trading derivatives or derivatives not designated as hedging instruments | Credit derivatives held/written | Other Receivables | ' | ' |
Derivatives, Fair Value [Line Items] | ' | ' |
Asset derivatives Fair value | 29 | 370 |
Trading derivatives or derivatives not designated as hedging instruments | Credit derivatives held/written | Trade notes, accounts payable and other liabilities | ' | ' |
Derivatives, Fair Value [Line Items] | ' | ' |
Liability derivatives Fair value | ¥ 265 | ¥ 100 |
Details_of_Credit_Derivatives_
Details of Credit Derivatives Written (Detail) (Credit default swap, JPY ¥) | 12 Months Ended | |||
In Millions, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 | ||
Credit default swap | ' | ' | ||
Credit Derivatives [Line Items] | ' | ' | ||
The events or circumstances that would require the seller to perform under the credit derivative | 'In case of credit event (bankruptcy, failure to pay, restructuring) occurring in underlying reference company | [1] | 'In case of credit event (bankruptcy, failure to pay, restructuring) occurring in underlying reference company | [2] |
Maximum potential amount of future payment under the credit derivative | ¥ 425 | ¥ 832 | ||
Approximate remaining term of the credit derivative | '4 years | '5 years | ||
Fair value of the credit derivative | ¥ 29 | ¥ (29) | ||
[1] | Underlying reference company's credit ratings are Baa1 or better rated by rating agencies as of March 31, 2014. | |||
[2] | Underlying reference company's credit ratings are Caa1 or better rated by rating agencies as of March 31, 2013. |
Gross_Amounts_Recognized_Gross
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 ¥) | Mar. 31, 2014 | Mar. 31, 2013 | ||
In Millions, unless otherwise specified | ||||
Offsetting Asset and Liabilities [Line Items] | ' | ' | ||
Gross amounts recognized, assets | ¥ 15,715 | ¥ 24,876 | ||
Gross amounts offset in the consolidated balance sheets, assets | -3,263 | -10,278 | ||
Net amounts presented in the consolidated balance sheets, assets | 12,452 | 14,598 | ||
Gross amounts not offset in the consolidated balance sheets, financial instruments, assets | -1,015 | [1] | -2,994 | [1] |
Gross amounts not offset in the consolidated balance sheets, Cash collateral, assets | 0 | [1] | -124 | [1] |
Net amount, assets | 11,437 | 11,480 | ||
Gross amounts recognized, liabilities | 19,909 | 28,315 | ||
Gross amounts offset in the consolidated balance sheets, liabilities | -3,263 | -10,278 | ||
Net amounts presented in the consolidated balance sheets, liabilities | 16,646 | 18,037 | ||
Gross amounts not offset in the consolidated balance sheets, financial instruments, liabilities | -1,015 | [1] | -2,994 | [1] |
Gross amounts not offset in the consolidated balance sheets, Cash collateral, liabilities | -571 | [1] | -159 | [1] |
Net amount, liabilities | 15,060 | 14,884 | ||
Derivative assets | ' | ' | ||
Offsetting Asset and Liabilities [Line Items] | ' | ' | ||
Gross amounts recognized, assets | 12,651 | 17,124 | ||
Gross amounts offset in the consolidated balance sheets, assets | -214 | -2,639 | ||
Net amounts presented in the consolidated balance sheets, assets | 12,437 | 14,485 | ||
Gross amounts not offset in the consolidated balance sheets, financial instruments, assets | -1,015 | [1] | -2,994 | [1] |
Gross amounts not offset in the consolidated balance sheets, Cash collateral, assets | 0 | [1] | -124 | [1] |
Net amount, assets | 11,422 | 11,367 | ||
Reverse repurchase, securities borrowing, and similar arrangements | ' | ' | ||
Offsetting Asset and Liabilities [Line Items] | ' | ' | ||
Gross amounts recognized, assets | 3,064 | [2] | 7,752 | [2] |
Gross amounts offset in the consolidated balance sheets, assets | -3,049 | [2] | -7,639 | [2] |
Net amounts presented in the consolidated balance sheets, assets | 15 | [2] | 113 | [2] |
Gross amounts not offset in the consolidated balance sheets, financial instruments, assets | 0 | [1],[2] | 0 | [1],[2] |
Gross amounts not offset in the consolidated balance sheets, Cash collateral, assets | 0 | [1],[2] | 0 | [1],[2] |
Net amount, assets | 15 | [2] | 113 | [2] |
Gross amounts recognized, liabilities | 3,049 | [2] | 7,639 | [2] |
Gross amounts offset in the consolidated balance sheets, liabilities | -3,049 | [2] | -7,639 | [2] |
Net amounts presented in the consolidated balance sheets, liabilities | 0 | [2] | 0 | [2] |
Gross amounts not offset in the consolidated balance sheets, financial instruments, liabilities | 0 | [1],[2] | 0 | [1],[2] |
Gross amounts not offset in the consolidated balance sheets, Cash collateral, liabilities | 0 | [1],[2] | 0 | [1],[2] |
Net amount, liabilities | 0 | [2] | 0 | [2] |
Derivative liabilities | ' | ' | ||
Offsetting Asset and Liabilities [Line Items] | ' | ' | ||
Gross amounts recognized, liabilities | 16,860 | 20,676 | ||
Gross amounts offset in the consolidated balance sheets, liabilities | -214 | -2,639 | ||
Net amounts presented in the consolidated balance sheets, liabilities | 16,646 | 18,037 | ||
Gross amounts not offset in the consolidated balance sheets, financial instruments, liabilities | -1,015 | [1] | -2,994 | [1] |
Gross amounts not offset in the consolidated balance sheets, Cash collateral, liabilities | -571 | [1] | -159 | [1] |
Net amount, liabilities | ¥ 15,060 | ¥ 14,884 | ||
[1] | The balances related to enforceable master netting agreements or similar agreements which were not offset in the consolidated balance sheets. | |||
[2] | Reserve repurchase agreements and securities borrowing, and similar transactions are reported within other receivables in the consolidated balance sheets. Repurchase agreements and securities lending, and similar transactions are reported within trade notes, accounts payable and other liabilities in the consolidated balance sheets. |
Significant_Concentrations_of_1
Significant Concentrations of Credit Risk - Additional Information (Detail) (JPY ¥) | 12 Months Ended | |
In Billions, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 |
Concentration Risk [Line Items] | ' | ' |
Concentration of risk description | 'No concentration with a single obligor exceeded 1% of the Companybs consolidated total assets | 'No concentration with a single obligor exceeded 1% of the Companybs consolidated total assets |
Real Estate Investment | ' | ' |
Concentration Risk [Line Items] | ' | ' |
Concentration risk , percentage | 9.70% | 11.70% |
Consumer Housing loans | ' | ' |
Concentration Risk [Line Items] | ' | ' |
Concentration risk , percentage | 10.80% | 10.90% |
Transportation equipment | ' | ' |
Concentration Risk [Line Items] | ' | ' |
Concentration risk , percentage | 10.90% | 10.40% |
Japan | ' | ' |
Concentration Risk [Line Items] | ' | ' |
Credit exposures on a geographic basis | 4,752 | 4,723 |
Concentration risk , percentage | 79.00% | 77.00% |
United States | ' | ' |
Concentration Risk [Line Items] | ' | ' |
Credit exposures on a geographic basis | 503 | 777 |
Financial_Instruments_and_Deri
Financial Instruments and Derivatives Financial Instruments, Other Than Investment in Direct Financing Leases, Investment in Subsidiaries and Affiliates, Pension Obligations and Insurance Contracts (Detail) (JPY ¥) | Mar. 31, 2014 | Mar. 31, 2013 | Mar. 31, 2012 | Mar. 31, 2011 | ||
In Millions, unless otherwise specified | ||||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' | ' | ' | ||
Trading securities | ¥ 16,079 | ¥ 33,041 | ' | ' | ||
Assets | 9,069,392 | 8,439,710 | 8,332,830 | ' | ||
Liabilities | 6,921,037 | 6,710,516 | ' | ' | ||
Cash and cash equivalents | 827,299 | 826,296 | 786,892 | 732,127 | ||
Restricted cash | 86,690 | 106,919 | ' | ' | ||
Time Deposits | 7,510 | 8,356 | ' | ' | ||
Short-term debt | 309,591 | 420,726 | ' | ' | ||
Deposits | 1,206,413 | 1,078,587 | ' | ' | ||
Long-Term Debt | 3,858,874 | 4,061,534 | ' | ' | ||
Trading Instruments | Level 1 | ' | ' | ' | ' | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' | ' | ' | ||
Trading securities | 275 | 2,184 | ' | ' | ||
Trading Instruments | Level 1 | Futures, Foreign exchange contracts | ' | ' | ' | ' | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' | ' | ' | ||
Assets | 8 | 147 | ' | ' | ||
Liabilities | 28 | 0 | ' | ' | ||
Trading Instruments | Level 1 | Credit derivatives held/written | ' | ' | ' | ' | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' | ' | ' | ||
Assets | 0 | 0 | ' | ' | ||
Liabilities | 0 | 0 | ' | ' | ||
Trading Instruments | Level 1 | Options Held (Written) and Other | ' | ' | ' | ' | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' | ' | ' | ||
Assets | 0 | 0 | ' | ' | ||
Liabilities | 0 | 0 | ' | ' | ||
Trading Instruments | Level 2 | ' | ' | ' | ' | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' | ' | ' | ||
Trading securities | 15,804 | 30,857 | ' | ' | ||
Trading Instruments | Level 2 | Futures, Foreign exchange contracts | ' | ' | ' | ' | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' | ' | ' | ||
Assets | 0 | 0 | ' | ' | ||
Liabilities | 156 | 0 | ' | ' | ||
Trading Instruments | Level 2 | Credit derivatives held/written | ' | ' | ' | ' | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' | ' | ' | ||
Assets | 29 | 370 | ' | ' | ||
Liabilities | 265 | 100 | ' | ' | ||
Trading Instruments | Level 2 | Options Held (Written) and Other | ' | ' | ' | ' | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' | ' | ' | ||
Assets | 3,000 | 3,555 | ' | ' | ||
Liabilities | 3,605 | 3,530 | ' | ' | ||
Trading Instruments | Level 3 | ' | ' | ' | ' | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' | ' | ' | ||
Trading securities | 0 | 0 | ' | ' | ||
Trading Instruments | Level 3 | Futures, Foreign exchange contracts | ' | ' | ' | ' | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' | ' | ' | ||
Assets | 0 | 0 | ' | ' | ||
Liabilities | 0 | 0 | ' | ' | ||
Trading Instruments | Level 3 | Credit derivatives held/written | ' | ' | ' | ' | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' | ' | ' | ||
Assets | 0 | 0 | ' | ' | ||
Liabilities | 0 | 0 | ' | ' | ||
Trading Instruments | Level 3 | Options Held (Written) and Other | ' | ' | ' | ' | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' | ' | ' | ||
Assets | 2,486 | 2,099 | ' | ' | ||
Liabilities | 0 | 0 | ' | ' | ||
Non Trading Instruments | Level 1 | Futures, Foreign exchange contracts | ' | ' | ' | ' | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' | ' | ' | ||
Assets | 0 | 0 | ' | ' | ||
Liabilities | 0 | 0 | ' | ' | ||
Non Trading Instruments | Level 1 | Assets | ' | ' | ' | ' | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' | ' | ' | ||
Cash and cash equivalents | 827,299 | 826,296 | ' | ' | ||
Restricted cash | 86,690 | 106,919 | ' | ' | ||
Time Deposits | 0 | 0 | ' | ' | ||
Installment loans (net of allowance for probable loan losses) | 0 | 0 | ' | ' | ||
Non Trading Instruments | Level 1 | Investment in securities | ' | ' | ' | ' | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' | ' | ' | ||
Practicable to estimate fair value | 230,618 | 166,398 | ' | ' | ||
Not practicable to estimate fair value | 0 | [1] | 0 | [2] | ' | ' |
Non Trading Instruments | Level 1 | Liabilities | ' | ' | ' | ' | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' | ' | ' | ||
Short-term debt | 0 | 0 | ' | ' | ||
Deposits | 0 | 0 | ' | ' | ||
Long-Term Debt | 0 | 0 | ' | ' | ||
Non Trading Instruments | Level 1 | Foreign currency swap agreements | ' | ' | ' | ' | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' | ' | ' | ||
Assets | 0 | 0 | ' | ' | ||
Liabilities | 0 | 0 | ' | ' | ||
Non Trading Instruments | Level 1 | Interest rate swap agreements | ' | ' | ' | ' | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' | ' | ' | ||
Assets | 0 | 0 | ' | ' | ||
Liabilities | 0 | 0 | ' | ' | ||
Non Trading Instruments | Level 2 | Futures, Foreign exchange contracts | ' | ' | ' | ' | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' | ' | ' | ||
Assets | 852 | 883 | ' | ' | ||
Liabilities | 4,782 | 4,685 | ' | ' | ||
Non Trading Instruments | Level 2 | Assets | ' | ' | ' | ' | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' | ' | ' | ||
Cash and cash equivalents | 0 | 0 | ' | ' | ||
Restricted cash | 0 | 0 | ' | ' | ||
Time Deposits | 7,510 | 8,356 | ' | ' | ||
Installment loans (net of allowance for probable loan losses) | 120,583 | 82,125 | ' | ' | ||
Non Trading Instruments | Level 2 | Investment in securities | ' | ' | ' | ' | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' | ' | ' | ||
Practicable to estimate fair value | 671,023 | 552,394 | ' | ' | ||
Not practicable to estimate fair value | 0 | [1] | 0 | [2] | ' | ' |
Non Trading Instruments | Level 2 | Liabilities | ' | ' | ' | ' | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' | ' | ' | ||
Short-term debt | 309,591 | 420,726 | ' | ' | ||
Deposits | 1,206,642 | 1,081,273 | ' | ' | ||
Long-Term Debt | 1,235,377 | 1,486,219 | ' | ' | ||
Non Trading Instruments | Level 2 | Foreign currency swap agreements | ' | ' | ' | ' | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' | ' | ' | ||
Assets | 3,534 | 2,890 | ' | ' | ||
Liabilities | 7,176 | 8,263 | ' | ' | ||
Non Trading Instruments | Level 2 | Interest rate swap agreements | ' | ' | ' | ' | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' | ' | ' | ||
Assets | 2,528 | 4,654 | ' | ' | ||
Liabilities | 634 | 1,459 | ' | ' | ||
Non Trading Instruments | Level 3 | Futures, Foreign exchange contracts | ' | ' | ' | ' | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' | ' | ' | ||
Assets | 0 | 0 | ' | ' | ||
Liabilities | 0 | 0 | ' | ' | ||
Non Trading Instruments | Level 3 | Assets | ' | ' | ' | ' | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' | ' | ' | ||
Cash and cash equivalents | 0 | 0 | ' | ' | ||
Restricted cash | 0 | 0 | ' | ' | ||
Time Deposits | 0 | 0 | ' | ' | ||
Installment loans (net of allowance for probable loan losses) | 2,154,339 | 2,543,007 | ' | ' | ||
Non Trading Instruments | Level 3 | Investment in securities | ' | ' | ' | ' | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' | ' | ' | ||
Practicable to estimate fair value | 90,318 | 142,778 | ' | ' | ||
Not practicable to estimate fair value | 0 | [1] | 0 | [2] | ' | ' |
Non Trading Instruments | Level 3 | Liabilities | ' | ' | ' | ' | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' | ' | ' | ||
Short-term debt | 0 | 0 | ' | ' | ||
Deposits | 0 | 0 | ' | ' | ||
Long-Term Debt | 2,630,079 | 2,595,693 | ' | ' | ||
Non Trading Instruments | Level 3 | Foreign currency swap agreements | ' | ' | ' | ' | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' | ' | ' | ||
Assets | 0 | 0 | ' | ' | ||
Liabilities | 0 | 0 | ' | ' | ||
Non Trading Instruments | Level 3 | Interest rate swap agreements | ' | ' | ' | ' | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' | ' | ' | ||
Assets | 0 | 0 | ' | ' | ||
Liabilities | 0 | 0 | ' | ' | ||
Carrying amount | Trading Instruments | ' | ' | ' | ' | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' | ' | ' | ||
Trading securities | 16,079 | 33,041 | ' | ' | ||
Carrying amount | Trading Instruments | Futures, Foreign exchange contracts | ' | ' | ' | ' | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' | ' | ' | ||
Assets | 8 | 147 | ' | ' | ||
Liabilities | 184 | 0 | ' | ' | ||
Carrying amount | Trading Instruments | Credit derivatives held/written | ' | ' | ' | ' | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' | ' | ' | ||
Assets | 29 | 370 | ' | ' | ||
Liabilities | 265 | 100 | ' | ' | ||
Carrying amount | Trading Instruments | Options Held (Written) and Other | ' | ' | ' | ' | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' | ' | ' | ||
Assets | 5,486 | 5,654 | ' | ' | ||
Liabilities | 3,605 | 3,530 | ' | ' | ||
Carrying amount | Non Trading Instruments | Futures, Foreign exchange contracts | ' | ' | ' | ' | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' | ' | ' | ||
Assets | 852 | 883 | ' | ' | ||
Liabilities | 4,782 | 4,685 | ' | ' | ||
Carrying amount | Non Trading Instruments | Assets | ' | ' | ' | ' | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' | ' | ' | ||
Cash and cash equivalents | 827,299 | 826,296 | ' | ' | ||
Restricted cash | 86,690 | 106,919 | ' | ' | ||
Time Deposits | 7,510 | 8,356 | ' | ' | ||
Installment loans (net of allowance for probable loan losses) | 2,246,143 | 2,602,737 | ' | ' | ||
Carrying amount | Non Trading Instruments | Investment in securities | ' | ' | ' | ' | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' | ' | ' | ||
Practicable to estimate fair value | 984,654 | 852,550 | ' | ' | ||
Not practicable to estimate fair value | 213,843 | [1] | 208,077 | [2] | ' | ' |
Carrying amount | Non Trading Instruments | Liabilities | ' | ' | ' | ' | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' | ' | ' | ||
Short-term debt | 309,591 | 420,726 | ' | ' | ||
Deposits | 1,206,413 | 1,078,587 | ' | ' | ||
Long-Term Debt | 3,858,874 | 4,061,534 | ' | ' | ||
Carrying amount | Non Trading Instruments | Foreign currency swap agreements | ' | ' | ' | ' | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' | ' | ' | ||
Assets | 3,534 | 2,890 | ' | ' | ||
Liabilities | 7,176 | 8,263 | ' | ' | ||
Carrying amount | Non Trading Instruments | Interest rate swap agreements | ' | ' | ' | ' | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' | ' | ' | ||
Assets | 2,528 | 4,654 | ' | ' | ||
Liabilities | 634 | 1,459 | ' | ' | ||
Estimated fair value | Trading Instruments | ' | ' | ' | ' | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' | ' | ' | ||
Trading securities | 16,079 | 33,041 | ' | ' | ||
Estimated fair value | Trading Instruments | Futures, Foreign exchange contracts | ' | ' | ' | ' | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' | ' | ' | ||
Assets | 8 | 147 | ' | ' | ||
Liabilities | 184 | 0 | ' | ' | ||
Estimated fair value | Trading Instruments | Credit derivatives held/written | ' | ' | ' | ' | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' | ' | ' | ||
Assets | 29 | 370 | ' | ' | ||
Liabilities | 265 | 100 | ' | ' | ||
Estimated fair value | Trading Instruments | Options Held (Written) and Other | ' | ' | ' | ' | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' | ' | ' | ||
Assets | 5,486 | 5,654 | ' | ' | ||
Liabilities | 3,605 | 3,530 | ' | ' | ||
Estimated fair value | Non Trading Instruments | Futures, Foreign exchange contracts | ' | ' | ' | ' | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' | ' | ' | ||
Assets | 852 | 883 | ' | ' | ||
Liabilities | 4,782 | 4,685 | ' | ' | ||
Estimated fair value | Non Trading Instruments | Assets | ' | ' | ' | ' | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' | ' | ' | ||
Cash and cash equivalents | 827,299 | 826,296 | ' | ' | ||
Restricted cash | 86,690 | 106,919 | ' | ' | ||
Time Deposits | 7,510 | 8,356 | ' | ' | ||
Installment loans (net of allowance for probable loan losses) | 2,274,922 | 2,625,132 | ' | ' | ||
Estimated fair value | Non Trading Instruments | Investment in securities | ' | ' | ' | ' | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' | ' | ' | ||
Practicable to estimate fair value | 991,959 | 861,570 | ' | ' | ||
Not practicable to estimate fair value | 213,843 | [1] | 208,077 | [2] | ' | ' |
Estimated fair value | Non Trading Instruments | Liabilities | ' | ' | ' | ' | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' | ' | ' | ||
Short-term debt | 309,591 | 420,726 | ' | ' | ||
Deposits | 1,206,642 | 1,081,273 | ' | ' | ||
Long-Term Debt | 3,865,456 | 4,081,912 | ' | ' | ||
Estimated fair value | Non Trading Instruments | Foreign currency swap agreements | ' | ' | ' | ' | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' | ' | ' | ||
Assets | 3,534 | 2,890 | ' | ' | ||
Liabilities | 7,176 | 8,263 | ' | ' | ||
Estimated fair value | Non Trading Instruments | Interest rate swap agreements | ' | ' | ' | ' | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' | ' | ' | ||
Assets | 2,528 | 4,654 | ' | ' | ||
Liabilities | ¥ 634 | ¥ 1,459 | ' | ' | ||
[1] | The fair value of investment securities of ¥213,843 million was not estimated, as it was not practical. | |||||
[2] | The fair value of investment securities of ¥208,077 million was not estimated, as it was not practical. |
Financial_Instruments_and_Deri1
Financial Instruments and Derivatives Financial Instruments, Other Than Investment in Direct Financing Leases, Investment in Subsidiaries and Affiliates, Pension Obligations and Insurance Contracts (Parenthetical) (Detail) (Non Trading Instruments, Investment in securities, JPY ¥) | Mar. 31, 2014 | Mar. 31, 2013 | ||
In Millions, unless otherwise specified | ||||
Carrying amount | ' | ' | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' | ||
Not practicable to estimate fair value | ¥ 213,843 | [1] | ¥ 208,077 | [2] |
Estimated fair value | ' | ' | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' | ||
Not practicable to estimate fair value | ¥ 213,843 | [1] | ¥ 208,077 | [2] |
[1] | The fair value of investment securities of ¥213,843 million was not estimated, as it was not practical. | |||
[2] | The fair value of investment securities of ¥208,077 million was not estimated, as it was not practical. |
Commitments_Guarantees_and_Con2
Commitments, Guarantees and Contingent Liabilities - Additional Information (Detail) (JPY ¥) | 12 Months Ended | ||
In Millions, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 | Mar. 31, 2012 |
Commitments and Contingencies Disclosure [Line Items] | ' | ' | ' |
Commitments for purchase of equipment to be leased at cost | ¥ 20,390 | ' | ' |
Total rental payments under operating lease agreements | 10,055 | 7,848 | 7,681 |
Payments for computer systems under non-cancelable contracts | 3,399 | 487 | 442 |
Longest non-cancelable contracts, maturity year | '2020 | ' | ' |
Estimated construction costs | 69,375 | ' | ' |
Total unused credit and capital amount available | 295,079 | ' | ' |
Guarantee Obligations Maximum Exposure | 694,542 | 622,292 | ' |
Guarantee Obligations Current Carrying Value | 23,960 | 22,481 | ' |
Corporate Loans | ' | ' | ' |
Commitments and Contingencies Disclosure [Line Items] | ' | ' | ' |
Guarantee Obligations Maximum Exposure | 349,435 | 316,650 | ' |
Guarantee Obligations Current Carrying Value | 3,577 | 2,587 | ' |
Corporate Loans | Performance Guarantee | ' | ' | ' |
Commitments and Contingencies Disclosure [Line Items] | ' | ' | ' |
Guarantee Obligations Maximum Exposure | 1,269,000 | 1,239,000 | ' |
Guarantee Obligations Current Carrying Value | ¥ 823 | ¥ 734 | ' |
Minimum_Future_Rentals_on_NonC
Minimum Future Rentals on Non-Cancelable Operating Leases (Detail) (JPY ¥) | Mar. 31, 2014 |
In Millions, unless otherwise specified | |
Schedule of Operating Leases [Line Items] | ' |
2015 | ¥ 7,558 |
2016 | 6,859 |
2017 | 6,187 |
2018 | 5,372 |
2019 | 4,520 |
Thereafter | 25,649 |
Total | ¥ 56,145 |
Amounts_Due_under_Non_Cancelab
Amounts Due under Non Cancelable Contracts (Detail) (JPY ¥) | Mar. 31, 2014 |
In Millions, unless otherwise specified | |
Commitments and Contingencies Disclosure [Line Items] | ' |
2015 | ¥ 2,931 |
2016 | 1,369 |
2017 | 1,029 |
2018 | 295 |
2019 | 217 |
Thereafter | 125 |
Total | ¥ 5,966 |
Summary_of_Potential_Future_Pa
Summary of Potential Future Payments, Book Value Recorded as Guarantee Liabilities of Guarantee Contracts Outstanding and Maturity of Longest Guarantee Contracts (Detail) (JPY ¥) | 12 Months Ended | |
In Millions, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 |
Guarantor Obligations [Line Items] | ' | ' |
Potential future payment | ¥ 694,542 | ¥ 622,292 |
Book value of guarantee liabilities | 23,960 | 22,481 |
Maturity of the longest contract (Years) | '- | '- |
Corporate Loans | ' | ' |
Guarantor Obligations [Line Items] | ' | ' |
Potential future payment | 349,435 | 316,650 |
Book value of guarantee liabilities | 3,577 | 2,587 |
Maturity of the longest contract (Years) | '2021 | '2026 |
Transferred Loans | ' | ' |
Guarantor Obligations [Line Items] | ' | ' |
Potential future payment | 212,150 | 196,162 |
Book value of guarantee liabilities | 3,671 | 4,246 |
Maturity of the longest contract (Years) | '2045 | '2044 |
Consumer Loan | ' | ' |
Guarantor Obligations [Line Items] | ' | ' |
Potential future payment | 96,183 | 77,034 |
Book value of guarantee liabilities | 9,607 | 8,085 |
Maturity of the longest contract (Years) | '2018 | '2018 |
Housing Loans | ' | ' |
Guarantor Obligations [Line Items] | ' | ' |
Potential future payment | 33,704 | 29,510 |
Book value of guarantee liabilities | 7,013 | 7,437 |
Maturity of the longest contract (Years) | '2051 | '2051 |
Other | ' | ' |
Guarantor Obligations [Line Items] | ' | ' |
Potential future payment | 3,070 | 2,936 |
Book value of guarantee liabilities | ¥ 92 | ¥ 126 |
Maturity of the longest contract (Years) | '2024 | '2024 |
Financial_Information_of_Segme
Financial Information of Segments (Detail) (JPY ¥) | 12 Months Ended | |||||
In Millions, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 | Mar. 31, 2012 | |||
Segment Reporting Information [Line Items] | ' | ' | ' | |||
Revenues | ¥ 1,341,651 | ¥ 1,055,764 | ¥ 964,779 | |||
Interest expense | 82,859 | 100,966 | 109,872 | |||
Depreciation and amortization | 206,640 | 177,280 | 164,185 | |||
Other significant non-cash items: | ' | ' | ' | |||
Provision for doubtful receivables and probable loan losses | 13,834 | 10,016 | 19,186 | |||
Write-downs of long-lived assets | 23,421 | 17,896 | 15,167 | |||
Increase in policy liabilities | 28,429 | 20,990 | 6,421 | |||
Discontinued operations | 12,182 | [1] | -179 | [1] | 1,775 | [1] |
Segment profits | 193,991 | 119,058 | 85,901 | |||
Segment assets | 9,069,392 | 8,439,710 | 8,332,830 | |||
Investment in Affiliates | 314,300 | 326,732 | ' | |||
Operating Segment | ' | ' | ' | |||
Segment Reporting Information [Line Items] | ' | ' | ' | |||
Revenues | 1,332,919 | 1,039,135 | 947,635 | |||
Interest revenue | 121,450 | 131,280 | 113,940 | |||
Interest expense | 58,666 | 55,280 | 61,328 | |||
Depreciation and amortization | 196,682 | 171,669 | 158,659 | |||
Other significant non-cash items: | ' | ' | ' | |||
Provision for doubtful receivables and probable loan losses | 13,241 | 10,386 | 17,642 | |||
Write-downs of long-lived assets | 19,311 | 14,126 | 13,615 | |||
Increase in policy liabilities | 28,429 | 20,990 | 6,421 | |||
Equity in net income (loss) of affiliates and gains (losses) on sales of subsidiaries and affiliates and liquidation losses, net | 84,582 | 22,142 | 5,490 | |||
Discontinued operations | 9,174 | 4,028 | 1,184 | |||
Segment profits | 293,562 | 197,329 | 142,694 | |||
Segment assets | 7,281,355 | 6,382,654 | 6,123,874 | |||
Long-lived assets | 1,777,995 | 1,696,461 | 1,605,777 | |||
Expenditures for long-lived assets | 352,555 | 295,471 | 214,660 | |||
Investment in Affiliates | 314,290 | 326,557 | 331,707 | |||
Operating Segment | Corporate Financial Services | ' | ' | ' | |||
Segment Reporting Information [Line Items] | ' | ' | ' | |||
Revenues | 76,877 | 76,128 | 76,393 | |||
Interest revenue | 15,250 | 17,946 | 20,242 | |||
Interest expense | 8,594 | 10,181 | 10,336 | |||
Depreciation and amortization | 3,170 | 2,610 | 3,738 | |||
Other significant non-cash items: | ' | ' | ' | |||
Provision for doubtful receivables and probable loan losses | -974 | 331 | 2,461 | |||
Write-downs of long-lived assets | 0 | 0 | 793 | |||
Increase in policy liabilities | 0 | 0 | 0 | |||
Equity in net income (loss) of affiliates and gains (losses) on sales of subsidiaries and affiliates and liquidation losses, net | 792 | 1,145 | 687 | |||
Discontinued operations | 0 | 0 | 475 | |||
Segment profits | 24,874 | 25,932 | 22,989 | |||
Segment assets | 992,078 | 943,295 | 946,468 | |||
Long-lived assets | 26,665 | 27,485 | 27,132 | |||
Expenditures for long-lived assets | 3,505 | 1,943 | 909 | |||
Investment in Affiliates | 18,909 | 18,020 | 16,842 | |||
Operating Segment | Maintenance Leasing | ' | ' | ' | |||
Segment Reporting Information [Line Items] | ' | ' | ' | |||
Revenues | 251,366 | 234,651 | 228,007 | |||
Interest revenue | 12 | 15 | 2 | |||
Interest expense | 3,687 | 3,624 | 3,609 | |||
Depreciation and amortization | 117,357 | 106,254 | 98,495 | |||
Other significant non-cash items: | ' | ' | ' | |||
Provision for doubtful receivables and probable loan losses | 363 | -77 | -173 | |||
Write-downs of long-lived assets | 1,292 | 0 | 0 | |||
Increase in policy liabilities | 0 | 0 | 0 | |||
Equity in net income (loss) of affiliates and gains (losses) on sales of subsidiaries and affiliates and liquidation losses, net | 152 | 176 | 146 | |||
Discontinued operations | 0 | 0 | 0 | |||
Segment profits | 37,062 | 34,913 | 33,253 | |||
Segment assets | 622,009 | 549,300 | 490,869 | |||
Long-lived assets | 433,342 | 381,746 | 327,386 | |||
Expenditures for long-lived assets | 176,952 | 160,420 | 126,779 | |||
Investment in Affiliates | 1,718 | 1,459 | 880 | |||
Operating Segment | Real Estate | ' | ' | ' | |||
Segment Reporting Information [Line Items] | ' | ' | ' | |||
Revenues | 198,450 | 215,212 | 222,631 | |||
Interest revenue | 3,789 | 9,062 | 10,729 | |||
Interest expense | 8,812 | 12,083 | 15,213 | |||
Depreciation and amortization | 19,200 | 18,369 | 17,574 | |||
Other significant non-cash items: | ' | ' | ' | |||
Provision for doubtful receivables and probable loan losses | 2,079 | -449 | 2,988 | |||
Write-downs of long-lived assets | 16,958 | 12,075 | 11,311 | |||
Increase in policy liabilities | 0 | 0 | 0 | |||
Equity in net income (loss) of affiliates and gains (losses) on sales of subsidiaries and affiliates and liquidation losses, net | 4,709 | -631 | 1,321 | |||
Discontinued operations | 8,832 | 3,662 | 1,608 | |||
Segment profits | 17,956 | 5,582 | 1,349 | |||
Segment assets | 962,404 | 1,133,170 | 1,390,518 | |||
Long-lived assets | 773,146 | 864,754 | 977,102 | |||
Expenditures for long-lived assets | 32,056 | 22,276 | 22,945 | |||
Investment in Affiliates | 62,504 | 73,141 | 84,697 | |||
Operating Segment | Investment Banking | ' | ' | ' | |||
Segment Reporting Information [Line Items] | ' | ' | ' | |||
Revenues | 178,532 | 121,933 | 73,293 | |||
Interest revenue | 17,258 | 22,573 | 21,716 | |||
Interest expense | 3,939 | 4,469 | 5,759 | |||
Depreciation and amortization | 2,760 | 2,110 | 1,742 | |||
Other significant non-cash items: | ' | ' | ' | |||
Provision for doubtful receivables and probable loan losses | 2,615 | 5,532 | 7,427 | |||
Write-downs of long-lived assets | 15 | 1,723 | 713 | |||
Increase in policy liabilities | 0 | 0 | 0 | |||
Equity in net income (loss) of affiliates and gains (losses) on sales of subsidiaries and affiliates and liquidation losses, net | 68,216 | 7,251 | 7,033 | |||
Discontinued operations | 383 | -841 | -3,309 | |||
Segment profits | 94,111 | 34,937 | 15,983 | |||
Segment assets | 565,740 | 444,315 | 471,923 | |||
Long-lived assets | 71,403 | 49,441 | 33,964 | |||
Expenditures for long-lived assets | 22,428 | 1,200 | 507 | |||
Investment in Affiliates | 76,734 | 65,713 | 61,469 | |||
Operating Segment | Retail | ' | ' | ' | |||
Segment Reporting Information [Line Items] | ' | ' | ' | |||
Revenues | 211,468 | 188,695 | 160,071 | |||
Interest revenue | 50,381 | 45,854 | 29,041 | |||
Interest expense | 5,592 | 6,674 | 7,195 | |||
Depreciation and amortization | 12,644 | 10,631 | 8,916 | |||
Other significant non-cash items: | ' | ' | ' | |||
Provision for doubtful receivables and probable loan losses | 3,485 | 2,611 | 1,128 | |||
Write-downs of long-lived assets | 0 | 0 | 0 | |||
Increase in policy liabilities | 28,429 | 20,990 | 6,421 | |||
Equity in net income (loss) of affiliates and gains (losses) on sales of subsidiaries and affiliates and liquidation losses, net | 3,920 | 4,680 | -9,996 | |||
Discontinued operations | 238 | 632 | 1,749 | |||
Segment profits | 49,871 | 43,209 | 19,352 | |||
Segment assets | 2,166,986 | 1,994,140 | 1,742,906 | |||
Long-lived assets | 76,491 | 92,817 | 44,986 | |||
Expenditures for long-lived assets | 195 | 206 | 14 | |||
Investment in Affiliates | 10,971 | 25,205 | 79,255 | |||
Operating Segment | Overseas | ' | ' | ' | |||
Segment Reporting Information [Line Items] | ' | ' | ' | |||
Revenues | 416,226 | 202,516 | 187,240 | |||
Interest revenue | 34,760 | 35,830 | 32,210 | |||
Interest expense | 28,042 | 18,249 | 19,216 | |||
Depreciation and amortization | 41,551 | 31,695 | 28,194 | |||
Other significant non-cash items: | ' | ' | ' | |||
Provision for doubtful receivables and probable loan losses | 5,673 | 2,438 | 3,811 | |||
Write-downs of long-lived assets | 1,046 | 328 | 798 | |||
Increase in policy liabilities | 0 | 0 | 0 | |||
Equity in net income (loss) of affiliates and gains (losses) on sales of subsidiaries and affiliates and liquidation losses, net | 6,793 | 9,521 | 6,299 | |||
Discontinued operations | -279 | 575 | 661 | |||
Segment profits | 69,688 | 52,756 | 49,768 | |||
Segment assets | 1,972,138 | 1,318,434 | 1,081,190 | |||
Long-lived assets | 396,948 | 280,218 | 195,207 | |||
Expenditures for long-lived assets | 117,419 | 109,426 | 63,506 | |||
Investment in Affiliates | ¥ 143,454 | ¥ 143,019 | ¥ 88,564 | |||
[1] | Income from discontinued operations, net includes aggregate gains on sales of subsidiaries, business units, and rental properties in the amount of ¥3,609 million, ¥6,789 million and ¥14,600 million in fiscal 2012, 2013 and 2014, respectively. |
Reconciliation_of_Segment_Tota
Reconciliation of Segment Totals to Consolidated Financial Statement Amounts (Detail) (JPY ¥) | 12 Months Ended | |||||
In Millions, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 | Mar. 31, 2012 | Mar. 31, 2011 | ||
Segment revenues: | ' | ' | ' | ' | ||
Revenues | ¥ 1,341,651 | ¥ 1,055,764 | ¥ 964,779 | ' | ||
Segment profits: | ' | ' | ' | ' | ||
Total segment profits | 200,978 | 150,853 | 122,215 | ' | ||
Gains (losses) related to assets or liabilities of certain VIEs | 64,923 | 7,883 | 3,317 | ' | ||
Discontinued operations, pre-tax | 7,501 | 168 | 2,994 | ' | ||
Net income attributable to the noncontrolling interests and net income attributable to the redeemable noncontrolling interests, net of applicable tax effect | -4,108 | -3,985 | -2,724 | ' | ||
Income before Income Taxes and Discontinued Operations | 283,726 | 172,572 | 127,515 | ' | ||
Segment assets: | ' | ' | ' | ' | ||
Cash and cash equivalents, restricted cash and time deposits | 827,299 | 826,296 | 786,892 | 732,127 | ||
Other Receivables | 239,958 | 196,626 | ' | ' | ||
Other corporate assets | 1,041,356 | 475,466 | ' | ' | ||
Assets of certain VIEs | 813,240 | [1] | 1,400,457 | [1] | ' | ' |
Assets | 9,069,392 | 8,439,710 | 8,332,830 | ' | ||
Segment, Discontinued Operations | ' | ' | ' | ' | ||
Segment assets: | ' | ' | ' | ' | ||
Other Receivables | 2,069 | ' | ' | ' | ||
Other corporate assets | 1,500 | ' | ' | ' | ||
Operating Segment | ' | ' | ' | ' | ||
Segment revenues: | ' | ' | ' | ' | ||
Revenues | 1,332,919 | 1,039,135 | 947,635 | ' | ||
Segment profits: | ' | ' | ' | ' | ||
Total segment profits | 293,562 | 197,329 | 142,694 | ' | ||
Segment assets: | ' | ' | ' | ' | ||
Assets | 7,281,355 | 6,382,654 | 6,123,874 | ' | ||
Corporate, Non-Segment | ' | ' | ' | ' | ||
Segment revenues: | ' | ' | ' | ' | ||
Revenues | 4,935 | 4,118 | 5,564 | ' | ||
Segment profits: | ' | ' | ' | ' | ||
Corporate interest expenses, general and administrative expenses | -17,387 | -23,133 | -14,690 | ' | ||
Corporate other gains (losses) | -4,467 | -11,784 | -3,689 | ' | ||
Gains (losses) related to assets or liabilities of certain VIEs | 17,003 | 2,832 | 2,583 | ' | ||
Discontinued operations, pre-tax | -12,182 | 179 | -1,775 | ' | ||
Net income attributable to the noncontrolling interests and net income attributable to the redeemable noncontrolling interests, net of applicable tax effect | 7,197 | 7,149 | 2,392 | ' | ||
Segment assets: | ' | ' | ' | ' | ||
Cash and cash equivalents, restricted cash and time deposits | 921,499 | 941,571 | 934,257 | ' | ||
Allowance for doubtful receivables on direct financing leases and probable loan losses | -84,796 | -104,264 | -136,588 | ' | ||
Other Receivables | 239,958 | 196,626 | 188,108 | ' | ||
Other corporate assets | 458,225 | 354,433 | 357,244 | ' | ||
Assets of certain VIEs | 253,151 | 668,690 | 865,935 | ' | ||
Corporate, Non-Segment | Segment, Discontinued Operations | ' | ' | ' | ' | ||
Segment revenues: | ' | ' | ' | ' | ||
Revenues | -26,607 | -20,699 | -30,253 | ' | ||
Corporate, Non-Segment | Variable Interest Entities | ' | ' | ' | ' | ||
Segment revenues: | ' | ' | ' | ' | ||
Revenues | ¥ 30,404 | ¥ 33,210 | ¥ 41,833 | ' | ||
[1] | The assets of most VIEs are used only to repay the liabilities of the VIEs, and the creditors of the liabilities of the VIEs have no recourse to other assets of the Company and its subsidiaries. |
Geographical_Revenues_and_Inco
Geographical Revenues and Income Before Income Taxes (Detail) (JPY ¥) | 12 Months Ended | |||||
In Millions, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 | Mar. 31, 2012 | |||
Segment Reporting Information [Line Items] | ' | ' | ' | |||
Total Revenues | ¥ 1,341,651 | ¥ 1,055,764 | ¥ 964,779 | |||
Income before Income Taxes | 283,726 | [1] | 172,572 | [1] | 127,515 | [1] |
Operating Segment | ' | ' | ' | |||
Segment Reporting Information [Line Items] | ' | ' | ' | |||
Total Revenues | 1,332,919 | 1,039,135 | 947,635 | |||
Operating Segment | Japan | ' | ' | ' | |||
Segment Reporting Information [Line Items] | ' | ' | ' | |||
Total Revenues | 923,242 | 843,625 | 768,955 | |||
Income before Income Taxes | 208,829 | [1] | 116,235 | [1] | 74,966 | [1] |
Operating Segment | Americas | ' | ' | ' | |||
Segment Reporting Information [Line Items] | ' | ' | ' | |||
Total Revenues | 149,610 | [2] | 130,561 | [2] | 130,717 | [2] |
Income before Income Taxes | 42,901 | [1],[2] | 27,458 | [1],[2] | 26,894 | [1],[2] |
Operating Segment | Other Countries | ' | ' | ' | |||
Segment Reporting Information [Line Items] | ' | ' | ' | |||
Total Revenues | 295,406 | [3],[4] | 102,277 | [3] | 95,360 | [3] |
Income before Income Taxes | 44,178 | [1],[3],[4] | 28,700 | [1],[3] | 27,430 | [1],[3] |
Intersegment Eliminations | ' | ' | ' | |||
Segment Reporting Information [Line Items] | ' | ' | ' | |||
Total Revenues | -26,607 | -20,699 | -30,253 | |||
Income before Income Taxes | ¥ (12,182) | [1] | ¥ 179 | [1] | ¥ (1,775) | [1] |
[1] | Results of discontinued operations before applicable tax effect are included in each amount attributed to each geographic area. | |||||
[2] | Mainly United States | |||||
[3] | Mainly Asia, Europe, Australasia and Middle East | |||||
[4] | Robeco, one of the Company's subsidiaries domiciled in the Netherlands, conducts principally an asset management business. Due to the integrated nature of such business with its customer base spread across the world, "Other" locations include the total revenues and the income before income taxes of Robeco, respectively, for the fiscal year ended March 31, 2014. The revenues of Robeco aggregated on a legal entity basis were ¥58,997 million in America and ¥52,030 million in other for the fiscal year ended March 31, 2014. |
Geographical_Revenues_and_Inco1
Geographical Revenues and Income Before Income Taxes (Parenthetical) (Detail) (JPY ¥) | 12 Months Ended | ||
In Millions, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 | Mar. 31, 2012 |
Segment Reporting Information [Line Items] | ' | ' | ' |
Revenue | ¥ 1,341,651 | ¥ 1,055,764 | ¥ 964,779 |
Robeco Groep N. V. | Americas | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' |
Revenue | 58,997 | ' | ' |
Robeco Groep N. V. | All Others | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' |
Revenue | ¥ 52,030 | ' | ' |
Subsequent_Events_Additional_I
Subsequent Events - Additional Information (Detail) (Subsequent Event, HLIKK) | 0 Months Ended | |
In Millions, unless otherwise specified | Apr. 28, 2014 | Apr. 28, 2014 |
USD ($) | JPY (¥) | |
Subsequent Event [Line Items] | ' | ' |
Total Acquisition Cost | $895 | ¥ 91,600 |
Valuation_and_Qualifying_Accou
Valuation and Qualifying Accounts and Reserves (Detail) (JPY ¥) | 12 Months Ended | |||||
In Millions, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 | Mar. 31, 2012 | |||
Restructuring cost | ' | ' | ' | |||
Valuation and Qualifying Accounts Disclosure [Line Items] | ' | ' | ' | |||
Balance at beginning of period | ¥ 9 | ¥ 39 | ¥ 78 | |||
Acquisitions | 3,049 | 0 | 0 | |||
Addition: Charged to costs and expenses | 0 | 3 | 15 | |||
Deduction | -1,230 | -34 | -53 | |||
Translation adjustment | 104 | 1 | -1 | |||
Balance at end of period | 1,932 | 9 | 39 | |||
Restructuring cost | Closed office lease obligations | ' | ' | ' | |||
Valuation and Qualifying Accounts Disclosure [Line Items] | ' | ' | ' | |||
Balance at beginning of period | 9 | 39 | 78 | |||
Acquisitions | 0 | 0 | 0 | |||
Addition: Charged to costs and expenses | 0 | 0 | 0 | |||
Deduction | -9 | -31 | -38 | |||
Translation adjustment | 0 | 1 | -1 | |||
Balance at end of period | 0 | 9 | 39 | |||
Restructuring cost | Severance and other benefits to terminated employees | ' | ' | ' | |||
Valuation and Qualifying Accounts Disclosure [Line Items] | ' | ' | ' | |||
Balance at beginning of period | 0 | 0 | 0 | |||
Acquisitions | 3,049 | 0 | 0 | |||
Addition: Charged to costs and expenses | 0 | 3 | 15 | |||
Deduction | -1,221 | -3 | -15 | |||
Translation adjustment | 104 | 0 | 0 | |||
Balance at end of period | 1,932 | 0 | 0 | |||
Valuation Allowance of Deferred Tax Assets | ' | ' | ' | |||
Valuation and Qualifying Accounts Disclosure [Line Items] | ' | ' | ' | |||
Balance at beginning of period | 18,831 | 24,138 | 26,794 | |||
Acquisitions | 10,453 | 1,085 | 875 | |||
Addition: Charged to costs and expenses | 3,300 | 4,973 | 6,339 | |||
Deduction | -3,964 | [1] | -12,116 | [1] | -6,836 | [1] |
Other | 49 | [2] | 751 | [2] | -3,034 | [2] |
Balance at end of period | ¥ 28,669 | ¥ 18,831 | ¥ 24,138 | |||
[1] | The amount of deduction includes benefits recognized in earnings, expiry of loss carryforwards and sales of subsidiaries. | |||||
[2] | The amount of other includes translation adjustment and the effect of changes in statutory tax rate. |