Document and Entity Information
Document and Entity Information | 6 Months Ended |
Sep. 30, 2018 | |
Document And Entity Information [Abstract] | |
Document Type | 6-K |
Amendment Flag | false |
Document Period End Date | Sep. 30, 2018 |
Document Fiscal Year Focus | 2,018 |
Document Fiscal Period Focus | H1 |
Trading Symbol | IX |
Entity Registrant Name | ORIX CORP |
Entity Central Index Key | 1,070,304 |
Current Fiscal Year End Date | --03-31 |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheets (Unaudited) - JPY (¥) ¥ in Millions | Sep. 30, 2018 | Mar. 31, 2018 |
Assets | ||
Cash and cash equivalents | ¥ 1,140,901 | ¥ 1,321,241 |
Restricted Cash | 113,872 | 83,876 |
Investment in Direct Financing Leases | 1,178,913 | 1,194,888 |
Installment Loans The amounts which are measured at fair value by electing the fair value option are as follows: March 31, 2018 ¥17,260 million September 30, 2018 ¥31,196 million | 3,079,787 | 2,823,769 |
Allowance for Doubtful Receivables on Direct Financing Leases and Probable Loan Losses | (55,840) | (54,672) |
Investment in Operating Leases | 1,380,494 | 1,344,926 |
Investment in Securities The amounts which are measured at fair value by electing the fair value option are as follows: March 31, 2018 ¥37,631 million September 30, 2018 ¥23,960 million | 1,869,854 | 1,729,455 |
Property under Facility Operations | 451,017 | 434,786 |
Investment in Affiliates | 592,822 | 591,363 |
Trade Notes, Accounts and Other Receivable | 275,520 | 294,773 |
Inventories | 131,375 | 111,001 |
Office Facilities | 112,446 | 112,962 |
Other Assets | 1,507,383 | 1,437,614 |
Total Assets | 11,778,544 | 11,425,982 |
Liabilities: | ||
Short-term debt | 324,464 | 306,754 |
Deposits | 1,857,879 | 1,757,462 |
Trade Notes, Accounts and Other Payable | 229,467 | 262,301 |
Policy Liabilities and Policy Account Balances The amounts which are measured at fair value by electing the fair value option are as follows: March 31, 2018 ¥444,010 million September 30, 2018 ¥405,705 million | 1,522,746 | 1,511,246 |
Current and Deferred Income Taxes | 404,878 | 366,947 |
Long-term Debt | 3,861,037 | 3,826,504 |
Other Liabilities | 640,461 | 588,474 |
Total Liabilities | 8,840,932 | 8,619,688 |
Redeemable Noncontrolling Interests | 7,713 | 7,420 |
Commitments and Contingent Liabilities | ||
Equity: | ||
Common Stock | 221,111 | 220,961 |
Additional Paid-in Capital | 267,033 | 267,291 |
Retained Earnings | 2,427,424 | 2,315,283 |
Accumulated Other Comprehensive Income (Loss) | (35,696) | (45,566) |
Treasury Stock, at Cost | (75,903) | (75,545) |
ORIX Corporation Shareholders' Equity | 2,803,969 | 2,682,424 |
Noncontrolling Interests | 125,930 | 116,450 |
Total Equity | 2,929,899 | 2,798,874 |
Total Liabilities and Equity | 11,778,544 | 11,425,982 |
Variable Interest Entity, Primary Beneficiary | ||
Assets | ||
Cash and cash equivalents | 4,903 | 4,553 |
Investment in Direct Financing Leases | 29,989 | 43,942 |
Installment Loans (Net of Allowance for Doubtful Receivables on Direct Financing Leases and Probable Loan Losses) | 152,599 | 36,991 |
Investment in Operating Leases | 92,880 | 124,998 |
Property under Facility Operations | 152,865 | 108,115 |
Investment in Affiliates | 52,227 | 52,450 |
Other Assets | 85,219 | 74,645 |
Total Assets | 570,682 | 445,694 |
Liabilities: | ||
Trade Notes, Accounts and Other Payable | 6,601 | 1,102 |
Long-term Debt | 370,310 | 263,973 |
Other Liabilities | 10,939 | 8,047 |
Total Liabilities | ¥ 387,850 | ¥ 273,122 |
Condensed Consolidated Balanc_2
Condensed Consolidated Balance Sheets (Unaudited) (Parenthetical) - JPY (¥) ¥ in Millions | Sep. 30, 2018 | Mar. 31, 2018 |
Statement of Financial Position [Abstract] | ||
Installment Loans, fair value | ¥ 31,196 | ¥ 17,260 |
Investment in securities, measured at fair value | 23,960 | 37,631 |
Other assets, measured at fair value | 11,121 | 15,008 |
Policy Liabilities and Policy Account Balances | ¥ 405,705 | ¥ 444,010 |
Condensed Consolidated Statemen
Condensed Consolidated Statements of Income (Unaudited) - JPY (¥) ¥ in Millions | 3 Months Ended | 6 Months Ended | ||
Sep. 30, 2018 | Sep. 30, 2017 | Sep. 30, 2018 | Sep. 30, 2017 | |
Revenues: | ||||
Finance revenues | ¥ 60,793 | ¥ 55,983 | ¥ 117,352 | ¥ 113,346 |
Gains on investment securities and dividends | 4,228 | 10,196 | 11,735 | 20,477 |
Operating leases | 113,696 | 101,279 | 208,975 | 197,958 |
Life insurance premiums and related investment income | 97,745 | 87,556 | 180,604 | 181,210 |
Sales of goods and real estate | 176,306 | 269,453 | 330,761 | 616,568 |
Services income | 205,329 | 201,032 | 412,587 | 388,237 |
Total revenues | 658,097 | 725,499 | 1,262,014 | 1,517,796 |
Expenses: | ||||
Interest expense | 21,699 | 18,822 | 41,848 | 37,921 |
Costs of operating leases | 64,629 | 63,487 | 127,366 | 125,225 |
Life insurance costs | 68,721 | 63,942 | 125,734 | 131,715 |
Costs of goods and real estate sold | 162,592 | 252,520 | 305,313 | 579,565 |
Services expense | 129,461 | 124,146 | 247,572 | 236,615 |
Other (income) and expense, net | (1,566) | (1,791) | (503) | (1,464) |
Selling, general and administrative expenses | 105,490 | 103,337 | 210,646 | 209,299 |
Provision for doubtful receivables and probable loan losses | 3,264 | 3,359 | 8,210 | 7,998 |
Write-downs of long-lived assets | 0 | 387 | 26 | 1,472 |
Write-downs of securities | 708 | 243 | 708 | 423 |
Total expenses | 554,998 | 628,452 | 1,066,920 | 1,328,769 |
Operating Income | 103,099 | 97,047 | 195,094 | 189,027 |
Equity in Net Income of Affiliates | 1,646 | 9,480 | 6,819 | 38,613 |
Gains on sales of subsidiaries and affiliates and liquidation losses, net | 5,246 | 10,474 | 19,032 | 24,972 |
Income before Income Taxes | 109,991 | 117,001 | 220,945 | 252,612 |
Provision for Income Taxes | 33,404 | 38,541 | 64,326 | 83,211 |
Net Income | 76,587 | 78,460 | 156,619 | 169,401 |
Net Income Attributable to the Noncontrolling Interests | 1,450 | 2,104 | 1,484 | 3,283 |
Net Income Attributable to the Redeemable Noncontrolling Interests | 34 | 98 | 85 | 148 |
Net Income Attributable to ORIX Corporation Shareholders | ¥ 75,103 | ¥ 76,258 | ¥ 155,050 | ¥ 165,970 |
Amounts per Share of Common Stock for Net Income Attributable to ORIX Corporation Shareholders: | ||||
Basic | ¥ 58.67 | ¥ 59.61 | ¥ 121.13 | ¥ 129.40 |
Diluted | ¥ 58.62 | ¥ 59.55 | ¥ 121.03 | ¥ 129.29 |
Condensed Consolidated Statem_2
Condensed Consolidated Statements of Comprehensive Income (Unaudited) - JPY (¥) ¥ in Millions | 3 Months Ended | 6 Months Ended | ||
Sep. 30, 2018 | Sep. 30, 2017 | Sep. 30, 2018 | Sep. 30, 2017 | |
Statement of Comprehensive Income [Abstract] | ||||
Net income | ¥ 76,587 | ¥ 78,460 | ¥ 156,619 | ¥ 169,401 |
Other comprehensive income, net of tax: | ||||
Net change of unrealized gains (losses) on investment in securities | (1,844) | (1,071) | (1,606) | (3,027) |
Net change of debt valuation adjustments | (78) | 0 | (81) | 0 |
Net change of defined benefit pension plans | (188) | (190) | (201) | (447) |
Net change of foreign currency translation adjustments | 19,525 | 13,041 | 14,789 | 18,655 |
Net change of unrealized gains (losses) on derivative instruments | 720 | (69) | 690 | 76 |
Total other comprehensive income | 18,135 | 11,711 | 13,591 | 15,257 |
Comprehensive Income | 94,722 | 90,171 | 170,210 | 184,658 |
Comprehensive Income Attributable to the Noncontrolling Interests | 1,780 | 3,800 | 1,803 | 3,950 |
Comprehensive Income Attributable to the Redeemable Noncontrolling Interests | 240 | 143 | 587 | 182 |
Comprehensive Income Attributable to ORIX Corporation Shareholders | ¥ 92,702 | ¥ 86,228 | ¥ 167,820 | ¥ 180,526 |
Condensed Consolidated Statem_3
Condensed Consolidated Statements of Changes in Equity (Unaudited) - JPY (¥) ¥ in Millions | Total | Common Stock | Additional Paid-in Capital | Retained Earnings | Accumulated Other Comprehensive Income (Loss) | Treasury Stock | Total ORIX Corporation Shareholders' Equity | Noncontrolling Interests |
Beginning Balance at Mar. 31, 2017 | ¥ 2,647,625 | ¥ 220,524 | ¥ 268,138 | ¥ 2,077,474 | ¥ (21,270) | ¥ (37,168) | ¥ 2,507,698 | ¥ 139,927 |
Contribution to subsidiaries | 8,078 | 0 | 8,078 | |||||
Transaction with noncontrolling interests | (8,186) | (560) | (560) | (7,626) | ||||
Comprehensive income, net of tax: | ||||||||
Net income | 169,253 | 165,970 | 165,970 | 3,283 | ||||
Other comprehensive income | ||||||||
Net change of unrealized gains (losses) on investment in securities | (3,027) | (2,962) | (2,962) | (65) | ||||
Net change of debt valuation adjustments | 0 | |||||||
Net change of defined benefit pension plans | (447) | (447) | (447) | 0 | ||||
Net change of foreign currency translation adjustments | 18,621 | 17,893 | 17,893 | 728 | ||||
Net change of unrealized gains (losses) on derivative instruments | 76 | 72 | 72 | 4 | ||||
Total other comprehensive income | 15,223 | 14,556 | 667 | |||||
Total comprehensive income | 184,476 | 180,526 | 3,950 | |||||
Cash dividends | (45,389) | (38,162) | (38,162) | (7,227) | ||||
Exercise of stock options | 59 | 39 | 20 | 59 | 0 | |||
Acquisition of treasury stock | (39,109) | (39,109) | (39,109) | 0 | ||||
Disposal of treasury stock | 73 | (180) | 253 | 73 | 0 | |||
Other, net | 215 | 216 | (1) | 215 | 0 | |||
Ending Balance at Sep. 30, 2017 | 2,747,842 | 220,563 | 267,634 | 2,205,281 | (6,714) | (76,024) | 2,610,740 | 137,102 |
Beginning Balance at Jun. 30, 2017 | (16,684) | |||||||
Other comprehensive income | ||||||||
Net change of unrealized gains (losses) on investment in securities | (1,071) | |||||||
Net change of debt valuation adjustments | 0 | |||||||
Net change of defined benefit pension plans | (190) | |||||||
Net change of unrealized gains (losses) on derivative instruments | (69) | |||||||
Ending Balance at Sep. 30, 2017 | 2,747,842 | 220,563 | 267,634 | 2,205,281 | (6,714) | (76,024) | 2,610,740 | 137,102 |
Beginning Balance at Mar. 31, 2018 | 2,798,874 | 220,961 | 267,291 | 2,315,283 | (45,566) | (75,545) | 2,682,424 | 116,450 |
Contribution to subsidiaries | 3,084 | 0 | 3,084 | |||||
Transaction with noncontrolling interests | 7,531 | (292) | (1) | (293) | 7,824 | |||
Comprehensive income, net of tax: | ||||||||
Net income | 156,534 | 155,050 | 155,050 | 1,484 | ||||
Other comprehensive income | ||||||||
Net change of unrealized gains (losses) on investment in securities | (1,606) | (1,606) | (1,606) | 0 | ||||
Net change of debt valuation adjustments | (81) | (81) | (81) | 0 | ||||
Net change of defined benefit pension plans | (201) | (199) | (199) | (2) | ||||
Net change of foreign currency translation adjustments | 14,287 | 14,003 | 14,003 | 284 | ||||
Net change of unrealized gains (losses) on derivative instruments | 690 | 653 | 653 | 37 | ||||
Total other comprehensive income | 13,089 | 12,770 | 319 | |||||
Total comprehensive income | 169,623 | 167,820 | 1,803 | |||||
Cash dividends | (53,569) | (49,984) | (49,984) | (3,585) | ||||
Exercise of stock options | 225 | 150 | 75 | 225 | 0 | |||
Acquisition of treasury stock | (706) | (706) | (706) | 0 | ||||
Disposal of treasury stock | 115 | (233) | 348 | 115 | 0 | |||
Other, net | 191 | 192 | (1) | 191 | 0 | |||
Ending Balance at Sep. 30, 2018 | 2,929,899 | 221,111 | 267,033 | 2,427,424 | (35,696) | (75,903) | 2,803,969 | 125,930 |
Beginning Balance at Jun. 30, 2018 | (53,295) | |||||||
Other comprehensive income | ||||||||
Net change of unrealized gains (losses) on investment in securities | (1,844) | |||||||
Net change of debt valuation adjustments | (78) | |||||||
Net change of defined benefit pension plans | (188) | |||||||
Net change of unrealized gains (losses) on derivative instruments | 720 | |||||||
Ending Balance at Sep. 30, 2018 | 2,929,899 | 221,111 | 267,033 | 2,427,424 | (35,696) | (75,903) | 2,803,969 | 125,930 |
Cumulative effect of adopting Accounting Standards Update | Accounting standards update 2014-09 | 759 | 405 | 405 | 354 | ||||
Cumulative effect of adopting Accounting Standards Update | Accounting standards update 2016-01 | 0 | 2,899 | (2,899) | 0 | 0 | |||
Cumulative effect of adopting Accounting Standards Update | Accounting standards update 2016-16 | 3,772 | 3,772 | 3,772 | 0 | ||||
Adjusted balance | ¥ 2,803,405 | ¥ 220,961 | ¥ 267,291 | ¥ 2,322,359 | ¥ (48,465) | ¥ (75,545) | ¥ 2,686,601 | ¥ 116,804 |
Condensed Consolidated Statem_4
Condensed Consolidated Statements of Cash Flows (Unaudited) - JPY (¥) ¥ in Millions | 6 Months Ended | |
Sep. 30, 2018 | Sep. 30, 2017 | |
Cash Flows from Operating Activities: | ||
Net income | ¥ 156,619 | ¥ 169,401 |
Adjustments to reconcile net income to net cash provided by operating activities: | ||
Depreciation and amortization | 143,189 | 133,555 |
Provision for doubtful receivables and probable loan losses | 8,210 | 7,998 |
Equity in net income of affiliates (excluding interest on loans) | (5,137) | (36,829) |
Gains on sales of subsidiaries and affiliates and liquidation losses, net | (19,032) | (24,972) |
Gains on sales of securities other than trading | (6,184) | (15,559) |
Gains on sales of operating lease assets | (35,227) | (27,793) |
Write-downs of long-lived assets | 26 | 1,472 |
Write-downs of securities | 708 | 423 |
Decrease in trading securities | 22,533 | 80,972 |
Increase in inventories | (16,928) | (9,321) |
Decrease (Increase) in trade notes, accounts and other receivable | 6,468 | (4,444) |
Decrease in trade notes, accounts and other payable | (20,066) | (23,984) |
Increase (Decrease) in policy liabilities and policy account balances | 11,500 | (22,308) |
Other, net | 26,862 | (10,049) |
Net cash provided by operating activities | 273,541 | 218,562 |
Cash Flows from Investing Activities: | ||
Purchases of lease equipment | (526,262) | (518,695) |
Principal payments received under direct financing leases | 235,056 | 239,842 |
Installment loans made to customers | (717,117) | (705,027) |
Principal collected on installment loans | 708,396 | 570,867 |
Proceeds from sales of operating lease assets | 221,756 | 191,643 |
Investment in affiliates, net | (30,607) | (91,715) |
Proceeds from sales of investment in affiliates | 41,097 | 54,455 |
Purchases of available-for-sale debt securities | (354,150) | (176,352) |
Proceeds from sales of available-for-saledebt securities | 158,151 | 247,551 |
Proceeds from redemption of available-for-sale debt securities | 50,906 | 61,107 |
Purchases of equity securities other than trading | (38,203) | (28,851) |
Proceeds from sales of equity securities other than trading | 57,886 | 40,038 |
Purchases of property under facility operations | (37,611) | (41,001) |
Acquisitions of subsidiaries, net of cash acquired | (74,506) | (54,674) |
Sales of subsidiaries, net of cash disposed | (186) | 15,543 |
Other, net | 17,358 | (8,483) |
Net cash used in investing activities | (288,036) | (203,752) |
Cash Flows from Financing Activities: | ||
Net increase in debt with maturities of three months or less | 7,987 | 46,200 |
Proceeds from debt with maturities longer than three months | 261,040 | 781,685 |
Repayment of debt with maturities longer than three months | (456,126) | (690,949) |
Net increase in deposits due to customers | 99,839 | 83,772 |
Cash dividends paid to ORIX Corporation shareholders | (49,984) | (38,162) |
Acquisition of treasury stock | (706) | (39,109) |
Contribution from noncontrolling interests | 11,808 | 3,225 |
Purchases of shares of subsidiaries from noncontrolling interests | (2,514) | (4,466) |
Net decrease in call money | (10,000) | (18,000) |
Other, net | (3,580) | (7,257) |
Net cash provided by (used in) financing activities | (142,236) | 116,939 |
Effect of Exchange Rate Changes on Cash, Cash Equivalents and Restricted Cash | 6,387 | 9,242 |
Net increase (decrease) in Cash, Cash Equivalents and Restricted Cash | (150,344) | 140,991 |
Cash, Cash Equivalents and Restricted Cash at Beginning of Period | 1,405,117 | 1,133,212 |
Cash, Cash Equivalents and Restricted Cash at End of Period | ¥ 1,254,773 | ¥ 1,274,203 |
Condensed Consolidated Statem_5
Condensed Consolidated Statements of Cash Flows (Unaudited) (Parenthetical) - JPY (¥) ¥ in Millions | Sep. 30, 2018 | Mar. 31, 2018 | Sep. 30, 2017 | Mar. 31, 2017 |
Statement of Cash Flows [Abstract] | ||||
Cash and cash equivalents | ¥ 1,140,901 | ¥ 1,321,241 | ¥ 1,185,961 | |
Restricted Cash | 113,872 | 83,876 | 88,242 | |
Cash, Cash Equivalents and Restricted Cash | ¥ 1,254,773 | ¥ 1,405,117 | ¥ 1,274,203 | ¥ 1,133,212 |
Overview of Accounting Principl
Overview of Accounting Principles Utilized | 6 Months Ended |
Sep. 30, 2018 | |
Accounting Policies [Abstract] | |
Overview of Accounting Principles Utilized | 1. Overview of Accounting Principles Utilized In preparing the accompanying consolidated financial statements, ORIX Corporation (the “Company”) and its subsidiaries have complied with generally accepted accounting principles in the United States (“U.S. GAAP”), except for the accounting for stock splits. These statements include all adjustments (consisting of normal recurring accruals) that we considered necessary to present a fair statement of our results of operations, financial position and cash flows. The results reported in these consolidated financial statements should not be regarded as necessarily indicative of results that may be expected for the entire year. These consolidated financial statements should be read in conjunction with the financial statements and notes thereto included in our March 31, 2018 consolidated financial statements on Form 20-F. Since the Company listed on the New York Stock Exchange in September 1998, the Company has filed the annual report (Form 20-F) Significant differences between U.S. GAAP and generally accepted accounting principles in Japan (“Japanese GAAP”) are as follows: (a) Revenue recognition for revenue from contracts with customers Under U.S. GAAP, revenues from contracts with customers such as sales of goods and real estate, and services income are recognized to depict the transfer of promised goods or services to customers in the amounts that reflect the consideration to which the entity expects to be entitled in exchange for those goods or services. Under Japanese GAAP, revenues are generally recognized when cash or monetary assets are received as a consideration by sales of goods or rendering of services in accordance with realization principle. (b) Initial direct costs Under U.S. GAAP, certain initial direct costs to originate leases or loans are being deferred and amortized as yield adjustments over the life of related direct financing leases or loans by using interest method. Under Japanese GAAP, those initial direct costs are recognized as expenses when they are incurred. (c) Operating leases Under U.S. GAAP, revenues from operating leases are recognized on a straight-line basis over the contract terms. Operating lease assets are depreciated over their estimated useful lives mainly on a straight-line basis. Japanese GAAP allows for operating lease assets to be depreciated using mainly either a declining-balance basis or a straight-line basis. (d) Accounting for life insurance operations Under U.S. GAAP, certain costs related directly to the successful acquisition of new (or renewal of) insurance contracts are deferred and amortized over the respective policy periods in proportion to anticipated premium revenue. Under Japanese GAAP, such costs are recorded as expenses currently in earnings in each accounting period. In addition, under U.S. GAAP, 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. Under Japanese GAAP, these are calculated by the methodology which relevant authorities accept. (e) Accounting for goodwill and other intangible assets in business combination Under U.S. GAAP, goodwill and indefinite-lived intangible assets are not amortized, but assessed for impairment at least annually. Additionally, if events or changes in circumstances indicate that the asset might be impaired, the Company and its subsidiaries test for impairment when such events or changes occur. Under Japanese GAAP, goodwill is amortized over an appropriate period up to 20 years. (f) Accounting for pension plans Under U.S. GAAP, the net actuarial gain (loss) is amortized using a corridor test. Under Japanese GAAP, the net actuarial gain (loss) is fully amortized over a certain term within the average remaining service period of employees. (g) Sale of the parent’s ownership interest in subsidiaries Under U.S. GAAP, 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. Under Japanese GAAP, in a transaction that results in the loss of control, only the realized gain or loss related to the portion of ownership interest sold is recognized in income and the gain or loss on the remeasurement to fair value of the interest retained is not recognized. (h) Consolidated statements of cash flows Classification in the statements of cash flows under U.S. GAAP differs from Japanese GAAP. As significant differences, purchase of lease equipment and principal payments received under direct financing leases, proceeds from sales of operating lease assets, installment loans made to customers and principal collected on installment loans (excluding issues and collections of loans held for sale) are included in “Cash Flows from Investing Activities” under U.S. GAAP while they are classified as “Cash Flows from Operating Activities” under Japanese GAAP. In addition, under U.S. GAAP, restricted cash is required to be added to the balance of cash and cash equivalents. (i) Transfer of financial assets Under U.S. GAAP, an entity is required to perform analysis to determine whether or not to consolidate trusts or special-purpose companies, collectively special-purpose entities (“SPEs”) for securitization under the VIE’s consolidation rules. As a result of the analysis, if it is determined that the enterprise transferred financial assets in a securitization transaction to an SPE that needs to be consolidated, the transaction is not accounted for as a sale. In addition, if the transferor transfers a portion of financial assets, the transaction is not accounted for as a sale but accounted for as a secured borrowing unless each interest held by the transferor and transferee meets the definition of a participating interest and the transfer of a portion of financial assets meets criteria for derecognition of transferred financial assets. Under Japanese GAAP, an SPE that meets certain conditions may be considered not to be a subsidiary of the transferor. Therefore, if an enterprise transfers financial assets to this type of SPE in a securitization transaction, the transferee SPE is not required to be consolidated, and the enterprise accounts for the transaction as a sale and recognizes a gain or loss on the sale into earnings when control over the transferred assets is surrendered. In addition, if the transferor transfers a portion of financial assets, the enterprise accounts for the transaction as a sale and recognizes a gain or loss on the sale into earnings when the transfer of a portion of financial assets meets criteria for derecognition of transferred financial assets. (j) Investment in securities Under U.S. GAAP, unrealized gains and losses from all of equity securities are generally recognized in income. Under Japanese GAAP, such unrealized gains and losses from equity securities other than trading are to be recognized in other comprehensive income (loss), net of applicable income taxes. (k) Fair value option Under U.S. GAAP, an entity is permitted to carry certain eligible financial assets and liabilities at fair value and to recognize changes in that item’s fair value in earnings through the election of the fair value option. The portion of the total change in the fair value of the financial liability that results from a change in the instrument-specific credit risk is to be recognized in other comprehensive income (loss), net of applicable income taxes. Under Japanese GAAP, there is no accounting standard for fair value option. |
Significant Accounting and Repo
Significant Accounting and Reporting Policies | 6 Months Ended |
Sep. 30, 2018 | |
Accounting Policies [Abstract] | |
Significant Accounting and Reporting Policies | 2. Significant Accounting and Reporting Policies (a) Principles of consolidation The consolidated financial statements include the accounts of the Company and all of its subsidiaries. Investments in affiliates, where the Company has the ability to exercise significant influence by way of 20% – 50% ownership or other means, are accounted for by using the equity method. Where the Company holds majority voting interests but noncontrolling shareholders have substantive participating rights to decisions that occur as part of the ordinary course of their business, the equity method is applied. In addition, the consolidated financial statements include VIEs to which the Company and its subsidiaries are primary beneficiaries. A 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. (b) Use of estimates The preparation of consolidated financial statements in conformity with generally accepted accounting principles requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. The Company has identified ten areas where it believes assumptions and estimates are particularly critical to the financial statements. The Company makes estimates and assumptions to the selection of valuation techniques and determination of assumptions used in fair value measurements, the determination and periodic reassessment of the unguaranteed residual value for direct financing leases and operating leases, the determination and reassessment of insurance policy liabilities and deferred policy acquisition costs, the determination of the allowance for doubtful receivables on direct financing leases and probable loan losses, the recognition and measurement of impairment of long-lived assets, the recognition and measurement of impairment of investment in securities, the determination of the valuation allowance for deferred tax assets and the evaluation of tax positions, the assessment and measurement of effectiveness in hedging relationship using derivative financial instruments, the determination of benefit obligation and net periodic pension cost and the recognition and measurement of impairment of goodwill and indefinite-lived intangible assets. (c) 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 other comprehensive income (loss), net of applicable income taxes, arise from the translation of foreign currency financial statements into Japanese yen. (d) Revenue recognition The Company and its subsidiaries recognize revenues from only contracts with customers that are not completed on April 1, 2018, such as sales of goods and real estate, and services income, based on the following five steps; Step 1: Identify the contract(s) with a customer Step 2: Identify the performance obligations in the contract Step 3: Determine the transaction price Step 4: Allocate the transaction price to the performance obligations in the contract Step 5: Recognize revenue when (or as) the entity satisfies a performance obligation In accordance with these steps, revenues are recognized to depict the transfer of promised goods or services to customers in the amounts that reflect the consideration to which the entity expects to be entitled in exchange for those goods or services. Revenues are recognized net of discount, incentives and estimated sales returns. In case that the Company and its subsidiaries receive payment from customers before satisfying performance obligations, the amounts are recognized as contract liabilities. In transactions that involve third parties, if the Company and its subsidiaries control the goods or services before they are transferred to the customers, revenue is recognized on gross amount as the principal. Excluding the aforementioned policy, the policies as specifically described hereinafter are applied for each of revenue items. Finance Revenues (1) Revenues from direct financing leases Direct financing leases consist of full-payout leases for various equipment types, including office equipment, industrial machinery and transportation equipment. 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. 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 unguaranteed residual value represents estimated proceeds from the disposition of equipment at the time the lease is terminated. The estimated unguaranteed residual value is based on market value 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 the related lease by using interest method. The unamortized balance of initial direct costs is reflected as a component of investment in direct financing leases. (2) Revenues from installment loans Interest income on installment loans is recognized on an accrual basis. Certain direct loan origination costs, net of origination fees, are being deferred and amortized over the contractual term of the loan as an adjustment of the related loan’s yield using the interest method. Interest payments received on impaired loans other than purchased loans are recorded as interest income unless the collection of the remaining investment is doubtful at which time payments received are recorded as reductions of principal. For purchased loans, although the acquired assets may remain loans in legal form, collections on these loans often do not reflect the normal historical experience of collecting delinquent accounts, and the need to tailor individual collateral-realization strategies often makes it difficult to reliably estimate the amount, timing, or nature of collections. Accordingly, the Company and its subsidiaries use the cost recovery method of income recognition for such purchased loans regardless of whether impairment is recognized or not. (3) Revenues from financial guarantees At the inception of a guarantee, fair value for the guarantee is recognized as a liability in the consolidated balance sheets. The Company and its subsidiaries recognize revenue mainly over the term of guarantee by a systematic and rational amortization method as the Company and the subsidiaries are released from the risk of the obligation. (4) Non-accrual In common with all classes, past-due past-due past-due past-due past-due past-due non-accrual non-accrual Gains on investment securities and dividends — Operating leases — Estimates of residual values are based on market values of used equipment, estimates of when and the extent to which equipment will become obsolete and actual recovery being experienced for similar used equipment. (e) Insurance and reinsurance transactions Premium income from life insurance policies, net of premiums on reinsurance ceded, is recognized as earned premiums when due. Life insurance benefits are recorded as expenses when they are incurred. Policy liabilities and policy account balances for future policy benefits are measured using the net level premium method, based on actuarial estimates of the amount of future policyholder benefits. The policies are characterized as long-duration policies and mainly consist of whole life, term life, endowments, medical insurance and individual annuity insurance contracts. For policies other than individual annuity insurance contracts, computation of policy liabilities necessarily includes assumptions about mortality, morbidity, lapse rates, future yields on related investments and other factors applicable at the time the policies are written. A certain subsidiary continually evaluates the potential for changes in the estimates and assumptions applied in determining policy liabilities, both positive and negative, and uses the results of these evaluations both to adjust recorded liabilities and to adjust underwriting criteria and product offerings. The insurance contracts sold by the subsidiary include variable annuity, variable life and fixed annuity insurance contracts. The subsidiary manages investment assets on behalf of variable annuity and variable life policyholders, which consist of equity securities and are included in investments in securities in the consolidated balance sheets. These investment assets are measured at fair value with realized and unrealized gains or losses recognized in life insurance premiums and related investment income in the consolidated statements of income. The subsidiary elected the fair value option for the entire variable annuity and variable life insurance contracts with changes in the fair value recognized in life insurance costs. The subsidiary provides minimum guarantees to variable annuity and variable life policyholders under which it is exposed to the risk of compensating losses incurred by the policyholders to the extent contractually required. To mitigate the risk, a portion of the minimum guarantee risk related to variable annuity and variable life insurance contracts is ceded to reinsurance companies and the remaining risk is economically hedged by entering into derivative contracts. The reinsurance contracts do not relieve the subsidiary from the obligation as the primary obligor to compensate certain losses incurred by the policyholders, and the default of the reinsurance companies may impose additional losses on the subsidiary. Certain subsidiaries have elected the fair value option for certain reinsurance contracts relating to variable annuity and variable life insurance contracts, which is included in other assets in the consolidated balance sheets. Policy liabilities and policy account balances for fixed annuity insurance contracts are measured based on the single-premiums plus interest based on expected rate and fair value adjustments relating to the acquisition of the subsidiary, less withdrawals, expenses and other charges. The credited interest is recorded in life insurance costs in the consolidated statements of income. Certain costs related directly to the successful acquisition of new or renewal insurance contracts, or deferred policy acquisition costs, are deferred and amortized over the respective policy periods in proportion to anticipated premium revenue. These deferred policy acquisition costs consist primarily of first-year commissions, except for recurring policy maintenance costs and certain variable costs and expenses for underwriting policies. (f) 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 non-impaired charge-off charge-off The Company and its subsidiaries charge off doubtful receivables when the likelihood of any future collection is believed to be minimal considering debtors’ creditworthiness and the liquidation status of collateral. (g) Impairment of long-lived assets The Company and its subsidiaries perform a recoverability test for long-lived assets to be held and used in operations, including tangible assets and intangible assets being amortized, consisting primarily of office buildings, condominiums, golf courses and other properties under facility operations, whenever events or changes in circumstances indicated that the assets might be impaired. The assets are considered not recoverable when the undiscounted future cash flows estimated to be generated by those assets are less than the carrying amount of those assets. The carrying amount of assets not recoverable is reduced to fair value if lower than the carrying amount. The Company and its subsidiaries determine the fair value using appraisals prepared by independent third party appraisers or our own staff of qualified appraisers based on recent transactions involving sales of similar assets or other valuation techniques such as discounted cash flows methodologies using future cash flows estimated to be generated from operation of the existing assets or completion of development projects, as appropriate. (h) Investment in securities Equity securities are generally reported at fair value with unrealized gains and losses included in income. Equity securities without readily determinable fair values are recorded at its cost minus impairment, if any, plus or minus changes resulting from observable price changes under the election of the measurement alternative, except for investments which are valued at net asset value per share. Equity securities elected to apply the measurement alternative are written down to its fair value with losses included in income if a qualitative assessment indicates that the investment is impaired and the fair value of the investment is less than its carrying value. In addition, investments included in equity securities that are accounted for under the equity method are recorded at fair value with unrealized gains and losses included in income if certain subsidiaries elect the fair value option. Trading debt securities are reported at fair value with unrealized gains and losses included in income. Available-for-sale Held-to-maturity For debt securities other than trading, where the fair value is less than the amortized cost, the Company and its subsidiaries consider whether those securities are other-than-temporarily impaired using all available information about their collectability. The Company and its subsidiaries do not consider a debt security to be other-than-temporarily impaired if (1) the Company and its subsidiaries do not intend to sell the debt security, (2) it is not more likely than not that the Company and its subsidiaries will be required to sell the debt security before recovery of its amortized cost basis and (3) the present value of estimated cash flows will fully cover the amortized cost of the security. On the other hand, the Company and its subsidiaries consider a debt security to be other-than-temporarily impaired if any of the above mentioned three conditions are not met. When the Company and its subsidiaries deem a debt security to be other-than-temporarily impaired, the Company and its subsidiaries recognize the entire difference between the amortized cost and the fair value of the debt securities in earnings if the Company and its subsidiaries intend to sell the debt security or it is more likely than not that the Company and its subsidiaries will be required to sell the debt security before recovery of its amortized cost basis less any current-period credit loss. However, if the Company and its subsidiaries do not intend to sell the debt security and it is not more likely than not that the Company and its subsidiaries will be required to sell the debt security before recovery of its amortized cost basis less any current-period credit loss, the Company and its subsidiaries separate the difference between the amortized cost and the fair value of the debt securities into the credit loss component and the non-credit non-credit (i) Income taxes The Company, in general, determines its provision for income taxes for quarterly periods by applying the current estimate of the effective tax rate for the full fiscal year to the actual year-to-date At the fiscal year end, 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. The Company and its subsidiaries release to earnings stranded income tax effects in accumulated other comprehensive income (loss) resulting from changes in tax laws or rates or changes in judgment about realization of a valuation allowance on a specific identification basis when the individual items are completely sold or terminated. A valuation allowance is recognized if, based on the weight of available evidence, it is “more likely than not” that some portion or all of the deferred tax asset will not be realized. The effective income tax rates for the six months ended September 30, 2017 and 2018 were 32.9% and 29.1%, respectively. These rates are 32.9% and 30.4% for the three months ended September 30, 2017 and 2018, respectively. For the six and three months ended September 30, 2017, the Company and its subsidiaries in Japan were subject to a National Corporate tax of approximately 24%, an Inhabitant tax of approximately 4% and a deductible Enterprise tax of approximately 4%, which in the aggregate result in a statutory income tax rate of approximately 31.7%. For the six and three months ended September 30, 2018, the Company and its subsidiaries in Japan were subject to a National Corporate tax of approximately 24%, an Inhabitant tax of approximately 4% and a deductible Enterprise tax of approximately 4%, which in the aggregate result in a statutory income tax rate of approximately 31.5%. The effective income tax rate is different from the statutory tax rate primarily because of certain nondeductible expenses for tax purposes, non-taxable The Company and its subsidiaries file tax returns in Japan and certain foreign tax jurisdictions and recognize the financial statement effects of a tax position taken or expected to be taken in a tax return when it is more likely than not, based on the technical merits, that the position will be sustained upon tax examination, including resolution of any related appeals or litigation processes, and measure tax positions that meet the recognition threshold at the largest amount of tax benefit that is greater than 50 percent likely to be realized upon settlement with the taxing authority. The Company and its subsidiaries present an unrecognized tax benefit as either a reduction of a deferred tax asset, a reduction of an amount refundable or a liability, based on the intended method of settlement. The Company and its subsidiaries classify penalties and interest expense related to income taxes as part of provision for income taxes in the consolidated statements of income. The Company and certain subsidiaries have elected to file a consolidated tax return for National Corporation tax purposes. (j) Securitized assets The Company and its subsidiaries have securitized and sold to investors various financial assets such as lease receivables and loan receivables. In the securitization process, the assets to be securitized are sold to SPEs that issue asset-backed beneficial interests and securities to the investors. SPEs used in securitization transactions are consolidated if the Company and its subsidiaries are the primary beneficiary of the SPEs, and the transfers of the financial assets to those consolidated SPEs are not accounted for as sales. Assets held by consolidated SPEs continue to be accounted for as lease receivables or loan receivables, as they were before the transfer, and asset-backed beneficial interests and securities issued to the investors are accounted for as debt. When the Company and its subsidiaries have transferred financial assets to a transferee that is not subject to consolidation, the Company and its subsidiaries account for the transfer as a sale if control over the transferred assets is surrendered. The Company and certain subsidiaries originate and sell loans into the secondary market, while retaining the obligation to service those loans. In addition, a certain subsidiary undertakes obligations to service loans originated by others. The subsidiary recognizes servicing assets if it expects the benefit of servicing to more than adequately compensate it for performing the servicing or recognizes servicing liabilities if it expects the benefit of servicing to less than adequately compensate it. These servicing assets and liabilities are initially recognized at fair value and subsequently accounted for using the amortization method whereby the assets and liabilities are amortized in proportion to and over the period of estimated net servicing income or net servicing loss. On a quarterly basis, servicing assets and liabilities are evaluated for impairment or increased obligations. The fair value of servicing assets and liabilities is estimated using an internal valuation model, or by obtaining an opinion of value from an independent third-party vendor. Both methods are based on calculating the present value of estimated future net servicing cash flows, taking into consideration discount rates, prepayments and servicing costs. The internal valuation model is validated at least semiannually through third-party valuations. (k) Derivative financial instruments The Company and its subsidiaries recognize all derivatives on the consolidated balance sheets at fair value. The accounting treatment of subsequent changes in the fair value depends on their use, and whether they qualify as effective “hedges” for accounting purposes. Derivatives for the purpose of economic hedge that are not qualified for hedge accounting are adjusted to fair value through the consolidated statements of income. If a derivative is a hedge, then depending on its nature, changes in its fair value will be either offset against changes in the fair value of hedged assets or liabilities through the consolidated statements of income or recorded in other comprehensive income (loss), net of applicable income taxes. If a derivative is held as a hedge of the variability of fair value related to a recognized asset or liability or an unrecognized firm commitment (“fair value” hedge), changes in the fair value of the derivative are recorded in earnings along with the changes in the fair value of the hedged item. If a derivative is held as a hedge of the variability of cash flows related to a forecasted transaction or a recognized asset or liability (“cash flow” hedge), changes in the fair value of the derivative are recorded in other comprehensive income (loss), net of applicable income taxes, 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), net of applicable income taxes, 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), net of applicable income taxes. The ineffective portion of changes in fair value of derivatives that qualify as a hedge are recorded in earnings. For all hedging relationships that are designated and qualified as hedging, at inception the Company and its subsidiaries formally document the details of the hedging relationship and the hedged activity. The Company and its subsidiaries formally assess, both at the hedge’s inception and on an ongoing basis, the effectiveness of the hedge relationship. The Company and its subsidiaries cease hedge accounting prospectively when the derivative no longer qualifies for hedge accounting. (l) Pension plans The Company and certain subsidiaries have contributory and non-contributory The Company and its subsidiaries also recognize the funded status of pension plans, measured as the difference between the fair value of plan assets and the benefit obligation, on the consolidated balance sheets. Changes in that funded status are recognized in the year in which the changes occur through other comprehensive income (loss), net of applicable income taxes. (m) Stock-based compensation The Company and its subsidiaries measure stock-based compensation expense as consideration for services provided by employees based on the fair value of the grant date. The costs are recognized over the requisite service period. (n) Stock splits Stock splits implemented prior to October 1, 2001 had been accounted for by transferring an amount equivalent to the par value of the shares from additional paid-in As a result of a revision to the Code before amendment effective on October 1, 2001 and the Companies Act implemented on May 1, 2006, the above-mentioned method of accounting required by the Code became unnecessary. In the United States, stock splits in comparable circumstances are considered to be stock dividends and are accounted for by transferring from retained earnings to common stock and additional paid-in paid-in paid-in (o) 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. (p) 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 (q) Installment loans Certain loans, for which the Company and its subsidiaries have the intent and ability to sell to outside parties in the foreseeable future, are considered held for sale and are carried at the lower of cost or market value determined on an individual basis, except loans held for sale for which the fair value option was elected. A subsidiary elected the fair value option on its loans held for sale. The subsidiary enters into forward sale agreements to offset the change in the fair value of loans held for sale, and the election of the fair value option allows the subsidiary to recognize both the change in the fair value of the loans and the change in the fair value of the forward sale agreements due to changes in interest rates in the same accounting period. Loans held for sale are included in installment loans, and the outstanding balances of these loans as of March 31, 2018 and September 30, 2018 were ¥18,300 million and ¥44,398 million, respectively. There were ¥17,260 million and ¥31,196 million of loans held for sale as of March 31, 2018 and September 30, 2018, respectively, measured at fair value by electing the fair value option. (r) Property under facility operations Property under facility operations consist primarily of operating facilities (including golf courses, hotels, training facilities and senior housings) and environmental assets (including mega solar), 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. Accumulated depreciation was ¥101,103 million and ¥107,682 million as of March 31, 2018 and September 30, 2018, respectively. (s) Trade notes, accounts and other receivable Trade notes, accounts and other receivable primarily include accounts receivables in relation to sales of assets to be leased, inventories and other assets and payment made on behalf of lessees for property tax, maintenance fees and insurance premiums in relation to lease contracts. (t) Inventories Inventories consist primarily of residential condominiums under development, completed residential condominiums (including those waiting to be delivered to buyers under the contract for sale), and merchandise for sale. Residential condominiums under development are carried at cost less any impairment losses, and completed residential condominiums and merchandise for sale are stated at the lower of cost or fair value less cost to sell. The cost of inventories that are unique and not interchangeable is determined on the specific identification method and the cost of other inventories is principally determined on the average method. As of March 31, 2018 and September 30, 2018, residential condominiums under development were ¥51,415 million and ¥74,051 million, respectively, and completed residential condominiums and merchandise for sale were ¥59,586 million and ¥57,324 million, respectively. The company and its subsidiaries recorded ¥88 million and ¥110 million of write-downs principally on completed residential condominiums and merchandise for sale for the six months ended September 30, 2017 and 2018, respectively, primarily resulting from a decrease in expected sales price. The amounts of such write-downs for the three months ended September 30, 2017 and 2018 were ¥64 million and ¥69 million, respectively. These write-downs were recorded in costs of goods and real estate sold and principally included in Investment and Operation 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. Accumulated depreciation was ¥51,395 million and ¥53,242 million as of March 31, 2018 and September 30, 2018, respectively. (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, reinsurance recoverables in relation to reinsurance contracts, deferred insurance policy acquisition costs which are amortized over the contract periods, leasehold deposits, advance payments made in relation to construction of real estate under operating leases and property under facility operations, prepaid benefit cost, servicing assets, derivative assets and deferred tax assets. (w) Goodwill and other intangible assets The Company and its subsidiaries account for all business combinations using the acquisition method. The Company and its subsidiaries recognize intangible assets acquired in a business combination apart from goodwill if the intangible assets meet one of two criteria—either the contractual-legal criterion or the separately identifiable criterion. Goodwill is measured as an excess of the aggregate of consideration transferred and the fair value of noncontrolling interests over the net of the acquisition-date amounts of the identifiable assets acquired and the liabilities assumed in the business combination measured at fair value. The Company and its subsidiaries would recognize a bargain purchase gain when the amount of recognized net assets exceeds the sum of consideration transferred and the fair value of noncontrolling interests. In a business combination achieved in stages, the Company and its subsidiaries remeasure t |
Fair Value Measurements
Fair Value Measurements | 6 Months Ended |
Sep. 30, 2018 | |
Fair Value Disclosures [Abstract] | |
Fair Value Measurements | 3. Fair Value Measurements The Company and its subsidiaries classify and prioritize inputs used in valuation techniques to measure fair value into the following three levels: Level 1 — Inputs of quoted prices (unadjusted) in active markets for identical assets or liabilities that the reporting entity has the ability to access at the measurement date. Level 2 — Inputs other than quoted prices included within Level 1 that are observable for the assets or liabilities, either directly or indirectly. Level 3 — Unobservable inputs for the assets or liabilities. The Company and its subsidiaries differentiate between those assets and liabilities required to be carried at fair value at every reporting period (“recurring”) and those assets and liabilities that are only required to be adjusted to fair value under certain circumstances (“nonrecurring”). The Company and its subsidiaries mainly measure certain loans held for sale, trading debt securities, available-for-sale The following tables present recorded amounts of major financial assets and liabilities measured at fair value on a recurring basis as of March 31, 2018 and September 30, 2018: March 31, 2018 Millions of yen Total Quoted Prices Significant Significant Unobservable Inputs (Level 3) Assets: Loans held for sale*1 ¥ 17,260 ¥ 0 ¥ 17,260 ¥ 0 Trading securities 422,053 35,766 386,287 0 Available-for-sale 1,015,477 65,716 828,844 120,917 Japanese and foreign government bond securities*2 275,810 3,949 271,861 0 Japanese prefectural and foreign municipal bond securities 163,236 0 163,236 0 Corporate debt securities*3 366,475 8,882 354,556 3,037 Specified bonds issued by SPEs in Japan 861 0 0 861 CMBS and RMBS in the Americas 74,176 0 38,166 36,010 Other asset-backed securities and debt securities 81,321 0 312 81,009 Equity securities*4 53,598 52,885 713 0 Other securities: 37,879 0 0 37,879 Investment funds*5 37,879 0 0 37,879 Derivative assets: 21,831 507 19,033 2,291 Interest rate swap agreements 327 0 327 0 Options held/written and other 7,025 0 4,734 2,291 Futures, foreign exchange contracts 14,057 507 13,550 0 Foreign currency swap agreements 422 0 422 0 Netting*6 (2,105 ) 0 0 0 Net derivative assets 19,726 0 0 0 Other assets: 15,008 0 0 15,008 Reinsurance recoverables*7 15,008 0 0 15,008 Total ¥ 1,529,508 ¥ 101,989 ¥ 1,251,424 ¥ 176,095 Liabilities: Derivative liabilities: ¥ 12,400 ¥ 318 ¥ 12,082 ¥ 0 Interest rate swap agreements 4,924 0 4,924 0 Options held/written and other 701 0 701 0 Futures, foreign exchange contracts 3,447 318 3,129 0 Foreign currency swap agreements 3,220 0 3,220 0 Credit derivatives held 108 0 108 0 Netting*6 (2,105 ) 0 0 0 Net derivative Liabilities 10,295 0 0 0 Policy Liabilities and Policy Account Balances: 444,010 0 0 444,010 Variable annuity and variable life insurance contracts*8 444,010 0 0 444,010 Total ¥ 456,410 ¥ 318 ¥ 12,082 ¥ 444,010 *1 A certain subsidiary elected the fair value option on the loans held for sale. 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 (income) and expense, net” in the consolidated statements of income were a loss of ¥577 million and a gain of ¥5 million from the change in the fair value of the loans for the six and three months ended September 30, 2017. No gains or losses were recognized in earnings during the six months ended September 30, 2017 attributable to changes in instrument-specific credit risk. The amounts of aggregate unpaid principal balance and aggregate fair value of the loans held for sale as of March 31, 2018, were ¥16,873 million and ¥17,260 million, respectively, and the amount of the aggregate fair value exceeded the amount of aggregate unpaid principal balance by ¥387 million. As of March 31, 2018, there were no loans that are 90 days or more past due or, in non-accrual *2 A certain subsidiary elected the fair value option for investments in foreign government bond securities included in available-for-sale *3 A certain subsidiary elected the fair value option for investments in foreign corporate debt securities included in available-for-sale *4 A certain subsidiary elected the fair value option for certain investments in equity securities included in available-for-sale *5 Certain subsidiaries elected the fair value option for certain investments in investment funds included in other securities. Included in “Gains on investment securities and dividends” in the consolidated statements of income were gains of ¥665 million and ¥342 million from the change in the fair value of those investments for the six and three months ended September 30, 2017. The amount of aggregate fair value elected the fair value option was ¥5,665 million as of March 31, 2018. *6 It represents the amount offset under counterparty netting of derivative assets and liabilities. *7 Certain subsidiaries elected the fair value option for certain reinsurance contracts held. The fair value of the reinsurance contracts elected for the fair value option in other assets was ¥15,008 million as of March 31, 2018. For the effect of changes in the fair value of those reinsurance contracts on earnings during the six and three months ended September 30, 2017, see Note 16 “Life Insurance Operations.” *8 Certain subsidiaries elected the fair value option for the entire variable annuity and variable life insurance contracts held in order to match the earnings recognized for the changes in the fair value of policy liabilities and policy account balances with earnings recognized for gains or losses from the investment assets managed on behalf of variable annuity and variable life policyholders, derivative contracts and the changes in the fair value of reinsurance contracts. The fair value of the variable annuity and variable life insurance contracts elected for the fair value option in policy liabilities and policy account balances was ¥444,010 million as of March 31, 2018. For the effect of changes in the fair value of the variable annuity and variable life insurance contracts on earnings during the six and three months ended September 30, 2017, see Note 16 “Life Insurance Operations.” September 30, 2018 Millions of yen Total Quoted Prices Significant Significant Unobservable Inputs (Level 3) Assets: Loans held for sale*1 ¥ 31,196 ¥ 0 ¥ 31,196 ¥ 0 Trading debt securities 24,560 0 24,560 0 Available-for-sale 1,137,081 21,661 992,872 122,548 Japanese and foreign government bond securities*2 348,484 4,066 344,418 0 Japanese prefectural and foreign municipal bond securities 164,853 0 164,853 0 Corporate debt securities*3 466,320 17,595 446,178 2,547 Specified bonds issued by SPEs in Japan 762 0 0 762 CMBS and RMBS in the Americas 61,092 0 37,096 23,996 Other asset-backed securities and debt securities 95,570 0 327 95,243 Equity securities*4*5 462,480 76,321 341,600 44,559 Derivative assets: 13,498 97 12,658 743 Interest rate swap agreements 1,399 0 1,399 0 Options held/written and other 9,412 0 8,669 743 Futures, foreign exchange contracts 1,062 97 965 0 Foreign currency swap agreements 1,625 0 1,625 0 Netting*6 (670 ) 0 0 0 Net derivative assets 12,828 0 0 0 Other assets: 11,121 0 0 11,121 Reinsurance recoverables*7 11,121 0 0 11,121 Total ¥ 1,679,936 ¥ 98,079 ¥ 1,402,886 ¥ 178,971 Liabilities: Derivative liabilities: ¥ 28,795 ¥ 2,007 ¥ 26,788 ¥ 0 Interest rate swap agreements 3,693 0 3,693 0 Options held/written and other 2,909 0 2,909 0 Futures, foreign exchange contracts 20,013 2,007 18,006 0 Foreign currency swap agreements 2,091 0 2,091 0 Credit derivatives held 89 0 89 0 Netting*6 (670 ) 0 0 0 Net derivative Liabilities 28,125 0 0 0 Policy Liabilities and Policy Account Balances: 405,705 0 0 405,705 Variable annuity and variable life insurance contracts*8 405,705 0 0 405,705 Total ¥ 434,500 ¥ 2,007 ¥ 26,788 ¥ 405,705 *1 A certain subsidiary elected the fair value option on the loans held for sale. 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 (income) and expense, net” in the consolidated statements of income were gains of ¥201 million and ¥18 million from the change in the fair value of the loans for the six and three months ended September 30, 2018. No gains or losses were recognized in earnings during the six months ended September 30, 2018 attributable to changes in instrument-specific credit risk. The amounts of aggregate unpaid principal balance and aggregate fair value of the loans held for sale as of September 30, 2018, were ¥30,571 million and ¥31,196 million, respectively, and the amount of the aggregate fair value exceeded the amount of aggregate unpaid principal balance by ¥625 million. As of September 30, 2018, there were no loans that are 90 days or more past due or, in non-accrual *2 A certain subsidiary elected the fair value option for investments in foreign government bond securities included in available-for-sale *3 A certain subsidiary elected the fair value option for investments in foreign corporate debt securities included in available-for-sale *4 Certain subsidiaries elected the fair value option for certain investments in investment funds included in equity securities. Included in “Gains on investment securities and dividends” in the consolidated statements of income were gains of ¥641 million and ¥387 million from the change in the fair value of those investments for the six and three months ended September 30, 2018. The amount of aggregate fair value elected the fair value option was ¥5,751 million as of September 30, 2018. *5 The amount of ¥14,813 million of investments funds measured at net asset value per share is not included. *6 It represents the amount offset under counterparty netting of derivative assets and liabilities. *7 Certain subsidiaries elected the fair value option for certain reinsurance contracts held. The fair value of the reinsurance contracts elected for the fair value option in other assets was ¥11,121 million as of September 30, 2018. For the effect of changes in the fair value of those reinsurance contracts on earnings during the six and three months ended September 30, 2018, see Note 16 “Life Insurance Operations.” *8 Certain subsidiaries elected the fair value option for the entire variable annuity and variable life insurance contracts held in order to match the earnings recognized for the changes in the fair value of policy liabilities and policy account balances with earnings recognized for gains or losses from the investment assets managed on behalf of variable annuity and variable life policyholders, derivative contracts and the changes in the fair value of reinsurance contracts. The fair value of the variable annuity and variable life insurance contracts elected for the fair value option in policy liabilities and policy account balances was ¥405,705 million as of September 30, 2018. For the effect of changes in the fair value of the variable annuity and variable life insurance contracts on earnings during the six and three months ended September 30, 2018, see Note 16 “Life Insurance Operations.” The following tables present the reconciliation of financial assets and liabilities (net) measured at fair value on a recurring basis using significant unobservable inputs (Level 3) for the six months ended September 30, 2017 and 2018: Six months ended September 30, 2017 Millions of yen Balance at Gains or losses (realized/unrealized) Purchases *3 Sales Settlements *4 Transfers in and/ or out of Level 3 (net) Balance at September 30, Change in unrealized gains or losses included in earnings for assets and liabilities still held at September 30, Included in earnings *1 Included in other comprehensive income *2 Total Available-for-sale ¥ 124,516 ¥ 1,696 ¥ 895 ¥ 2,591 ¥ 44,545 ¥ (25,114 ) ¥ (14,748 ) ¥ 0 ¥ 131,790 ¥ 120 Corporate debt securities 1,618 0 5 5 1,400 0 (238 ) 0 2,785 0 Specified bonds issued by SPEs in Japan 1,087 5 (2 ) 3 0 0 (127 ) 0 963 5 CMBS and RMBS in the Americas 57,858 1,630 (213 ) 1,417 2,023 (3,468 ) (8,250 ) 0 49,580 60 Other asset-backed securities and debt securities 63,953 61 1,105 1,166 41,122 (21,646 ) (6,133 ) 0 78,462 55 Other securities 27,801 1,881 368 2,249 13,796 (8,195 ) 0 0 35,651 1,881 Investment funds 27,801 1,881 368 2,249 13,796 (8,195 ) 0 0 35,651 1,881 Derivative assets and liabilities (net) 5,233 (1,920 ) 0 (1,920 ) 3,372 0 (1,415 ) 0 5,270 (1,920 ) Options held/written and other 5,233 (1,920 ) 0 (1,920 ) 3,372 0 (1,415 ) 0 5,270 (1,920 ) Other asset 22,116 (8,908 ) 0 (8,908 ) 3,016 0 (982 ) 0 15,242 (8,908 ) Reinsurance recoverables *5 22,116 (8,908 ) 0 (8,908 ) 3,016 0 (982 ) 0 15,242 (8,908 ) Policy Liabilities and Policy Account Balances 605,520 (15,898 ) 0 (15,898 ) 0 0 (104,399 ) 0 517,019 (15,898 ) Variable annuity and variable life insurance contracts *6 605,520 (15,898 ) 0 (15,898 ) 0 0 (104,399 ) 0 517,019 (15,898 ) *1 Principally, gains and losses from available-for-sale available-for-sale *2 Unrealized gains and losses from available-for-sale *3 Increases resulting from an acquisition of a subsidiary and insurance contracts ceded to reinsurance companies are included. *4 Decreases resulting from the receipts of reimbursements for benefits, and decreases resulting from insurance payouts to variable annuity and variable life policyholders due to death, surrender and maturity of the investment period are included. *5 “Included in earnings” in the above table includes changes in the fair value of reinsurance contracts recorded in “Life insurance costs” and reinsurance premiums, net of reinsurance benefits received, recorded in “Life insurance premiums and related investment income.” *6 “Included in earnings” in the above table is recorded in “Life insurance costs” and includes changes in the fair value of policy liabilities and policy account balances resulting from gains or losses on the underlying investment assets managed on behalf of variable annuity and variable life policyholders, and the changes in the minimum guarantee risks relating to variable annuity and variable life insurance contracts as well as insurance costs recognized for insurance and annuity payouts as a result of insured events. Six months ended September 30, 2018 Millions of yen Balance at Gains or losses (realized/unrealized) Purchases *3 Sales Settlements *4 Transfers in and/ or out of Level 3 (net) Balance at September 30, Change in unrealized gains or losses included in earnings for assets and liabilities still held at September 30, Included in earnings *1 Included in other comprehensive income *2 Total Available-for-sale ¥ 120,917 ¥ 1,150 ¥ 4,738 ¥ 5,888 ¥ 32,972 ¥ (15,998 ) ¥ (21,231 ) ¥ 0 ¥ 122,548 ¥ 31 Corporate debt securities 3,037 0 0 0 0 0 (490 ) 0 2,547 0 Specified bonds issued by SPEs in Japan 861 0 (2 ) (2 ) 0 0 (97 ) 0 762 0 CMBS and RMBS in the Americas 36,010 1,034 1,136 2,170 1,304 (6,711 ) (8,777 ) 0 23,996 (59 ) Other asset-backed securities and debt securities 81,009 116 3,604 3,720 31,668 (9,287 ) (11,867 ) 0 95,243 90 Equity securities 37,879 1,716 1,579 3,295 17,078 (13,693 ) 0 0 44,559 1,545 Investment funds 37,879 1,716 1,579 3,295 17,078 (13,693 ) 0 0 44,559 1,545 Derivative assets and liabilities (net) 2,291 (2,398 ) 0 (2,398 ) 1,673 0 (823 ) 0 743 (2,398 ) Options held/written and other 2,291 (2,398 ) 0 (2,398 ) 1,673 0 (823 ) 0 743 (2,398 ) Other asset 15,008 (5,593 ) 0 (5,593 ) 1,953 0 (247 ) 0 11,121 (5,593 ) Reinsurance recoverables *5 15,008 (5,593 ) 0 (5,593 ) 1,953 0 (247 ) 0 11,121 (5,593 ) Policy Liabilities and Policy Account Balances 444,010 (9,254 ) (112 ) (9,366 ) 0 0 (47,671 ) 0 405,705 (9,254 ) Variable annuity and variable life insurance contracts *6 444,010 (9,254 ) (112 ) (9,366 ) 0 0 (47,671 ) 0 405,705 (9,254 ) *1 Principally, gains and losses from available-for-sale available-for-sale *2 Unrealized gains and losses from available-for-sale *3 Increases resulting from an acquisition of a subsidiary and insurance contracts ceded to reinsurance companies are included. *4 Decreases resulting from the receipts of reimbursements for benefits, and decreases resulting from insurance payouts to variable annuity and variable life policyholders due to death, surrender and maturity of the investment period are included. *5 “Included in earnings” in the above table includes changes in the fair value of reinsurance contracts recorded in “Life insurance costs” and reinsurance premiums, net of reinsurance benefits received, recorded in “Life insurance premiums and related investment income.” *6 “Included in earnings” in the above table is recorded in “Life insurance costs” and includes changes in the fair value of policy liabilities and policy account balances resulting from gains or losses on the underlying investment assets managed on behalf of variable annuity and variable life policyholders, and the changes in the minimum guarantee risks relating to variable annuity and variable life insurance contracts as well as insurance costs recognized for insurance and annuity payouts as a result of insured events. There were no transfers in or out of Level 3 in the six months ended September 30, 2017 and 2018. The following tables present the reconciliation for financial assets and liabilities (net) measured at fair value on a recurring basis using significant unobservable inputs (Level 3) for the three months ended September 30, 2017 and 2018: Three months ended September 30, 2017 Millions of yen Balance at June 30, Gains or losses (realized/unrealized) Purchases *3 Sales Settlements *4 Transfers in and/ or out of Level 3 (net) Balance at September 30, Change in unrealized gains or losses included in earnings for assets and liabilities still held at September 30, Included in earnings *1 Included in other comprehensive income *2 Total Available-for-sale ¥ 117,169 ¥ 1,668 ¥ (133 ) ¥ 1,535 ¥ 37,399 ¥ (16,347 ) ¥ (7,966 ) ¥ 0 ¥ 131,790 ¥ 124 Corporate debt securities 2,069 0 4 4 900 0 (188 ) 0 2,785 0 Specified bonds issued by SPEs in Japan 1,016 5 (1 ) 4 0 0 (57 ) 0 963 5 CMBS and RMBS in the Americas 56,456 1,630 (888 ) 742 615 (2,121 ) (6,112 ) 0 49,580 60 Other asset-backed securities and debt securities 57,628 33 752 785 35,884 (14,226 ) (1,609 ) 0 78,462 59 Other securities 26,457 1,886 (21 ) 1,865 12,423 (5,094 ) 0 0 35,651 1,886 Investment funds 26,457 1,886 (21 ) 1,865 12,423 (5,094 ) 0 0 35,651 1,886 Derivative assets and liabilities (net) 3,961 (790 ) 0 (790 ) 2,108 0 (9 ) 0 5,270 (790 ) Options held/written and other 3,961 (790 ) 0 (790 ) 2,108 0 (9 ) 0 5,270 (790 ) Other asset 18,070 (3,802 ) 0 (3,802 ) 1,405 0 (431 ) 0 15,242 (3,802 ) Reinsurance recoverables*5 18,070 (3,802 ) 0 (3,802 ) 1,405 0 (431 ) 0 15,242 (3,802 ) Policy Liabilities and Policy Account Balances 557,914 (7,060 ) 0 (7,060 ) 0 0 (47,955 ) 0 517,019 (7,060 ) Variable annuity and variable life insurance contracts*6 557,914 (7,060 ) 0 (7,060 ) 0 0 (47,955 ) 0 517,019 (7,060 ) *1 Principally, gains and losses from available-for-sale available-for-sale *2 Unrealized gains and losses from available-for-sale *3 Increases resulting from an acquisition of a subsidiary and insurance contracts ceded to reinsurance companies are included. *4 Decreases resulting from the receipts of reimbursements for benefits, and decreases resulting from insurance payouts to variable annuity and variable life policyholders due to death, surrender and maturity of the investment period are included. *5 “Included in earnings” in the above table includes changes in the fair value of reinsurance contracts recorded in “Life insurance costs” and reinsurance premiums, net of reinsurance benefits received, recorded in “Life insurance premiums and related investment income.” *6 “Included in earnings” in the above table is recorded in “Life insurance costs” and includes changes in the fair value of policy liabilities and policy account balances resulting from gains or losses on the underlying investment assets managed on behalf of variable annuity and variable life policyholders, and the changes in the minimum guarantee risks relating to variable annuity and variable life insurance contracts as well as insurance costs recognized for insurance and annuity payouts as a result of insured events. Three months ended September 30, 2018 Millions of yen Balance at June 30, Gains or losses (realized/unrealized) Purchases *3 Sales Settlements *4 Transfers in and/ or out of Level 3 (net) Balance at Change in unrealized gains or losses included in earnings for assets and liabilities still held at September 30, Included in earnings *1 Included in other comprehensive income *2 Total Available-for-sale ¥ 114,095 ¥ 21 ¥ 2,144 ¥ 2,165 ¥ 23,268 ¥ (5,277 ) ¥ (11,703 ) ¥ 0 ¥ 122,548 ¥ 15 Corporate debt securities 2,845 0 (2 ) (2 ) 0 0 (296 ) 0 2,547 0 Specified bonds issued by SPEs in Japan 813 0 (1 ) (1 ) 0 0 (50 ) 0 762 0 CMBS and RMBS in the Americas 25,874 (55 ) 672 617 1,304 0 (3,799 ) 0 23,996 (39 ) Other asset-backed securities and debt securities 84,563 76 1,475 1,551 21,964 (5,277 ) (7,558 ) 0 95,243 54 Equity securities 43,273 1,557 944 2,501 2,439 (3,654 ) 0 0 44,559 1,464 Investment funds 43,273 1,557 944 2,501 2,439 (3,654 ) 0 0 44,559 1,464 Derivative assets and liabilities (net) 470 (137 ) 0 (137 ) 447 0 (37 ) 0 743 (137 ) Options held/written and other 470 (137 ) 0 (137 ) 447 0 (37 ) 0 743 (137 ) Other asset 13,565 (3,278 ) 0 (3,278 ) 935 0 (101 ) 0 11,121 (3,278 ) Reinsurance recoverables*5 13,565 (3,278 ) 0 (3,278 ) 935 0 (101 ) 0 11,121 (3,278 ) Policy Liabilities and Policy Account Balances 419,455 (9,107 ) (109 ) (9,216 ) 0 0 (22,966 ) 0 405,705 (9,107 ) Variable annuity and variable life insurance contracts*6 419,455 (9,107 ) (109 ) (9,216 ) 0 0 (22,966 ) 0 405,705 (9,107 ) *1 Principally, gains and losses from available-for-sale available-for-sale *2 Unrealized gains and losses from available-for-sale *3 Increases resulting from an acquisition of a subsidiary and insurance contracts ceded to reinsurance companies are included. *4 Decreases resulting from the receipts of reimbursements for benefits, and decreases resulting from insurance payouts to variable annuity and variable life policyholders due to death, surrender and maturity of the investment period are included. *5 ”Included in earnings” in the above table includes changes in the fair value of reinsurance contracts recorded in “Life insurance costs” and reinsurance premiums, net of reinsurance benefits received, recorded in “Life insurance premiums and related investment income.” *6 ”Included in earnings” in the above table is recorded in “Life insurance costs” and includes changes in the fair value of policy liabilities and policy account balances resulting from gains or losses on the underlying investment assets managed on behalf of variable annuity and variable life policyholders, and the changes in the minimum guarantee risks relating to variable annuity and variable life insurance contracts as well as insurance costs recognized for insurance and annuity payouts as a result of insured events. There were no transfers in or out of Level 3 in the three months ended September 30, 2017 and 2018. The following tables present recorded amounts of assets measured at fair value on a nonrecurring basis as of March 31, 2018 and September 30, 2018. These assets are measured at fair value on a nonrecurring basis mainly to recognize impairment: March 31, 2018 Millions of yen Total Carrying Value in Consolidated Balance Sheets Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Assets: Real estate collateral-dependent loans (net of allowance for probable loan losses) ¥ 7,526 ¥ 0 ¥ 0 ¥ 7,526 Investment in operating leases and property under facility operations 3,916 0 0 3,916 Certain investments in affiliates 11,730 0 0 11,730 ¥ 23,172 ¥ 0 ¥ 0 ¥ 23,172 September 30, 2018 Millions of yen Total Carrying Value in Consolidated Balance Sheets Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Assets: Real estate collateral-dependent loans (net of allowance for probable loan losses) ¥ 6,452 ¥ 0 ¥ 0 ¥ 6,452 Investment in operating leases and property under facility operations 193 0 0 193 ¥ 6,645 ¥ 0 ¥ 0 ¥ 6,645 The following is a description of the main valuation methodologies used for assets and liabilities measured at fair value. Loans held for sale Certain loans, which the Company and its subsidiaries have the intent and ability to sell to outside parties in the foreseeable future, are considered held-for-sale. Real estate collateral-dependent loans The valuation allowance for large balance non-homogeneous The Company and its subsidiaries determine the fair value of the real estate collateral of real estate collateral-dependent loans using appraisals prepared by independent third party appraisers or our own staff of qualified appraisers based on recent transactions involving sales of similar assets or other valuation techniques such as discounted cash flows methodologies using future cash flows estimated to be generated from operation of the existing assets or completion of development projects, as appropriate. The Company and its subsidiaries generally obtain a new appraisal once a fiscal year. In addition, the Company and its subsidiaries periodically monitor circumstances of the real estate collateral and then obtain a new appraisal in situations involving a significant change in economic and/or physical conditions, which may materially affect the fair value of the collateral. Real estate collateral-dependent loans whose fair values are estimated using appraisals of the underlying collateral based on these valuation techniques are classified as Level 3 because such appraisals involve unobservable inputs. These unobservable inputs contain discount rates and cap rates as well as future cash flows estimated to be generated from real estate collateral. An increase (decrease) in the discount rate or cap rate and a decrease (increase) in the estimated future cash flows would result in a decrease (increase) in the fair value of real estate collateral-dependent loans. Investment in operating leases and property under facility operations and land and buildings undeveloped or under construction Investment in operating leases measured at fair value is mostly real estate. The Company and its subsidiaries determine the fair value of investment in operating leases and property under facility operations and land and buildings undeveloped or under construction using appraisals prepared by independent third party appraisers or the Company’s own staff of qualified appraisers based on recent transactions involving sales of similar assets or other valuation techniques such as discounted cash flow methodologies using future cash flows estimated to be generated from operation of the existing assets or completion of development projects, as appropriate. The Company and its subsidiaries classified the assets as Level 3 because such appraisals involve unobservable inputs. These unobservable inputs contain discount rates as well as future cash flows estimated to be generated from the assets or projects. An increase (decrease) in the discount rate and a decrease (increase) in the estimated future cash flows would result in a decrease (increase) in the fair value of investment in operating leases and property under facility operations and land and buildings undeveloped or under construction. Trading debt securities, Available-for-sale If active market prices are available, fair value measurement is based on quoted active market prices and, accordingly, these securities are classified as Level 1. If active market prices are not available, fair value measurement is based on observable inputs other than quoted prices included within Level 1, such as prices for similar assets and accordingly these securities are classified as Level 2. If market prices are not available and there are no observable inputs, then fair value is estimated by using valuation models including discounted cash flow methodologies and broker quotes. Such securities are classified as Level 3, as the valuation models and broker quotes are based on inputs that are unobservable in the market. If fair value is based on broker quotes, the Company and its subsidiaries check the validity of received prices based on comparison to prices of other similar assets and market data such as relevant bench mark indices. The Company and its subsidiaries classified CMBS and RMBS in the Americas and other asset-backed securities as Level 2 if the inputs such as trading price and/or bid price are observable. The Company and its subsidiaries classified CMBS and RMBS in the Americas and other asset-backed securities as Level 3 if the Company and subsidiaries evaluate the fair value based on the unobservable inputs. In determining whether the inputs are observable or unobservable, the Company and its subsidiaries evaluate various factors such as the lack of recent transactions, price quotations that are not based on current information or vary substantially over time or among market makers, a significant increase in implied risk premium, a wide bid-ask principal-to-principal Equity securities 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. Certain subsidiaries elected the fair value option for investments in some funds. These investment funds for which the fair value option is elected are classified as Level 3, because the subsidiaries measure their fair value using discounting to net asset value based on inputs that are unobservable in the market. A certain subsidiary measures its investment held by the investment company which is owned by the subsidiary at fair value. Derivatives For exchange-traded derivatives, fair value is based on quoted market prices, and accordingly, classified as Level 1. For non-exchange Reinsurance recoverables Certain subsidiaries have elected the fair value option for certain reinsurance contracts related to variable annuity and variable life insurance contracts to partially offset the changes in fair value recognized in earnings of the policy liabilities and policy account balances attributable to the changes in the minimum guarantee risks of the variable annuity and variable life insurance contracts. These reinsurance contracts for which the fair value option is elected are classified as Level 3 because the subsidiaries measure their fair value using discounted cash flow methodologies based on inputs that are unobservable in the market. Variable annuity and variable life insurance contracts A certain subsidiary has elected the fair value option for the entire variable annuity and variable life insurance contracts held in order to match earnings recognized for changes in fair value of policy liabilities and policy account balances with the earnings recognized for gains or losses from the investment assets managed on behalf of variable annuity and variable life policyholders, derivative contracts and changes in fair value of reinsurance contracts. The changes in fair value of the variable annuity and variable life insurance contracts are linked to the fair value of the investment in securities managed on behalf of variable annuity and variable life policyholders. These securities consist mainly of equity securities traded in the market. In addition, variable annuity and variable life insurance contracts are exposed to the minimum guarantee risk, and the subsidiary adjusts the fair value of the underlying investments by incorporating changes in fair value of the minimum guarantee risk in the evaluation of the fair value of the entire variable annuity and variable life insurance contracts. The variable annuity and variable life insurance contracts for which the fair value option is elected are classified as Level 3 because the subsidiary measures the fair value using discounted cash flow methodologies based on inputs that are unobservable in the market. Information about Level 3 Fair Value Measurements The following tables provide information about the valuation techniques and significant unobservable inputs used in the valua |
Acquisitions and Divestitures
Acquisitions and Divestitures | 6 Months Ended |
Sep. 30, 2018 | |
Business Combinations [Abstract] | |
Acquisitions and Divestitures | 4. Acquisitions and Divestitures (1) Acquisitions There were no material acquisitions during the six months ended September 30, 2017 and 2018. (2) Divestitures Gains on sales of subsidiaries and affiliates and liquidation losses, net for the six months ended September 30, 2017 and 2018 amounted to ¥24,972 million and ¥19,032 million, respectively. Gains on sales of subsidiaries and affiliates and liquidation losses, net for the six months ended September 30, 2017 consisted of ¥13,760 million in Overseas Business segment, ¥9,184 million in Investment and Operation segment and ¥2,028 million in Corporate Financial Services segment. Gains on sales of subsidiaries and affiliates and liquidation losses, net for the six months ended September 30, 2018 mainly consisted of ¥18,470 million in Overseas Business segment, ¥558 million in Investment and Operation segment. Gains on sales of subsidiaries and affiliates and liquidation losses, net for the three months ended September 30, 2017 and 2018 amounted to ¥10,474 million and ¥5,246 million, respectively. Gains on sales of subsidiaries and affiliates and liquidation losses, net for the three months ended September 30, 2017 consisted of ¥8,681 million in Investment and Operation segment, ¥1,793 million in Overseas Business segment. Gains on sales of subsidiaries and affiliates and liquidation losses, net for the three months ended September 30, 2018 consisted of ¥4,706 million in Overseas Business segment, ¥540 million in Investment and Operation segment. |
Revenues from Contracts with Cu
Revenues from Contracts with Customers | 6 Months Ended |
Sep. 30, 2018 | |
Revenue from Contract with Customer [Abstract] | |
Revenues from Contracts with Customers | 5. Revenues from Contracts with Customers Revenues from contracts with customers, and other sources of revenue for the six and three months ended September 30, 2018 are as follows; Millions of yen Six months ended in September 30, 2018 Revenues from contracts with customers ¥ 727,356 Other revenues* 534,658 Total revenues ¥ 1,262,014 Millions of yen Three months ended in September 30, 2018 Revenues from contracts with customers ¥ 379,506 Other revenues* 278,591 Total revenues ¥ 658,097 * Other revenues include revenues that are not in the scope of ASC 606 (“Revenue from Contracts with Customers”), such as life insurance premiums and related investment income, operating leases, finance revenues that include interest income, and others. The Company and its subsidiaries recognize revenues when control of the promised goods or services are transferred to our customers, in the amounts that reflect the consideration we expect to receive in exchange for those goods or services. Revenues are recognized net of discounts, incentives and estimated sales returns. Amount to be collected for third party is deducted from revenues. The Company and its subsidiaries evaluate whether we are principal or agent on distinctive goods or services. In transaction that third party concerns, if the Company and its subsidiaries control the goods or services before they are transferred to customers, revenue is recognized on gross amount as the principal. There is no significant variability in considerations included in revenues, and there are no significant financial components in considerations on transactions. Revenues disaggregated by goods and services category and geographical location are represented in Note 23 “Segment Information.” Revenue recognition criteria on each goods and services category are mainly followings: Sales of goods The Company and its subsidiaries sell various goods such as precious metals, medical equipment, accounting software and other to customers. Revenues from sales of goods are recognized when there is a transfer of control of the product to customers. The Company and its subsidiaries determine transfer of control based on when the products are shipped or delivered to customers, or inspected by customers. Real estate sales Certain subsidiaries are involved in developing and selling real estates. Revenues from sale of detached houses and residential condominiums are recognized when the real estate is delivered to customers. Asset management and servicing Certain subsidiaries offer customers investment management services for their financial assets, asset management as well as maintenance and administrative services for their real estate properties. Furthermore, the Company and its subsidiaries perform servicing on behalf of customers. Revenues from asset management and servicing primarily include management fees, servicing fees, and performance fees. Management and servicing fees are recognized over the contract period with customers, since the customers simultaneously receive and consume the benefits provided by the performance as the subsidiaries perform. Management fees are calculated based on the predetermined percentages of the market value of the assets under management or net assets of the investment funds in accordance with contract terms. Servicing fees are calculated based on the predetermined percentages of the amount in asset under managements in accordance with contract terms. Fees based on the performance of the assets under management are recognized when the performance obligations are satisfied, to the extent that it is probable that a significant reversal in the amount of cumulative revenue recognized will not occur when the uncertainty associated with the variable consideration is subsequently resolved. The performance fee is estimated by using the most likely amount method, in accordance with contract terms. Servicing fees related to financial assets that the Company and its subsidiaries had originated and transferred to investors, are accounted for by ASC860 (“Transfers and Servicing”). Automobile related services Certain subsidiaries provide mainly automobile maintenance services to customers, as automobile related services. In the service, since customers simultaneously receive and consume the benefits provided by the performance as the subsidiaries perform, revenues are recognized over the contract period with customers. For measurement of progress, the cost incurred is used, because that reasonably describes transfer of control of services to customers. The subsidiaries receive payments from customers before satisfying performance obligations, and the amounts are reported in other liabilities on the consolidated balance sheets as contract liabilities. Facilities operation The Company and its subsidiaries are running hotels, Japanese inns, training facilities, senior housings, golf courses and other facilities. Revenues from these operations are recognized over the customers’ usage period of the facilities, since customers simultaneously receive and consume the benefits provided by the performance as the Company and its subsidiaries perform. The value transferred to customers is directly measured based on the usage period. With respect to operation of senior housing and other facilities, certain subsidiaries receive payments from customers before satisfying performance obligations, and the amounts are reported in other liabilities on the consolidated balance sheets as contract liabilities. Gains on sale of property under facility operations are accounted for by ASC610-20 Environment and energy related services The Company and its subsidiaries offer services that provide electric power for business operators’ factories, office buildings and other facilities. Revenues from electric power supply by purchasing electricity or running power plants are recognized over the contracted distribution period with customers, since customers simultaneously receive and consume the benefits provided by the performance as the Company and its subsidiaries perform. The value transferred to customers is directly measured based on electricity usage by customers. Furthermore, certain subsidiaries are running waste processing facilities. Revenues from resources and waste processing business are primarily recognized over the service contract period with customers, since customers simultaneously receive and consume the benefits provided by the performance as the subsidiaries perform. The value transferred to customers is directly measured based on the amount of resources and waste to be processed. Real estate management and brokerage The Company and its subsidiaries mainly offer management of condominiums, office buildings, and facilities and other, to customers, as real estate management and brokerage business. Since customers simultaneously receive and consume the benefits provided by the performance as the Company and its subsidiaries perform, revenues from these services are recognized over the contract period with customers. Direct measurement of the value transferred to customers based on time elapsed, is used as method of measuring progress. The Company and its subsidiaries receive payments from customers before satisfying performance obligations, and the amounts are reported in other liabilities on the consolidated balance sheets as contract liabilities. Real estate contract work Certain subsidiaries offer repair and contract work for condominiums, office buildings, and facilities, and other, to customers. The work is held on the real estate where customers own or rent, and the subsidiaries’ performance creates the asset that the customers controls as the asset is created or enhanced. Additionally, the performance does not create an asset with an alternative use to the subsidiaries, and the subsidiaries have a substantial enforceable right to payment for performance completed to date so that revenues are recognized over the contract work period. For measurement of progress, the cost incurred is used, because that reasonably describes transfer of control of services to customers. The subsidiaries recognize contract assets regarding a part of performance obligations that the subsidiaries performed, and the amounts are reported in other assets on the consolidated balance sheets. Furthermore, the subsidiaries receive payments from customers before satisfying performance obligations, and the amounts are reported in other liabilities on the consolidated balance sheets as contract liabilities. Other The Company and its subsidiaries have been developing a variety of businesses. Main revenue streams are as follows; Maintenance services of software, measurement equipment and other: Certain subsidiaries offer accounting software maintenance services and support, and maintenance of measurement equipment to customers. Revenues from these services are recognized over the contract period with customers, since customers simultaneously receive and consume the benefits provided by the performance as the subsidiaries perform. For measurement of progress, the cost incurred is used, because that reasonably describes transfer of control of services to customers. The subsidiaries receive payments from customers before satisfying performance obligations, and the amounts are reported in other liabilities on the consolidated balance sheets as contract liabilities. Fee business: The Company and its subsidiaries are involved in insurance policy referrals and other agency business. Commission revenues from these businesses are primarily recognized when the contract between our customers and their client is signed. Balances from contracts with customers Millions of yen April 1, 2018 September 30, 2018 Trade Notes, Accounts and Other Receivable ¥ 154,590 ¥ 143,175 Contract assets (Included in Other Assets) ¥ 1,058 ¥ 2,145 Contract liabilities (Included in Other Liabilities) ¥ 45,545 ¥ 46,032 For the six and three months ended September 30, 2018, there were not significant changes in contract assets and contract liabilities. For the six and three months ended September 30, 2018, revenue amounted to ¥29,236 million and ¥12,422 million were included in contract liabilities as of the beginning of this fiscal year. As of September 30, 2018, transaction price allocated to the performance obligations that are unsatisfied (or partially satisfied) is mainly related to automobile related services, facilities operation, real estate sales and amounted to ¥150,623 million. Remaining term for the obligations ranges up to 41 years. Furthermore, automobile related services primarily constitute the performance obligations that are unsatisfied (or partially satisfied) which will be recognized as revenue over the next 10 years. The Company and its subsidiaries applied practical expedients, and performance obligations for contracts that have an original expected duration of one year or less and contracts under which the value transferred to a customer is directly measured and recognized as revenue by the amount it has a right to invoice to the customer are not included in the disclosure. As of September 30, 2018, assets recognized from the costs to obtain or fulfill contracts with customers are not material. |
Credit Quality of Financing Rec
Credit Quality of Financing Receivables and the Allowance for Credit Losses | 6 Months Ended |
Sep. 30, 2018 | |
Receivables [Abstract] | |
Credit Quality of Financing Receivables and the Allowance for Credit Losses | 6. Credit Quality of Financing Receivables and the Allowance for Credit Losses The Company and its subsidiaries provide the following information disaggregated by portfolio segment and class of financing receivable. Allowance for credit losses—by portfolio segment Credit quality of financing receivables—by class • Impaired loans • Credit quality indicators • Non-accrual past-due Information about troubled debt restructurings—by class A portfolio segment is defined as the level at which an entity develops and documents a systematic methodology to determine its allowance for credit losses. The Company and its subsidiaries classify our portfolio segments by instruments of loans and 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 our debtors. The following table provides information about the allowance for credit losses as of March 31, 2018, for the six and three months ended September 30, 2017 and 2018: Six months ended September 30, 2017 Millions of yen Loans Corporate Consumer Non-recourse loans Other Purchased loans *1 Direct financing leases Total Allowance for credit losses : Beginning balance ¥ 18,599 ¥ 2,951 ¥ 21,079 ¥ 6,061 ¥ 10,537 ¥ 59,227 Provision (Reversal) 6,018 (268 ) 1,278 (209 ) 1,179 7,998 Charge-offs (4,343 ) (115 ) (1,972 ) (1,110 ) (940 ) (8,480 ) Recoveries 376 0 90 63 2 531 Other *2 1 9 (1,430 ) 0 120 (1,300 ) Ending balance ¥ 20,651 ¥ 2,577 ¥ 19,045 ¥ 4,805 ¥ 10,898 ¥ 57,976 Individually evaluated for impairment 3,131 1,984 9,431 3,323 0 17,869 Not individually evaluated for impairment 17,520 593 9,614 1,482 10,898 40,107 Financing receivables : Ending balance ¥ 1,676,208 ¥ 87,454 ¥ 984,754 ¥ 21,998 ¥ 1,214,698 ¥ 3,985,112 Individually evaluated for impairment 18,409 5,443 25,193 5,703 0 54,748 Not individually evaluated for impairment 1,657,799 82,011 959,561 16,295 1,214,698 3,930,364 Three months ended September 30, 2017 Millions of yen Loans Corporate Consumer Non-recourse loans Other Purchased Direct financing leases Total Allowance for credit losses : Beginning balance ¥ 20,086 ¥ 2,647 ¥ 21,487 ¥ 5,831 ¥ 10,708 ¥ 60,759 Provision (Reversal) 2,558 (86 ) 148 (65 ) 804 3,359 Charge-offs (2,254 ) 0 (1,216 ) (1,002 ) (688 ) (5,160 ) Recoveries 258 0 16 39 (12 ) 301 Other *2 3 16 (1,390 ) 2 86 (1,283 ) Ending balance ¥ 20,651 ¥ 2,577 ¥ 19,045 ¥ 4,805 ¥ 10,898 ¥ 57,976 March 31, 2018 Millions of yen Loans Corporate Consumer Non-recourse loans Other Purchased loans *1 Direct financing leases Total Allowance for credit losses : Ending balance ¥ 21,196 ¥ 688 ¥ 18,407 ¥ 4,292 ¥ 10,089 ¥ 54,672 Individually evaluated for impairment 3,020 149 8,295 2,880 0 14,344 Not individually evaluated for impairment 18,176 539 10,112 1,412 10,089 40,328 Financing receivables : Ending balance ¥ 1,739,173 ¥ 73,305 ¥ 974,058 ¥ 18,933 ¥ 1,194,888 ¥ 4,000,357 Individually evaluated for impairment 18,911 3,745 19,385 5,101 0 47,142 Not individually evaluated for impairment 1,720,262 69,560 954,673 13,832 1,194,888 3,953,215 Six months ended September 30, 2018 Millions of yen Loans Corporate Consumer Non-recourse loans Other Purchased loans *1 Direct financing leases Total Allowance for credit losses : Beginning balance ¥ 21,196 ¥ 688 ¥ 18,407 ¥ 4,292 ¥ 10,089 ¥ 54,672 Provision (Reversal) 5,739 (87 ) 992 (186 ) 1,752 8,210 Charge-offs (5,140 ) 0 (1,761 ) (304 ) (1,175 ) (8,380 ) Recoveries 287 0 148 96 120 651 Other *3 (22 ) 26 623 7 53 687 Ending balance ¥ 22,060 ¥ 627 ¥ 18,409 ¥ 3,905 ¥ 10,839 ¥ 55,840 Individually evaluated for impairment 3,366 49 6,818 2,482 0 12,715 Not individually evaluated for impairment 18,694 578 11,591 1,423 10,839 43,125 Financing receivables : Ending balance ¥ 1,792,901 ¥ 63,423 ¥ 1,161,909 ¥ 17,156 ¥ 1,178,913 ¥ 4,214,302 Individually evaluated for impairment 22,071 1,597 26,343 4,445 0 54,456 Not individually evaluated for impairment 1,770,830 61,826 1,135,566 12,711 1,178,913 4,159,846 Three months ended September 30, 2018 Millions of yen Loans Corporate Consumer Non-recourse loans Other Purchased loans *1 Direct financing leases Total Allowance for credit losses : Beginning balance ¥ 22,299 ¥ 597 ¥ 19,708 ¥ 4,150 ¥ 10,206 ¥ 56,960 Provision (Reversal) 2,328 14 (67 ) (1 ) 990 3,264 Charge-offs (2,638 ) 0 (1,602 ) (266 ) (535 ) (5,041 ) Recoveries 76 0 81 16 72 245 Other *3 (5 ) 16 289 6 106 412 Ending balance ¥ 22,060 ¥ 627 ¥ 18,409 ¥ 3,905 ¥ 10,839 ¥ 55,840 Note: Loans held for sale are not included in the table above. *1 Purchased loans represent loans with evidence of deterioration of credit quality since origination and for which it is probable at acquisition that collection of all contractually required payments from the debtors is unlikely. *2 Other mainly includes foreign currency translation adjustments and a decrease in allowance related to sales of loans. *3 Other mainly includes foreign currency translation adjustments. In developing the allowance for credit losses, the Company and its subsidiaries consider, among other things, the following factors: • business characteristics and financial conditions of obligors; • current economic conditions and trends; • prior charge-off • current delinquencies and delinquency trends; and • value of underlying collateral and guarantees. The Company and its subsidiaries individually develop the allowance for credit losses for impaired loans. For non-impaired charge-off charge-off In common with all portfolio segments, a deterioration of debtors’ condition 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 charge-off 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 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, 2018 and September 30, 2018: March 31, 2018 Millions of yen Portfolio segment Class Loans individually evaluated for impairment Unpaid principal balance Related allowance With no related allowance recorded *1 ¥ 7,813 ¥ 7,774 ¥ 0 Consumer borrowers 409 409 0 Housing loans 184 184 0 Card loans 0 0 0 Other 225 225 0 Corporate borrowers 7,301 7,262 0 Non-recourse Japan 0 0 0 The Americas 3,395 3,395 0 Other Real estate companies 1,003 1,003 0 Entertainment companies 7 0 0 Other 2,896 2,864 0 Purchased loans 103 103 0 With an allowance recorded *2 39,329 37,943 14,344 Consumer borrowers 18,502 17,953 3,020 Housing loans 3,360 3,068 984 Card loans 4,060 4,051 631 Other 11,082 10,834 1,405 Corporate borrowers 15,829 15,227 8,444 Non-recourse Japan 254 254 53 The Americas 96 96 96 Other Real estate companies 1,544 1,482 543 Entertainment companies 1,581 1,570 576 Other 12,354 11,825 7,176 Purchased loans 4,998 4,763 2,880 Total ¥ 47,142 ¥ 45,717 ¥ 14,344 Consumer borrowers 18,911 18,362 3,020 Housing loans 3,544 3,252 984 Card loans 4,060 4,051 631 Other 11,307 11,059 1,405 Corporate borrowers 23,130 22,489 8,444 Non-recourse Japan 254 254 53 The Americas 3,491 3,491 96 Other Real estate companies 2,547 2,485 543 Entertainment companies 1,588 1,570 576 Other 15,250 14,689 7,176 Purchased loans 5,101 4,866 2,880 September 30, 2018 Millions of yen Portfolio segment Class Loans individually evaluated for impairment Unpaid principal balance Related allowance With no related allowance recorded *1 ¥ 14,805 ¥ 14,611 ¥ 0 Consumer borrowers 664 648 0 Housing loans 464 448 0 Card loans 0 0 0 Other 200 200 0 Corporate borrowers 14,035 13,857 0 Non-recourse Japan 0 0 0 The Americas 1,353 1,353 0 Other Real estate companies 987 987 0 Entertainment companies 0 0 0 Other 11,695 11,517 0 Purchased loans 106 106 0 With an allowance recorded *2 39,651 38,586 12,715 Consumer borrowers 21,407 20,552 3,366 Housing loans 4,112 3,952 956 Card loans 4,014 4,005 669 Other 13,281 12,595 1,741 Corporate borrowers 13,905 13,695 6,867 Non-recourse Japan 244 244 49 The Americas 0 0 0 Other Real estate companies 1,428 1,414 478 Entertainment companies 1,533 1,523 507 Other 10,700 10,514 5,833 Purchased loans 4,339 4,339 2,482 Total ¥ 54,456 ¥ 53,197 ¥ 12,715 Consumer borrowers 22,071 21,200 3,366 Housing loans 4,576 4,400 956 Card loans 4,014 4,005 669 Other 13,481 12,795 1,741 Corporate borrowers 27,940 27,552 6,867 Non-recourse Japan 244 244 49 The Americas 1,353 1,353 0 Other Real estate companies 2,415 2,401 478 Entertainment companies 1,533 1,523 507 Other 22,395 22,031 5,833 Purchased loans 4,445 4,445 2,482 Note: Loans held for sale are not included in the table above. *1 “With no related allowance recorded” represents impaired loans with no allowance for credit losses as all amounts are considered to be collectible. *2 “With an allowance recorded” represents impaired loans with the allowance for credit losses as all or a part of the amounts are not considered to be collectible. The Company and its subsidiaries recognize installment loans other than purchased loans and loans to consumer borrowers as impaired loans when principal or interest is past-due non-recourse loan-to-value For purchased loans, the Company and its subsidiaries recognize them as impaired loans when it is probable that the Company and its subsidiaries will be unable to collect book values of the remaining investment due to factors such as a decline in the real estate collateral value and debtors’ creditworthiness since the acquisition of these loans. The Company and its subsidiaries consider that loans to consumer borrowers, including 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 non-recourse The following table provides information about the average recorded investments in impaired loans and interest income on impaired loans for the six and three months ended September 30, 2017 and 2018: Six months ended September 30, 2017 Millions of yen Portfolio segment Class Average recorded investments in impaired loans * Interest income on impaired loans Interest on impaired loans collected in cash Consumer borrowers ¥ 17,385 ¥ 243 ¥ 173 Housing loans 4,248 134 88 Card loans 4,086 34 27 Other 9,051 75 58 Corporate borrowers 32,972 106 102 Non-recourse Japan 199 3 3 The Americas 5,451 6 6 Other Real estate companies 6,547 27 26 Entertainment companies 1,691 28 27 Other 19,084 42 40 Purchased loans 6,691 3 3 Total ¥ 57,048 ¥ 352 ¥ 278 Six months ended September 30, 2018 Millions of yen Portfolio segment Class Average recorded investments in impaired loans * Interest income on impaired loans Interest on impaired loans collected in cash Consumer borrowers ¥ 20,346 ¥ 221 ¥ 192 Housing loans 4,129 89 87 Card loans 4,035 32 26 Other 12,182 100 79 Corporate borrowers 24,615 222 211 Non-recourse Japan 250 4 4 The Americas 2,197 0 0 Other Real estate companies 2,489 18 18 Entertainment companies 1,566 24 18 Other 18,113 176 171 Purchased loans 4,828 32 31 Total ¥ 49,789 ¥ 475 ¥ 434 Three months ended September 30, 2017 Millions of yen Portfolio segment Class Average recorded investments in impaired loans * Interest income on impaired loans Interest on impaired loans collected in cash Consumer borrowers ¥ 17,745 ¥ 149 ¥ 103 Housing loans 4,250 96 55 Card loans 4,079 15 14 Other 9,416 38 34 Corporate borrowers 32,001 50 47 Non-recourse Japan 197 1 1 The Americas 5,262 0 0 Other Real estate companies 6,215 14 13 Entertainment companies 1,669 14 13 Other 18,658 21 20 Purchased loans 6,315 1 1 Total ¥ 56,061 ¥ 200 ¥ 151 Three months ended September 30, 2018 Millions of yen Portfolio segment Class Average recorded investments in impaired loans * Interest income on impaired loans Interest on impaired loans collected in cash Consumer borrowers ¥ 21,635 ¥ 113 ¥ 108 Housing loans 4,782 48 48 Card loans 4,007 15 14 Other 12,846 50 46 Corporate borrowers 25,178 176 176 Non-recourse Japan 247 2 2 The Americas 677 0 0 Other Real estate companies 2,439 9 9 Entertainment companies 1,549 9 9 Other 20,266 156 156 Purchased loans 4,609 0 0 Total ¥ 51,422 ¥ 289 ¥ 284 Note: Loans held for sale are not included in the table above. * Average balances are calculated on the basis of fiscal beginning and quarter-end The following table provides information about the credit quality indicators as of March 31, 2018 and September 30, 2018: March 31, 2018 Millions of yen Non-performing Portfolio segment Class Performing Loans individually evaluated for impairment 90+ days past-due loans not individually evaluated for impairment Subtotal Total Consumer borrowers ¥ 1,707,514 ¥ 18,911 ¥ 12,748 ¥ 31,659 ¥ 1,739,173 Housing loans 1,397,217 3,544 2,077 5,621 1,402,838 Card loans 258,478 4,060 1,785 5,845 264,323 Other 51,819 11,307 8,886 20,193 72,012 Corporate borrowers 1,024,233 23,130 0 23,130 1,047,363 Non-recourse Japan 18,064 254 0 254 18,318 The Americas 51,496 3,491 0 3,491 54,987 Other Real estate companies 326,165 2,547 0 2,547 328,712 Entertainment companies 81,726 1,588 0 1,588 83,314 Other 546,782 15,250 0 15,250 562,032 Purchased loans 13,832 5,101 0 5,101 18,933 Direct financing leases 1,182,804 0 12,084 12,084 1,194,888 Japan 820,225 0 5,943 5,943 826,168 Overseas 362,579 0 6,141 6,141 368,720 Total ¥ 3,928,383 ¥ 47,142 ¥ 24,832 ¥ 71,974 ¥ 4,000,357 September 30, 2018 Millions of yen Non-performing Portfolio segment Class Performing Loans individually evaluated for impairment 90+ days past-due loans not individually evaluated for impairment Subtotal Total Consumer borrowers ¥ 1,756,798 ¥ 22,071 ¥ 14,032 ¥ 36,103 ¥ 1,792,901 Housing loans 1,464,992 4,576 1,923 6,499 1,471,491 Card loans 246,629 4,014 2,011 6,025 252,654 Other 45,177 13,481 10,098 23,579 68,756 Corporate borrowers 1,197,392 27,940 0 27,940 1,225,332 Non-recourse Japan 19,654 244 0 244 19,898 The Americas 42,172 1,353 0 1,353 43,525 Other Real estate companies 343,525 2,415 0 2,415 345,940 Entertainment companies 70,452 1,533 0 1,533 71,985 Other 721,589 22,395 0 22,395 743,984 Purchased loans 12,711 4,445 0 4,445 17,156 Direct financing leases 1,165,399 0 13,514 13,514 1,178,913 Japan 800,039 0 5,949 5,949 805,988 Overseas 365,360 0 7,565 7,565 372,925 Total ¥ 4,132,300 ¥ 54,456 ¥ 27,546 ¥ 82,002 ¥ 4,214,302 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 non-performing past-due non-performing Out of non-performing past-due non-performing The following table provides information about the non-accrual past-due March 31, 2018 Millions of yen Past-due Portfolio segment Class 30-89 days past-due 90 days or more past-due Total past-due Total financing receivables Non-accrual Consumer borrowers ¥ 6,750 ¥ 15,740 ¥ 22,490 ¥ 1,739,173 ¥ 15,740 Housing loans 2,560 3,340 5,900 1,402,838 3,340 Card loans 604 2,268 2,872 264,323 2,268 Other 3,586 10,132 13,718 72,012 10,132 Corporate borrowers 3,404 8,949 12,353 1,047,363 18,326 Non-recourse Japan 0 0 0 18,318 0 The Americas 1,655 92 1,747 54,987 3,491 Other Real estate companies 346 644 990 328,712 1,593 Entertainment companies 0 760 760 83,314 760 Other 1,403 7,453 8,856 562,032 12,482 Direct financing leases 5,184 12,084 17,268 1,194,888 12,084 Japan 628 5,943 6,571 826,168 5,943 Overseas 4,556 6,141 10,697 368,720 6,141 Total ¥ 15,338 ¥ 36,773 ¥ 52,111 ¥ 3,981,424 ¥ 46,150 September 30, 2018 Millions of yen Past-due Portfolio segment Class 30-89 past-due 90 days or more past-due Total past-due Total financing receivables Non-accrual Consumer borrowers ¥ 6,889 ¥ 17,280 ¥ 24,169 ¥ 1,792,901 ¥ 17,280 Housing loans 2,175 3,242 5,417 1,471,491 3,242 Card loans 568 2,511 3,079 252,654 2,511 Other 4,146 11,527 15,673 68,756 11,527 Corporate borrowers 4,860 12,960 17,820 1,225,332 23,977 Non-recourse Japan 0 0 0 19,898 0 The Americas 1,352 1,353 2,705 43,525 1,353 Other Real estate companies 64 619 683 345,940 1,555 Entertainment companies 0 764 764 71,985 764 Other 3,444 10,224 13,668 743,984 20,305 Direct financing leases 7,175 13,514 20,689 1,178,913 13,514 Japan 380 5,949 6,329 805,988 5,949 Overseas 6,795 7,565 14,360 372,925 7,565 Total ¥ 18,924 ¥ 43,754 ¥ 62,678 ¥ 4,197,146 ¥ 54,771 Note: Loans held for sale and purchased loans are not included in the table above. In common with all classes, the Company and its subsidiaries consider financing receivables as past-due past-due past-due past-due The Company and its subsidiaries suspend accruing revenues on past-due past-due non-accrual non-accrual The following table provides information about troubled debt restructurings of financing receivables that occurred during the six and three months ended September 30, 2017 and 2018: Six months ended September 30, 2017 Millions of yen Portfolio segment Class Pre-modification outstanding recorded investment Post-modification outstanding recorded investment Consumer borrowers ¥ 4,680 ¥ 3,662 Housing loans 11 11 Card loans 1,075 853 Other 3,594 2,798 Total ¥ 4,680 ¥ 3,662 Six months ended September 30, 2018 Millions of yen Portfolio segment Class Pre-modification outstanding recorded investment Post-modification outstanding recorded investment Consumer borrowers ¥ 5,912 ¥ 4,044 Housing loans 51 25 Card loans 1,072 692 Other 4,789 3,327 Corporate borrowers 3,861 3,860 Other Other 3,861 3,860 Total ¥ 9,773 ¥ 7,904 Three months ended September 30, 2017 Millions of yen Portfolio segment Class Pre-modification outstanding recorded investment Post-modification outstanding recorded investment Consumer borrowers ¥ 2,472 ¥ 1,935 Card loans 544 430 Other 1,928 1,505 Total ¥ 2,472 ¥ 1,935 Three months ended September 30, 2018 Millions of yen Portfolio segment Class Pre-modification outstanding recorded investment Post-modification outstanding recorded investment Consumer borrowers ¥ 2,720 ¥ 1,786 Housing loans 25 11 Card loans 547 348 Other 2,148 1,427 Corporate borrowers 1,133 1,132 Other Other 1,133 1,132 Total ¥ 3,853 ¥ 2,918 A troubled debt restructuring is defined as a restructuring of a financing receivable in which the creditor grants a concession to the debtor for economic or other reasons related to the debtor’s financial difficulties. The Company and its subsidiaries offer various types of concessions to our debtors to protect as much of our investment as possible in troubled debt restructurings. For the debtors of non-recourse non-recourse In common with all portfolio segments, financing receivables modified as troubled debt restructurings are recognized as impaired and are individually evaluated for a valuation allowance. In most cases, these financing receivables have already been considered impaired and individually evaluated for allowance for credit losses prior to the restructurings. However, as a result of the restructuring, the Company and its subsidiaries may recognize additional provision for the restructured receivables. The following table provides information about financing receivables modified as troubled debt restructurings within the previous 12 months from September 30, 2017 and for which there was a payment default during the six and three months ended September 30, 2017: Six months ended September 30, 2017 Millions of yen Portfolio segment Class Recorded investment Consumer borrowers ¥ 57 Card loans 16 Other 41 Total ¥ 57 Three months ended September 30, 2017 Millions of yen Portfolio segment Class Recorded investment Consumer borrowers ¥ 43 Card loans 12 Other 31 Total ¥ 43 The following table provides information about financing receivables modified as troubled debt restructurings within the previous 12 months from September 30, 2018 and for which there was a payment default during the six and three months ended September 30, 2018: Six months ended September 30, 2018 Millions of yen Portfolio segment Class Recorded investment Consumer borrowers ¥ 489 Card loans 16 Other 473 Total ¥ 489 Three months ended September 30, 2018 Millions of yen Portfolio segment Class Recorded investment Consumer borrowers ¥ 49 Card loans 9 Other 40 Total ¥ 49 The Company and its subsidiaries consider financing receivables whose terms have been modified in a restructuring as defaulted receivables when principal or interest is past-due In common with all portfolio segments, the Company and its subsidiaries suspend accruing revenues and may recognize additional provision as necessary for the defaulted financing receivables. As of March 31, 2018 and September 30, 2018, there were no foreclosed residential real estate properties. The carrying amounts of installment loans in consumer mortgage loans collateralized by residential real estate property that are in the process of foreclosure were ¥245 million and ¥390 million as of March 31, 2018 and September 30, 2018, respectively. |
Investment in Securities
Investment in Securities | 6 Months Ended |
Sep. 30, 2018 | |
Investments Schedule [Abstract] | |
Investment in Securities | 7. Investment in Securities Investment in securities as of March 31, 2018 consists of the following: Millions of yen March 31, 2018 Trading securities * ¥ 422,053 Available-for-sale 1,015,477 Held-to-maturity 113,891 Other securities 178,034 Total ¥ 1,729,455 * The amount of assets under management of variable annuity and variable life insurance contracts included in trading securities was ¥403,797 million as of March 31, 2018. Other securities consist mainly of non-marketable A certain subsidiary elected the fair value option for investments in foreign government bond securities included in available-for-sale A certain subsidiary elected the fair value option for investments in foreign corporate debt securities included in available-for-sale A certain subsidiary elected the fair value option for certain investments in equity securities included in available-for-sale Certain subsidiaries elected the fair value option for certain investments in 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, 2018, these investments were fair valued at ¥5,665 million. Investment in securities as of September 30, 2018 consists of the following: Millions of yen September 30, 2018 Equity securities * ¥ 593,925 Trading debt securities 24,560 Available-for-sale 1,137,081 Held-to-maturity 114,288 Total ¥ 1,869,854 * The amount of assets under management of variable annuity and variable life insurance contracts included in equity securities was ¥375,480 million as of September 30, 2018. The amount of investment funds that are accounted for under the equity method included in equity securities was ¥85,824 million as of September 30, 2018. The amount of investment funds elected for the fair value option included in equity securities was ¥5,751 million as of September 30, 2018. Gains and losses realized from the sale of equity securities and net unrealized holding gains (losses) on equity securities are included in gains on investment securities and dividends, life insurance premiums and related investment income, and write-downs of securities. For further information, see Note 16 “Life Insurance Operations.” Net unrealized holding gains (losses) on equity securities held as of September 30, 2018 were gains of ¥2,698 million and ¥2,553 million for the six and three months ended September 30, 2018, respectively, which did not include net unrealized holding gains (losses) on the both investment funds above mentioned. Equity securities include non-marketable The following table provides information about impairment and plus or minus changes resulting from observable price changes as of September 30, 2018 and for the six and three months ended September 30, 2018. Millions of yen September 30, 2018 Six months ended September 30, 2018 Three months ended September 30, 2018 Carrying Accumulated Accumulated Impairments Upward Impairments Upward Equity securities measured using the measurement alternative ¥ 30,807 ¥ (1,828 ) ¥ 0 ¥ (151 ) ¥ 0 ¥ (151 ) ¥ 0 Gains and losses realized from the sale of trading debt securities and net unrealized holding gains (losses) on trading debt securities are included in gains on investment securities and dividends. Net unrealized holding gains (losses) on trading debt securities held as of September 30, 2018 were losses of ¥29 million and ¥59 million for the six and three months ended September 30, 2018, respectively. Certain subsidiaries elected the fair value option for certain investments in investment funds included in equity securities whose net asset values do not represent the fair value of investments due to the illiquid nature of these investments. The subsidiaries manage these investments on a fair value basis and the election of the fair value option enables the subsidiaries to reflect more appropriate assumptions to measure the fair value of these investments. As of September 30, 2018, these investments were fair valued at ¥5,751 million. A certain subsidiary elected the fair value option for investments in foreign government bond securities included in available-for-sale A certain subsidiary elected the fair value option for investments in foreign corporate debt securities included in available-for-sale The amortized cost basis amounts, gross unrealized holding gains, gross unrealized holding losses and fair values of available-for-sale held-to-maturity March 31, 2018 Millions of yen Amortized cost Gross unrealized gains Gross unrealized losses Fair value Available-for-sale Japanese and foreign government bond securities ¥ 271,866 ¥ 11,383 ¥ (7,439 ) ¥ 275,810 Japanese prefectural and foreign municipal bond securities 160,549 3,247 (560 ) 163,236 Corporate debt securities 368,106 2,974 (4,605 ) 366,475 Specified bonds issued by SPEs in Japan 854 7 0 861 CMBS and RMBS in the Americas 72,793 2,543 (1,160 ) 74,176 Other asset-backed securities and debt securities 77,974 3,413 (66 ) 81,321 Equity securities 49,971 5,653 (2,026 ) 53,598 1,002,113 29,220 (15,856 ) 1,015,477 Held-to-maturity Japanese government bond securities and other 113,891 26,933 0 140,824 ¥ 1,116,004 ¥ 56,153 ¥ (15,856 ) ¥ 1,156,301 The amortized cost basis amounts, gross unrealized holding gains, gross unrealized holding losses and fair values of available-for-sale held-to-maturity September 30, 2018 Millions of yen Amortized cost Gross unrealized gains Gross unrealized losses Fair value Available-for-sale Japanese and foreign government bond securities ¥ 342,002 ¥ 8,969 ¥ (2,487 ) ¥ 348,484 Japanese prefectural and foreign municipal bond securities 163,595 2,287 (1,029 ) 164,853 Corporate debt securities 470,027 2,368 (6,075 ) 466,320 Specified bonds issued by SPEs in Japan 757 5 0 762 CMBS and RMBS in the Americas 59,594 2,532 (1,034 ) 61,092 Other asset-backed securities and debt securities 93,175 2,679 (284 ) 95,570 1,129,150 18,840 (10,909 ) 1,137,081 Held-to-maturity Japanese government bond securities and other 114,288 23,580 0 137,868 ¥ 1,243,438 ¥ 42,420 ¥ (10,909 ) ¥ 1,274,949 The following table provides information about available-for-sale March 31, 2018 Millions of yen Less than 12 months 12 months or more Total Fair value Gross unrealized losses Fair value Gross unrealized losses Fair value Gross unrealized losses Available-for-sale Japanese and foreign government bond securities ¥ 72,523 ¥ (5,599 ) ¥ 27,458 ¥ (1,840 ) ¥ 99,981 ¥ (7,439 ) Japanese prefectural and foreign municipal bond securities 17,208 (125 ) 19,479 (435 ) 36,687 (560 ) Corporate debt securities 90,216 (2,011 ) 89,573 (2,594 ) 179,789 (4,605 ) CMBS and RMBS in the Americas 12,798 (359 ) 7,065 (801 ) 19,863 (1,160 ) Other asset-backed securities and debt securities 4,623 (56 ) 774 (10 ) 5,397 (66 ) Equity securities 6,505 (247 ) 6,914 (1,779 ) 13,419 (2,026 ) ¥ 203,873 ¥ (8,397 ) ¥ 151,263 ¥ (7,459 ) ¥ 355,136 ¥ (15,856 ) The following table provides information about available-for-sale September 30, 2018 Millions of yen Less than 12 months 12 months or more Total Fair value Gross unrealized losses Fair value Gross unrealized losses Fair value Gross unrealized losses Available-for-sale Japanese and foreign government bond securities ¥ 95,124 ¥ (1,259 ) ¥ 69,241 ¥ (1,228 ) ¥ 164,365 ¥ (2,487 ) Japanese prefectural and foreign municipal bond securities 54,085 (445 ) 19,373 (584 ) 73,458 (1,029 ) Corporate debt securities 198,506 (2,572 ) 112,777 (3,503 ) 311,283 (6,075 ) CMBS and RMBS in the Americas 648 (47 ) 6,169 (987 ) 6,817 (1,034 ) Other asset-backed securities and debt securities 21,803 (248 ) 1,031 (36 ) 22,834 (284 ) ¥ 370,166 ¥ (4,571 ) ¥ 208,591 ¥ (6,338 ) ¥ 578,757 ¥ (10,909 ) The number of investment securities that were in an unrealized loss position as of March 31, 2018 and September 30, 2018 were 320 and 490, 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 foreign government bond securities and corporate debt securities in Japan and overseas. The unrealized loss associated with government bond securities and corporate debt securities are 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 September 30, 2018. 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 the six months ended September 30, 2017 and 2018 are as follows: Millions of yen Six months ended September 30, 2017 Six months ended September 30, 2018 Total other-than-temporary impairment losses ¥ 423 ¥ 693 Portion of loss recognized in other comprehensive income (before taxes) 0 (136 ) Net impairment losses recognized in earnings ¥ 423 ¥ 557 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 the three months ended September 30, 2017 and 2018 are as follows: Millions of yen Three months ended September 30, 2017 Three months ended September 30, 2018 Total other-than-temporary impairment losses ¥ 243 ¥ 693 Portion of loss recognized in other comprehensive income (before taxes) 0 (136 ) Net impairment losses recognized in earnings ¥ 243 ¥ 557 Total other-than-temporary impairment losses for the six and three months ended September 30, 2017 were related to equity securities and other securities. Total other-than-temporary impairment losses for the six and three months ended September 30, 2018 were related to debt securities. Roll-forwards of the amount related to credit losses on other-than-temporarily impaired debt securities recognized in earnings for the six months ended September 30, 2017 and 2018 are as follows: Millions of yen Six months ended September 30, 2017 Six months ended September 30, 2018 Beginning ¥ 1,220 ¥ 1,021 Addition during the period: Credit loss for which an other-than-temporary impairment was not previously recognized 0 551 Reduction during the period : For securities sold or redeemed 0 (22 ) Ending ¥ 1,220 ¥ 1,550 Roll-forwards of the amount related to credit losses on other-than-temporarily impaired debt securities recognized in earnings for the three months ended September 30, 2017 and 2018 are as follows: Millions of yen Three months ended September 30, 2017 Three months ended September 30, 2018 Beginning ¥ 1,220 ¥ 999 Addition during the period : Credit loss for which an other-than-temporary impairment was not previously recognized 0 551 Ending ¥ 1,220 ¥ 1,550 Certain subsidiaries recorded other-than-temporary impairments related to the non-credit |
Transfer of Financial Assets
Transfer of Financial Assets | 6 Months Ended |
Sep. 30, 2018 | |
Transfers and Servicing [Abstract] | |
Transfer of Financial Assets | 8. Transfer of Financial Assets The Company and its subsidiaries have securitized and transferred financial assets such as installment loans (commercial mortgage loans, housing loans and other). In the securitization process, these financial assets are transferred to SPEs that issue beneficial interests of the securitization trusts and securities backed by the financial assets to investors. The cash flows collected from these assets transferred to the SPEs are then used to repay these asset-backed beneficial interests and securities. As the transferred assets are isolated from the Company and its subsidiaries, the investors and the SPEs have no recourse to other assets of the Company and its subsidiaries in cases where the debtors or the issuers of the transferred financial assets fail to perform under the original terms of those financial assets. The Company and its subsidiaries often have continuing involvement with transferred financial assets by retaining the servicing arrangements and the interests in the SPEs in the form of the beneficial interest of the securitization trusts. Those interests that continue to be held include interests in the transferred assets and are often subordinate to other tranche(s) of the securitization. Those beneficial interests that continue to be held by the Company and its subsidiaries are subject to credit risk, interest rate risk and prepayment risk on the securitized financial assets. With regards to these subordinated interests that the Company and its subsidiaries retain, they are subordinated to the senior investments and are exposed to different credit and prepayment risks, since they first absorb the risk of the decline in the cash flows from the financial assets transferred to the SPEs for defaults and prepayment of the transferred assets. If there is any excess cash remaining in the SPEs after payment to investors in the securitization of the contractual rate of returns, most of such excess cash is distributed to the Company and its subsidiaries for payments of the subordinated interests. SPEs used in securitization transactions have been consolidated if the Company and its subsidiaries are the primary beneficiary of the SPEs. When the Company and its subsidiaries have transferred financial assets to a transferee that is not subject to consolidation, the Company and its subsidiaries account for the transfer as a sale if control over the transferred assets is surrendered. For the six months ended September 30, 2017 and 2018, the amount of installment loans that has been derecognized due to new securitization and transfer of loans were ¥175,170 million and ¥218,636 million, respectively. For the six months ended September 30, 2017 and 2018, gains (losses) from the securitization and transfer of loans were ¥5,009 million and ¥8,012 million, respectively, which is included in finance revenues in the consolidated statements of income. For the three months ended September 30, 2017 and 2018, the amount of installment loans that has been derecognized due to new securitization and transfer of loans were ¥85,339 million and ¥138,835 million, respectively. For the three months ended September 30, 2017 and 2018, gains (losses) from the securitization and transfer of loans were ¥2,976 million and ¥5,198 million, respectively, which is included in finance revenues in the consolidated statements of income. A certain subsidiary originates and sells loans into the secondary market while retaining the obligation to service those loans. In addition, the subsidiary undertakes obligations to service loans originated by others. The servicing assets related to those servicing activities are included in other assets in the consolidated balance sheets and roll-forwards of the amount of the servicing assets for the six and three months ended September 30, 2017 and 2018 are as follows: Millions of yen Six months ended September 30, 2017 Six months ended September 30, 2018 Three months ended September 30, 2017 Three months ended September 30, 2018 Beginning balance ¥ 17,303 ¥ 28,756 ¥ 17,736 ¥ 29,829 Increase mainly from loans sold with servicing retained 13,470 2,658 12,132 1,550 Decrease mainly from amortization (1,712 ) (2,333 ) (835 ) (1,136 ) Increase from the effects of changes in foreign exchange rates 225 1,987 253 825 Ending balance ¥ 29,286 ¥ 31,068 ¥ 29,286 ¥ 31,068 The fair value of the servicing assets as of March 31, 2018 and September 30, 2018 are as follows: Millions of yen March 31, 2018 September 30, 2018 Beginning balance ¥ 24,907 ¥ 35,681 Ending balance ¥ 35,681 ¥ 39,480 |
Variable Interest Entities
Variable Interest Entities | 6 Months Ended |
Sep. 30, 2018 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Variable Interest Entities | 9. Variable Interest Entities The Company and its subsidiaries use SPEs in the ordinary course of business. These SPEs are not always controlled by voting rights, and there are cases where voting rights do not exist for these SPEs. The Company and its subsidiaries determine a variable interest entity (hereinafter referred to as VIE) among those SPEs when (a) the total equity investment at risk is not sufficient to permit the entity to finance its activities without additional subordinated financial support provided by any parties, including the equity holders or (b) as a group, the holders of the equity investment at risk do not have (1) the ability to make decisions about an entity’s activities that most significantly impact the entity’s economic performance through voting rights or similar rights, (2) the obligation to absorb the expected losses of the entity or (3) the right to receive the expected residual returns of the entity. The Company and its subsidiaries perform a qualitative analysis to identify the primary beneficiary of VIEs. An enterprise that has both of the following characteristics is considered to be the primary beneficiary and therefore results in the consolidation of the VIE: • The power to direct the activities of a VIE that most significantly impact the entity’s economic performance • The obligation to absorb losses of the entity that could potentially be significant to the VIE or the right to receive benefits from the entity that could potentially be significant to the VIE All facts and circumstances are taken into consideration when determining whether the Company and its subsidiaries have variable interests that would deem it the primary beneficiary and therefore require consolidation of the VIE. The Company and its subsidiaries make ongoing reassessment of whether they are the primary beneficiaries of a VIE. The following are the factors that the Company and its subsidiaries are considering in a qualitative assessment: • Which activities most significantly impact the economic performance of the VIE and who has the power to direct such activities • Characteristics of the Company and its subsidiaries’ variable interest or interests and other involvements (including involvement of related parties and de facto agents) • Involvement of other variable interest holders • 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) 1. Consolidated VIEs March 31, 2018 Millions of yen Types of VIEs Total assets *1 Total liabilities *1 Assets which are pledged as collateral *2 Commitments *3 (a) VIEs for liquidating customer assets ¥ 0 ¥ 0 ¥ 0 ¥ 0 (b) VIEs for acquisition of real estate and real estate development projects for customers 2,181 0 0 0 (c) VIEs for acquisition of real estate for the Company and its subsidiaries’ real estate-related business 103,288 27,892 46,860 0 (d) VIEs for corporate rehabilitation support business 1,057 49 0 0 (e) VIEs for investment in securities 42,456 60 60 0 (f) VIEs for securitizing financial assets such as direct financing lease receivable and loan receivable 116,665 72,219 89,103 0 (g) VIEs for securitization of loan receivable originated by third parties 9,783 10,425 9,783 0 (h) VIEs for power generation projects 236,367 117,906 138,159 85,371 (i) Other VIEs 177,373 67,592 161,729 0 Total ¥ 689,170 ¥ 296,143 ¥ 445,694 ¥ 85,371 September 30, 2018 Millions of yen Types of VIEs Total assets *1 Total liabilities *1 Assets which are pledged as collateral *2 Commitments *3 (a) VIEs for liquidating customer assets ¥ 0 ¥ 0 ¥ 0 ¥ 0 (b) VIEs for acquisition of real estate and real estate development projects for customers 1,993 0 0 0 (c) VIEs for acquisition of real estate for the Company and its subsidiaries’ real estate-related business 105,762 31,026 50,670 0 (d) VIEs for corporate rehabilitation support business 628 10 0 0 (e) VIEs for investment in securities 47,696 48 63 0 (f) VIEs for securitizing financial assets such as direct financing lease receivable and loan receivable 207,144 167,940 207,144 0 (g) VIEs for securitization of loan receivable originated by third parties 3,975 4,463 3,975 0 (h) VIEs for power generation projects 267,906 141,010 178,550 64,742 (i) Other VIEs 156,018 49,093 130,280 0 Total ¥ 791,122 ¥ 393,590 ¥ 570,682 ¥ 64,742 *1 The assets of most VIEs are used only to repay the liabilities of the VIEs, and the creditors of the liabilities of most VIEs have no recourse to other assets of the Company and its subsidiaries. *2 The assets are pledged as collateral by VIE for financing of the VIE. *3 This item represents remaining balance of commitments that could require the Company and its subsidiaries to provide investments or loans to the VIE. 2. Non-consolidated March 31, 2018 Millions of yen Carrying amount of the variable the Company and its subsidiaries Types of VIEs Total assets Non-recourse Investments Maximum exposure to loss * (a) VIEs for liquidating customer assets ¥ 8,602 ¥ 0 ¥ 991 ¥ 991 (b) VIEs for acquisition of real estate and real estate development projects for customers 35,812 0 2,424 2,424 (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 19,170,411 0 75,336 108,678 (f) VIEs for securitizing financial assets such as direct financing lease receivable and loan receivable 0 0 0 0 (g) VIEs for securitization of loan receivable originated by third parties 1,355,962 0 16,653 16,670 (h) VIEs for power generation projects 29,539 0 1,920 1,920 (i) Other VIEs 467,259 3,732 23,484 29,813 Total ¥ 21,067,585 ¥ 3,732 ¥ 120,808 ¥ 160,496 September 30, 2018 Millions of yen Carrying amount of the variable the Company and its subsidiaries Types of VIEs Total assets Non-recourse Investments Maximum exposure to loss * (a) VIEs for liquidating customer assets ¥ 8,556 ¥ 0 ¥ 991 ¥ 991 (b) VIEs for acquisition of real estate and real estate development projects for customers 38,647 0 3,599 3,599 (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 4,208,616 0 69,137 98,991 (f) VIEs for securitizing financial assets such as direct financing lease receivable and loan receivable 0 0 0 0 (g) VIEs for securitization of loan receivable originated by third parties 1,090,183 0 23,078 23,087 (h) VIEs for power generation projects 27,448 0 1,929 1,929 (i) Other VIEs 422,984 3,726 36,848 43,240 Total ¥ 5,796,434 ¥ 3,726 ¥ 135,582 ¥ 171,837 * Maximum exposure to loss includes remaining balance of commitments that could require the Company and its subsidiaries to provide investments or loans to the VIE. (a) VIEs for liquidating customer assets The Company and its subsidiaries may use VIEs in structuring financing for customers to liquidate specific customer assets. The VIEs are typically used to provide a structure that is bankruptcy remote with respect to the customer and the use of VIE structure is requested by such customer. Such VIEs typically acquire assets to be liquidated from the customer, borrow non-recourse Variable interests of non-consolidated (b) VIEs for acquisition of real estate and real estate development projects for customers Customers and the Company and its subsidiaries are involved with VIEs formed to acquire real estate and/or develop real estate projects. In each case, a customer establishes and makes an equity investment in a VIE that is designed to be bankruptcy remote from the customer. The VIEs acquire real estate and/or develop real estate projects. The Company and its subsidiaries provide non-recourse In the Company’s consolidated balance sheets, assets of consolidated VIEs are mainly included in investment in affiliates. Variable interests of non-consolidated (c) VIEs for acquisition of real estate for the Company and its subsidiaries’ real estate-related business The Company and its subsidiaries establish VIEs and acquire real estate to borrow non-recourse In the Company’s consolidated balance sheets, assets of the consolidated VIEs are mainly included in cash and cash equivalents, restricted cash, investment in operating leases, investment in securities, property under facility operations and other assets, and liabilities of those consolidated VIEs are mainly included in long-term debt. (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 other liabilities. (e) VIEs for investment in securities The Company and its subsidiaries have interests in VIEs that are investment funds and mainly invest in equity and debt securities. Such VIEs are managed by certain subsidiaries or fund management companies that are independent of the Company and its subsidiaries. Certain subsidiaries consolidated certain such VIEs since the subsidiaries 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 and investment in affiliates, and liabilities of those consolidated VIEs are mainly included in other liabilities. Variable interests of non-consolidated non-consolidated (f) VIEs for securitizing financial assets such as direct financing lease receivable and loan receivable The Company and its subsidiaries use VIEs to securitize financial assets such as direct financing leases receivables and loans receivables. In the securitization process, these financial assets are transferred to SPEs, and the SPEs issue beneficial interests or securities backed by the transferred financial assets to investors. After the securitization, the Company and its subsidiaries continue to hold a subordinated part of the securities and act as a servicer. The Company and its subsidiaries consolidated such VIEs since the Company and its subsidiaries have the power to direct the activities that most significantly impact the entity’s economic performance by designing the securitization scheme and conducting servicing activities, and have a responsibility to absorb losses of the VIEs that could potentially be significant to the entities by retaining the subordinated part of the securities. In the Company’s consolidated balance sheets, assets of the consolidated VIEs are included in restricted cash, 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 loan receivable originated by third parties The Company and its subsidiaries invest in CMBS, RMBS and other asset-backed securities originated by third parties. In some cases of such securitization, certain subsidiaries hold the subordinated portion and the subsidiaries act as a special-servicer of the securitization transaction. As the special servicer, the subsidiaries have rights to dispose of real estate collateral related to the securitized commercial mortgage loans. The subsidiaries consolidate certain of these VIEs when the subsidiaries have the power to direct the activities of the VIEs that most significantly impact the entities’ economic performance through its role 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 non-consolidated (h) VIEs for power generation projects The Company and its subsidiaries may use VIEs in power generation projects. VIEs receive the funds from the Company and its subsidiaries, construct solar power stations and thermal power stations on acquired or leased lands, and sell the generated power to electric power companies. The Company and its subsidiaries have consolidated certain VIEs because the Company and its subsidiaries have the majority of the investment shares of such VIEs and effectively control the VIEs by acting as the asset manager of the VIEs. In the Company’s consolidated balance sheets, assets of the consolidated VIEs are mainly included in restricted cash, property under facility operations and other assets, and liabilities of those consolidated VIEs are mainly included in trade notes, accounts and other payable, long-term debt, and other liabilities. The Company and certain subsidiaries have commitment agreements by which the Company and its subsidiaries may be required to make additional investment or execute loans in certain such consolidated VIEs. Variable interests of non-consolidated (i) Other VIEs The Company and its subsidiaries are involved with other types of VIEs for various purposes. Consolidated and non-consolidated In Japan, certain subsidiaries provide investment products to their customers that employ a contractual mechanism known as a kumiai, which in part result in the subsidiaries forming a type of SPE. As a means to finance the purchase of aircraft or other large-ticket items to be leased to third parties, the Company and its subsidiaries arrange and market kumiai products to investors, who invest a portion of the funds necessary into the kumiai structure. The remainder of the purchase funds is borrowed by the kumiai structure in the form of a non-recourse The Company may use VIEs for finance. The Company transfers its own held assets to SPEs, which borrow non-recourse In the Company’s consolidated balance sheets, assets of the consolidated VIEs are mainly included in cash and cash equivalents, investment in operating leases, investment in affiliates, office facilities and other assets, and liabilities of those consolidated VIEs are mainly included in long-term debt. Variable interests in non-consolidated non-recourse non-consolidated |
Investment in Affiliates
Investment in Affiliates | 6 Months Ended |
Sep. 30, 2018 | |
Investments in and Advances to Affiliates [Abstract] | |
Investment in Affiliates | 10. Investment in Affiliates Investment in affiliates at March 31, 2018 and September 30, 2018 consists of the following: Millions of yen March 31, 2018 September 30, 2018 Shares ¥ 531,481 ¥ 525,915 Loans and others 59,882 66,907 ¥ 591,363 ¥ 592,822 |
Redeemable Noncontrolling Inter
Redeemable Noncontrolling Interests | 6 Months Ended |
Sep. 30, 2018 | |
Noncontrolling Interest [Abstract] | |
Redeemable Noncontrolling Interests | 11. Redeemable Noncontrolling Interests Changes in redeemable noncontrolling interests for the six months ended September 30, 2017 and 2018 are as follows: Millions of yen Six months ended September 30, 2017 Six months ended September 30, 2018 Beginning balance ¥ 6,548 ¥ 7,420 Comprehensive income Net income 148 85 Other comprehensive income Net change of foreign currency translation adjustments 34 502 Total other comprehensive income 34 502 Comprehensive income 182 587 Dividends 0 (294 ) Ending balance ¥ 6,730 ¥ 7,713 |
Accumulated Other Comprehensive
Accumulated Other Comprehensive Income (Loss) | 6 Months Ended |
Sep. 30, 2018 | |
Equity [Abstract] | |
Accumulated Other Comprehensive Income (Loss) | 12. Accumulated Other Comprehensive Income (Loss) Changes in each component of accumulated other comprehensive income (loss) attributable to ORIX Corporation Shareholders for the six months ended September 30, 2017 and 2018, are as follows: Six months ended September 30, 2017 Millions of yen Net unrealized gains in securities Defined benefit pension plans Foreign currency translation adjustments Net unrealized gains (losses) on instruments Accumulated other comprehensive income (loss) Balance at March 31, 2017 ¥ 32,279 ¥ (17,330 ) ¥ (31,736 ) ¥ (4,483 ) ¥ (21,270 ) Net unrealized gains (losses) on investment in securities, net of tax of ¥(2,275) million 6,640 6,640 Reclassification adjustment included in net income, net of tax of ¥4,594 million (9,667 ) (9,667 ) Defined benefit pension plans, net of tax of ¥86 million (427 ) (427 ) Reclassification adjustment included in net income, net of tax of ¥5 million (20 ) (20 ) Foreign currency translation adjustments, net of tax of ¥12,032 million 19,830 19,830 Reclassification adjustment included in net income, net of tax of ¥(1,019) million (1,175 ) (1,175 ) Net unrealized gains (losses) on derivative instruments, net of tax of ¥(253) million 805 805 Reclassification adjustment included in net income, net of tax of ¥235 million (729 ) (729 ) Total other comprehensive income (loss) (3,027 ) (447 ) 18,655 76 15,257 Less: Other Comprehensive Income (Loss) Attributable to the Noncontrolling Interest (65 ) 0 728 4 667 Less: Other Comprehensive Income Attributable to the Redeemable Noncontrolling Interests 0 0 34 0 34 Balance at September 30, 2017 ¥ 29,317 ¥ (17,777 ) ¥ (13,843 ) ¥ (4,411 ) ¥ (6,714 ) Six months ended September 30, 2018 Millions of yen Net unrealized gains in securities Debt valuation Defined benefit pension plans Foreign currency translation adjustments Net unrealized gains (losses) on instruments Accumulated other comprehensive income (loss) Balance at March 31, 2018 ¥ 10,465 ¥ 0 ¥ (20,487 ) ¥ (31,806 ) ¥ (3,738 ) ¥ (45,566 ) Cumulative effect of adopting Accounting Standards Update 2016-01 (3,250 ) 351 0 0 0 (2,899 ) Balance at April 1, 2018 7,215 351 (20,487 ) (31,806 ) (3,738 ) (48,465 ) Net unrealized gains (losses) on investment in securities, net of tax of ¥(142) million 888 888 Reclassification adjustment included in net income, net of tax of ¥849 million (2,494 ) (2,494 ) Debt valuation adjustments, net of tax of ¥26 million (69 ) (69 ) Reclassification adjustment included in net income, net of tax of ¥5 million (12 ) (12 ) Defined benefit pension plans, net of tax of ¥25 million (147 ) (147 ) Reclassification adjustment included in net income, net of tax of ¥21 million (54 ) (54 ) Foreign currency translation adjustments, net of tax of ¥8,864 million 14,788 14,788 Reclassification adjustment included in net income, net of tax of ¥(1) million 1 1 Net unrealized gains (losses) on derivative instruments, net of tax of ¥(38) million (39 ) (39 ) Reclassification adjustment included in net income, net of tax of ¥(218) million 729 729 Total other comprehensive income (loss) (1,606 ) (81 ) (201 ) 14,789 690 13,591 Transaction with noncontrolling interests 0 0 (2 ) 1 0 (1 ) Less: Other Comprehensive Income (Loss) Attributable to the Noncontrolling Interest 0 0 (2 ) 284 37 319 Less: Other Comprehensive Income Attributable to the Redeemable Noncontrolling Interests 0 0 0 502 0 502 Balance at September 30, 2018 ¥ 5,609 ¥ 270 ¥ (20,688 ) ¥ (17,802 ) ¥ (3,085 ) ¥ (35,696 ) Changes in each component of accumulated other comprehensive income (loss) attributable to ORIX Corporation Shareholders for the three months ended September 30, 2017 and 2018, are as follows: Three months ended September 30, 2017 Millions of yen Net unrealized gains in securities Defined benefit pension plans Foreign currency translation adjustments Net unrealized gains (losses) on instruments Accumulated other comprehensive income (loss) Balance at June 30, 2017 ¥ 30,376 ¥ (17,586 ) ¥ (25,122 ) ¥ (4,352 ) ¥ (16,684 ) Net unrealized gains(losses) on investment in securities, net of tax of ¥(875) million 3,253 3,253 Reclassification adjustment included in net income, net of tax of ¥2,133 million (4,324 ) (4,324 ) Defined benefit pension plans, net of tax of ¥19 million (180 ) (180 ) Reclassification adjustment included in net income, net of tax of ¥2 million (10 ) (10 ) Foreign currency translation adjustments, net of tax of ¥5,413 million 13,041 13,041 Reclassification adjustment included in net income, net of tax of ¥0 million 0 0 Net unrealized gains(losses) on derivative instruments, net of tax of ¥4 million 4 4 Reclassification adjustment included in net income, net of tax of ¥17 million (73 ) (73 ) Total other comprehensive income (loss) (1,071 ) (190 ) 13,041 (69 ) 11,711 Less: Other Comprehensive Income (loss) Attributable to the Noncontrolling Interest (12 ) 1 1,717 (10 ) 1,696 Less: Other Comprehensive Income Attributable to the Redeemable Noncontrolling Interests 0 0 45 0 45 Balance at September 30, 2017 ¥ 29,317 ¥ (17,777 ) ¥ (13,843 ) ¥ (4,411 ) ¥ (6,714 ) Three months ended September 30, 2018 Millions of yen Net unrealized gains in securities Debt valuation Defined benefit pension plans Foreign currency translation adjustments Net unrealized gains (losses) on instruments Accumulated other comprehensive income (loss) Balance at June 30, 2018 ¥ 7,453 ¥ 348 ¥ (20,500 ) ¥ (36,821 ) ¥ (3,775 ) ¥ (53,295 ) Net unrealized gains (losses) on investment in securities, net of tax of ¥766 million (1,730 ) (1,730 ) Reclassification adjustment included in net income, net of tax of ¥72 million (114 ) (114 ) Debt valuation adjustments, net of tax of ¥29 million (71 ) (71 ) Reclassification adjustment included in net income, net of tax of ¥2 million (7 ) (7 ) Defined benefit pension plans, net of tax of ¥44 million (160 ) (160 ) Reclassification adjustment included in net income, net of tax of ¥11 million (28 ) (28 ) Foreign currency translation adjustments, net of tax of ¥4,410 million 19,524 19,524 Reclassification adjustment included in net income, net of tax of ¥(1) million 1 1 Net unrealized gains (losses) on derivative instruments, net of tax of ¥(285) million 767 767 Reclassification adjustment included in net income, net of tax of ¥25 million (47 ) (47 ) Total other comprehensive income (loss) (1,844 ) (78 ) (188 ) 19,525 720 18,135 Transaction with noncontrolling interests 0 0 (1 ) 1 0 0 Less: Other Comprehensive Income (Loss) Attributable to the Noncontrolling Interest 0 0 (1 ) 301 30 330 Less: Other Comprehensive Income Attributable to the Redeemable Noncontrolling Interests 0 0 0 206 0 206 Balance at September 30, 2018 ¥ 5,609 ¥ 270 ¥ (20,688 ) ¥ (17,802 ) ¥ (3,085 ) ¥ (35,696 ) Amounts reclassified to net income from accumulated other comprehensive income (loss) in the six months ended September 30, 2017 and 2018 are as follows: Six months ended September 30, 2017 Details about accumulated other comprehensive income components Reclassification adjustment included in net income Consolidated statements of income caption Millions of yen Net unrealized gains (losses) on investment in securities Sales of investment securities ¥ 11,272 Gains on investment securities and dividends Sales of investment securities 3,502 Life insurance premiums and related investment income Amortization of investment securities (109 ) Finance revenues Amortization of investment securities (275 ) Life insurance premiums and related investment income Others (129 ) Write-downs of securities and other 14,261 Total before income tax (4,594 ) Income tax (expense) or benefit ¥ 9,667 Net of tax Defined benefit pension plans Amortization of prior service credit ¥ 497 See Note 15 “Pension Plans” Amortization of net actuarial loss (447 ) See Note 15 “Pension Plans” Amortization of transition obligation (25 ) See Note 15 “Pension Plans” 25 Total before income tax (5 ) Income tax (expense) or benefit ¥ 20 Net of tax Foreign currency translation adjustments Sales or liquidation ¥ 156 Gains on sales of subsidiaries and affiliates and liquidation losses, net 156 Total before income tax 1,019 Income tax (expense) or benefit ¥ 1,175 Net of tax Net unrealized gains (losses) on derivative instruments Interest rate swap agreements ¥ 118 Finance revenues/Interest expense Foreign exchange contracts (2 ) Other (income) and expense, net Foreign currency swap agreements 848 Finance revenues/Interest expense/ Other (income) and expense, net 964 Total before income tax (235 ) Income tax (expense) or benefit ¥ 729 Net of tax Six months ended September 30, 2018 Details about accumulated other comprehensive income components Reclassification net income Consolidated statements of income caption Millions of yen Net unrealized gains (losses) on investment in securities Sales of debt securities ¥ 3,123 Gains on investment securities and dividends Sales of debt securities 1,545 Life insurance premiums and related investment income Amortization of debt securities (654 ) Finance revenues Amortization of debt securities (114 ) Life insurance premiums and related investment income Others (557 ) Write-downs of securities and other 3,343 Total before income tax (849 ) Income tax (expense) or benefit ¥ 2,494 Net of tax Debt valuation adjustments Fulfillment of policy liabilities and amortization of policy account balances ¥ 17 Life insurance costs 17 Total before income tax (5 ) Income tax (expense) or benefit ¥ 12 Net of tax Defined benefit pension plans Amortization of prior service credit ¥ 538 See Note 15 “Pension Plans” Amortization of net actuarial loss (461 ) See Note 15 “Pension Plans” Amortization of transition obligation (2 ) See Note 15 “Pension Plans” 75 Total before income tax (21 ) Income tax (expense) or benefit ¥ 54 Net of tax Foreign currency translation adjustments Sales or liquidation ¥ (2 ) Gains on sales of subsidiaries and affiliates (2 ) Total before income tax 1 Income tax (expense) or benefit ¥ (1 ) Net of tax Net unrealized gains (losses) on derivative instruments Interest rate swap agreements ¥ 137 Finance revenues/Interest expense Foreign exchange contracts 10 Other (income) and expense, net Foreign currency swap agreements (1,094 ) Finance revenues/Interest expense/ Other (income) and expense, net (947 ) Total before income tax 218 Income tax (expense) or benefit ¥ (729 ) Net of tax Amounts reclassified to net income from accumulated other comprehensive income (loss) in the three months ended September 30, 2017 and 2018 are as follows: Three months ended September 30, 2017 Details about accumulated other comprehensive income components Reclassification adjustment included in net income Consolidated statements of income caption Millions of yen Net unrealized gains (losses) on investment in securities Sales of investment securities ¥ 6,131 Gains on investment securities and dividends Sales of investment securities 660 Life insurance premiums and related investment income Amortization of investment securities (199 ) Finance revenues Amortization of investment securities (135 ) Life insurance premiums and related investment income 6,457 Total before income tax (2,133 ) Income tax (expenses) or benefits ¥ 4,324 Net of tax Defined benefit pension plans Amortization of prior service credit ¥ 249 See Note 15 “Pension Plans” Amortization of net actuarial loss (224 ) See Note 15 “Pension Plans” Amortization of transition obligation (13 ) See Note 15 “Pension Plans” 12 Total before income tax (2 ) Income tax (expenses) or benefits ¥ 10 Net of tax Net unrealized gains (losses) on derivative instruments Interest rate swap agreements ¥ 2 Finance revenues/Interest expense Foreign currency swap agreements 88 Finance revenues/Interest expense/ Other (income) and expense, net 90 Total before income tax (17 ) Income tax (expenses) or benefits ¥ 73 Net of tax Three months ended September 30, 2018 Details about accumulated other comprehensive income components Reclassification net income Consolidated statements of income caption Millions of yen Net unrealized gains (losses) on investment in securities Sales of debt securities ¥ 598 Gains on investment securities and dividends Sales of debt securities 486 Life insurance premiums and related investment income Amortization of debt securities (292 ) Finance revenues Amortization of debt securities (49 ) Life insurance premiums and related investment income Others (557 ) Write-downs of securities and other 186 Total before income tax (72 ) Income tax (expense) or benefit ¥ 114 Net of tax Debt valuation adjustments Fulfillment of policy liabilities and amortization of policy account balances ¥ 9 Life insurance costs 9 Total before income tax (2 ) Income tax (expense) or benefit ¥ 7 Net of tax Defined benefit pension plans Amortization of prior service credit ¥ 270 See Note 15 “Pension Plans” Amortization of net actuarial loss (230 ) See Note 15 “Pension Plans” Amortization of transition obligation (1 ) See Note 15 “Pension Plans” 39 Total before income tax (11 ) Income tax (expense) or benefit ¥ 28 Net of tax Foreign currency translation adjustments Sales or liquidation ¥ (2 ) Gains on sales of subsidiaries and affiliates and liquidation losses, net (2 ) Total before income tax 1 Income tax (expense) or benefit ¥ (1 ) Net of tax Net unrealized gains (losses) on derivative instruments Interest rate swap agreements ¥ 10 Finance revenues/Interest expense Foreign exchange contracts (13 ) Other (income) and expense, net Foreign currency swap agreements 75 Finance revenues/Interest expense/ Other (income) and expense, net 72 Total before income tax (25 ) Income tax (expense) or benefit ¥ 47 Net of tax |
ORIX Corporation Shareholders'
ORIX Corporation Shareholders' Equity | 6 Months Ended |
Sep. 30, 2018 | |
Equity [Abstract] | |
ORIX Corporation Shareholders' Equity | 13. ORIX Corporation Shareholders’ Equity Information about ORIX Corporation Shareholders’ Equity for the six months ended September 30, 2017 and 2018 are as follows: (1) Dividend payments Six months ended September 30, 2017 Six months ended September 30, 2018 Resolution The board of directors on May 23, 2017 The board of directors on May 21, 2018 Type of shares Common stock Common stock Total dividends paid ¥38,162 million ¥49,984 million Dividend per share ¥29.25 ¥39.00 Date of record for dividend March 31, 2017 March 31, 2018 Effective date for dividend June 6, 2017 June 5, 2018 Dividend resource Retained earnings Retained earnings Total dividends paid include ¥62 million of dividends paid to the Board Incentive Plan Trust for the six months ended September 30, 2017. Total dividends paid include ¥64 million of dividends paid to the Board Incentive Plan Trust for the six months ended September 30, 2018. (2) Applicable dividends for which the date of record was in the six months ended September 30, 2017 and 2018, and for which the effective date was after September 30, 2017 and 2018 Six months ended September 30, 2017 Six months ended September 30, 2018 Resolution The board of directors on October 30, 2017 The board of directors on October 26, 2018 Type of shares Common stock Common stock Total dividends paid ¥34,595 million ¥38,453 million Dividend per share ¥27.00 ¥30.00 Date of record for dividend September 30, 2017 September 30, 2018 Effective date for dividend December 4, 2017 December 4, 2018 Dividend resource Retained earnings Retained earnings Total dividends to be paid include ¥53 million of dividends to be paid to the Board Incentive Plan Trust for the six months ended September 30, 2017. Total dividends to be paid include ¥55 million of dividends to be paid to the Board Incentive Plan Trust for the six months ended September 30, 2018. |
Selling, General and Administra
Selling, General and Administrative Expenses | 6 Months Ended |
Sep. 30, 2018 | |
Text Block [Abstract] | |
Selling, General and Administrative Expenses | 14. Selling, General and Administrative Expenses Selling, general and administrative expenses for the six months ended September 30, 2017 and 2018 are as follows: Millions of yen Six months ended September 30, 2017 Six months ended September 30, 2018 Personnel expenses ¥ 119,164 ¥ 122,438 Selling expenses 36,378 36,883 Administrative expenses 51,288 49,109 Depreciation of office facilities 2,469 2,216 Total ¥ 209,299 ¥ 210,646 Selling, general and administrative expenses for the three months ended September 30, 2017 and 2018 are as follows: Millions of yen Three months ended September 30, 2017 Three months ended September 30, 2018 Personnel expenses ¥ 57,890 ¥ 60,013 Selling expenses 19,058 19,596 Administrative expenses 25,133 24,752 Depreciation of office facilities 1,256 1,129 Total ¥ 103,337 ¥ 105,490 |
Pension Plans
Pension Plans | 6 Months Ended |
Sep. 30, 2018 | |
Retirement Benefits [Abstract] | |
Pension Plans | 15. Pension Plans The Company and certain subsidiaries have contributory and non-contributory lump-sum The Company and its subsidiaries’ funding policy is to contribute annually the amounts actuarially determined. Assets of the plans are invested primarily in debt securities and marketable equity securities. Net periodic pension cost for the six months ended September 30, 2017 and 2018 consists of the following: Millions of yen Six months ended September 30, 2017 Six months ended September 30, 2018 Japanese plans: Service cost ¥ 2,649 ¥ 2,762 Interest cost 388 361 Expected return on plan assets (1,313 ) (1,362 ) Amortization of prior service credit (457 ) (448 ) Amortization of net actuarial loss 428 422 Amortization of transition obligation 23 0 Net periodic pension cost ¥ 1,718 ¥ 1,735 Millions of yen Six months ended September 30, 2017 Six months ended September 30, 2018 Overseas plans: Service cost ¥ 1,605 ¥ 1,631 Interest cost 952 993 Expected return on plan assets (2,037 ) (2,202 ) Amortization of prior service credit (40 ) (90 ) Amortization of net actuarial loss 19 39 Amortization of transition obligation 2 2 Net periodic pension cost ¥ 501 ¥ 373 Net pension cost of the plans for the three months ended September 30, 2017 and 2018 consists of the following: Millions of yen Three months ended September 30, 2017 Three months ended September 30, 2018 Japanese plans: Service cost ¥ 1,325 ¥ 1,380 Interest cost 194 186 Expected return on plan assets (656 ) (681 ) Amortization of prior service credit (228 ) (226 ) Amortization of net actuarial loss 214 211 Amortization of transition obligation 12 0 Net periodic pension cost ¥ 861 ¥ 870 Millions of yen Three months ended September 30, 2017 Three months ended September 30, 2018 Overseas plans: Service cost ¥ 768 ¥ 829 Interest cost 487 502 Expected return on plan assets (1,044 ) (1,106 ) Amortization of prior service credit (21 ) (44 ) Amortization of net actuarial loss 10 19 Amortization of transition obligation 1 1 Net periodic pension cost ¥ 201 ¥ 201 Note: The components of net periodic pension cost other than the service cost component are included in personnel expenses, which is included in selling, general and administrative expenses in the consolidated statements of income. |
Life Insurance Operations
Life Insurance Operations | 6 Months Ended |
Sep. 30, 2018 | |
Insurance [Abstract] | |
Life Insurance Operations | 16. Life Insurance Operations Life insurance premiums and related investment income for the six and three months ended September 30, 2017 and 2018 consist of the following: Millions of yen Six months ended September 30, 2017 Six months ended September 30, 2018 Life insurance premiums ¥ 142,495 ¥ 153,511 Life insurance related investment income 38,715 27,093 ¥ 181,210 ¥ 180,604 Millions of yen Three months ended September 30, 2017 Three months ended September 30, 2018 Life insurance premiums ¥ 71,122 ¥ 78,475 Life insurance related investment income 16,434 19,270 ¥ 87,556 ¥ 97,745 Life insurance premiums include reinsurance benefits, net of reinsurance premiums. For the six and three months ended September 30, 2017 and 2018, reinsurance benefits and reinsurance premiums included in life insurance premiums are as follows: Millions of yen Six months ended September 30, 2017 Six months ended September 30, 2018 Reinsurance benefits ¥ 1,870 ¥ 1,193 Reinsurance premiums (3,763 ) (2,849 ) Millions of yen Three months ended September 30, 2017 Three months ended September 30, 2018 Reinsurance benefits ¥ 850 ¥ 596 Reinsurance premiums (1,813 ) (1,467 ) The benefits and expenses of life insurance operations included in life insurance costs in the consolidated statements of income are recognized so as to associate with earned premiums over the life of contracts. This association is accomplished by means of the provision for future policy benefits and the deferral and subsequent amortization of policy acquisition costs (principally commissions and certain other expenses directly relating to policy issuance and underwriting). Amortization charged to income for the six months ended September 30, 2017 and 2018 amounted to ¥7,747 million and ¥8,658 million, respectively. In addition, amortization charged to income for the three months ended September 30, 2017 and 2018 amounted to ¥3,840 million and ¥4,366 million, respectively. Life insurance premiums and related investment income include net realized and unrealized gains or losses from investment assets under management on behalf of variable annuity and variable life policyholders, and net gains or losses from derivative contracts, which consist of gains or losses from futures, foreign exchange contracts and options held, entered to economically hedge a portion of the minimum guarantee risk relating to variable annuity and variable life insurance contracts. In addition, life insurance costs include the net amount of the changes in fair value of the variable annuity and variable life insurance contracts elected for the fair value option and insurance costs recognized for insurance and annuity payouts as a result of insured events. Certain subsidiaries have elected the fair value option for certain reinsurance contracts to partially offset the changes in fair value recognized in earnings of the policy liabilities and policy account balances attributable to the changes in the minimum guarantee risks of the variable annuity and variable life insurance contracts, and the changes in the fair value of the reinsurance contracts were recorded in life insurance costs. From the three months ended June 30, 2018, the portion of the total change in the fair value of variable annuity and variable life insurance contracts that results from a change in the instrument-specific credit risk is recognized in other comprehensive income (loss). The above mentioned gains or losses relating to variable annuity and variable life insurance contracts for the six and three months ended September 30, 2017 and 2018 are as follows: Millions of yen Six months ended September 30, 2017 Six months ended September 30, 2018 Life insurance premiums and related investment income : Net realized and unrealized gains or losses from investment assets ¥ 37,141 ¥ 22,054 Net gains or losses from derivative contracts : (5,949 ) (3,460 ) Futures (4,453 ) (2,321 ) Foreign exchange contracts (584 ) (535 ) Options held (912 ) (604 ) Life insurance costs : Changes in the fair value of the policy liabilities and policy account balances ¥ (88,501 ) ¥ (38,417 ) Insurance costs recognized for insurance and annuity payouts as a result of insured events 104,399 47,671 Changes in the fair value of the reinsurance contracts 6,874 3,887 Millions of yen Three months ended September 30, 2017 Three months ended September 30, 2018 Life insurance premiums and related investment income : Net realized and unrealized gains or losses from investment assets ¥ 16,014 ¥ 16,603 Net gains or losses from derivative contracts : (2,416 ) (2,331 ) Futures (1,826 ) (1,752 ) Foreign exchange contracts (262 ) (308 ) Options held (328 ) (271 ) Life insurance costs : Changes in the fair value of the policy liabilities and policy account balances ¥ (40,895 ) ¥ (13,859 ) Insurance costs recognized for insurance and annuity payouts as a result of insured events 47,955 22,966 Changes in the fair value of the reinsurance contracts 2,828 2,444 |
Write-Downs of Long-Lived Asset
Write-Downs of Long-Lived Assets | 6 Months Ended |
Sep. 30, 2018 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Write-Downs of Long-Lived Assets | 17. Write-Downs of Long-Lived Assets The Company and its subsidiaries perform tests for recoverability on long-lived assets classified as held and used for which events or changes in circumstances indicated that the assets might be impaired. The Company and its subsidiaries consider an asset’s carrying amount as not recoverable when such carrying amount exceeds the undiscounted future cash flows estimated to result from the use and eventual disposition of the asset. The net carrying amount of assets not recoverable is reduced to fair value if lower than the carrying amount. As of March 31, 2018 and September 30, 2018, the long-lived assets classified as held for sale in the accompanying consolidated balance sheets are as follows. Millions of yen As of March 31, 2018 As of September 30, 2018 Investment in operating leases ¥ 31,776 ¥ 76,052 Property under facility operations 12,483 0 Other assets 164 27 The long-lived assets classified as held for sale as of March 31, 2018 are included in Corporate Financial Services segment, Real Estate segment, Investment and Operation segment and Overseas Business segment. The long-lived assets classified as held for sale as of September 30, 2018 are included in Corporate Financial Services segment, Maintenance Leasing segment, Real Estate segment, Investment and Operation segment and Overseas Business segment. The Company and its subsidiaries determine the fair value using appraisals prepared by independent third party appraisers or our own staff of qualified appraisers, based on recent transactions involving sales of similar assets or other valuation techniques such as discounted cash flows methodologies using future cash flows estimated to be generated from operation of the existing assets or completion of development projects, as appropriate. For the six months ended September 30, 2017 and 2018, the Company and its subsidiaries recognized impairment losses for the difference between carrying amounts and fair values in the amount of ¥1,472 million and ¥26 million, respectively, which are reflected as write-downs of long-lived assets. Breakdowns of these amounts are as follows. Six months ended September 30, 2017 Six months ended September 30, 2018 Amount (Millions of yen) The number of Amount (Millions of yen) The number of Write-downs of the assets held for sale: Commercial facilities other than office buildings ¥ 977 1 ¥ 0 0 Others* 200 — 0 — Total ¥ 1,177 — ¥ 0 — * For the “Others,” the number of properties is omitted. Six months ended September 30, 2017 Six months ended September 30, 2018 Amount (Millions of yen) The number of Amount (Millions of yen) The number of Write-downs due to decline in estimated future cash flows: Commercial facilities other than office buildings ¥ 187 2 ¥ 16 1 Others* 108 — 10 — Total ¥ 295 — ¥ 26 — * For the “Others,” the number of properties is omitted. Losses of ¥1,472 million in Real Estate segment were recorded for the six months ended September 30, 2017. Losses of ¥16 million in Real Estate segment and ¥10 million in Overseas Business segment were recorded for the six months ended September 30, 2018. For the three months ended September 30, 2017, the Company and its subsidiaries recognized impairment losses for the difference between carrying amounts and fair values in the amount of ¥387 million, which were reflected as write-downs of long-lived assets compared to no impairment loss for the three months ended September 30, 2018. Breakdowns of these amounts are as follows. Three months ended September 30, 2017 Three months ended September 30, 2018 Amount (Millions of yen) The number of Amount (Millions of yen) The number of Write-downs of the assets held for sale: Commercial facilities other than office buildings ¥ 0 0 ¥ 0 0 Others * 200 — 0 — Total ¥ 200 — ¥ 0 — * For the “Others,” the number of properties is omitted. Three months ended September 30, 2017 Three months ended September 30, 2018 Amount (Millions of yen) The number of properties Amount (Millions of yen) The number of properties Write-downs due to decline in estimated future cash flows: Commercial facilities other than office buildings ¥ 187 2 ¥ 0 0 Others * 0 — 0 — Total ¥ 187 — ¥ 0 — * For the “Others,” the number of properties is omitted. Losses of ¥387 million in Real Estate segment were recorded for the three months ended September 30, 2017. |
Per Share Data
Per Share Data | 6 Months Ended |
Sep. 30, 2018 | |
Earnings Per Share [Abstract] | |
Per Share Data | 18. Per Share Data Reconciliation of the differences between basic and diluted earnings per share (EPS) in the six and three months ended September 30, 2017 and 2018 is as follows: During the six months ended September 30, 2017, the diluted EPS calculation excludes stock options for 356 thousand shares, as they were antidilutive. During the six months ended September 30, 2018, there were no stock options which were antidilutive. During the three months ended September 30, 2017 and 2018, there were no stock options which were antidilutive. Millions of yen Six months ended September 30, 2017 Six months ended September 30, 2018 Net Income attributable to ORIX Corporation shareholders ¥ 165,970 ¥ 155,050 Millions of yen Three months ended September 30, 2017 Three months ended September 30, 2018 Net Income attributable to ORIX Corporation shareholders ¥ 76,258 ¥ 75,103 Thousands of Shares Six months ended September 30, 2017 Six months ended September 30, 2018 Weighted-average shares 1,282,567 1,280,071 Effect of dilutive securities — Exercise of stock options 1,178 1,056 Weighted-average shares for diluted EPS computation 1,283,745 1,281,127 Thousands of Shares Three months ended September 30, 2017 Three months ended September 30, 2018 Weighted-average shares 1,279,276 1,280,104 Effect of dilutive securities — Exercise of stock options 1,277 1,110 Weighted-average shares for diluted EPS computation 1,280,553 1,281,214 Yen Six months ended September 30, 2017 Six months ended September 30, 2018 Earnings per share for net income attributable to ORIX Corporation shareholders: Basic ¥ 129.40 ¥ 121.13 Diluted ¥ 129.29 ¥ 121.03 Yen Three months ended September 30, 2017 Three months ended September 30, 2018 Earnings per share for net income attributable to ORIX Corporation shareholders: Basic ¥ 59.61 ¥ 58.67 Diluted ¥ 59.55 ¥ 58.62 Note: The Company’s shares held through the Board Incentive Plan Trust are included in the number of treasury stock shares to be deducted in calculation of the weighted-average shares for EPS computation. (2,055,862 and 1,668,589 shares for the six months ended September 30, 2017 and 2018, 2,003,201 and 1,681,449 shares for the three months ended September 30, 2017 and 2018) |
Derivative Financial Instrument
Derivative Financial Instruments and Hedging | 6 Months Ended |
Sep. 30, 2018 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Derivative Financial Instruments and Hedging | 19. Derivative Financial Instruments and Hedging Risk management policy The Company and its subsidiaries manage interest rate risk through asset-liability management (“ALM”). The Company and its subsidiaries use derivative financial instruments to hedge interest rate risk and avoid changes in interest rates that could have a significant adverse effect on the Company’s results of operations. As a result of interest rate changes, the fair value and/or cash flow of interest sensitive assets and liabilities will fluctuate. However, such fluctuation will generally be offset by using derivative financial instruments as hedging instruments. Derivative financial instruments that the Company and its subsidiaries use as part of the interest risk management include interest rate swaps. The Company and its subsidiaries utilize foreign currency borrowings, foreign exchange contracts and foreign currency swap agreements to hedge exchange rate risk that are associated with certain transactions and investments denominated in foreign currencies. Similarly, overseas subsidiaries generally structure their liabilities to match the currency-denomination of assets in each region. A certain subsidiary holds option agreements, futures and foreign exchange contracts for the purpose of economic hedges against minimum guarantee risk of variable annuity and variable life insurance contracts. By using derivative instruments, the Company and its subsidiaries are exposed to credit risk in the event of nonperformance by counterparties. The Company and its subsidiaries attempt to manage the credit risk by carefully evaluating the content of transactions and the quality of counterparties in advance and regularly monitoring the amount of notional principal, fair value, type of transaction and other factors pertaining to each counterparty. The Company and its subsidiaries have no derivative instruments with credit-risk-related contingent features as of March 31, 2018 and September 30, 2018. (a) Cash flow hedges The Company and its subsidiaries designate interest rate swap agreements, foreign currency swap agreements and foreign exchange contracts as cash flow hedges for variability of cash flows originating from floating rate borrowings and forecasted transactions and for exchange fluctuations. (b) Fair value hedges The Company and its subsidiaries use financial instruments designated as fair value hedges to hedge their exposure to interest rate risk and foreign currency exchange risk. The Company and its subsidiaries designate foreign currency swap agreements and foreign exchange contracts to minimize foreign currency exposures on lease receivables, loan receivables, borrowings and others 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 agreements to hedge interest rate exposure of the fair values of these medium-term notes or bonds. 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. (c) Hedges of net investment in foreign operations The Company uses foreign exchange contracts and borrowings and bonds denominated in foreign currencies to hedge the foreign currency exposure of the net investment in overseas subsidiaries. (d) Derivatives not designated as hedging instruments The Company and its subsidiaries entered into interest rate swap agreements, futures and foreign exchange contracts for risk management purposes which are not qualified for hedge accounting. A certain subsidiary holds option agreements, futures and foreign exchange contracts for the purpose of economic hedges against minimum guarantee risk of variable annuity and variable life insurance contracts. The effect of derivative instruments on the consolidated statements of income, pre-tax, (1) Cash flow hedges Gains (losses) recognized in other comprehensive income on derivative (effective portion) Gains (losses) reclassified from other comprehensive income (loss) into income (effective portion) Gains (losses) recognized in income on derivative (ineffective portion and amount excluded from effectiveness testing) Millions of yen Consolidated statements of income location Millions of yen Consolidated statements of income location Millions of yen Interest rate swap agreements ¥ (185 ) Finance revenues/Interest expense ¥ 118 — ¥ 0 Foreign exchange contracts (188 ) Other (income) and expense, net (2 ) — 0 Foreign currency swap agreements 1,432 Finance revenues/Interest expense/ Other (income) and expense, net 848 Other (income) and expense, net (111 ) (2) Fair value hedges Gains (losses) recognized in income on derivative and other Gains (losses) recognized in income on hedged item Millions of yen Consolidated statements of income location Millions of yen Consolidated statements of income location Interest rate swap agreements ¥ (13 ) Finance revenues/Interest expense ¥ 13 Finance revenues/Interest expense Foreign exchange contracts (3,125 ) Other (income) and expense, net 3,125 Other (income) and expense, net Foreign currency swap agreements 990 Other (income) and expense, net (990 ) Other (income) and expense, net (3) Hedges of net investment in foreign operations Gains (losses) recognized in other comprehensive income on derivative and others (effective portion) Gains (losses) reclassified from other comprehensive income (loss) into income (effective portion) Gains (losses) recognized in income on derivative and others (ineffective portion and amount excluded from effectiveness testing) Millions of yen Consolidated statements of income location Millions of yen Consolidated statements of income location Millions of yen Foreign exchange contracts ¥ (23,576 ) Gains on sales of subsidiaries and ¥ (3,705 ) — ¥ 0 Borrowings and bonds in foreign currencies (10,197 ) — 0 — 0 (4) Derivatives not designated as hedging instruments Gains (losses) recognized in income on derivative Millions of yen Consolidated statements of income location Interest rate swap agreements ¥ 698 Other (income) and expense, net Futures (2,511 ) Gains on investment securities and dividends Life insurance premiums and related investment income * Foreign exchange contracts (14,377 ) Gains on investment securities and dividends Life insurance premiums and related investment income * Other (income) and expense, net Credit derivatives held (26 ) Other (income) and expense, net Options held/written and other 266 Other (income) and expense, net Life insurance premiums and related investment income * * Futures, foreign exchange contracts and options held/written and other in the above table include gains (losses) arising from futures, foreign exchange contracts and options held to economically hedge the minimum guarantee risk of variable annuity and variable life insurance contracts for the six months ended September 30, 2017 (see Note 16 “Life Insurance Operations”). The effect of derivative instruments on the consolidated statements of income, pre-tax, (1) Cash flow hedges Gains (losses) recognized in other comprehensive income on derivative (effective portion) Gains (losses) reclassified from other comprehensive income (loss) into income (effective portion) Gains (losses) recognized in income on derivative (ineffective portion and amount excluded from effectiveness testing) Millions of yen Consolidated statements of income location Millions of yen Consolidated statements of income location Millions of yen Interest rate swap agreements ¥ 723 Finance revenues/Interest expense ¥ 137 — ¥ 0 Foreign exchange contracts 243 Other (income) and expense, net 10 — 0 Foreign currency swap agreements (967 ) Finance revenues/Interest expense/Other (income) and expense, net (1,094 ) — 0 (2) Fair value hedges Gains (losses) recognized in income on derivative and other Gains (losses) recognized in income on hedged item Millions of yen Consolidated statements of income location Millions of yen Consolidated statements of income location Interest rate swap agreements ¥ 1,228 Finance revenues/Interest expense ¥ (1,228 ) Finance revenues/Interest expense Foreign exchange contracts (4,664 ) Other (income) and expense, net 4,664 Other (income) and expense, net (3) Hedges of net investment in foreign operations Gains (losses) recognized in other comprehensive income on derivative and others (effective portion) Gains (losses) reclassified from other comprehensive income (loss) into income (effective portion) Gains (losses) recognized in income on derivative and others (ineffective portion and amount excluded from effectiveness testing) Millions of yen Consolidated statements of income location Millions of yen Consolidated statements of income location Millions of yen Foreign exchange contracts ¥ (1,734 ) Gains on sales of subsidiaries and affiliates and liquidation losses, net ¥ (115 ) — ¥ 0 Borrowings and bonds in foreign currencies (22,088 ) — 0 — 0 (4) Derivatives not designated as hedging instruments Gains (losses) recognized in income on derivative Millions of yen Consolidated statements of income location Interest rate swap agreements ¥ 1,147 Other (income) and expense, net Futures (2,684 ) Gains on investment securities and dividends Life insurance premiums and related investment income * Foreign exchange contracts (7,856 ) Gains on investment securities and dividends Life insurance premiums and related investment income * Other (income) and expense, net Credit derivatives held 19 Other (income) and expense, net Options held/written and other 273 Other (income) and expense, net Life insurance premiums and related investment income * * Futures, foreign exchange contracts and options held/written and other in the above table include gains (losses) arising from futures, foreign exchange contracts and options held to economically hedge the minimum guarantee risk of variable annuity and variable life insurance contracts for the six months ended September 30, 2018 (see Note 16 “Life Insurance Operations”). The effect of derivative instruments on the consolidated statements of income, pre-tax, (1) Cash flow hedges Gains (losses) recognized in other comprehensive income on derivative (effective portion) Gains (losses) reclassified from other comprehensive income (loss) into income (effective portion) Gains (losses) recognized in income on derivative (ineffective portion and amount excluded from effectiveness testing) Millions of yen Consolidated statements of income location Millions of yen Consolidated statements of income location Millions of yen Interest rate swap agreements ¥ 22 Finance revenues/Interest expense ¥ 2 — ¥ 0 Foreign exchange contracts (54 ) — 0 — 0 Foreign currency swap agreements 33 Finance revenues/Interest expense /Other (income) and expense, net 88 Other (income) and expense, net (33 ) (2) Fair value hedges Gains (losses) recognized in income on derivative and other Gains (losses) recognized in income on hedged item Millions of yen Consolidated statements of income location Millions of yen Consolidated statements of income location Interest rate swap agreements ¥ 0 — ¥ 0 — Foreign exchange contracts (1,633 ) Other (income) and expense, net 1,633 Other (income) and expense, net Foreign currency swap agreements 210 Other (income) and expense, net (210 ) Other (income) and expense, net (3) Hedges of net investment in foreign operations Gains (losses) recognized in other comprehensive income on derivative and others (effective portion) Gains (losses) reclassified from other comprehensive income (loss) into income (effective portion) Gains (losses) recognized in income on derivative and others (ineffective portion and amount excluded from effectiveness testing) Millions of yen Consolidated statements of income location Millions of yen Consolidated statements of income location Millions of yen Foreign exchange contracts ¥ (8,011 ) Gains on sales of subsidiaries and affiliates and liquidation losses, net ¥ 0 — ¥ 0 Borrowings and bonds in foreign currencies (4,707 ) — 0 — 0 (4) Derivatives not designated as hedging instruments Gains (losses) recognized in income on derivative Millions of yen Consolidated statements of income location Interest rate swap agreements ¥ 396 Other (income) and expense, net Futures 13 Gains on investment securities and dividends Life insurance premiums and related investment income * Foreign exchange contracts (11,664 ) Gains on investment securities and dividends Life insurance premiums and related investment income * Other (income) and expense, net Credit derivatives held (12 ) Other (income) and expense, net Options held/written and other 929 Other (income) and expense, net Life insurance premiums and related investment income * * Futures, foreign exchange contracts and options held/written and other in the above table include gains (losses) arising from futures, foreign exchange contracts and options held to economically hedge the minimum guarantee risk of variable annuity and variable life insurance contracts for the three months ended September 30, 2017 (see Note 16 “Life Insurance Operations”). The effect of derivative instruments on the consolidated statements of income, pre-tax, (1) Cash flow hedges Gains (losses) recognized in other comprehensive income on derivative (effective portion) Gains (losses) reclassified from other comprehensive income (loss) into income (effective portion) Gains (losses) recognized in income on derivative effectiveness testing) Millions of yen Consolidated statements of income location Millions of yen Consolidated statements of income location Millions of yen Interest rate swap agreements ¥ 765 Finance revenues/Interest expense ¥ 10 — ¥ 0 Foreign exchange contracts 174 Other (income) and expense, net (13 ) — 0 Foreign currency swap agreements 113 Finance revenues/Interest expense/ Other (income) and expense, net 75 — 0 (2) Fair value hedges Gains (losses) recognized in income on derivative and other Gains (losses) recognized in income on hedged item Millions of yen Consolidated statements of income location Millions of yen Consolidated statements of income location Interest rate swap agreements ¥ 535 Finance revenues/Interest expense ¥ (535 ) Finance revenues/Interest expense Foreign exchange contracts (3,272 ) Other (income) and expense, net 3,272 Other (income) and expense, net (3) Hedges of net investment in foreign operations Gains (losses) recognized in other comprehensive income on derivative and others (effective portion) Gains (losses) reclassified from other comprehensive income (loss) into income (effective portion) Gains (losses) recognized in income on derivative and others (ineffective portion and amount excluded from effectiveness testing) Millions of yen Consolidated statements of income location Millions of yen Consolidated statements of income location Millions of yen Foreign exchange contracts ¥ (8,348 ) Gains on sales of subsidiaries and affiliates and liquidation losses, net ¥ (115 ) — ¥ 0 Borrowings and bonds in foreign currencies (11,089 ) — 0 — 0 (4) Derivatives not designated as hedging instruments Gains (losses) recognized in income on derivative Millions of yen Consolidated statements of income location Interest rate swap agreements ¥ 639 Other (income) and expense, net Futures (1,954 ) Gains on investment securities and dividends Life insurance premiums and related investment income * Foreign exchange contracts (5,963 ) Gains on investment securities and dividends Life insurance premiums and related investment income * Other (income) and expense, net Credit derivatives held 78 Other (income) and expense, net Options held/written and other 1,277 Other (income) and expense, net Life insurance premiums and related investment income * * Futures, foreign exchange contracts and options held/written and other in the above table include gains (losses) arising from futures, foreign exchange contracts and options held to economically hedge the minimum guarantee risk of variable annuity and variable life insurance contracts for the three months ended September 30, 2018 (see Note 16 “Life Insurance Operations”). Notional amounts of derivative instruments and other, fair values of derivative instruments and other before offsetting at March 31, 2018 and September 30, 2018 are as follows. March 31, 2018 Derivative assets Derivative liabilities Notional amount Fair Consolidated balance sheets location Fair Consolidated balance sheets location Millions of yen Millions of yen Millions of yen Derivatives designated as hedging instruments and other: Interest rate swap agreements ¥ 278,850 ¥ 55 Other Assets ¥ 4,759 Other Liabilities Futures, foreign exchange contracts 566,583 11,445 Other Assets 2,149 Other Liabilities Foreign currency swap agreements 70,156 422 Other Assets 3,220 Other Liabilities Foreign currency long-term debt 396,503 0 — 0 — Derivatives not designated as hedging instruments: Interest rate swap agreements ¥ 19,569 ¥ 272 Other Assets ¥ 165 Other Liabilities Options held/written and other * 372,138 7,025 Other Assets 701 Other Liabilities Futures, foreign exchange contracts * 271,365 2,612 Other Assets 1,298 Other Liabilities Credit derivatives held 5,459 0 — 108 Other Liabilities * The notional amounts of options held/written and other and futures, foreign exchange contracts in the above table include options held of ¥40,275 million, futures contracts of ¥38,094 million and foreign exchange contracts of ¥12,140 million to economically hedge the minimum guarantee risk of variable annuity and variable life insurance contracts at March 31, 2018, respectively. Derivative assets in the above table include fair value of the options held, futures contracts and foreign exchange contracts before offsetting of ¥844 million, ¥182 million and ¥90 million and derivative liabilities includes fair value of the futures and foreign exchange contracts before offsetting of ¥318 million and ¥15 million at March 31, 2018, respectively. September 30, 2018 Derivative assets Derivative liabilities Notional amount Fair Consolidated balance sheets location Fair Consolidated balance sheets location Millions of yen Millions of yen Millions of yen Derivatives designated as hedging instruments and other: Interest rate swap agreements ¥ 262,481 ¥ 952 Other Assets ¥ 3,569 Other Liabilities Futures, foreign exchange contracts 574,700 697 Other Assets 13,167 Other Liabilities Foreign currency swap agreements 72,037 1,625 Other Assets 2,091 Other Liabilities Foreign currency long-term debt 399,765 0 — 0 — Derivatives not designated as hedging instruments: Interest rate swap agreements ¥ 67,286 ¥ 447 Other Assets ¥ 124 Other Liabilities Options held/written and other * 530,056 9,412 Other Assets 2,909 Other Liabilities Futures, foreign exchange contracts * 352,575 365 Other Assets 6,846 Other Liabilities Credit derivatives held 4,020 0 — 89 Other Liabilities * The notional amounts of options held/written and other and futures, foreign exchange contracts in the above table include options held of ¥38,813 million, futures contracts of ¥30,718 million and foreign exchange contracts of ¥10,978 million to economically hedge the minimum guarantee risk of variable annuity and variable life insurance contracts at September 30, 2018, respectively. Derivative assets in the above table includes fair value of the options held, futures contracts and foreign exchange contracts before offsetting of ¥237 million, ¥45 million and ¥18 million and derivative liabilities includes fair value of the futures and foreign exchange contracts before offsetting of ¥1,918 million and ¥231 million at September 30, 2018, respectively. |
Offsetting Assets and Liabiliti
Offsetting Assets and Liabilities | 6 Months Ended |
Sep. 30, 2018 | |
Text Block [Abstract] | |
Offsetting Assets and Liabilities | 20. Offsetting Assets and Liabilities The gross amounts recognized, gross amounts offset, and net amounts presented in the consolidated balance sheets regarding to derivative assets and liabilities and other assets and liabilities as of March 31, 2018 and September 30, 2018 are as follows. March 31, 2018 Millions of yen Gross amounts recognized Gross amounts offset in the consolidated balance sheets Net amounts presented in the consolidated balance sheets Gross amounts not offset in the Net amount Financial instruments Collateral received/pledged Derivative assets ¥ 21,831 ¥ (2,105 ) ¥ 19,726 ¥ (820 ) ¥ (6,497 ) ¥ 12,409 Reverse repurchase, securities borrowing, and similar arrangements *2 5,784 (5,590 ) 194 0 0 194 Total assets ¥ 27,615 ¥ (7,695 ) ¥ 19,920 ¥ (820 ) ¥ (6,497 ) ¥ 12,603 Derivative liabilities ¥ 12,400 ¥ (2,105 ) ¥ 10,295 ¥ 0 ¥ (180 ) ¥ 10,115 Repurchase, securities lending, and similar arrangements *2 5,590 (5,590 ) 0 0 0 0 Total liabilities ¥ 17,990 ¥ (7,695 ) ¥ 10,295 ¥ 0 ¥ (180 ) ¥ 10,115 September 30, 2018 Millions of yen Gross amounts recognized Gross amounts offset in the consolidated balance sheets Net amounts presented in the consolidated balance sheets Gross amounts not offset in the Net amount Financial instruments Collateral received/pledged Derivative assets ¥ 13,498 ¥ (670 ) ¥ 12,828 ¥ (216 ) ¥ 0 ¥ 12,612 Reverse repurchase, securities borrowing, and similar arrangements *2 829 (829 ) 0 0 0 0 Total assets ¥ 14,327 ¥ (1,499 ) ¥ 12,828 ¥ (216 ) ¥ 0 ¥ 12,612 Derivative liabilities ¥ 28,795 ¥ (670 ) ¥ 28,125 ¥ (2,649 ) ¥ (1,509 ) ¥ 23,967 Repurchase, securities lending, and similar arrangements *2 1,425 (829 ) 596 0 0 596 Total liabilities ¥ 30,220 ¥ (1,499 ) ¥ 28,721 ¥ (2,649 ) ¥ (1,509 ) ¥ 24,563 *1 The balances related to enforceable master netting agreements or similar agreements which were not offset in the consolidated balance sheets. *2 Reverse repurchase agreements and securities borrowing, and similar transactions are reported within other assets in the consolidated balance sheets. Repurchase agreements and securities lending, and similar transactions are reported within other liabilities in the consolidated balance sheets. |
Estimated Fair Value of Financi
Estimated Fair Value of Financial Instruments | 6 Months Ended |
Sep. 30, 2018 | |
Fair Value Disclosures [Abstract] | |
Estimated Fair Value of Financial Instruments | 21. Estimated Fair Value of Financial Instruments The following information is provided to help readers gain an understanding of the relationship between carrying amount of financial instruments reported in the Company’s consolidated balance sheets and the related market or fair value. The disclosures do not include investment in direct financing leases, investment in affiliates, pension obligations and insurance contracts and reinsurance contracts except for those classified as investment contracts. March 31, 2018 Millions of yen Carrying amount Estimated fair value Level 1 Level 2 Level 3 Assets: Cash and cash equivalents ¥ 1,321,241 ¥ 1,321,241 ¥ 1,321,241 ¥ 0 ¥ 0 Restricted cash 83,876 83,876 83,876 0 0 Installment loans (net of allowance for probable loan losses) 2,779,186 2,788,069 0 139,416 2,648,653 Trading securities 422,053 422,053 35,766 386,287 0 Investment in securities: Practicable to estimate fair value 1,167,247 1,194,180 65,716 969,668 158,796 Not practicable to estimate fair value *1 140,155 140,155 0 0 0 Other Assets: Time deposits 3,378 3,378 0 3,378 0 Derivative assets *2 19,726 19,726 0 0 0 Reinsurance recoverables (Investment contracts) 51,351 52,015 0 0 52,015 Liabilities: Short-term debt ¥ 306,754 ¥ 306,754 ¥ 0 ¥ 306,754 ¥ 0 Deposits 1,757,462 1,759,248 0 1,759,248 0 Policy liabilities and Policy account balances (Investment contracts) 275,507 275,979 0 0 275,979 Long-term debt 3,826,504 3,830,529 0 922,319 2,908,210 Other Liabilities: Derivative liabilities *2 10,295 10,295 0 0 0 *1 The fair value of investment securities of ¥140,155 million was not estimated, as it was not practicable. *2 It represents the amount after offset under counterparty netting of derivative assets and liabilities. For the information of input level before netting, see Note 3 “Fair Value Measurements.” September 30, 2018 Millions of yen Carrying amount Estimated fair value Level 1 Level 2 Level 3 Assets: Cash and cash equivalents ¥ 1,140,901 ¥ 1,140,901 ¥ 1,140,901 ¥ 0 ¥ 0 Restricted cash 113,872 113,872 113,872 0 0 Installment loans (net of allowance for probable loan losses) 3,034,786 3,052,369 0 150,435 2,901,934 Equity securities *1 462,480 462,480 76,321 341,600 44,559 Trading debt securities 24,560 24,560 0 24,560 0 Available-for-sale 1,137,081 1,137,081 21,661 992,872 122,548 Held-to-maturity 114,288 137,868 0 116,250 21,618 Other Assets: Time deposits 4,119 4,119 0 4,119 0 Derivative assets *2 12,828 12,828 0 0 0 Reinsurance recoverables (Investment contracts) 50,805 51,340 0 0 51,340 Liabilities: Short-term debt ¥ 324,464 ¥ 324,464 ¥ 0 ¥ 324,464 ¥ 0 Deposits 1,724,360 1,726,529 0 1,726,529 0 Policy liabilities and Policy account balances (Investment contracts) 269,255 269,419 0 0 269,419 Long-term debt 3,861,037 3,847,882 0 1,075,943 2,771,939 Other Liabilities: Derivative liabilities *2 28,125 28,125 0 0 0 *1 The amount of ¥14,813 million of investment funds measured at net asset value per share is not included. *2 It represents the amount after offset under counterparty netting of derivative assets and liabilities. For the information of input level before netting, see Note 3 “Fair Value Measurements.” Input level of fair value measurement If active market prices are available, fair value measurement is based on quoted active market prices and classified as Level 1. If active market prices are not available, fair value measurement is based on observable inputs other than quoted prices included within Level 1 such as quoted market prices of similar assets and classified as Level 2. If market prices are not available and there are no observable inputs, then fair value is estimated by using valuation models including discounted cash flow methodologies, commonly used option-pricing models and broker quotes and classified as Level 3, as the valuation models and broker quotes are based on inputs that are unobservable in the market. |
Commitments, Guarantees and Con
Commitments, Guarantees and Contingent Liabilities | 6 Months Ended |
Sep. 30, 2018 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments, Guarantees and Contingent Liabilities | 22. Commitments, Guarantees and Contingent Liabilities Commitments The minimum future rentals on non-cancelable Millions of yen March 31, 2018 September 30, 2018 Within one year ¥ 7,939 ¥ 8,072 More than one year 59,732 56,802 Total ¥ 67,671 ¥ 64,874 The Company and certain subsidiaries lease office space under operating lease agreements, which are primarily cancelable, and made rental payments totaling ¥7,211 million and ¥7,428 million for the six months ended September 30, 2017 and 2018, respectively, and ¥3,556 million and ¥3,741 million for the three months ended September 30, 2017 and 2018, respectively. Certain computer systems of the Company and certain subsidiaries have been operated and maintained under non-cancelable Millions of yen March 31, 2018 September 30, 2018 Within one year ¥ 5,280 ¥ 3,855 More than one year 6,550 4,230 Total ¥ 11,830 ¥ 8,085 The Company and certain subsidiaries have commitments to fund estimated construction costs to complete ongoing real estate development projects and other commitments, totaling ¥77,957 million and ¥85,987 million as of March 31, 2018 and September 30, 2018, respectively. The Company and certain subsidiaries have agreements to commit to execute loans for customers, and to invest in funds, as long as the agreed-upon terms are met. The total unused credit and capital amount available are ¥319,154 million and ¥355,918 million as of March 31, 2018 and September 30, 2018, respectively. Guarantees March 31, 2018 September 30, 2018 Millions of yen Fiscal year Millions of yen Fiscal year Guarantees Potential future payment Book value of guarantee liabilities Maturity of the longest contract Potential future payment Book value of guarantee liabilities Maturity of the longest contract Corporate loans ¥ 488,297 ¥ 7,294 2025 ¥ 492,542 ¥ 6,862 2026 Transferred loans 166,906 1,227 2058 181,041 1,329 2058 Consumer loans 297,153 37,596 2029 331,804 40,794 2029 Housing loans 28,408 5,021 2048 17,528 4,872 2048 Other 615 230 2025 552 243 2024 Total ¥ 981,379 ¥ 51,368 — ¥ 1,023,467 ¥ 54,100 — Guarantee of corporate loans: Payment or performance risk of the guarantees is considered based on the historical experience of credit events. There have been no significant changes in the payment or performance risk of the guarantees for the six months ended September 30, 2018. Guarantee of transferred 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 for the six months ended September 30, 2018. As of March 31, 2018 and September 30, 2018, the total outstanding principal amount of loans transferred under the Delegated Underwriting and Servicing program, for which the subsidiary guarantees to absorb some of the losses, were ¥564,854 million and ¥606,635 million, respectively. Guarantee of consumer loans: Payment or performance risk of the guarantees is considered based on the historical experience of credit events. There were no significant changes in the payment or performance risk of the guarantees for the six months ended September 30, 2018. Guarantee of housing loans: Payment or performance risk of the guarantees is considered based on the historical experience of credit events. There were no significant changes in the payment or performance risk of the guarantees for the six months ended September 30, 2018. Other guarantees: Litigation— Collateral— Millions of yen March 31, 2018 September 30, 2018 Minimum lease payments, loans and investment in operating leases ¥ 91,819 ¥ 131,067 Investment in securities 159,475 148,209 Property under facility operations 31,627 31,961 Other assets and other 27,022 29,608 Total ¥ 309,943 ¥ 340,845 As of March 31, 2018 and September 30, 2018, debt liabilities were secured by shares of subsidiaries, which were eliminated through consolidation adjustment, of ¥24,348 million and ¥24,348 million, respectively, and debt liabilities of affiliates were secured by investment in affiliates of ¥44,900 million and ¥43,451 million, respectively. In addition, ¥26,456 million and ¥44,723 million, respectively, were pledged primarily by investment in securities for collateral deposits and deposit for real estate transaction as of March 31, 2018 and September 30, 2018. 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 September 30, 2018. |
Segment Information
Segment Information | 6 Months Ended |
Sep. 30, 2018 | |
Segment Reporting [Abstract] | |
Segment Information | 23. Segment Information Financial information about the operating segments reported below is that which is available by segment and evaluated regularly by the chief operating decision maker in deciding how to allocate resources and in assessing performance. An overview of operations for each of the six segments follows below. Corporate Financial Services : Loan, leasing and fee business Maintenance Leasing : Automobile leasing and rentals, car-sharing, IT-related Real Estate : Real estate development and rental, facility operation, REIT asset management, and real estate investment and advisory services Investment and Operation : Environment and energy, principal investment, loan servicing (asset recovery), and concession Retail : Life insurance, banking and card loan Overseas Business : Leasing, loan, bond investment, asset management and aircraft- and ship-related operations Financial information of the segments for the six months ended September 30, 2017 is as follows: Millions of yen Corporate Financial Services Maintenance Leasing Real Investment and Operation Retail Overseas Business Total Segment revenues ¥ 54,059 ¥ 137,156 ¥ 95,755 ¥ 774,474 ¥ 219,505 ¥ 240,242 ¥ 1,521,191 Segment profits 22,049 20,438 43,991 38,927 42,950 81,395 249,750 Financial information of the segments for the six months ended September 30, 2018 is as follows: Millions of yen Corporate Financial Services Maintenance Leasing Real Investment and Operation Retail Overseas Business Total Segment revenues ¥ 51,067 ¥ 141,642 ¥ 113,527 ¥ 499,007 ¥ 221,735 ¥ 238,763 ¥ 1,265,741 Segment profits 16,788 20,583 44,183 24,871 49,175 67,716 223,316 Financial information of the segments for the three months ended September 30, 2017 is as follows: Millions of yen Corporate Financial Services Maintenance Leasing Real Investment and Operation Retail Overseas Business Total Segment revenues ¥ 28,603 ¥ 68,810 ¥ 49,235 ¥ 351,917 ¥ 106,908 ¥ 123,210 ¥ 728,683 Segment profits 11,824 10,544 11,158 22,270 20,936 38,596 115,328 Financial information of the segments for the three months ended September 30, 2018 is as follows: Millions of yen Corporate Financial Services Maintenance Leasing Real Investment and Operation Retail Overseas Business Total Segment revenues ¥ 26,063 ¥ 71,784 ¥ 59,003 ¥ 264,489 ¥ 118,920 ¥ 120,284 ¥ 660,543 Segment profits 8,968 10,887 21,964 12,966 27,390 27,710 109,885 Segment assets information as of March 31, 2018 and September 30, 2018 is as follows: Millions of yen Corporate Financial Services Maintenance Leasing Real Investment and Operation Retail Overseas Business Total March 31, 2018 ¥ 991,818 ¥ 847,190 ¥ 620,238 ¥ 856,348 ¥ 3,174,505 ¥ 2,608,819 ¥ 9,098,918 September 30, 2018 966,357 859,007 577,414 893,067 3,368,956 2,955,727 9,620,528 The accounting policies of the segments are almost the same as those described in Note 2 “Significant Accounting and Reporting Policies” except for the treatment of income tax expenses, net income attributable to the noncontrolling interests, net income attributable to the redeemable noncontrolling interests. Net income attributable to noncontrolling interests and redeemable noncontrolling interests are not included in segment profits or losses because the management evaluates segments’ performance based on profits or losses (pre-tax) pre-tax Assets attributed to each segment are investment in direct financing leases, installment loans, investment in operating leases, investment in securities, property under facility operations, investment in affiliates, inventories, advances for investment in operating leases (included in other assets), advances for investment in property under facility operations (included in other assets) and goodwill and other intangible assets recognized as a result of business combination (included in other assets) and servicing assets (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. From the three months ended June 30, 2018, consolidated VIEs for securitizing financial assets such as lease receivables and loan receivables, which had been excluded from segment revenues, segment profits and segment assets until the previous fiscal year, are included in segment revenues, segment profits and segment assets of each segment. As a result of this change, the presented amounts in the financial information of the segments for the previous fiscal year have been retrospectively reclassified to conform to the presentation for the six and three months ended September 30, 2018. The reconciliation of segment totals to consolidated financial statement amounts is as follows: Millions of yen Six months ended Six months ended Segment revenues: Total revenues for segments ¥ 1,521,191 ¥ 1,265,741 Revenues related to corporate assets 6,949 6,732 Revenues from inter-segment transactions (10,344 ) (10,459 ) Total consolidated revenues ¥ 1,517,796 ¥ 1,262,014 Segment profits: Total profits for segments ¥ 249,750 ¥ 223,316 Corporate profits (losses) (569 ) (4,163 ) Net income attributable to the noncontrolling interests and net income attributable to the redeemable noncontrolling interests 3,431 1,792 Total consolidated income before income taxes ¥ 252,612 ¥ 220,945 Millions of yen Three months ended Three months ended Segment revenues: Total revenues for segments ¥ 728,683 ¥ 660,543 Revenues related to corporate assets 2,850 2,966 Revenues from inter-segment transactions (6,034 ) (5,412 ) Total consolidated revenues ¥ 725,499 ¥ 658,097 Segment profits: Total profits for segments ¥ 115,328 ¥ 109,885 Corporate profits (losses) (529 ) (1,575 ) Net income attributable to the noncontrolling interests and net income attributable to the redeemable noncontrolling interests 2,202 1,681 Total consolidated income before income taxes ¥ 117,001 ¥ 109,991 Millions of yen March 31, 2018 September 30, 2018 Segment assets: Total assets for segments ¥ 9,098,918 ¥ 9,620,528 Cash and cash equivalents, restricted cash 1,405,117 1,254,773 Allowance for doubtful receivables on direct financing leases and probable loan losses (54,672 ) (55,840 ) Trade notes, accounts and other receivable 294,773 275,520 Other corporate assets 681,846 683,563 Total consolidated assets ¥ 11,425,982 ¥ 11,778,544 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. For the six months ended September 30, 2017 Millions of yen Six months ended September 30, 2017 Japan The Americas *1 Other *2 Total Total Revenues ¥ 1,270,724 ¥ 107,847 ¥ 139,225 ¥ 1,517,796 Income before Income Taxes 168,992 40,427 43,193 252,612 For the six months ended September 30, 2018 Millions of yen Six months ended September 30, 2018 Japan The Americas *1 Other *2 Total Total Revenues ¥ 1,025,293 ¥ 99,000 ¥ 137,721 ¥ 1,262,014 Income before Income Taxes 154,142 43,964 22,839 220,945 For the three months ended September 30, 2017 Millions of yen Three months ended September 30, 2017 Japan The Americas *1 Other *2 Total Total Revenues ¥ 600,013 ¥ 53,063 ¥ 72,423 ¥ 725,499 Income before Income Taxes 76,594 21,113 19,294 117,001 For the three months ended September 30, 2018 Millions of yen Three months ended September 30, 2018 Japan The Americas *1 Other *2 Total Total Revenues ¥ 539,887 ¥ 50,410 ¥ 67,800 ¥ 658,097 Income before Income Taxes 83,879 15,096 11,016 109,991 *1 Mainly the United States *2 Mainly Asia, Europe, Australasia and Middle East Note: From the three months ended June 30, 2018, regarding ORIX Corporation Europe N. V., both total revenues and income before income taxes, previously disclosed in Other, are disclosed separately in the above areas, and the information about geographic areas for the previous fiscal year has been retrospectively reclassified as a result of this change. Disaggregation of revenues for revenues from contracts with customers, by goods and services category and geographical location is as follows: For the six months ended September 30, 2018 Millions of yen Six months ended September 30, 2018 Reportable segments Corporate revenue and intersegment transactions Total revenues Corporate Financial Services Maintenance Leasing Real Investment and Operation Retail Overseas Business Total Goods and services category Sale of goods ¥ 2,004 ¥ 2,397 ¥ 2,773 ¥ 277,607 ¥ 0 ¥ 2,115 ¥ 286,896 ¥ 1,015 ¥ 287,911 Real estate sales 0 0 93 42,601 0 156 42,850 0 42,850 Asset management and servicing 0 0 2,879 235 84 95,508 98,706 (55 ) 98,651 Automobile related services 245 29,632 0 93 0 8,404 38,374 (175 ) 38,199 Facilities operation 0 0 52,764 0 0 1,967 54,731 0 54,731 Environment and energy related services 1,691 0 122 65,362 0 576 67,751 (416 ) 67,335 Real estate management and brokerage 0 0 988 51,988 0 0 52,976 (1,890 ) 51,086 Real estate contract work 0 0 0 32,040 0 0 32,040 0 32,040 Other 18,517 4,515 1,398 19,630 1,476 8,999 54,535 18 54,553 Total revenues from contracts with customers ¥ 22,457 ¥ 36,544 ¥ 61,017 ¥ 489,556 ¥ 1,560 ¥ 117,725 ¥ 728,859 ¥ (1,503 ) ¥ 727,356 Geographical location Japan 22,457 36,344 61,017 489,209 1,560 2,878 613,465 (0 ) 613,465 The Americas 0 0 0 0 0 59,185 59,185 0 59,185 Other 0 200 0 347 0 55,662 56,209 (1,503 ) 54,706 Total revenues from contracts with customers 22,457 36,544 61,017 489,556 1,560 117,725 728,859 (1,503 ) 727,356 Other revenues * 28,610 105,098 52,510 9,451 220,175 121,038 536,882 (2,224 ) 534,658 Segment revenues /Total revenues ¥ 51,067 ¥ 141,642 ¥ 113,527 ¥ 499,007 ¥ 221,735 ¥ 238,763 ¥ 1,265,741 ¥ (3,727 ) ¥ 1,262,014 For the three months ended September 30, 2018 Millions of yen Three months ended September 30, 2018 Reportable segments Corporate revenue and intersegment transactions Total revenues Corporate Financial Services Maintenance Leasing Real Investment and Operation Retail Overseas Business Total Goods and services category Sale of goods ¥ 968 ¥ 1,329 ¥ 1,501 ¥ 146,108 ¥ 0 ¥ 1,048 ¥ 150,954 ¥ 530 ¥ 151,484 Real estate sales 0 0 0 24,772 0 50 24,822 0 24,822 Asset management and servicing 0 0 1,479 118 40 47,497 49,134 (41 ) 49,093 Automobile related services 123 14,453 0 42 0 4,224 18,842 (81 ) 18,761 Facilities operation 0 0 27,468 0 0 1,037 28,505 (0 ) 28,505 Environment and energy related services 840 0 63 34,572 0 343 35,818 (216 ) 35,602 Real estate management and brokerage 0 0 455 26,114 0 0 26,569 (1,033 ) 25,536 Real estate contract work 0 0 0 18,728 0 0 18,728 0 18,728 Other 9,484 2,272 771 9,628 794 4,805 27,754 (779 ) 26,975 Total revenues from contracts with customers ¥ 11,415 ¥ 18,054 ¥ 31,737 ¥ 260,082 ¥ 834 ¥ 59,004 ¥ 381,126 ¥ (1,620 ) ¥ 379,506 Geographical location Japan 11,415 17,924 31,737 259,735 834 1,606 323,251 (694 ) 322,557 The Americas 0 0 0 0 0 29,925 29,925 0 29,925 Other 0 130 0 347 0 27,473 27,950 (926 ) 27,024 Total revenues from contracts with customers 11,415 18,054 31,737 260,082 834 59,004 381,126 (1,620 ) 379,506 Other revenues * 14,648 53,730 27,266 4,407 118,086 61,280 279,417 (826 ) 278,591 Segment revenues /Total revenues ¥ 26,063 ¥ 71,784 ¥ 59,003 ¥ 264,489 ¥ 118,920 ¥ 120,284 ¥ 660,543 ¥ (2,446 ) ¥ 658,097 * Other revenues include revenues that are not in the scope of ASC 606 (“Revenue from Contracts with Customers”), such as life insurance premiums and related investment income, operating leases, finance revenues that include interest income, and others. |
Subsequent Events
Subsequent Events | 6 Months Ended |
Sep. 30, 2018 | |
Subsequent Events [Abstract] | |
Subsequent Events | 24. Subsequent Events There are no material subsequent events. |
Significant Accounting and Re_2
Significant Accounting and Reporting Policies (Policies) | 6 Months Ended |
Sep. 30, 2018 | |
Accounting Policies [Abstract] | |
Principles of consolidation | (a) Principles of consolidation The consolidated financial statements include the accounts of the Company and all of its subsidiaries. Investments in affiliates, where the Company has the ability to exercise significant influence by way of 20% – 50% ownership or other means, are accounted for by using the equity method. Where the Company holds majority voting interests but noncontrolling shareholders have substantive participating rights to decisions that occur as part of the ordinary course of their business, the equity method is applied. In addition, the consolidated financial statements include VIEs to which the Company and its subsidiaries are primary beneficiaries. A 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 | (b) Use of estimates The preparation of consolidated financial statements in conformity with generally accepted accounting principles requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. The Company has identified ten areas where it believes assumptions and estimates are particularly critical to the financial statements. The Company makes estimates and assumptions to the selection of valuation techniques and determination of assumptions used in fair value measurements, the determination and periodic reassessment of the unguaranteed residual value for direct financing leases and operating leases, the determination and reassessment of insurance policy liabilities and deferred policy acquisition costs, the determination of the allowance for doubtful receivables on direct financing leases and probable loan losses, the recognition and measurement of impairment of long-lived assets, the recognition and measurement of impairment of investment in securities, the determination of the valuation allowance for deferred tax assets and the evaluation of tax positions, the assessment and measurement of effectiveness in hedging relationship using derivative financial instruments, the determination of benefit obligation and net periodic pension cost and the recognition and measurement of impairment of goodwill and indefinite-lived intangible assets. |
Foreign currencies translation | (c) 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 other comprehensive income (loss), net of applicable income taxes, arise from the translation of foreign currency financial statements into Japanese yen. |
Revenue recognition | (d) Revenue recognition The Company and its subsidiaries recognize revenues from only contracts with customers that are not completed on April 1, 2018, such as sales of goods and real estate, and services income, based on the following five steps; Step 1: Identify the contract(s) with a customer Step 2: Identify the performance obligations in the contract Step 3: Determine the transaction price Step 4: Allocate the transaction price to the performance obligations in the contract Step 5: Recognize revenue when (or as) the entity satisfies a performance obligation In accordance with these steps, revenues are recognized to depict the transfer of promised goods or services to customers in the amounts that reflect the consideration to which the entity expects to be entitled in exchange for those goods or services. Revenues are recognized net of discount, incentives and estimated sales returns. In case that the Company and its subsidiaries receive payment from customers before satisfying performance obligations, the amounts are recognized as contract liabilities. In transactions that involve third parties, if the Company and its subsidiaries control the goods or services before they are transferred to the customers, revenue is recognized on gross amount as the principal. Excluding the aforementioned policy, the policies as specifically described hereinafter are applied for each of revenue items. Finance Revenues (1) Revenues from direct financing leases Direct financing leases consist of full-payout leases for various equipment types, including office equipment, industrial machinery and transportation equipment. 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. 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 unguaranteed residual value represents estimated proceeds from the disposition of equipment at the time the lease is terminated. The estimated unguaranteed residual value is based on market value 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 the related lease by using interest method. The unamortized balance of initial direct costs is reflected as a component of investment in direct financing leases. (2) Revenues from installment loans Interest income on installment loans is recognized on an accrual basis. Certain direct loan origination costs, net of origination fees, are being deferred and amortized over the contractual term of the loan as an adjustment of the related loan’s yield using the interest method. Interest payments received on impaired loans other than purchased loans are recorded as interest income unless the collection of the remaining investment is doubtful at which time payments received are recorded as reductions of principal. For purchased loans, although the acquired assets may remain loans in legal form, collections on these loans often do not reflect the normal historical experience of collecting delinquent accounts, and the need to tailor individual collateral-realization strategies often makes it difficult to reliably estimate the amount, timing, or nature of collections. Accordingly, the Company and its subsidiaries use the cost recovery method of income recognition for such purchased loans regardless of whether impairment is recognized or not. (3) Revenues from financial guarantees At the inception of a guarantee, fair value for the guarantee is recognized as a liability in the consolidated balance sheets. The Company and its subsidiaries recognize revenue mainly over the term of guarantee by a systematic and rational amortization method as the Company and the subsidiaries are released from the risk of the obligation. (4) Non-accrual In common with all classes, past-due past-due past-due past-due past-due past-due non-accrual non-accrual Gains on investment securities and dividends — Operating leases — Estimates of residual values are based on market values of used equipment, estimates of when and the extent to which equipment will become obsolete and actual recovery being experienced for similar used equipment. |
Insurance and reinsurance transactions | (e) Insurance and reinsurance transactions Premium income from life insurance policies, net of premiums on reinsurance ceded, is recognized as earned premiums when due. Life insurance benefits are recorded as expenses when they are incurred. Policy liabilities and policy account balances for future policy benefits are measured using the net level premium method, based on actuarial estimates of the amount of future policyholder benefits. The policies are characterized as long-duration policies and mainly consist of whole life, term life, endowments, medical insurance and individual annuity insurance contracts. For policies other than individual annuity insurance contracts, computation of policy liabilities necessarily includes assumptions about mortality, morbidity, lapse rates, future yields on related investments and other factors applicable at the time the policies are written. A certain subsidiary continually evaluates the potential for changes in the estimates and assumptions applied in determining policy liabilities, both positive and negative, and uses the results of these evaluations both to adjust recorded liabilities and to adjust underwriting criteria and product offerings. The insurance contracts sold by the subsidiary include variable annuity, variable life and fixed annuity insurance contracts. The subsidiary manages investment assets on behalf of variable annuity and variable life policyholders, which consist of equity securities and are included in investments in securities in the consolidated balance sheets. These investment assets are measured at fair value with realized and unrealized gains or losses recognized in life insurance premiums and related investment income in the consolidated statements of income. The subsidiary elected the fair value option for the entire variable annuity and variable life insurance contracts with changes in the fair value recognized in life insurance costs. The subsidiary provides minimum guarantees to variable annuity and variable life policyholders under which it is exposed to the risk of compensating losses incurred by the policyholders to the extent contractually required. To mitigate the risk, a portion of the minimum guarantee risk related to variable annuity and variable life insurance contracts is ceded to reinsurance companies and the remaining risk is economically hedged by entering into derivative contracts. The reinsurance contracts do not relieve the subsidiary from the obligation as the primary obligor to compensate certain losses incurred by the policyholders, and the default of the reinsurance companies may impose additional losses on the subsidiary. Certain subsidiaries have elected the fair value option for certain reinsurance contracts relating to variable annuity and variable life insurance contracts, which is included in other assets in the consolidated balance sheets. Policy liabilities and policy account balances for fixed annuity insurance contracts are measured based on the single-premiums plus interest based on expected rate and fair value adjustments relating to the acquisition of the subsidiary, less withdrawals, expenses and other charges. The credited interest is recorded in life insurance costs in the consolidated statements of income. Certain costs related directly to the successful acquisition of new or renewal insurance contracts, or deferred policy acquisition costs, are deferred and amortized over the respective policy periods in proportion to anticipated premium revenue. These deferred policy acquisition costs consist primarily of first-year commissions, except for recurring policy maintenance costs and certain variable costs and expenses for underwriting policies. |
Allowance for doubtful receivables on direct financing leases and probable loan losses | (f) 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 non-impaired charge-off charge-off The Company and its subsidiaries charge off doubtful receivables when the likelihood of any future collection is believed to be minimal considering debtors’ creditworthiness and the liquidation status of collateral. |
Impairment of long-lived assets | (g) Impairment of long-lived assets The Company and its subsidiaries perform a recoverability test for long-lived assets to be held and used in operations, including tangible assets and intangible assets being amortized, consisting primarily of office buildings, condominiums, golf courses and other properties under facility operations, whenever events or changes in circumstances indicated that the assets might be impaired. The assets are considered not recoverable when the undiscounted future cash flows estimated to be generated by those assets are less than the carrying amount of those assets. The carrying amount of assets not recoverable is reduced to fair value if lower than the carrying amount. The Company and its subsidiaries determine the fair value using appraisals prepared by independent third party appraisers or our own staff of qualified appraisers based on recent transactions involving sales of similar assets or other valuation techniques such as discounted cash flows methodologies using future cash flows estimated to be generated from operation of the existing assets or completion of development projects, as appropriate. |
Investment in securities | (h) Investment in securities Equity securities are generally reported at fair value with unrealized gains and losses included in income. Equity securities without readily determinable fair values are recorded at its cost minus impairment, if any, plus or minus changes resulting from observable price changes under the election of the measurement alternative, except for investments which are valued at net asset value per share. Equity securities elected to apply the measurement alternative are written down to its fair value with losses included in income if a qualitative assessment indicates that the investment is impaired and the fair value of the investment is less than its carrying value. In addition, investments included in equity securities that are accounted for under the equity method are recorded at fair value with unrealized gains and losses included in income if certain subsidiaries elect the fair value option. Trading debt securities are reported at fair value with unrealized gains and losses included in income. Available-for-sale Held-to-maturity For debt securities other than trading, where the fair value is less than the amortized cost, the Company and its subsidiaries consider whether those securities are other-than-temporarily impaired using all available information about their collectability. The Company and its subsidiaries do not consider a debt security to be other-than-temporarily impaired if (1) the Company and its subsidiaries do not intend to sell the debt security, (2) it is not more likely than not that the Company and its subsidiaries will be required to sell the debt security before recovery of its amortized cost basis and (3) the present value of estimated cash flows will fully cover the amortized cost of the security. On the other hand, the Company and its subsidiaries consider a debt security to be other-than-temporarily impaired if any of the above mentioned three conditions are not met. When the Company and its subsidiaries deem a debt security to be other-than-temporarily impaired, the Company and its subsidiaries recognize the entire difference between the amortized cost and the fair value of the debt securities in earnings if the Company and its subsidiaries intend to sell the debt security or it is more likely than not that the Company and its subsidiaries will be required to sell the debt security before recovery of its amortized cost basis less any current-period credit loss. However, if the Company and its subsidiaries do not intend to sell the debt security and it is not more likely than not that the Company and its subsidiaries will be required to sell the debt security before recovery of its amortized cost basis less any current-period credit loss, the Company and its subsidiaries separate the difference between the amortized cost and the fair value of the debt securities into the credit loss component and the non-credit non-credit |
Income taxes | (i) Income taxes The Company, in general, determines its provision for income taxes for quarterly periods by applying the current estimate of the effective tax rate for the full fiscal year to the actual year-to-date At the fiscal year end, 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. The Company and its subsidiaries release to earnings stranded income tax effects in accumulated other comprehensive income (loss) resulting from changes in tax laws or rates or changes in judgment about realization of a valuation allowance on a specific identification basis when the individual items are completely sold or terminated. A valuation allowance is recognized if, based on the weight of available evidence, it is “more likely than not” that some portion or all of the deferred tax asset will not be realized. The effective income tax rates for the six months ended September 30, 2017 and 2018 were 32.9% and 29.1%, respectively. These rates are 32.9% and 30.4% for the three months ended September 30, 2017 and 2018, respectively. For the six and three months ended September 30, 2017, the Company and its subsidiaries in Japan were subject to a National Corporate tax of approximately 24%, an Inhabitant tax of approximately 4% and a deductible Enterprise tax of approximately 4%, which in the aggregate result in a statutory income tax rate of approximately 31.7%. For the six and three months ended September 30, 2018, the Company and its subsidiaries in Japan were subject to a National Corporate tax of approximately 24%, an Inhabitant tax of approximately 4% and a deductible Enterprise tax of approximately 4%, which in the aggregate result in a statutory income tax rate of approximately 31.5%. The effective income tax rate is different from the statutory tax rate primarily because of certain nondeductible expenses for tax purposes, non-taxable The Company and its subsidiaries file tax returns in Japan and certain foreign tax jurisdictions and recognize the financial statement effects of a tax position taken or expected to be taken in a tax return when it is more likely than not, based on the technical merits, that the position will be sustained upon tax examination, including resolution of any related appeals or litigation processes, and measure tax positions that meet the recognition threshold at the largest amount of tax benefit that is greater than 50 percent likely to be realized upon settlement with the taxing authority. The Company and its subsidiaries present an unrecognized tax benefit as either a reduction of a deferred tax asset, a reduction of an amount refundable or a liability, based on the intended method of settlement. The Company and its subsidiaries classify penalties and interest expense related to income taxes as part of provision for income taxes in the consolidated statements of income. The Company and certain subsidiaries have elected to file a consolidated tax return for National Corporation tax purposes. |
Securitized assets | (j) Securitized assets The Company and its subsidiaries have securitized and sold to investors various financial assets such as lease receivables and loan receivables. In the securitization process, the assets to be securitized are sold to SPEs that issue asset-backed beneficial interests and securities to the investors. SPEs used in securitization transactions are consolidated if the Company and its subsidiaries are the primary beneficiary of the SPEs, and the transfers of the financial assets to those consolidated SPEs are not accounted for as sales. Assets held by consolidated SPEs continue to be accounted for as lease receivables or loan receivables, as they were before the transfer, and asset-backed beneficial interests and securities issued to the investors are accounted for as debt. When the Company and its subsidiaries have transferred financial assets to a transferee that is not subject to consolidation, the Company and its subsidiaries account for the transfer as a sale if control over the transferred assets is surrendered. The Company and certain subsidiaries originate and sell loans into the secondary market, while retaining the obligation to service those loans. In addition, a certain subsidiary undertakes obligations to service loans originated by others. The subsidiary recognizes servicing assets if it expects the benefit of servicing to more than adequately compensate it for performing the servicing or recognizes servicing liabilities if it expects the benefit of servicing to less than adequately compensate it. These servicing assets and liabilities are initially recognized at fair value and subsequently accounted for using the amortization method whereby the assets and liabilities are amortized in proportion to and over the period of estimated net servicing income or net servicing loss. On a quarterly basis, servicing assets and liabilities are evaluated for impairment or increased obligations. The fair value of servicing assets and liabilities is estimated using an internal valuation model, or by obtaining an opinion of value from an independent third-party vendor. Both methods are based on calculating the present value of estimated future net servicing cash flows, taking into consideration discount rates, prepayments and servicing costs. The internal valuation model is validated at least semiannually through third-party valuations. |
Derivative financial instruments | (k) Derivative financial instruments The Company and its subsidiaries recognize all derivatives on the consolidated balance sheets at fair value. The accounting treatment of subsequent changes in the fair value depends on their use, and whether they qualify as effective “hedges” for accounting purposes. Derivatives for the purpose of economic hedge that are not qualified for hedge accounting are adjusted to fair value through the consolidated statements of income. If a derivative is a hedge, then depending on its nature, changes in its fair value will be either offset against changes in the fair value of hedged assets or liabilities through the consolidated statements of income or recorded in other comprehensive income (loss), net of applicable income taxes. If a derivative is held as a hedge of the variability of fair value related to a recognized asset or liability or an unrecognized firm commitment (“fair value” hedge), changes in the fair value of the derivative are recorded in earnings along with the changes in the fair value of the hedged item. If a derivative is held as a hedge of the variability of cash flows related to a forecasted transaction or a recognized asset or liability (“cash flow” hedge), changes in the fair value of the derivative are recorded in other comprehensive income (loss), net of applicable income taxes, 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), net of applicable income taxes, 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), net of applicable income taxes. The ineffective portion of changes in fair value of derivatives that qualify as a hedge are recorded in earnings. For all hedging relationships that are designated and qualified as hedging, at inception the Company and its subsidiaries formally document the details of the hedging relationship and the hedged activity. The Company and its subsidiaries formally assess, both at the hedge’s inception and on an ongoing basis, the effectiveness of the hedge relationship. The Company and its subsidiaries cease hedge accounting prospectively when the derivative no longer qualifies for hedge accounting. |
Pension plans | (l) Pension plans The Company and certain subsidiaries have contributory and non-contributory The Company and its subsidiaries also recognize the funded status of pension plans, measured as the difference between the fair value of plan assets and the benefit obligation, on the consolidated balance sheets. Changes in that funded status are recognized in the year in which the changes occur through other comprehensive income (loss), net of applicable income taxes. |
Stock-based compensation | (m) Stock-based compensation The Company and its subsidiaries measure stock-based compensation expense as consideration for services provided by employees based on the fair value of the grant date. The costs are recognized over the requisite service period. |
Stock splits | (n) Stock splits Stock splits implemented prior to October 1, 2001 had been accounted for by transferring an amount equivalent to the par value of the shares from additional paid-in As a result of a revision to the Code before amendment effective on October 1, 2001 and the Companies Act implemented on May 1, 2006, the above-mentioned method of accounting required by the Code became unnecessary. In the United States, stock splits in comparable circumstances are considered to be stock dividends and are accounted for by transferring from retained earnings to common stock and additional paid-in paid-in paid-in |
Cash and cash equivalents | (o) 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 | (p) 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 |
Installment loans | (q) Installment loans Certain loans, for which the Company and its subsidiaries have the intent and ability to sell to outside parties in the foreseeable future, are considered held for sale and are carried at the lower of cost or market value determined on an individual basis, except loans held for sale for which the fair value option was elected. A subsidiary elected the fair value option on its loans held for sale. The subsidiary enters into forward sale agreements to offset the change in the fair value of loans held for sale, and the election of the fair value option allows the subsidiary to recognize both the change in the fair value of the loans and the change in the fair value of the forward sale agreements due to changes in interest rates in the same accounting period. Loans held for sale are included in installment loans, and the outstanding balances of these loans as of March 31, 2018 and September 30, 2018 were ¥18,300 million and ¥44,398 million, respectively. There were ¥17,260 million and ¥31,196 million of loans held for sale as of March 31, 2018 and September 30, 2018, respectively, measured at fair value by electing the fair value option. |
Property under facility operations | (r) Property under facility operations Property under facility operations consist primarily of operating facilities (including golf courses, hotels, training facilities and senior housings) and environmental assets (including mega solar), 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. Accumulated depreciation was ¥101,103 million and ¥107,682 million as of March 31, 2018 and September 30, 2018, respectively. |
Trade notes, accounts and other receivable | (s) Trade notes, accounts and other receivable Trade notes, accounts and other receivable primarily include accounts receivables in relation to sales of assets to be leased, inventories and other assets and payment made on behalf of lessees for property tax, maintenance fees and insurance premiums in relation to lease contracts. |
Inventories | (t) Inventories Inventories consist primarily of residential condominiums under development, completed residential condominiums (including those waiting to be delivered to buyers under the contract for sale), and merchandise for sale. Residential condominiums under development are carried at cost less any impairment losses, and completed residential condominiums and merchandise for sale are stated at the lower of cost or fair value less cost to sell. The cost of inventories that are unique and not interchangeable is determined on the specific identification method and the cost of other inventories is principally determined on the average method. As of March 31, 2018 and September 30, 2018, residential condominiums under development were ¥51,415 million and ¥74,051 million, respectively, and completed residential condominiums and merchandise for sale were ¥59,586 million and ¥57,324 million, respectively. The company and its subsidiaries recorded ¥88 million and ¥110 million of write-downs principally on completed residential condominiums and merchandise for sale for the six months ended September 30, 2017 and 2018, respectively, primarily resulting from a decrease in expected sales price. The amounts of such write-downs for the three months ended September 30, 2017 and 2018 were ¥64 million and ¥69 million, respectively. These write-downs were recorded in costs of goods and real estate sold and principally included in Investment and Operation 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. Accumulated depreciation was ¥51,395 million and ¥53,242 million as of March 31, 2018 and September 30, 2018, respectively. |
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, reinsurance recoverables in relation to reinsurance contracts, deferred insurance policy acquisition costs which are amortized over the contract periods, leasehold deposits, advance payments made in relation to construction of real estate under operating leases and property under facility operations, prepaid benefit cost, servicing assets, derivative assets and deferred tax assets. |
Goodwill and other intangible assets | (w) Goodwill and other intangible assets The Company and its subsidiaries account for all business combinations using the acquisition method. The Company and its subsidiaries recognize intangible assets acquired in a business combination apart from goodwill if the intangible assets meet one of two criteria—either the contractual-legal criterion or the separately identifiable criterion. Goodwill is measured as an excess of the aggregate of consideration transferred and the fair value of noncontrolling interests over the net of the acquisition-date amounts of the identifiable assets acquired and the liabilities assumed in the business combination measured at fair value. The Company and its subsidiaries would recognize a bargain purchase gain when the amount of recognized net assets exceeds the sum of consideration transferred and the fair value of noncontrolling interests. In a business combination achieved in stages, the Company and its subsidiaries remeasure their previously held equity interest at their acquisition-date fair value and recognize the resulting gain or loss, if any, in earnings. The Company and its subsidiaries perform an impairment test for goodwill and any indefinite-lived intangible assets at least annually. Additionally, if events or changes in circumstances indicate that the asset might be impaired, the Company and its subsidiaries test for impairment when such events or changes occur. The Company and its subsidiaries have the option to perform a qualitative assessment to determine whether to calculate the fair value of a reporting unit under the first step of the two-step two-step two-step two-step The Company and its subsidiaries have the option to perform a qualitative assessment to determine whether it is more likely than not that an indefinite-lived intangible asset is impaired. The Company and its subsidiaries perform the qualitative assessment for some indefinite-lived intangible assets but bypass the qualitative assessment and perform the quantitative assessment for other indefinite-lived intangible assets. For those indefinite-lived assets for which the qualitative assessment is performed, if, after assessing the totality of events and circumstances, the Company and/or subsidiaries conclude that it is not more likely than not that the indefinite-lived asset is impaired, then the Company and/or subsidiaries do not perform the quantitative impairment test. However, if the Company and/or subsidiaries conclude otherwise or determine to bypass the qualitative assessment, the Company and/or subsidiaries calculate the fair value of the indefinite-lived intangible asset and perform the quantitative impairment test. If the carrying amount of the indefinite-lived intangible asset exceeds its fair value, an impairment loss is recognized in an amount equal to that excess. Intangible assets with finite lives are amortized over their useful lives and tested for impairment. The Company and its subsidiaries perform a recoverability test for the intangible assets whenever events or changes in circumstances indicate that the assets might be impaired. The intangible assets are considered not recoverable when the undiscounted future cash flows estimated to be generated by those assets are less than the carrying amount of those assets, and the net carrying amount of assets not recoverable is reduced to fair value if lower than the carrying amount. The amount of goodwill was ¥368,625 million and ¥416,129 million as of March 31, 2018 and September 30, 2018, respectively. The amount of other intangible assets was ¥439,100 million and ¥435,561 million as of March 31, 2018 and September 30, 2018, respectively. |
Trade notes, accounts and other payable | (x) Trade notes, accounts and other payable Trade notes, accounts and other payable include primarily accounts payable in relation to purchase of assets to be leased, merchandise for sale and other assets, accounts payable in relation to construction work of residential condominiums and deposits received mainly for withholding income tax. |
Other Liabilities | (y) Other Liabilities Other liabilities include primarily interest, bonus accrued expense and accrued benefit liability, advances received from lessees in relation to lease contracts, deposit received from real estate transaction, contract liabilities mainly related to automobile maintenance services and derivative liabilities. |
Capitalization of interest costs | (z) Capitalization of interest costs The Company and its subsidiaries capitalized interest costs primarily related to specific environmental assets and long-term real estate development projects. |
Advertising | (aa) Advertising The costs of advertising are expensed as incurred. |
Earnings per share | (ab) Earnings per share Basic earnings per share is computed by dividing net income attributable to ORIX Corporation shareholders by the weighted average number of shares of outstanding common stock in each period. Diluted earnings per share is calculated by reflecting the potential dilution that could occur if securities or other contracts issuing common stock were exercised or converted into common stock. |
Additional acquisition and partial sale of the parent's ownership interest in subsidiaries | (ac) Additional acquisition and partial sale of the parent’s ownership interest in subsidiaries Additional acquisition of the parent’s ownership interest in subsidiaries and partial sale of such interest where the parent continues to retain control of the subsidiary are accounted for as equity transactions. On the other hand, in a transaction that results in the loss of control, the gain or loss recognized in income includes the realized gain or loss related to the portion of ownership interest sold and the gain or loss on the remeasurement to fair value of the interest retained. |
Redeemable noncontrolling interests | (ad) Redeemable noncontrolling interests Noncontrolling interests in a certain subsidiary are redeemable preferred shares which are subject to call and put rights upon certain shareholder events. As redemption of the noncontrolling interest is not solely in the control of the subsidiary, it is recorded between liabilities and equity on the consolidated balance sheets at its estimated redemption value. |
Issuance of stock by an affiliate | (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 May 2014, Accounting Standards Update 2014-09 percentage-of-completion In January 2016, Accounting Standards Update 2016-01 825-10 In February 2016, Accounting Standards Update 2016-02 right-of-use In June 2016, Accounting Standards Update 2016-13 available-for-sale In August 2016, Accounting Standards Update 2016-15 In October 2016, Accounting Standards Update 2016-16 In November 2016, Accounting Standards Update 2016-18 In January 2017, Accounting Standards Update 2017-04 In August 2017, Accounting Standards Update 2017-12 In August 2018, Accounting Standards Update 2018-12 In August 2018, Accounting Standards Update 2018-13 (“Disclosure Framework—Changes to the Disclosure Requirements for Fair Value Measurement”—ASC 820 (“Fair Value Measurement”)) was issued. This Update modifies and adds the disclosure requirements for Fair Value Measurements. This Update also removes disclosure requirements of the amount of and reasons for transfers between Level 1 and Level 2 of the fair value hierarchy, the policy for timing of transfers between levels, and the valuation processes for Level 3 fair value measurements. This Update is effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2019 and early adoption is permitted. An entity is also permitted to early adopt any removed or modified disclosure requirements and delay adoption of the additional disclosure requirements until their effective date. Removals and modifications of disclosure requirements should be mainly applied retrospectively to all periods presented upon their effective date, while the additional disclosure requirements should be applied prospectively for only the most recent interim or annual period presented in the initial fiscal year of adoption. The Company and its subsidiaries early adopted the removals of disclosure requirements from the three months ended September 30, 2018. The Company and its subsidiaries will adopt the modifications and additions of disclosure requirements from fiscal 2021. Since this Update relates to disclosure requirements, the adoption will not have an effect on the Company and its subsidiaries’ results of operations or financial position. In August 2018, Accounting Standards Update 2018-14 715-20 |
Reclassifications | (ag) Reclassifications Revenues from financial guarantees in the consolidated statements of income have been reclassified from “Services income” to “Finance revenues” starting from the three months ended June 30, 2018. The change aims to reflect revenue structure of the Company and its subsidiaries more appropriately accompanying the adoption of ASC 606 (“Revenue from Contracts with Customers”). Corresponding to the change, the presented amounts in the consolidated statements of income for the six and three months ended September 30, 2017 have been reclassified retrospectively to conform to the presentation for the six and three months ended September 30, 2018. In the Company’s consolidated statements of income for the six and three months ended September 30, 2017, “Services income” in the amounts of ¥6,869 million and ¥3,496 million have been reclassified to “Finance revenues.” |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 6 Months Ended |
Sep. 30, 2018 | |
Fair Value Disclosures [Abstract] | |
Recorded Amounts of Major Financial Assets and Liabilities Measured at Fair Value on Recurring Basis | The following tables present recorded amounts of major financial assets and liabilities measured at fair value on a recurring basis as of March 31, 2018 and September 30, 2018: March 31, 2018 Millions of yen Total Quoted Prices Significant Significant Unobservable Inputs (Level 3) Assets: Loans held for sale*1 ¥ 17,260 ¥ 0 ¥ 17,260 ¥ 0 Trading securities 422,053 35,766 386,287 0 Available-for-sale 1,015,477 65,716 828,844 120,917 Japanese and foreign government bond securities*2 275,810 3,949 271,861 0 Japanese prefectural and foreign municipal bond securities 163,236 0 163,236 0 Corporate debt securities*3 366,475 8,882 354,556 3,037 Specified bonds issued by SPEs in Japan 861 0 0 861 CMBS and RMBS in the Americas 74,176 0 38,166 36,010 Other asset-backed securities and debt securities 81,321 0 312 81,009 Equity securities*4 53,598 52,885 713 0 Other securities: 37,879 0 0 37,879 Investment funds*5 37,879 0 0 37,879 Derivative assets: 21,831 507 19,033 2,291 Interest rate swap agreements 327 0 327 0 Options held/written and other 7,025 0 4,734 2,291 Futures, foreign exchange contracts 14,057 507 13,550 0 Foreign currency swap agreements 422 0 422 0 Netting*6 (2,105 ) 0 0 0 Net derivative assets 19,726 0 0 0 Other assets: 15,008 0 0 15,008 Reinsurance recoverables*7 15,008 0 0 15,008 Total ¥ 1,529,508 ¥ 101,989 ¥ 1,251,424 ¥ 176,095 Liabilities: Derivative liabilities: ¥ 12,400 ¥ 318 ¥ 12,082 ¥ 0 Interest rate swap agreements 4,924 0 4,924 0 Options held/written and other 701 0 701 0 Futures, foreign exchange contracts 3,447 318 3,129 0 Foreign currency swap agreements 3,220 0 3,220 0 Credit derivatives held 108 0 108 0 Netting*6 (2,105 ) 0 0 0 Net derivative Liabilities 10,295 0 0 0 Policy Liabilities and Policy Account Balances: 444,010 0 0 444,010 Variable annuity and variable life insurance contracts*8 444,010 0 0 444,010 Total ¥ 456,410 ¥ 318 ¥ 12,082 ¥ 444,010 *1 A certain subsidiary elected the fair value option on the loans held for sale. 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 (income) and expense, net” in the consolidated statements of income were a loss of ¥577 million and a gain of ¥5 million from the change in the fair value of the loans for the six and three months ended September 30, 2017. No gains or losses were recognized in earnings during the six months ended September 30, 2017 attributable to changes in instrument-specific credit risk. The amounts of aggregate unpaid principal balance and aggregate fair value of the loans held for sale as of March 31, 2018, were ¥16,873 million and ¥17,260 million, respectively, and the amount of the aggregate fair value exceeded the amount of aggregate unpaid principal balance by ¥387 million. As of March 31, 2018, there were no loans that are 90 days or more past due or, in non-accrual *2 A certain subsidiary elected the fair value option for investments in foreign government bond securities included in available-for-sale *3 A certain subsidiary elected the fair value option for investments in foreign corporate debt securities included in available-for-sale *4 A certain subsidiary elected the fair value option for certain investments in equity securities included in available-for-sale *5 Certain subsidiaries elected the fair value option for certain investments in investment funds included in other securities. Included in “Gains on investment securities and dividends” in the consolidated statements of income were gains of ¥665 million and ¥342 million from the change in the fair value of those investments for the six and three months ended September 30, 2017. The amount of aggregate fair value elected the fair value option was ¥5,665 million as of March 31, 2018. *6 It represents the amount offset under counterparty netting of derivative assets and liabilities. *7 Certain subsidiaries elected the fair value option for certain reinsurance contracts held. The fair value of the reinsurance contracts elected for the fair value option in other assets was ¥15,008 million as of March 31, 2018. For the effect of changes in the fair value of those reinsurance contracts on earnings during the six and three months ended September 30, 2017, see Note 16 “Life Insurance Operations.” *8 Certain subsidiaries elected the fair value option for the entire variable annuity and variable life insurance contracts held in order to match the earnings recognized for the changes in the fair value of policy liabilities and policy account balances with earnings recognized for gains or losses from the investment assets managed on behalf of variable annuity and variable life policyholders, derivative contracts and the changes in the fair value of reinsurance contracts. The fair value of the variable annuity and variable life insurance contracts elected for the fair value option in policy liabilities and policy account balances was ¥444,010 million as of March 31, 2018. For the effect of changes in the fair value of the variable annuity and variable life insurance contracts on earnings during the six and three months ended September 30, 2017, see Note 16 “Life Insurance Operations.” September 30, 2018 Millions of yen Total Quoted Prices Significant Significant Unobservable Inputs (Level 3) Assets: Loans held for sale*1 ¥ 31,196 ¥ 0 ¥ 31,196 ¥ 0 Trading debt securities 24,560 0 24,560 0 Available-for-sale 1,137,081 21,661 992,872 122,548 Japanese and foreign government bond securities*2 348,484 4,066 344,418 0 Japanese prefectural and foreign municipal bond securities 164,853 0 164,853 0 Corporate debt securities*3 466,320 17,595 446,178 2,547 Specified bonds issued by SPEs in Japan 762 0 0 762 CMBS and RMBS in the Americas 61,092 0 37,096 23,996 Other asset-backed securities and debt securities 95,570 0 327 95,243 Equity securities*4*5 462,480 76,321 341,600 44,559 Derivative assets: 13,498 97 12,658 743 Interest rate swap agreements 1,399 0 1,399 0 Options held/written and other 9,412 0 8,669 743 Futures, foreign exchange contracts 1,062 97 965 0 Foreign currency swap agreements 1,625 0 1,625 0 Netting*6 (670 ) 0 0 0 Net derivative assets 12,828 0 0 0 Other assets: 11,121 0 0 11,121 Reinsurance recoverables*7 11,121 0 0 11,121 Total ¥ 1,679,936 ¥ 98,079 ¥ 1,402,886 ¥ 178,971 Liabilities: Derivative liabilities: ¥ 28,795 ¥ 2,007 ¥ 26,788 ¥ 0 Interest rate swap agreements 3,693 0 3,693 0 Options held/written and other 2,909 0 2,909 0 Futures, foreign exchange contracts 20,013 2,007 18,006 0 Foreign currency swap agreements 2,091 0 2,091 0 Credit derivatives held 89 0 89 0 Netting*6 (670 ) 0 0 0 Net derivative Liabilities 28,125 0 0 0 Policy Liabilities and Policy Account Balances: 405,705 0 0 405,705 Variable annuity and variable life insurance contracts*8 405,705 0 0 405,705 Total ¥ 434,500 ¥ 2,007 ¥ 26,788 ¥ 405,705 *1 A certain subsidiary elected the fair value option on the loans held for sale. 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 (income) and expense, net” in the consolidated statements of income were gains of ¥201 million and ¥18 million from the change in the fair value of the loans for the six and three months ended September 30, 2018. No gains or losses were recognized in earnings during the six months ended September 30, 2018 attributable to changes in instrument-specific credit risk. The amounts of aggregate unpaid principal balance and aggregate fair value of the loans held for sale as of September 30, 2018, were ¥30,571 million and ¥31,196 million, respectively, and the amount of the aggregate fair value exceeded the amount of aggregate unpaid principal balance by ¥625 million. As of September 30, 2018, there were no loans that are 90 days or more past due or, in non-accrual *2 A certain subsidiary elected the fair value option for investments in foreign government bond securities included in available-for-sale *3 A certain subsidiary elected the fair value option for investments in foreign corporate debt securities included in available-for-sale *4 Certain subsidiaries elected the fair value option for certain investments in investment funds included in equity securities. Included in “Gains on investment securities and dividends” in the consolidated statements of income were gains of ¥641 million and ¥387 million from the change in the fair value of those investments for the six and three months ended September 30, 2018. The amount of aggregate fair value elected the fair value option was ¥5,751 million as of September 30, 2018. *5 The amount of ¥14,813 million of investments funds measured at net asset value per share is not included. *6 It represents the amount offset under counterparty netting of derivative assets and liabilities. *7 Certain subsidiaries elected the fair value option for certain reinsurance contracts held. The fair value of the reinsurance contracts elected for the fair value option in other assets was ¥11,121 million as of September 30, 2018. For the effect of changes in the fair value of those reinsurance contracts on earnings during the six and three months ended September 30, 2018, see Note 16 “Life Insurance Operations.” *8 Certain subsidiaries elected the fair value option for the entire variable annuity and variable life insurance contracts held in order to match the earnings recognized for the changes in the fair value of policy liabilities and policy account balances with earnings recognized for gains or losses from the investment assets managed on behalf of variable annuity and variable life policyholders, derivative contracts and the changes in the fair value of reinsurance contracts. The fair value of the variable annuity and variable life insurance contracts elected for the fair value option in policy liabilities and policy account balances was ¥405,705 million as of September 30, 2018. For the effect of changes in the fair value of the variable annuity and variable life insurance contracts on earnings during the six and three months ended September 30, 2018, see Note 16 “Life Insurance Operations.” |
Reconciliation of Financial Assets and Liabilities (Net) Measured at Fair Value on Recurring Basis Using Significant Unobservable Input | The following tables present the reconciliation of financial assets and liabilities (net) measured at fair value on a recurring basis using significant unobservable inputs (Level 3) for the six months ended September 30, 2017 and 2018: Six months ended September 30, 2017 Millions of yen Balance at Gains or losses (realized/unrealized) Purchases *3 Sales Settlements *4 Transfers in and/ or out of Level 3 (net) Balance at September 30, Change in unrealized gains or losses included in earnings for assets and liabilities still held at September 30, Included in earnings *1 Included in other comprehensive income *2 Total Available-for-sale ¥ 124,516 ¥ 1,696 ¥ 895 ¥ 2,591 ¥ 44,545 ¥ (25,114 ) ¥ (14,748 ) ¥ 0 ¥ 131,790 ¥ 120 Corporate debt securities 1,618 0 5 5 1,400 0 (238 ) 0 2,785 0 Specified bonds issued by SPEs in Japan 1,087 5 (2 ) 3 0 0 (127 ) 0 963 5 CMBS and RMBS in the Americas 57,858 1,630 (213 ) 1,417 2,023 (3,468 ) (8,250 ) 0 49,580 60 Other asset-backed securities and debt securities 63,953 61 1,105 1,166 41,122 (21,646 ) (6,133 ) 0 78,462 55 Other securities 27,801 1,881 368 2,249 13,796 (8,195 ) 0 0 35,651 1,881 Investment funds 27,801 1,881 368 2,249 13,796 (8,195 ) 0 0 35,651 1,881 Derivative assets and liabilities (net) 5,233 (1,920 ) 0 (1,920 ) 3,372 0 (1,415 ) 0 5,270 (1,920 ) Options held/written and other 5,233 (1,920 ) 0 (1,920 ) 3,372 0 (1,415 ) 0 5,270 (1,920 ) Other asset 22,116 (8,908 ) 0 (8,908 ) 3,016 0 (982 ) 0 15,242 (8,908 ) Reinsurance recoverables *5 22,116 (8,908 ) 0 (8,908 ) 3,016 0 (982 ) 0 15,242 (8,908 ) Policy Liabilities and Policy Account Balances 605,520 (15,898 ) 0 (15,898 ) 0 0 (104,399 ) 0 517,019 (15,898 ) Variable annuity and variable life insurance contracts *6 605,520 (15,898 ) 0 (15,898 ) 0 0 (104,399 ) 0 517,019 (15,898 ) *1 Principally, gains and losses from available-for-sale available-for-sale *2 Unrealized gains and losses from available-for-sale *3 Increases resulting from an acquisition of a subsidiary and insurance contracts ceded to reinsurance companies are included. *4 Decreases resulting from the receipts of reimbursements for benefits, and decreases resulting from insurance payouts to variable annuity and variable life policyholders due to death, surrender and maturity of the investment period are included. *5 “Included in earnings” in the above table includes changes in the fair value of reinsurance contracts recorded in “Life insurance costs” and reinsurance premiums, net of reinsurance benefits received, recorded in “Life insurance premiums and related investment income.” *6 “Included in earnings” in the above table is recorded in “Life insurance costs” and includes changes in the fair value of policy liabilities and policy account balances resulting from gains or losses on the underlying investment assets managed on behalf of variable annuity and variable life policyholders, and the changes in the minimum guarantee risks relating to variable annuity and variable life insurance contracts as well as insurance costs recognized for insurance and annuity payouts as a result of insured events. Six months ended September 30, 2018 Millions of yen Balance at Gains or losses (realized/unrealized) Purchases *3 Sales Settlements *4 Transfers in and/ or out of Level 3 (net) Balance at September 30, Change in unrealized gains or losses included in earnings for assets and liabilities still held at September 30, Included in earnings *1 Included in other comprehensive income *2 Total Available-for-sale ¥ 120,917 ¥ 1,150 ¥ 4,738 ¥ 5,888 ¥ 32,972 ¥ (15,998 ) ¥ (21,231 ) ¥ 0 ¥ 122,548 ¥ 31 Corporate debt securities 3,037 0 0 0 0 0 (490 ) 0 2,547 0 Specified bonds issued by SPEs in Japan 861 0 (2 ) (2 ) 0 0 (97 ) 0 762 0 CMBS and RMBS in the Americas 36,010 1,034 1,136 2,170 1,304 (6,711 ) (8,777 ) 0 23,996 (59 ) Other asset-backed securities and debt securities 81,009 116 3,604 3,720 31,668 (9,287 ) (11,867 ) 0 95,243 90 Equity securities 37,879 1,716 1,579 3,295 17,078 (13,693 ) 0 0 44,559 1,545 Investment funds 37,879 1,716 1,579 3,295 17,078 (13,693 ) 0 0 44,559 1,545 Derivative assets and liabilities (net) 2,291 (2,398 ) 0 (2,398 ) 1,673 0 (823 ) 0 743 (2,398 ) Options held/written and other 2,291 (2,398 ) 0 (2,398 ) 1,673 0 (823 ) 0 743 (2,398 ) Other asset 15,008 (5,593 ) 0 (5,593 ) 1,953 0 (247 ) 0 11,121 (5,593 ) Reinsurance recoverables *5 15,008 (5,593 ) 0 (5,593 ) 1,953 0 (247 ) 0 11,121 (5,593 ) Policy Liabilities and Policy Account Balances 444,010 (9,254 ) (112 ) (9,366 ) 0 0 (47,671 ) 0 405,705 (9,254 ) Variable annuity and variable life insurance contracts *6 444,010 (9,254 ) (112 ) (9,366 ) 0 0 (47,671 ) 0 405,705 (9,254 ) *1 Principally, gains and losses from available-for-sale available-for-sale *2 Unrealized gains and losses from available-for-sale *3 Increases resulting from an acquisition of a subsidiary and insurance contracts ceded to reinsurance companies are included. *4 Decreases resulting from the receipts of reimbursements for benefits, and decreases resulting from insurance payouts to variable annuity and variable life policyholders due to death, surrender and maturity of the investment period are included. *5 “Included in earnings” in the above table includes changes in the fair value of reinsurance contracts recorded in “Life insurance costs” and reinsurance premiums, net of reinsurance benefits received, recorded in “Life insurance premiums and related investment income.” *6 “Included in earnings” in the above table is recorded in “Life insurance costs” and includes changes in the fair value of policy liabilities and policy account balances resulting from gains or losses on the underlying investment assets managed on behalf of variable annuity and variable life policyholders, and the changes in the minimum guarantee risks relating to variable annuity and variable life insurance contracts as well as insurance costs recognized for insurance and annuity payouts as a result of insured events. The following tables present the reconciliation for financial assets and liabilities (net) measured at fair value on a recurring basis using significant unobservable inputs (Level 3) for the three months ended September 30, 2017 and 2018: Three months ended September 30, 2017 Millions of yen Balance at June 30, Gains or losses (realized/unrealized) Purchases *3 Sales Settlements *4 Transfers in and/ or out of Level 3 (net) Balance at September 30, Change in unrealized gains or losses included in earnings for assets and liabilities still held at September 30, Included in earnings *1 Included in other comprehensive income *2 Total Available-for-sale ¥ 117,169 ¥ 1,668 ¥ (133 ) ¥ 1,535 ¥ 37,399 ¥ (16,347 ) ¥ (7,966 ) ¥ 0 ¥ 131,790 ¥ 124 Corporate debt securities 2,069 0 4 4 900 0 (188 ) 0 2,785 0 Specified bonds issued by SPEs in Japan 1,016 5 (1 ) 4 0 0 (57 ) 0 963 5 CMBS and RMBS in the Americas 56,456 1,630 (888 ) 742 615 (2,121 ) (6,112 ) 0 49,580 60 Other asset-backed securities and debt securities 57,628 33 752 785 35,884 (14,226 ) (1,609 ) 0 78,462 59 Other securities 26,457 1,886 (21 ) 1,865 12,423 (5,094 ) 0 0 35,651 1,886 Investment funds 26,457 1,886 (21 ) 1,865 12,423 (5,094 ) 0 0 35,651 1,886 Derivative assets and liabilities (net) 3,961 (790 ) 0 (790 ) 2,108 0 (9 ) 0 5,270 (790 ) Options held/written and other 3,961 (790 ) 0 (790 ) 2,108 0 (9 ) 0 5,270 (790 ) Other asset 18,070 (3,802 ) 0 (3,802 ) 1,405 0 (431 ) 0 15,242 (3,802 ) Reinsurance recoverables*5 18,070 (3,802 ) 0 (3,802 ) 1,405 0 (431 ) 0 15,242 (3,802 ) Policy Liabilities and Policy Account Balances 557,914 (7,060 ) 0 (7,060 ) 0 0 (47,955 ) 0 517,019 (7,060 ) Variable annuity and variable life insurance contracts*6 557,914 (7,060 ) 0 (7,060 ) 0 0 (47,955 ) 0 517,019 (7,060 ) *1 Principally, gains and losses from available-for-sale available-for-sale *2 Unrealized gains and losses from available-for-sale *3 Increases resulting from an acquisition of a subsidiary and insurance contracts ceded to reinsurance companies are included. *4 Decreases resulting from the receipts of reimbursements for benefits, and decreases resulting from insurance payouts to variable annuity and variable life policyholders due to death, surrender and maturity of the investment period are included. *5 “Included in earnings” in the above table includes changes in the fair value of reinsurance contracts recorded in “Life insurance costs” and reinsurance premiums, net of reinsurance benefits received, recorded in “Life insurance premiums and related investment income.” *6 “Included in earnings” in the above table is recorded in “Life insurance costs” and includes changes in the fair value of policy liabilities and policy account balances resulting from gains or losses on the underlying investment assets managed on behalf of variable annuity and variable life policyholders, and the changes in the minimum guarantee risks relating to variable annuity and variable life insurance contracts as well as insurance costs recognized for insurance and annuity payouts as a result of insured events. Three months ended September 30, 2018 Millions of yen Balance at June 30, Gains or losses (realized/unrealized) Purchases *3 Sales Settlements *4 Transfers in and/ or out of Level 3 (net) Balance at Change in unrealized gains or losses included in earnings for assets and liabilities still held at September 30, Included in earnings *1 Included in other comprehensive income *2 Total Available-for-sale ¥ 114,095 ¥ 21 ¥ 2,144 ¥ 2,165 ¥ 23,268 ¥ (5,277 ) ¥ (11,703 ) ¥ 0 ¥ 122,548 ¥ 15 Corporate debt securities 2,845 0 (2 ) (2 ) 0 0 (296 ) 0 2,547 0 Specified bonds issued by SPEs in Japan 813 0 (1 ) (1 ) 0 0 (50 ) 0 762 0 CMBS and RMBS in the Americas 25,874 (55 ) 672 617 1,304 0 (3,799 ) 0 23,996 (39 ) Other asset-backed securities and debt securities 84,563 76 1,475 1,551 21,964 (5,277 ) (7,558 ) 0 95,243 54 Equity securities 43,273 1,557 944 2,501 2,439 (3,654 ) 0 0 44,559 1,464 Investment funds 43,273 1,557 944 2,501 2,439 (3,654 ) 0 0 44,559 1,464 Derivative assets and liabilities (net) 470 (137 ) 0 (137 ) 447 0 (37 ) 0 743 (137 ) Options held/written and other 470 (137 ) 0 (137 ) 447 0 (37 ) 0 743 (137 ) Other asset 13,565 (3,278 ) 0 (3,278 ) 935 0 (101 ) 0 11,121 (3,278 ) Reinsurance recoverables*5 13,565 (3,278 ) 0 (3,278 ) 935 0 (101 ) 0 11,121 (3,278 ) Policy Liabilities and Policy Account Balances 419,455 (9,107 ) (109 ) (9,216 ) 0 0 (22,966 ) 0 405,705 (9,107 ) Variable annuity and variable life insurance contracts*6 419,455 (9,107 ) (109 ) (9,216 ) 0 0 (22,966 ) 0 405,705 (9,107 ) *1 Principally, gains and losses from available-for-sale available-for-sale *2 Unrealized gains and losses from available-for-sale *3 Increases resulting from an acquisition of a subsidiary and insurance contracts ceded to reinsurance companies are included. *4 Decreases resulting from the receipts of reimbursements for benefits, and decreases resulting from insurance payouts to variable annuity and variable life policyholders due to death, surrender and maturity of the investment period are included. *5 ”Included in earnings” in the above table includes changes in the fair value of reinsurance contracts recorded in “Life insurance costs” and reinsurance premiums, net of reinsurance benefits received, recorded in “Life insurance premiums and related investment income.” *6 ”Included in earnings” in the above table is recorded in “Life insurance costs” and includes changes in the fair value of policy liabilities and policy account balances resulting from gains or losses on the underlying investment assets managed on behalf of variable annuity and variable life policyholders, and the changes in the minimum guarantee risks relating to variable annuity and variable life insurance contracts as well as insurance costs recognized for insurance and annuity payouts as a result of insured events. |
Recorded Amounts of Major Assets Measured at Fair Value on Nonrecurring Basis | The following tables present recorded amounts of assets measured at fair value on a nonrecurring basis as of March 31, 2018 and September 30, 2018. These assets are measured at fair value on a nonrecurring basis mainly to recognize impairment: March 31, 2018 Millions of yen Total Carrying Value in Consolidated Balance Sheets Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Assets: Real estate collateral-dependent loans (net of allowance for probable loan losses) ¥ 7,526 ¥ 0 ¥ 0 ¥ 7,526 Investment in operating leases and property under facility operations 3,916 0 0 3,916 Certain investments in affiliates 11,730 0 0 11,730 ¥ 23,172 ¥ 0 ¥ 0 ¥ 23,172 September 30, 2018 Millions of yen Total Carrying Value in Consolidated Balance Sheets Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Assets: Real estate collateral-dependent loans (net of allowance for probable loan losses) ¥ 6,452 ¥ 0 ¥ 0 ¥ 6,452 Investment in operating leases and property under facility operations 193 0 0 193 ¥ 6,645 ¥ 0 ¥ 0 ¥ 6,645 |
Information about Valuation Techniques and Significant Unobservable Inputs Used in Valuation of Level Three Assets and Liabilities Measured at Fair Value on Recurring Basis | The following tables provide information about the valuation techniques and significant unobservable inputs used in the valuation of Level 3 assets and liabilities measured at fair value on a recurring basis as of March 31, 2018 and September 30, 2018. March 31, 2018 Millions of yen Fair value Valuation technique(s) Significant unobservable inputs Range (Weighted average) Assets: Available-for-sale Corporate debt securities ¥ 3,037 Discounted cash flows Discount rate 0.2% – 1.7% (0.9%) Specified bonds issued by SPEs in Japan 861 Appraisals/Broker quotes — — CMBS and RMBS in the Americas 36,010 Discounted cash flows Discount rate 6.4% –20.0% (17.6%) Probability of default 0.0% –24.7% (3.2%) Other asset-backed securities and debt securities 18,146 Discounted cash flows Discount rate 1.0% – 51.2% (10.0%) Probability of default 0.6% – 1.6% (1.0%) 62,863 Appraisals/Broker quotes — — Other securities: Investment funds 5,665 Internal cash flows Discount rate 0.0% – 40.0% (9.9%) 25,246 Discounted cash flows Discount rate 3.8% – 11.6% (8.3%) 6,968 Appraisals/Broker quotes — — Derivative assets: Options held/written and other 1,447 Discounted cash flows Discount rate 0.0% – 15.0% (8.0%) 844 Appraisals/Broker quotes — — Other assets: Reinsurance recoverables 15,008 Discounted cash flows Discount rate (0.1)% – 0.4% (0.1%) Mortality rate 0.0% – 100.0% (1.1%) Lapse rate 1.5% – 30.0% (17.5%) Annuitization rate (guaranteed minimum annuity benefit) 0.0% – 100.0% (99.1%) Total ¥ 176,095 Liabilities: Policy liabilities and Policy Account Balances: Variable annuity and variable life insurance contracts ¥ 444,010 Discounted cash flows Discount rate (0.1)% – 0.4% (0.1%) Mortality rate 0.0% – 100.0% (1.2%) Lapse rate 1.5% – 54.0% (17.1%) Annuitization rate (guaranteed minimum annuity benefit) 0.0% – 100.0% (79.4%) Total ¥ 444,010 September 30, 2018 Millions of yen Fair value Valuation technique(s) Significant unobservable inputs Range (Weighted average) Assets: Available-for-sale Corporate debt securities ¥ 2,547 Discounted cash flows Discount rate 0.2% – 1.5% (0.9%) Specified bonds issued by SPEs in Japan 762 Appraisals/Broker quotes — — CMBS and RMBS in the Americas 23,996 Discounted cash flows Discount rate 6.4% – 20.0% (17.6%) Probability of default 0.0% – 14.5% (5.9%) Other asset-backed securities and debt securities 20,910 Discounted cash flows Discount rate 1.0% – 51.2% (8.8%) Probability of default 0.6% – 1.6% (0.9%) 74,333 Appraisals/Broker quotes — — Equity securities: Investment funds 6,040 Internal cash flows Discount rate 0.0% – 65.0% (10.0%) 34,280 Discounted cash flows Discount rate 3.8% – 11.4% (9.8%) 4,239 Appraisals/Broker quotes — — Derivative assets: Options held/written and other 506 Discounted cash flows Discount rate 0.0% – 15.0% (3.4%) Other assets: 237 Appraisals/Broker quotes — — Reinsurance recoverables 11,121 Discounted cash flows Discount rate 0.0% – 0.5% (0.1%) Mortality rate 0.0% – 100.0% (1.3%) Lapse rate 1.5% – 24.0% (17.5%) Annuitization rate (guaranteed minimum annuity benefit) 0.0% – 100.0% (99.4%) Total ¥ 178,971 Liabilities: Policy liabilities and Policy Account Balances: Variable annuity and variable life insurance contracts ¥ 405,705 Discounted cash flows Discount rate 0.0% – 0.5% (0.1%) Mortality rate 0.0% – 100.0% (1.2%) Lapse rate 1.5% – 24.0% (17.3%) Annuitization rate (guaranteed minimum annuity benefit) 0.0% – 100.0% (78.5%) Total ¥ 405,705 |
Information about Valuation Techniques and Significant Unobservable Inputs Used in Valuation of Level Three Assets Measured at Fair Value on Nonrecurring Basis | The following tables provide information about the valuation techniques and significant unobservable inputs used in the valuation of Level 3 assets measured at fair value on a nonrecurring basis as of March 31, 2018 and September 30, 2018. March 31, 2018 Millions of yen Valuation technique(s) Significant unobservable inputs Range (Weighted average) Fair value Assets: Real estate collateral-dependent loans (net of allowance for probable loan losses) ¥ 7,526 Discounted cash flows Discount rate 10.7% (10.7%) Direct capitalization Capitalization rate 11.2% (11.2%) Investment in operating leases and property under facility operations 27 Discounted cash flows Discount rate 8.0% (8.0%) 3,889 Appraisals — — Certain investments in affiliates 11,730 Market price method — — Business enterprise value multiples — — Discounted cash flows Discount rate 9.3% – 10.3% (9.8%) ¥ 23,172 September 30, 2018 Millions of yen Valuation technique(s) Significant unobservable inputs Range Fair value Assets: Real estate collateral-dependent loans (net of allowance for probable loan losses) ¥ 6,452 Appraisals — — Investment in operating leases and property under facility operations 193 Appraisals — — ¥ 6,645 |
Revenues from Contracts with _2
Revenues from Contracts with Customers (Tables) | 6 Months Ended |
Sep. 30, 2018 | |
Revenue from Contract with Customer [Abstract] | |
Summary of Revenue from Contract with Customers and Other Sources of Revenue | Revenues from contracts with customers, and other sources of revenue for the six and three months ended September 30, 2018 are as follows; Millions of yen Six months ended in September 30, 2018 Revenues from contracts with customers ¥ 727,356 Other revenues* 534,658 Total revenues ¥ 1,262,014 Millions of yen Three months ended in September 30, 2018 Revenues from contracts with customers ¥ 379,506 Other revenues* 278,591 Total revenues ¥ 658,097 |
Summary of Balances from Contracts with Customers | Balances from contracts with customers Millions of yen April 1, 2018 September 30, 2018 Trade Notes, Accounts and Other Receivable ¥ 154,590 ¥ 143,175 Contract assets (Included in Other Assets) ¥ 1,058 ¥ 2,145 Contract liabilities (Included in Other Liabilities) ¥ 45,545 ¥ 46,032 |
Credit Quality of Financing R_2
Credit Quality of Financing Receivables and the Allowance for Credit Losses (Tables) | 6 Months Ended |
Sep. 30, 2018 | |
Receivables [Abstract] | |
Information about Allowance for Credit Losses | The following table provides information about the allowance for credit losses as of March 31, 2018, for the six and three months ended September 30, 2017 and 2018: Six months ended September 30, 2017 Millions of yen Loans Corporate Consumer Non-recourse loans Other Purchased loans *1 Direct financing leases Total Allowance for credit losses : Beginning balance ¥ 18,599 ¥ 2,951 ¥ 21,079 ¥ 6,061 ¥ 10,537 ¥ 59,227 Provision (Reversal) 6,018 (268 ) 1,278 (209 ) 1,179 7,998 Charge-offs (4,343 ) (115 ) (1,972 ) (1,110 ) (940 ) (8,480 ) Recoveries 376 0 90 63 2 531 Other *2 1 9 (1,430 ) 0 120 (1,300 ) Ending balance ¥ 20,651 ¥ 2,577 ¥ 19,045 ¥ 4,805 ¥ 10,898 ¥ 57,976 Individually evaluated for impairment 3,131 1,984 9,431 3,323 0 17,869 Not individually evaluated for impairment 17,520 593 9,614 1,482 10,898 40,107 Financing receivables : Ending balance ¥ 1,676,208 ¥ 87,454 ¥ 984,754 ¥ 21,998 ¥ 1,214,698 ¥ 3,985,112 Individually evaluated for impairment 18,409 5,443 25,193 5,703 0 54,748 Not individually evaluated for impairment 1,657,799 82,011 959,561 16,295 1,214,698 3,930,364 Three months ended September 30, 2017 Millions of yen Loans Corporate Consumer Non-recourse loans Other Purchased Direct financing leases Total Allowance for credit losses : Beginning balance ¥ 20,086 ¥ 2,647 ¥ 21,487 ¥ 5,831 ¥ 10,708 ¥ 60,759 Provision (Reversal) 2,558 (86 ) 148 (65 ) 804 3,359 Charge-offs (2,254 ) 0 (1,216 ) (1,002 ) (688 ) (5,160 ) Recoveries 258 0 16 39 (12 ) 301 Other *2 3 16 (1,390 ) 2 86 (1,283 ) Ending balance ¥ 20,651 ¥ 2,577 ¥ 19,045 ¥ 4,805 ¥ 10,898 ¥ 57,976 March 31, 2018 Millions of yen Loans Corporate Consumer Non-recourse loans Other Purchased loans *1 Direct financing leases Total Allowance for credit losses : Ending balance ¥ 21,196 ¥ 688 ¥ 18,407 ¥ 4,292 ¥ 10,089 ¥ 54,672 Individually evaluated for impairment 3,020 149 8,295 2,880 0 14,344 Not individually evaluated for impairment 18,176 539 10,112 1,412 10,089 40,328 Financing receivables : Ending balance ¥ 1,739,173 ¥ 73,305 ¥ 974,058 ¥ 18,933 ¥ 1,194,888 ¥ 4,000,357 Individually evaluated for impairment 18,911 3,745 19,385 5,101 0 47,142 Not individually evaluated for impairment 1,720,262 69,560 954,673 13,832 1,194,888 3,953,215 Six months ended September 30, 2018 Millions of yen Loans Corporate Consumer Non-recourse loans Other Purchased loans *1 Direct financing leases Total Allowance for credit losses : Beginning balance ¥ 21,196 ¥ 688 ¥ 18,407 ¥ 4,292 ¥ 10,089 ¥ 54,672 Provision (Reversal) 5,739 (87 ) 992 (186 ) 1,752 8,210 Charge-offs (5,140 ) 0 (1,761 ) (304 ) (1,175 ) (8,380 ) Recoveries 287 0 148 96 120 651 Other *3 (22 ) 26 623 7 53 687 Ending balance ¥ 22,060 ¥ 627 ¥ 18,409 ¥ 3,905 ¥ 10,839 ¥ 55,840 Individually evaluated for impairment 3,366 49 6,818 2,482 0 12,715 Not individually evaluated for impairment 18,694 578 11,591 1,423 10,839 43,125 Financing receivables : Ending balance ¥ 1,792,901 ¥ 63,423 ¥ 1,161,909 ¥ 17,156 ¥ 1,178,913 ¥ 4,214,302 Individually evaluated for impairment 22,071 1,597 26,343 4,445 0 54,456 Not individually evaluated for impairment 1,770,830 61,826 1,135,566 12,711 1,178,913 4,159,846 Three months ended September 30, 2018 Millions of yen Loans Corporate Consumer Non-recourse loans Other Purchased loans *1 Direct financing leases Total Allowance for credit losses : Beginning balance ¥ 22,299 ¥ 597 ¥ 19,708 ¥ 4,150 ¥ 10,206 ¥ 56,960 Provision (Reversal) 2,328 14 (67 ) (1 ) 990 3,264 Charge-offs (2,638 ) 0 (1,602 ) (266 ) (535 ) (5,041 ) Recoveries 76 0 81 16 72 245 Other *3 (5 ) 16 289 6 106 412 Ending balance ¥ 22,060 ¥ 627 ¥ 18,409 ¥ 3,905 ¥ 10,839 ¥ 55,840 Note: Loans held for sale are not included in the table above. *1 Purchased loans represent loans with evidence of deterioration of credit quality since origination and for which it is probable at acquisition that collection of all contractually required payments from the debtors is unlikely. *2 Other mainly includes foreign currency translation adjustments and a decrease in allowance related to sales of loans. *3 Other mainly includes foreign currency translation adjustments. |
Information about Impaired Loans | The following table provides information about the impaired loans as of March 31, 2018 and September 30, 2018: March 31, 2018 Millions of yen Portfolio segment Class Loans individually evaluated for impairment Unpaid principal balance Related allowance With no related allowance recorded *1 ¥ 7,813 ¥ 7,774 ¥ 0 Consumer borrowers 409 409 0 Housing loans 184 184 0 Card loans 0 0 0 Other 225 225 0 Corporate borrowers 7,301 7,262 0 Non-recourse Japan 0 0 0 The Americas 3,395 3,395 0 Other Real estate companies 1,003 1,003 0 Entertainment companies 7 0 0 Other 2,896 2,864 0 Purchased loans 103 103 0 With an allowance recorded *2 39,329 37,943 14,344 Consumer borrowers 18,502 17,953 3,020 Housing loans 3,360 3,068 984 Card loans 4,060 4,051 631 Other 11,082 10,834 1,405 Corporate borrowers 15,829 15,227 8,444 Non-recourse Japan 254 254 53 The Americas 96 96 96 Other Real estate companies 1,544 1,482 543 Entertainment companies 1,581 1,570 576 Other 12,354 11,825 7,176 Purchased loans 4,998 4,763 2,880 Total ¥ 47,142 ¥ 45,717 ¥ 14,344 Consumer borrowers 18,911 18,362 3,020 Housing loans 3,544 3,252 984 Card loans 4,060 4,051 631 Other 11,307 11,059 1,405 Corporate borrowers 23,130 22,489 8,444 Non-recourse Japan 254 254 53 The Americas 3,491 3,491 96 Other Real estate companies 2,547 2,485 543 Entertainment companies 1,588 1,570 576 Other 15,250 14,689 7,176 Purchased loans 5,101 4,866 2,880 September 30, 2018 Millions of yen Portfolio segment Class Loans individually evaluated for impairment Unpaid principal balance Related allowance With no related allowance recorded *1 ¥ 14,805 ¥ 14,611 ¥ 0 Consumer borrowers 664 648 0 Housing loans 464 448 0 Card loans 0 0 0 Other 200 200 0 Corporate borrowers 14,035 13,857 0 Non-recourse Japan 0 0 0 The Americas 1,353 1,353 0 Other Real estate companies 987 987 0 Entertainment companies 0 0 0 Other 11,695 11,517 0 Purchased loans 106 106 0 With an allowance recorded *2 39,651 38,586 12,715 Consumer borrowers 21,407 20,552 3,366 Housing loans 4,112 3,952 956 Card loans 4,014 4,005 669 Other 13,281 12,595 1,741 Corporate borrowers 13,905 13,695 6,867 Non-recourse Japan 244 244 49 The Americas 0 0 0 Other Real estate companies 1,428 1,414 478 Entertainment companies 1,533 1,523 507 Other 10,700 10,514 5,833 Purchased loans 4,339 4,339 2,482 Total ¥ 54,456 ¥ 53,197 ¥ 12,715 Consumer borrowers 22,071 21,200 3,366 Housing loans 4,576 4,400 956 Card loans 4,014 4,005 669 Other 13,481 12,795 1,741 Corporate borrowers 27,940 27,552 6,867 Non-recourse Japan 244 244 49 The Americas 1,353 1,353 0 Other Real estate companies 2,415 2,401 478 Entertainment companies 1,533 1,523 507 Other 22,395 22,031 5,833 Purchased loans 4,445 4,445 2,482 Note: Loans held for sale are not included in the table above. *1 “With no related allowance recorded” represents impaired loans with no allowance for credit losses as all amounts are considered to be collectible. *2 “With an allowance recorded” represents impaired loans with the allowance for credit losses as all or a part of the amounts are not considered to be collectible. |
Information about Average Recorded Investments in Impaired Loans and Interest Income | The following table provides information about the average recorded investments in impaired loans and interest income on impaired loans for the six and three months ended September 30, 2017 and 2018: Six months ended September 30, 2017 Millions of yen Portfolio segment Class Average recorded investments in impaired loans * Interest income on impaired loans Interest on impaired loans collected in cash Consumer borrowers ¥ 17,385 ¥ 243 ¥ 173 Housing loans 4,248 134 88 Card loans 4,086 34 27 Other 9,051 75 58 Corporate borrowers 32,972 106 102 Non-recourse Japan 199 3 3 The Americas 5,451 6 6 Other Real estate companies 6,547 27 26 Entertainment companies 1,691 28 27 Other 19,084 42 40 Purchased loans 6,691 3 3 Total ¥ 57,048 ¥ 352 ¥ 278 Six months ended September 30, 2018 Millions of yen Portfolio segment Class Average recorded investments in impaired loans * Interest income on impaired loans Interest on impaired loans collected in cash Consumer borrowers ¥ 20,346 ¥ 221 ¥ 192 Housing loans 4,129 89 87 Card loans 4,035 32 26 Other 12,182 100 79 Corporate borrowers 24,615 222 211 Non-recourse Japan 250 4 4 The Americas 2,197 0 0 Other Real estate companies 2,489 18 18 Entertainment companies 1,566 24 18 Other 18,113 176 171 Purchased loans 4,828 32 31 Total ¥ 49,789 ¥ 475 ¥ 434 Three months ended September 30, 2017 Millions of yen Portfolio segment Class Average recorded investments in impaired loans * Interest income on impaired loans Interest on impaired loans collected in cash Consumer borrowers ¥ 17,745 ¥ 149 ¥ 103 Housing loans 4,250 96 55 Card loans 4,079 15 14 Other 9,416 38 34 Corporate borrowers 32,001 50 47 Non-recourse Japan 197 1 1 The Americas 5,262 0 0 Other Real estate companies 6,215 14 13 Entertainment companies 1,669 14 13 Other 18,658 21 20 Purchased loans 6,315 1 1 Total ¥ 56,061 ¥ 200 ¥ 151 Three months ended September 30, 2018 Millions of yen Portfolio segment Class Average recorded investments in impaired loans * Interest income on impaired loans Interest on impaired loans collected in cash Consumer borrowers ¥ 21,635 ¥ 113 ¥ 108 Housing loans 4,782 48 48 Card loans 4,007 15 14 Other 12,846 50 46 Corporate borrowers 25,178 176 176 Non-recourse Japan 247 2 2 The Americas 677 0 0 Other Real estate companies 2,439 9 9 Entertainment companies 1,549 9 9 Other 20,266 156 156 Purchased loans 4,609 0 0 Total ¥ 51,422 ¥ 289 ¥ 284 Note: Loans held for sale are not included in the table above. * Average balances are calculated on the basis of fiscal beginning and quarter-end |
Information about Credit Quality Indicators | The following table provides information about the credit quality indicators as of March 31, 2018 and September 30, 2018: March 31, 2018 Millions of yen Non-performing Portfolio segment Class Performing Loans individually evaluated for impairment 90+ days past-due loans not individually evaluated for impairment Subtotal Total Consumer borrowers ¥ 1,707,514 ¥ 18,911 ¥ 12,748 ¥ 31,659 ¥ 1,739,173 Housing loans 1,397,217 3,544 2,077 5,621 1,402,838 Card loans 258,478 4,060 1,785 5,845 264,323 Other 51,819 11,307 8,886 20,193 72,012 Corporate borrowers 1,024,233 23,130 0 23,130 1,047,363 Non-recourse Japan 18,064 254 0 254 18,318 The Americas 51,496 3,491 0 3,491 54,987 Other Real estate companies 326,165 2,547 0 2,547 328,712 Entertainment companies 81,726 1,588 0 1,588 83,314 Other 546,782 15,250 0 15,250 562,032 Purchased loans 13,832 5,101 0 5,101 18,933 Direct financing leases 1,182,804 0 12,084 12,084 1,194,888 Japan 820,225 0 5,943 5,943 826,168 Overseas 362,579 0 6,141 6,141 368,720 Total ¥ 3,928,383 ¥ 47,142 ¥ 24,832 ¥ 71,974 ¥ 4,000,357 September 30, 2018 Millions of yen Non-performing Portfolio segment Class Performing Loans individually evaluated for impairment 90+ days past-due loans not individually evaluated for impairment Subtotal Total Consumer borrowers ¥ 1,756,798 ¥ 22,071 ¥ 14,032 ¥ 36,103 ¥ 1,792,901 Housing loans 1,464,992 4,576 1,923 6,499 1,471,491 Card loans 246,629 4,014 2,011 6,025 252,654 Other 45,177 13,481 10,098 23,579 68,756 Corporate borrowers 1,197,392 27,940 0 27,940 1,225,332 Non-recourse Japan 19,654 244 0 244 19,898 The Americas 42,172 1,353 0 1,353 43,525 Other Real estate companies 343,525 2,415 0 2,415 345,940 Entertainment companies 70,452 1,533 0 1,533 71,985 Other 721,589 22,395 0 22,395 743,984 Purchased loans 12,711 4,445 0 4,445 17,156 Direct financing leases 1,165,399 0 13,514 13,514 1,178,913 Japan 800,039 0 5,949 5,949 805,988 Overseas 365,360 0 7,565 7,565 372,925 Total ¥ 4,132,300 ¥ 54,456 ¥ 27,546 ¥ 82,002 ¥ 4,214,302 |
Information about Nonaccrual and Past Due Financing Receivables | The following table provides information about the non-accrual past-due March 31, 2018 Millions of yen Past-due Portfolio segment Class 30-89 days past-due 90 days or more past-due Total past-due Total financing receivables Non-accrual Consumer borrowers ¥ 6,750 ¥ 15,740 ¥ 22,490 ¥ 1,739,173 ¥ 15,740 Housing loans 2,560 3,340 5,900 1,402,838 3,340 Card loans 604 2,268 2,872 264,323 2,268 Other 3,586 10,132 13,718 72,012 10,132 Corporate borrowers 3,404 8,949 12,353 1,047,363 18,326 Non-recourse Japan 0 0 0 18,318 0 The Americas 1,655 92 1,747 54,987 3,491 Other Real estate companies 346 644 990 328,712 1,593 Entertainment companies 0 760 760 83,314 760 Other 1,403 7,453 8,856 562,032 12,482 Direct financing leases 5,184 12,084 17,268 1,194,888 12,084 Japan 628 5,943 6,571 826,168 5,943 Overseas 4,556 6,141 10,697 368,720 6,141 Total ¥ 15,338 ¥ 36,773 ¥ 52,111 ¥ 3,981,424 ¥ 46,150 September 30, 2018 Millions of yen Past-due Portfolio segment Class 30-89 past-due 90 days or more past-due Total past-due Total financing receivables Non-accrual Consumer borrowers ¥ 6,889 ¥ 17,280 ¥ 24,169 ¥ 1,792,901 ¥ 17,280 Housing loans 2,175 3,242 5,417 1,471,491 3,242 Card loans 568 2,511 3,079 252,654 2,511 Other 4,146 11,527 15,673 68,756 11,527 Corporate borrowers 4,860 12,960 17,820 1,225,332 23,977 Non-recourse Japan 0 0 0 19,898 0 The Americas 1,352 1,353 2,705 43,525 1,353 Other Real estate companies 64 619 683 345,940 1,555 Entertainment companies 0 764 764 71,985 764 Other 3,444 10,224 13,668 743,984 20,305 Direct financing leases 7,175 13,514 20,689 1,178,913 13,514 Japan 380 5,949 6,329 805,988 5,949 Overseas 6,795 7,565 14,360 372,925 7,565 Total ¥ 18,924 ¥ 43,754 ¥ 62,678 ¥ 4,197,146 ¥ 54,771 Note: Loans held for sale and purchased 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 the six and three months ended September 30, 2017 and 2018: Six months ended September 30, 2017 Millions of yen Portfolio segment Class Pre-modification outstanding recorded investment Post-modification outstanding recorded investment Consumer borrowers ¥ 4,680 ¥ 3,662 Housing loans 11 11 Card loans 1,075 853 Other 3,594 2,798 Total ¥ 4,680 ¥ 3,662 Six months ended September 30, 2018 Millions of yen Portfolio segment Class Pre-modification outstanding recorded investment Post-modification outstanding recorded investment Consumer borrowers ¥ 5,912 ¥ 4,044 Housing loans 51 25 Card loans 1,072 692 Other 4,789 3,327 Corporate borrowers 3,861 3,860 Other Other 3,861 3,860 Total ¥ 9,773 ¥ 7,904 Three months ended September 30, 2017 Millions of yen Portfolio segment Class Pre-modification outstanding recorded investment Post-modification outstanding recorded investment Consumer borrowers ¥ 2,472 ¥ 1,935 Card loans 544 430 Other 1,928 1,505 Total ¥ 2,472 ¥ 1,935 Three months ended September 30, 2018 Millions of yen Portfolio segment Class Pre-modification outstanding recorded investment Post-modification outstanding recorded investment Consumer borrowers ¥ 2,720 ¥ 1,786 Housing loans 25 11 Card loans 547 348 Other 2,148 1,427 Corporate borrowers 1,133 1,132 Other Other 1,133 1,132 Total ¥ 3,853 ¥ 2,918 The following table provides information about financing receivables modified as troubled debt restructurings within the previous 12 months from September 30, 2017 and for which there was a payment default during the six and three months ended September 30, 2017: Six months ended September 30, 2017 Millions of yen Portfolio segment Class Recorded investment Consumer borrowers ¥ 57 Card loans 16 Other 41 Total ¥ 57 Three months ended September 30, 2017 Millions of yen Portfolio segment Class Recorded investment Consumer borrowers ¥ 43 Card loans 12 Other 31 Total ¥ 43 The following table provides information about financing receivables modified as troubled debt restructurings within the previous 12 months from September 30, 2018 and for which there was a payment default during the six and three months ended September 30, 2018: Six months ended September 30, 2018 Millions of yen Portfolio segment Class Recorded investment Consumer borrowers ¥ 489 Card loans 16 Other 473 Total ¥ 489 Three months ended September 30, 2018 Millions of yen Portfolio segment Class Recorded investment Consumer borrowers ¥ 49 Card loans 9 Other 40 Total ¥ 49 |
Investment in Securities (Table
Investment in Securities (Tables) | 6 Months Ended |
Sep. 30, 2018 | |
Investments Schedule [Abstract] | |
Summary of Investment in Securities | Investment in securities as of March 31, 2018 consists of the following: Millions of yen March 31, 2018 Trading securities * ¥ 422,053 Available-for-sale 1,015,477 Held-to-maturity 113,891 Other securities 178,034 Total ¥ 1,729,455 * The amount of assets under management of variable annuity and variable life insurance contracts included in trading securities was ¥403,797 million as of March 31, 2018. Investment in securities as of September 30, 2018 consists of the following: Millions of yen September 30, 2018 Equity securities * ¥ 593,925 Trading debt securities 24,560 Available-for-sale 1,137,081 Held-to-maturity 114,288 Total ¥ 1,869,854 * The amount of assets under management of variable annuity and variable life insurance contracts included in equity securities was ¥375,480 million as of September 30, 2018. The amount of investment funds that are accounted for under the equity method included in equity securities was ¥85,824 million as of September 30, 2018. The amount of investment funds elected for the fair value option included in equity securities was ¥5,751 million as of September 30, 2018. |
Summary of Impairment and Downward or Upward Adjustment Due to Changes of Observable Price | The following table provides information about impairment and plus or minus changes resulting from observable price changes as of September 30, 2018 and for the six and three months ended September 30, 2018. Millions of yen September 30, 2018 Six months ended September 30, 2018 Three months ended September 30, 2018 Carrying Accumulated Accumulated Impairments Upward Impairments Upward Equity securities measured using the measurement alternative ¥ 30,807 ¥ (1,828 ) ¥ 0 ¥ (151 ) ¥ 0 ¥ (151 ) ¥ 0 |
Amortized Cost Basis Amounts, Gross Unrealized Holding Gains, Gross Unrealized Holding Losses and Fair Values of Available-for-Sale Securities and Held-to-Maturity Securities in Each Major Security Type | The amortized cost basis amounts, gross unrealized holding gains, gross unrealized holding losses and fair values of available-for-sale held-to-maturity March 31, 2018 Millions of yen Amortized cost Gross unrealized gains Gross unrealized losses Fair value Available-for-sale Japanese and foreign government bond securities ¥ 271,866 ¥ 11,383 ¥ (7,439 ) ¥ 275,810 Japanese prefectural and foreign municipal bond securities 160,549 3,247 (560 ) 163,236 Corporate debt securities 368,106 2,974 (4,605 ) 366,475 Specified bonds issued by SPEs in Japan 854 7 0 861 CMBS and RMBS in the Americas 72,793 2,543 (1,160 ) 74,176 Other asset-backed securities and debt securities 77,974 3,413 (66 ) 81,321 Equity securities 49,971 5,653 (2,026 ) 53,598 1,002,113 29,220 (15,856 ) 1,015,477 Held-to-maturity Japanese government bond securities and other 113,891 26,933 0 140,824 ¥ 1,116,004 ¥ 56,153 ¥ (15,856 ) ¥ 1,156,301 The amortized cost basis amounts, gross unrealized holding gains, gross unrealized holding losses and fair values of available-for-sale held-to-maturity September 30, 2018 Millions of yen Amortized cost Gross unrealized gains Gross unrealized losses Fair value Available-for-sale Japanese and foreign government bond securities ¥ 342,002 ¥ 8,969 ¥ (2,487 ) ¥ 348,484 Japanese prefectural and foreign municipal bond securities 163,595 2,287 (1,029 ) 164,853 Corporate debt securities 470,027 2,368 (6,075 ) 466,320 Specified bonds issued by SPEs in Japan 757 5 0 762 CMBS and RMBS in the Americas 59,594 2,532 (1,034 ) 61,092 Other asset-backed securities and debt securities 93,175 2,679 (284 ) 95,570 1,129,150 18,840 (10,909 ) 1,137,081 Held-to-maturity Japanese government bond securities and other 114,288 23,580 0 137,868 ¥ 1,243,438 ¥ 42,420 ¥ (10,909 ) ¥ 1,274,949 |
Information about Available-for-Sale Securities with Gross Unrealized Losses and Length of Time Individual Securities Have Been in Continuous Unrealized Loss Position | The following table provides information about available-for-sale March 31, 2018 Millions of yen Less than 12 months 12 months or more Total Fair value Gross unrealized losses Fair value Gross unrealized losses Fair value Gross unrealized losses Available-for-sale Japanese and foreign government bond securities ¥ 72,523 ¥ (5,599 ) ¥ 27,458 ¥ (1,840 ) ¥ 99,981 ¥ (7,439 ) Japanese prefectural and foreign municipal bond securities 17,208 (125 ) 19,479 (435 ) 36,687 (560 ) Corporate debt securities 90,216 (2,011 ) 89,573 (2,594 ) 179,789 (4,605 ) CMBS and RMBS in the Americas 12,798 (359 ) 7,065 (801 ) 19,863 (1,160 ) Other asset-backed securities and debt securities 4,623 (56 ) 774 (10 ) 5,397 (66 ) Equity securities 6,505 (247 ) 6,914 (1,779 ) 13,419 (2,026 ) ¥ 203,873 ¥ (8,397 ) ¥ 151,263 ¥ (7,459 ) ¥ 355,136 ¥ (15,856 ) The following table provides information about available-for-sale September 30, 2018 Millions of yen Less than 12 months 12 months or more Total Fair value Gross unrealized losses Fair value Gross unrealized losses Fair value Gross unrealized losses Available-for-sale Japanese and foreign government bond securities ¥ 95,124 ¥ (1,259 ) ¥ 69,241 ¥ (1,228 ) ¥ 164,365 ¥ (2,487 ) Japanese prefectural and foreign municipal bond securities 54,085 (445 ) 19,373 (584 ) 73,458 (1,029 ) Corporate debt securities 198,506 (2,572 ) 112,777 (3,503 ) 311,283 (6,075 ) CMBS and RMBS in the Americas 648 (47 ) 6,169 (987 ) 6,817 (1,034 ) Other asset-backed securities and debt securities 21,803 (248 ) 1,031 (36 ) 22,834 (284 ) ¥ 370,166 ¥ (4,571 ) ¥ 208,591 ¥ (6,338 ) ¥ 578,757 ¥ (10,909 ) |
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 the six months ended September 30, 2017 and 2018 are as follows: Millions of yen Six months ended September 30, 2017 Six months ended September 30, 2018 Total other-than-temporary impairment losses ¥ 423 ¥ 693 Portion of loss recognized in other comprehensive income (before taxes) 0 (136 ) Net impairment losses recognized in earnings ¥ 423 ¥ 557 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 the three months ended September 30, 2017 and 2018 are as follows: Millions of yen Three months ended September 30, 2017 Three months ended September 30, 2018 Total other-than-temporary impairment losses ¥ 243 ¥ 693 Portion of loss recognized in other comprehensive income (before taxes) 0 (136 ) Net impairment losses recognized in earnings ¥ 243 ¥ 557 |
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 the six months ended September 30, 2017 and 2018 are as follows: Millions of yen Six months ended September 30, 2017 Six months ended September 30, 2018 Beginning ¥ 1,220 ¥ 1,021 Addition during the period: Credit loss for which an other-than-temporary impairment was not previously recognized 0 551 Reduction during the period : For securities sold or redeemed 0 (22 ) Ending ¥ 1,220 ¥ 1,550 Roll-forwards of the amount related to credit losses on other-than-temporarily impaired debt securities recognized in earnings for the three months ended September 30, 2017 and 2018 are as follows: Millions of yen Three months ended September 30, 2017 Three months ended September 30, 2018 Beginning ¥ 1,220 ¥ 999 Addition during the period : Credit loss for which an other-than-temporary impairment was not previously recognized 0 551 Ending ¥ 1,220 ¥ 1,550 |
Transfer of Financial Assets (T
Transfer of Financial Assets (Tables) | 6 Months Ended |
Sep. 30, 2018 | |
Transfers and Servicing [Abstract] | |
Roll-Forwards of Amount of Servicing Assets | The servicing assets related to those servicing activities are included in other assets in the consolidated balance sheets and roll-forwards of the amount of the servicing assets for the six and three months ended September 30, 2017 and 2018 are as follows: Millions of yen Six months ended September 30, 2017 Six months ended September 30, 2018 Three months ended September 30, 2017 Three months ended September 30, 2018 Beginning balance ¥ 17,303 ¥ 28,756 ¥ 17,736 ¥ 29,829 Increase mainly from loans sold with servicing retained 13,470 2,658 12,132 1,550 Decrease mainly from amortization (1,712 ) (2,333 ) (835 ) (1,136 ) Increase from the effects of changes in foreign exchange rates 225 1,987 253 825 Ending balance ¥ 29,286 ¥ 31,068 ¥ 29,286 ¥ 31,068 |
Fair Value of Servicing Assets | The fair value of the servicing assets as of March 31, 2018 and September 30, 2018 are as follows: Millions of yen March 31, 2018 September 30, 2018 Beginning balance ¥ 24,907 ¥ 35,681 Ending balance ¥ 35,681 ¥ 39,480 |
Variable Interest Entities (Tab
Variable Interest Entities (Tables) | 6 Months Ended |
Sep. 30, 2018 | |
Variable Interest Entity, Primary Beneficiary | |
Information about Variable Interest Entities (Consolidated and Non-consolidated) | Information about VIEs (consolidated and non-consolidated) 1. Consolidated VIEs March 31, 2018 Millions of yen Types of VIEs Total assets *1 Total liabilities *1 Assets which are pledged as collateral *2 Commitments *3 (a) VIEs for liquidating customer assets ¥ 0 ¥ 0 ¥ 0 ¥ 0 (b) VIEs for acquisition of real estate and real estate development projects for customers 2,181 0 0 0 (c) VIEs for acquisition of real estate for the Company and its subsidiaries’ real estate-related business 103,288 27,892 46,860 0 (d) VIEs for corporate rehabilitation support business 1,057 49 0 0 (e) VIEs for investment in securities 42,456 60 60 0 (f) VIEs for securitizing financial assets such as direct financing lease receivable and loan receivable 116,665 72,219 89,103 0 (g) VIEs for securitization of loan receivable originated by third parties 9,783 10,425 9,783 0 (h) VIEs for power generation projects 236,367 117,906 138,159 85,371 (i) Other VIEs 177,373 67,592 161,729 0 Total ¥ 689,170 ¥ 296,143 ¥ 445,694 ¥ 85,371 September 30, 2018 Millions of yen Types of VIEs Total assets *1 Total liabilities *1 Assets which are pledged as collateral *2 Commitments *3 (a) VIEs for liquidating customer assets ¥ 0 ¥ 0 ¥ 0 ¥ 0 (b) VIEs for acquisition of real estate and real estate development projects for customers 1,993 0 0 0 (c) VIEs for acquisition of real estate for the Company and its subsidiaries’ real estate-related business 105,762 31,026 50,670 0 (d) VIEs for corporate rehabilitation support business 628 10 0 0 (e) VIEs for investment in securities 47,696 48 63 0 (f) VIEs for securitizing financial assets such as direct financing lease receivable and loan receivable 207,144 167,940 207,144 0 (g) VIEs for securitization of loan receivable originated by third parties 3,975 4,463 3,975 0 (h) VIEs for power generation projects 267,906 141,010 178,550 64,742 (i) Other VIEs 156,018 49,093 130,280 0 Total ¥ 791,122 ¥ 393,590 ¥ 570,682 ¥ 64,742 *1 The assets of most VIEs are used only to repay the liabilities of the VIEs, and the creditors of the liabilities of most VIEs have no recourse to other assets of the Company and its subsidiaries. *2 The assets are pledged as collateral by VIE for financing of the VIE. *3 This item represents remaining balance of commitments that could require the Company and its subsidiaries to provide investments or loans to the VIE. |
Variable Interest Entity, Not Primary Beneficiary | |
Information about Variable Interest Entities (Consolidated and Non-consolidated) | 2. Non-consolidated March 31, 2018 Millions of yen Carrying amount of the variable the Company and its subsidiaries Types of VIEs Total assets Non-recourse Investments Maximum exposure to loss * (a) VIEs for liquidating customer assets ¥ 8,602 ¥ 0 ¥ 991 ¥ 991 (b) VIEs for acquisition of real estate and real estate development projects for customers 35,812 0 2,424 2,424 (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 19,170,411 0 75,336 108,678 (f) VIEs for securitizing financial assets such as direct financing lease receivable and loan receivable 0 0 0 0 (g) VIEs for securitization of loan receivable originated by third parties 1,355,962 0 16,653 16,670 (h) VIEs for power generation projects 29,539 0 1,920 1,920 (i) Other VIEs 467,259 3,732 23,484 29,813 Total ¥ 21,067,585 ¥ 3,732 ¥ 120,808 ¥ 160,496 September 30, 2018 Millions of yen Carrying amount of the variable the Company and its subsidiaries Types of VIEs Total assets Non-recourse Investments Maximum exposure to loss * (a) VIEs for liquidating customer assets ¥ 8,556 ¥ 0 ¥ 991 ¥ 991 (b) VIEs for acquisition of real estate and real estate development projects for customers 38,647 0 3,599 3,599 (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 4,208,616 0 69,137 98,991 (f) VIEs for securitizing financial assets such as direct financing lease receivable and loan receivable 0 0 0 0 (g) VIEs for securitization of loan receivable originated by third parties 1,090,183 0 23,078 23,087 (h) VIEs for power generation projects 27,448 0 1,929 1,929 (i) Other VIEs 422,984 3,726 36,848 43,240 Total ¥ 5,796,434 ¥ 3,726 ¥ 135,582 ¥ 171,837 * 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) | 6 Months Ended |
Sep. 30, 2018 | |
Investments in and Advances to Affiliates [Abstract] | |
Summary of Investment in Affiliates | Investment in affiliates at March 31, 2018 and September 30, 2018 consists of the following: Millions of yen March 31, 2018 September 30, 2018 Shares ¥ 531,481 ¥ 525,915 Loans and others 59,882 66,907 ¥ 591,363 ¥ 592,822 |
Redeemable Noncontrolling Int_2
Redeemable Noncontrolling Interests (Tables) | 6 Months Ended |
Sep. 30, 2018 | |
Noncontrolling Interest [Abstract] | |
Changes in Redeemable Noncontrolling Interests | Changes in redeemable noncontrolling interests for the six months ended September 30, 2017 and 2018 are as follows: Millions of yen Six months ended September 30, 2017 Six months ended September 30, 2018 Beginning balance ¥ 6,548 ¥ 7,420 Comprehensive income Net income 148 85 Other comprehensive income Net change of foreign currency translation adjustments 34 502 Total other comprehensive income 34 502 Comprehensive income 182 587 Dividends 0 (294 ) Ending balance ¥ 6,730 ¥ 7,713 |
Accumulated Other Comprehensi_2
Accumulated Other Comprehensive Income (Loss) (Tables) | 6 Months Ended |
Sep. 30, 2018 | |
Equity [Abstract] | |
Changes in Components of Accumulated Other Comprehensive Income (Loss) | Changes in each component of accumulated other comprehensive income (loss) attributable to ORIX Corporation Shareholders for the six months ended September 30, 2017 and 2018, are as follows: Six months ended September 30, 2017 Millions of yen Net unrealized gains in securities Defined benefit pension plans Foreign currency translation adjustments Net unrealized gains (losses) on instruments Accumulated other comprehensive income (loss) Balance at March 31, 2017 ¥ 32,279 ¥ (17,330 ) ¥ (31,736 ) ¥ (4,483 ) ¥ (21,270 ) Net unrealized gains (losses) on investment in securities, net of tax of ¥(2,275) million 6,640 6,640 Reclassification adjustment included in net income, net of tax of ¥4,594 million (9,667 ) (9,667 ) Defined benefit pension plans, net of tax of ¥86 million (427 ) (427 ) Reclassification adjustment included in net income, net of tax of ¥5 million (20 ) (20 ) Foreign currency translation adjustments, net of tax of ¥12,032 million 19,830 19,830 Reclassification adjustment included in net income, net of tax of ¥(1,019) million (1,175 ) (1,175 ) Net unrealized gains (losses) on derivative instruments, net of tax of ¥(253) million 805 805 Reclassification adjustment included in net income, net of tax of ¥235 million (729 ) (729 ) Total other comprehensive income (loss) (3,027 ) (447 ) 18,655 76 15,257 Less: Other Comprehensive Income (Loss) Attributable to the Noncontrolling Interest (65 ) 0 728 4 667 Less: Other Comprehensive Income Attributable to the Redeemable Noncontrolling Interests 0 0 34 0 34 Balance at September 30, 2017 ¥ 29,317 ¥ (17,777 ) ¥ (13,843 ) ¥ (4,411 ) ¥ (6,714 ) Six months ended September 30, 2018 Millions of yen Net unrealized gains in securities Debt valuation Defined benefit pension plans Foreign currency translation adjustments Net unrealized gains (losses) on instruments Accumulated other comprehensive income (loss) Balance at March 31, 2018 ¥ 10,465 ¥ 0 ¥ (20,487 ) ¥ (31,806 ) ¥ (3,738 ) ¥ (45,566 ) Cumulative effect of adopting Accounting Standards Update 2016-01 (3,250 ) 351 0 0 0 (2,899 ) Balance at April 1, 2018 7,215 351 (20,487 ) (31,806 ) (3,738 ) (48,465 ) Net unrealized gains (losses) on investment in securities, net of tax of ¥(142) million 888 888 Reclassification adjustment included in net income, net of tax of ¥849 million (2,494 ) (2,494 ) Debt valuation adjustments, net of tax of ¥26 million (69 ) (69 ) Reclassification adjustment included in net income, net of tax of ¥5 million (12 ) (12 ) Defined benefit pension plans, net of tax of ¥25 million (147 ) (147 ) Reclassification adjustment included in net income, net of tax of ¥21 million (54 ) (54 ) Foreign currency translation adjustments, net of tax of ¥8,864 million 14,788 14,788 Reclassification adjustment included in net income, net of tax of ¥(1) million 1 1 Net unrealized gains (losses) on derivative instruments, net of tax of ¥(38) million (39 ) (39 ) Reclassification adjustment included in net income, net of tax of ¥(218) million 729 729 Total other comprehensive income (loss) (1,606 ) (81 ) (201 ) 14,789 690 13,591 Transaction with noncontrolling interests 0 0 (2 ) 1 0 (1 ) Less: Other Comprehensive Income (Loss) Attributable to the Noncontrolling Interest 0 0 (2 ) 284 37 319 Less: Other Comprehensive Income Attributable to the Redeemable Noncontrolling Interests 0 0 0 502 0 502 Balance at September 30, 2018 ¥ 5,609 ¥ 270 ¥ (20,688 ) ¥ (17,802 ) ¥ (3,085 ) ¥ (35,696 ) Changes in each component of accumulated other comprehensive income (loss) attributable to ORIX Corporation Shareholders for the three months ended September 30, 2017 and 2018, are as follows: Three months ended September 30, 2017 Millions of yen Net unrealized gains in securities Defined benefit pension plans Foreign currency translation adjustments Net unrealized gains (losses) on instruments Accumulated other comprehensive income (loss) Balance at June 30, 2017 ¥ 30,376 ¥ (17,586 ) ¥ (25,122 ) ¥ (4,352 ) ¥ (16,684 ) Net unrealized gains(losses) on investment in securities, net of tax of ¥(875) million 3,253 3,253 Reclassification adjustment included in net income, net of tax of ¥2,133 million (4,324 ) (4,324 ) Defined benefit pension plans, net of tax of ¥19 million (180 ) (180 ) Reclassification adjustment included in net income, net of tax of ¥2 million (10 ) (10 ) Foreign currency translation adjustments, net of tax of ¥5,413 million 13,041 13,041 Reclassification adjustment included in net income, net of tax of ¥0 million 0 0 Net unrealized gains(losses) on derivative instruments, net of tax of ¥4 million 4 4 Reclassification adjustment included in net income, net of tax of ¥17 million (73 ) (73 ) Total other comprehensive income (loss) (1,071 ) (190 ) 13,041 (69 ) 11,711 Less: Other Comprehensive Income (loss) Attributable to the Noncontrolling Interest (12 ) 1 1,717 (10 ) 1,696 Less: Other Comprehensive Income Attributable to the Redeemable Noncontrolling Interests 0 0 45 0 45 Balance at September 30, 2017 ¥ 29,317 ¥ (17,777 ) ¥ (13,843 ) ¥ (4,411 ) ¥ (6,714 ) Three months ended September 30, 2018 Millions of yen Net unrealized gains in securities Debt valuation Defined benefit pension plans Foreign currency translation adjustments Net unrealized gains (losses) on instruments Accumulated other comprehensive income (loss) Balance at June 30, 2018 ¥ 7,453 ¥ 348 ¥ (20,500 ) ¥ (36,821 ) ¥ (3,775 ) ¥ (53,295 ) Net unrealized gains (losses) on investment in securities, net of tax of ¥766 million (1,730 ) (1,730 ) Reclassification adjustment included in net income, net of tax of ¥72 million (114 ) (114 ) Debt valuation adjustments, net of tax of ¥29 million (71 ) (71 ) Reclassification adjustment included in net income, net of tax of ¥2 million (7 ) (7 ) Defined benefit pension plans, net of tax of ¥44 million (160 ) (160 ) Reclassification adjustment included in net income, net of tax of ¥11 million (28 ) (28 ) Foreign currency translation adjustments, net of tax of ¥4,410 million 19,524 19,524 Reclassification adjustment included in net income, net of tax of ¥(1) million 1 1 Net unrealized gains (losses) on derivative instruments, net of tax of ¥(285) million 767 767 Reclassification adjustment included in net income, net of tax of ¥25 million (47 ) (47 ) Total other comprehensive income (loss) (1,844 ) (78 ) (188 ) 19,525 720 18,135 Transaction with noncontrolling interests 0 0 (1 ) 1 0 0 Less: Other Comprehensive Income (Loss) Attributable to the Noncontrolling Interest 0 0 (1 ) 301 30 330 Less: Other Comprehensive Income Attributable to the Redeemable Noncontrolling Interests 0 0 0 206 0 206 Balance at September 30, 2018 ¥ 5,609 ¥ 270 ¥ (20,688 ) ¥ (17,802 ) ¥ (3,085 ) ¥ (35,696 ) |
Amounts Reclassified to Net Income from Accumulated Other Comprehensive Income (loss) | Amounts reclassified to net income from accumulated other comprehensive income (loss) in the six months ended September 30, 2017 and 2018 are as follows: Six months ended September 30, 2017 Details about accumulated other comprehensive income components Reclassification adjustment included in net income Consolidated statements of income caption Millions of yen Net unrealized gains (losses) on investment in securities Sales of investment securities ¥ 11,272 Gains on investment securities and dividends Sales of investment securities 3,502 Life insurance premiums and related investment income Amortization of investment securities (109 ) Finance revenues Amortization of investment securities (275 ) Life insurance premiums and related investment income Others (129 ) Write-downs of securities and other 14,261 Total before income tax (4,594 ) Income tax (expense) or benefit ¥ 9,667 Net of tax Defined benefit pension plans Amortization of prior service credit ¥ 497 See Note 15 “Pension Plans” Amortization of net actuarial loss (447 ) See Note 15 “Pension Plans” Amortization of transition obligation (25 ) See Note 15 “Pension Plans” 25 Total before income tax (5 ) Income tax (expense) or benefit ¥ 20 Net of tax Foreign currency translation adjustments Sales or liquidation ¥ 156 Gains on sales of subsidiaries and affiliates and liquidation losses, net 156 Total before income tax 1,019 Income tax (expense) or benefit ¥ 1,175 Net of tax Net unrealized gains (losses) on derivative instruments Interest rate swap agreements ¥ 118 Finance revenues/Interest expense Foreign exchange contracts (2 ) Other (income) and expense, net Foreign currency swap agreements 848 Finance revenues/Interest expense/ Other (income) and expense, net 964 Total before income tax (235 ) Income tax (expense) or benefit ¥ 729 Net of tax Six months ended September 30, 2018 Details about accumulated other comprehensive income components Reclassification net income Consolidated statements of income caption Millions of yen Net unrealized gains (losses) on investment in securities Sales of debt securities ¥ 3,123 Gains on investment securities and dividends Sales of debt securities 1,545 Life insurance premiums and related investment income Amortization of debt securities (654 ) Finance revenues Amortization of debt securities (114 ) Life insurance premiums and related investment income Others (557 ) Write-downs of securities and other 3,343 Total before income tax (849 ) Income tax (expense) or benefit ¥ 2,494 Net of tax Debt valuation adjustments Fulfillment of policy liabilities and amortization of policy account balances ¥ 17 Life insurance costs 17 Total before income tax (5 ) Income tax (expense) or benefit ¥ 12 Net of tax Defined benefit pension plans Amortization of prior service credit ¥ 538 See Note 15 “Pension Plans” Amortization of net actuarial loss (461 ) See Note 15 “Pension Plans” Amortization of transition obligation (2 ) See Note 15 “Pension Plans” 75 Total before income tax (21 ) Income tax (expense) or benefit ¥ 54 Net of tax Foreign currency translation adjustments Sales or liquidation ¥ (2 ) Gains on sales of subsidiaries and affiliates (2 ) Total before income tax 1 Income tax (expense) or benefit ¥ (1 ) Net of tax Net unrealized gains (losses) on derivative instruments Interest rate swap agreements ¥ 137 Finance revenues/Interest expense Foreign exchange contracts 10 Other (income) and expense, net Foreign currency swap agreements (1,094 ) Finance revenues/Interest expense/ Other (income) and expense, net (947 ) Total before income tax 218 Income tax (expense) or benefit ¥ (729 ) Net of tax Amounts reclassified to net income from accumulated other comprehensive income (loss) in the three months ended September 30, 2017 and 2018 are as follows: Three months ended September 30, 2017 Details about accumulated other comprehensive income components Reclassification adjustment included in net income Consolidated statements of income caption Millions of yen Net unrealized gains (losses) on investment in securities Sales of investment securities ¥ 6,131 Gains on investment securities and dividends Sales of investment securities 660 Life insurance premiums and related investment income Amortization of investment securities (199 ) Finance revenues Amortization of investment securities (135 ) Life insurance premiums and related investment income 6,457 Total before income tax (2,133 ) Income tax (expenses) or benefits ¥ 4,324 Net of tax Defined benefit pension plans Amortization of prior service credit ¥ 249 See Note 15 “Pension Plans” Amortization of net actuarial loss (224 ) See Note 15 “Pension Plans” Amortization of transition obligation (13 ) See Note 15 “Pension Plans” 12 Total before income tax (2 ) Income tax (expenses) or benefits ¥ 10 Net of tax Net unrealized gains (losses) on derivative instruments Interest rate swap agreements ¥ 2 Finance revenues/Interest expense Foreign currency swap agreements 88 Finance revenues/Interest expense/ Other (income) and expense, net 90 Total before income tax (17 ) Income tax (expenses) or benefits ¥ 73 Net of tax Three months ended September 30, 2018 Details about accumulated other comprehensive income components Reclassification net income Consolidated statements of income caption Millions of yen Net unrealized gains (losses) on investment in securities Sales of debt securities ¥ 598 Gains on investment securities and dividends Sales of debt securities 486 Life insurance premiums and related investment income Amortization of debt securities (292 ) Finance revenues Amortization of debt securities (49 ) Life insurance premiums and related investment income Others (557 ) Write-downs of securities and other 186 Total before income tax (72 ) Income tax (expense) or benefit ¥ 114 Net of tax Debt valuation adjustments Fulfillment of policy liabilities and amortization of policy account balances ¥ 9 Life insurance costs 9 Total before income tax (2 ) Income tax (expense) or benefit ¥ 7 Net of tax Defined benefit pension plans Amortization of prior service credit ¥ 270 See Note 15 “Pension Plans” Amortization of net actuarial loss (230 ) See Note 15 “Pension Plans” Amortization of transition obligation (1 ) See Note 15 “Pension Plans” 39 Total before income tax (11 ) Income tax (expense) or benefit ¥ 28 Net of tax Foreign currency translation adjustments Sales or liquidation ¥ (2 ) Gains on sales of subsidiaries and affiliates and liquidation losses, net (2 ) Total before income tax 1 Income tax (expense) or benefit ¥ (1 ) Net of tax Net unrealized gains (losses) on derivative instruments Interest rate swap agreements ¥ 10 Finance revenues/Interest expense Foreign exchange contracts (13 ) Other (income) and expense, net Foreign currency swap agreements 75 Finance revenues/Interest expense/ Other (income) and expense, net 72 Total before income tax (25 ) Income tax (expense) or benefit ¥ 47 Net of tax |
ORIX Corporation Shareholders_2
ORIX Corporation Shareholders' Equity (Tables) | 6 Months Ended |
Sep. 30, 2018 | |
Equity [Abstract] | |
Information about Dividend Payments and Applicable Dividends | Information about ORIX Corporation Shareholders’ Equity for the six months ended September 30, 2017 and 2018 are as follows: (1) Dividend payments Six months ended September 30, 2017 Six months ended September 30, 2018 Resolution The board of directors on May 23, 2017 The board of directors on May 21, 2018 Type of shares Common stock Common stock Total dividends paid ¥38,162 million ¥49,984 million Dividend per share ¥29.25 ¥39.00 Date of record for dividend March 31, 2017 March 31, 2018 Effective date for dividend June 6, 2017 June 5, 2018 Dividend resource Retained earnings Retained earnings (2) Applicable dividends for which the date of record was in the six months ended September 30, 2017 and 2018, and for which the effective date was after September 30, 2017 and 2018 Six months ended September 30, 2017 Six months ended September 30, 2018 Resolution The board of directors on October 30, 2017 The board of directors on October 26, 2018 Type of shares Common stock Common stock Total dividends paid ¥34,595 million ¥38,453 million Dividend per share ¥27.00 ¥30.00 Date of record for dividend September 30, 2017 September 30, 2018 Effective date for dividend December 4, 2017 December 4, 2018 Dividend resource Retained earnings Retained earnings |
Selling, General and Administ_2
Selling, General and Administrative Expenses (Tables) | 6 Months Ended |
Sep. 30, 2018 | |
Text Block [Abstract] | |
Summary of Selling, General and Administrative Expenses | Selling, general and administrative expenses for the six months ended September 30, 2017 and 2018 are as follows: Millions of yen Six months ended September 30, 2017 Six months ended September 30, 2018 Personnel expenses ¥ 119,164 ¥ 122,438 Selling expenses 36,378 36,883 Administrative expenses 51,288 49,109 Depreciation of office facilities 2,469 2,216 Total ¥ 209,299 ¥ 210,646 Selling, general and administrative expenses for the three months ended September 30, 2017 and 2018 are as follows: Millions of yen Three months ended September 30, 2017 Three months ended September 30, 2018 Personnel expenses ¥ 57,890 ¥ 60,013 Selling expenses 19,058 19,596 Administrative expenses 25,133 24,752 Depreciation of office facilities 1,256 1,129 Total ¥ 103,337 ¥ 105,490 |
Pension Plans (Tables)
Pension Plans (Tables) | 6 Months Ended |
Sep. 30, 2018 | |
Retirement Benefits [Abstract] | |
Net Periodic Pension Cost of Defined Benefit Plans | Net periodic pension cost for the six months ended September 30, 2017 and 2018 consists of the following: Millions of yen Six months ended September 30, 2017 Six months ended September 30, 2018 Japanese plans: Service cost ¥ 2,649 ¥ 2,762 Interest cost 388 361 Expected return on plan assets (1,313 ) (1,362 ) Amortization of prior service credit (457 ) (448 ) Amortization of net actuarial loss 428 422 Amortization of transition obligation 23 0 Net periodic pension cost ¥ 1,718 ¥ 1,735 Millions of yen Six months ended September 30, 2017 Six months ended September 30, 2018 Overseas plans: Service cost ¥ 1,605 ¥ 1,631 Interest cost 952 993 Expected return on plan assets (2,037 ) (2,202 ) Amortization of prior service credit (40 ) (90 ) Amortization of net actuarial loss 19 39 Amortization of transition obligation 2 2 Net periodic pension cost ¥ 501 ¥ 373 Net pension cost of the plans for the three months ended September 30, 2017 and 2018 consists of the following: Millions of yen Three months ended September 30, 2017 Three months ended September 30, 2018 Japanese plans: Service cost ¥ 1,325 ¥ 1,380 Interest cost 194 186 Expected return on plan assets (656 ) (681 ) Amortization of prior service credit (228 ) (226 ) Amortization of net actuarial loss 214 211 Amortization of transition obligation 12 0 Net periodic pension cost ¥ 861 ¥ 870 Millions of yen Three months ended September 30, 2017 Three months ended September 30, 2018 Overseas plans: Service cost ¥ 768 ¥ 829 Interest cost 487 502 Expected return on plan assets (1,044 ) (1,106 ) Amortization of prior service credit (21 ) (44 ) Amortization of net actuarial loss 10 19 Amortization of transition obligation 1 1 Net periodic pension cost ¥ 201 ¥ 201 Note: The components of net periodic pension cost other than the service cost component are included in personnel expenses, which is included in selling, general and administrative expenses in the consolidated statements of income. |
Life Insurance Operations (Tabl
Life Insurance Operations (Tables) | 6 Months Ended |
Sep. 30, 2018 | |
Insurance [Abstract] | |
Life Insurance Premiums and Related Investment Income | Life insurance premiums and related investment income for the six and three months ended September 30, 2017 and 2018 consist of the following: Millions of yen Six months ended September 30, 2017 Six months ended September 30, 2018 Life insurance premiums ¥ 142,495 ¥ 153,511 Life insurance related investment income 38,715 27,093 ¥ 181,210 ¥ 180,604 Millions of yen Three months ended September 30, 2017 Three months ended September 30, 2018 Life insurance premiums ¥ 71,122 ¥ 78,475 Life insurance related investment income 16,434 19,270 ¥ 87,556 ¥ 97,745 |
Reinsurance Benefits and Reinsurance Premiums Included in Life Insurance Premiums | Life insurance premiums include reinsurance benefits, net of reinsurance premiums. For the six and three months ended September 30, 2017 and 2018, reinsurance benefits and reinsurance premiums included in life insurance premiums are as follows: Millions of yen Six months ended September 30, 2017 Six months ended September 30, 2018 Reinsurance benefits ¥ 1,870 ¥ 1,193 Reinsurance premiums (3,763 ) (2,849 ) Millions of yen Three months ended September 30, 2017 Three months ended September 30, 2018 Reinsurance benefits ¥ 850 ¥ 596 Reinsurance premiums (1,813 ) (1,467 ) |
Gains or Losses Relating to Variable Annuity and Variable Life Insurance Contracts | The above mentioned gains or losses relating to variable annuity and variable life insurance contracts for the six and three months ended September 30, 2017 and 2018 are as follows: Millions of yen Six months ended September 30, 2017 Six months ended September 30, 2018 Life insurance premiums and related investment income : Net realized and unrealized gains or losses from investment assets ¥ 37,141 ¥ 22,054 Net gains or losses from derivative contracts : (5,949 ) (3,460 ) Futures (4,453 ) (2,321 ) Foreign exchange contracts (584 ) (535 ) Options held (912 ) (604 ) Life insurance costs : Changes in the fair value of the policy liabilities and policy account balances ¥ (88,501 ) ¥ (38,417 ) Insurance costs recognized for insurance and annuity payouts as a result of insured events 104,399 47,671 Changes in the fair value of the reinsurance contracts 6,874 3,887 Millions of yen Three months ended September 30, 2017 Three months ended September 30, 2018 Life insurance premiums and related investment income : Net realized and unrealized gains or losses from investment assets ¥ 16,014 ¥ 16,603 Net gains or losses from derivative contracts : (2,416 ) (2,331 ) Futures (1,826 ) (1,752 ) Foreign exchange contracts (262 ) (308 ) Options held (328 ) (271 ) Life insurance costs : Changes in the fair value of the policy liabilities and policy account balances ¥ (40,895 ) ¥ (13,859 ) Insurance costs recognized for insurance and annuity payouts as a result of insured events 47,955 22,966 Changes in the fair value of the reinsurance contracts 2,828 2,444 |
Write-Downs of Long-Lived Ass_2
Write-Downs of Long-Lived Assets (Tables) | 6 Months Ended |
Sep. 30, 2018 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Long-Lived Assets Classified as Held for Sale | As of March 31, 2018 and September 30, 2018, the long-lived assets classified as held for sale in the accompanying consolidated balance sheets are as follows. Millions of yen As of March 31, 2018 As of September 30, 2018 Investment in operating leases ¥ 31,776 ¥ 76,052 Property under facility operations 12,483 0 Other assets 164 27 |
Breakdowns of Recognized Impairment Losses for Difference between Carrying Amounts and Fair Values Reflected as Write-Downs of Long-Lived Assets | For the six months ended September 30, 2017 and 2018, the Company and its subsidiaries recognized impairment losses for the difference between carrying amounts and fair values in the amount of ¥1,472 million and ¥26 million, respectively, which are reflected as write-downs of long-lived assets. Breakdowns of these amounts are as follows. Six months ended September 30, 2017 Six months ended September 30, 2018 Amount (Millions of yen) The number of Amount (Millions of yen) The number of Write-downs of the assets held for sale: Commercial facilities other than office buildings ¥ 977 1 ¥ 0 0 Others* 200 — 0 — Total ¥ 1,177 — ¥ 0 — * For the “Others,” the number of properties is omitted. Six months ended September 30, 2017 Six months ended September 30, 2018 Amount (Millions of yen) The number of Amount (Millions of yen) The number of Write-downs due to decline in estimated future cash flows: Commercial facilities other than office buildings ¥ 187 2 ¥ 16 1 Others* 108 — 10 — Total ¥ 295 — ¥ 26 — * For the “Others,” the number of properties is omitted. For the three months ended September 30, 2017, the Company and its subsidiaries recognized impairment losses for the difference between carrying amounts and fair values in the amount of ¥387 million, which were reflected as write-downs of long-lived assets compared to no impairment loss for the three months ended September 30, 2018. Breakdowns of these amounts are as follows. Three months ended September 30, 2017 Three months ended September 30, 2018 Amount (Millions of yen) The number of Amount (Millions of yen) The number of Write-downs of the assets held for sale: Commercial facilities other than office buildings ¥ 0 0 ¥ 0 0 Others * 200 — 0 — Total ¥ 200 — ¥ 0 — * For the “Others,” the number of properties is omitted. Three months ended September 30, 2017 Three months ended September 30, 2018 Amount (Millions of yen) The number of properties Amount (Millions of yen) The number of properties Write-downs due to decline in estimated future cash flows: Commercial facilities other than office buildings ¥ 187 2 ¥ 0 0 Others * 0 — 0 — Total ¥ 187 — ¥ 0 — * For the “Others,” the number of properties is omitted. |
Per Share Data (Tables)
Per Share Data (Tables) | 6 Months Ended |
Sep. 30, 2018 | |
Earnings Per Share [Abstract] | |
Reconciliation of Differences Between Basic and Diluted Earnings Per Share (EPS) | Reconciliation of the differences between basic and diluted earnings per share (EPS) in the six and three months ended September 30, 2017 and 2018 is as follows: During the six months ended September 30, 2017, the diluted EPS calculation excludes stock options for 356 thousand shares, as they were antidilutive. During the six months ended September 30, 2018, there were no stock options which were antidilutive. During the three months ended September 30, 2017 and 2018, there were no stock options which were antidilutive. Millions of yen Six months ended September 30, 2017 Six months ended September 30, 2018 Net Income attributable to ORIX Corporation shareholders ¥ 165,970 ¥ 155,050 Millions of yen Three months ended September 30, 2017 Three months ended September 30, 2018 Net Income attributable to ORIX Corporation shareholders ¥ 76,258 ¥ 75,103 Thousands of Shares Six months ended September 30, 2017 Six months ended September 30, 2018 Weighted-average shares 1,282,567 1,280,071 Effect of dilutive securities — Exercise of stock options 1,178 1,056 Weighted-average shares for diluted EPS computation 1,283,745 1,281,127 Thousands of Shares Three months ended September 30, 2017 Three months ended September 30, 2018 Weighted-average shares 1,279,276 1,280,104 Effect of dilutive securities — Exercise of stock options 1,277 1,110 Weighted-average shares for diluted EPS computation 1,280,553 1,281,214 Yen Six months ended September 30, 2017 Six months ended September 30, 2018 Earnings per share for net income attributable to ORIX Corporation shareholders: Basic ¥ 129.40 ¥ 121.13 Diluted ¥ 129.29 ¥ 121.03 Yen Three months ended September 30, 2017 Three months ended September 30, 2018 Earnings per share for net income attributable to ORIX Corporation shareholders: Basic ¥ 59.61 ¥ 58.67 Diluted ¥ 59.55 ¥ 58.62 Note: The Company’s shares held through the Board Incentive Plan Trust are included in the number of treasury stock shares to be deducted in calculation of the weighted-average shares for EPS computation. (2,055,862 and 1,668,589 shares for the six months ended September 30, 2017 and 2018, 2,003,201 and 1,681,449 shares for the three months ended September 30, 2017 and 2018) |
Derivative Financial Instrume_2
Derivative Financial Instruments and Hedging (Tables) | 6 Months Ended |
Sep. 30, 2018 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Effect of Derivative Instruments on Consolidated Statements of Income, Pre-tax | The effect of derivative instruments on the consolidated statements of income, pre-tax, (1) Cash flow hedges Gains (losses) recognized in other comprehensive income on derivative (effective portion) Gains (losses) reclassified from other comprehensive income (loss) into income (effective portion) Gains (losses) recognized in income on derivative (ineffective portion and amount excluded from effectiveness testing) Millions of yen Consolidated statements of income location Millions of yen Consolidated statements of income location Millions of yen Interest rate swap agreements ¥ (185 ) Finance revenues/Interest expense ¥ 118 — ¥ 0 Foreign exchange contracts (188 ) Other (income) and expense, net (2 ) — 0 Foreign currency swap agreements 1,432 Finance revenues/Interest expense/ Other (income) and expense, net 848 Other (income) and expense, net (111 ) (2) Fair value hedges Gains (losses) recognized in income on derivative and other Gains (losses) recognized in income on hedged item Millions of yen Consolidated statements of income location Millions of yen Consolidated statements of income location Interest rate swap agreements ¥ (13 ) Finance revenues/Interest expense ¥ 13 Finance revenues/Interest expense Foreign exchange contracts (3,125 ) Other (income) and expense, net 3,125 Other (income) and expense, net Foreign currency swap agreements 990 Other (income) and expense, net (990 ) Other (income) and expense, net (3) Hedges of net investment in foreign operations Gains (losses) recognized in other comprehensive income on derivative and others (effective portion) Gains (losses) reclassified from other comprehensive income (loss) into income (effective portion) Gains (losses) recognized in income on derivative and others (ineffective portion and amount excluded from effectiveness testing) Millions of yen Consolidated statements of income location Millions of yen Consolidated statements of income location Millions of yen Foreign exchange contracts ¥ (23,576 ) Gains on sales of subsidiaries and ¥ (3,705 ) — ¥ 0 Borrowings and bonds in foreign currencies (10,197 ) — 0 — 0 (4) Derivatives not designated as hedging instruments Gains (losses) recognized in income on derivative Millions of yen Consolidated statements of income location Interest rate swap agreements ¥ 698 Other (income) and expense, net Futures (2,511 ) Gains on investment securities and dividends Life insurance premiums and related investment income * Foreign exchange contracts (14,377 ) Gains on investment securities and dividends Life insurance premiums and related investment income * Other (income) and expense, net Credit derivatives held (26 ) Other (income) and expense, net Options held/written and other 266 Other (income) and expense, net Life insurance premiums and related investment income * * Futures, foreign exchange contracts and options held/written and other in the above table include gains (losses) arising from futures, foreign exchange contracts and options held to economically hedge the minimum guarantee risk of variable annuity and variable life insurance contracts for the six months ended September 30, 2017 (see Note 16 “Life Insurance Operations”). The effect of derivative instruments on the consolidated statements of income, pre-tax, (1) Cash flow hedges Gains (losses) recognized in other comprehensive income on derivative (effective portion) Gains (losses) reclassified from other comprehensive income (loss) into income (effective portion) Gains (losses) recognized in income on derivative (ineffective portion and amount excluded from effectiveness testing) Millions of yen Consolidated statements of income location Millions of yen Consolidated statements of income location Millions of yen Interest rate swap agreements ¥ 723 Finance revenues/Interest expense ¥ 137 — ¥ 0 Foreign exchange contracts 243 Other (income) and expense, net 10 — 0 Foreign currency swap agreements (967 ) Finance revenues/Interest expense/Other (income) and expense, net (1,094 ) — 0 (2) Fair value hedges Gains (losses) recognized in income on derivative and other Gains (losses) recognized in income on hedged item Millions of yen Consolidated statements of income location Millions of yen Consolidated statements of income location Interest rate swap agreements ¥ 1,228 Finance revenues/Interest expense ¥ (1,228 ) Finance revenues/Interest expense Foreign exchange contracts (4,664 ) Other (income) and expense, net 4,664 Other (income) and expense, net (3) Hedges of net investment in foreign operations Gains (losses) recognized in other comprehensive income on derivative and others (effective portion) Gains (losses) reclassified from other comprehensive income (loss) into income (effective portion) Gains (losses) recognized in income on derivative and others (ineffective portion and amount excluded from effectiveness testing) Millions of yen Consolidated statements of income location Millions of yen Consolidated statements of income location Millions of yen Foreign exchange contracts ¥ (1,734 ) Gains on sales of subsidiaries and affiliates and liquidation losses, net ¥ (115 ) — ¥ 0 Borrowings and bonds in foreign currencies (22,088 ) — 0 — 0 (4) Derivatives not designated as hedging instruments Gains (losses) recognized in income on derivative Millions of yen Consolidated statements of income location Interest rate swap agreements ¥ 1,147 Other (income) and expense, net Futures (2,684 ) Gains on investment securities and dividends Life insurance premiums and related investment income * Foreign exchange contracts (7,856 ) Gains on investment securities and dividends Life insurance premiums and related investment income * Other (income) and expense, net Credit derivatives held 19 Other (income) and expense, net Options held/written and other 273 Other (income) and expense, net Life insurance premiums and related investment income * * Futures, foreign exchange contracts and options held/written and other in the above table include gains (losses) arising from futures, foreign exchange contracts and options held to economically hedge the minimum guarantee risk of variable annuity and variable life insurance contracts for the six months ended September 30, 2018 (see Note 16 “Life Insurance Operations”). The effect of derivative instruments on the consolidated statements of income, pre-tax, (1) Cash flow hedges Gains (losses) recognized in other comprehensive income on derivative (effective portion) Gains (losses) reclassified from other comprehensive income (loss) into income (effective portion) Gains (losses) recognized in income on derivative (ineffective portion and amount excluded from effectiveness testing) Millions of yen Consolidated statements of income location Millions of yen Consolidated statements of income location Millions of yen Interest rate swap agreements ¥ 22 Finance revenues/Interest expense ¥ 2 — ¥ 0 Foreign exchange contracts (54 ) — 0 — 0 Foreign currency swap agreements 33 Finance revenues/Interest expense /Other (income) and expense, net 88 Other (income) and expense, net (33 ) (2) Fair value hedges Gains (losses) recognized in income on derivative and other Gains (losses) recognized in income on hedged item Millions of yen Consolidated statements of income location Millions of yen Consolidated statements of income location Interest rate swap agreements ¥ 0 — ¥ 0 — Foreign exchange contracts (1,633 ) Other (income) and expense, net 1,633 Other (income) and expense, net Foreign currency swap agreements 210 Other (income) and expense, net (210 ) Other (income) and expense, net (3) Hedges of net investment in foreign operations Gains (losses) recognized in other comprehensive income on derivative and others (effective portion) Gains (losses) reclassified from other comprehensive income (loss) into income (effective portion) Gains (losses) recognized in income on derivative and others (ineffective portion and amount excluded from effectiveness testing) Millions of yen Consolidated statements of income location Millions of yen Consolidated statements of income location Millions of yen Foreign exchange contracts ¥ (8,011 ) Gains on sales of subsidiaries and affiliates and liquidation losses, net ¥ 0 — ¥ 0 Borrowings and bonds in foreign currencies (4,707 ) — 0 — 0 (4) Derivatives not designated as hedging instruments Gains (losses) recognized in income on derivative Millions of yen Consolidated statements of income location Interest rate swap agreements ¥ 396 Other (income) and expense, net Futures 13 Gains on investment securities and dividends Life insurance premiums and related investment income * Foreign exchange contracts (11,664 ) Gains on investment securities and dividends Life insurance premiums and related investment income * Other (income) and expense, net Credit derivatives held (12 ) Other (income) and expense, net Options held/written and other 929 Other (income) and expense, net Life insurance premiums and related investment income * * Futures, foreign exchange contracts and options held/written and other in the above table include gains (losses) arising from futures, foreign exchange contracts and options held to economically hedge the minimum guarantee risk of variable annuity and variable life insurance contracts for the three months ended September 30, 2017 (see Note 16 “Life Insurance Operations”). The effect of derivative instruments on the consolidated statements of income, pre-tax, (1) Cash flow hedges Gains (losses) recognized in other comprehensive income on derivative (effective portion) Gains (losses) reclassified from other comprehensive income (loss) into income (effective portion) Gains (losses) recognized in income on derivative effectiveness testing) Millions of yen Consolidated statements of income location Millions of yen Consolidated statements of income location Millions of yen Interest rate swap agreements ¥ 765 Finance revenues/Interest expense ¥ 10 — ¥ 0 Foreign exchange contracts 174 Other (income) and expense, net (13 ) — 0 Foreign currency swap agreements 113 Finance revenues/Interest expense/ Other (income) and expense, net 75 — 0 (2) Fair value hedges Gains (losses) recognized in income on derivative and other Gains (losses) recognized in income on hedged item Millions of yen Consolidated statements of income location Millions of yen Consolidated statements of income location Interest rate swap agreements ¥ 535 Finance revenues/Interest expense ¥ (535 ) Finance revenues/Interest expense Foreign exchange contracts (3,272 ) Other (income) and expense, net 3,272 Other (income) and expense, net (3) Hedges of net investment in foreign operations Gains (losses) recognized in other comprehensive income on derivative and others (effective portion) Gains (losses) reclassified from other comprehensive income (loss) into income (effective portion) Gains (losses) recognized in income on derivative and others (ineffective portion and amount excluded from effectiveness testing) Millions of yen Consolidated statements of income location Millions of yen Consolidated statements of income location Millions of yen Foreign exchange contracts ¥ (8,348 ) Gains on sales of subsidiaries and affiliates and liquidation losses, net ¥ (115 ) — ¥ 0 Borrowings and bonds in foreign currencies (11,089 ) — 0 — 0 (4) Derivatives not designated as hedging instruments Gains (losses) recognized in income on derivative Millions of yen Consolidated statements of income location Interest rate swap agreements ¥ 639 Other (income) and expense, net Futures (1,954 ) Gains on investment securities and dividends Life insurance premiums and related investment income * Foreign exchange contracts (5,963 ) Gains on investment securities and dividends Life insurance premiums and related investment income * Other (income) and expense, net Credit derivatives held 78 Other (income) and expense, net Options held/written and other 1,277 Other (income) and expense, net Life insurance premiums and related investment income * * Futures, foreign exchange contracts and options held/written and other in the above table include gains (losses) arising from futures, foreign exchange contracts and options held to economically hedge the minimum guarantee risk of variable annuity and variable life insurance contracts for the three months ended September 30, 2018 (see Note 16 “Life Insurance Operations”). |
Notional Amounts of Derivative Instruments and Other, Fair Values of Derivative Instruments and Other before Offsetting | Notional amounts of derivative instruments and other, fair values of derivative instruments and other before offsetting at March 31, 2018 and September 30, 2018 are as follows. March 31, 2018 Derivative assets Derivative liabilities Notional amount Fair Consolidated balance sheets location Fair Consolidated balance sheets location Millions of yen Millions of yen Millions of yen Derivatives designated as hedging instruments and other: Interest rate swap agreements ¥ 278,850 ¥ 55 Other Assets ¥ 4,759 Other Liabilities Futures, foreign exchange contracts 566,583 11,445 Other Assets 2,149 Other Liabilities Foreign currency swap agreements 70,156 422 Other Assets 3,220 Other Liabilities Foreign currency long-term debt 396,503 0 — 0 — Derivatives not designated as hedging instruments: Interest rate swap agreements ¥ 19,569 ¥ 272 Other Assets ¥ 165 Other Liabilities Options held/written and other * 372,138 7,025 Other Assets 701 Other Liabilities Futures, foreign exchange contracts * 271,365 2,612 Other Assets 1,298 Other Liabilities Credit derivatives held 5,459 0 — 108 Other Liabilities * The notional amounts of options held/written and other and futures, foreign exchange contracts in the above table include options held of ¥40,275 million, futures contracts of ¥38,094 million and foreign exchange contracts of ¥12,140 million to economically hedge the minimum guarantee risk of variable annuity and variable life insurance contracts at March 31, 2018, respectively. Derivative assets in the above table include fair value of the options held, futures contracts and foreign exchange contracts before offsetting of ¥844 million, ¥182 million and ¥90 million and derivative liabilities includes fair value of the futures and foreign exchange contracts before offsetting of ¥318 million and ¥15 million at March 31, 2018, respectively. September 30, 2018 Derivative assets Derivative liabilities Notional amount Fair Consolidated balance sheets location Fair Consolidated balance sheets location Millions of yen Millions of yen Millions of yen Derivatives designated as hedging instruments and other: Interest rate swap agreements ¥ 262,481 ¥ 952 Other Assets ¥ 3,569 Other Liabilities Futures, foreign exchange contracts 574,700 697 Other Assets 13,167 Other Liabilities Foreign currency swap agreements 72,037 1,625 Other Assets 2,091 Other Liabilities Foreign currency long-term debt 399,765 0 — 0 — Derivatives not designated as hedging instruments: Interest rate swap agreements ¥ 67,286 ¥ 447 Other Assets ¥ 124 Other Liabilities Options held/written and other * 530,056 9,412 Other Assets 2,909 Other Liabilities Futures, foreign exchange contracts * 352,575 365 Other Assets 6,846 Other Liabilities Credit derivatives held 4,020 0 — 89 Other Liabilities * The notional amounts of options held/written and other and futures, foreign exchange contracts in the above table include options held of ¥38,813 million, futures contracts of ¥30,718 million and foreign exchange contracts of ¥10,978 million to economically hedge the minimum guarantee risk of variable annuity and variable life insurance contracts at September 30, 2018, respectively. Derivative assets in the above table includes fair value of the options held, futures contracts and foreign exchange contracts before offsetting of ¥237 million, ¥45 million and ¥18 million and derivative liabilities includes fair value of the futures and foreign exchange contracts before offsetting of ¥1,918 million and ¥231 million at September 30, 2018, respectively. |
Offsetting Assets and Liabili_2
Offsetting Assets and Liabilities (Tables) | 6 Months Ended |
Sep. 30, 2018 | |
Text Block [Abstract] | |
Gross Amounts Recognized, Gross Amounts Offset, and Net Amounts Presented in Consolidated Balance Sheets Regarding to Derivative Assets and Liabilities and Other Assets and Liabilities | The gross amounts recognized, gross amounts offset, and net amounts presented in the consolidated balance sheets regarding to derivative assets and liabilities and other assets and liabilities as of March 31, 2018 and September 30, 2018 are as follows. March 31, 2018 Millions of yen Gross amounts recognized Gross amounts offset in the consolidated balance sheets Net amounts presented in the consolidated balance sheets Gross amounts not offset in the Net amount Financial instruments Collateral received/pledged Derivative assets ¥ 21,831 ¥ (2,105 ) ¥ 19,726 ¥ (820 ) ¥ (6,497 ) ¥ 12,409 Reverse repurchase, securities borrowing, and similar arrangements *2 5,784 (5,590 ) 194 0 0 194 Total assets ¥ 27,615 ¥ (7,695 ) ¥ 19,920 ¥ (820 ) ¥ (6,497 ) ¥ 12,603 Derivative liabilities ¥ 12,400 ¥ (2,105 ) ¥ 10,295 ¥ 0 ¥ (180 ) ¥ 10,115 Repurchase, securities lending, and similar arrangements *2 5,590 (5,590 ) 0 0 0 0 Total liabilities ¥ 17,990 ¥ (7,695 ) ¥ 10,295 ¥ 0 ¥ (180 ) ¥ 10,115 September 30, 2018 Millions of yen Gross amounts recognized Gross amounts offset in the consolidated balance sheets Net amounts presented in the consolidated balance sheets Gross amounts not offset in the Net amount Financial instruments Collateral received/pledged Derivative assets ¥ 13,498 ¥ (670 ) ¥ 12,828 ¥ (216 ) ¥ 0 ¥ 12,612 Reverse repurchase, securities borrowing, and similar arrangements *2 829 (829 ) 0 0 0 0 Total assets ¥ 14,327 ¥ (1,499 ) ¥ 12,828 ¥ (216 ) ¥ 0 ¥ 12,612 Derivative liabilities ¥ 28,795 ¥ (670 ) ¥ 28,125 ¥ (2,649 ) ¥ (1,509 ) ¥ 23,967 Repurchase, securities lending, and similar arrangements *2 1,425 (829 ) 596 0 0 596 Total liabilities ¥ 30,220 ¥ (1,499 ) ¥ 28,721 ¥ (2,649 ) ¥ (1,509 ) ¥ 24,563 *1 The balances related to enforceable master netting agreements or similar agreements which were not offset in the consolidated balance sheets. *2 Reverse repurchase agreements and securities borrowing, and similar transactions are reported within other assets in the consolidated balance sheets. Repurchase agreements and securities lending, and similar transactions are reported within other liabilities in the consolidated balance sheets. |
Estimated Fair Value of Finan_2
Estimated Fair Value of Financial Instruments (Tables) | 6 Months Ended |
Sep. 30, 2018 | |
Fair Value Disclosures [Abstract] | |
Information about Carrying Amount of Financial Instruments Reported in Consolidated Balance Sheets and Related Market or Fair Value | The following information is provided to help readers gain an understanding of the relationship between carrying amount of financial instruments reported in the Company’s consolidated balance sheets and the related market or fair value. The disclosures do not include investment in direct financing leases, investment in affiliates, pension obligations and insurance contracts and reinsurance contracts except for those classified as investment contracts. March 31, 2018 Millions of yen Carrying amount Estimated fair value Level 1 Level 2 Level 3 Assets: Cash and cash equivalents ¥ 1,321,241 ¥ 1,321,241 ¥ 1,321,241 ¥ 0 ¥ 0 Restricted cash 83,876 83,876 83,876 0 0 Installment loans (net of allowance for probable loan losses) 2,779,186 2,788,069 0 139,416 2,648,653 Trading securities 422,053 422,053 35,766 386,287 0 Investment in securities: Practicable to estimate fair value 1,167,247 1,194,180 65,716 969,668 158,796 Not practicable to estimate fair value *1 140,155 140,155 0 0 0 Other Assets: Time deposits 3,378 3,378 0 3,378 0 Derivative assets *2 19,726 19,726 0 0 0 Reinsurance recoverables (Investment contracts) 51,351 52,015 0 0 52,015 Liabilities: Short-term debt ¥ 306,754 ¥ 306,754 ¥ 0 ¥ 306,754 ¥ 0 Deposits 1,757,462 1,759,248 0 1,759,248 0 Policy liabilities and Policy account balances (Investment contracts) 275,507 275,979 0 0 275,979 Long-term debt 3,826,504 3,830,529 0 922,319 2,908,210 Other Liabilities: Derivative liabilities *2 10,295 10,295 0 0 0 *1 The fair value of investment securities of ¥140,155 million was not estimated, as it was not practicable. *2 It represents the amount after offset under counterparty netting of derivative assets and liabilities. For the information of input level before netting, see Note 3 “Fair Value Measurements.” September 30, 2018 Millions of yen Carrying amount Estimated fair value Level 1 Level 2 Level 3 Assets: Cash and cash equivalents ¥ 1,140,901 ¥ 1,140,901 ¥ 1,140,901 ¥ 0 ¥ 0 Restricted cash 113,872 113,872 113,872 0 0 Installment loans (net of allowance for probable loan losses) 3,034,786 3,052,369 0 150,435 2,901,934 Equity securities *1 462,480 462,480 76,321 341,600 44,559 Trading debt securities 24,560 24,560 0 24,560 0 Available-for-sale 1,137,081 1,137,081 21,661 992,872 122,548 Held-to-maturity 114,288 137,868 0 116,250 21,618 Other Assets: Time deposits 4,119 4,119 0 4,119 0 Derivative assets *2 12,828 12,828 0 0 0 Reinsurance recoverables (Investment contracts) 50,805 51,340 0 0 51,340 Liabilities: Short-term debt ¥ 324,464 ¥ 324,464 ¥ 0 ¥ 324,464 ¥ 0 Deposits 1,724,360 1,726,529 0 1,726,529 0 Policy liabilities and Policy account balances (Investment contracts) 269,255 269,419 0 0 269,419 Long-term debt 3,861,037 3,847,882 0 1,075,943 2,771,939 Other Liabilities: Derivative liabilities *2 28,125 28,125 0 0 0 *1 The amount of ¥14,813 million of investment funds measured at net asset value per share is not included. *2 It represents the amount after offset under counterparty netting of derivative assets and liabilities. For the information of input level before netting, see Note 3 “Fair Value Measurements.” |
Commitments, Guarantees and C_2
Commitments, Guarantees and Contingent Liabilities (Tables) | 6 Months Ended |
Sep. 30, 2018 | |
Commitments and Contingencies Disclosure [Abstract] | |
Minimum Future Rentals on Non-Cancelable Operating Leases | The minimum future rentals on non-cancelable Millions of yen March 31, 2018 September 30, 2018 Within one year ¥ 7,939 ¥ 8,072 More than one year 59,732 56,802 Total ¥ 67,671 ¥ 64,874 |
Amounts Due of Certain Computer Systems Operated and Maintained under Non-cancelable Contracts with Third-party Service Providers | As of March 31, 2018 and September 30, 2018, the amounts due are as follows: Millions of yen March 31, 2018 September 30, 2018 Within one year ¥ 5,280 ¥ 3,855 More than one year 6,550 4,230 Total ¥ 11,830 ¥ 8,085 |
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, 2018 and September 30, 2018: March 31, 2018 September 30, 2018 Millions of yen Fiscal year Millions of yen Fiscal year Guarantees Potential future payment Book value of guarantee liabilities Maturity of the longest contract Potential future payment Book value of guarantee liabilities Maturity of the longest contract Corporate loans ¥ 488,297 ¥ 7,294 2025 ¥ 492,542 ¥ 6,862 2026 Transferred loans 166,906 1,227 2058 181,041 1,329 2058 Consumer loans 297,153 37,596 2029 331,804 40,794 2029 Housing loans 28,408 5,021 2048 17,528 4,872 2048 Other 615 230 2025 552 243 2024 Total ¥ 981,379 ¥ 51,368 — ¥ 1,023,467 ¥ 54,100 — |
Assets Provided as Collateral 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 9 “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, 2018 and September 30, 2018: Millions of yen March 31, 2018 September 30, 2018 Minimum lease payments, loans and investment in operating leases ¥ 91,819 ¥ 131,067 Investment in securities 159,475 148,209 Property under facility operations 31,627 31,961 Other assets and other 27,022 29,608 Total ¥ 309,943 ¥ 340,845 |
Segment Information (Tables)
Segment Information (Tables) | 6 Months Ended |
Sep. 30, 2018 | |
Segment Reporting [Abstract] | |
Financial Information of Segments | Financial information of the segments for the six months ended September 30, 2017 is as follows: Millions of yen Corporate Financial Services Maintenance Leasing Real Investment and Operation Retail Overseas Business Total Segment revenues ¥ 54,059 ¥ 137,156 ¥ 95,755 ¥ 774,474 ¥ 219,505 ¥ 240,242 ¥ 1,521,191 Segment profits 22,049 20,438 43,991 38,927 42,950 81,395 249,750 Financial information of the segments for the six months ended September 30, 2018 is as follows: Millions of yen Corporate Financial Services Maintenance Leasing Real Investment and Operation Retail Overseas Business Total Segment revenues ¥ 51,067 ¥ 141,642 ¥ 113,527 ¥ 499,007 ¥ 221,735 ¥ 238,763 ¥ 1,265,741 Segment profits 16,788 20,583 44,183 24,871 49,175 67,716 223,316 Financial information of the segments for the three months ended September 30, 2017 is as follows: Millions of yen Corporate Financial Services Maintenance Leasing Real Investment and Operation Retail Overseas Business Total Segment revenues ¥ 28,603 ¥ 68,810 ¥ 49,235 ¥ 351,917 ¥ 106,908 ¥ 123,210 ¥ 728,683 Segment profits 11,824 10,544 11,158 22,270 20,936 38,596 115,328 Financial information of the segments for the three months ended September 30, 2018 is as follows: Millions of yen Corporate Financial Services Maintenance Leasing Real Investment and Operation Retail Overseas Business Total Segment revenues ¥ 26,063 ¥ 71,784 ¥ 59,003 ¥ 264,489 ¥ 118,920 ¥ 120,284 ¥ 660,543 Segment profits 8,968 10,887 21,964 12,966 27,390 27,710 109,885 Segment assets information as of March 31, 2018 and September 30, 2018 is as follows: Millions of yen Corporate Financial Services Maintenance Leasing Real Investment and Operation Retail Overseas Business Total March 31, 2018 ¥ 991,818 ¥ 847,190 ¥ 620,238 ¥ 856,348 ¥ 3,174,505 ¥ 2,608,819 ¥ 9,098,918 September 30, 2018 966,357 859,007 577,414 893,067 3,368,956 2,955,727 9,620,528 |
Reconciliation of Segment Totals to Consolidated Financial Statement Amounts | The reconciliation of segment totals to consolidated financial statement amounts is as follows: Millions of yen Six months ended Six months ended Segment revenues: Total revenues for segments ¥ 1,521,191 ¥ 1,265,741 Revenues related to corporate assets 6,949 6,732 Revenues from inter-segment transactions (10,344 ) (10,459 ) Total consolidated revenues ¥ 1,517,796 ¥ 1,262,014 Segment profits: Total profits for segments ¥ 249,750 ¥ 223,316 Corporate profits (losses) (569 ) (4,163 ) Net income attributable to the noncontrolling interests and net income attributable to the redeemable noncontrolling interests 3,431 1,792 Total consolidated income before income taxes ¥ 252,612 ¥ 220,945 Millions of yen Three months ended Three months ended Segment revenues: Total revenues for segments ¥ 728,683 ¥ 660,543 Revenues related to corporate assets 2,850 2,966 Revenues from inter-segment transactions (6,034 ) (5,412 ) Total consolidated revenues ¥ 725,499 ¥ 658,097 Segment profits: Total profits for segments ¥ 115,328 ¥ 109,885 Corporate profits (losses) (529 ) (1,575 ) Net income attributable to the noncontrolling interests and net income attributable to the redeemable noncontrolling interests 2,202 1,681 Total consolidated income before income taxes ¥ 117,001 ¥ 109,991 Millions of yen March 31, 2018 September 30, 2018 Segment assets: Total assets for segments ¥ 9,098,918 ¥ 9,620,528 Cash and cash equivalents, restricted cash 1,405,117 1,254,773 Allowance for doubtful receivables on direct financing leases and probable loan losses (54,672 ) (55,840 ) Trade notes, accounts and other receivable 294,773 275,520 Other corporate assets 681,846 683,563 Total consolidated assets ¥ 11,425,982 ¥ 11,778,544 |
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. For the six months ended September 30, 2017 Millions of yen Six months ended September 30, 2017 Japan The Americas *1 Other *2 Total Total Revenues ¥ 1,270,724 ¥ 107,847 ¥ 139,225 ¥ 1,517,796 Income before Income Taxes 168,992 40,427 43,193 252,612 For the six months ended September 30, 2018 Millions of yen Six months ended September 30, 2018 Japan The Americas *1 Other *2 Total Total Revenues ¥ 1,025,293 ¥ 99,000 ¥ 137,721 ¥ 1,262,014 Income before Income Taxes 154,142 43,964 22,839 220,945 For the three months ended September 30, 2017 Millions of yen Three months ended September 30, 2017 Japan The Americas *1 Other *2 Total Total Revenues ¥ 600,013 ¥ 53,063 ¥ 72,423 ¥ 725,499 Income before Income Taxes 76,594 21,113 19,294 117,001 For the three months ended September 30, 2018 Millions of yen Three months ended September 30, 2018 Japan The Americas *1 Other *2 Total Total Revenues ¥ 539,887 ¥ 50,410 ¥ 67,800 ¥ 658,097 Income before Income Taxes 83,879 15,096 11,016 109,991 *1 Mainly the United States *2 Mainly Asia, Europe, Australasia and Middle East |
Disaggregation of Revenues for Revenues From Contracts With Customers, by Goods and Services Category and Geographical Location | Disaggregation of revenues for revenues from contracts with customers, by goods and services category and geographical location is as follows: For the six months ended September 30, 2018 Millions of yen Six months ended September 30, 2018 Reportable segments Corporate revenue and intersegment transactions Total revenues Corporate Financial Services Maintenance Leasing Real Investment and Operation Retail Overseas Business Total Goods and services category Sale of goods ¥ 2,004 ¥ 2,397 ¥ 2,773 ¥ 277,607 ¥ 0 ¥ 2,115 ¥ 286,896 ¥ 1,015 ¥ 287,911 Real estate sales 0 0 93 42,601 0 156 42,850 0 42,850 Asset management and servicing 0 0 2,879 235 84 95,508 98,706 (55 ) 98,651 Automobile related services 245 29,632 0 93 0 8,404 38,374 (175 ) 38,199 Facilities operation 0 0 52,764 0 0 1,967 54,731 0 54,731 Environment and energy related services 1,691 0 122 65,362 0 576 67,751 (416 ) 67,335 Real estate management and brokerage 0 0 988 51,988 0 0 52,976 (1,890 ) 51,086 Real estate contract work 0 0 0 32,040 0 0 32,040 0 32,040 Other 18,517 4,515 1,398 19,630 1,476 8,999 54,535 18 54,553 Total revenues from contracts with customers ¥ 22,457 ¥ 36,544 ¥ 61,017 ¥ 489,556 ¥ 1,560 ¥ 117,725 ¥ 728,859 ¥ (1,503 ) ¥ 727,356 Geographical location Japan 22,457 36,344 61,017 489,209 1,560 2,878 613,465 (0 ) 613,465 The Americas 0 0 0 0 0 59,185 59,185 0 59,185 Other 0 200 0 347 0 55,662 56,209 (1,503 ) 54,706 Total revenues from contracts with customers 22,457 36,544 61,017 489,556 1,560 117,725 728,859 (1,503 ) 727,356 Other revenues * 28,610 105,098 52,510 9,451 220,175 121,038 536,882 (2,224 ) 534,658 Segment revenues /Total revenues ¥ 51,067 ¥ 141,642 ¥ 113,527 ¥ 499,007 ¥ 221,735 ¥ 238,763 ¥ 1,265,741 ¥ (3,727 ) ¥ 1,262,014 For the three months ended September 30, 2018 Millions of yen Three months ended September 30, 2018 Reportable segments Corporate revenue and intersegment transactions Total revenues Corporate Financial Services Maintenance Leasing Real Investment and Operation Retail Overseas Business Total Goods and services category Sale of goods ¥ 968 ¥ 1,329 ¥ 1,501 ¥ 146,108 ¥ 0 ¥ 1,048 ¥ 150,954 ¥ 530 ¥ 151,484 Real estate sales 0 0 0 24,772 0 50 24,822 0 24,822 Asset management and servicing 0 0 1,479 118 40 47,497 49,134 (41 ) 49,093 Automobile related services 123 14,453 0 42 0 4,224 18,842 (81 ) 18,761 Facilities operation 0 0 27,468 0 0 1,037 28,505 (0 ) 28,505 Environment and energy related services 840 0 63 34,572 0 343 35,818 (216 ) 35,602 Real estate management and brokerage 0 0 455 26,114 0 0 26,569 (1,033 ) 25,536 Real estate contract work 0 0 0 18,728 0 0 18,728 0 18,728 Other 9,484 2,272 771 9,628 794 4,805 27,754 (779 ) 26,975 Total revenues from contracts with customers ¥ 11,415 ¥ 18,054 ¥ 31,737 ¥ 260,082 ¥ 834 ¥ 59,004 ¥ 381,126 ¥ (1,620 ) ¥ 379,506 Geographical location Japan 11,415 17,924 31,737 259,735 834 1,606 323,251 (694 ) 322,557 The Americas 0 0 0 0 0 29,925 29,925 0 29,925 Other 0 130 0 347 0 27,473 27,950 (926 ) 27,024 Total revenues from contracts with customers 11,415 18,054 31,737 260,082 834 59,004 381,126 (1,620 ) 379,506 Other revenues * 14,648 53,730 27,266 4,407 118,086 61,280 279,417 (826 ) 278,591 Segment revenues /Total revenues ¥ 26,063 ¥ 71,784 ¥ 59,003 ¥ 264,489 ¥ 118,920 ¥ 120,284 ¥ 660,543 ¥ (2,446 ) ¥ 658,097 * Other revenues include revenues that are not in the scope of ASC 606 (“Revenue from Contracts with Customers”), such as life insurance premiums and related investment income, operating leases, finance revenues that include interest income, and others. |
Overview of Accounting Princi_2
Overview of Accounting Principles Utilized - Additional Information (Detail) | 6 Months Ended |
Sep. 30, 2018 | |
Goodwill | Maximum | |
Significant Accounting Policies [Line Items] | |
Goodwill amortization period | 20 years |
Significant Accounting and Re_3
Significant Accounting and Reporting Policies - Additional Information (Detail) - JPY (¥) ¥ in Millions | 3 Months Ended | 6 Months Ended | |||
Sep. 30, 2018 | Sep. 30, 2017 | Sep. 30, 2018 | Sep. 30, 2017 | Mar. 31, 2018 | |
Significant Accounting Policies [Line Items] | |||||
A maximum lag period of recognizing the results of subsidiaries and affiliates | 3 months | ||||
Investment in operating leases less accumulated depreciation | ¥ 621,237 | ¥ 621,237 | ¥ 605,415 | ||
Effective tax rate | 30.40% | 32.90% | 29.10% | 32.90% | |
National corporation tax | 24.00% | 24.00% | 24.00% | 24.00% | |
Inhabitant tax | 4.00% | 4.00% | 4.00% | 4.00% | |
Deductible enterprise tax | 4.00% | 4.00% | 4.00% | 4.00% | |
Statutory income tax rate | 31.50% | 31.70% | 31.50% | 31.70% | |
Increase in additional paid-in capital had such stock splits made prior to October 1, 2001 | ¥ 24,674 | ||||
Loans held for sale in installment loans | ¥ 44,398 | 44,398 | 18,300 | ||
Loans held for sale measured at fair value | 31,196 | 31,196 | 17,260 | ||
Residential condominiums under development | 74,051 | 74,051 | 51,415 | ||
Finished goods | 57,324 | 57,324 | 59,586 | ||
Write-down on residential condominiums under development | 69 | ¥ 64 | 110 | ¥ 88 | |
Goodwill | 416,129 | 416,129 | 368,625 | ||
Other intangible assets | 435,561 | 435,561 | 439,100 | ||
Increase (decrease) in retained earnings | 2,427,424 | 2,427,424 | 2,315,283 | ||
Increase (decrease) in accumulated other comprehensive income | (35,696) | (35,696) | (45,566) | ||
Increase (decrease) in cash and cash equivalents and restricted cash | (150,344) | 140,991 | |||
Services income | 205,329 | 201,032 | 412,587 | 388,237 | |
Finance revenues | 60,793 | 55,983 | 117,352 | 113,346 | |
Accounting standards update 2014-09 | |||||
Significant Accounting Policies [Line Items] | |||||
Increase (decrease) in retained earnings | 405 | 405 | |||
Accounting standards update 2016-01 | |||||
Significant Accounting Policies [Line Items] | |||||
Increase (decrease) in retained earnings | 2,899 | 2,899 | |||
Increase (decrease) in accumulated other comprehensive income | (2,899) | (2,899) | |||
Accounting standards update 2016-16 | |||||
Significant Accounting Policies [Line Items] | |||||
Increase (decrease) in retained earnings | 3,772 | 3,772 | |||
Accounting Standards Update 2016-18 [Member] | |||||
Significant Accounting Policies [Line Items] | |||||
Increase (decrease) in cash and cash equivalents and restricted cash | 29,996 | (5,100) | |||
Restatement Adjustment | |||||
Significant Accounting Policies [Line Items] | |||||
Services income | (3,496) | (6,869) | |||
Finance revenues | ¥ 3,496 | ¥ 6,869 | |||
Property under Facility Operations | |||||
Significant Accounting Policies [Line Items] | |||||
Accumulated depreciation | 107,682 | 107,682 | 101,103 | ||
Office Facilities | |||||
Significant Accounting Policies [Line Items] | |||||
Accumulated depreciation | ¥ 53,242 | ¥ 53,242 | ¥ 51,395 | ||
Minimum | |||||
Significant Accounting Policies [Line Items] | |||||
Income tax settlement by tax authority | 50.00% |
Fair Value Measurements (Record
Fair Value Measurements (Recorded Amounts of Major Financial Assets and Liabilities Measured at Fair Value on Recurring Basis) (Detail) - JPY (¥) ¥ in Millions | Sep. 30, 2018 | Mar. 31, 2018 | |||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | |||||
Fair value measured on recurring basis investments | ¥ 23,960 | ¥ 37,631 | |||
Derivative assets, gross amounts recognized | 14,327 | 27,615 | |||
Derivative assets, gross amounts offset in the consolidated balance sheets, assets | (1,499) | (7,695) | |||
Derivative assets, net amounts presented in the consolidated balance sheets, assets | 12,828 | 19,920 | |||
Other assets | 11,121 | 15,008 | |||
Derivative liabilities, gross amounts recognized | 30,220 | 17,990 | |||
Derivative liabilities, gross amounts offset in the consolidated balance sheets, liabilities | (1,499) | (7,695) | |||
Derivative liabilities, net amounts presented in the consolidated balance sheets, liabilities | 28,721 | 10,295 | |||
Policy Liabilities and Policy Account Balances | 405,705 | 444,010 | |||
Fair Value, Measurements, Recurring | |||||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | |||||
Derivative assets, gross amounts recognized | 13,498 | 21,831 | |||
Derivative assets, gross amounts offset in the consolidated balance sheets, assets | [1] | (670) | (2,105) | ||
Derivative assets, net amounts presented in the consolidated balance sheets, assets | 12,828 | 19,726 | |||
Other assets | 11,121 | 15,008 | |||
Total financial assets | 1,679,936 | 1,529,508 | |||
Derivative liabilities, gross amounts recognized | 28,795 | 12,400 | |||
Derivative liabilities, gross amounts offset in the consolidated balance sheets, liabilities | [1] | (670) | (2,105) | ||
Derivative liabilities, net amounts presented in the consolidated balance sheets, liabilities | 28,125 | 10,295 | |||
Policy Liabilities and Policy Account Balances | 405,705 | 444,010 | |||
Total financial liabilities | 434,500 | 456,410 | |||
Interest rate swap agreements | Fair Value, Measurements, Recurring | |||||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | |||||
Derivative assets, gross amounts recognized | 1,399 | 327 | |||
Derivative liabilities, gross amounts recognized | 3,693 | 4,924 | |||
Futures, foreign exchange contracts | Fair Value, Measurements, Recurring | |||||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | |||||
Derivative assets, gross amounts recognized | 1,062 | 14,057 | |||
Derivative liabilities, gross amounts recognized | 20,013 | 3,447 | |||
Equity securities | Fair Value, Measurements, Recurring | |||||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | |||||
Fair value measured on recurring basis investments | [2],[3] | 462,480 | |||
Investment funds | Equity securities | |||||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | |||||
Fair value measured on recurring basis investments | 5,751 | ||||
Options held/written and other | Fair Value, Measurements, Recurring | |||||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | |||||
Derivative assets, gross amounts recognized | 9,412 | 7,025 | |||
Derivative liabilities, gross amounts recognized | 2,909 | 701 | |||
Reinsurance Recoverable | |||||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | |||||
Other assets | 11,121 | 15,008 | |||
Reinsurance Recoverable | Fair Value, Measurements, Recurring | |||||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | |||||
Other assets | 11,121 | [4] | 15,008 | [5] | |
Credit derivatives held/written | Fair Value, Measurements, Recurring | |||||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | |||||
Derivative liabilities, gross amounts recognized | 89 | 108 | |||
Variable Annuity and Variable Life Insurance Contracts | |||||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | |||||
Policy Liabilities and Policy Account Balances | 405,705 | 444,010 | |||
Variable Annuity and Variable Life Insurance Contracts | Fair Value, Measurements, Recurring | |||||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | |||||
Policy Liabilities and Policy Account Balances | 405,705 | [6] | 444,010 | [7] | |
Loans Held-for-Sale | Fair Value, Measurements, Recurring | |||||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | |||||
Fair value measured on recurring basis investments | 31,196 | [8] | 17,260 | [9] | |
Trading securities | Fair Value, Measurements, Recurring | |||||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | |||||
Fair value measured on recurring basis investments | 422,053 | ||||
Available-for-sale securities | Fair Value, Measurements, Recurring | |||||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | |||||
Fair value measured on recurring basis investments | 1,015,477 | ||||
Available-for-sale securities | Corporate debt securities | Fair Value, Measurements, Recurring | |||||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | |||||
Fair value measured on recurring basis investments | [10] | 366,475 | |||
Available-for-sale securities | Equity securities | |||||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | |||||
Fair value measured on recurring basis investments | 22,365 | ||||
Available-for-sale securities | Equity securities | Fair Value, Measurements, Recurring | |||||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | |||||
Fair value measured on recurring basis investments | [11] | 53,598 | |||
Available-for-sale securities | Japanese and foreign government bond securities | Fair Value, Measurements, Recurring | |||||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | |||||
Fair value measured on recurring basis investments | [12] | 275,810 | |||
Available-for-sale securities | Japanese prefectural and foreign municipal bond securities | Fair Value, Measurements, Recurring | |||||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | |||||
Fair value measured on recurring basis investments | 163,236 | ||||
Available-for-sale securities | Specified bonds issued by SPEs in Japan | Fair Value, Measurements, Recurring | |||||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | |||||
Fair value measured on recurring basis investments | 861 | ||||
Available-for-sale securities | CMBS and RMBS in the Americas | Fair Value, Measurements, Recurring | |||||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | |||||
Fair value measured on recurring basis investments | 74,176 | ||||
Available-for-sale securities | Other asset-backed securities and debt securities | Fair Value, Measurements, Recurring | |||||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | |||||
Fair value measured on recurring basis investments | 81,321 | ||||
Other securities | |||||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | |||||
Fair value measured on recurring basis investments | 5,665 | ||||
Other securities | Fair Value, Measurements, Recurring | |||||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | |||||
Fair value measured on recurring basis investments | 37,879 | ||||
Other securities | Investment funds | Fair Value, Measurements, Recurring | |||||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | |||||
Fair value measured on recurring basis investments | [13] | 37,879 | |||
Trading Debt Securities | Fair Value, Measurements, Recurring | |||||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | |||||
Fair value measured on recurring basis investments | 24,560 | ||||
Available-for-sale Debt Securities | Fair Value, Measurements, Recurring | |||||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | |||||
Fair value measured on recurring basis investments | 1,137,081 | ||||
Available-for-sale Debt Securities | Corporate debt securities | Fair Value, Measurements, Recurring | |||||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | |||||
Fair value measured on recurring basis investments | [14] | 466,320 | |||
Available-for-sale Debt Securities | Japanese and foreign government bond securities | Fair Value, Measurements, Recurring | |||||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | |||||
Fair value measured on recurring basis investments | [12] | 348,484 | |||
Available-for-sale Debt Securities | Japanese prefectural and foreign municipal bond securities | Fair Value, Measurements, Recurring | |||||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | |||||
Fair value measured on recurring basis investments | 164,853 | ||||
Available-for-sale Debt Securities | Specified bonds issued by SPEs in Japan | Fair Value, Measurements, Recurring | |||||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | |||||
Fair value measured on recurring basis investments | 762 | ||||
Available-for-sale Debt Securities | CMBS and RMBS in the Americas | Fair Value, Measurements, Recurring | |||||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | |||||
Fair value measured on recurring basis investments | 61,092 | ||||
Available-for-sale Debt Securities | Other asset-backed securities and debt securities | Fair Value, Measurements, Recurring | |||||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | |||||
Fair value measured on recurring basis investments | 95,570 | ||||
Foreign currency swap agreements | Fair Value, Measurements, Recurring | |||||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | |||||
Derivative assets, gross amounts recognized | 1,625 | 422 | |||
Derivative liabilities, gross amounts recognized | 2,091 | 3,220 | |||
Level 1 | |||||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | |||||
Derivative assets, net amounts presented in the consolidated balance sheets, assets | [15] | 0 | 0 | ||
Derivative liabilities, net amounts presented in the consolidated balance sheets, liabilities | [15] | 0 | 0 | ||
Level 1 | Fair Value, Measurements, Recurring | |||||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | |||||
Derivative assets, gross amounts recognized | 97 | 507 | |||
Derivative assets, gross amounts offset in the consolidated balance sheets, assets | [1] | 0 | 0 | ||
Derivative assets, net amounts presented in the consolidated balance sheets, assets | 0 | 0 | |||
Other assets | 0 | 0 | |||
Total financial assets | 98,079 | 101,989 | |||
Derivative liabilities, gross amounts recognized | 2,007 | 318 | |||
Derivative liabilities, gross amounts offset in the consolidated balance sheets, liabilities | [1] | 0 | 0 | ||
Derivative liabilities, net amounts presented in the consolidated balance sheets, liabilities | 0 | 0 | |||
Policy Liabilities and Policy Account Balances | 0 | 0 | |||
Total financial liabilities | 2,007 | 318 | |||
Level 1 | Interest rate swap agreements | Fair Value, Measurements, Recurring | |||||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | |||||
Derivative assets, gross amounts recognized | 0 | 0 | |||
Derivative liabilities, gross amounts recognized | 0 | 0 | |||
Level 1 | Futures, foreign exchange contracts | Fair Value, Measurements, Recurring | |||||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | |||||
Derivative assets, gross amounts recognized | 97 | 507 | |||
Derivative liabilities, gross amounts recognized | 2,007 | 318 | |||
Level 1 | Equity securities | Fair Value, Measurements, Recurring | |||||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | |||||
Fair value measured on recurring basis investments | [2],[3] | 76,321 | |||
Level 1 | Options held/written and other | Fair Value, Measurements, Recurring | |||||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | |||||
Derivative assets, gross amounts recognized | 0 | 0 | |||
Derivative liabilities, gross amounts recognized | 0 | 0 | |||
Level 1 | Reinsurance Recoverable | Fair Value, Measurements, Recurring | |||||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | |||||
Other assets | 0 | [4] | 0 | [5] | |
Level 1 | Credit derivatives held/written | Fair Value, Measurements, Recurring | |||||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | |||||
Derivative liabilities, gross amounts recognized | 0 | 0 | |||
Level 1 | Variable Annuity and Variable Life Insurance Contracts | Fair Value, Measurements, Recurring | |||||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | |||||
Policy Liabilities and Policy Account Balances | 0 | [6] | 0 | [7] | |
Level 1 | Loans Held-for-Sale | Fair Value, Measurements, Recurring | |||||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | |||||
Fair value measured on recurring basis investments | 0 | [8] | 0 | [9] | |
Level 1 | Trading securities | Fair Value, Measurements, Recurring | |||||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | |||||
Fair value measured on recurring basis investments | 35,766 | ||||
Level 1 | Available-for-sale securities | Fair Value, Measurements, Recurring | |||||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | |||||
Fair value measured on recurring basis investments | 65,716 | ||||
Level 1 | Available-for-sale securities | Corporate debt securities | Fair Value, Measurements, Recurring | |||||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | |||||
Fair value measured on recurring basis investments | [10] | 8,882 | |||
Level 1 | Available-for-sale securities | Equity securities | Fair Value, Measurements, Recurring | |||||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | |||||
Fair value measured on recurring basis investments | [11] | 52,885 | |||
Level 1 | Available-for-sale securities | Japanese and foreign government bond securities | Fair Value, Measurements, Recurring | |||||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | |||||
Fair value measured on recurring basis investments | [12] | 3,949 | |||
Level 1 | Available-for-sale securities | Japanese prefectural and foreign municipal bond securities | Fair Value, Measurements, Recurring | |||||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | |||||
Fair value measured on recurring basis investments | 0 | ||||
Level 1 | Available-for-sale securities | Specified bonds issued by SPEs in Japan | Fair Value, Measurements, Recurring | |||||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | |||||
Fair value measured on recurring basis investments | 0 | ||||
Level 1 | Available-for-sale securities | CMBS and RMBS in the Americas | Fair Value, Measurements, Recurring | |||||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | |||||
Fair value measured on recurring basis investments | 0 | ||||
Level 1 | Available-for-sale securities | Other asset-backed securities and debt securities | Fair Value, Measurements, Recurring | |||||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | |||||
Fair value measured on recurring basis investments | 0 | ||||
Level 1 | Other securities | Fair Value, Measurements, Recurring | |||||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | |||||
Fair value measured on recurring basis investments | 0 | ||||
Level 1 | Other securities | Investment funds | Fair Value, Measurements, Recurring | |||||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | |||||
Fair value measured on recurring basis investments | [13] | 0 | |||
Level 1 | Trading Debt Securities | Fair Value, Measurements, Recurring | |||||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | |||||
Fair value measured on recurring basis investments | 0 | ||||
Level 1 | Available-for-sale Debt Securities | Fair Value, Measurements, Recurring | |||||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | |||||
Fair value measured on recurring basis investments | 21,661 | ||||
Level 1 | Available-for-sale Debt Securities | Corporate debt securities | Fair Value, Measurements, Recurring | |||||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | |||||
Fair value measured on recurring basis investments | [14] | 17,595 | |||
Level 1 | Available-for-sale Debt Securities | Japanese and foreign government bond securities | Fair Value, Measurements, Recurring | |||||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | |||||
Fair value measured on recurring basis investments | [12] | 4,066 | |||
Level 1 | Available-for-sale Debt Securities | Japanese prefectural and foreign municipal bond securities | Fair Value, Measurements, Recurring | |||||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | |||||
Fair value measured on recurring basis investments | 0 | ||||
Level 1 | Available-for-sale Debt Securities | Specified bonds issued by SPEs in Japan | Fair Value, Measurements, Recurring | |||||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | |||||
Fair value measured on recurring basis investments | 0 | ||||
Level 1 | Available-for-sale Debt Securities | CMBS and RMBS in the Americas | Fair Value, Measurements, Recurring | |||||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | |||||
Fair value measured on recurring basis investments | 0 | ||||
Level 1 | Available-for-sale Debt Securities | Other asset-backed securities and debt securities | Fair Value, Measurements, Recurring | |||||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | |||||
Fair value measured on recurring basis investments | 0 | ||||
Level 1 | Foreign currency swap agreements | Fair Value, Measurements, Recurring | |||||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | |||||
Derivative assets, gross amounts recognized | 0 | 0 | |||
Derivative liabilities, gross amounts recognized | 0 | 0 | |||
Level 2 | |||||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | |||||
Derivative assets, net amounts presented in the consolidated balance sheets, assets | [15] | 0 | 0 | ||
Derivative liabilities, net amounts presented in the consolidated balance sheets, liabilities | [15] | 0 | 0 | ||
Level 2 | Fair Value, Measurements, Recurring | |||||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | |||||
Derivative assets, gross amounts recognized | 12,658 | 19,033 | |||
Derivative assets, gross amounts offset in the consolidated balance sheets, assets | [1] | 0 | 0 | ||
Derivative assets, net amounts presented in the consolidated balance sheets, assets | 0 | 0 | |||
Other assets | 0 | 0 | |||
Total financial assets | 1,402,886 | 1,251,424 | |||
Derivative liabilities, gross amounts recognized | 26,788 | 12,082 | |||
Derivative liabilities, gross amounts offset in the consolidated balance sheets, liabilities | [1] | 0 | 0 | ||
Derivative liabilities, net amounts presented in the consolidated balance sheets, liabilities | 0 | 0 | |||
Policy Liabilities and Policy Account Balances | 0 | 0 | |||
Total financial liabilities | 26,788 | 12,082 | |||
Level 2 | Interest rate swap agreements | Fair Value, Measurements, Recurring | |||||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | |||||
Derivative assets, gross amounts recognized | 1,399 | 327 | |||
Derivative liabilities, gross amounts recognized | 3,693 | 4,924 | |||
Level 2 | Futures, foreign exchange contracts | Fair Value, Measurements, Recurring | |||||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | |||||
Derivative assets, gross amounts recognized | 965 | 13,550 | |||
Derivative liabilities, gross amounts recognized | 18,006 | 3,129 | |||
Level 2 | Equity securities | Fair Value, Measurements, Recurring | |||||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | |||||
Fair value measured on recurring basis investments | [2],[3] | 341,600 | |||
Level 2 | Options held/written and other | Fair Value, Measurements, Recurring | |||||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | |||||
Derivative assets, gross amounts recognized | 8,669 | 4,734 | |||
Derivative liabilities, gross amounts recognized | 2,909 | 701 | |||
Level 2 | Reinsurance Recoverable | Fair Value, Measurements, Recurring | |||||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | |||||
Other assets | 0 | [4] | 0 | [5] | |
Level 2 | Credit derivatives held/written | Fair Value, Measurements, Recurring | |||||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | |||||
Derivative liabilities, gross amounts recognized | 89 | 108 | |||
Level 2 | Variable Annuity and Variable Life Insurance Contracts | Fair Value, Measurements, Recurring | |||||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | |||||
Policy Liabilities and Policy Account Balances | 0 | [6] | 0 | [7] | |
Level 2 | Loans Held-for-Sale | Fair Value, Measurements, Recurring | |||||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | |||||
Fair value measured on recurring basis investments | 31,196 | [8] | 17,260 | [9] | |
Level 2 | Trading securities | Fair Value, Measurements, Recurring | |||||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | |||||
Fair value measured on recurring basis investments | 386,287 | ||||
Level 2 | Available-for-sale securities | Fair Value, Measurements, Recurring | |||||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | |||||
Fair value measured on recurring basis investments | 828,844 | ||||
Level 2 | Available-for-sale securities | Corporate debt securities | Fair Value, Measurements, Recurring | |||||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | |||||
Fair value measured on recurring basis investments | [10] | 354,556 | |||
Level 2 | Available-for-sale securities | Equity securities | Fair Value, Measurements, Recurring | |||||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | |||||
Fair value measured on recurring basis investments | [11] | 713 | |||
Level 2 | Available-for-sale securities | Japanese and foreign government bond securities | Fair Value, Measurements, Recurring | |||||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | |||||
Fair value measured on recurring basis investments | [12] | 271,861 | |||
Level 2 | Available-for-sale securities | Japanese prefectural and foreign municipal bond securities | Fair Value, Measurements, Recurring | |||||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | |||||
Fair value measured on recurring basis investments | 163,236 | ||||
Level 2 | Available-for-sale securities | Specified bonds issued by SPEs in Japan | Fair Value, Measurements, Recurring | |||||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | |||||
Fair value measured on recurring basis investments | 0 | ||||
Level 2 | Available-for-sale securities | CMBS and RMBS in the Americas | Fair Value, Measurements, Recurring | |||||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | |||||
Fair value measured on recurring basis investments | 38,166 | ||||
Level 2 | Available-for-sale securities | Other asset-backed securities and debt securities | Fair Value, Measurements, Recurring | |||||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | |||||
Fair value measured on recurring basis investments | 312 | ||||
Level 2 | Other securities | Fair Value, Measurements, Recurring | |||||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | |||||
Fair value measured on recurring basis investments | 0 | ||||
Level 2 | Other securities | Investment funds | Fair Value, Measurements, Recurring | |||||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | |||||
Fair value measured on recurring basis investments | [13] | 0 | |||
Level 2 | Trading Debt Securities | Fair Value, Measurements, Recurring | |||||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | |||||
Fair value measured on recurring basis investments | 24,560 | ||||
Level 2 | Available-for-sale Debt Securities | Fair Value, Measurements, Recurring | |||||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | |||||
Fair value measured on recurring basis investments | 992,872 | ||||
Level 2 | Available-for-sale Debt Securities | Corporate debt securities | Fair Value, Measurements, Recurring | |||||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | |||||
Fair value measured on recurring basis investments | [14] | 446,178 | |||
Level 2 | Available-for-sale Debt Securities | Japanese and foreign government bond securities | Fair Value, Measurements, Recurring | |||||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | |||||
Fair value measured on recurring basis investments | [12] | 344,418 | |||
Level 2 | Available-for-sale Debt Securities | Japanese prefectural and foreign municipal bond securities | Fair Value, Measurements, Recurring | |||||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | |||||
Fair value measured on recurring basis investments | 164,853 | ||||
Level 2 | Available-for-sale Debt Securities | Specified bonds issued by SPEs in Japan | Fair Value, Measurements, Recurring | |||||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | |||||
Fair value measured on recurring basis investments | 0 | ||||
Level 2 | Available-for-sale Debt Securities | CMBS and RMBS in the Americas | Fair Value, Measurements, Recurring | |||||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | |||||
Fair value measured on recurring basis investments | 37,096 | ||||
Level 2 | Available-for-sale Debt Securities | Other asset-backed securities and debt securities | Fair Value, Measurements, Recurring | |||||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | |||||
Fair value measured on recurring basis investments | 327 | ||||
Level 2 | Foreign currency swap agreements | Fair Value, Measurements, Recurring | |||||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | |||||
Derivative assets, gross amounts recognized | 1,625 | 422 | |||
Derivative liabilities, gross amounts recognized | 2,091 | 3,220 | |||
Level 3 | |||||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | |||||
Derivative assets, net amounts presented in the consolidated balance sheets, assets | [15] | 0 | 0 | ||
Derivative liabilities, net amounts presented in the consolidated balance sheets, liabilities | [15] | 0 | 0 | ||
Level 3 | Fair Value, Measurements, Recurring | |||||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | |||||
Derivative assets, gross amounts recognized | 743 | 2,291 | |||
Derivative assets, gross amounts offset in the consolidated balance sheets, assets | [1] | 0 | 0 | ||
Derivative assets, net amounts presented in the consolidated balance sheets, assets | 0 | 0 | |||
Other assets | 11,121 | 15,008 | |||
Total financial assets | 178,971 | 176,095 | |||
Derivative liabilities, gross amounts recognized | 0 | 0 | |||
Derivative liabilities, gross amounts offset in the consolidated balance sheets, liabilities | [1] | 0 | 0 | ||
Derivative liabilities, net amounts presented in the consolidated balance sheets, liabilities | 0 | 0 | |||
Policy Liabilities and Policy Account Balances | 405,705 | 444,010 | |||
Total financial liabilities | 405,705 | 444,010 | |||
Level 3 | Interest rate swap agreements | Fair Value, Measurements, Recurring | |||||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | |||||
Derivative assets, gross amounts recognized | 0 | 0 | |||
Derivative liabilities, gross amounts recognized | 0 | 0 | |||
Level 3 | Futures, foreign exchange contracts | Fair Value, Measurements, Recurring | |||||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | |||||
Derivative assets, gross amounts recognized | 0 | 0 | |||
Derivative liabilities, gross amounts recognized | 0 | 0 | |||
Level 3 | Equity securities | Fair Value, Measurements, Recurring | |||||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | |||||
Fair value measured on recurring basis investments | [2],[3] | 44,559 | |||
Level 3 | Options held/written and other | Fair Value, Measurements, Recurring | |||||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | |||||
Derivative assets, gross amounts recognized | 743 | 2,291 | |||
Derivative liabilities, gross amounts recognized | 0 | 0 | |||
Level 3 | Reinsurance Recoverable | Fair Value, Measurements, Recurring | |||||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | |||||
Other assets | 11,121 | [4] | 15,008 | [5] | |
Level 3 | Credit derivatives held/written | Fair Value, Measurements, Recurring | |||||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | |||||
Derivative liabilities, gross amounts recognized | 0 | 0 | |||
Level 3 | Variable Annuity and Variable Life Insurance Contracts | Fair Value, Measurements, Recurring | |||||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | |||||
Policy Liabilities and Policy Account Balances | 405,705 | [6] | 444,010 | [7] | |
Level 3 | Loans Held-for-Sale | Fair Value, Measurements, Recurring | |||||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | |||||
Fair value measured on recurring basis investments | 0 | [8] | 0 | [9] | |
Level 3 | Trading securities | Fair Value, Measurements, Recurring | |||||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | |||||
Fair value measured on recurring basis investments | 0 | ||||
Level 3 | Available-for-sale securities | Fair Value, Measurements, Recurring | |||||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | |||||
Fair value measured on recurring basis investments | 120,917 | ||||
Level 3 | Available-for-sale securities | Corporate debt securities | Fair Value, Measurements, Recurring | |||||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | |||||
Fair value measured on recurring basis investments | [10] | 3,037 | |||
Level 3 | Available-for-sale securities | Equity securities | Fair Value, Measurements, Recurring | |||||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | |||||
Fair value measured on recurring basis investments | [11] | 0 | |||
Level 3 | Available-for-sale securities | Japanese and foreign government bond securities | Fair Value, Measurements, Recurring | |||||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | |||||
Fair value measured on recurring basis investments | [12] | 0 | |||
Level 3 | Available-for-sale securities | Japanese prefectural and foreign municipal bond securities | Fair Value, Measurements, Recurring | |||||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | |||||
Fair value measured on recurring basis investments | 0 | ||||
Level 3 | Available-for-sale securities | Specified bonds issued by SPEs in Japan | Fair Value, Measurements, Recurring | |||||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | |||||
Fair value measured on recurring basis investments | 861 | ||||
Level 3 | Available-for-sale securities | CMBS and RMBS in the Americas | Fair Value, Measurements, Recurring | |||||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | |||||
Fair value measured on recurring basis investments | 36,010 | ||||
Level 3 | Available-for-sale securities | Other asset-backed securities and debt securities | Fair Value, Measurements, Recurring | |||||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | |||||
Fair value measured on recurring basis investments | 81,009 | ||||
Level 3 | Other securities | Fair Value, Measurements, Recurring | |||||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | |||||
Fair value measured on recurring basis investments | 37,879 | ||||
Level 3 | Other securities | Investment funds | Fair Value, Measurements, Recurring | |||||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | |||||
Fair value measured on recurring basis investments | [13] | 37,879 | |||
Level 3 | Trading Debt Securities | Fair Value, Measurements, Recurring | |||||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | |||||
Fair value measured on recurring basis investments | 0 | ||||
Level 3 | Available-for-sale Debt Securities | Fair Value, Measurements, Recurring | |||||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | |||||
Fair value measured on recurring basis investments | 122,548 | ||||
Level 3 | Available-for-sale Debt Securities | Corporate debt securities | Fair Value, Measurements, Recurring | |||||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | |||||
Fair value measured on recurring basis investments | [14] | 2,547 | |||
Level 3 | Available-for-sale Debt Securities | Japanese and foreign government bond securities | Fair Value, Measurements, Recurring | |||||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | |||||
Fair value measured on recurring basis investments | [12] | 0 | |||
Level 3 | Available-for-sale Debt Securities | Japanese prefectural and foreign municipal bond securities | Fair Value, Measurements, Recurring | |||||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | |||||
Fair value measured on recurring basis investments | 0 | ||||
Level 3 | Available-for-sale Debt Securities | Specified bonds issued by SPEs in Japan | Fair Value, Measurements, Recurring | |||||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | |||||
Fair value measured on recurring basis investments | 762 | ||||
Level 3 | Available-for-sale Debt Securities | CMBS and RMBS in the Americas | Fair Value, Measurements, Recurring | |||||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | |||||
Fair value measured on recurring basis investments | 23,996 | ||||
Level 3 | Available-for-sale Debt Securities | Other asset-backed securities and debt securities | Fair Value, Measurements, Recurring | |||||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | |||||
Fair value measured on recurring basis investments | 95,243 | ||||
Level 3 | Foreign currency swap agreements | Fair Value, Measurements, Recurring | |||||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | |||||
Derivative assets, gross amounts recognized | 0 | 0 | |||
Derivative liabilities, gross amounts recognized | ¥ 0 | ¥ 0 | |||
[1] | It represents the amount offset under counterparty netting of derivative assets and liabilities. | ||||
[2] | Certain subsidiaries elected the fair value option for certain investments in investment funds included in equity securities. Included in "Gains on investment securities and dividends" in the consolidated statements of income were gains of ¥641 million and ¥387 million from the change in the fair value of those investments for the six and three months ended September 30, 2018. The amount of aggregate fair value elected the fair value option was ¥5,751 million as of September 30, 2018. | ||||
[3] | The amount of ¥14,813 million of investments funds measured at net asset value per share is not included. | ||||
[4] | Certain subsidiaries elected the fair value option for certain reinsurance contracts held. The fair value of the reinsurance contracts elected for the fair value option in other assets was ¥11,121 million as of September 30, 2018. For the effect of changes in the fair value of those reinsurance contracts on earnings during the six and three months ended September 30, 2018, see Note 16 "Life Insurance Operations." | ||||
[5] | Certain subsidiaries elected the fair value option for certain reinsurance contracts held. The fair value of the reinsurance contracts elected for the fair value option in other assets was ¥15,008 million as of March 31, 2018. For the effect of changes in the fair value of those reinsurance contracts on earnings during the six and three months ended September 30, 2017, see Note 16 "Life Insurance Operations." | ||||
[6] | Certain subsidiaries elected the fair value option for the entire variable annuity and variable life insurance contracts held in order to match the earnings recognized for the changes in the fair value of policy liabilities and policy account balances with earnings recognized for gains or losses from the investment assets managed on behalf of variable annuity and variable life policyholders, derivative contracts and the changes in the fair value of reinsurance contracts. The fair value of the variable annuity and variable life insurance contracts elected for the fair value option in policy liabilities and policy account balances was ¥405,705 million as of September 30, 2018. For the effect of changes in the fair value of the variable annuity and variable life insurance contracts on earnings during the six and three months ended September 30, 2018, see Note 16 "Life Insurance Operations." | ||||
[7] | Certain subsidiaries elected the fair value option for the entire variable annuity and variable life insurance contracts held in order to match the earnings recognized for the changes in the fair value of policy liabilities and policy account balances with earnings recognized for gains or losses from the investment assets managed on behalf of variable annuity and variable life policyholders, derivative contracts and the changes in the fair value of reinsurance contracts. The fair value of the variable annuity and variable life insurance contracts elected for the fair value option in policy liabilities and policy account balances was ¥444,010 million as of March 31, 2018. For the effect of changes in the fair value of the variable annuity and variable life insurance contracts on earnings during the six and three months ended September 30, 2017, see Note 16 "Life Insurance Operations." | ||||
[8] | A certain subsidiary elected the fair value option on the loans held for sale. 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 (income) and expense, net" in the consolidated statements of income were gains of ¥201 million and ¥18 million from the change in the fair value of the loans for the six and three months ended September 30, 2018. No gains or losses were recognized in earnings during the six months ended September 30, 2018 attributable to changes in instrument-specific credit risk. The amounts of aggregate unpaid principal balance and aggregate fair value of the loans held for sale as of September 30, 2018, were ¥30,571 million and ¥31,196 million, respectively, and the amount of the aggregate fair value exceeded the amount of aggregate unpaid principal balance by ¥625 million. As of September 30, 2018, there were no loans that are 90 days or more past due or, in non-accrual status. | ||||
[9] | A certain subsidiary elected the fair value option on the loans held for sale. 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 (income) and expense, net" in the consolidated statements of income were a loss of ¥577 million and a gain of ¥5 million from the change in the fair value of the loans for the six and three months ended September 30, 2017. No gains or losses were recognized in earnings during the six months ended September 30, 2017 attributable to changes in instrument-specific credit risk. The amounts of aggregate unpaid principal balance and aggregate fair value of the loans held for sale as of March 31, 2018, were ¥16,873 million and ¥17,260 million, respectively, and the amount of the aggregate fair value exceeded the amount of aggregate unpaid principal balance by ¥387 million. As of March 31, 2018, there were no loans that are 90 days or more past due or, in non-accrual status. | ||||
[10] | A certain subsidiary elected the fair value option for investments in foreign corporate debt securities included in available-for-sale securities. Included in "Gains on investment securities and dividends" in the consolidated statements of income were losses of ¥63 million and ¥24 million from the change in the fair value of those investments for the six and three months ended September 30, 2017. The amount of aggregate fair value elected the fair value option was ¥8,882 million as of March 31, 2018. | ||||
[11] | A certain subsidiary elected the fair value option for certain investments in equity securities included in available-for-sale securities. Included in "Gains on investment securities and dividends" in the consolidated statements of income were gains of ¥881 million and ¥574 million from the change in the fair value of those investments for the six and three months ended September 30, 2017. The amount of aggregate fair value elected the fair value option was ¥22,365 million as of March 31, 2018. | ||||
[12] | A certain subsidiary elected the fair value option for investments in foreign government bond securities included in available-for-sale securities. Included in "Gains on investment securities and dividends" in the consolidated statements of income were gains of ¥3 million and ¥12 million from the change in the fair value of those investments for the six and three months ended September 30, 2017. The amount of aggregate fair value elected the fair value option was ¥719 million as of March 31, 2018. | ||||
[13] | Certain subsidiaries elected the fair value option for certain investments in investment funds included in other securities. Included in "Gains on investment securities and dividends" in the consolidated statements of income were gains of ¥665 million and ¥342 million from the change in the fair value of those investments for the six and three months ended September 30, 2017. The amount of aggregate fair value elected the fair value option was ¥5,665 million as of March 31, 2018. | ||||
[14] | A certain subsidiary elected the fair value option for investments in foreign corporate debt securities included in available-for-sale debt securities. Included in "Gains on investment securities and dividends" in the consolidated statements of income were gains of ¥257 million and ¥218 million from the change in the fair value of those investments for the six and three months ended September 30, 2018. The amount of aggregate fair value elected the fair value option was ¥17,595 million as of September 30, 2018. | ||||
[15] | It represents the amount after offset under counterparty netting of derivative assets and liabilities. For the information of input level before netting, see Note 3 "Fair Value Measurements." |
Fair Value Measurements (Reco_2
Fair Value Measurements (Recorded Amounts of Major Financial Assets and Liabilities Measured at Fair Value on Recurring Basis) (Parenthetical) (Detail) - JPY (¥) ¥ in Millions | 3 Months Ended | 6 Months Ended | |||||||
Sep. 30, 2018 | Sep. 30, 2017 | Sep. 30, 2018 | Sep. 30, 2017 | Mar. 31, 2018 | |||||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | |||||||||
Aggregate loan fair value | ¥ 31,196 | ¥ 31,196 | ¥ 17,260 | ||||||
Investment in securities, measured at fair value | 23,960 | 23,960 | 37,631 | ||||||
Other assets | 11,121 | 11,121 | 15,008 | ||||||
Policy Liabilities and Policy Account Balances | 405,705 | 405,705 | 444,010 | ||||||
Other securities | |||||||||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | |||||||||
Investment in securities, measured at fair value | 5,665 | ||||||||
Reinsurance Recoverable | |||||||||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | |||||||||
Other assets | 11,121 | 11,121 | 15,008 | ||||||
Variable Annuity and Variable Life Insurance Contracts | |||||||||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | |||||||||
Policy Liabilities and Policy Account Balances | 405,705 | 405,705 | 444,010 | ||||||
Foreign Corporate Debt Securities | Available-for-sale securities | |||||||||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | |||||||||
Gains (losses) from change in fair value | ¥ (24) | ¥ (63) | |||||||
Investment in securities, measured at fair value | 8,882 | ||||||||
Investment funds | Other securities | |||||||||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | |||||||||
Gains (losses) from change in fair value | 342 | 665 | |||||||
Equity securities | Available-for-sale securities | |||||||||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | |||||||||
Gains (losses) from change in fair value | 574 | 881 | |||||||
Investment in securities, measured at fair value | 22,365 | ||||||||
Equity securities | Investment funds | |||||||||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | |||||||||
Gains (losses) from change in fair value | 387 | 641 | |||||||
Investment in securities, measured at fair value | 5,751 | 5,751 | |||||||
Foreign government bond securities | Available-for-sale securities | |||||||||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | |||||||||
Gains (losses) from change in fair value | 12 | 3 | |||||||
Investment in securities, measured at fair value | 719 | ||||||||
Fair Value, Measurements, Recurring | |||||||||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | |||||||||
Gains (losses) from changes in instrument-specific credit risk | 0 | 0 | |||||||
Aggregate unpaid loan principal balance | 30,571 | 30,571 | 16,873 | ||||||
Aggregate loan fair value | 31,196 | 31,196 | 17,260 | ||||||
Amount by which aggregate fair value of loan exceeds aggregate unpaid principal balance | 625 | 625 | 387 | ||||||
Other assets | 11,121 | 11,121 | 15,008 | ||||||
Policy Liabilities and Policy Account Balances | 405,705 | 405,705 | 444,010 | ||||||
Fair Value, Measurements, Recurring | Loans Held-for-Sale | |||||||||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | |||||||||
Gains (losses) from change in fair value | 18 | ¥ 5 | 201 | ¥ (577) | |||||
Investment in securities, measured at fair value | 31,196 | [1] | 31,196 | [1] | 17,260 | [2] | |||
Fair Value, Measurements, Recurring | Available-for-sale securities | |||||||||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | |||||||||
Investment in securities, measured at fair value | 1,015,477 | ||||||||
Fair Value, Measurements, Recurring | Other securities | |||||||||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | |||||||||
Investment in securities, measured at fair value | 37,879 | ||||||||
Fair Value, Measurements, Recurring | Available-for-sale Debt Securities | |||||||||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | |||||||||
Investment in securities, measured at fair value | 1,137,081 | 1,137,081 | |||||||
Fair Value, Measurements, Recurring | Investment funds | Other securities | |||||||||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | |||||||||
Investment in securities, measured at fair value | [3] | 37,879 | |||||||
Fair Value, Measurements, Recurring | Reinsurance Recoverable | |||||||||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | |||||||||
Other assets | 11,121 | [4] | 11,121 | [4] | 15,008 | [5] | |||
Fair Value, Measurements, Recurring | Variable Annuity and Variable Life Insurance Contracts | |||||||||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | |||||||||
Policy Liabilities and Policy Account Balances | 405,705 | [6] | 405,705 | [6] | 444,010 | [7] | |||
Fair Value, Measurements, Recurring | Foreign Corporate Debt Securities | Available-for-sale Debt Securities | |||||||||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | |||||||||
Gains (losses) from change in fair value | 218 | 257 | |||||||
Investment in securities, measured at fair value | 17,595 | 17,595 | |||||||
Fair Value, Measurements, Recurring | Equity securities | |||||||||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | |||||||||
Investment in securities, measured at fair value | [8],[9] | 462,480 | 462,480 | ||||||
Fair Value, Measurements, Recurring | Equity securities | Available-for-sale securities | |||||||||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | |||||||||
Investment in securities, measured at fair value | [10] | ¥ 53,598 | |||||||
Fair Value, Measurements, Recurring | Foreign government bond securities | Available-for-sale Debt Securities | |||||||||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | |||||||||
Gains (losses) from change in fair value | 10 | (9) | |||||||
Investment in securities, measured at fair value | 614 | 614 | |||||||
Estimated fair value | Investment in securities | |||||||||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | |||||||||
Investment funds | ¥ 14,813 | ¥ 14,813 | |||||||
[1] | A certain subsidiary elected the fair value option on the loans held for sale. 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 (income) and expense, net" in the consolidated statements of income were gains of ¥201 million and ¥18 million from the change in the fair value of the loans for the six and three months ended September 30, 2018. No gains or losses were recognized in earnings during the six months ended September 30, 2018 attributable to changes in instrument-specific credit risk. The amounts of aggregate unpaid principal balance and aggregate fair value of the loans held for sale as of September 30, 2018, were ¥30,571 million and ¥31,196 million, respectively, and the amount of the aggregate fair value exceeded the amount of aggregate unpaid principal balance by ¥625 million. As of September 30, 2018, there were no loans that are 90 days or more past due or, in non-accrual status. | ||||||||
[2] | A certain subsidiary elected the fair value option on the loans held for sale. 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 (income) and expense, net" in the consolidated statements of income were a loss of ¥577 million and a gain of ¥5 million from the change in the fair value of the loans for the six and three months ended September 30, 2017. No gains or losses were recognized in earnings during the six months ended September 30, 2017 attributable to changes in instrument-specific credit risk. The amounts of aggregate unpaid principal balance and aggregate fair value of the loans held for sale as of March 31, 2018, were ¥16,873 million and ¥17,260 million, respectively, and the amount of the aggregate fair value exceeded the amount of aggregate unpaid principal balance by ¥387 million. As of March 31, 2018, there were no loans that are 90 days or more past due or, in non-accrual status. | ||||||||
[3] | Certain subsidiaries elected the fair value option for certain investments in investment funds included in other securities. Included in "Gains on investment securities and dividends" in the consolidated statements of income were gains of ¥665 million and ¥342 million from the change in the fair value of those investments for the six and three months ended September 30, 2017. The amount of aggregate fair value elected the fair value option was ¥5,665 million as of March 31, 2018. | ||||||||
[4] | Certain subsidiaries elected the fair value option for certain reinsurance contracts held. The fair value of the reinsurance contracts elected for the fair value option in other assets was ¥11,121 million as of September 30, 2018. For the effect of changes in the fair value of those reinsurance contracts on earnings during the six and three months ended September 30, 2018, see Note 16 "Life Insurance Operations." | ||||||||
[5] | Certain subsidiaries elected the fair value option for certain reinsurance contracts held. The fair value of the reinsurance contracts elected for the fair value option in other assets was ¥15,008 million as of March 31, 2018. For the effect of changes in the fair value of those reinsurance contracts on earnings during the six and three months ended September 30, 2017, see Note 16 "Life Insurance Operations." | ||||||||
[6] | Certain subsidiaries elected the fair value option for the entire variable annuity and variable life insurance contracts held in order to match the earnings recognized for the changes in the fair value of policy liabilities and policy account balances with earnings recognized for gains or losses from the investment assets managed on behalf of variable annuity and variable life policyholders, derivative contracts and the changes in the fair value of reinsurance contracts. The fair value of the variable annuity and variable life insurance contracts elected for the fair value option in policy liabilities and policy account balances was ¥405,705 million as of September 30, 2018. For the effect of changes in the fair value of the variable annuity and variable life insurance contracts on earnings during the six and three months ended September 30, 2018, see Note 16 "Life Insurance Operations." | ||||||||
[7] | Certain subsidiaries elected the fair value option for the entire variable annuity and variable life insurance contracts held in order to match the earnings recognized for the changes in the fair value of policy liabilities and policy account balances with earnings recognized for gains or losses from the investment assets managed on behalf of variable annuity and variable life policyholders, derivative contracts and the changes in the fair value of reinsurance contracts. The fair value of the variable annuity and variable life insurance contracts elected for the fair value option in policy liabilities and policy account balances was ¥444,010 million as of March 31, 2018. For the effect of changes in the fair value of the variable annuity and variable life insurance contracts on earnings during the six and three months ended September 30, 2017, see Note 16 "Life Insurance Operations." | ||||||||
[8] | Certain subsidiaries elected the fair value option for certain investments in investment funds included in equity securities. Included in "Gains on investment securities and dividends" in the consolidated statements of income were gains of ¥641 million and ¥387 million from the change in the fair value of those investments for the six and three months ended September 30, 2018. The amount of aggregate fair value elected the fair value option was ¥5,751 million as of September 30, 2018. | ||||||||
[9] | The amount of ¥14,813 million of investments funds measured at net asset value per share is not included. | ||||||||
[10] | A certain subsidiary elected the fair value option for certain investments in equity securities included in available-for-sale securities. Included in "Gains on investment securities and dividends" in the consolidated statements of income were gains of ¥881 million and ¥574 million from the change in the fair value of those investments for the six and three months ended September 30, 2017. The amount of aggregate fair value elected the fair value option was ¥22,365 million as of March 31, 2018. |
Fair Value Measurements (Reconc
Fair Value Measurements (Reconciliation of Financial Assets and Liabilities Measured at Fair Value on Recurring Basis Using Significant Unobservable Inputs) (Detail) - JPY (¥) ¥ in Millions | 3 Months Ended | 6 Months Ended | |||||||
Sep. 30, 2018 | Sep. 30, 2017 | Sep. 30, 2018 | Sep. 30, 2017 | ||||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |||||||||
Beginning Balance | ¥ 176,095 | ||||||||
Ending Balance | ¥ 178,971 | 178,971 | |||||||
Equity securities | |||||||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |||||||||
Beginning Balance | 43,273 | 37,879 | |||||||
Gains or losses (realized/ unrealized), included in earnings | [1] | 1,557 | 1,716 | ||||||
Gains or losses (realized/ unrealized), included in other comprehensive income | [2] | 944 | 1,579 | ||||||
Gains or losses (realized/ unrealized), total | 2,501 | 3,295 | |||||||
Purchases | [3] | 2,439 | 17,078 | ||||||
Sales | (3,654) | (13,693) | |||||||
Settlements | [4] | 0 | 0 | ||||||
Transfers in and/or out of Level 3 (net) | 0 | 0 | |||||||
Ending Balance | 44,559 | 44,559 | |||||||
Change in unrealized gains or losses included in earnings for assets and liabilities still held at the end of period | [1] | 1,464 | 1,545 | ||||||
Investment funds | Equity securities | |||||||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |||||||||
Beginning Balance | 43,273 | 37,879 | |||||||
Gains or losses (realized/ unrealized), included in earnings | [1] | 1,557 | 1,716 | ||||||
Gains or losses (realized/ unrealized), included in other comprehensive income | [2] | 944 | 1,579 | ||||||
Gains or losses (realized/ unrealized), total | 2,501 | 3,295 | |||||||
Purchases | [3] | 2,439 | 17,078 | ||||||
Sales | (3,654) | (13,693) | |||||||
Settlements | [4] | 0 | 0 | ||||||
Transfers in and/or out of Level 3 (net) | 0 | 0 | |||||||
Ending Balance | 44,559 | 44,559 | |||||||
Change in unrealized gains or losses included in earnings for assets and liabilities still held at the end of period | [1] | 1,464 | 1,545 | ||||||
Other assets | |||||||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |||||||||
Beginning Balance | 13,565 | ¥ 18,070 | 15,008 | ¥ 22,116 | |||||
Gains or losses (realized/ unrealized), included in earnings | (3,278) | [1] | (3,802) | [5] | (5,593) | [1] | (8,908) | [5] | |
Gains or losses (realized/ unrealized), included in other comprehensive income | 0 | [2] | 0 | [6] | 0 | [2] | 0 | [6] | |
Gains or losses (realized/ unrealized), total | (3,278) | (3,802) | (5,593) | (8,908) | |||||
Purchases | [3] | 935 | 1,405 | 1,953 | 3,016 | ||||
Sales | 0 | 0 | 0 | 0 | |||||
Settlements | [4] | (101) | (431) | (247) | (982) | ||||
Transfers in and/or out of Level 3 (net) | 0 | 0 | 0 | 0 | |||||
Ending Balance | 11,121 | 15,242 | 11,121 | 15,242 | |||||
Change in unrealized gains or losses included in earnings for assets and liabilities still held at the end of period | (3,278) | [1] | (3,802) | [5] | (5,593) | [1] | (8,908) | [5] | |
Reinsurance Recoverable | Other assets | |||||||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |||||||||
Beginning Balance | [7] | 13,565 | 18,070 | 15,008 | 22,116 | ||||
Gains or losses (realized/ unrealized), included in earnings | [7] | (3,278) | [1] | (3,802) | [5] | (5,593) | [1] | (8,908) | [5] |
Gains or losses (realized/ unrealized), included in other comprehensive income | [7] | 0 | [2] | 0 | [6] | 0 | [2] | 0 | [6] |
Gains or losses (realized/ unrealized), total | [7] | (3,278) | (3,802) | (5,593) | (8,908) | ||||
Purchases | [3],[7] | 935 | 1,405 | 1,953 | 3,016 | ||||
Sales | [7] | 0 | 0 | 0 | 0 | ||||
Settlements | [4],[7] | (101) | (431) | (247) | (982) | ||||
Transfers in and/or out of Level 3 (net) | [7] | 0 | 0 | 0 | 0 | ||||
Ending Balance | [7] | 11,121 | 15,242 | 11,121 | 15,242 | ||||
Change in unrealized gains or losses included in earnings for assets and liabilities still held at the end of period | [7] | (3,278) | [1] | (3,802) | [5] | (5,593) | [1] | (8,908) | [5] |
Variable Annuity and Variable Life Insurance Contracts | |||||||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |||||||||
Beginning Balance | 419,455 | [8] | 557,914 | [8] | 444,010 | [7] | 605,520 | [8] | |
Gains or losses (realized/ unrealized), included in earnings | (9,107) | [1],[8] | (7,060) | [5],[8] | (9,254) | [1],[7] | (15,898) | [5],[8] | |
Gains or losses (realized/ unrealized), included in other comprehensive income | (109) | [2],[8] | 0 | [6],[8] | (112) | [2],[7] | 0 | [6],[8] | |
Gains or losses (realized/ unrealized), total | (9,216) | [8] | (7,060) | [8] | (9,366) | [7] | (15,898) | [8] | |
Purchases | [3] | 0 | [8] | 0 | [8] | 0 | [7] | 0 | [8] |
Sales | 0 | [8] | 0 | [8] | 0 | [7] | 0 | [8] | |
Settlements | [4] | (22,966) | [8] | (47,955) | [8] | (47,671) | [7] | (104,399) | [8] |
Transfers in and/or out of Level 3 (net) | 0 | [8] | 0 | [8] | 0 | [7] | 0 | [8] | |
Ending Balance | [8] | 405,705 | [7] | 517,019 | 405,705 | [7] | 517,019 | ||
Change in unrealized gains or losses included in earnings for assets and liabilities still held at the end of period | (9,107) | [1],[8] | (7,060) | [5],[8] | (9,254) | [1],[7] | (15,898) | [5],[8] | |
Insurance Contract, Rights and Obligations | |||||||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |||||||||
Beginning Balance | 419,455 | 557,914 | 444,010 | 605,520 | |||||
Gains or losses (realized/ unrealized), included in earnings | (9,107) | [1] | (7,060) | [5] | (9,254) | [1] | (15,898) | [5] | |
Gains or losses (realized/ unrealized), included in other comprehensive income | (109) | [2] | 0 | [6] | (112) | [2] | 0 | [6] | |
Gains or losses (realized/ unrealized), total | (9,216) | (7,060) | (9,366) | (15,898) | |||||
Purchases | [3] | 0 | 0 | 0 | 0 | ||||
Sales | 0 | 0 | 0 | 0 | |||||
Settlements | [4] | (22,966) | (47,955) | (47,671) | (104,399) | ||||
Transfers in and/or out of Level 3 (net) | 0 | 0 | 0 | 0 | |||||
Ending Balance | 405,705 | 517,019 | 405,705 | 517,019 | |||||
Change in unrealized gains or losses included in earnings for assets and liabilities still held at the end of period | (9,107) | [1] | (7,060) | [5] | (9,254) | [1] | (15,898) | [5] | |
Available-for-sale Debt Securities | |||||||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |||||||||
Beginning Balance | 114,095 | 120,917 | |||||||
Gains or losses (realized/ unrealized), included in earnings | [1] | 21 | 1,150 | ||||||
Gains or losses (realized/ unrealized), included in other comprehensive income | [2] | 2,144 | 4,738 | ||||||
Gains or losses (realized/ unrealized), total | 2,165 | 5,888 | |||||||
Purchases | [3] | 23,268 | 32,972 | ||||||
Sales | (5,277) | (15,998) | |||||||
Settlements | [4] | (11,703) | (21,231) | ||||||
Transfers in and/or out of Level 3 (net) | 0 | 0 | |||||||
Ending Balance | 122,548 | 122,548 | |||||||
Change in unrealized gains or losses included in earnings for assets and liabilities still held at the end of period | [1] | 15 | 31 | ||||||
Available-for-sale Debt Securities | Corporate debt securities | |||||||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |||||||||
Beginning Balance | 2,845 | 3,037 | |||||||
Gains or losses (realized/ unrealized), included in earnings | [1] | 0 | 0 | ||||||
Gains or losses (realized/ unrealized), included in other comprehensive income | [2] | (2) | 0 | ||||||
Gains or losses (realized/ unrealized), total | (2) | 0 | |||||||
Purchases | [3] | 0 | 0 | ||||||
Sales | 0 | 0 | |||||||
Settlements | [4] | (296) | (490) | ||||||
Transfers in and/or out of Level 3 (net) | 0 | 0 | |||||||
Ending Balance | 2,547 | 2,547 | |||||||
Change in unrealized gains or losses included in earnings for assets and liabilities still held at the end of period | [1] | 0 | 0 | ||||||
Available-for-sale Debt Securities | Specified bonds issued by SPEs in Japan | |||||||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |||||||||
Beginning Balance | 813 | 861 | |||||||
Gains or losses (realized/ unrealized), included in earnings | [1] | 0 | 0 | ||||||
Gains or losses (realized/ unrealized), included in other comprehensive income | [2] | (1) | (2) | ||||||
Gains or losses (realized/ unrealized), total | (1) | (2) | |||||||
Purchases | [3] | 0 | 0 | ||||||
Sales | 0 | 0 | |||||||
Settlements | [4] | (50) | (97) | ||||||
Transfers in and/or out of Level 3 (net) | 0 | 0 | |||||||
Ending Balance | 762 | 762 | |||||||
Change in unrealized gains or losses included in earnings for assets and liabilities still held at the end of period | [1] | 0 | 0 | ||||||
Available-for-sale Debt Securities | CMBS and RMBS in the Americas | |||||||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |||||||||
Beginning Balance | 25,874 | 36,010 | |||||||
Gains or losses (realized/ unrealized), included in earnings | [1] | (55) | 1,034 | ||||||
Gains or losses (realized/ unrealized), included in other comprehensive income | [2] | 672 | 1,136 | ||||||
Gains or losses (realized/ unrealized), total | 617 | 2,170 | |||||||
Purchases | [3] | 1,304 | 1,304 | ||||||
Sales | 0 | (6,711) | |||||||
Settlements | [4] | (3,799) | (8,777) | ||||||
Transfers in and/or out of Level 3 (net) | 0 | 0 | |||||||
Ending Balance | 23,996 | 23,996 | |||||||
Change in unrealized gains or losses included in earnings for assets and liabilities still held at the end of period | [1] | (39) | (59) | ||||||
Available-for-sale Debt Securities | Other asset-backed securities and debt securities | |||||||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |||||||||
Beginning Balance | 84,563 | 81,009 | |||||||
Gains or losses (realized/ unrealized), included in earnings | [1] | 76 | 116 | ||||||
Gains or losses (realized/ unrealized), included in other comprehensive income | [2] | 1,475 | 3,604 | ||||||
Gains or losses (realized/ unrealized), total | 1,551 | 3,720 | |||||||
Purchases | [3] | 21,964 | 31,668 | ||||||
Sales | (5,277) | (9,287) | |||||||
Settlements | [4] | (7,558) | (11,867) | ||||||
Transfers in and/or out of Level 3 (net) | 0 | 0 | |||||||
Ending Balance | 95,243 | 95,243 | |||||||
Change in unrealized gains or losses included in earnings for assets and liabilities still held at the end of period | [1] | 54 | 90 | ||||||
Derivative Financial Instruments, Assets and Liabilities | |||||||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |||||||||
Beginning Balance | 470 | 3,961 | 2,291 | 5,233 | |||||
Gains or losses (realized/ unrealized), included in earnings | (137) | [1] | (790) | [5] | (2,398) | [1] | (1,920) | [5] | |
Gains or losses (realized/ unrealized), included in other comprehensive income | 0 | [2] | 0 | [6] | 0 | [2] | 0 | [6] | |
Gains or losses (realized/ unrealized), total | (137) | (790) | (2,398) | (1,920) | |||||
Purchases | [3] | 447 | 2,108 | 1,673 | 3,372 | ||||
Sales | 0 | 0 | 0 | 0 | |||||
Settlements | [4] | (37) | (9) | (823) | (1,415) | ||||
Transfers in and/or out of Level 3 (net) | 0 | 0 | 0 | 0 | |||||
Ending Balance | 743 | 5,270 | 743 | 5,270 | |||||
Change in unrealized gains or losses included in earnings for assets and liabilities still held at the end of period | (137) | [1] | (790) | [5] | (2,398) | [1] | (1,920) | [5] | |
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 | 470 | 3,961 | 2,291 | 5,233 | |||||
Gains or losses (realized/ unrealized), included in earnings | (137) | [1] | (790) | [5] | (2,398) | [1] | (1,920) | [5] | |
Gains or losses (realized/ unrealized), included in other comprehensive income | 0 | [2] | 0 | [6] | 0 | [2] | 0 | [6] | |
Gains or losses (realized/ unrealized), total | (137) | (790) | (2,398) | (1,920) | |||||
Purchases | [3] | 447 | 2,108 | 1,673 | 3,372 | ||||
Sales | 0 | 0 | 0 | 0 | |||||
Settlements | [4] | (37) | (9) | (823) | (1,415) | ||||
Transfers in and/or out of Level 3 (net) | 0 | 0 | 0 | 0 | |||||
Ending Balance | 743 | 5,270 | 743 | 5,270 | |||||
Change in unrealized gains or losses included in earnings for assets and liabilities still held at the end of period | ¥ (137) | [1] | (790) | [5] | ¥ (2,398) | [1] | (1,920) | [5] | |
Available-for-sale securities | |||||||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |||||||||
Beginning Balance | 117,169 | 124,516 | |||||||
Gains or losses (realized/ unrealized), included in earnings | [5] | 1,668 | 1,696 | ||||||
Gains or losses (realized/ unrealized), included in other comprehensive income | [6] | (133) | 895 | ||||||
Gains or losses (realized/ unrealized), total | 1,535 | 2,591 | |||||||
Purchases | [3] | 37,399 | 44,545 | ||||||
Sales | (16,347) | (25,114) | |||||||
Settlements | [4] | (7,966) | (14,748) | ||||||
Transfers in and/or out of Level 3 (net) | 0 | 0 | |||||||
Ending Balance | 131,790 | 131,790 | |||||||
Change in unrealized gains or losses included in earnings for assets and liabilities still held at the end of period | [5] | 124 | 120 | ||||||
Available-for-sale securities | Corporate debt securities | |||||||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |||||||||
Beginning Balance | 2,069 | 1,618 | |||||||
Gains or losses (realized/ unrealized), included in earnings | [5] | 0 | 0 | ||||||
Gains or losses (realized/ unrealized), included in other comprehensive income | [6] | 4 | 5 | ||||||
Gains or losses (realized/ unrealized), total | 4 | 5 | |||||||
Purchases | [3] | 900 | 1,400 | ||||||
Sales | 0 | 0 | |||||||
Settlements | [4] | (188) | (238) | ||||||
Transfers in and/or out of Level 3 (net) | 0 | 0 | |||||||
Ending Balance | 2,785 | 2,785 | |||||||
Change in unrealized gains or losses included in earnings for assets and liabilities still held at the end of period | [5] | 0 | 0 | ||||||
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 | 1,016 | 1,087 | |||||||
Gains or losses (realized/ unrealized), included in earnings | [5] | 5 | 5 | ||||||
Gains or losses (realized/ unrealized), included in other comprehensive income | [6] | (1) | (2) | ||||||
Gains or losses (realized/ unrealized), total | 4 | 3 | |||||||
Purchases | [3] | 0 | 0 | ||||||
Sales | 0 | 0 | |||||||
Settlements | [4] | (57) | (127) | ||||||
Transfers in and/or out of Level 3 (net) | 0 | 0 | |||||||
Ending Balance | 963 | 963 | |||||||
Change in unrealized gains or losses included in earnings for assets and liabilities still held at the end of period | [5] | 5 | 5 | ||||||
Available-for-sale securities | CMBS and RMBS in the Americas | |||||||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |||||||||
Beginning Balance | 56,456 | 57,858 | |||||||
Gains or losses (realized/ unrealized), included in earnings | [5] | 1,630 | 1,630 | ||||||
Gains or losses (realized/ unrealized), included in other comprehensive income | [6] | (888) | (213) | ||||||
Gains or losses (realized/ unrealized), total | 742 | 1,417 | |||||||
Purchases | [3] | 615 | 2,023 | ||||||
Sales | (2,121) | (3,468) | |||||||
Settlements | [4] | (6,112) | (8,250) | ||||||
Transfers in and/or out of Level 3 (net) | 0 | 0 | |||||||
Ending Balance | 49,580 | 49,580 | |||||||
Change in unrealized gains or losses included in earnings for assets and liabilities still held at the end of period | [5] | 60 | 60 | ||||||
Available-for-sale securities | Other asset-backed securities and debt securities | |||||||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |||||||||
Beginning Balance | 57,628 | 63,953 | |||||||
Gains or losses (realized/ unrealized), included in earnings | [5] | 33 | 61 | ||||||
Gains or losses (realized/ unrealized), included in other comprehensive income | [6] | 752 | 1,105 | ||||||
Gains or losses (realized/ unrealized), total | 785 | 1,166 | |||||||
Purchases | [3] | 35,884 | 41,122 | ||||||
Sales | (14,226) | (21,646) | |||||||
Settlements | [4] | (1,609) | (6,133) | ||||||
Transfers in and/or out of Level 3 (net) | 0 | 0 | |||||||
Ending Balance | 78,462 | 78,462 | |||||||
Change in unrealized gains or losses included in earnings for assets and liabilities still held at the end of period | [5] | 59 | 55 | ||||||
Other securities | |||||||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |||||||||
Beginning Balance | 26,457 | 27,801 | |||||||
Gains or losses (realized/ unrealized), included in earnings | [5] | 1,886 | 1,881 | ||||||
Gains or losses (realized/ unrealized), included in other comprehensive income | [6] | (21) | 368 | ||||||
Gains or losses (realized/ unrealized), total | 1,865 | 2,249 | |||||||
Purchases | [3] | 12,423 | 13,796 | ||||||
Sales | (5,094) | (8,195) | |||||||
Settlements | [4] | 0 | 0 | ||||||
Transfers in and/or out of Level 3 (net) | 0 | 0 | |||||||
Ending Balance | 35,651 | 35,651 | |||||||
Change in unrealized gains or losses included in earnings for assets and liabilities still held at the end of period | [5] | 1,886 | 1,881 | ||||||
Other securities | Investment funds | |||||||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |||||||||
Beginning Balance | 26,457 | 27,801 | |||||||
Gains or losses (realized/ unrealized), included in earnings | [5] | 1,886 | 1,881 | ||||||
Gains or losses (realized/ unrealized), included in other comprehensive income | [6] | (21) | 368 | ||||||
Gains or losses (realized/ unrealized), total | 1,865 | 2,249 | |||||||
Purchases | [3] | 12,423 | 13,796 | ||||||
Sales | (5,094) | (8,195) | |||||||
Settlements | [4] | 0 | 0 | ||||||
Transfers in and/or out of Level 3 (net) | 0 | 0 | |||||||
Ending Balance | 35,651 | 35,651 | |||||||
Change in unrealized gains or losses included in earnings for assets and liabilities still held at the end of period | [5] | ¥ 1,886 | ¥ 1,881 | ||||||
[1] | Principally, gains and losses from available-for-sale debt securities are included in "Gains on investment securities and dividends", "Write-downs of securities" or "Life insurance premiums and related investment income"; equity securities are included in "Gains on investment securities and dividends" and derivative assets and liabilities (net) are included in "Other (income) and expense, net" and gains and losses from accounts payable are included in "Other (income) and expense, net" respectively. Additionally, for available-for-sale debt securities, amortization of interest recognized in finance revenues is included in these columns. | ||||||||
[2] | Unrealized gains and losses from available-for-sale debt securities are included in "Unrealized gains (losses) on investment in securities" and "Foreign currency translation adjustments", unrealized gains and losses from equity securities are included mainly in "Foreign currency translation adjustments", unrealized gains and losses from variable annuity and variable life insurance contracts are included in "Debt valuation adjustments." | ||||||||
[3] | Increases resulting from an acquisition of a subsidiary and insurance contracts ceded to reinsurance companies are included. | ||||||||
[4] | Decreases resulting from the receipts of reimbursements for benefits, and decreases resulting from insurance payouts to variable annuity and variable life policyholders due to death, surrender and maturity of the investment period are included. | ||||||||
[5] | Principally, gains and losses from available-for-sale securities are included in "Gains on investment securities and dividends", "Write-downs of securities" or "Life insurance premiums and related investment income"; other securities are included in "Gains on investment securities and dividends" and derivative assets and liabilities (net) are included in "Other (income) and expense, net" and gains and losses from accounts payable are included in "Other (income) and expense, net" respectively. Additionally, for available-for-sale securities, amortization of interest recognized in finance revenues is included in these columns. | ||||||||
[6] | Unrealized gains and losses from available-for-sale securities are included in "Unrealized gains (losses) on investment in securities" and "Foreign currency translation adjustments." Additionally, unrealized gains and losses from other securities are included mainly in "Foreign currency translation adjustments." | ||||||||
[7] | "Included in earnings" in the above table includes changes in the fair value of reinsurance contracts recorded in "Life insurance costs" and reinsurance premiums, net of reinsurance benefits received, recorded in "Life insurance premiums and related investment income." | ||||||||
[8] | "Included in earnings" in the above table is recorded in "Life insurance costs" and includes changes in the fair value of policy liabilities and policy account balances resulting from gains or losses on the underlying investment assets managed on behalf of variable annuity and variable life policyholders, and the changes in the minimum guarantee risks relating to variable annuity and variable life insurance contracts as well as insurance costs recognized for insurance and annuity payouts as a result of insured events. |
Fair Value Measurements - Addit
Fair Value Measurements - Additional Information (Detail) - JPY (¥) | 3 Months Ended | |
Sep. 30, 2018 | Sep. 30, 2017 | |
Available-for-sale securities | ||
Fair Value Asset And Liabilities Measured On Recurring Basis [Line Items] | ||
Transfers in or out of Level 3 | ¥ 0 | ¥ 0 |
Fair Value Measurements (Reco_3
Fair Value Measurements (Recorded Amounts of Major Assets Measured at Fair Value on Nonrecurring Basis) (Detail) - Fair Value, Measurements, Nonrecurring - JPY (¥) ¥ in Millions | Sep. 30, 2018 | Mar. 31, 2018 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets measured at fair value on a nonrecurring basis | ¥ 6,645 | ¥ 23,172 |
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 | 6,452 | 7,526 |
Investment in Operating Leases and Properties under Facility Operations | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets measured at fair value on a nonrecurring basis | 193 | 3,916 |
Certain Investment in Affiliates | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets measured at fair value on a nonrecurring basis | 11,730 | |
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 Properties under Facility Operations | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets measured at fair value on a nonrecurring basis | 0 | 0 |
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 Properties under Facility Operations | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets measured at fair value on a nonrecurring basis | 0 | 0 |
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 | 6,645 | 23,172 |
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 | 6,452 | 7,526 |
Level 3 | Investment in Operating Leases and Properties under Facility Operations | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets measured at fair value on a nonrecurring basis | ¥ 193 | 3,916 |
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 | ¥ 11,730 |
Fair Value Measurements (Inform
Fair Value Measurements (Information about Valuation Techniques and Significant Unobservable Inputs Used in Valuation of Level Three Assets and Liabilities Measured at Fair Value on Recurring Basis) (Detail) - JPY (¥) ¥ in Millions | 6 Months Ended | 12 Months Ended | ||||||||||
Sep. 30, 2018 | Mar. 31, 2018 | Jun. 30, 2018 | Sep. 30, 2017 | Jun. 30, 2017 | Mar. 31, 2017 | |||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||||||||
Fair Value | ¥ 178,971 | ¥ 176,095 | ||||||||||
Derivative assets | 12,828 | 19,920 | ||||||||||
Appraisals/Broker Quotes Valuation Technique | ||||||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||||||||
Derivative assets | ¥ 237 | ¥ 844 | ||||||||||
Valuation Technique(s) | Appraisals/Broker quotes | Appraisals/Broker quotes | ||||||||||
Equity securities | ||||||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||||||||
Fair Value | ¥ 44,559 | ¥ 37,879 | ¥ 43,273 | |||||||||
Investment funds | Equity securities | Discounted Cash Flows Valuation Technique | ||||||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||||||||
Fair Value | ¥ 34,280 | |||||||||||
Valuation Technique(s) | Discounted cash flows | |||||||||||
Significant Unobservable Inputs | Discount rate | |||||||||||
Weighted Average Discount Rate | 9.80% | |||||||||||
Investment funds | Equity securities | Appraisals/Broker Quotes Valuation Technique | ||||||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||||||||
Fair Value | ¥ 4,239 | |||||||||||
Valuation Technique(s) | Appraisals/Broker quotes | |||||||||||
Significant Unobservable Inputs | - | |||||||||||
Investment funds | Equity securities | Internal Cash Flows Valuation Technique | ||||||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||||||||
Fair Value | ¥ 6,040 | |||||||||||
Valuation Technique(s) | Internal cash flows | |||||||||||
Significant Unobservable Inputs | Discount rate | |||||||||||
Weighted Average Discount Rate | 10.00% | |||||||||||
Reinsurance Recoverable | Mortality Rate | ||||||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||||||||
Significant Unobservable Inputs | Mortality rate | Mortality rate | ||||||||||
Weighted Average Discount Rate | 1.30% | 1.10% | ||||||||||
Reinsurance Recoverable | Lapse Rate | ||||||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||||||||
Significant Unobservable Inputs | Lapse rate | Lapse rate | ||||||||||
Weighted Average Discount Rate | 17.50% | 17.50% | ||||||||||
Reinsurance Recoverable | Annuitization Rate | ||||||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||||||||
Significant Unobservable Inputs | Annuitization rate (guaranteed minimum annuity benefit) | Annuitization rate (guaranteed minimum annuity benefit) | ||||||||||
Weighted Average Discount Rate | 99.40% | 99.10% | ||||||||||
Reinsurance Recoverable | Discounted Cash Flows Valuation Technique | ||||||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||||||||
Fair Value | ¥ 11,121 | ¥ 15,008 | ||||||||||
Valuation Technique(s) | Discounted cash flows | Discounted cash flows | ||||||||||
Significant Unobservable Inputs | Discount rate | Discount rate | ||||||||||
Weighted Average Discount Rate | 0.10% | 0.10% | ||||||||||
Variable Annuity and Variable Life Insurance Contracts | ||||||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||||||||
Fair Value | ¥ 405,705 | [1],[2] | ¥ 444,010 | [1] | 419,455 | [2] | ¥ 517,019 | [2] | ¥ 557,914 | [2] | ¥ 605,520 | [2] |
Variable Annuity and Variable Life Insurance Contracts | Mortality Rate | ||||||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||||||||
Significant Unobservable Inputs | Mortality rate | Mortality rate | ||||||||||
Weighted Average Discount Rate | 1.20% | 1.20% | ||||||||||
Variable Annuity and Variable Life Insurance Contracts | Lapse Rate | ||||||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||||||||
Significant Unobservable Inputs | Lapse rate | Lapse rate | ||||||||||
Weighted Average Discount Rate | 17.30% | 17.10% | ||||||||||
Variable Annuity and Variable Life Insurance Contracts | Annuitization Rate | ||||||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||||||||
Significant Unobservable Inputs | Annuitization rate (guaranteed minimum annuity benefit) | Annuitization rate (guaranteed minimum annuity benefit) | ||||||||||
Weighted Average Discount Rate | 78.50% | 79.40% | ||||||||||
Variable Annuity and Variable Life Insurance Contracts | Discounted Cash Flows Valuation Technique | ||||||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||||||||
Fair Value | ¥ 405,705 | ¥ 444,010 | ||||||||||
Valuation Technique(s) | Discounted cash flows | Discounted cash flows | ||||||||||
Significant Unobservable Inputs | Discount rate | Discount rate | ||||||||||
Weighted Average Discount Rate | 0.10% | 0.10% | ||||||||||
Available-for-sale securities | ||||||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||||||||
Fair Value | 131,790 | 117,169 | 124,516 | |||||||||
Available-for-sale securities | Corporate debt securities | Discounted Cash Flows Valuation Technique | ||||||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||||||||
Fair Value | ¥ 3,037 | |||||||||||
Valuation Technique(s) | Discounted cash flows | |||||||||||
Significant Unobservable Inputs | Discount rate | |||||||||||
Weighted Average Discount Rate | 0.90% | |||||||||||
Available-for-sale securities | Specified bonds issued by SPEs in Japan | Appraisals/Broker Quotes Valuation Technique | ||||||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||||||||
Fair Value | ¥ 861 | |||||||||||
Valuation Technique(s) | Appraisals/Broker quotes | |||||||||||
Available-for-sale securities | CMBS and RMBS in the Americas | Probability of Default | ||||||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||||||||
Significant Unobservable Inputs | Probability of default | |||||||||||
Weighted Average Discount Rate | 3.20% | |||||||||||
Available-for-sale securities | CMBS and RMBS in the Americas | Discounted Cash Flows Valuation Technique | ||||||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||||||||
Fair Value | ¥ 36,010 | |||||||||||
Valuation Technique(s) | Discounted cash flows | |||||||||||
Significant Unobservable Inputs | Discount rate | |||||||||||
Weighted Average Discount Rate | 17.60% | |||||||||||
Available-for-sale securities | Other asset-backed securities and debt securities | Probability of Default | ||||||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||||||||
Significant Unobservable Inputs | Probability of default | |||||||||||
Weighted Average Discount Rate | 1.00% | |||||||||||
Available-for-sale securities | Other asset-backed securities and debt securities | Discounted Cash Flows Valuation Technique | ||||||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||||||||
Fair Value | ¥ 18,146 | |||||||||||
Valuation Technique(s) | Discounted cash flows | |||||||||||
Significant Unobservable Inputs | Discount rate | |||||||||||
Weighted Average Discount Rate | 10.00% | |||||||||||
Available-for-sale securities | Other asset-backed securities and debt securities | Appraisals/Broker Quotes Valuation Technique | ||||||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||||||||
Fair Value | ¥ 62,863 | |||||||||||
Valuation Technique(s) | Appraisals/Broker quotes | |||||||||||
Other securities | ||||||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||||||||
Fair Value | ¥ 35,651 | ¥ 26,457 | ¥ 27,801 | |||||||||
Other securities | Investment funds | Discounted Cash Flows Valuation Technique | ||||||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||||||||
Fair Value | ¥ 25,246 | |||||||||||
Valuation Technique(s) | Discounted cash flows | |||||||||||
Significant Unobservable Inputs | Discount rate | |||||||||||
Weighted Average Discount Rate | 8.30% | |||||||||||
Other securities | Investment funds | Appraisals/Broker Quotes Valuation Technique | ||||||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||||||||
Fair Value | ¥ 6,968 | |||||||||||
Valuation Technique(s) | Appraisals/Broker quotes | |||||||||||
Other securities | Investment funds | Internal Cash Flows Valuation Technique | ||||||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||||||||
Fair Value | ¥ 5,665 | |||||||||||
Valuation Technique(s) | Internal cash flows | |||||||||||
Significant Unobservable Inputs | Discount rate | |||||||||||
Weighted Average Discount Rate | 9.90% | |||||||||||
Derivative assets | Discounted Cash Flows Valuation Technique | ||||||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||||||||
Fair Value | ¥ 506 | ¥ 1,447 | ||||||||||
Valuation Technique(s) | Discounted cash flows | Discounted cash flows | ||||||||||
Significant Unobservable Inputs | Discount rate | Discount rate | ||||||||||
Weighted Average Discount Rate | 3.40% | 8.00% | ||||||||||
Available-for-sale Debt Securities | ||||||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||||||||
Fair Value | ¥ 122,548 | ¥ 120,917 | ¥ 114,095 | |||||||||
Available-for-sale Debt Securities | Corporate debt securities | Discounted Cash Flows Valuation Technique | ||||||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||||||||
Fair Value | ¥ 2,547 | |||||||||||
Valuation Technique(s) | Discounted cash flows | |||||||||||
Significant Unobservable Inputs | Discount rate | |||||||||||
Weighted Average Discount Rate | 0.90% | |||||||||||
Available-for-sale Debt Securities | Specified bonds issued by SPEs in Japan | Appraisals/Broker Quotes Valuation Technique | ||||||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||||||||
Fair Value | ¥ 762 | |||||||||||
Valuation Technique(s) | Appraisals/Broker quotes | |||||||||||
Significant Unobservable Inputs | - | |||||||||||
Available-for-sale Debt Securities | CMBS and RMBS in the Americas | Probability of Default | ||||||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||||||||
Significant Unobservable Inputs | Probability of default | |||||||||||
Weighted Average Discount Rate | 5.90% | |||||||||||
Available-for-sale Debt Securities | CMBS and RMBS in the Americas | Discounted Cash Flows Valuation Technique | ||||||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||||||||
Fair Value | ¥ 23,996 | |||||||||||
Valuation Technique(s) | Discounted cash flows | |||||||||||
Significant Unobservable Inputs | Discount rate | |||||||||||
Weighted Average Discount Rate | 17.60% | |||||||||||
Available-for-sale Debt Securities | Other asset-backed securities and debt securities | Probability of Default | ||||||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||||||||
Significant Unobservable Inputs | Probability of default | |||||||||||
Weighted Average Discount Rate | 0.90% | |||||||||||
Available-for-sale Debt Securities | Other asset-backed securities and debt securities | Discounted Cash Flows Valuation Technique | ||||||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||||||||
Fair Value | ¥ 20,910 | |||||||||||
Valuation Technique(s) | Discounted cash flows | |||||||||||
Significant Unobservable Inputs | Discount rate | |||||||||||
Weighted Average Discount Rate | 8.80% | |||||||||||
Available-for-sale Debt Securities | Other asset-backed securities and debt securities | Appraisals/Broker Quotes Valuation Technique | ||||||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||||||||
Fair Value | ¥ 74,333 | |||||||||||
Valuation Technique(s) | Appraisals/Broker quotes | |||||||||||
Significant Unobservable Inputs | - | |||||||||||
Minimum | Investment funds | Equity securities | Discounted Cash Flows Valuation Technique | ||||||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||||||||
Weighted Average Discount Rate | 3.80% | |||||||||||
Minimum | Investment funds | Equity securities | Internal Cash Flows Valuation Technique | ||||||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||||||||
Weighted Average Discount Rate | 0.00% | |||||||||||
Minimum | Reinsurance Recoverable | Mortality Rate | ||||||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||||||||
Weighted Average Discount Rate | 0.00% | 0.00% | ||||||||||
Minimum | Reinsurance Recoverable | Lapse Rate | ||||||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||||||||
Weighted Average Discount Rate | 1.50% | 1.50% | ||||||||||
Minimum | Reinsurance Recoverable | Annuitization Rate | ||||||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||||||||
Weighted Average Discount Rate | 0.00% | 0.00% | ||||||||||
Minimum | Reinsurance Recoverable | Discounted Cash Flows Valuation Technique | ||||||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||||||||
Weighted Average Discount Rate | 0.00% | 0.10% | ||||||||||
Minimum | Variable Annuity and Variable Life Insurance Contracts | Mortality Rate | ||||||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||||||||
Weighted Average Discount Rate | 0.00% | 0.00% | ||||||||||
Minimum | Variable Annuity and Variable Life Insurance Contracts | Lapse Rate | ||||||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||||||||
Weighted Average Discount Rate | 1.50% | 1.50% | ||||||||||
Minimum | Variable Annuity and Variable Life Insurance Contracts | Annuitization Rate | ||||||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||||||||
Weighted Average Discount Rate | 0.00% | 0.00% | ||||||||||
Minimum | Variable Annuity and Variable Life Insurance Contracts | Discounted Cash Flows Valuation Technique | ||||||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||||||||
Weighted Average Discount Rate | 0.00% | 0.10% | ||||||||||
Minimum | Available-for-sale securities | Corporate debt securities | Discounted Cash Flows Valuation Technique | ||||||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||||||||
Weighted Average Discount Rate | 0.20% | |||||||||||
Minimum | Available-for-sale securities | CMBS and RMBS in the Americas | Probability of Default | ||||||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||||||||
Weighted Average Discount Rate | 0.00% | |||||||||||
Minimum | Available-for-sale securities | CMBS and RMBS in the Americas | Discounted Cash Flows Valuation Technique | ||||||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||||||||
Weighted Average Discount Rate | 6.40% | |||||||||||
Minimum | Available-for-sale securities | Other asset-backed securities and debt securities | Probability of Default | ||||||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||||||||
Weighted Average Discount Rate | 0.60% | |||||||||||
Minimum | Available-for-sale securities | Other asset-backed securities and debt securities | Discounted Cash Flows Valuation Technique | ||||||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||||||||
Weighted Average Discount Rate | 1.00% | |||||||||||
Minimum | Other securities | Investment funds | Discounted Cash Flows Valuation Technique | ||||||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||||||||
Weighted Average Discount Rate | 3.80% | |||||||||||
Minimum | Other securities | Investment funds | Internal Cash Flows Valuation Technique | ||||||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||||||||
Weighted Average Discount Rate | 0.00% | |||||||||||
Minimum | Derivative assets | Discounted Cash Flows Valuation Technique | ||||||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||||||||
Weighted Average Discount Rate | 0.00% | 0.00% | ||||||||||
Minimum | Available-for-sale Debt Securities | Corporate debt securities | Discounted Cash Flows Valuation Technique | ||||||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||||||||
Weighted Average Discount Rate | 0.20% | |||||||||||
Minimum | Available-for-sale Debt Securities | CMBS and RMBS in the Americas | Probability of Default | ||||||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||||||||
Weighted Average Discount Rate | 0.00% | |||||||||||
Minimum | Available-for-sale Debt Securities | CMBS and RMBS in the Americas | Discounted Cash Flows Valuation Technique | ||||||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||||||||
Weighted Average Discount Rate | 6.40% | |||||||||||
Minimum | Available-for-sale Debt Securities | Other asset-backed securities and debt securities | Probability of Default | ||||||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||||||||
Weighted Average Discount Rate | 0.60% | |||||||||||
Minimum | Available-for-sale Debt Securities | Other asset-backed securities and debt securities | Discounted Cash Flows Valuation Technique | ||||||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||||||||
Weighted Average Discount Rate | 1.00% | |||||||||||
Maximum | Investment funds | Equity securities | Discounted Cash Flows Valuation Technique | ||||||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||||||||
Weighted Average Discount Rate | 11.40% | |||||||||||
Maximum | Investment funds | Equity securities | Internal Cash Flows Valuation Technique | ||||||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||||||||
Weighted Average Discount Rate | 65.00% | |||||||||||
Maximum | Reinsurance Recoverable | Mortality Rate | ||||||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||||||||
Weighted Average Discount Rate | 100.00% | 100.00% | ||||||||||
Maximum | Reinsurance Recoverable | Lapse Rate | ||||||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||||||||
Weighted Average Discount Rate | 24.00% | 30.00% | ||||||||||
Maximum | Reinsurance Recoverable | Annuitization Rate | ||||||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||||||||
Weighted Average Discount Rate | 100.00% | 100.00% | ||||||||||
Maximum | Reinsurance Recoverable | Discounted Cash Flows Valuation Technique | ||||||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||||||||
Weighted Average Discount Rate | 0.50% | 0.40% | ||||||||||
Maximum | Variable Annuity and Variable Life Insurance Contracts | Mortality Rate | ||||||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||||||||
Weighted Average Discount Rate | 100.00% | 100.00% | ||||||||||
Maximum | Variable Annuity and Variable Life Insurance Contracts | Lapse Rate | ||||||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||||||||
Weighted Average Discount Rate | 24.00% | 54.00% | ||||||||||
Maximum | Variable Annuity and Variable Life Insurance Contracts | Annuitization Rate | ||||||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||||||||
Weighted Average Discount Rate | 100.00% | 100.00% | ||||||||||
Maximum | Variable Annuity and Variable Life Insurance Contracts | Discounted Cash Flows Valuation Technique | ||||||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||||||||
Weighted Average Discount Rate | 0.50% | 0.40% | ||||||||||
Maximum | Available-for-sale securities | Corporate debt securities | Discounted Cash Flows Valuation Technique | ||||||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||||||||
Weighted Average Discount Rate | 1.70% | |||||||||||
Maximum | Available-for-sale securities | CMBS and RMBS in the Americas | Probability of Default | ||||||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||||||||
Weighted Average Discount Rate | 24.70% | |||||||||||
Maximum | Available-for-sale securities | CMBS and RMBS in the Americas | Discounted Cash Flows Valuation Technique | ||||||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||||||||
Weighted Average Discount Rate | 20.00% | |||||||||||
Maximum | Available-for-sale securities | Other asset-backed securities and debt securities | Probability of Default | ||||||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||||||||
Weighted Average Discount Rate | 1.60% | |||||||||||
Maximum | Available-for-sale securities | Other asset-backed securities and debt securities | Discounted Cash Flows Valuation Technique | ||||||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||||||||
Weighted Average Discount Rate | 51.20% | |||||||||||
Maximum | Other securities | Investment funds | Discounted Cash Flows Valuation Technique | ||||||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||||||||
Weighted Average Discount Rate | 11.60% | |||||||||||
Maximum | Other securities | Investment funds | Internal Cash Flows Valuation Technique | ||||||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||||||||
Weighted Average Discount Rate | 40.00% | |||||||||||
Maximum | Derivative assets | Discounted Cash Flows Valuation Technique | ||||||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||||||||
Weighted Average Discount Rate | 15.00% | 15.00% | ||||||||||
Maximum | Available-for-sale Debt Securities | Corporate debt securities | Discounted Cash Flows Valuation Technique | ||||||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||||||||
Weighted Average Discount Rate | 1.50% | |||||||||||
Maximum | Available-for-sale Debt Securities | CMBS and RMBS in the Americas | Probability of Default | ||||||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||||||||
Weighted Average Discount Rate | 14.50% | |||||||||||
Maximum | Available-for-sale Debt Securities | CMBS and RMBS in the Americas | Discounted Cash Flows Valuation Technique | ||||||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||||||||
Weighted Average Discount Rate | 20.00% | |||||||||||
Maximum | Available-for-sale Debt Securities | Other asset-backed securities and debt securities | Probability of Default | ||||||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||||||||
Weighted Average Discount Rate | 1.60% | |||||||||||
Maximum | Available-for-sale Debt Securities | Other asset-backed securities and debt securities | Discounted Cash Flows Valuation Technique | ||||||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||||||||
Weighted Average Discount Rate | 51.20% | |||||||||||
[1] | "Included in earnings" in the above table includes changes in the fair value of reinsurance contracts recorded in "Life insurance costs" and reinsurance premiums, net of reinsurance benefits received, recorded in "Life insurance premiums and related investment income." | |||||||||||
[2] | "Included in earnings" in the above table is recorded in "Life insurance costs" and includes changes in the fair value of policy liabilities and policy account balances resulting from gains or losses on the underlying investment assets managed on behalf of variable annuity and variable life policyholders, and the changes in the minimum guarantee risks relating to variable annuity and variable life insurance contracts as well as insurance costs recognized for insurance and annuity payouts as a result of insured events. |
Fair Value Measurements (Info_2
Fair Value Measurements (Information about Valuation Techniques and Significant Unobservable Inputs Used in Valuation of Level Three Assets Measured at Fair Value on Nonrecurring Basis) (Detail) - JPY (¥) ¥ in Millions | 6 Months Ended | 12 Months Ended |
Sep. 30, 2018 | Mar. 31, 2018 | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair Value | ¥ 6,645 | ¥ 23,172 |
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 | ¥ 7,526 | |
Valuation Technique(s) | Discounted cash flows | |
Significant Unobservable Inputs | Discount rate | |
Range Discount Rate | 10.70% | |
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 | |
Significant Unobservable Inputs | Capitalization rate | |
Range Discount Rate | 11.20% | |
Real Estate Collateral Dependent Loans | Appraisals | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair Value | ¥ 6,452 | |
Valuation Technique(s) | Appraisals | |
Significant Unobservable Inputs | - | |
Real Estate Collateral Dependent Loans | Weighted Average [Member] | Discounted Cash Flows Valuation Technique | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Range Discount Rate | 10.70% | |
Real Estate Collateral Dependent Loans | Weighted Average [Member] | Direct Capitalization Valuation Technique | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Range Discount Rate | 11.20% | |
Investment in operating leases and property under facility operations | Discounted Cash Flows Valuation Technique | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair Value | ¥ 27 | |
Valuation Technique(s) | Discounted cash flows | |
Significant Unobservable Inputs | Discount rate | |
Range Discount Rate | 8.00% | |
Investment in operating leases and property under facility operations | Appraisals | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair Value | ¥ 193 | ¥ 3,889 |
Valuation Technique(s) | Appraisals | Appraisals |
Significant Unobservable Inputs | - | - |
Investment in operating leases and property under facility operations | Weighted Average [Member] | Discounted Cash Flows Valuation Technique | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Range Discount Rate | 8.00% | |
Certain Investment in Affiliates | Discounted Cash Flows Valuation Technique | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Valuation Technique(s) | Discounted cash flows | |
Significant Unobservable Inputs | Discount rate | |
Certain Investment in Affiliates | Market Price Method | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair Value | ¥ 11,730 | |
Valuation Technique(s) | Market price method | |
Significant Unobservable Inputs | - | |
Certain Investment in Affiliates | Business Enterprise Value Multiples | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Valuation Technique(s) | Business enterprise value multiples | |
Significant Unobservable Inputs | - | |
Certain Investment in Affiliates | Weighted Average [Member] | Discounted Cash Flows Valuation Technique | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Range Discount Rate | 9.80% | |
Level 3 | Certain Investment in Affiliates | Minimum | Discounted Cash Flows Valuation Technique | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Weighted Average Discount Rate | 9.30% | |
Level 3 | Certain Investment in Affiliates | Maximum | Discounted Cash Flows Valuation Technique | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Weighted Average Discount Rate | 10.30% |
Acquisitions and Divestitures -
Acquisitions and Divestitures - Additional Information (Detail) - JPY (¥) | 3 Months Ended | 6 Months Ended | ||
Sep. 30, 2018 | Sep. 30, 2017 | Sep. 30, 2018 | Sep. 30, 2017 | |
Business Acquisition [Line Items] | ||||
Acquisitions consideration, cost of acquired entity paid in cash | ¥ 0 | ¥ 0 | ||
Gains on sales of subsidiaries and affiliates and liquidation losses, net | ¥ 5,246,000,000 | ¥ 10,474,000,000 | 19,032,000,000 | 24,972,000,000 |
Divestiture | ||||
Business Acquisition [Line Items] | ||||
Gains on sales of subsidiaries and affiliates and liquidation losses, net | 5,246,000,000 | 10,474,000,000 | 19,032,000,000 | 24,972,000,000 |
Divestiture | Investment and Operation Segment | ||||
Business Acquisition [Line Items] | ||||
Gains on sales of subsidiaries and affiliates and liquidation losses, net | 540,000,000 | 8,681,000,000 | 558,000,000 | 9,184,000,000 |
Divestiture | Overseas Business Segment | ||||
Business Acquisition [Line Items] | ||||
Gains on sales of subsidiaries and affiliates and liquidation losses, net | ¥ 4,706,000,000 | ¥ 1,793,000,000 | ¥ 18,470,000,000 | 13,760,000,000 |
Divestiture | Corporate Financial Services | ||||
Business Acquisition [Line Items] | ||||
Gains on sales of subsidiaries and affiliates and liquidation losses, net | ¥ 2,028,000,000 |
Revenues from Contracts with _3
Revenues from Contracts with Customers - Summary of Revenues from Contracts with Customers, and Other Sources of Revenue (Detail) - JPY (¥) ¥ in Millions | 3 Months Ended | 6 Months Ended | |||
Sep. 30, 2018 | Sep. 30, 2017 | Sep. 30, 2018 | Sep. 30, 2017 | ||
Revenue from Contract with Customer [Abstract] | |||||
Revenues from contracts with customers | ¥ 379,506 | ¥ 727,356 | |||
Other revenues | [1] | 278,591 | 534,658 | ||
Total revenues | ¥ 658,097 | ¥ 725,499 | ¥ 1,262,014 | ¥ 1,517,796 | |
[1] | Other revenues include revenues that are not in the scope of ASC 606 ("Revenue from Contracts with Customers"), such as life insurance premiums and related investment income, operating leases, finance revenues that include interest income, and others. |
Revenues from Contracts with _4
Revenues from Contracts with Customers - Balances from Contracts with Customers in Fee Business (Detail) - JPY (¥) ¥ in Millions | Sep. 30, 2018 | Apr. 01, 2018 |
Contract with Customer, Asset and Liability [Abstract] | ||
Trade Notes, Accounts and Other Receivable | ¥ 143,175 | ¥ 154,590 |
Contract assets (Included in Other Assets) | 2,145 | 1,058 |
Contract liabilities (Included in Other Liabilities) | ¥ 46,032 | ¥ 45,545 |
Revenues from Contracts with _5
Revenues from Contracts with Customers - Additional Information (Detail) ¥ in Millions | 3 Months Ended | 6 Months Ended |
Sep. 30, 2018JPY (¥) | Sep. 30, 2018JPY (¥) | |
Revenue From Contract With Customers [Line Items] | ||
Revenue included in contract liabilities | ¥ 12,422 | ¥ 29,236 |
Revenue remaining performance obligation | ¥ 150,623 | ¥ 150,623 |
Maximum | ||
Revenue From Contract With Customers [Line Items] | ||
Revenue remaining performance obligation expected timing of satisfaction, period | 10 years |
Credit Quality of Financing R_3
Credit Quality of Financing Receivables and the Allowance for Credit Losses (Information about Allowance for Credit Losses) (Detail) - JPY (¥) ¥ in Millions | 3 Months Ended | 6 Months Ended | ||||||||
Sep. 30, 2018 | Sep. 30, 2017 | Sep. 30, 2018 | Sep. 30, 2017 | Mar. 31, 2018 | ||||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||||||||
Beginning balance | ¥ 56,960 | ¥ 60,759 | ¥ 54,672 | ¥ 59,227 | ||||||
Provision (Reversal) | 3,264 | 3,359 | 8,210 | 7,998 | ||||||
Charge-offs | (5,041) | (5,160) | (8,380) | (8,480) | ||||||
Recoveries | 245 | 301 | 651 | 531 | ||||||
Other | 412 | [1] | (1,283) | [2] | 687 | [1] | (1,300) | [2] | ||
Ending balance | 55,840 | 57,976 | 55,840 | 57,976 | ||||||
Allowance for credit losses, Individually Evaluated for Impairment | 12,715 | 17,869 | 12,715 | 17,869 | ¥ 14,344 | |||||
Allowance for credit losses, Not Individually Evaluated for Impairment | 43,125 | 40,107 | 43,125 | 40,107 | 40,328 | |||||
Financing receivables, Ending balance | 4,214,302 | 3,985,112 | 4,214,302 | 3,985,112 | 4,000,357 | |||||
Financing receivables, Individually evaluated for impairment | 54,456 | 54,748 | 54,456 | 54,748 | 47,142 | |||||
Financing receivables, Not individually evaluated for impairment | 4,159,846 | 3,930,364 | 4,159,846 | 3,930,364 | 3,953,215 | |||||
Consumer borrowers | ||||||||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||||||||
Beginning balance | 22,299 | 20,086 | 21,196 | 18,599 | ||||||
Provision (Reversal) | 2,328 | 2,558 | 5,739 | 6,018 | ||||||
Charge-offs | (2,638) | (2,254) | (5,140) | (4,343) | ||||||
Recoveries | 76 | 258 | 287 | 376 | ||||||
Other | (5) | [1] | 3 | [2] | (22) | [1] | 1 | [2] | ||
Ending balance | 22,060 | 20,651 | 22,060 | 20,651 | ||||||
Allowance for credit losses, Individually Evaluated for Impairment | 3,366 | 3,131 | 3,366 | 3,131 | 3,020 | |||||
Allowance for credit losses, Not Individually Evaluated for Impairment | 18,694 | 17,520 | 18,694 | 17,520 | 18,176 | |||||
Financing receivables, Ending balance | 1,792,901 | 1,676,208 | 1,792,901 | 1,676,208 | 1,739,173 | |||||
Financing receivables, Individually evaluated for impairment | 22,071 | 18,409 | 22,071 | 18,409 | 18,911 | |||||
Financing receivables, Not individually evaluated for impairment | 1,770,830 | 1,657,799 | 1,770,830 | 1,657,799 | 1,720,262 | |||||
Corporate borrowers | ||||||||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||||||||
Allowance for credit losses, Individually Evaluated for Impairment | 6,867 | 6,867 | 8,444 | |||||||
Financing receivables, Ending balance | 1,225,332 | 1,225,332 | 1,047,363 | |||||||
Financing receivables, Individually evaluated for impairment | 27,940 | 27,940 | 23,130 | |||||||
Purchased loans | ||||||||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||||||||
Beginning balance | [3] | 4,150 | 5,831 | 4,292 | 6,061 | |||||
Provision (Reversal) | [3] | (1) | (65) | (186) | (209) | |||||
Charge-offs | [3] | (266) | (1,002) | (304) | (1,110) | |||||
Recoveries | [3] | 16 | 39 | 96 | 63 | |||||
Other | [3] | 6 | [1] | 2 | [2] | 7 | [1] | 0 | [2] | |
Ending balance | [3] | 3,905 | 4,805 | 3,905 | 4,805 | |||||
Allowance for credit losses, Individually Evaluated for Impairment | [3] | 2,482 | 3,323 | 2,482 | 3,323 | 2,880 | ||||
Allowance for credit losses, Not Individually Evaluated for Impairment | [3] | 1,423 | 1,482 | 1,423 | 1,482 | 1,412 | ||||
Financing receivables, Ending balance | [3] | 17,156 | 21,998 | 17,156 | 21,998 | 18,933 | ||||
Financing receivables, Individually evaluated for impairment | [3] | 4,445 | 5,703 | 4,445 | 5,703 | 5,101 | ||||
Financing receivables, Not individually evaluated for impairment | [3] | 12,711 | 16,295 | 12,711 | 16,295 | 13,832 | ||||
Non-recourse Loans | Corporate borrowers | ||||||||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||||||||
Beginning balance | 597 | 2,647 | 688 | 2,951 | ||||||
Provision (Reversal) | 14 | (86) | (87) | (268) | ||||||
Charge-offs | 0 | 0 | 0 | (115) | ||||||
Recoveries | 0 | 0 | 0 | 0 | ||||||
Other | 16 | [1] | 16 | [2] | 26 | [1] | 9 | [2] | ||
Ending balance | 627 | 2,577 | 627 | 2,577 | ||||||
Allowance for credit losses, Individually Evaluated for Impairment | 49 | 1,984 | 49 | 1,984 | 149 | |||||
Allowance for credit losses, Not Individually Evaluated for Impairment | 578 | 593 | 578 | 593 | 539 | |||||
Financing receivables, Ending balance | 63,423 | 87,454 | 63,423 | 87,454 | 73,305 | |||||
Financing receivables, Individually evaluated for impairment | 1,597 | 5,443 | 1,597 | 5,443 | 3,745 | |||||
Financing receivables, Not individually evaluated for impairment | 61,826 | 82,011 | 61,826 | 82,011 | 69,560 | |||||
Other loans | Corporate borrowers | ||||||||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||||||||
Beginning balance | 19,708 | 21,487 | 18,407 | 21,079 | ||||||
Provision (Reversal) | (67) | 148 | 992 | 1,278 | ||||||
Charge-offs | (1,602) | (1,216) | (1,761) | (1,972) | ||||||
Recoveries | 81 | 16 | 148 | 90 | ||||||
Other | 289 | [1] | (1,390) | [2] | 623 | [1] | (1,430) | [2] | ||
Ending balance | 18,409 | 19,045 | 18,409 | 19,045 | ||||||
Allowance for credit losses, Individually Evaluated for Impairment | 6,818 | 9,431 | 6,818 | 9,431 | 8,295 | |||||
Allowance for credit losses, Not Individually Evaluated for Impairment | 11,591 | 9,614 | 11,591 | 9,614 | 10,112 | |||||
Financing receivables, Ending balance | 1,161,909 | 984,754 | 1,161,909 | 984,754 | 974,058 | |||||
Financing receivables, Individually evaluated for impairment | 26,343 | 25,193 | 26,343 | 25,193 | 19,385 | |||||
Financing receivables, Not individually evaluated for impairment | 1,135,566 | 959,561 | 1,135,566 | 959,561 | 954,673 | |||||
Direct Financing Leases | ||||||||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||||||||
Beginning balance | 10,206 | 10,708 | 10,089 | 10,537 | ||||||
Provision (Reversal) | 990 | 804 | 1,752 | 1,179 | ||||||
Charge-offs | (535) | (688) | (1,175) | (940) | ||||||
Recoveries | 72 | (12) | 120 | 2 | ||||||
Other | 106 | [1] | 86 | [2] | 53 | [1] | 120 | [2] | ||
Ending balance | 10,839 | 10,898 | 10,839 | 10,898 | ||||||
Allowance for credit losses, Individually Evaluated for Impairment | 0 | 0 | 0 | 0 | 0 | |||||
Allowance for credit losses, Not Individually Evaluated for Impairment | 10,839 | 10,898 | 10,839 | 10,898 | 10,089 | |||||
Financing receivables, Ending balance | 1,178,913 | 1,214,698 | 1,178,913 | 1,214,698 | 1,194,888 | |||||
Financing receivables, Individually evaluated for impairment | 0 | 0 | 0 | 0 | 0 | |||||
Financing receivables, Not individually evaluated for impairment | ¥ 1,178,913 | ¥ 1,214,698 | ¥ 1,178,913 | ¥ 1,214,698 | ¥ 1,194,888 | |||||
[1] | Other mainly includes foreign currency translation adjustments. | |||||||||
[2] | Other mainly includes foreign currency translation adjustments and a decrease in allowance related to sales of loans. | |||||||||
[3] | Purchased loans represent loans with evidence of deterioration of credit quality since origination and for which it is probable at acquisition that collection of all contractually required payments from the debtors is unlikely. |
Credit Quality of Financing R_4
Credit Quality of Financing Receivables and the Allowance for Credit Losses (Information about Impaired Loans) (Detail) - JPY (¥) ¥ in Millions | Sep. 30, 2018 | Mar. 31, 2018 | Sep. 30, 2017 | |
Financing Receivable, Impaired [Line Items] | ||||
Loans Individually Evaluated for Impairment | ¥ 54,456 | ¥ 47,142 | ¥ 54,748 | |
Unpaid Principal Balance | 53,197 | 45,717 | ||
Related Allowance | 12,715 | 14,344 | 17,869 | |
Consumer borrowers | ||||
Financing Receivable, Impaired [Line Items] | ||||
Loans Individually Evaluated for Impairment | 22,071 | 18,911 | 18,409 | |
Unpaid Principal Balance | 21,200 | 18,362 | ||
Related Allowance | 3,366 | 3,020 | 3,131 | |
Corporate borrowers | ||||
Financing Receivable, Impaired [Line Items] | ||||
Loans Individually Evaluated for Impairment | 27,940 | 23,130 | ||
Unpaid Principal Balance | 27,552 | 22,489 | ||
Related Allowance | 6,867 | 8,444 | ||
Purchased loans | ||||
Financing Receivable, Impaired [Line Items] | ||||
Loans Individually Evaluated for Impairment | [1] | 4,445 | 5,101 | 5,703 |
Unpaid Principal Balance | 4,445 | 4,866 | ||
Related Allowance | [1] | 2,482 | 2,880 | 3,323 |
Consumer - Housing loans | Consumer borrowers | ||||
Financing Receivable, Impaired [Line Items] | ||||
Loans Individually Evaluated for Impairment | 4,576 | 3,544 | ||
Unpaid Principal Balance | 4,400 | 3,252 | ||
Related Allowance | 956 | 984 | ||
Consumer-Card loans | Consumer borrowers | ||||
Financing Receivable, Impaired [Line Items] | ||||
Loans Individually Evaluated for Impairment | 4,014 | 4,060 | ||
Unpaid Principal Balance | 4,005 | 4,051 | ||
Related Allowance | 669 | 631 | ||
Consumer - Other | Consumer borrowers | ||||
Financing Receivable, Impaired [Line Items] | ||||
Loans Individually Evaluated for Impairment | 13,481 | 11,307 | ||
Unpaid Principal Balance | 12,795 | 11,059 | ||
Related Allowance | 1,741 | 1,405 | ||
Non-recourse Loans | Corporate borrowers | ||||
Financing Receivable, Impaired [Line Items] | ||||
Loans Individually Evaluated for Impairment | 1,597 | 3,745 | 5,443 | |
Related Allowance | 49 | 149 | ¥ 1,984 | |
Non-recourse Loans | Corporate borrowers | Japan | ||||
Financing Receivable, Impaired [Line Items] | ||||
Loans Individually Evaluated for Impairment | 244 | 254 | ||
Unpaid Principal Balance | 244 | 254 | ||
Related Allowance | 49 | 53 | ||
Non-recourse Loans | Corporate borrowers | The Americas | ||||
Financing Receivable, Impaired [Line Items] | ||||
Loans Individually Evaluated for Impairment | 1,353 | 3,491 | ||
Unpaid Principal Balance | 1,353 | 3,491 | ||
Related Allowance | 0 | 96 | ||
Corporate Real Estate Companies Loans | Corporate borrowers | ||||
Financing Receivable, Impaired [Line Items] | ||||
Loans Individually Evaluated for Impairment | 2,415 | 2,547 | ||
Unpaid Principal Balance | 2,401 | 2,485 | ||
Related Allowance | 478 | 543 | ||
Other-Entertainment industry | Corporate borrowers | ||||
Financing Receivable, Impaired [Line Items] | ||||
Loans Individually Evaluated for Impairment | 1,533 | 1,588 | ||
Unpaid Principal Balance | 1,523 | 1,570 | ||
Related Allowance | 507 | 576 | ||
Other Corporate Loan | Corporate borrowers | ||||
Financing Receivable, Impaired [Line Items] | ||||
Loans Individually Evaluated for Impairment | 22,395 | 15,250 | ||
Unpaid Principal Balance | 22,031 | 14,689 | ||
Related Allowance | 5,833 | 7,176 | ||
Impaired Financing Receivables with No Related Allowance | ||||
Financing Receivable, Impaired [Line Items] | ||||
Loans Individually Evaluated for Impairment | [2] | 14,805 | 7,813 | |
Unpaid Principal Balance | [2] | 14,611 | 7,774 | |
Related Allowance | [2] | 0 | 0 | |
Impaired Financing Receivables with No Related Allowance | Consumer borrowers | ||||
Financing Receivable, Impaired [Line Items] | ||||
Loans Individually Evaluated for Impairment | 664 | 409 | ||
Unpaid Principal Balance | 648 | 409 | ||
Related Allowance | 0 | 0 | ||
Impaired Financing Receivables with No Related Allowance | Corporate borrowers | ||||
Financing Receivable, Impaired [Line Items] | ||||
Loans Individually Evaluated for Impairment | 14,035 | 7,301 | ||
Unpaid Principal Balance | 13,857 | 7,262 | ||
Related Allowance | 0 | 0 | ||
Impaired Financing Receivables with No Related Allowance | Purchased loans | ||||
Financing Receivable, Impaired [Line Items] | ||||
Loans Individually Evaluated for Impairment | 106 | 103 | ||
Unpaid Principal Balance | 106 | 103 | ||
Related Allowance | 0 | 0 | ||
Impaired Financing Receivables with No Related Allowance | Consumer - Housing loans | Consumer borrowers | ||||
Financing Receivable, Impaired [Line Items] | ||||
Loans Individually Evaluated for Impairment | 464 | 184 | ||
Unpaid Principal Balance | 448 | 184 | ||
Related Allowance | 0 | 0 | ||
Impaired Financing Receivables with No Related Allowance | Consumer-Card loans | Consumer borrowers | ||||
Financing Receivable, Impaired [Line Items] | ||||
Loans Individually Evaluated for Impairment | 0 | 0 | ||
Unpaid Principal Balance | 0 | 0 | ||
Related Allowance | 0 | 0 | ||
Impaired Financing Receivables with No Related Allowance | Consumer - Other | Consumer borrowers | ||||
Financing Receivable, Impaired [Line Items] | ||||
Loans Individually Evaluated for Impairment | 200 | 225 | ||
Unpaid Principal Balance | 200 | 225 | ||
Related Allowance | 0 | 0 | ||
Impaired Financing Receivables with No Related Allowance | Non-recourse Loans | Corporate borrowers | Japan | ||||
Financing Receivable, Impaired [Line Items] | ||||
Loans Individually Evaluated for Impairment | 0 | 0 | ||
Unpaid Principal Balance | 0 | 0 | ||
Related Allowance | 0 | 0 | ||
Impaired Financing Receivables with No Related Allowance | Non-recourse Loans | Corporate borrowers | The Americas | ||||
Financing Receivable, Impaired [Line Items] | ||||
Loans Individually Evaluated for Impairment | 1,353 | 3,395 | ||
Unpaid Principal Balance | 1,353 | 3,395 | ||
Related Allowance | 0 | 0 | ||
Impaired Financing Receivables with No Related Allowance | Corporate Real Estate Companies Loans | Corporate borrowers | ||||
Financing Receivable, Impaired [Line Items] | ||||
Loans Individually Evaluated for Impairment | 987 | 1,003 | ||
Unpaid Principal Balance | 987 | 1,003 | ||
Related Allowance | 0 | 0 | ||
Impaired Financing Receivables with No Related Allowance | Other-Entertainment industry | Corporate borrowers | ||||
Financing Receivable, Impaired [Line Items] | ||||
Loans Individually Evaluated for Impairment | 0 | 7 | ||
Unpaid Principal Balance | 0 | 0 | ||
Related Allowance | 0 | 0 | ||
Impaired Financing Receivables with No Related Allowance | Other Corporate Loan | Corporate borrowers | ||||
Financing Receivable, Impaired [Line Items] | ||||
Loans Individually Evaluated for Impairment | 11,695 | 2,896 | ||
Unpaid Principal Balance | 11,517 | 2,864 | ||
Related Allowance | 0 | 0 | ||
Impaired Financing Receivables with Related Allowance | ||||
Financing Receivable, Impaired [Line Items] | ||||
Loans Individually Evaluated for Impairment | [3] | 39,651 | 39,329 | |
Unpaid Principal Balance | [3] | 38,586 | 37,943 | |
Related Allowance | [3] | 12,715 | 14,344 | |
Impaired Financing Receivables with Related Allowance | Consumer borrowers | ||||
Financing Receivable, Impaired [Line Items] | ||||
Loans Individually Evaluated for Impairment | 21,407 | 18,502 | ||
Unpaid Principal Balance | 20,552 | 17,953 | ||
Related Allowance | 3,366 | 3,020 | ||
Impaired Financing Receivables with Related Allowance | Corporate borrowers | ||||
Financing Receivable, Impaired [Line Items] | ||||
Loans Individually Evaluated for Impairment | 13,905 | 15,829 | ||
Unpaid Principal Balance | 13,695 | 15,227 | ||
Related Allowance | 6,867 | 8,444 | ||
Impaired Financing Receivables with Related Allowance | Purchased loans | ||||
Financing Receivable, Impaired [Line Items] | ||||
Loans Individually Evaluated for Impairment | 4,339 | 4,998 | ||
Unpaid Principal Balance | 4,339 | 4,763 | ||
Related Allowance | 2,482 | 2,880 | ||
Impaired Financing Receivables with Related Allowance | Consumer - Housing loans | Consumer borrowers | ||||
Financing Receivable, Impaired [Line Items] | ||||
Loans Individually Evaluated for Impairment | 4,112 | 3,360 | ||
Unpaid Principal Balance | 3,952 | 3,068 | ||
Related Allowance | 956 | 984 | ||
Impaired Financing Receivables with Related Allowance | Consumer-Card loans | Consumer borrowers | ||||
Financing Receivable, Impaired [Line Items] | ||||
Loans Individually Evaluated for Impairment | 4,014 | 4,060 | ||
Unpaid Principal Balance | 4,005 | 4,051 | ||
Related Allowance | 669 | 631 | ||
Impaired Financing Receivables with Related Allowance | Consumer - Other | Consumer borrowers | ||||
Financing Receivable, Impaired [Line Items] | ||||
Loans Individually Evaluated for Impairment | 13,281 | 11,082 | ||
Unpaid Principal Balance | 12,595 | 10,834 | ||
Related Allowance | 1,741 | 1,405 | ||
Impaired Financing Receivables with Related Allowance | Non-recourse Loans | Corporate borrowers | Japan | ||||
Financing Receivable, Impaired [Line Items] | ||||
Loans Individually Evaluated for Impairment | 244 | 254 | ||
Unpaid Principal Balance | 244 | 254 | ||
Related Allowance | 49 | 53 | ||
Impaired Financing Receivables with Related Allowance | Non-recourse Loans | Corporate borrowers | The Americas | ||||
Financing Receivable, Impaired [Line Items] | ||||
Loans Individually Evaluated for Impairment | 0 | 96 | ||
Unpaid Principal Balance | 0 | 96 | ||
Related Allowance | 0 | 96 | ||
Impaired Financing Receivables with Related Allowance | Corporate Real Estate Companies Loans | Corporate borrowers | ||||
Financing Receivable, Impaired [Line Items] | ||||
Loans Individually Evaluated for Impairment | 1,428 | 1,544 | ||
Unpaid Principal Balance | 1,414 | 1,482 | ||
Related Allowance | 478 | 543 | ||
Impaired Financing Receivables with Related Allowance | Other-Entertainment industry | Corporate borrowers | ||||
Financing Receivable, Impaired [Line Items] | ||||
Loans Individually Evaluated for Impairment | 1,533 | 1,581 | ||
Unpaid Principal Balance | 1,523 | 1,570 | ||
Related Allowance | 507 | 576 | ||
Impaired Financing Receivables with Related Allowance | Other Corporate Loan | Corporate borrowers | ||||
Financing Receivable, Impaired [Line Items] | ||||
Loans Individually Evaluated for Impairment | 10,700 | 12,354 | ||
Unpaid Principal Balance | 10,514 | 11,825 | ||
Related Allowance | ¥ 5,833 | ¥ 7,176 | ||
[1] | Purchased loans represent loans with evidence of deterioration of credit quality since origination and for which it is probable at acquisition that collection of all contractually required payments from the debtors is unlikely. | |||
[2] | "With no related allowance recorded" represents impaired loans with no allowance for credit losses as all amounts are considered to be collectible. | |||
[3] | "With an allowance recorded" represents impaired loans with the allowance for credit losses as all or a part of the amounts are not considered to be collectible. |
Credit Quality of Financing R_5
Credit Quality of Financing Receivables and the Allowance for Credit Losses (Information about Average Recorded Investments in Impaired Loans and Interest Income) (Detail) - JPY (¥) ¥ in Millions | 3 Months Ended | 6 Months Ended | |||
Sep. 30, 2018 | Sep. 30, 2017 | Sep. 30, 2018 | Sep. 30, 2017 | ||
Financing Receivable, Impaired [Line Items] | |||||
Average recorded investments in impaired loans | [1] | ¥ 51,422 | ¥ 56,061 | ¥ 49,789 | ¥ 57,048 |
Interest income on impaired loans | 289 | 200 | 475 | 352 | |
Interest on impaired loans collected in cash | 284 | 151 | 434 | 278 | |
Consumer borrowers | |||||
Financing Receivable, Impaired [Line Items] | |||||
Average recorded investments in impaired loans | [1] | 21,635 | 17,745 | 20,346 | 17,385 |
Interest income on impaired loans | 113 | 149 | 221 | 243 | |
Interest on impaired loans collected in cash | 108 | 103 | 192 | 173 | |
Consumer borrowers | Consumer - Housing loans | |||||
Financing Receivable, Impaired [Line Items] | |||||
Average recorded investments in impaired loans | [1] | 4,782 | 4,250 | 4,129 | 4,248 |
Interest income on impaired loans | 48 | 96 | 89 | 134 | |
Interest on impaired loans collected in cash | 48 | 55 | 87 | 88 | |
Consumer borrowers | Consumer-Card loans | |||||
Financing Receivable, Impaired [Line Items] | |||||
Average recorded investments in impaired loans | [1] | 4,007 | 4,079 | 4,035 | 4,086 |
Interest income on impaired loans | 15 | 15 | 32 | 34 | |
Interest on impaired loans collected in cash | 14 | 14 | 26 | 27 | |
Consumer borrowers | Consumer - Other | |||||
Financing Receivable, Impaired [Line Items] | |||||
Average recorded investments in impaired loans | [1] | 12,846 | 9,416 | 12,182 | 9,051 |
Interest income on impaired loans | 50 | 38 | 100 | 75 | |
Interest on impaired loans collected in cash | 46 | 34 | 79 | 58 | |
Corporate borrowers | |||||
Financing Receivable, Impaired [Line Items] | |||||
Average recorded investments in impaired loans | [1] | 25,178 | 32,001 | 24,615 | 32,972 |
Interest income on impaired loans | 176 | 50 | 222 | 106 | |
Interest on impaired loans collected in cash | 176 | 47 | 211 | 102 | |
Corporate borrowers | Non-recourse Loans | Japan | |||||
Financing Receivable, Impaired [Line Items] | |||||
Average recorded investments in impaired loans | [1] | 247 | 197 | 250 | 199 |
Interest income on impaired loans | 2 | 1 | 4 | 3 | |
Interest on impaired loans collected in cash | 2 | 1 | 4 | 3 | |
Corporate borrowers | Non-recourse Loans | The Americas | |||||
Financing Receivable, Impaired [Line Items] | |||||
Average recorded investments in impaired loans | [1] | 677 | 5,262 | 2,197 | 5,451 |
Interest income on impaired loans | 0 | 0 | 0 | 6 | |
Interest on impaired loans collected in cash | 0 | 0 | 0 | 6 | |
Corporate borrowers | Corporate Real Estate Companies Loans | |||||
Financing Receivable, Impaired [Line Items] | |||||
Average recorded investments in impaired loans | [1] | 2,439 | 6,215 | 2,489 | 6,547 |
Interest income on impaired loans | 9 | 14 | 18 | 27 | |
Interest on impaired loans collected in cash | 9 | 13 | 18 | 26 | |
Corporate borrowers | Other-Entertainment industry | |||||
Financing Receivable, Impaired [Line Items] | |||||
Average recorded investments in impaired loans | [1] | 1,549 | 1,669 | 1,566 | 1,691 |
Interest income on impaired loans | 9 | 14 | 24 | 28 | |
Interest on impaired loans collected in cash | 9 | 13 | 18 | 27 | |
Corporate borrowers | Other Corporate Loan | |||||
Financing Receivable, Impaired [Line Items] | |||||
Average recorded investments in impaired loans | [1] | 20,266 | 18,658 | 18,113 | 19,084 |
Interest income on impaired loans | 156 | 21 | 176 | 42 | |
Interest on impaired loans collected in cash | 156 | 20 | 171 | 40 | |
Purchased loans | |||||
Financing Receivable, Impaired [Line Items] | |||||
Average recorded investments in impaired loans | [1] | 4,609 | 6,315 | 4,828 | 6,691 |
Interest income on impaired loans | 0 | 1 | 32 | 3 | |
Interest on impaired loans collected in cash | ¥ 0 | ¥ 1 | ¥ 31 | ¥ 3 | |
[1] | Average balances are calculated on the basis of fiscal beginning and quarter-end balances. |
Credit Quality of Financing R_6
Credit Quality of Financing Receivables and the Allowance for Credit Losses (Information about Credit Quality Indicators) (Detail) - JPY (¥) ¥ in Millions | Sep. 30, 2018 | Mar. 31, 2018 | Sep. 30, 2017 | |
Financing Receivable, Recorded Investment [Line Items] | ||||
Financing receivable | ¥ 4,214,302 | ¥ 4,000,357 | ¥ 3,985,112 | |
Direct Financing Leases | ||||
Financing Receivable, Recorded Investment [Line Items] | ||||
Financing receivable | 1,178,913 | 1,194,888 | 1,214,698 | |
Direct Financing Leases | Japan | ||||
Financing Receivable, Recorded Investment [Line Items] | ||||
Financing receivable | 805,988 | 826,168 | ||
Direct Financing Leases | Overseas | ||||
Financing Receivable, Recorded Investment [Line Items] | ||||
Financing receivable | 372,925 | 368,720 | ||
Consumer borrowers | ||||
Financing Receivable, Recorded Investment [Line Items] | ||||
Financing receivable | 1,792,901 | 1,739,173 | 1,676,208 | |
Consumer borrowers | Consumer - Housing loans | ||||
Financing Receivable, Recorded Investment [Line Items] | ||||
Financing receivable | 1,471,491 | 1,402,838 | ||
Consumer borrowers | Consumer-Card loans | ||||
Financing Receivable, Recorded Investment [Line Items] | ||||
Financing receivable | 252,654 | 264,323 | ||
Consumer borrowers | Consumer - Other | ||||
Financing Receivable, Recorded Investment [Line Items] | ||||
Financing receivable | 68,756 | 72,012 | ||
Corporate borrowers | ||||
Financing Receivable, Recorded Investment [Line Items] | ||||
Financing receivable | 1,225,332 | 1,047,363 | ||
Corporate borrowers | Non-recourse Loans | ||||
Financing Receivable, Recorded Investment [Line Items] | ||||
Financing receivable | 63,423 | 73,305 | 87,454 | |
Corporate borrowers | Non-recourse Loans | Japan | ||||
Financing Receivable, Recorded Investment [Line Items] | ||||
Financing receivable | 19,898 | 18,318 | ||
Corporate borrowers | Non-recourse Loans | The Americas | ||||
Financing Receivable, Recorded Investment [Line Items] | ||||
Financing receivable | 43,525 | 54,987 | ||
Corporate borrowers | Corporate Real Estate Companies Loans | ||||
Financing Receivable, Recorded Investment [Line Items] | ||||
Financing receivable | 345,940 | 328,712 | ||
Corporate borrowers | Other-Entertainment industry | ||||
Financing Receivable, Recorded Investment [Line Items] | ||||
Financing receivable | 71,985 | 83,314 | ||
Corporate borrowers | Other Corporate Loan | ||||
Financing Receivable, Recorded Investment [Line Items] | ||||
Financing receivable | 743,984 | 562,032 | ||
Purchased loans | ||||
Financing Receivable, Recorded Investment [Line Items] | ||||
Financing receivable | [1] | 17,156 | 18,933 | ¥ 21,998 |
Performing | ||||
Financing Receivable, Recorded Investment [Line Items] | ||||
Financing receivable | 4,132,300 | 3,928,383 | ||
Performing | Direct Financing Leases | ||||
Financing Receivable, Recorded Investment [Line Items] | ||||
Financing receivable | 1,165,399 | 1,182,804 | ||
Performing | Direct Financing Leases | Japan | ||||
Financing Receivable, Recorded Investment [Line Items] | ||||
Financing receivable | 800,039 | 820,225 | ||
Performing | Direct Financing Leases | Overseas | ||||
Financing Receivable, Recorded Investment [Line Items] | ||||
Financing receivable | 365,360 | 362,579 | ||
Performing | Consumer borrowers | ||||
Financing Receivable, Recorded Investment [Line Items] | ||||
Financing receivable | 1,756,798 | 1,707,514 | ||
Performing | Consumer borrowers | Consumer - Housing loans | ||||
Financing Receivable, Recorded Investment [Line Items] | ||||
Financing receivable | 1,464,992 | 1,397,217 | ||
Performing | Consumer borrowers | Consumer-Card loans | ||||
Financing Receivable, Recorded Investment [Line Items] | ||||
Financing receivable | 246,629 | 258,478 | ||
Performing | Consumer borrowers | Consumer - Other | ||||
Financing Receivable, Recorded Investment [Line Items] | ||||
Financing receivable | 45,177 | 51,819 | ||
Performing | Corporate borrowers | ||||
Financing Receivable, Recorded Investment [Line Items] | ||||
Financing receivable | 1,197,392 | 1,024,233 | ||
Performing | Corporate borrowers | Non-recourse Loans | Japan | ||||
Financing Receivable, Recorded Investment [Line Items] | ||||
Financing receivable | 19,654 | 18,064 | ||
Performing | Corporate borrowers | Non-recourse Loans | The Americas | ||||
Financing Receivable, Recorded Investment [Line Items] | ||||
Financing receivable | 42,172 | 51,496 | ||
Performing | Corporate borrowers | Corporate Real Estate Companies Loans | ||||
Financing Receivable, Recorded Investment [Line Items] | ||||
Financing receivable | 343,525 | 326,165 | ||
Performing | Corporate borrowers | Other-Entertainment industry | ||||
Financing Receivable, Recorded Investment [Line Items] | ||||
Financing receivable | 70,452 | 81,726 | ||
Performing | Corporate borrowers | Other Corporate Loan | ||||
Financing Receivable, Recorded Investment [Line Items] | ||||
Financing receivable | 721,589 | 546,782 | ||
Performing | Purchased loans | ||||
Financing Receivable, Recorded Investment [Line Items] | ||||
Financing receivable | 12,711 | 13,832 | ||
Nonperforming Financing Receivable Individually Evaluated for Impairment | ||||
Financing Receivable, Recorded Investment [Line Items] | ||||
Financing receivable | 54,456 | 47,142 | ||
Nonperforming Financing Receivable Individually Evaluated for Impairment | Direct Financing Leases | ||||
Financing Receivable, Recorded Investment [Line Items] | ||||
Financing receivable | 0 | 0 | ||
Nonperforming Financing Receivable Individually Evaluated for Impairment | Direct Financing Leases | Japan | ||||
Financing Receivable, Recorded Investment [Line Items] | ||||
Financing receivable | 0 | 0 | ||
Nonperforming Financing Receivable Individually Evaluated for Impairment | Direct Financing Leases | Overseas | ||||
Financing Receivable, Recorded Investment [Line Items] | ||||
Financing receivable | 0 | 0 | ||
Nonperforming Financing Receivable Individually Evaluated for Impairment | Consumer borrowers | ||||
Financing Receivable, Recorded Investment [Line Items] | ||||
Financing receivable | 22,071 | 18,911 | ||
Nonperforming Financing Receivable Individually Evaluated for Impairment | Consumer borrowers | Consumer - Housing loans | ||||
Financing Receivable, Recorded Investment [Line Items] | ||||
Financing receivable | 4,576 | 3,544 | ||
Nonperforming Financing Receivable Individually Evaluated for Impairment | Consumer borrowers | Consumer-Card loans | ||||
Financing Receivable, Recorded Investment [Line Items] | ||||
Financing receivable | 4,014 | 4,060 | ||
Nonperforming Financing Receivable Individually Evaluated for Impairment | Consumer borrowers | Consumer - Other | ||||
Financing Receivable, Recorded Investment [Line Items] | ||||
Financing receivable | 13,481 | 11,307 | ||
Nonperforming Financing Receivable Individually Evaluated for Impairment | Corporate borrowers | ||||
Financing Receivable, Recorded Investment [Line Items] | ||||
Financing receivable | 27,940 | 23,130 | ||
Nonperforming Financing Receivable Individually Evaluated for Impairment | Corporate borrowers | Non-recourse Loans | Japan | ||||
Financing Receivable, Recorded Investment [Line Items] | ||||
Financing receivable | 244 | 254 | ||
Nonperforming Financing Receivable Individually Evaluated for Impairment | Corporate borrowers | Non-recourse Loans | The Americas | ||||
Financing Receivable, Recorded Investment [Line Items] | ||||
Financing receivable | 1,353 | 3,491 | ||
Nonperforming Financing Receivable Individually Evaluated for Impairment | Corporate borrowers | Corporate Real Estate Companies Loans | ||||
Financing Receivable, Recorded Investment [Line Items] | ||||
Financing receivable | 2,415 | 2,547 | ||
Nonperforming Financing Receivable Individually Evaluated for Impairment | Corporate borrowers | Other-Entertainment industry | ||||
Financing Receivable, Recorded Investment [Line Items] | ||||
Financing receivable | 1,533 | 1,588 | ||
Nonperforming Financing Receivable Individually Evaluated for Impairment | Corporate borrowers | Other Corporate Loan | ||||
Financing Receivable, Recorded Investment [Line Items] | ||||
Financing receivable | 22,395 | 15,250 | ||
Nonperforming Financing Receivable Individually Evaluated for Impairment | Purchased loans | ||||
Financing Receivable, Recorded Investment [Line Items] | ||||
Financing receivable | 4,445 | 5,101 | ||
Nonperforming Financing Receivable more than 90 days Past Due Not Individually Evaluated for Impairment | ||||
Financing Receivable, Recorded Investment [Line Items] | ||||
Financing receivable | 27,546 | 24,832 | ||
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 | 13,514 | 12,084 | ||
Nonperforming Financing Receivable more than 90 days Past Due Not Individually Evaluated for Impairment | Direct Financing Leases | Japan | ||||
Financing Receivable, Recorded Investment [Line Items] | ||||
Financing receivable | 5,949 | 5,943 | ||
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 | 7,565 | 6,141 | ||
Nonperforming Financing Receivable more than 90 days Past Due Not Individually Evaluated for Impairment | Consumer borrowers | ||||
Financing Receivable, Recorded Investment [Line Items] | ||||
Financing receivable | 14,032 | 12,748 | ||
Nonperforming Financing Receivable more than 90 days Past Due Not Individually Evaluated for Impairment | Consumer borrowers | Consumer - Housing loans | ||||
Financing Receivable, Recorded Investment [Line Items] | ||||
Financing receivable | 1,923 | 2,077 | ||
Nonperforming Financing Receivable more than 90 days Past Due Not Individually Evaluated for Impairment | Consumer borrowers | Consumer-Card loans | ||||
Financing Receivable, Recorded Investment [Line Items] | ||||
Financing receivable | 2,011 | 1,785 | ||
Nonperforming Financing Receivable more than 90 days Past Due Not Individually Evaluated for Impairment | Consumer borrowers | Consumer - Other | ||||
Financing Receivable, Recorded Investment [Line Items] | ||||
Financing receivable | 10,098 | 8,886 | ||
Nonperforming Financing Receivable more than 90 days Past Due Not Individually Evaluated for Impairment | Corporate borrowers | ||||
Financing Receivable, Recorded Investment [Line Items] | ||||
Financing receivable | 0 | 0 | ||
Nonperforming Financing Receivable more than 90 days Past Due Not Individually Evaluated for Impairment | Corporate borrowers | Non-recourse Loans | Japan | ||||
Financing Receivable, Recorded Investment [Line Items] | ||||
Financing receivable | 0 | 0 | ||
Nonperforming Financing Receivable more than 90 days Past Due Not Individually Evaluated for Impairment | Corporate borrowers | Non-recourse Loans | The Americas | ||||
Financing Receivable, Recorded Investment [Line Items] | ||||
Financing receivable | 0 | 0 | ||
Nonperforming Financing Receivable more than 90 days Past Due Not Individually Evaluated for Impairment | Corporate borrowers | Corporate Real Estate Companies 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 | Corporate borrowers | 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 | Corporate borrowers | Other Corporate Loan | ||||
Financing Receivable, Recorded Investment [Line Items] | ||||
Financing receivable | 0 | 0 | ||
Nonperforming Financing Receivable more than 90 days Past Due Not Individually Evaluated for Impairment | Purchased loans | ||||
Financing Receivable, Recorded Investment [Line Items] | ||||
Financing receivable | 0 | 0 | ||
Nonperforming | ||||
Financing Receivable, Recorded Investment [Line Items] | ||||
Financing receivable | 82,002 | 71,974 | ||
Nonperforming | Direct Financing Leases | ||||
Financing Receivable, Recorded Investment [Line Items] | ||||
Financing receivable | 13,514 | 12,084 | ||
Nonperforming | Direct Financing Leases | Japan | ||||
Financing Receivable, Recorded Investment [Line Items] | ||||
Financing receivable | 5,949 | 5,943 | ||
Nonperforming | Direct Financing Leases | Overseas | ||||
Financing Receivable, Recorded Investment [Line Items] | ||||
Financing receivable | 7,565 | 6,141 | ||
Nonperforming | Consumer borrowers | ||||
Financing Receivable, Recorded Investment [Line Items] | ||||
Financing receivable | 36,103 | 31,659 | ||
Nonperforming | Consumer borrowers | Consumer - Housing loans | ||||
Financing Receivable, Recorded Investment [Line Items] | ||||
Financing receivable | 6,499 | 5,621 | ||
Nonperforming | Consumer borrowers | Consumer-Card loans | ||||
Financing Receivable, Recorded Investment [Line Items] | ||||
Financing receivable | 6,025 | 5,845 | ||
Nonperforming | Consumer borrowers | Consumer - Other | ||||
Financing Receivable, Recorded Investment [Line Items] | ||||
Financing receivable | 23,579 | 20,193 | ||
Nonperforming | Corporate borrowers | ||||
Financing Receivable, Recorded Investment [Line Items] | ||||
Financing receivable | 27,940 | 23,130 | ||
Nonperforming | Corporate borrowers | Non-recourse Loans | Japan | ||||
Financing Receivable, Recorded Investment [Line Items] | ||||
Financing receivable | 244 | 254 | ||
Nonperforming | Corporate borrowers | Non-recourse Loans | The Americas | ||||
Financing Receivable, Recorded Investment [Line Items] | ||||
Financing receivable | 1,353 | 3,491 | ||
Nonperforming | Corporate borrowers | Corporate Real Estate Companies Loans | ||||
Financing Receivable, Recorded Investment [Line Items] | ||||
Financing receivable | 2,415 | 2,547 | ||
Nonperforming | Corporate borrowers | Other-Entertainment industry | ||||
Financing Receivable, Recorded Investment [Line Items] | ||||
Financing receivable | 1,533 | 1,588 | ||
Nonperforming | Corporate borrowers | Other Corporate Loan | ||||
Financing Receivable, Recorded Investment [Line Items] | ||||
Financing receivable | 22,395 | 15,250 | ||
Nonperforming | Purchased loans | ||||
Financing Receivable, Recorded Investment [Line Items] | ||||
Financing receivable | ¥ 4,445 | ¥ 5,101 | ||
[1] | Purchased loans represent loans with evidence of deterioration of credit quality since origination and for which it is probable at acquisition that collection of all contractually required payments from the debtors is unlikely. |
Credit Quality of Financing R_7
Credit Quality of Financing Receivables and the Allowance for Credit Losses (Information about Nonaccrual and Past Due Financing Receivables) (Detail) - JPY (¥) ¥ in Millions | Sep. 30, 2018 | Mar. 31, 2018 |
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Due Financing Receivables | ¥ 62,678 | ¥ 52,111 |
Total Financing Receivables | 4,197,146 | 3,981,424 |
Non-Accrual | 54,771 | 46,150 |
Direct Financing Leases | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Due Financing Receivables | 20,689 | 17,268 |
Total Financing Receivables | 1,178,913 | 1,194,888 |
Non-Accrual | 13,514 | 12,084 |
Direct Financing Leases | Japan | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Due Financing Receivables | 6,329 | 6,571 |
Total Financing Receivables | 805,988 | 826,168 |
Non-Accrual | 5,949 | 5,943 |
Direct Financing Leases | Overseas | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Due Financing Receivables | 14,360 | 10,697 |
Total Financing Receivables | 372,925 | 368,720 |
Non-Accrual | 7,565 | 6,141 |
Consumer borrowers | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Due Financing Receivables | 24,169 | 22,490 |
Total Financing Receivables | 1,792,901 | 1,739,173 |
Non-Accrual | 17,280 | 15,740 |
Consumer borrowers | Consumer - Housing loans | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Due Financing Receivables | 5,417 | 5,900 |
Total Financing Receivables | 1,471,491 | 1,402,838 |
Non-Accrual | 3,242 | 3,340 |
Consumer borrowers | Consumer-Card loans | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Due Financing Receivables | 3,079 | 2,872 |
Total Financing Receivables | 252,654 | 264,323 |
Non-Accrual | 2,511 | 2,268 |
Consumer borrowers | Consumer - Other | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Due Financing Receivables | 15,673 | 13,718 |
Total Financing Receivables | 68,756 | 72,012 |
Non-Accrual | 11,527 | 10,132 |
Corporate borrowers | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Due Financing Receivables | 17,820 | 12,353 |
Total Financing Receivables | 1,225,332 | 1,047,363 |
Non-Accrual | 23,977 | 18,326 |
Corporate borrowers | Non-recourse Loans | Japan | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Due Financing Receivables | 0 | 0 |
Total Financing Receivables | 19,898 | 18,318 |
Non-Accrual | 0 | 0 |
Corporate borrowers | Non-recourse Loans | The Americas | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Due Financing Receivables | 2,705 | 1,747 |
Total Financing Receivables | 43,525 | 54,987 |
Non-Accrual | 1,353 | 3,491 |
Corporate borrowers | Corporate Real Estate Companies Loans | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Due Financing Receivables | 683 | 990 |
Total Financing Receivables | 345,940 | 328,712 |
Non-Accrual | 1,555 | 1,593 |
Corporate borrowers | Other-Entertainment industry | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Due Financing Receivables | 764 | 760 |
Total Financing Receivables | 71,985 | 83,314 |
Non-Accrual | 764 | 760 |
Corporate borrowers | Other Corporate Loan | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Due Financing Receivables | 13,668 | 8,856 |
Total Financing Receivables | 743,984 | 562,032 |
Non-Accrual | 20,305 | 12,482 |
30 To 89 Days Past Due | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Due Financing Receivables | 18,924 | 15,338 |
30 To 89 Days Past Due | Direct Financing Leases | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Due Financing Receivables | 7,175 | 5,184 |
30 To 89 Days Past Due | Direct Financing Leases | Japan | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Due Financing Receivables | 380 | 628 |
30 To 89 Days Past Due | Direct Financing Leases | Overseas | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Due Financing Receivables | 6,795 | 4,556 |
30 To 89 Days Past Due | Consumer borrowers | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Due Financing Receivables | 6,889 | 6,750 |
30 To 89 Days Past Due | Consumer borrowers | Consumer - Housing loans | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Due Financing Receivables | 2,175 | 2,560 |
30 To 89 Days Past Due | Consumer borrowers | Consumer-Card loans | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Due Financing Receivables | 568 | 604 |
30 To 89 Days Past Due | Consumer borrowers | Consumer - Other | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Due Financing Receivables | 4,146 | 3,586 |
30 To 89 Days Past Due | Corporate borrowers | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Due Financing Receivables | 4,860 | 3,404 |
30 To 89 Days Past Due | Corporate borrowers | Non-recourse Loans | Japan | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Due Financing Receivables | 0 | 0 |
30 To 89 Days Past Due | Corporate borrowers | Non-recourse Loans | The Americas | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Due Financing Receivables | 1,352 | 1,655 |
30 To 89 Days Past Due | Corporate borrowers | Corporate Real Estate Companies Loans | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Due Financing Receivables | 64 | 346 |
30 To 89 Days Past Due | Corporate borrowers | Other-Entertainment industry | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Due Financing Receivables | 0 | 0 |
30 To 89 Days Past Due | Corporate borrowers | Other Corporate Loan | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Due Financing Receivables | 3,444 | 1,403 |
90 Days or More Past Due | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Due Financing Receivables | 43,754 | 36,773 |
90 Days or More Past Due | Direct Financing Leases | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Due Financing Receivables | 13,514 | 12,084 |
90 Days or More Past Due | Direct Financing Leases | Japan | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Due Financing Receivables | 5,949 | 5,943 |
90 Days or More Past Due | Direct Financing Leases | Overseas | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Due Financing Receivables | 7,565 | 6,141 |
90 Days or More Past Due | Consumer borrowers | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Due Financing Receivables | 17,280 | 15,740 |
90 Days or More Past Due | Consumer borrowers | Consumer - Housing loans | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Due Financing Receivables | 3,242 | 3,340 |
90 Days or More Past Due | Consumer borrowers | Consumer-Card loans | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Due Financing Receivables | 2,511 | 2,268 |
90 Days or More Past Due | Consumer borrowers | Consumer - Other | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Due Financing Receivables | 11,527 | 10,132 |
90 Days or More Past Due | Corporate borrowers | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Due Financing Receivables | 12,960 | 8,949 |
90 Days or More Past Due | Corporate borrowers | Non-recourse Loans | Japan | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Due Financing Receivables | 0 | 0 |
90 Days or More Past Due | Corporate borrowers | Non-recourse Loans | The Americas | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Due Financing Receivables | 1,353 | 92 |
90 Days or More Past Due | Corporate borrowers | Corporate Real Estate Companies Loans | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Due Financing Receivables | 619 | 644 |
90 Days or More Past Due | Corporate borrowers | Other-Entertainment industry | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Due Financing Receivables | 764 | 760 |
90 Days or More Past Due | Corporate borrowers | Other Corporate Loan | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Due Financing Receivables | ¥ 10,224 | ¥ 7,453 |
Credit Quality of Financing R_8
Credit Quality of Financing Receivables and the Allowance for Credit Losses (Information about Troubled Debt Restructurings of Financing Receivables) (Detail) - JPY (¥) ¥ in Millions | 3 Months Ended | 6 Months Ended | ||
Sep. 30, 2018 | Sep. 30, 2017 | Sep. 30, 2018 | Sep. 30, 2017 | |
Financing Receivable, Modifications [Line Items] | ||||
Pre-modification outstanding recorded investment | ¥ 3,853 | ¥ 2,472 | ¥ 9,773 | ¥ 4,680 |
Post-modification outstanding recorded investment | 2,918 | 1,935 | 7,904 | 3,662 |
Financing Receivables Modification, Subsequently Defaulted Recorded Investment | 49 | 43 | 489 | 57 |
Consumer-Card loans | ||||
Financing Receivable, Modifications [Line Items] | ||||
Financing Receivables Modification, Subsequently Defaulted Recorded Investment | 9 | |||
Consumer - Other | ||||
Financing Receivable, Modifications [Line Items] | ||||
Financing Receivables Modification, Subsequently Defaulted Recorded Investment | 40 | |||
Consumer borrowers | ||||
Financing Receivable, Modifications [Line Items] | ||||
Pre-modification outstanding recorded investment | 2,720 | 2,472 | 5,912 | 4,680 |
Post-modification outstanding recorded investment | 1,786 | 1,935 | 4,044 | 3,662 |
Financing Receivables Modification, Subsequently Defaulted Recorded Investment | 49 | 43 | 489 | 57 |
Consumer borrowers | Consumer - Housing loans | ||||
Financing Receivable, Modifications [Line Items] | ||||
Pre-modification outstanding recorded investment | 25 | 51 | 11 | |
Post-modification outstanding recorded investment | 11 | 25 | 11 | |
Consumer borrowers | Consumer-Card loans | ||||
Financing Receivable, Modifications [Line Items] | ||||
Pre-modification outstanding recorded investment | 547 | 544 | 1,072 | 1,075 |
Post-modification outstanding recorded investment | 348 | 430 | 692 | 853 |
Financing Receivables Modification, Subsequently Defaulted Recorded Investment | 12 | 16 | 16 | |
Consumer borrowers | Consumer - Other | ||||
Financing Receivable, Modifications [Line Items] | ||||
Pre-modification outstanding recorded investment | 2,148 | 1,928 | 4,789 | 3,594 |
Post-modification outstanding recorded investment | 1,427 | 1,505 | 3,327 | 2,798 |
Financing Receivables Modification, Subsequently Defaulted Recorded Investment | ¥ 31 | 473 | ¥ 41 | |
Corporate borrowers | ||||
Financing Receivable, Modifications [Line Items] | ||||
Pre-modification outstanding recorded investment | 1,133 | 3,861 | ||
Post-modification outstanding recorded investment | 1,132 | 3,860 | ||
Corporate borrowers | Other Corporate Loan | ||||
Financing Receivable, Modifications [Line Items] | ||||
Pre-modification outstanding recorded investment | 1,133 | 3,861 | ||
Post-modification outstanding recorded investment | ¥ 1,132 | ¥ 3,860 |
Credit Quality of Financing R_9
Credit Quality of Financing Receivables and the Allowance for Credit Losses - Additional Information (Detail) ¥ in Millions | Sep. 30, 2018JPY (¥)Property | Mar. 31, 2017JPY (¥)Property |
Receivables [Abstract] | ||
Number of foreclosed residential real estate properties | Property | 0 | 0 |
Residential mortgage loans in process of foreclosure | ¥ | ¥ 390 | ¥ 245 |
Investment in Securities (Summa
Investment in Securities (Summary of Investment in Securities) (Detail) - JPY (¥) ¥ in Millions | Sep. 30, 2018 | Mar. 31, 2018 | |
Investments, Debt and Equity Securities [Abstract] | |||
Trading securities | [1] | ¥ 422,053 | |
Equity securities | [2] | ¥ 593,925 | |
Available-for-sale securities | 1,015,477 | ||
Trading debt securities | 24,560 | ||
Available-for-sale debt securities | 1,137,081 | ||
Held-to-maturity securities | 114,288 | 113,891 | |
Other securities | 178,034 | ||
Total | ¥ 1,869,854 | ¥ 1,729,455 | |
[1] | The amount of assets under management of variable annuity and variable life insurance contracts included in trading securities was ¥403,797 million as of March 31, 2018. | ||
[2] | The amount of assets under management of variable annuity and variable life insurance contracts included in equity securities was ¥375,480 million as of September 30, 2018. The amount of investment funds that are accounted for under the equity method included in equity securities was ¥85,824 million as of September 30, 2018. The amount of investment funds elected for the fair value option included in equity securities was ¥5,751 million as of September 30, 2018. |
Investment in Securities (Sum_2
Investment in Securities (Summary of Investment in Securities) (Parenthetical) (Detail) - JPY (¥) ¥ in Millions | Sep. 30, 2018 | Mar. 31, 2018 | |
Schedule of Investments [Line Items] | |||
Trading securities | [1] | ¥ 422,053 | |
Equity securities | [2] | ¥ 593,925 | |
Investment Funds Elected for the Fair Value Option | |||
Schedule of Investments [Line Items] | |||
Equity securities | 5,751 | ||
Investment Funds Accounted for under the Equity Method | |||
Schedule of Investments [Line Items] | |||
Equity securities | 85,824 | ||
Variable Annuity and Variable Life Insurance Contracts | |||
Schedule of Investments [Line Items] | |||
Trading securities | ¥ 403,797 | ||
Equity securities | ¥ 375,480 | ||
[1] | The amount of assets under management of variable annuity and variable life insurance contracts included in trading securities was ¥403,797 million as of March 31, 2018. | ||
[2] | The amount of assets under management of variable annuity and variable life insurance contracts included in equity securities was ¥375,480 million as of September 30, 2018. The amount of investment funds that are accounted for under the equity method included in equity securities was ¥85,824 million as of September 30, 2018. The amount of investment funds elected for the fair value option included in equity securities was ¥5,751 million as of September 30, 2018. |
Investment in Securities - Addi
Investment in Securities - Additional Information (Detail) ¥ in Millions | 3 Months Ended | 6 Months Ended | |
Sep. 30, 2018JPY (¥)Investment | Sep. 30, 2018JPY (¥)Investment | Mar. 31, 2018JPY (¥)Investment | |
Schedule of Investments [Line Items] | |||
Aggregate carrying amount of other securities accounted for under the cost method | ¥ 27,334 | ||
Aggregate carrying amount of other securities not evaluated for impairment | 27,260 | ||
Investment in securities, measured at fair value | ¥ 23,960 | ¥ 23,960 | ¥ 37,631 |
Number of investment securities in an unrealized loss position | Investment | 490 | 490 | 320 |
Equity securities | |||
Schedule of Investments [Line Items] | |||
Net unrealized holding gains (losses) on equity securities | ¥ 2,553 | ¥ 2,698 | |
Trading Debt Securities | |||
Schedule of Investments [Line Items] | |||
Net unrealized holding gains (losses) on trading debt securities | (59) | (29) | |
CMBS and RMBS in the Americas, and Foreign Municipal Bond | |||
Schedule of Investments [Line Items] | |||
Non-credit components of other-than-temporary impairments, gross unrealized gains | 9 | 9 | ¥ 42 |
Non-credit components of other-than-temporary impairments losses, accumulated other comprehensive income | 136 | 136 | 0 |
Non-credit components of other-than-temporary impairments, unrealized gain net of taxes | 7 | 7 | 33 |
Non-credit components of other-than-temporary impairments, unrealized losses net of taxes | 107 | 107 | |
Available-for-sale securities | Equity securities | |||
Schedule of Investments [Line Items] | |||
Investment in securities, measured at fair value | 22,365 | ||
Available-for-sale securities | Foreign Government Bond Securities | |||
Schedule of Investments [Line Items] | |||
Investment in securities, measured at fair value | 719 | ||
Available-for-sale securities | Foreign Corporate Debt Securities | |||
Schedule of Investments [Line Items] | |||
Investment in securities, measured at fair value | 8,882 | ||
Other securities | |||
Schedule of Investments [Line Items] | |||
Investment in securities, measured at fair value | ¥ 5,665 | ||
Equity securities | |||
Schedule of Investments [Line Items] | |||
Investment in securities, measured at fair value | 5,751 | 5,751 | |
Available-for-sale Debt Securities | Foreign Government Bond Securities | |||
Schedule of Investments [Line Items] | |||
Investment in securities, measured at fair value | 614 | 614 | |
Available-for-sale Debt Securities | Foreign Corporate Debt Securities | |||
Schedule of Investments [Line Items] | |||
Investment in securities, measured at fair value | ¥ 17,595 | ¥ 17,595 |
Investment in Securities (Infor
Investment in Securities (Information about Impairment and Plus or Minus Changes Resulting from Observable Price Changes) (Detail) - Equity securities ¥ in Millions | 3 Months Ended | 6 Months Ended |
Sep. 30, 2018JPY (¥) | Sep. 30, 2018JPY (¥) | |
Gain Loss On Investments Including Marketable Securities And Investments Held At Cost Balance Sheet and Income Statement Reported Amounts Summary | ||
Carrying value | ¥ 30,807 | ¥ 30,807 |
Accumulated impairments and downward adjustments | (1,828) | (1,828) |
Accumulated upward adjustments | 0 | 0 |
Impairments and downward adjustments | (151) | (151) |
Upward djustments | ¥ 0 | ¥ 0 |
Investment in Securities (Amort
Investment in Securities (Amortized Cost Basis Amounts, Gross Unrealized Holding Gains, Gross Unrealized Holding Losses and Fair Values of Available-for-Sale Securities and Held-to-Maturity Securities in Each Major Security Type) (Detail) - JPY (¥) ¥ in Millions | Sep. 30, 2018 | Mar. 31, 2018 |
Schedule of Investments [Line Items] | ||
Available-for-sale securities, Amortized cost | ¥ 1,129,150 | ¥ 1,002,113 |
Available-for-sale securities, Gross unrealized gains | 18,840 | 29,220 |
Available-for-sale securities, Gross unrealized losses | (10,909) | (15,856) |
Available-for-sale securities, Fair value | 1,015,477 | |
Available-for-sale securities, Fair value | 1,137,081 | |
Held-to-maturity securities, Amortized cost | 114,288 | 113,891 |
Amortized cost | 1,243,438 | 1,116,004 |
Gross unrealized gains | 42,420 | 56,153 |
Gross unrealized losses | (10,909) | (15,856) |
Fair value | 1,274,949 | 1,156,301 |
Japanese Government Bond Securities | ||
Schedule of Investments [Line Items] | ||
Held-to-maturity securities, Amortized cost | 114,288 | 113,891 |
Held-to-maturity securities, Gross unrealized gains | 23,580 | 26,933 |
Held-to-maturity securities, Gross unrealized losses | 0 | 0 |
Held-to-maturity securities, Fair value | 137,868 | 140,824 |
Japanese and foreign government bond securities | ||
Schedule of Investments [Line Items] | ||
Available-for-sale securities, Amortized cost | 342,002 | 271,866 |
Available-for-sale securities, Gross unrealized gains | 8,969 | 11,383 |
Available-for-sale securities, Gross unrealized losses | (2,487) | (7,439) |
Available-for-sale securities, Fair value | 275,810 | |
Available-for-sale securities, Fair value | 348,484 | |
Japanese prefectural and foreign municipal bond securities | ||
Schedule of Investments [Line Items] | ||
Available-for-sale securities, Amortized cost | 163,595 | 160,549 |
Available-for-sale securities, Gross unrealized gains | 2,287 | 3,247 |
Available-for-sale securities, Gross unrealized losses | (1,029) | (560) |
Available-for-sale securities, Fair value | 163,236 | |
Available-for-sale securities, Fair value | 164,853 | |
Corporate debt securities | ||
Schedule of Investments [Line Items] | ||
Available-for-sale securities, Amortized cost | 470,027 | 368,106 |
Available-for-sale securities, Gross unrealized gains | 2,368 | 2,974 |
Available-for-sale securities, Gross unrealized losses | (6,075) | (4,605) |
Available-for-sale securities, Fair value | 366,475 | |
Available-for-sale securities, Fair value | 466,320 | |
Specified bonds issued by SPEs in Japan | ||
Schedule of Investments [Line Items] | ||
Available-for-sale securities, Amortized cost | 757 | 854 |
Available-for-sale securities, Gross unrealized gains | 5 | 7 |
Available-for-sale securities, Gross unrealized losses | 0 | 0 |
Available-for-sale securities, Fair value | 861 | |
Available-for-sale securities, Fair value | 762 | |
CMBS and RMBS in the Americas | ||
Schedule of Investments [Line Items] | ||
Available-for-sale securities, Amortized cost | 59,594 | 72,793 |
Available-for-sale securities, Gross unrealized gains | 2,532 | 2,543 |
Available-for-sale securities, Gross unrealized losses | (1,034) | (1,160) |
Available-for-sale securities, Fair value | 74,176 | |
Available-for-sale securities, Fair value | 61,092 | |
Other asset-backed securities and debt securities | ||
Schedule of Investments [Line Items] | ||
Available-for-sale securities, Amortized cost | 93,175 | 77,974 |
Available-for-sale securities, Gross unrealized gains | 2,679 | 3,413 |
Available-for-sale securities, Gross unrealized losses | (284) | (66) |
Available-for-sale securities, Fair value | 81,321 | |
Available-for-sale securities, Fair value | ¥ 95,570 | |
Equity securities | ||
Schedule of Investments [Line Items] | ||
Available-for-sale securities, Amortized cost | 49,971 | |
Available-for-sale securities, Gross unrealized gains | 5,653 | |
Available-for-sale securities, Gross unrealized losses | (2,026) | |
Available-for-sale securities, Fair value | ¥ 53,598 |
Investment in Securities (Inf_2
Investment in Securities (Information about Available-for-Sale and Held-to-Maturity Securities with Gross Unrealized Losses and Length of Time that Individual Securities Have Been in Continuous Unrealized Loss Position) (Detail) - JPY (¥) ¥ in Millions | Sep. 30, 2018 | Mar. 31, 2018 |
Investments, Unrealized Loss Position [Line Items] | ||
Available-for-sale Securities, Less than 12 months Fair value | ¥ 370,166 | ¥ 203,873 |
Available-for-sale Securities, Less than 12 months Gross unrealized losses | (4,571) | (8,397) |
Available-for-sale Securities, 12 months or more Fair value | 208,591 | 151,263 |
Available-for-sale Securities, 12 months or more Gross unrealized losses | (6,338) | (7,459) |
Available-for-sale Securities, Total Fair value | 578,757 | 355,136 |
Available-for-sale Securities, Total Gross unrealized losses | (10,909) | (15,856) |
Japanese and foreign government bond securities | ||
Investments, Unrealized Loss Position [Line Items] | ||
Available-for-sale Securities, Less than 12 months Fair value | 95,124 | 72,523 |
Available-for-sale Securities, Less than 12 months Gross unrealized losses | (1,259) | (5,599) |
Available-for-sale Securities, 12 months or more Fair value | 69,241 | 27,458 |
Available-for-sale Securities, 12 months or more Gross unrealized losses | (1,228) | (1,840) |
Available-for-sale Securities, Total Fair value | 164,365 | 99,981 |
Available-for-sale Securities, Total Gross unrealized losses | (2,487) | (7,439) |
Japanese prefectural and foreign municipal bond securities | ||
Investments, Unrealized Loss Position [Line Items] | ||
Available-for-sale Securities, Less than 12 months Fair value | 54,085 | 17,208 |
Available-for-sale Securities, Less than 12 months Gross unrealized losses | (445) | (125) |
Available-for-sale Securities, 12 months or more Fair value | 19,373 | 19,479 |
Available-for-sale Securities, 12 months or more Gross unrealized losses | (584) | (435) |
Available-for-sale Securities, Total Fair value | 73,458 | 36,687 |
Available-for-sale Securities, Total Gross unrealized losses | (1,029) | (560) |
Corporate debt securities | ||
Investments, Unrealized Loss Position [Line Items] | ||
Available-for-sale Securities, Less than 12 months Fair value | 198,506 | 90,216 |
Available-for-sale Securities, Less than 12 months Gross unrealized losses | (2,572) | (2,011) |
Available-for-sale Securities, 12 months or more Fair value | 112,777 | 89,573 |
Available-for-sale Securities, 12 months or more Gross unrealized losses | (3,503) | (2,594) |
Available-for-sale Securities, Total Fair value | 311,283 | 179,789 |
Available-for-sale Securities, Total Gross unrealized losses | (6,075) | (4,605) |
CMBS and RMBS in the Americas | ||
Investments, Unrealized Loss Position [Line Items] | ||
Available-for-sale Securities, Less than 12 months Fair value | 648 | 12,798 |
Available-for-sale Securities, Less than 12 months Gross unrealized losses | (47) | (359) |
Available-for-sale Securities, 12 months or more Fair value | 6,169 | 7,065 |
Available-for-sale Securities, 12 months or more Gross unrealized losses | (987) | (801) |
Available-for-sale Securities, Total Fair value | 6,817 | 19,863 |
Available-for-sale Securities, Total Gross unrealized losses | (1,034) | (1,160) |
Other asset-backed securities and debt securities | ||
Investments, Unrealized Loss Position [Line Items] | ||
Available-for-sale Securities, Less than 12 months Fair value | 21,803 | 4,623 |
Available-for-sale Securities, Less than 12 months Gross unrealized losses | (248) | (56) |
Available-for-sale Securities, 12 months or more Fair value | 1,031 | 774 |
Available-for-sale Securities, 12 months or more Gross unrealized losses | (36) | (10) |
Available-for-sale Securities, Total Fair value | 22,834 | 5,397 |
Available-for-sale Securities, Total Gross unrealized losses | ¥ (284) | (66) |
Equity securities | ||
Investments, Unrealized Loss Position [Line Items] | ||
Available-for-sale Securities, Less than 12 months Fair value | 6,505 | |
Available-for-sale Securities, Less than 12 months Gross unrealized losses | (247) | |
Available-for-sale Securities, 12 months or more Fair value | 6,914 | |
Available-for-sale Securities, 12 months or more Gross unrealized losses | (1,779) | |
Available-for-sale Securities, Total Fair value | 13,419 | |
Available-for-sale Securities, Total Gross unrealized losses | ¥ (2,026) |
Investment in Securities (Total
Investment in Securities (Total Other-Than-Temporary Impairment with Offset for Amount of Total Other-Than-Temporary Impairment Recognized in Other Comprehensive Income (Loss)) (Detail) - JPY (¥) ¥ in Millions | 3 Months Ended | 6 Months Ended | ||
Sep. 30, 2018 | Sep. 30, 2017 | Sep. 30, 2018 | Sep. 30, 2017 | |
Investments, Debt and Equity Securities [Abstract] | ||||
Total other-than-temporary impairment losses | ¥ 693 | ¥ 243 | ¥ 693 | ¥ 423 |
Portion of loss recognized in other comprehensive income (before taxes) | (136) | 0 | (136) | 0 |
Net impairment losses recognized in earnings | ¥ 557 | ¥ 243 | ¥ 557 | ¥ 423 |
Investment in Securities (Roll-
Investment in Securities (Roll-Forwards of Amount Related to Credit Losses on Other-Than-Temporarily Impaired Debt Securities Recognized in Earnings) (Detail) - JPY (¥) ¥ in Millions | 3 Months Ended | 6 Months Ended | ||
Sep. 30, 2018 | Sep. 30, 2017 | Sep. 30, 2018 | Sep. 30, 2017 | |
Investments in Debt Securities [Abstract] | ||||
Beginning balance | ¥ 999 | ¥ 1,220 | ¥ 1,021 | ¥ 1,220 |
Credit loss for which an other-than-temporary impairment was not previously recognized | 551 | 0 | 551 | 0 |
For securities sold or redeemed | (22) | 0 | ||
Ending balance | ¥ 1,550 | ¥ 1,220 | ¥ 1,550 | ¥ 1,220 |
Transfer of Financial Assets -
Transfer of Financial Assets - Additional Information (Detail) - JPY (¥) ¥ in Millions | 3 Months Ended | 6 Months Ended | ||
Sep. 30, 2018 | Sep. 30, 2017 | Sep. 30, 2018 | Sep. 30, 2017 | |
Transfer of Financial Assets Accounted for as Sales [Line Items] | ||||
Gains (losses) on sale from securitization and loan sales | ¥ 5,198 | ¥ 2,976 | ¥ 8,012 | ¥ 5,009 |
Installment Loans | ||||
Transfer of Financial Assets Accounted for as Sales [Line Items] | ||||
Installment loans | ¥ 138,835 | ¥ 85,339 | ¥ 218,636 | ¥ 175,170 |
Transfer of Financial Assets _2
Transfer of Financial Assets - Roll-Forwards of Amount of Servicing Assets (Detail) - JPY (¥) ¥ in Millions | 3 Months Ended | 6 Months Ended | ||
Sep. 30, 2018 | Sep. 30, 2017 | Sep. 30, 2018 | Sep. 30, 2017 | |
Transfers and Servicing [Abstract] | ||||
Beginning balance | ¥ 29,829 | ¥ 17,736 | ¥ 28,756 | ¥ 17,303 |
Increase mainly from loans sold with servicing retained | 1,550 | 12,132 | 2,658 | 13,470 |
Decrease mainly from amortization | (1,136) | (835) | (2,333) | (1,712) |
Increase from the effects of changes in foreign exchange rates | 825 | 253 | 1,987 | 225 |
Ending balance | ¥ 31,068 | ¥ 29,286 | ¥ 31,068 | ¥ 29,286 |
Transfer of Financial Assets _3
Transfer of Financial Assets - Fair Value of Servicing Assets (Detail) - JPY (¥) ¥ in Millions | Sep. 30, 2018 | Mar. 31, 2018 |
Transfers and Servicing [Abstract] | ||
Beginning balance | ¥ 35,681 | ¥ 24,907 |
Ending balance | ¥ 39,480 | ¥ 35,681 |
Variable Interest Entities (Inf
Variable Interest Entities (Information about Consolidated VIEs) (Detail) - JPY (¥) ¥ in Millions | Sep. 30, 2018 | Mar. 31, 2018 | |
Variable Interest Entity [Line Items] | |||
Total assets | [1] | ¥ 791,122 | ¥ 689,170 |
Total Liabilities | [1] | 393,590 | 296,143 |
Assets which are pledged as collateral | [2] | 570,682 | 445,694 |
Commitments | [3] | 64,742 | 85,371 |
Liquidating Customer Assets | |||
Variable Interest Entity [Line Items] | |||
Total assets | [1] | 0 | 0 |
Total Liabilities | [1] | 0 | 0 |
Assets which are pledged as collateral | [2] | 0 | 0 |
Commitments | [3] | 0 | 0 |
Acquisition Of Real Estate And Real Estate Development Projects For Customers | |||
Variable Interest Entity [Line Items] | |||
Total assets | [1] | 1,993 | 2,181 |
Total Liabilities | [1] | 0 | 0 |
Assets which are pledged as collateral | [2] | 0 | 0 |
Commitments | [3] | 0 | 0 |
Acquisition of real estate for the Company and its subsidiaries' real estate-related business | |||
Variable Interest Entity [Line Items] | |||
Total assets | [1] | 105,762 | 103,288 |
Total Liabilities | [1] | 31,026 | 27,892 |
Assets which are pledged as collateral | [2] | 50,670 | 46,860 |
Commitments | [3] | 0 | 0 |
Corporate Rehabilitation Support Business | |||
Variable Interest Entity [Line Items] | |||
Total assets | [1] | 628 | 1,057 |
Total Liabilities | [1] | 10 | 49 |
Assets which are pledged as collateral | [2] | 0 | 0 |
Commitments | [3] | 0 | 0 |
Investment in securities | |||
Variable Interest Entity [Line Items] | |||
Total assets | [1] | 47,696 | 42,456 |
Total Liabilities | [1] | 48 | 60 |
Assets which are pledged as collateral | [2] | 63 | 60 |
Commitments | [3] | 0 | 0 |
Securitizing Financial Assets | |||
Variable Interest Entity [Line Items] | |||
Total assets | [1] | 207,144 | 116,665 |
Total Liabilities | [1] | 167,940 | 72,219 |
Assets which are pledged as collateral | [2] | 207,144 | 89,103 |
Commitments | [3] | 0 | 0 |
Securitization Of Loans Receivable Originated By Third Parties | |||
Variable Interest Entity [Line Items] | |||
Total assets | [1] | 3,975 | 9,783 |
Total Liabilities | [1] | 4,463 | 10,425 |
Assets which are pledged as collateral | [2] | 3,975 | 9,783 |
Commitments | [3] | 0 | 0 |
Power Generation Projects | |||
Variable Interest Entity [Line Items] | |||
Total assets | [1] | 267,906 | 236,367 |
Total Liabilities | [1] | 141,010 | 117,906 |
Assets which are pledged as collateral | [2] | 178,550 | 138,159 |
Commitments | [3] | 64,742 | 85,371 |
Other VIEs | |||
Variable Interest Entity [Line Items] | |||
Total assets | [1] | 156,018 | 177,373 |
Total Liabilities | [1] | 49,093 | 67,592 |
Assets which are pledged as collateral | [2] | 130,280 | 161,729 |
Commitments | [3] | ¥ 0 | ¥ 0 |
[1] | The assets of most VIEs are used only to repay the liabilities of the VIEs, and the creditors of the liabilities of most VIEs have no recourse to other assets of the Company and its subsidiaries. | ||
[2] | The assets are pledged as collateral by VIE for financing of the VIE. | ||
[3] | This item represents remaining balance of commitments that could require the Company and its subsidiaries to provide investments or loans to the VIE. |
Variable Interest Entities (I_2
Variable Interest Entities (Information about Non-consolidated VIEs) (Detail) - JPY (¥) ¥ in Millions | Sep. 30, 2018 | Mar. 31, 2018 | |
Variable Interest Entity [Line Items] | |||
Total assets | ¥ 5,796,434 | ¥ 21,067,585 | |
Non-recourse loans | 3,726 | 3,732 | |
Investments | 135,582 | 120,808 | |
Maximum exposure to loss | [1] | 171,837 | 160,496 |
Liquidating Customer Assets | |||
Variable Interest Entity [Line Items] | |||
Total assets | 8,556 | 8,602 | |
Non-recourse loans | 0 | 0 | |
Investments | 991 | 991 | |
Maximum exposure to loss | [1] | 991 | 991 |
Acquisition Of Real Estate And Real Estate Development Projects For Customers | |||
Variable Interest Entity [Line Items] | |||
Total assets | 38,647 | 35,812 | |
Non-recourse loans | 0 | 0 | |
Investments | 3,599 | 2,424 | |
Maximum exposure to loss | [1] | 3,599 | 2,424 |
Acquisition of real estate for the Company and its subsidiaries' real estate-related business | |||
Variable Interest Entity [Line Items] | |||
Total assets | 0 | 0 | |
Non-recourse loans | 0 | 0 | |
Investments | 0 | 0 | |
Maximum exposure to loss | [1] | 0 | 0 |
Corporate Rehabilitation Support Business | |||
Variable Interest Entity [Line Items] | |||
Total assets | 0 | 0 | |
Non-recourse loans | 0 | 0 | |
Investments | 0 | 0 | |
Maximum exposure to loss | [1] | 0 | 0 |
Investment in securities | |||
Variable Interest Entity [Line Items] | |||
Total assets | 4,208,616 | 19,170,411 | |
Non-recourse loans | 0 | 0 | |
Investments | 69,137 | 75,336 | |
Maximum exposure to loss | [1] | 98,991 | 108,678 |
Securitizing Financial Assets | |||
Variable Interest Entity [Line Items] | |||
Total assets | 0 | 0 | |
Non-recourse loans | 0 | 0 | |
Investments | 0 | 0 | |
Maximum exposure to loss | [1] | 0 | 0 |
Securitization Of Loans Receivable Originated By Third Parties | |||
Variable Interest Entity [Line Items] | |||
Total assets | 1,090,183 | 1,355,962 | |
Non-recourse loans | 0 | 0 | |
Investments | 23,078 | 16,653 | |
Maximum exposure to loss | [1] | 23,087 | 16,670 |
Power Generation Projects | |||
Variable Interest Entity [Line Items] | |||
Total assets | 27,448 | 29,539 | |
Non-recourse loans | 0 | 0 | |
Investments | 1,929 | 1,920 | |
Maximum exposure to loss | [1] | 1,929 | 1,920 |
Other VIEs | |||
Variable Interest Entity [Line Items] | |||
Total assets | 422,984 | 467,259 | |
Non-recourse loans | 3,726 | 3,732 | |
Investments | 36,848 | 23,484 | |
Maximum exposure to loss | [1] | ¥ 43,240 | ¥ 29,813 |
[1] | Maximum exposure to loss includes remaining balance of commitments that could require the Company and its subsidiaries to provide investments or loans to the VIE. |
Investment in Affiliates (Summa
Investment in Affiliates (Summary of Investment in Affiliates) (Detail) - JPY (¥) ¥ in Millions | Sep. 30, 2018 | Mar. 31, 2018 |
Investments in and Advances to Affiliates, Schedule of Investments [Abstract] | ||
Shares | ¥ 525,915 | ¥ 531,481 |
Loans and others | 66,907 | 59,882 |
Investment in Affiliates | ¥ 592,822 | ¥ 591,363 |
Redeemable Noncontrolling Int_3
Redeemable Noncontrolling Interests (Changes in Redeemable Noncontrolling Interests) (Detail) - JPY (¥) ¥ in Millions | 3 Months Ended | 6 Months Ended | ||
Sep. 30, 2018 | Sep. 30, 2017 | Sep. 30, 2018 | Sep. 30, 2017 | |
Statement of Stockholders' Equity [Abstract] | ||||
Beginning balance | ¥ 7,420 | ¥ 6,548 | ||
Comprehensive income | ||||
Net income | 85 | 148 | ||
Other comprehensive income | ||||
Net change of foreign currency translation adjustments | 502 | 34 | ||
Total other comprehensive income | 502 | 34 | ||
Comprehensive income | ¥ 240 | ¥ 143 | 587 | 182 |
Dividends | (294) | 0 | ||
Ending balance | ¥ 7,713 | ¥ 6,730 | ¥ 7,713 | ¥ 6,730 |
Accumulated Other Comprehensi_3
Accumulated Other Comprehensive Income (Loss) (Changes in Components of Accumulated Other Comprehensive Income (Loss)) (Detail) - JPY (¥) ¥ in Millions | 3 Months Ended | 6 Months Ended | ||
Sep. 30, 2018 | Sep. 30, 2017 | Sep. 30, 2018 | Sep. 30, 2017 | |
Beginning Balance | ¥ 2,798,874 | ¥ 2,647,625 | ||
Adjusted balance | ¥ 2,803,405 | 2,803,405 | ||
Total other comprehensive income (loss) | 18,135 | ¥ 11,711 | 13,591 | 15,257 |
Transaction with noncontrolling interests | 0 | (1) | ||
Less: Other Comprehensive Income (loss) Attributable to the Noncontrolling Interest | 330 | 1,696 | 319 | 667 |
Less: Other Comprehensive Income Attributable to the Redeemable Noncontrolling Interests | 206 | 45 | 502 | 34 |
Ending Balance | 2,929,899 | 2,747,842 | 2,929,899 | 2,747,842 |
Accounting standards update 2016-01 | ||||
Cumulative effect of adopting Accounting Standards Update 2016-01 | 0 | 0 | ||
AOCI Attributable to Parent | ||||
Beginning Balance | (53,295) | (16,684) | (45,566) | (21,270) |
Adjusted balance | (48,465) | (48,465) | ||
Ending Balance | (35,696) | (6,714) | (35,696) | (6,714) |
AOCI Attributable to Parent | Accounting standards update 2016-01 | ||||
Cumulative effect of adopting Accounting Standards Update 2016-01 | (2,899) | (2,899) | ||
Net unrealized gains (losses) on derivative instruments | ||||
Beginning Balance | (3,775) | (4,352) | (3,738) | (4,483) |
Adjusted balance | (3,738) | (3,738) | ||
Net unrealized gains (losses) | 767 | 4 | (39) | 805 |
Reclassification adjustment included in net income, net of tax | (47) | (73) | 729 | (729) |
Total other comprehensive income (loss) | 720 | (69) | 690 | 76 |
Transaction with noncontrolling interests | 0 | 0 | ||
Less: Other Comprehensive Income (loss) Attributable to the Noncontrolling Interest | 30 | (10) | 37 | 4 |
Less: Other Comprehensive Income Attributable to the Redeemable Noncontrolling Interests | 0 | 0 | 0 | 0 |
Ending Balance | (3,085) | (4,411) | (3,085) | (4,411) |
Net unrealized gains (losses) on derivative instruments | Accounting standards update 2016-01 | ||||
Cumulative effect of adopting Accounting Standards Update 2016-01 | 0 | 0 | ||
Foreign currency translation adjustments | ||||
Beginning Balance | (36,821) | (25,122) | (31,806) | (31,736) |
Adjusted balance | (31,806) | (31,806) | ||
Net unrealized gains (losses) | 19,524 | 13,041 | 14,788 | 19,830 |
Reclassification adjustment included in net income, net of tax | 1 | 0 | 1 | (1,175) |
Total other comprehensive income (loss) | 19,525 | 13,041 | 14,789 | 18,655 |
Transaction with noncontrolling interests | 1 | 1 | ||
Less: Other Comprehensive Income (loss) Attributable to the Noncontrolling Interest | 301 | 1,717 | 284 | 728 |
Less: Other Comprehensive Income Attributable to the Redeemable Noncontrolling Interests | 206 | 45 | 502 | 34 |
Ending Balance | (17,802) | (13,843) | (17,802) | (13,843) |
Foreign currency translation adjustments | Accounting standards update 2016-01 | ||||
Cumulative effect of adopting Accounting Standards Update 2016-01 | 0 | 0 | ||
Defined benefit pension plans | ||||
Beginning Balance | (20,500) | (17,586) | (20,487) | (17,330) |
Adjusted balance | (20,487) | (20,487) | ||
Net unrealized gains (losses) | (160) | (180) | (147) | (427) |
Reclassification adjustment included in net income, net of tax | (28) | (10) | (54) | (20) |
Total other comprehensive income (loss) | (188) | (190) | (201) | (447) |
Transaction with noncontrolling interests | (1) | (2) | ||
Less: Other Comprehensive Income (loss) Attributable to the Noncontrolling Interest | (1) | 1 | (2) | 0 |
Less: Other Comprehensive Income Attributable to the Redeemable Noncontrolling Interests | 0 | 0 | 0 | 0 |
Ending Balance | (20,688) | (17,777) | (20,688) | (17,777) |
Defined benefit pension plans | Accounting standards update 2016-01 | ||||
Cumulative effect of adopting Accounting Standards Update 2016-01 | 0 | 0 | ||
Net unrealized gains (losses) on investment in securities | ||||
Beginning Balance | 7,453 | 30,376 | 10,465 | 32,279 |
Adjusted balance | 7,215 | 7,215 | ||
Net unrealized gains (losses) | (1,730) | 3,253 | 888 | 6,640 |
Reclassification adjustment included in net income, net of tax | (114) | (4,324) | (2,494) | (9,667) |
Total other comprehensive income (loss) | (1,844) | (1,071) | (1,606) | (3,027) |
Transaction with noncontrolling interests | 0 | 0 | ||
Less: Other Comprehensive Income (loss) Attributable to the Noncontrolling Interest | 0 | (12) | 0 | (65) |
Less: Other Comprehensive Income Attributable to the Redeemable Noncontrolling Interests | 0 | 0 | 0 | 0 |
Ending Balance | 5,609 | ¥ 29,317 | 5,609 | ¥ 29,317 |
Net unrealized gains (losses) on investment in securities | Accounting standards update 2016-01 | ||||
Cumulative effect of adopting Accounting Standards Update 2016-01 | (3,250) | (3,250) | ||
Debt valuation adjustments | ||||
Beginning Balance | 348 | 0 | ||
Adjusted balance | 351 | 351 | ||
Net unrealized gains (losses) | (71) | (69) | ||
Reclassification adjustment included in net income, net of tax | (7) | (12) | ||
Total other comprehensive income (loss) | (78) | (81) | ||
Transaction with noncontrolling interests | 0 | 0 | ||
Less: Other Comprehensive Income (loss) Attributable to the Noncontrolling Interest | 0 | 0 | ||
Less: Other Comprehensive Income Attributable to the Redeemable Noncontrolling Interests | 0 | 0 | ||
Ending Balance | 270 | 270 | ||
Debt valuation adjustments | Accounting standards update 2016-01 | ||||
Cumulative effect of adopting Accounting Standards Update 2016-01 | ¥ 351 | ¥ 351 |
Accumulated Other Comprehensi_4
Accumulated Other Comprehensive Income (Loss) (Changes in Components of Accumulated Other Comprehensive Income (Loss)) (Parenthetical) (Detail) - JPY (¥) ¥ in Millions | 3 Months Ended | 6 Months Ended | ||
Sep. 30, 2018 | Sep. 30, 2017 | Sep. 30, 2018 | Sep. 30, 2017 | |
Net unrealized gains (losses) on derivative instruments | ||||
Net unrealized gains (losses), tax | ¥ (285) | ¥ 4 | ¥ (38) | ¥ (253) |
Reclassification adjustment included in net income, tax | 25 | 17 | (218) | 235 |
Foreign currency translation adjustments | ||||
Net unrealized gains (losses), tax | 4,410 | 5,413 | 8,864 | 12,032 |
Reclassification adjustment included in net income, tax | (1) | 0 | (1) | (1,019) |
Defined benefit pension plans | ||||
Net unrealized gains (losses), tax | 44 | 19 | 25 | 86 |
Reclassification adjustment included in net income, tax | 11 | 2 | 21 | 5 |
Net unrealized gains (losses) on investment in securities | ||||
Net unrealized gains (losses), tax | 766 | (875) | (142) | (2,275) |
Reclassification adjustment included in net income, tax | 72 | ¥ 2,133 | 849 | ¥ (4,594) |
Debt valuation adjustments | ||||
Net unrealized gains (losses), tax | 29 | 26 | ||
Reclassification adjustment included in net income, tax | ¥ 2 | ¥ 5 |
Accumulated Other Comprehensi_5
Accumulated Other Comprehensive Income (Loss) (Amounts Reclassified to Net Income from Accumulated Other Comprehensive Income (Loss)) (Detail) - JPY (¥) ¥ in Millions | 3 Months Ended | 6 Months Ended | ||
Sep. 30, 2018 | Sep. 30, 2017 | Sep. 30, 2018 | Sep. 30, 2017 | |
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ||||
Gains on sales of subsidiaries and affiliates and liquidation losses, net | ¥ 5,246 | ¥ 10,474 | ¥ 19,032 | ¥ 24,972 |
Life insurance costs | (68,721) | (63,942) | (125,734) | (131,715) |
Life insurance premiums and related investment income | 97,745 | 87,556 | 180,604 | 181,210 |
Finance revenues | 60,793 | 55,983 | 117,352 | 113,346 |
Write-downs of securities and other | (708) | (243) | (708) | (423) |
Income tax (expense) or benefit | (33,404) | (38,541) | (64,326) | (83,211) |
Net Income | 76,587 | 78,460 | 156,619 | 169,401 |
Other (income) and expense, net | 1,566 | 1,791 | 503 | 1,464 |
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] | ||||
Gains on investment securities and dividends | 598 | 6,131 | 3,123 | 11,272 |
Finance revenues | (292) | (199) | (654) | (109) |
Write-downs of securities and other | (557) | (557) | (129) | |
Total before income tax | 186 | 6,457 | 3,343 | 14,261 |
Income tax (expense) or benefit | (72) | (2,133) | (849) | (4,594) |
Net Income | 114 | 4,324 | 2,494 | 9,667 |
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 | 486 | 660 | 1,545 | 3,502 |
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 | (49) | (135) | (114) | (275) |
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 | 270 | 249 | 538 | 497 |
Amortization of net actuarial loss | (230) | (224) | (461) | (447) |
Amortization of transition obligation | (1) | (13) | (2) | (25) |
Total before income tax | 39 | 12 | 75 | 25 |
Income tax (expense) or benefit | (11) | (2) | (21) | (5) |
Net Income | 28 | 10 | 54 | 20 |
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 | (2) | (2) | 156 | |
Total before income tax | (2) | (2) | 156 | |
Income tax (expense) or benefit | 1 | 1 | 1,019 | |
Net Income | (1) | (1) | 1,175 | |
Reclassification out of Accumulated Other Comprehensive Income | Net unrealized gains (losses) on derivative instruments | ||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ||||
Total before income tax | 72 | 90 | (947) | 964 |
Income tax (expense) or benefit | (25) | (17) | 218 | (235) |
Net Income | 47 | 73 | (729) | 729 |
Reclassification out of Accumulated Other Comprehensive Income | Net unrealized gains (losses) on derivative instruments | Interest rate swap agreements | ||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ||||
Finance revenues/Interest expense | 10 | 2 | 137 | 118 |
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] | ||||
Other (income) and expense, net | (13) | 10 | (2) | |
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] | ||||
Finance revenues/Interest expense/Other (income) and expense, net | 75 | ¥ 88 | (1,094) | ¥ 848 |
Reclassification out of Accumulated Other Comprehensive Income | Debt valuation adjustments | ||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ||||
Life insurance costs | 9 | 17 | ||
Total before income tax | 9 | 17 | ||
Income tax (expense) or benefit | (2) | (5) | ||
Net Income | ¥ 7 | ¥ 12 |
ORIX Corporation Shareholders_3
ORIX Corporation Shareholders' Equity (Information about Dividend Payments and Applicable Dividends) (Detail) - JPY (¥) ¥ / shares in Units, ¥ in Millions | 6 Months Ended | |
Sep. 30, 2018 | Sep. 30, 2017 | |
Dividends Payable [Line Items] | ||
Resolution | The board of directors on May 23, 2017 and May 21, 2018 | |
Type of shares | Common stock | |
Total dividends paid | ¥ 49,984 | ¥ 38,162 |
Dividend per share | ¥ 39 | ¥ 29.25 |
Date of record for dividend | Mar. 31, 2018 | Mar. 31, 2017 |
Effective date for dividend | Jun. 5, 2018 | Jun. 6, 2017 |
Dividend resource | Retained earnings | |
Effective Date | ||
Dividends Payable [Line Items] | ||
Resolution | The board of directors on October 30, 2017 and October 26, 2018 | |
Type of shares | Common stock | |
Total dividends paid | ¥ 38,453 | ¥ 34,595 |
Dividend per share | ¥ 30 | ¥ 27 |
Date of record for dividend | Sep. 30, 2018 | Sep. 30, 2017 |
Effective date for dividend | Dec. 4, 2018 | Dec. 4, 2017 |
Dividend resource | Retained earnings |
ORIX Corporation Shareholders_4
ORIX Corporation Shareholders' Equity - Additional Information (Detail) - JPY (¥) ¥ in Millions | 6 Months Ended | |
Sep. 30, 2018 | Sep. 30, 2017 | |
Class of Stock [Line Items] | ||
Total dividends paid | ¥ 49,984 | ¥ 38,162 |
Effective Date | ||
Class of Stock [Line Items] | ||
Total dividends paid | 38,453 | 34,595 |
Officer's Compensation Board Incentive Plan | ||
Class of Stock [Line Items] | ||
Total dividends paid | 64 | 62 |
Officer's Compensation Board Incentive Plan | Effective Date | ||
Class of Stock [Line Items] | ||
Total dividends paid | ¥ 55 | ¥ 53 |
Selling, General and Administ_3
Selling, General and Administrative Expenses (Summary of Selling, General and Administrative Expenses) (Detail) - JPY (¥) ¥ in Millions | 3 Months Ended | 6 Months Ended | ||
Sep. 30, 2018 | Sep. 30, 2017 | Sep. 30, 2018 | Sep. 30, 2017 | |
Selling, General and Administrative Expense [Abstract] | ||||
Personnel expenses | ¥ 60,013 | ¥ 57,890 | ¥ 122,438 | ¥ 119,164 |
Selling expenses | 19,596 | 19,058 | 36,883 | 36,378 |
Administrative expenses | 24,752 | 25,133 | 49,109 | 51,288 |
Depreciation of office facilities | 1,129 | 1,256 | 2,216 | 2,469 |
Total | ¥ 105,490 | ¥ 103,337 | ¥ 210,646 | ¥ 209,299 |
Pension Plans (Net Periodic Pen
Pension Plans (Net Periodic Pension Cost of Defined Benefit Plans) (Detail) - JPY (¥) ¥ in Millions | 3 Months Ended | 6 Months Ended | ||
Sep. 30, 2018 | Sep. 30, 2017 | Sep. 30, 2018 | Sep. 30, 2017 | |
Japan | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Service cost | ¥ 1,380 | ¥ 1,325 | ¥ 2,762 | ¥ 2,649 |
Interest cost | 186 | 194 | 361 | 388 |
Expected return on plan assets | (681) | (656) | (1,362) | (1,313) |
Amortization of prior service credit | (226) | (228) | (448) | (457) |
Amortization of net actuarial loss | 211 | 214 | 422 | 428 |
Amortization of transition obligation | 0 | 12 | 0 | 23 |
Net periodic pension cost | 870 | 861 | 1,735 | 1,718 |
Overseas plans | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Service cost | 829 | 768 | 1,631 | 1,605 |
Interest cost | 502 | 487 | 993 | 952 |
Expected return on plan assets | (1,106) | (1,044) | (2,202) | (2,037) |
Amortization of prior service credit | (44) | (21) | (90) | (40) |
Amortization of net actuarial loss | 19 | 10 | 39 | 19 |
Amortization of transition obligation | 1 | 1 | 2 | 2 |
Net periodic pension cost | ¥ 201 | ¥ 201 | ¥ 373 | ¥ 501 |
Life Insurance Operations (Life
Life Insurance Operations (Life Insurance Premiums and Related Investment Income) (Detail) - JPY (¥) ¥ in Millions | 3 Months Ended | 6 Months Ended | ||
Sep. 30, 2018 | Sep. 30, 2017 | Sep. 30, 2018 | Sep. 30, 2017 | |
Policyholders Account In Life Insurance Business [Abstract] | ||||
Life insurance premiums | ¥ 78,475 | ¥ 71,122 | ¥ 153,511 | ¥ 142,495 |
Life insurance related investment income | 19,270 | 16,434 | 27,093 | 38,715 |
Life insurance premiums and related investment income | ¥ 97,745 | ¥ 87,556 | ¥ 180,604 | ¥ 181,210 |
Life Insurance Operations (Rein
Life Insurance Operations (Reinsurance Benefits and Reinsurance Premiums Included in Life Insurance Premiums) (Detail) - JPY (¥) ¥ in Millions | 3 Months Ended | 6 Months Ended | ||
Sep. 30, 2018 | Sep. 30, 2017 | Sep. 30, 2018 | Sep. 30, 2017 | |
Policyholders Account In Life Insurance Business [Abstract] | ||||
Reinsurance benefits | ¥ 596 | ¥ 850 | ¥ 1,193 | ¥ 1,870 |
Reinsurance premiums | ¥ (1,467) | ¥ (1,813) | ¥ (2,849) | ¥ (3,763) |
Life Insurance Operations - Add
Life Insurance Operations - Additional Information (Detail) - JPY (¥) ¥ in Millions | 3 Months Ended | 6 Months Ended | ||
Sep. 30, 2018 | Sep. 30, 2017 | Sep. 30, 2018 | Sep. 30, 2017 | |
Policyholders Account In Life Insurance Business [Abstract] | ||||
Amortization of policy acquisition costs charged to income | ¥ 4,366 | ¥ 3,840 | ¥ 8,658 | ¥ 7,747 |
Life Insurance Operations (Gain
Life Insurance Operations (Gains or Losses Relating to Variable Annuity and Variable Life Insurance Contracts) (Detail) - Variable Annuity and Variable Life Insurance Contracts - JPY (¥) ¥ in Millions | 3 Months Ended | 6 Months Ended | ||
Sep. 30, 2018 | Sep. 30, 2017 | Sep. 30, 2018 | Sep. 30, 2017 | |
Life insurance premiums and related investment income | ||||
Net realized and unrealized gains or losses from investment assets | ¥ 16,603 | ¥ 16,014 | ¥ 22,054 | ¥ 37,141 |
Net gains or losses from derivative contracts | (2,331) | (2,416) | (3,460) | (5,949) |
Life insurance costs | ||||
Changes in the fair value of the policy liabilities and policy account balances | (13,859) | (40,895) | (38,417) | (88,501) |
Insurance costs recognized for insurance and annuity payouts as a result of insured events | 22,966 | 47,955 | 47,671 | 104,399 |
Changes in the fair value of the reinsurance contracts | 2,444 | 2,828 | 3,887 | 6,874 |
Foreign exchange contracts | ||||
Life insurance premiums and related investment income | ||||
Net gains or losses from derivative contracts | (308) | (262) | (535) | (584) |
Futures | ||||
Life insurance premiums and related investment income | ||||
Net gains or losses from derivative contracts | (1,752) | (1,826) | (2,321) | (4,453) |
Options held | ||||
Life insurance premiums and related investment income | ||||
Net gains or losses from derivative contracts | ¥ (271) | ¥ (328) | ¥ (604) | ¥ (912) |
Write-Downs of Long-Lived Ass_3
Write-Downs of Long-Lived Assets (Long-Lived Assets Classified as Held for Sale) (Detail) - Discontinued Operations, Held-for-sale - Real estate properties and transportation equipment - JPY (¥) ¥ in Millions | Sep. 30, 2018 | Mar. 31, 2018 |
Long Lived Assets Held-for-sale [Line Items] | ||
Investment in operating leases | ¥ 76,052 | ¥ 31,776 |
Property under facility operations | 0 | 12,483 |
Other assets | ¥ 27 | ¥ 164 |
Write-Downs of Long-Lived Ass_4
Write-Downs of Long-Lived Assets - Additional Information (Detail) - JPY (¥) | 3 Months Ended | 6 Months Ended | ||
Sep. 30, 2018 | Sep. 30, 2017 | Sep. 30, 2018 | Sep. 30, 2017 | |
Property, Plant and Equipment [Abstract] | ||||
Write-downs of long-lived assets | ¥ 0 | ¥ 387,000,000 | ¥ 26,000,000 | ¥ 1,472,000,000 |
Real Estate | ||||
Property, Plant and Equipment [Abstract] | ||||
Impairment losses | ¥ 387,000,000 | 16,000,000 | ¥ 1,472,000,000 | |
Overseas Business Segment | ||||
Property, Plant and Equipment [Abstract] | ||||
Impairment losses | ¥ 10,000,000 |
Write-Downs of Long-Lived Ass_5
Write-Downs of Long-Lived Assets (Breakdowns of Recognized Impairment Losses for Difference between Carrying Amounts and Fair Values Reflected as Write-Downs of Long-Lived Assets) (Detail) ¥ in Millions | 3 Months Ended | 6 Months Ended | |||
Sep. 30, 2018JPY (¥)Property | Sep. 30, 2017JPY (¥)Property | Sep. 30, 2018JPY (¥)Property | Sep. 30, 2017JPY (¥)Property | ||
Impaired Long-Lived Assets Held and Used [Line Items] | |||||
Write-downs of the assets held for sale, amount | ¥ 200 | ¥ 0 | ¥ 0 | ¥ 1,177 | |
Write-downs due to decline estimated future cash flows, amount | 0 | 187 | 26 | 295 | |
Commercial Facilities Other Than Office Buildings | |||||
Impaired Long-Lived Assets Held and Used [Line Items] | |||||
Write-downs of the assets held for sale, amount | ¥ 0 | ¥ 0 | ¥ 0 | ¥ 977 | |
Write-downs of the assets held for sale, number of properties | Property | 0 | 0 | 0 | 1 | |
Write-downs due to decline estimated future cash flows, amount | ¥ 0 | ¥ 187 | ¥ 16 | ¥ 187 | |
Write-downs due to decline estimated future cash flows, number of properties | Property | 0 | 2 | 1 | 2 | |
Property, Plant and Equipment, Other Types | |||||
Impaired Long-Lived Assets Held and Used [Line Items] | |||||
Write-downs of the assets held for sale, amount | [1] | ¥ 200 | ¥ 0 | ¥ 0 | ¥ 200 |
Write-downs due to decline estimated future cash flows, amount | [1] | ¥ 0 | ¥ 0 | ¥ 10 | ¥ 108 |
[1] | For the "Others," the number of properties is omitted. |
Per Share Data - Additional Inf
Per Share Data - Additional Information (Detail) - shares | 3 Months Ended | 6 Months Ended | ||
Sep. 30, 2018 | Sep. 30, 2017 | Sep. 30, 2018 | Sep. 30, 2017 | |
Officer's Compensation Board Incentive Plan | ||||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||||
Number of shares held for incentive plans, to be deducted in calculation of the weighted-average shares for EPS computation | 1,681,449 | 2,003,201 | 1,668,589 | 2,055,862 |
Stock Options | ||||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||||
Antidilutive shares excluded from calculation of diluted EPS | 0 | 0 | 0 | 356,000 |
Per Share Data (Reconciliation
Per Share Data (Reconciliation of Differences between Basic and Diluted Earnings Per Share) (Detail) - JPY (¥) ¥ / shares in Units, shares in Thousands, ¥ in Millions | 3 Months Ended | 6 Months Ended | ||
Sep. 30, 2018 | Sep. 30, 2017 | Sep. 30, 2018 | Sep. 30, 2017 | |
Earnings Per Share [Abstract] | ||||
Net Income attributable to ORIX Corporation shareholders | ¥ 75,103 | ¥ 76,258 | ¥ 155,050 | ¥ 165,970 |
Weighted-average shares | 1,280,104 | 1,279,276 | 1,280,071 | 1,282,567 |
Effect of dilutive securities | ||||
Exercise of stock options | 1,110 | 1,277 | 1,056 | 1,178 |
Weighted-average shares for diluted EPS computation | 1,281,214 | 1,280,553 | 1,281,127 | 1,283,745 |
Earnings per share for net income attributable to ORIX Corporation shareholders: | ||||
Basic | ¥ 58.67 | ¥ 59.61 | ¥ 121.13 | ¥ 129.40 |
Diluted | ¥ 58.62 | ¥ 59.55 | ¥ 121.03 | ¥ 129.29 |
Derivative Financial Instrume_3
Derivative Financial Instruments and Hedging (Effect of Derivative Instruments on Consolidated Statements of Income, Pre-tax) (Detail) - JPY (¥) ¥ in Millions | 3 Months Ended | 6 Months Ended | ||||||
Sep. 30, 2018 | Sep. 30, 2017 | Sep. 30, 2018 | Sep. 30, 2017 | |||||
Derivatives designated as hedging instruments | Cash flow hedges | Interest rate swap agreements | ||||||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||||||
Gains (losses) recognized in other comprehensive income on derivative (effective portion) | ¥ 765 | ¥ 22 | ¥ 723 | ¥ (185) | ||||
Gains (losses) recognized in income on derivative (ineffective portion and amount excluded from effectiveness testing) | 0 | 0 | 0 | 0 | ||||
Derivatives designated as hedging instruments | Cash flow hedges | Interest rate swap agreements | Finance revenues/Interest expense | ||||||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||||||
Gains (losses) reclassified from other comprehensive income (loss) into income (effective portion) | 10 | 2 | 137 | 118 | ||||
Derivatives designated as hedging instruments | Cash flow hedges | Foreign exchange contracts | ||||||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||||||
Gains (losses) recognized in other comprehensive income on derivative (effective portion) | 174 | (54) | 243 | (188) | ||||
Gains (losses) reclassified from 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 | 0 | ||||
Derivatives designated as hedging instruments | Cash flow hedges | Foreign exchange contracts | Other (income) and expense, net | ||||||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||||||
Gains (losses) reclassified from other comprehensive income (loss) into income (effective portion) | (13) | 10 | (2) | |||||
Derivatives designated as hedging instruments | Cash flow hedges | Foreign currency swap agreements | ||||||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||||||
Gains (losses) recognized in other comprehensive income on derivative (effective portion) | 113 | 33 | (967) | 1,432 | ||||
Gains (losses) recognized in income on derivative (ineffective portion and amount excluded from effectiveness testing) | 0 | |||||||
Derivatives designated as hedging instruments | Cash flow hedges | Foreign currency swap agreements | Other (income) and expense, net | ||||||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||||||
Gains (losses) recognized in income on derivative (ineffective portion and amount excluded from effectiveness testing) | 0 | (33) | (111) | |||||
Derivatives designated as hedging instruments | Cash flow hedges | Foreign currency swap agreements | Finance revenues/Interest expense/Other (income) and expense, net | ||||||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||||||
Gains (losses) reclassified from other comprehensive income (loss) into income (effective portion) | 75 | 88 | (1,094) | 848 | ||||
Derivatives designated as hedging instruments | Fair value hedges | Interest rate swap agreements | ||||||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||||||
Gains (losses) recognized in income on derivative | 0 | |||||||
Gains (losses) recognized in income on hedged item | 0 | |||||||
Derivatives designated as hedging instruments | Fair value hedges | Interest rate swap agreements | Finance revenues/Interest expense | ||||||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||||||
Gains (losses) recognized in income on derivative | 535 | 1,228 | (13) | |||||
Gains (losses) recognized in income on hedged item | (535) | (1,228) | 13 | |||||
Derivatives designated as hedging instruments | Fair value hedges | Foreign exchange contracts | Other (income) and expense, net | ||||||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||||||
Gains (losses) recognized in income on derivative | (3,272) | (1,633) | (4,664) | (3,125) | ||||
Gains (losses) recognized in income on hedged item | 3,272 | 1,633 | 4,664 | 3,125 | ||||
Derivatives designated as hedging instruments | Fair value hedges | Foreign currency swap agreements | Other (income) and expense, net | ||||||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||||||
Gains (losses) recognized in income on derivative | 210 | 990 | ||||||
Gains (losses) recognized in income on hedged item | (210) | (990) | ||||||
Derivatives designated as hedging instruments | Hedges of net investment in foreign operations | Foreign exchange contracts | ||||||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||||||
Gains (losses) recognized in other comprehensive income on derivative (effective portion) | (8,348) | (8,011) | (1,734) | (23,576) | ||||
Gains (losses) recognized in income on derivative (ineffective portion and amount excluded from effectiveness testing) | 0 | 0 | 0 | 0 | ||||
Derivatives designated as hedging instruments | Hedges of net investment in foreign operations | Foreign exchange contracts | Gains on sales of subsidiaries and affiliates and liquidation losses, net | ||||||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||||||
Gains (losses) reclassified from other comprehensive income (loss) into income (effective portion) | (115) | 0 | (115) | (3,705) | ||||
Derivatives designated as hedging instruments | Hedges of net investment in foreign operations | Debt Loans and Bonds in Foreign Currencies [Member] | ||||||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||||||
Gains (losses) recognized in other comprehensive income on derivative (effective portion) | (11,089) | (4,707) | (22,088) | (10,197) | ||||
Gains (losses) reclassified from other comprehensive income (loss) into income (effective portion) | 0 | 0 | 0 | 0 | ||||
Gains (losses) recognized in income on derivative (ineffective portion and amount excluded from effectiveness testing) | 0 | 0 | 0 | 0 | ||||
Nondesignated | Gains on Investment Securities and Dividends and Life Insurance Premiums and Related Investment Income (Loss) | Futures | ||||||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||||||
Gains (losses) recognized in income on derivative | (1,954) | [1] | 13 | [2] | (2,684) | [3] | (2,511) | [4] |
Nondesignated | Interest rate swap agreements | Other (income) and expense, net | ||||||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||||||
Gains (losses) recognized in income on derivative | 639 | 396 | 1,147 | 698 | ||||
Nondesignated | Foreign exchange contracts | Gains on Investment Securities and Dividends and Life Insurance Premiums and Related Investment Income (Loss) and Other Income (Expense), Net | ||||||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||||||
Gains (losses) recognized in income on derivative | (5,963) | [1] | (11,664) | [2] | (7,856) | [3] | (14,377) | [4] |
Nondesignated | Credit derivatives held/written | Other (income) and expense, net | ||||||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||||||
Gains (losses) recognized in income on derivative | 78 | (12) | 19 | (26) | ||||
Nondesignated | Options held/written and other | Other Income (Expense), Net and Life Insurance Premiums and Related Investment Income (Loss) | ||||||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||||||
Gains (losses) recognized in income on derivative | ¥ 1,277 | [1] | ¥ 929 | [2] | ¥ 273 | [3] | ¥ 266 | [4] |
[1] | Futures, foreign exchange contracts and options held/written and other in the above table include gains (losses) arising from futures, foreign exchange contracts and options held to economically hedge the minimum guarantee risk of variable annuity and variable life insurance contracts for the three months ended September 30, 2018 (see Note 16 "Life Insurance Operations"). | |||||||
[2] | Futures, foreign exchange contracts and options held/written and other in the above table include gains (losses) arising from futures, foreign exchange contracts and options held to economically hedge the minimum guarantee risk of variable annuity and variable life insurance contracts for the three months ended September 30, 2017 (see Note 16 "Life Insurance Operations"). | |||||||
[3] | Futures, foreign exchange contracts and options held/written and other in the above table include gains (losses) arising from futures, foreign exchange contracts and options held to economically hedge the minimum guarantee risk of variable annuity and variable life insurance contracts for the six months ended September 30, 2018 (see Note 16 "Life Insurance Operations"). | |||||||
[4] | Futures, foreign exchange contracts and options held/written and other in the above table include gains (losses) arising from futures, foreign exchange contracts and options held to economically hedge the minimum guarantee risk of variable annuity and variable life insurance contracts for the six months ended September 30, 2017 (see Note 16 "Life Insurance Operations"). |
Derivative Financial Instrume_4
Derivative Financial Instruments and Hedging (Notional Amounts of Derivative Instruments and Other, Fair Values of Derivative Instruments and Other before Offsetting) (Detail) - JPY (¥) ¥ in Millions | Sep. 30, 2018 | Mar. 31, 2018 | ||
Derivatives, Fair Value [Line Items] | ||||
Derivative assets, Fair value | ¥ 14,327 | ¥ 27,615 | ||
Derivative liabilities, Fair value | 30,220 | 17,990 | ||
Interest rate swap agreements | Derivatives designated as hedging instruments | ||||
Derivatives, Fair Value [Line Items] | ||||
Notional amount | 262,481 | 278,850 | ||
Interest rate swap agreements | Derivatives designated as hedging instruments | Other liabilities | ||||
Derivatives, Fair Value [Line Items] | ||||
Derivative liabilities, Fair value | 3,569 | 4,759 | ||
Interest rate swap agreements | Derivatives designated as hedging instruments | Other assets | ||||
Derivatives, Fair Value [Line Items] | ||||
Derivative assets, Fair value | 952 | 55 | ||
Interest rate swap agreements | Nondesignated | ||||
Derivatives, Fair Value [Line Items] | ||||
Notional amount | 67,286 | 19,569 | ||
Derivative assets, Fair value | 447 | 272 | ||
Interest rate swap agreements | Nondesignated | Other liabilities | ||||
Derivatives, Fair Value [Line Items] | ||||
Derivative liabilities, Fair value | 124 | 165 | ||
Futures, foreign exchange contracts | Derivatives designated as hedging instruments | ||||
Derivatives, Fair Value [Line Items] | ||||
Notional amount | 574,700 | 566,583 | ||
Futures, foreign exchange contracts | Derivatives designated as hedging instruments | Other liabilities | ||||
Derivatives, Fair Value [Line Items] | ||||
Derivative liabilities, Fair value | 13,167 | 2,149 | ||
Futures, foreign exchange contracts | Derivatives designated as hedging instruments | Other assets | ||||
Derivatives, Fair Value [Line Items] | ||||
Derivative assets, Fair value | 697 | 11,445 | ||
Futures, foreign exchange contracts | Nondesignated | ||||
Derivatives, Fair Value [Line Items] | ||||
Notional amount | 352,575 | [1] | 271,365 | [2] |
Futures, foreign exchange contracts | Nondesignated | Other liabilities | ||||
Derivatives, Fair Value [Line Items] | ||||
Derivative liabilities, Fair value | 6,846 | [1] | 1,298 | [2] |
Futures, foreign exchange contracts | Nondesignated | Other assets | ||||
Derivatives, Fair Value [Line Items] | ||||
Derivative assets, Fair value | 365 | [1] | 2,612 | [2] |
Foreign currency swap agreements | Derivatives designated as hedging instruments | ||||
Derivatives, Fair Value [Line Items] | ||||
Notional amount | 72,037 | 70,156 | ||
Foreign currency swap agreements | Derivatives designated as hedging instruments | Other liabilities | ||||
Derivatives, Fair Value [Line Items] | ||||
Derivative liabilities, Fair value | 2,091 | 3,220 | ||
Foreign currency swap agreements | Derivatives designated as hedging instruments | Other assets | ||||
Derivatives, Fair Value [Line Items] | ||||
Derivative assets, Fair value | 1,625 | 422 | ||
Foreign currency long- term-debt | Derivatives designated as hedging instruments | ||||
Derivatives, Fair Value [Line Items] | ||||
Notional amount | 399,765 | 396,503 | ||
Derivative assets, Fair value | 0 | 0 | ||
Derivative liabilities, Fair value | 0 | 0 | ||
Options held/written and other | Nondesignated | ||||
Derivatives, Fair Value [Line Items] | ||||
Notional amount | 530,056 | [1] | 372,138 | [2] |
Options held/written and other | Nondesignated | Other liabilities | ||||
Derivatives, Fair Value [Line Items] | ||||
Derivative liabilities, Fair value | 2,909 | [1] | 701 | [2] |
Options held/written and other | Nondesignated | Other assets | ||||
Derivatives, Fair Value [Line Items] | ||||
Derivative assets, Fair value | 9,412 | [1] | 7,025 | [2] |
Credit derivatives held/written | Nondesignated | ||||
Derivatives, Fair Value [Line Items] | ||||
Notional amount | 4,020 | 5,459 | ||
Derivative assets, Fair value | 0 | 0 | ||
Credit derivatives held/written | Nondesignated | Other liabilities | ||||
Derivatives, Fair Value [Line Items] | ||||
Derivative liabilities, Fair value | ¥ 89 | ¥ 108 | ||
[1] | The notional amounts of options held/written and other and futures, foreign exchange contracts in the above table include options held of ¥38,813 million, futures contracts of ¥30,718 million and foreign exchange contracts of ¥10,978 million to economically hedge the minimum guarantee risk of variable annuity and variable life insurance contracts at September 30, 2018, respectively. Derivative assets in the above table includes fair value of the options held, futures contracts and foreign exchange contracts before offsetting of ¥237 million, ¥45 million and ¥18 million and derivative liabilities includes fair value of the futures and foreign exchange contracts before offsetting of ¥1,918 million and ¥231 million at September 30, 2018, respectively. | |||
[2] | The notional amounts of options held/written and other and futures, foreign exchange contracts in the above table include options held of ¥40,275 million, futures contracts of ¥38,094 million and foreign exchange contracts of ¥12,140 million to economically hedge the minimum guarantee risk of variable annuity and variable life insurance contracts at March 31, 2018, respectively. Derivative assets in the above table include fair value of the options held, futures contracts and foreign exchange contracts before offsetting of ¥844 million, ¥182 million and ¥90 million and derivative liabilities includes fair value of the futures and foreign exchange contracts before offsetting of ¥318 million and ¥15 million at March 31, 2018, respectively. |
Derivative Financial Instrume_5
Derivative Financial Instruments and Hedging (Notional Amounts of Derivative Instruments and Other, Fair Values of Derivative Instruments and Other before Offsetting) (Parenthetical) (Detail) - JPY (¥) ¥ in Millions | Sep. 30, 2018 | Mar. 31, 2018 |
Derivatives, Fair Value [Line Items] | ||
Derivative assets Fair value | ¥ 14,327 | ¥ 27,615 |
Derivative liabilities Fair value | 30,220 | 17,990 |
Options held | ||
Derivatives, Fair Value [Line Items] | ||
Derivative assets Fair value | 237 | 844 |
Futures | ||
Derivatives, Fair Value [Line Items] | ||
Derivative assets Fair value | 45 | 182 |
Derivative liabilities Fair value | 1,918 | 318 |
Foreign exchange contracts | ||
Derivatives, Fair Value [Line Items] | ||
Derivative assets Fair value | 18 | 90 |
Derivative liabilities Fair value | 231 | 15 |
Variable Annuity and Variable Life Insurance Contracts | Options held | ||
Derivatives, Fair Value [Line Items] | ||
Notional amount | 38,813 | 40,275 |
Variable Annuity and Variable Life Insurance Contracts | Futures | ||
Derivatives, Fair Value [Line Items] | ||
Notional amount | 30,718 | 38,094 |
Variable Annuity and Variable Life Insurance Contracts | Foreign exchange contracts | ||
Derivatives, Fair Value [Line Items] | ||
Notional amount | ¥ 10,978 | ¥ 12,140 |
Offsetting Assets and Liabili_3
Offsetting Assets and Liabilities (Gross Amounts Recognized, Gross Amounts Offset, and Net Amounts Presented in Consolidated Balance Sheets Regarding to Derivative Assets and Liabilities and Other Assets and Liabilities) (Detail) - JPY (¥) ¥ in Millions | Sep. 30, 2018 | Mar. 31, 2018 | |
Offsetting Asset and Liabilities [Line Items] | |||
Gross amounts recognized, assets | ¥ 14,327 | ¥ 27,615 | |
Gross amounts offset in the consolidated balance sheets, assets | (1,499) | (7,695) | |
Net amounts presented in the consolidated balance sheets, assets | 12,828 | 19,920 | |
Gross amounts not offset in the consolidated balance sheets, financial instruments, assets | [1] | (216) | (820) |
Gross amounts not offset in the consolidated balance sheets, collateral, assets | [1] | 0 | (6,497) |
Net amount, assets | 12,612 | 12,603 | |
Gross amounts recognized, liabilities | 30,220 | 17,990 | |
Gross amounts offset in the consolidated balance sheets, liabilities | (1,499) | (7,695) | |
Net amounts presented in the consolidated balance sheets, liabilities | 28,721 | 10,295 | |
Gross amounts not offset in the consolidated balance sheets, financial instruments, liabilities | [1] | (2,649) | 0 |
Gross amounts not offset in the consolidated balance sheets, collateral, liabilities | [1] | (1,509) | (180) |
Net amount, liabilities | 24,563 | 10,115 | |
Derivative liabilities | |||
Offsetting Asset and Liabilities [Line Items] | |||
Gross amounts recognized, liabilities | 28,795 | 12,400 | |
Gross amounts offset in the consolidated balance sheets, liabilities | (670) | (2,105) | |
Net amounts presented in the consolidated balance sheets, liabilities | 28,125 | 10,295 | |
Gross amounts not offset in the consolidated balance sheets, financial instruments, liabilities | [1] | (2,649) | 0 |
Gross amounts not offset in the consolidated balance sheets, collateral, liabilities | [1] | (1,509) | (180) |
Net amount, liabilities | 23,967 | 10,115 | |
Derivative assets | |||
Offsetting Asset and Liabilities [Line Items] | |||
Gross amounts recognized, assets | 13,498 | 21,831 | |
Gross amounts offset in the consolidated balance sheets, assets | (670) | (2,105) | |
Net amounts presented in the consolidated balance sheets, assets | 12,828 | 19,726 | |
Gross amounts not offset in the consolidated balance sheets, financial instruments, assets | [1] | (216) | (820) |
Gross amounts not offset in the consolidated balance sheets, collateral, assets | [1] | 0 | (6,497) |
Net amount, assets | 12,612 | 12,409 | |
Reverse repurchase, securities borrowing, and similar arrangements | |||
Offsetting Asset and Liabilities [Line Items] | |||
Gross amounts recognized, assets | [2] | 829 | 5,784 |
Gross amounts offset in the consolidated balance sheets, assets | [2] | (829) | (5,590) |
Net amounts presented in the consolidated balance sheets, assets | [2] | 0 | 194 |
Gross amounts not offset in the consolidated balance sheets, financial instruments, assets | [1],[2] | 0 | 0 |
Gross amounts not offset in the consolidated balance sheets, collateral, assets | [1],[2] | 0 | 0 |
Net amount, assets | [2] | 0 | 194 |
Gross amounts recognized, liabilities | [2] | 1,425 | 5,590 |
Gross amounts offset in the consolidated balance sheets, liabilities | [2] | (829) | (5,590) |
Net amounts presented in the consolidated balance sheets, liabilities | [2] | 596 | 0 |
Gross amounts not offset in the consolidated balance sheets, financial instruments, liabilities | [1],[2] | 0 | 0 |
Gross amounts not offset in the consolidated balance sheets, collateral, liabilities | [1],[2] | 0 | 0 |
Net amount, liabilities | [2] | ¥ 596 | ¥ 0 |
[1] | The balances related to enforceable master netting agreements or similar agreements which were not offset in the consolidated balance sheets. | ||
[2] | Reverse repurchase agreements and securities borrowing, and similar transactions are reported within other assets in the consolidated balance sheets. Repurchase agreements and securities lending, and similar transactions are reported within other liabilities in the consolidated balance sheets. |
Estimated Fair Value of Finan_3
Estimated Fair Value of Financial Instruments (Information about Carrying Amount of Financial Instruments Reported in Consolidated Balance Sheets and Related Market or Fair Value) (Detail) - JPY (¥) ¥ in Millions | Sep. 30, 2018 | Mar. 31, 2018 | Sep. 30, 2017 | |
Assets: | ||||
Cash and cash equivalents | ¥ 1,140,901 | ¥ 1,321,241 | ¥ 1,185,961 | |
Restricted Cash | 113,872 | 83,876 | ¥ 88,242 | |
Trading securities | [1] | 422,053 | ||
Trading debt securities | 24,560 | |||
Investment in securities: | ||||
Available-for-sale debt securities | 1,137,081 | |||
Held-to-maturity debt securities | 114,288 | 113,891 | ||
Other Assets: | ||||
Derivative assets | 12,828 | 19,920 | ||
Liabilities: | ||||
Short-term debt | 324,464 | 306,754 | ||
Deposits | 1,857,879 | 1,757,462 | ||
Long-term Debt | 3,861,037 | 3,826,504 | ||
Other Liabilities: | ||||
Derivative liabilities | 28,721 | 10,295 | ||
Level 1 | ||||
Assets: | ||||
Cash and cash equivalents | 1,140,901 | 1,321,241 | ||
Restricted Cash | 113,872 | 83,876 | ||
Installment loans (net of allowance for probable loan losses) | 0 | 0 | ||
Equity securities | [2] | 76,321 | ||
Trading securities | 35,766 | |||
Trading debt securities | 0 | |||
Investment in securities: | ||||
Practicable to estimate fair value | 65,716 | |||
Not practicable to estimate fair value | [3] | 0 | ||
Available-for-sale debt securities | 21,661 | |||
Held-to-maturity debt securities | 0 | |||
Other Assets: | ||||
Time deposits | 0 | 0 | ||
Derivative assets | [4] | 0 | 0 | |
Reinsurance recoverables (Investment contracts) | 0 | 0 | ||
Liabilities: | ||||
Short-term debt | 0 | 0 | ||
Deposits | 0 | 0 | ||
Policy liabilities and Policy account balances (Investment contracts) | 0 | 0 | ||
Long-term Debt | 0 | 0 | ||
Other Liabilities: | ||||
Derivative liabilities | [4] | 0 | 0 | |
Level 2 | ||||
Assets: | ||||
Cash and cash equivalents | 0 | 0 | ||
Restricted Cash | 0 | 0 | ||
Installment loans (net of allowance for probable loan losses) | 150,435 | 139,416 | ||
Equity securities | [2] | 341,600 | ||
Trading securities | 386,287 | |||
Trading debt securities | 24,560 | |||
Investment in securities: | ||||
Practicable to estimate fair value | 969,668 | |||
Not practicable to estimate fair value | [3] | 0 | ||
Available-for-sale debt securities | 992,872 | |||
Held-to-maturity debt securities | 116,250 | |||
Other Assets: | ||||
Time deposits | 4,119 | 3,378 | ||
Derivative assets | [4] | 0 | 0 | |
Reinsurance recoverables (Investment contracts) | 0 | 0 | ||
Liabilities: | ||||
Short-term debt | 324,464 | 306,754 | ||
Deposits | 1,726,529 | 1,759,248 | ||
Policy liabilities and Policy account balances (Investment contracts) | 0 | 0 | ||
Long-term Debt | 1,075,943 | 922,319 | ||
Other Liabilities: | ||||
Derivative liabilities | [4] | 0 | 0 | |
Level 3 | ||||
Assets: | ||||
Cash and cash equivalents | 0 | 0 | ||
Restricted Cash | 0 | 0 | ||
Installment loans (net of allowance for probable loan losses) | 2,901,934 | 2,648,653 | ||
Equity securities | [2] | 44,559 | ||
Trading securities | 0 | |||
Trading debt securities | 0 | |||
Investment in securities: | ||||
Practicable to estimate fair value | 158,796 | |||
Not practicable to estimate fair value | [3] | 0 | ||
Available-for-sale debt securities | 122,548 | |||
Held-to-maturity debt securities | 21,618 | |||
Other Assets: | ||||
Time deposits | 0 | 0 | ||
Derivative assets | [4] | 0 | 0 | |
Reinsurance recoverables (Investment contracts) | 51,340 | 52,015 | ||
Liabilities: | ||||
Short-term debt | 0 | 0 | ||
Deposits | 0 | 0 | ||
Policy liabilities and Policy account balances (Investment contracts) | 269,419 | 275,979 | ||
Long-term Debt | 2,771,939 | 2,908,210 | ||
Other Liabilities: | ||||
Derivative liabilities | [4] | 0 | 0 | |
Carrying amount | ||||
Assets: | ||||
Cash and cash equivalents | 1,140,901 | 1,321,241 | ||
Restricted Cash | 113,872 | 83,876 | ||
Installment loans (net of allowance for probable loan losses) | 3,034,786 | 2,779,186 | ||
Equity securities | [2] | 462,480 | ||
Trading securities | 422,053 | |||
Trading debt securities | 24,560 | |||
Investment in securities: | ||||
Practicable to estimate fair value | 1,167,247 | |||
Not practicable to estimate fair value | [3] | 140,155 | ||
Available-for-sale debt securities | 1,137,081 | |||
Held-to-maturity debt securities | 114,288 | |||
Other Assets: | ||||
Time deposits | 4,119 | 3,378 | ||
Derivative assets | [4] | 12,828 | 19,726 | |
Reinsurance recoverables (Investment contracts) | 50,805 | 51,351 | ||
Liabilities: | ||||
Short-term debt | 324,464 | 306,754 | ||
Deposits | 1,724,360 | 1,757,462 | ||
Policy liabilities and Policy account balances (Investment contracts) | 269,255 | 275,507 | ||
Long-term Debt | 3,861,037 | 3,826,504 | ||
Other Liabilities: | ||||
Derivative liabilities | [4] | 28,125 | 10,295 | |
Estimated fair value | ||||
Assets: | ||||
Cash and cash equivalents | 1,140,901 | 1,321,241 | ||
Restricted Cash | 113,872 | 83,876 | ||
Installment loans (net of allowance for probable loan losses) | 3,052,369 | 2,788,069 | ||
Equity securities | [2] | 462,480 | ||
Trading securities | 422,053 | |||
Trading debt securities | 24,560 | |||
Investment in securities: | ||||
Practicable to estimate fair value | 1,194,180 | |||
Not practicable to estimate fair value | [3] | 140,155 | ||
Available-for-sale debt securities | 1,137,081 | |||
Held-to-maturity debt securities | 137,868 | |||
Other Assets: | ||||
Time deposits | 4,119 | 3,378 | ||
Derivative assets | [4] | 12,828 | 19,726 | |
Reinsurance recoverables (Investment contracts) | 51,340 | 52,015 | ||
Liabilities: | ||||
Short-term debt | 324,464 | 306,754 | ||
Deposits | 1,726,529 | 1,759,248 | ||
Policy liabilities and Policy account balances (Investment contracts) | 269,419 | 275,979 | ||
Long-term Debt | 3,847,882 | 3,830,529 | ||
Other Liabilities: | ||||
Derivative liabilities | [4] | ¥ 28,125 | ¥ 10,295 | |
[1] | The amount of assets under management of variable annuity and variable life insurance contracts included in trading securities was ¥403,797 million as of March 31, 2018. | |||
[2] | The amount of ¥14,813 million of investment funds measured at net asset value per share is not included. | |||
[3] | The fair value of investment securities of ¥140,155 million was not estimated, as it was not practicable. | |||
[4] | It represents the amount after offset under counterparty netting of derivative assets and liabilities. For the information of input level before netting, see Note 3 "Fair Value Measurements." |
Estimated Fair Value of Finan_4
Estimated Fair Value of Financial Instruments (Information about Carrying Amount of Financial Instruments Reported in Consolidated Balance Sheets and Related Market or Fair Value) (Parenthetical) (Detail) - JPY (¥) ¥ in Millions | Sep. 30, 2018 | Mar. 31, 2018 | |
Carrying amount | |||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Not practicable to estimate fair value | [1] | ¥ 140,155 | |
Carrying amount | Investment in securities | |||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Not practicable to estimate fair value | 140,155 | ||
Estimated fair value | |||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Not practicable to estimate fair value | [1] | 140,155 | |
Estimated fair value | Investment in securities | |||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Not practicable to estimate fair value | ¥ 140,155 | ||
Investment funds | ¥ 14,813 | ||
[1] | The fair value of investment securities of ¥140,155 million was not estimated, as it was not practicable. |
Commitments, Guarantees, and Co
Commitments, Guarantees, and Contingent Liabilities - Additional Information (Detail) - JPY (¥) ¥ in Millions | 3 Months Ended | 6 Months Ended | 12 Months Ended | ||
Sep. 30, 2018 | Sep. 30, 2017 | Sep. 30, 2018 | Sep. 30, 2017 | Mar. 31, 2018 | |
Commitments and Contingencies Disclosure [Line Items] | |||||
Commitments for purchase of equipment to be leased at cost | ¥ 322 | ¥ 341 | |||
Rental payments made under cancelable operating lease agreements | ¥ 3,741 | ¥ 3,556 | 7,428 | ¥ 7,211 | |
Payments for computer systems under non-cancelable contracts | 1,365 | ¥ 1,339 | 2,593 | ¥ 2,399 | |
Estimated construction costs | 85,987 | 85,987 | 77,957 | ||
Total unused credit and capital amount available | 355,918 | 355,918 | 319,154 | ||
Guarantee Obligations Maximum Exposure | 1,023,467 | 1,023,467 | 981,379 | ||
Guarantee Obligations Current Carrying Value | 54,100 | 54,100 | 51,368 | ||
Outstanding principal amount of loans transferred under Delegated Underwriting and Servicing program | 606,635 | 606,635 | 564,854 | ||
Corporate Loans | |||||
Commitments and Contingencies Disclosure [Line Items] | |||||
Guarantee Obligations Maximum Exposure | 492,542 | 492,542 | 488,297 | ||
Guarantee Obligations Current Carrying Value | 6,862 | 6,862 | 7,294 | ||
Performance Guarantee | Corporate Loans | |||||
Commitments and Contingencies Disclosure [Line Items] | |||||
Guarantee Obligations Maximum Exposure | 1,096,000 | 1,096,000 | 1,098,000 | ||
Guarantee Obligations Current Carrying Value | 2,477 | 2,477 | 1,966 | ||
Secured By Share | |||||
Commitments and Contingencies Disclosure [Line Items] | |||||
Secured debt | 44,723 | 44,723 | 26,456 | ||
Secured Investments | |||||
Commitments and Contingencies Disclosure [Line Items] | |||||
Secured debt | 43,451 | 43,451 | 44,900 | ||
Securities Pledged as Collateral | |||||
Commitments and Contingencies Disclosure [Line Items] | |||||
Investment in securities pledged for primarily collateral deposits | ¥ 24,348 | ¥ 24,348 | ¥ 24,348 |
Commitments, Guarantees, and _2
Commitments, Guarantees, and Contingent Liabilities (Minimum Future Rentals on Non-Cancelable Operating Leases) (Detail) - JPY (¥) ¥ in Millions | Sep. 30, 2018 | Mar. 31, 2018 |
Commitments and Contingencies Disclosure [Abstract] | ||
Within one year | ¥ 8,072 | ¥ 7,939 |
More than one year | 56,802 | 59,732 |
Total | ¥ 64,874 | ¥ 67,671 |
Commitments, Guarantees, and _3
Commitments, Guarantees, and Contingent Liabilities (Amounts Due of Certain Computer Systems Operated and Maintained under Non-cancelable Contracts with Third-party Service Providers) (Detail) - JPY (¥) ¥ in Millions | Sep. 30, 2018 | Mar. 31, 2018 |
Commitments and Contingencies Disclosure [Abstract] | ||
Within one year | ¥ 3,855 | ¥ 5,280 |
More than one year | 4,230 | 6,550 |
Total | ¥ 8,085 | ¥ 11,830 |
Commitments, Guarantees, and _4
Commitments, Guarantees, and Contingent Liabilities (Summary of Potential Future Payments, Book Value Recorded as Guarantee Liabilities of Guarantee Contracts Outstanding and Maturity of Longest Guarantee Contracts) (Detail) - JPY (¥) ¥ in Millions | 6 Months Ended | 12 Months Ended |
Sep. 30, 2018 | Mar. 31, 2018 | |
Guarantor Obligations [Line Items] | ||
Potential future payment | ¥ 1,023,467 | ¥ 981,379 |
Book value of guarantee liabilities | 54,100 | 51,368 |
Transferred Loans | ||
Guarantor Obligations [Line Items] | ||
Potential future payment | 181,041 | 166,906 |
Book value of guarantee liabilities | ¥ 1,329 | ¥ 1,227 |
Maturity of the longest contract (Years) | 2,058 | 2,058 |
Consumer Loans | ||
Guarantor Obligations [Line Items] | ||
Potential future payment | ¥ 331,804 | ¥ 297,153 |
Book value of guarantee liabilities | ¥ 40,794 | ¥ 37,596 |
Maturity of the longest contract (Years) | 2,029 | 2,029 |
Housing Loans | ||
Guarantor Obligations [Line Items] | ||
Potential future payment | ¥ 17,528 | ¥ 28,408 |
Book value of guarantee liabilities | ¥ 4,872 | ¥ 5,021 |
Maturity of the longest contract (Years) | 2,048 | 2,048 |
Other Guarantees | ||
Guarantor Obligations [Line Items] | ||
Potential future payment | ¥ 552 | ¥ 615 |
Book value of guarantee liabilities | ¥ 243 | ¥ 230 |
Maturity of the longest contract (Years) | 2,024 | 2,025 |
Corporate Loans | ||
Guarantor Obligations [Line Items] | ||
Potential future payment | ¥ 492,542 | ¥ 488,297 |
Book value of guarantee liabilities | ¥ 6,862 | ¥ 7,294 |
Maturity of the longest contract (Years) | 2,026 | 2,025 |
Commitments, Guarantees, and _5
Commitments, Guarantees, and Contingent Liabilities (Assets Provided as Collateral for Short-Term and Long-Term Debt Payables to Financial Institutions) (Detail) - JPY (¥) ¥ in Millions | Sep. 30, 2018 | Mar. 31, 2018 |
Debt Disclosure [Abstract] | ||
Minimum lease payments, loans and investment in operating leases | ¥ 131,067 | ¥ 91,819 |
Investment in securities | 148,209 | 159,475 |
Property under facility operations | 31,961 | 31,627 |
Other assets and other | 29,608 | 27,022 |
Total | ¥ 340,845 | ¥ 309,943 |
Segment Information (Financial
Segment Information (Financial Information of Segments) (Detail) - JPY (¥) ¥ in Millions | 3 Months Ended | 6 Months Ended | |||
Sep. 30, 2018 | Sep. 30, 2017 | Sep. 30, 2018 | Sep. 30, 2017 | Mar. 31, 2018 | |
Segment Reporting Information [Line Items] | |||||
Segment revenues | ¥ 658,097 | ¥ 725,499 | ¥ 1,262,014 | ¥ 1,517,796 | |
Segment profits | 76,587 | 78,460 | 156,619 | 169,401 | |
Assets | 11,778,544 | 11,778,544 | ¥ 11,425,982 | ||
Operating Segment | |||||
Segment Reporting Information [Line Items] | |||||
Segment revenues | 660,543 | 728,683 | 1,265,741 | 1,521,191 | |
Segment profits | 109,885 | 115,328 | 223,316 | 249,750 | |
Assets | 9,620,528 | 9,620,528 | 9,098,918 | ||
Operating Segment | Corporate Financial Services | |||||
Segment Reporting Information [Line Items] | |||||
Segment revenues | 26,063 | 28,603 | 51,067 | 54,059 | |
Segment profits | 8,968 | 11,824 | 16,788 | 22,049 | |
Assets | 966,357 | 966,357 | 991,818 | ||
Operating Segment | Maintenance Leasing | |||||
Segment Reporting Information [Line Items] | |||||
Segment revenues | 71,784 | 68,810 | 141,642 | 137,156 | |
Segment profits | 10,887 | 10,544 | 20,583 | 20,438 | |
Assets | 859,007 | 859,007 | 847,190 | ||
Operating Segment | Real Estate Segment | |||||
Segment Reporting Information [Line Items] | |||||
Segment revenues | 59,003 | 49,235 | 113,527 | 95,755 | |
Segment profits | 21,964 | 11,158 | 44,183 | 43,991 | |
Assets | 577,414 | 577,414 | 620,238 | ||
Operating Segment | Investment Banking | |||||
Segment Reporting Information [Line Items] | |||||
Segment revenues | 264,489 | 351,917 | 499,007 | 774,474 | |
Segment profits | 12,966 | 22,270 | 24,871 | 38,927 | |
Assets | 893,067 | 893,067 | 856,348 | ||
Operating Segment | Retail | |||||
Segment Reporting Information [Line Items] | |||||
Segment revenues | 118,920 | 106,908 | 221,735 | 219,505 | |
Segment profits | 27,390 | 20,936 | 49,175 | 42,950 | |
Assets | 3,368,956 | 3,368,956 | 3,174,505 | ||
Operating Segment | Overseas | |||||
Segment Reporting Information [Line Items] | |||||
Segment revenues | 120,284 | 123,210 | 238,763 | 240,242 | |
Segment profits | 27,710 | ¥ 38,596 | 67,716 | ¥ 81,395 | |
Assets | ¥ 2,955,727 | ¥ 2,955,727 | ¥ 2,608,819 |
Segment Information (Reconcilia
Segment Information (Reconciliation of Segment Totals to Consolidated Financial Statement Amounts) (Detail) - JPY (¥) ¥ in Millions | 3 Months Ended | 6 Months Ended | ||||||
Sep. 30, 2018 | Sep. 30, 2017 | Sep. 30, 2018 | Sep. 30, 2017 | Jun. 30, 2018 | Mar. 31, 2018 | Jun. 30, 2017 | Mar. 31, 2017 | |
Segment revenues: | ||||||||
Revenues | ¥ 658,097 | ¥ 725,499 | ¥ 1,262,014 | ¥ 1,517,796 | ||||
Segment profits: | ||||||||
Total profits for segments | 103,099 | 97,047 | 195,094 | 189,027 | ||||
Net income attributable to the noncontrolling interests and net income attributable to the redeemable noncontrolling interests | (85) | (148) | ||||||
Income before Income Taxes | 109,991 | 117,001 | 220,945 | 252,612 | ||||
Segment assets: | ||||||||
Allowance for Doubtful Receivables on Direct Financing Leases and Probable Loan Losses | (55,840) | (57,976) | (55,840) | (57,976) | ¥ (56,960) | ¥ (54,672) | ¥ (60,759) | ¥ (59,227) |
Trade Notes, Accounts and Other Receivable | 275,520 | 275,520 | 294,773 | |||||
Other corporate assets | 1,507,383 | 1,507,383 | 1,437,614 | |||||
Assets | 11,778,544 | 11,778,544 | 11,425,982 | |||||
Operating Segment | ||||||||
Segment revenues: | ||||||||
Revenues | 660,543 | 728,683 | 1,265,741 | 1,521,191 | ||||
Segment profits: | ||||||||
Total profits for segments | 109,885 | 115,328 | 223,316 | 249,750 | ||||
Segment assets: | ||||||||
Assets | 9,620,528 | 9,620,528 | 9,098,918 | |||||
Corporate, Non-Segment | ||||||||
Segment revenues: | ||||||||
Revenues | 2,966 | 2,850 | 6,732 | 6,949 | ||||
Segment profits: | ||||||||
Corporate profits (losses) | (1,575) | (529) | (4,163) | (569) | ||||
Net income attributable to the noncontrolling interests and net income attributable to the redeemable noncontrolling interests | 1,681 | 2,202 | 1,792 | 3,431 | ||||
Segment assets: | ||||||||
Cash and cash equivalents, restricted cash | 1,254,773 | 1,254,773 | 1,405,117 | |||||
Allowance for Doubtful Receivables on Direct Financing Leases and Probable Loan Losses | (55,840) | (55,840) | (54,672) | |||||
Trade Notes, Accounts and Other Receivable | 275,520 | 275,520 | 294,773 | |||||
Other corporate assets | 683,563 | 683,563 | ¥ 681,846 | |||||
Intersegment Eliminations | ||||||||
Segment revenues: | ||||||||
Revenues | ¥ (5,412) | ¥ (6,034) | ¥ (10,459) | ¥ (10,344) |
Segment Information (Geographic
Segment Information (Geographical Revenues and Income before Income Taxes) (Detail) - JPY (¥) ¥ in Millions | 3 Months Ended | 6 Months Ended | |||
Sep. 30, 2018 | Sep. 30, 2017 | Sep. 30, 2018 | Sep. 30, 2017 | ||
Segment Reporting Information [Line Items] | |||||
Total Revenues | ¥ 658,097 | ¥ 725,499 | ¥ 1,262,014 | ¥ 1,517,796 | |
Income before Income Taxes | 109,991 | 117,001 | 220,945 | 252,612 | |
Japan | Reportable Geographical Components | |||||
Segment Reporting Information [Line Items] | |||||
Total Revenues | 539,887 | 600,013 | 1,025,293 | 1,270,724 | |
Income before Income Taxes | 83,879 | 76,594 | 154,142 | 168,992 | |
The Americas | Reportable Geographical Components | |||||
Segment Reporting Information [Line Items] | |||||
Total Revenues | [1] | 50,410 | 53,063 | 99,000 | 107,847 |
Income before Income Taxes | [1] | 15,096 | 21,113 | 43,964 | 40,427 |
Other Countries | Reportable Geographical Components | |||||
Segment Reporting Information [Line Items] | |||||
Total Revenues | [2] | 67,800 | 72,423 | 137,721 | 139,225 |
Income before Income Taxes | [2] | ¥ 11,016 | ¥ 19,294 | ¥ 22,839 | ¥ 43,193 |
[1] | Mainly the United States | ||||
[2] | Mainly Asia, Europe, Australasia and Middle East |
Segment Information (Disaggrega
Segment Information (Disaggregation of Revenues for Revenues From Contracts With Customers, by Goods and Services Category and Geographical Location) (Detail) - JPY (¥) ¥ in Millions | 3 Months Ended | 6 Months Ended | |||
Sep. 30, 2018 | Sep. 30, 2017 | Sep. 30, 2018 | Sep. 30, 2017 | ||
Segment Reporting Information [Line Items] | |||||
Revenues from contracts with customers | ¥ 379,506 | ¥ 727,356 | |||
Other revenues | [1] | 278,591 | 534,658 | ||
Segment revenues /Total revenues | 658,097 | ¥ 725,499 | 1,262,014 | ¥ 1,517,796 | |
Sale of goods | |||||
Segment Reporting Information [Line Items] | |||||
Revenues from contracts with customers | 151,484 | 287,911 | |||
Real estate sales | |||||
Segment Reporting Information [Line Items] | |||||
Revenues from contracts with customers | 24,822 | 42,850 | |||
Asset management and servicing | |||||
Segment Reporting Information [Line Items] | |||||
Revenues from contracts with customers | 49,093 | 98,651 | |||
Automobile related services | |||||
Segment Reporting Information [Line Items] | |||||
Revenues from contracts with customers | 18,761 | 38,199 | |||
Facilities operation | |||||
Segment Reporting Information [Line Items] | |||||
Revenues from contracts with customers | 28,505 | 54,731 | |||
Environment and energy related services | |||||
Segment Reporting Information [Line Items] | |||||
Revenues from contracts with customers | 35,602 | 67,335 | |||
Real estate management and brokerage | |||||
Segment Reporting Information [Line Items] | |||||
Revenues from contracts with customers | 25,536 | 51,086 | |||
Real estate contract work | |||||
Segment Reporting Information [Line Items] | |||||
Revenues from contracts with customers | 18,728 | 32,040 | |||
Other | |||||
Segment Reporting Information [Line Items] | |||||
Revenues from contracts with customers | 26,975 | 54,553 | |||
Japan | |||||
Segment Reporting Information [Line Items] | |||||
Revenues from contracts with customers | 322,557 | 613,465 | |||
The Americas | |||||
Segment Reporting Information [Line Items] | |||||
Revenues from contracts with customers | 29,925 | 59,185 | |||
Other Countries | |||||
Segment Reporting Information [Line Items] | |||||
Revenues from contracts with customers | 27,024 | 54,706 | |||
Operating Segment | |||||
Segment Reporting Information [Line Items] | |||||
Revenues from contracts with customers | 381,126 | 728,859 | |||
Other revenues | [1] | 279,417 | 536,882 | ||
Segment revenues /Total revenues | 660,543 | 728,683 | 1,265,741 | 1,521,191 | |
Operating Segment | Sale of goods | |||||
Segment Reporting Information [Line Items] | |||||
Revenues from contracts with customers | 150,954 | 286,896 | |||
Operating Segment | Real estate sales | |||||
Segment Reporting Information [Line Items] | |||||
Revenues from contracts with customers | 24,822 | 42,850 | |||
Operating Segment | Asset management and servicing | |||||
Segment Reporting Information [Line Items] | |||||
Revenues from contracts with customers | 49,134 | 98,706 | |||
Operating Segment | Automobile related services | |||||
Segment Reporting Information [Line Items] | |||||
Revenues from contracts with customers | 18,842 | 38,374 | |||
Operating Segment | Facilities operation | |||||
Segment Reporting Information [Line Items] | |||||
Revenues from contracts with customers | 28,505 | 54,731 | |||
Operating Segment | Environment and energy related services | |||||
Segment Reporting Information [Line Items] | |||||
Revenues from contracts with customers | 35,818 | 67,751 | |||
Operating Segment | Real estate management and brokerage | |||||
Segment Reporting Information [Line Items] | |||||
Revenues from contracts with customers | 26,569 | 52,976 | |||
Operating Segment | Real estate contract work | |||||
Segment Reporting Information [Line Items] | |||||
Revenues from contracts with customers | 18,728 | 32,040 | |||
Operating Segment | Other | |||||
Segment Reporting Information [Line Items] | |||||
Revenues from contracts with customers | 27,754 | 54,535 | |||
Operating Segment | Japan | |||||
Segment Reporting Information [Line Items] | |||||
Revenues from contracts with customers | 323,251 | 613,465 | |||
Operating Segment | The Americas | |||||
Segment Reporting Information [Line Items] | |||||
Revenues from contracts with customers | 29,925 | 59,185 | |||
Operating Segment | Other Countries | |||||
Segment Reporting Information [Line Items] | |||||
Revenues from contracts with customers | 27,950 | 56,209 | |||
Operating Segment | Corporate Financial Services | |||||
Segment Reporting Information [Line Items] | |||||
Revenues from contracts with customers | 11,415 | 22,457 | |||
Other revenues | [1] | 14,648 | 28,610 | ||
Segment revenues /Total revenues | 26,063 | 28,603 | 51,067 | 54,059 | |
Operating Segment | Corporate Financial Services | Sale of goods | |||||
Segment Reporting Information [Line Items] | |||||
Revenues from contracts with customers | 968 | 2,004 | |||
Operating Segment | Corporate Financial Services | Real estate sales | |||||
Segment Reporting Information [Line Items] | |||||
Revenues from contracts with customers | 0 | 0 | |||
Operating Segment | Corporate Financial Services | Asset management and servicing | |||||
Segment Reporting Information [Line Items] | |||||
Revenues from contracts with customers | 0 | 0 | |||
Operating Segment | Corporate Financial Services | Automobile related services | |||||
Segment Reporting Information [Line Items] | |||||
Revenues from contracts with customers | 123 | 245 | |||
Operating Segment | Corporate Financial Services | Facilities operation | |||||
Segment Reporting Information [Line Items] | |||||
Revenues from contracts with customers | 0 | 0 | |||
Operating Segment | Corporate Financial Services | Environment and energy related services | |||||
Segment Reporting Information [Line Items] | |||||
Revenues from contracts with customers | 840 | 1,691 | |||
Operating Segment | Corporate Financial Services | Real estate management and brokerage | |||||
Segment Reporting Information [Line Items] | |||||
Revenues from contracts with customers | 0 | 0 | |||
Operating Segment | Corporate Financial Services | Real estate contract work | |||||
Segment Reporting Information [Line Items] | |||||
Revenues from contracts with customers | 0 | 0 | |||
Operating Segment | Corporate Financial Services | Other | |||||
Segment Reporting Information [Line Items] | |||||
Revenues from contracts with customers | 9,484 | 18,517 | |||
Operating Segment | Corporate Financial Services | Japan | |||||
Segment Reporting Information [Line Items] | |||||
Revenues from contracts with customers | 11,415 | 22,457 | |||
Operating Segment | Corporate Financial Services | The Americas | |||||
Segment Reporting Information [Line Items] | |||||
Revenues from contracts with customers | 0 | 0 | |||
Operating Segment | Corporate Financial Services | Other Countries | |||||
Segment Reporting Information [Line Items] | |||||
Revenues from contracts with customers | 0 | 0 | |||
Operating Segment | Maintenance Leasing | |||||
Segment Reporting Information [Line Items] | |||||
Revenues from contracts with customers | 18,054 | 36,544 | |||
Other revenues | [1] | 53,730 | 105,098 | ||
Segment revenues /Total revenues | 71,784 | 68,810 | 141,642 | 137,156 | |
Operating Segment | Maintenance Leasing | Sale of goods | |||||
Segment Reporting Information [Line Items] | |||||
Revenues from contracts with customers | 1,329 | 2,397 | |||
Operating Segment | Maintenance Leasing | Real estate sales | |||||
Segment Reporting Information [Line Items] | |||||
Revenues from contracts with customers | 0 | 0 | |||
Operating Segment | Maintenance Leasing | Asset management and servicing | |||||
Segment Reporting Information [Line Items] | |||||
Revenues from contracts with customers | 0 | 0 | |||
Operating Segment | Maintenance Leasing | Automobile related services | |||||
Segment Reporting Information [Line Items] | |||||
Revenues from contracts with customers | 14,453 | 29,632 | |||
Operating Segment | Maintenance Leasing | Facilities operation | |||||
Segment Reporting Information [Line Items] | |||||
Revenues from contracts with customers | 0 | 0 | |||
Operating Segment | Maintenance Leasing | Environment and energy related services | |||||
Segment Reporting Information [Line Items] | |||||
Revenues from contracts with customers | 0 | 0 | |||
Operating Segment | Maintenance Leasing | Real estate management and brokerage | |||||
Segment Reporting Information [Line Items] | |||||
Revenues from contracts with customers | 0 | 0 | |||
Operating Segment | Maintenance Leasing | Real estate contract work | |||||
Segment Reporting Information [Line Items] | |||||
Revenues from contracts with customers | 0 | 0 | |||
Operating Segment | Maintenance Leasing | Other | |||||
Segment Reporting Information [Line Items] | |||||
Revenues from contracts with customers | 2,272 | 4,515 | |||
Operating Segment | Maintenance Leasing | Japan | |||||
Segment Reporting Information [Line Items] | |||||
Revenues from contracts with customers | 17,924 | 36,344 | |||
Operating Segment | Maintenance Leasing | The Americas | |||||
Segment Reporting Information [Line Items] | |||||
Revenues from contracts with customers | 0 | 0 | |||
Operating Segment | Maintenance Leasing | Other Countries | |||||
Segment Reporting Information [Line Items] | |||||
Revenues from contracts with customers | 130 | 200 | |||
Operating Segment | Real Estate Segment | |||||
Segment Reporting Information [Line Items] | |||||
Revenues from contracts with customers | 31,737 | 61,017 | |||
Other revenues | [1] | 27,266 | 52,510 | ||
Segment revenues /Total revenues | 59,003 | 49,235 | 113,527 | 95,755 | |
Operating Segment | Real Estate Segment | Sale of goods | |||||
Segment Reporting Information [Line Items] | |||||
Revenues from contracts with customers | 1,501 | 2,773 | |||
Operating Segment | Real Estate Segment | Real estate sales | |||||
Segment Reporting Information [Line Items] | |||||
Revenues from contracts with customers | 0 | 93 | |||
Operating Segment | Real Estate Segment | Asset management and servicing | |||||
Segment Reporting Information [Line Items] | |||||
Revenues from contracts with customers | 1,479 | 2,879 | |||
Operating Segment | Real Estate Segment | Automobile related services | |||||
Segment Reporting Information [Line Items] | |||||
Revenues from contracts with customers | 0 | 0 | |||
Operating Segment | Real Estate Segment | Facilities operation | |||||
Segment Reporting Information [Line Items] | |||||
Revenues from contracts with customers | 27,468 | 52,764 | |||
Operating Segment | Real Estate Segment | Environment and energy related services | |||||
Segment Reporting Information [Line Items] | |||||
Revenues from contracts with customers | 63 | 122 | |||
Operating Segment | Real Estate Segment | Real estate management and brokerage | |||||
Segment Reporting Information [Line Items] | |||||
Revenues from contracts with customers | 455 | 988 | |||
Operating Segment | Real Estate Segment | Real estate contract work | |||||
Segment Reporting Information [Line Items] | |||||
Revenues from contracts with customers | 0 | 0 | |||
Operating Segment | Real Estate Segment | Other | |||||
Segment Reporting Information [Line Items] | |||||
Revenues from contracts with customers | 771 | 1,398 | |||
Operating Segment | Real Estate Segment | Japan | |||||
Segment Reporting Information [Line Items] | |||||
Revenues from contracts with customers | 31,737 | 61,017 | |||
Operating Segment | Real Estate Segment | The Americas | |||||
Segment Reporting Information [Line Items] | |||||
Revenues from contracts with customers | 0 | 0 | |||
Operating Segment | Real Estate Segment | Other Countries | |||||
Segment Reporting Information [Line Items] | |||||
Revenues from contracts with customers | 0 | 0 | |||
Operating Segment | Investment Banking | |||||
Segment Reporting Information [Line Items] | |||||
Revenues from contracts with customers | 260,082 | 489,556 | |||
Other revenues | [1] | 4,407 | 9,451 | ||
Segment revenues /Total revenues | 264,489 | 351,917 | 499,007 | 774,474 | |
Operating Segment | Investment Banking | Sale of goods | |||||
Segment Reporting Information [Line Items] | |||||
Revenues from contracts with customers | 146,108 | 277,607 | |||
Operating Segment | Investment Banking | Real estate sales | |||||
Segment Reporting Information [Line Items] | |||||
Revenues from contracts with customers | 24,772 | 42,601 | |||
Operating Segment | Investment Banking | Asset management and servicing | |||||
Segment Reporting Information [Line Items] | |||||
Revenues from contracts with customers | 118 | 235 | |||
Operating Segment | Investment Banking | Automobile related services | |||||
Segment Reporting Information [Line Items] | |||||
Revenues from contracts with customers | 42 | 93 | |||
Operating Segment | Investment Banking | Facilities operation | |||||
Segment Reporting Information [Line Items] | |||||
Revenues from contracts with customers | 0 | 0 | |||
Operating Segment | Investment Banking | Environment and energy related services | |||||
Segment Reporting Information [Line Items] | |||||
Revenues from contracts with customers | 34,572 | 65,362 | |||
Operating Segment | Investment Banking | Real estate management and brokerage | |||||
Segment Reporting Information [Line Items] | |||||
Revenues from contracts with customers | 26,114 | 51,988 | |||
Operating Segment | Investment Banking | Real estate contract work | |||||
Segment Reporting Information [Line Items] | |||||
Revenues from contracts with customers | 18,728 | 32,040 | |||
Operating Segment | Investment Banking | Other | |||||
Segment Reporting Information [Line Items] | |||||
Revenues from contracts with customers | 9,628 | 19,630 | |||
Operating Segment | Investment Banking | Japan | |||||
Segment Reporting Information [Line Items] | |||||
Revenues from contracts with customers | 259,735 | 489,209 | |||
Operating Segment | Investment Banking | The Americas | |||||
Segment Reporting Information [Line Items] | |||||
Revenues from contracts with customers | 0 | 0 | |||
Operating Segment | Investment Banking | Other Countries | |||||
Segment Reporting Information [Line Items] | |||||
Revenues from contracts with customers | 347 | 347 | |||
Operating Segment | Retail | |||||
Segment Reporting Information [Line Items] | |||||
Revenues from contracts with customers | 834 | 1,560 | |||
Other revenues | [1] | 118,086 | 220,175 | ||
Segment revenues /Total revenues | 118,920 | 106,908 | 221,735 | 219,505 | |
Operating Segment | Retail | Sale of goods | |||||
Segment Reporting Information [Line Items] | |||||
Revenues from contracts with customers | 0 | 0 | |||
Operating Segment | Retail | Real estate sales | |||||
Segment Reporting Information [Line Items] | |||||
Revenues from contracts with customers | 0 | 0 | |||
Operating Segment | Retail | Asset management and servicing | |||||
Segment Reporting Information [Line Items] | |||||
Revenues from contracts with customers | 40 | 84 | |||
Operating Segment | Retail | Automobile related services | |||||
Segment Reporting Information [Line Items] | |||||
Revenues from contracts with customers | 0 | 0 | |||
Operating Segment | Retail | Facilities operation | |||||
Segment Reporting Information [Line Items] | |||||
Revenues from contracts with customers | 0 | 0 | |||
Operating Segment | Retail | Environment and energy related services | |||||
Segment Reporting Information [Line Items] | |||||
Revenues from contracts with customers | 0 | 0 | |||
Operating Segment | Retail | Real estate management and brokerage | |||||
Segment Reporting Information [Line Items] | |||||
Revenues from contracts with customers | 0 | 0 | |||
Operating Segment | Retail | Real estate contract work | |||||
Segment Reporting Information [Line Items] | |||||
Revenues from contracts with customers | 0 | 0 | |||
Operating Segment | Retail | Other | |||||
Segment Reporting Information [Line Items] | |||||
Revenues from contracts with customers | 794 | 1,476 | |||
Operating Segment | Retail | Japan | |||||
Segment Reporting Information [Line Items] | |||||
Revenues from contracts with customers | 834 | 1,560 | |||
Operating Segment | Retail | The Americas | |||||
Segment Reporting Information [Line Items] | |||||
Revenues from contracts with customers | 0 | 0 | |||
Operating Segment | Retail | Other Countries | |||||
Segment Reporting Information [Line Items] | |||||
Revenues from contracts with customers | 0 | 0 | |||
Operating Segment | Overseas | |||||
Segment Reporting Information [Line Items] | |||||
Revenues from contracts with customers | 59,004 | 117,725 | |||
Other revenues | [1] | 61,280 | 121,038 | ||
Segment revenues /Total revenues | 120,284 | 123,210 | 238,763 | 240,242 | |
Operating Segment | Overseas | Sale of goods | |||||
Segment Reporting Information [Line Items] | |||||
Revenues from contracts with customers | 1,048 | 2,115 | |||
Operating Segment | Overseas | Real estate sales | |||||
Segment Reporting Information [Line Items] | |||||
Revenues from contracts with customers | 50 | 156 | |||
Operating Segment | Overseas | Asset management and servicing | |||||
Segment Reporting Information [Line Items] | |||||
Revenues from contracts with customers | 47,497 | 95,508 | |||
Operating Segment | Overseas | Automobile related services | |||||
Segment Reporting Information [Line Items] | |||||
Revenues from contracts with customers | 4,224 | 8,404 | |||
Operating Segment | Overseas | Facilities operation | |||||
Segment Reporting Information [Line Items] | |||||
Revenues from contracts with customers | 1,037 | 1,967 | |||
Operating Segment | Overseas | Environment and energy related services | |||||
Segment Reporting Information [Line Items] | |||||
Revenues from contracts with customers | 343 | 576 | |||
Operating Segment | Overseas | Real estate management and brokerage | |||||
Segment Reporting Information [Line Items] | |||||
Revenues from contracts with customers | 0 | 0 | |||
Operating Segment | Overseas | Real estate contract work | |||||
Segment Reporting Information [Line Items] | |||||
Revenues from contracts with customers | 0 | 0 | |||
Operating Segment | Overseas | Other | |||||
Segment Reporting Information [Line Items] | |||||
Revenues from contracts with customers | 4,805 | 8,999 | |||
Operating Segment | Overseas | Japan | |||||
Segment Reporting Information [Line Items] | |||||
Revenues from contracts with customers | 1,606 | 2,878 | |||
Operating Segment | Overseas | The Americas | |||||
Segment Reporting Information [Line Items] | |||||
Revenues from contracts with customers | 29,925 | 59,185 | |||
Operating Segment | Overseas | Other Countries | |||||
Segment Reporting Information [Line Items] | |||||
Revenues from contracts with customers | 27,473 | 55,662 | |||
Intersegment Eliminations | |||||
Segment Reporting Information [Line Items] | |||||
Revenues from contracts with customers | (1,620) | (1,503) | |||
Other revenues | [1] | (826) | (2,224) | ||
Segment revenues /Total revenues | (5,412) | ¥ (6,034) | (10,459) | ¥ (10,344) | |
Intersegment Eliminations | Sale of goods | |||||
Segment Reporting Information [Line Items] | |||||
Revenues from contracts with customers | 530 | 1,015 | |||
Intersegment Eliminations | Real estate sales | |||||
Segment Reporting Information [Line Items] | |||||
Revenues from contracts with customers | 0 | 0 | |||
Intersegment Eliminations | Asset management and servicing | |||||
Segment Reporting Information [Line Items] | |||||
Revenues from contracts with customers | (41) | (55) | |||
Intersegment Eliminations | Automobile related services | |||||
Segment Reporting Information [Line Items] | |||||
Revenues from contracts with customers | (81) | (175) | |||
Intersegment Eliminations | Facilities operation | |||||
Segment Reporting Information [Line Items] | |||||
Revenues from contracts with customers | 0 | 0 | |||
Intersegment Eliminations | Environment and energy related services | |||||
Segment Reporting Information [Line Items] | |||||
Revenues from contracts with customers | (216) | (416) | |||
Intersegment Eliminations | Real estate management and brokerage | |||||
Segment Reporting Information [Line Items] | |||||
Revenues from contracts with customers | (1,033) | (1,890) | |||
Intersegment Eliminations | Real estate contract work | |||||
Segment Reporting Information [Line Items] | |||||
Revenues from contracts with customers | 0 | 0 | |||
Intersegment Eliminations | Other | |||||
Segment Reporting Information [Line Items] | |||||
Revenues from contracts with customers | (779) | 18 | |||
Intersegment Eliminations | Japan | |||||
Segment Reporting Information [Line Items] | |||||
Revenues from contracts with customers | (694) | 0 | |||
Intersegment Eliminations | The Americas | |||||
Segment Reporting Information [Line Items] | |||||
Revenues from contracts with customers | 0 | 0 | |||
Intersegment Eliminations | Other Countries | |||||
Segment Reporting Information [Line Items] | |||||
Revenues from contracts with customers | ¥ (926) | ¥ (1,503) | |||
[1] | Other revenues include revenues that are not in the scope of ASC 606 ("Revenue from Contracts with Customers"), such as life insurance premiums and related investment income, operating leases, finance revenues that include interest income, and others. |