Cover Page
Cover Page | 9 Months Ended |
Dec. 31, 2020 | |
Cover [Abstract] | |
Document Type | 6-K |
Amendment Flag | false |
Document Period End Date | Dec. 31, 2020 |
Document Fiscal Year Focus | 2020 |
Entity Registrant Name | ORIX Corporation |
Entity Central Index Key | 0001070304 |
Current Fiscal Year End Date | --03-31 |
Document Fiscal Period Focus | Q3 |
CONSOLIDATED BALANCE SHEETS
CONSOLIDATED BALANCE SHEETS - JPY (¥) ¥ in Millions | Dec. 31, 2020 | Mar. 31, 2020 |
Assets | ||
Cash and Cash Equivalents | ¥ 998,058 | ¥ 982,666 |
Restricted Cash | 134,980 | 152,618 |
Net Investment in Leases (Net of Allowance for Doubtful Receivables on Finance Leases and Probable Loan Losses / Allowance for Credit Losses) | 1,033,515 | 1,080,964 |
Installment Loans The amounts which are measured at fair value by electing the fair value option are as follows: March 31, 2020 ¥90,893 million December 31, 2020 ¥97,321 million | 3,699,810 | 3,740,486 |
Allowance for Doubtful Receivables on Finance Leases and Probable Loan Losses | 0 | (56,836) |
Allowance for Credit Losses | (80,866) | 0 |
Investment in Securities The amounts which are measured at fair value by electing the fair value option are as follows: March 31, 2020 ¥25,295 million December 31, 2020 ¥8,772 million The amounts which are associated to available-for-sale debt securities are as follows: December 31, 2020 Amortized Cost ¥1,905,978 million Allowance for Credit Losses ¥0 million | 2,546,696 | 2,245,323 |
Investment in Operating Leases | 1,401,071 | 1,400,001 |
Property under Facility Operations | 568,976 | 562,485 |
Investment in Affiliates | 774,404 | 821,662 |
Trade Notes, Accounts and Other Receivable | 294,615 | 312,744 |
Inventories | 147,343 | 126,013 |
Office Facilities | 222,509 | 203,930 |
Other Assets | 1,583,380 | 1,495,472 |
Total Assets | 13,324,491 | 13,067,528 |
Total Assets | 822,108 | 788,971 |
Liabilities: | ||
Short-Term Debt | 371,455 | 336,832 |
Deposits | 2,341,173 | 2,231,703 |
Trade Notes, Accounts and Other Payable | 212,617 | 282,727 |
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, 2020 ¥300,739 million December 31, 2020 ¥290,273 million | 1,765,677 | 1,591,475 |
Income Taxes: | ||
Current and Deferred Income Taxes | 367,997 | 356,350 |
Long-Term Debt | 4,336,490 | 4,279,354 |
Other Liabilities | 926,868 | 912,921 |
Total Liabilities | 10,322,277 | 9,991,362 |
Redeemable Noncontrolling Interests | 0 | 10,331 |
Commitments and Contingent Liabilities | ||
Equity: | ||
Common Stock | 221,111 | 221,111 |
Additional Paid-in Capital | 242,845 | 257,638 |
Retained Earnings | 2,758,457 | 2,754,461 |
Accumulated Other Comprehensive Income (Loss) | (131,054) | (118,532) |
Treasury Stock, at Cost: | (153,098) | (121,070) |
ORIX Corporation Shareholders' Equity | 2,938,261 | 2,993,608 |
Noncontrolling Interests | 63,953 | 72,227 |
Total Equity | 3,002,214 | 3,065,835 |
Total Liabilities and Equity | 13,324,491 | 13,067,528 |
Variable Interest Entity, Primary Beneficiary | ||
Assets | ||
Cash and Cash Equivalents | 5,324 | 7,117 |
Net Investment in Leases (Net of Allowance for Doubtful Receivables on Finance Leases and Probable Loan Losses / Allowance for Credit Losses) | 332 | 3,377 |
Installment Loans (Net of Allowance for Doubtful Receivables on Finance Leases and Probable Loan Losses / Allowance for Credit Losses) | 261,997 | 218,268 |
Investment in Operating Leases | 77,025 | 75,904 |
Property under Facility Operations | 298,883 | 296,208 |
Investment in Affiliates | 51,387 | 51,456 |
Other Assets | 127,160 | 136,641 |
Liabilities: | ||
Short-Term Debt | 5,922 | 6,030 |
Trade Notes, Accounts and Other Payable | 3,081 | 3,140 |
Income Taxes: | ||
Long-Term Debt | 479,285 | 464,904 |
Other Liabilities | 43,790 | 45,671 |
Total Liabilities | ¥ 532,078 | ¥ 519,745 |
CONSOLIDATED BALANCE SHEETS (Pa
CONSOLIDATED BALANCE SHEETS (Parenthetical) - JPY (¥) | Dec. 31, 2020 | Mar. 31, 2020 |
Installment Loans, fair value | ¥ 97,321,000,000 | ¥ 90,893,000,000 |
Investment in securities, measured at fair value | 8,772,000,000 | 25,295,000,000 |
Debt Securities, Available-for-sale, Amortized Cost | 1,905,978,000,000 | |
Debt Securities, Available-for-sale, Allowance for Credit Loss | 0 | |
Other assets, measured at fair value | 7,293,000,000 | 18,206,000,000 |
Policy liabilities and Policy Account Balances | ¥ 290,273,000,000 | ¥ 300,739,000,000 |
CONSOLIDATED STATEMENTS OF INCO
CONSOLIDATED STATEMENTS OF INCOME - JPY (¥) ¥ in Millions | 3 Months Ended | 9 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2020 | Dec. 31, 2019 | |
Revenues: | ||||
Total revenues | ¥ 580,956 | ¥ 582,340 | ¥ 1,665,694 | ¥ 1,717,785 |
Expenses: | ||||
Interest expense | 18,650 | 23,763 | 60,811 | 74,006 |
Costs of operating leases | 74,655 | 72,147 | 220,465 | 215,587 |
Life insurance costs | 92,253 | 78,177 | 265,278 | 209,137 |
Costs of goods and real estate sold | 83,600 | 85,705 | 247,138 | 245,747 |
Services expense | 111,275 | 119,772 | 313,393 | 367,521 |
Other (income) and expense | 7,174 | 5,524 | 15,007 | 14,997 |
Selling, general and administrative expenses | 116,309 | 116,563 | 334,928 | 337,754 |
Provision for doubtful receivables and probable loan losses | 0 | 5,151 | 0 | 15,724 |
Provision for credit losses | 2,830 | 0 | 10,166 | 0 |
Write-downs of long-lived assets | 8 | 518 | 591 | 554 |
Write-downs of securities | 338 | 0 | 4,214 | 36 |
Total expenses | 507,092 | 507,320 | 1,471,991 | 1,481,063 |
Operating Income | 73,864 | 75,020 | 193,703 | 236,722 |
Equity in Net Income of Affiliates | (212) | 21,609 | 2,077 | 54,226 |
Gains on Sales of Subsidiaries and Affiliates and Liquidation Losses, net | 1,755 | 25,200 | 9,436 | 58,488 |
Bargain Purchase Gain | 4,365 | 1,022 | ||
Income before Income Taxes | 75,407 | 121,829 | 209,581 | 350,458 |
Provision for Income Taxes | 25,584 | 35,684 | 64,266 | 102,649 |
Net Income | 49,823 | 86,145 | 145,315 | 247,809 |
Net Income Attributable to the Noncontrolling Interests | 1,650 | 939 | 3,323 | 3,131 |
Net Income Attributable to the Redeemable Noncontrolling Interests | 0 | 37 | (23) | 359 |
Net Income Attributable to ORIX Corporation Shareholders | ¥ 48,173 | ¥ 85,169 | ¥ 142,015 | ¥ 244,319 |
Basic: | ||||
Net Income Attributable to ORIX Corporation Shareholders | ¥ 39 | ¥ 66.64 | ¥ 114.27 | ¥ 190.99 |
Diluted: | ||||
Net Income Attributable to ORIX Corporation Shareholders | ¥ 38.97 | ¥ 66.58 | ¥ 114.17 | ¥ 190.82 |
Finance Revenues | ||||
Revenues: | ||||
Total revenues | ¥ 69,326 | ¥ 69,258 | ¥ 201,230 | ¥ 205,630 |
Gains (losses) on investment securities and dividends | ||||
Revenues: | ||||
Total revenues | 14,670 | 7,285 | 27,502 | 27,666 |
Operating Leases | ||||
Revenues: | ||||
Total revenues | 98,559 | 106,503 | 296,520 | 321,428 |
Life Insurance Premiums And Related Investment Income | ||||
Revenues: | ||||
Total revenues | 122,396 | 108,188 | 356,147 | 290,656 |
Sales of Goods and Real Estate | ||||
Revenues: | ||||
Total revenues | 97,888 | 95,633 | 290,541 | 280,127 |
Services Income | ||||
Revenues: | ||||
Total revenues | ¥ 178,117 | ¥ 195,473 | ¥ 493,754 | ¥ 592,278 |
CONSOLIDATED STATEMENTS OF COMP
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - JPY (¥) ¥ in Millions | 3 Months Ended | 9 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2020 | Dec. 31, 2019 | |
Statement of Comprehensive Income [Abstract] | ||||
Net Income | ¥ 49,823 | ¥ 86,145 | ¥ 145,315 | ¥ 247,809 |
Other comprehensive income (loss), net of tax: | ||||
Net change of unrealized gains (losses) on investment in securities | (6,106) | (3,627) | (4,227) | 1,277 |
Net change of debt valuation adjustments | (109) | (68) | (643) | 136 |
Net change of defined benefit pension plans | 71 | (294) | 196 | 492 |
Net change of foreign currency translation adjustments | (2,868) | 21,460 | (11,617) | (16,585) |
Net change of unrealized gains (losses) on derivative instruments | 1,791 | 2,168 | 1,271 | (3,560) |
Total other comprehensive income (loss) | (7,221) | 19,639 | (15,020) | (18,240) |
Comprehensive Income | 42,602 | 105,784 | 130,295 | 229,569 |
Comprehensive Income Attributable to the Noncontrolling Interests | 1,219 | 1,211 | 1,105 | 1,584 |
Comprehensive Income (Loss) Attributable to the Redeemable Noncontrolling Interests | 0 | 182 | (303) | 229 |
Comprehensive Income Attributable to ORIX Corporation Shareholders | ¥ 41,383 | ¥ 104,391 | ¥ 129,493 | ¥ 227,756 |
CONSOLIDATED STATEMENTS OF CHAN
CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY - JPY (¥) ¥ in Millions | Total | Common Stock | Additional Paid-in Capital | Retained Earnings | Accumulated Other Comprehensive Income (Loss) | Treasury Stock | Total ORIX Corporation Shareholders' Equity | Noncontrolling Interests |
Beginning Balance at Mar. 31, 2019 | ¥ 2,953,201 | ¥ 221,111 | ¥ 257,625 | ¥ 2,555,585 | ¥ (61,343) | ¥ (75,904) | ¥ 2,897,074 | ¥ 56,127 |
Contribution to subsidiaries | 15,756 | 0 | 15,756 | |||||
Transaction with noncontrolling interests | 153 | 196 | 196 | (43) | ||||
Comprehensive income, net of tax: | ||||||||
Net income | 247,450 | 244,319 | 244,319 | 3,131 | ||||
Other comprehensive income (loss) | ||||||||
Net change of unrealized gains (losses) on investment in securities | 1,277 | 1,283 | 1,283 | (6) | ||||
Net change of debt valuation adjustments | 136 | 136 | 136 | 0 | ||||
Net change of defined benefit pension plans | 492 | 493 | 493 | (1) | ||||
Net change of foreign currency translation adjustments | (16,455) | (14,914) | (14,914) | (1,541) | ||||
Net change of unrealized gains (losses) on derivative instruments | (3,560) | (3,561) | (3,561) | 1 | ||||
Total other comprehensive income (loss) | (18,110) | (16,563) | (1,547) | |||||
Total comprehensive income | 229,340 | 227,756 | 1,584 | |||||
Cash dividends | (105,951) | (103,824) | (103,824) | (2,127) | ||||
Acquisition of treasury stock | (13,285) | (13,285) | (13,285) | 0 | ||||
Disposal of treasury stock | 14 | (29) | 43 | 14 | 0 | |||
Other, net | 479 | 479 | 479 | 0 | ||||
Ending Balance at Dec. 31, 2019 | 3,079,707 | 221,111 | 258,271 | 2,696,080 | (77,906) | (89,146) | 3,008,410 | 71,297 |
Beginning Balance at Sep. 30, 2019 | 3,027,716 | 221,111 | 258,178 | 2,655,773 | (97,128) | (75,861) | 2,962,073 | 65,643 |
Contribution to subsidiaries | 3,944 | 0 | 3,944 | |||||
Transaction with noncontrolling interests | 1,619 | 8 | 8 | 1,611 | ||||
Comprehensive income, net of tax: | ||||||||
Net income | 86,108 | 85,169 | 85,169 | 939 | ||||
Other comprehensive income (loss) | ||||||||
Net change of unrealized gains (losses) on investment in securities | (3,627) | (3,628) | (3,628) | 1 | ||||
Net change of debt valuation adjustments | (68) | (68) | (68) | 0 | ||||
Net change of defined benefit pension plans | (294) | (293) | (293) | (1) | ||||
Net change of foreign currency translation adjustments | 21,315 | 21,115 | 21,115 | 200 | ||||
Net change of unrealized gains (losses) on derivative instruments | 2,168 | 2,096 | 2,096 | 72 | ||||
Total other comprehensive income (loss) | 19,494 | 19,222 | 272 | |||||
Total comprehensive income | 105,602 | 104,391 | 1,211 | |||||
Cash dividends | (45,974) | (44,862) | (44,862) | (1,112) | ||||
Acquisition of treasury stock | (13,285) | (13,285) | (13,285) | 0 | ||||
Other, net | 85 | 85 | 85 | 0 | ||||
Ending Balance at Dec. 31, 2019 | 3,079,707 | 221,111 | 258,271 | 2,696,080 | (77,906) | (89,146) | 3,008,410 | 71,297 |
Beginning Balance at Mar. 31, 2020 | 3,065,835 | 221,111 | 257,638 | 2,754,461 | (118,532) | (121,070) | 2,993,608 | 72,227 |
Cumulative effect of adopting Accounting Standards Update (Accounting Standards Update 2016-13) at Mar. 31, 2020 | (42,926) | (42,855) | (42,855) | (71) | ||||
Adjusted balance at Mar. 31, 2020 | 3,022,909 | 221,111 | 257,638 | 2,711,606 | (118,532) | (121,070) | 2,950,753 | 72,156 |
Contribution to subsidiaries | 8,551 | 0 | 8,551 | |||||
Transaction with noncontrolling interests | (6,280) | 3,152 | 3,152 | (9,432) | ||||
Comprehensive income, net of tax: | ||||||||
Net income | 145,338 | 142,015 | 142,015 | 3,323 | ||||
Other comprehensive income (loss) | ||||||||
Net change of unrealized gains (losses) on investment in securities | (4,227) | (4,253) | (4,253) | 26 | ||||
Net change of debt valuation adjustments | (643) | (643) | (643) | 0 | ||||
Net change of defined benefit pension plans | 196 | 199 | 199 | (3) | ||||
Net change of foreign currency translation adjustments | (11,337) | (8,975) | (8,975) | (2,362) | ||||
Net change of unrealized gains (losses) on derivative instruments | 1,271 | 1,150 | 1,150 | 121 | ||||
Total other comprehensive income (loss) | (14,740) | (12,522) | (2,218) | |||||
Total comprehensive income | 130,598 | 129,493 | 1,105 | |||||
Cash dividends | (103,591) | (95,164) | (95,164) | (8,427) | ||||
Acquisition of treasury stock | (50,163) | (50,163) | (50,163) | 0 | ||||
Disposal of treasury stock | 74 | (183) | 257 | 74 | 0 | |||
Cancelled of Treasury Stock | 0 | (17,877) | 17,877 | 0 | 0 | |||
Other, net | 116 | 115 | 1 | 116 | 0 | |||
Ending Balance at Dec. 31, 2020 | 3,002,214 | 221,111 | 242,845 | 2,758,457 | (131,054) | (153,098) | 2,938,261 | 63,953 |
Beginning Balance at Sep. 30, 2020 | 3,040,685 | 221,111 | 243,061 | 2,753,954 | (124,264) | (114,178) | 2,979,684 | 61,001 |
Contribution to subsidiaries | 4,726 | 0 | 4,726 | |||||
Transaction with noncontrolling interests | (1,120) | 0 | (1,120) | |||||
Comprehensive income, net of tax: | ||||||||
Net income | 49,823 | 48,173 | 48,173 | 1,650 | ||||
Other comprehensive income (loss) | ||||||||
Net change of unrealized gains (losses) on investment in securities | (6,106) | (6,124) | (6,124) | 18 | ||||
Net change of debt valuation adjustments | (109) | (109) | (109) | 0 | ||||
Net change of defined benefit pension plans | 71 | 72 | 72 | (1) | ||||
Net change of foreign currency translation adjustments | (2,868) | (2,304) | (2,304) | (564) | ||||
Net change of unrealized gains (losses) on derivative instruments | 1,791 | 1,675 | 1,675 | 116 | ||||
Total other comprehensive income (loss) | (7,221) | (6,790) | (431) | |||||
Total comprehensive income | 42,602 | 41,383 | 1,219 | |||||
Cash dividends | (45,544) | (43,671) | (43,671) | (1,873) | ||||
Acquisition of treasury stock | (38,920) | (38,920) | (38,920) | 0 | ||||
Other, net | (215) | (216) | 1 | (215) | 0 | |||
Ending Balance at Dec. 31, 2020 | ¥ 3,002,214 | ¥ 221,111 | ¥ 242,845 | ¥ 2,758,457 | ¥ (131,054) | ¥ (153,098) | ¥ 2,938,261 | ¥ 63,953 |
CONSOLIDATED STATEMENTS OF CASH
CONSOLIDATED STATEMENTS OF CASH FLOWS - JPY (¥) ¥ in Millions | 9 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Cash Flows from Operating Activities: | ||
Net income | ¥ 145,315 | ¥ 247,809 |
Adjustments to reconcile net income to net cash provided by operating activities: | ||
Depreciation and amortization | 235,769 | 223,844 |
Principal payments received under net investment in leases | 303,384 | 342,961 |
Provision for doubtful receivables and probable loan losses | 0 | 15,724 |
Provision for credit losses | 10,166 | 0 |
Equity in net income of affiliates (excluding interest on loans) | (974) | (52,685) |
Gains on sales of subsidiaries and affiliates and liquidation losses, net | (9,436) | (58,488) |
Bargain purchase gain | (4,365) | (1,022) |
Gains on sales of securities other than trading | (9,626) | (16,961) |
Gains on sales of operating lease assets | (20,370) | (37,278) |
Write-downs of long-lived assets | 591 | 554 |
Write-downs of securities | 4,214 | 36 |
(Increase) Decrease in trading securities | (9,732) | 18,489 |
Increase in inventories | (15,148) | (9,546) |
(Increase) Decrease in trade notes, accounts and other receivable | 3,544 | (676) |
Decrease in trade notes, accounts and other payable | (39,398) | (41,358) |
Increase in policy liabilities and policy account balances | 174,202 | 52,805 |
Other, net | (12,079) | 36,481 |
Net cash provided by operating activities | 756,057 | 720,689 |
Cash Flows from Investing Activities: | ||
Purchases of lease equipment | (490,551) | (733,861) |
Installment loans made to customers | (830,892) | (1,152,489) |
Principal collected on installment loans | 794,802 | 824,870 |
Proceeds from sales of operating lease assets | 104,682 | 221,689 |
Investment in affiliates, net | (6,747) | (25,467) |
Proceeds from sales of investment in affiliates | 29,195 | 67,865 |
Purchases of available-for-sale debt securities | (510,710) | (582,552) |
Proceeds from sales of available-for-sale debt securities | 181,751 | 210,817 |
Proceeds from redemption of available-for-sale debt securities | 24,408 | 67,905 |
Purchases of equity securities other than trading | (47,464) | (29,753) |
Proceeds from sales of equity securities other than trading | 20,624 | 27,279 |
Purchases of property under facility operations | (37,935) | (24,915) |
Acquisitions of subsidiaries, net of cash acquired | (63,299) | (11,390) |
Sales of subsidiaries, net of cash disposed | 3,463 | 72,710 |
Other, net | (19,939) | (20,363) |
Net cash used in investing activities | (848,612) | (1,087,655) |
Cash Flows from Financing Activities: | ||
Net increase in debt with maturities of three months or less | 30,979 | 60,958 |
Proceeds from debt with maturities longer than three months | 850,895 | 518,207 |
Repayment of debt with maturities longer than three months | (741,946) | (612,954) |
Net increase in deposits due to customers | 110,027 | 241,520 |
Cash dividends paid to ORIX Corporation shareholders | (95,164) | (103,824) |
Acquisition of treasury stock | (50,163) | (13,285) |
Contribution from noncontrolling interests | 11,071 | 19,355 |
Purchases of shares of subsidiaries from noncontrolling interests | (4,231) | (3,506) |
Net increase (decrease) in call money | (12,500) | 5,000 |
Other, net | (8,875) | (2,965) |
Net cash provided by financing activities | 90,093 | 108,506 |
Effect of Exchange Rate Changes on Cash, Cash Equivalents and Restricted Cash | 216 | (4,511) |
Net decrease in Cash, Cash Equivalents and Restricted Cash | (2,246) | (262,971) |
Cash, Cash Equivalents and Restricted Cash at Beginning of Period | 1,135,284 | 1,283,580 |
Cash, Cash Equivalents and Restricted Cash at End of Period | ¥ 1,133,038 | ¥ 1,020,609 |
CONSOLIDATED STATEMENTS OF CA_2
CONSOLIDATED STATEMENTS OF CASH FLOWS (Parenthetical) - JPY (¥) ¥ in Millions | Dec. 31, 2020 | Mar. 31, 2020 | Dec. 31, 2019 | Mar. 31, 2019 |
Statement of Cash Flows [Abstract] | ||||
Cash and Cash Equivalents | ¥ 998,058 | ¥ 982,666 | ¥ 902,312 | |
Restricted Cash | 134,980 | 152,618 | 118,297 | |
Cash, Cash Equivalents and Restricted Cash | ¥ 1,133,038 | ¥ 1,135,284 | ¥ 1,020,609 | ¥ 1,283,580 |
Overview of Accounting Principl
Overview of Accounting Principles Utilized | 9 Months Ended |
Dec. 31, 2020 | |
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, 2020 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, initial direct costs of sales-type leases and direct financing leases are mainly being deferred and amortized as a yield adjustment over the life of the related lease using the interest method. Initial direct costs of operating leases are being deferred and amortized on a straight-line basis over the life of the related lease. Under Japanese GAAP, those initial direct costs are recognized as expenses when they are incurred. (c) Allowance for credit losses Under U.S. GAAP, the allowance for credit losses to financial assets not individually evaluated is accounted for by estimating all credit losses expected to occur in future over the remaining life. And for the credit losses over the remaining life resulting from off-balance Under Japanese GAAP, the allowance for loan losses to financial receivables, etc. not individually evaluated is accounted for based on the prior charge-off (d) 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. (e) 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. (f) Accounting for goodwill and other intangible assets in business combinations 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. (g) Accounting for pension plans Under U.S. GAAP, the net actuarial gain (loss) is amortized using the corridor approach. Under Japanese GAAP, the net actuarial gain (loss) is fully amortized over a certain term within the average remaining service period of employees. (h) Partial 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. (i) Consolidated statements of cash flows Classification in the statements of cash flows under U.S. GAAP differs from that under Japanese GAAP. As significant differences, purchase of lease equipment, 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. Under U.S. GAAP, in addition, restricted cash is required to be added to the balance of cash and cash equivalents. (j) 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 called special-purpose entities (“SPEs”) for securitization under the VIE’s consolidation rules. If it is determined from the analysis that the enterprise transferred financial assets in a securitization transaction to a 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, a 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. (k) Investment in securities Under U.S. GAAP, unrealized gains and losses from all equity securities are generally recognized in income. In addition, credit losses on available-for-sale available-for-sale Under Japanese GAAP, such unrealized gains and losses from securities other than trading or held-to-maturity (l) 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. (m) Lessee’s lease Under U.S. GAAP, right-of-use Under Japanese GAAP, operating leases from the lessee’s lease transaction are off-balance |
Significant Accounting and Repo
Significant Accounting and Reporting Policies | 9 Months Ended |
Dec. 31, 2020 | |
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 certain overseas subsidiary consolidates subsidiaries determined as investment companies under ASC 946 (“Financial Services – Investment Companies”). Investments held by the investment company subsidiaries are carried at fair value with changes in fair value recognized in earnings. 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 finance leases and operating leases, the determination and reassessment of insurance policy liabilities and deferred policy acquisition costs, the determination of the allowance for doubtful receivables on finance leases and probable loan losses and the allowance for credit losses (including the allowance for off-balance In addition, we carefully considered the future outlook regarding the spread of the COVID-19. COVID-19 (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. Monetary assets and liabilities in foreign currencies are recorded in the entity’s functional currency based on the prevailing exchange rates at the end of each fiscal year. The financial statements of overseas subsidiaries and affiliates are translated into Japanese yen by applying the exchange rates in effect at the end of each fiscal year to all assets and liabilities. Income and expenses are translated at the average rates of exchange prevailing during the fiscal year. The currencies in which the operations of the overseas subsidiaries and affiliates are conducted are regarded as the functional currencies of these companies. Foreign currency translation adjustments reflected in other comprehensive income (loss), net of applicable income taxes, arise from the translation of foreign currency financial statements into Japanese yen. (d) Revenue recognition The Company and its subsidiaries recognize revenues from only contracts with customers, such as sales of goods and real estate, and services income, based on the following five steps; Step 1: Identify the contract(s) with a customer Step 2: Identify the performance obligations in the contract Step 3: Determine the transaction price Step 4: Allocate the transaction price to the performance obligations in the contract Step 5: Recognize revenue when (or as) the entity satisfies a performance obligation In accordance with these steps, revenues are recognized to depict the transfer of promised goods or services to customers in the amounts that reflect the consideration to which the entity expects to be entitled in exchange for those goods or services. Revenues are recognized net of discount, incentives and estimated sales returns. In case that the Company and its subsidiaries receive payment from customers before satisfying performance obligations, the amounts are recognized as contract liabilities. In transactions that involve third parties, if the Company and its subsidiaries control the goods or services before they are transferred to the customers, revenue is recognized on gross amount as the principal. Excluding the aforementioned policy, the policies as specifically described hereinafter are applied for each of revenue items. Finance Revenues (1) Revenues from finance leases Lessor leases consist of leases for various equipment types, including office equipment, industrial machinery, transportation equipment and real estates. Net investment in leases includes sales-type leases and direct financing leases which are full-payout leases. Leases not qualifying as sales-type leases or direct financing leases are accounted for as operating leases. Interest income on net investment in leases is recognized over the life of each respective lease using the interest method. When lease payment is variable, it is accounted for as income in profit or loss in the period when the changes in facts and circumstances on which the variable payment is based occur. When providing leasing services, the Company and its subsidiaries simultaneously conduct supplementary businesses, such as handling taxes and paying insurance on leased assets on behalf of lessees. The compensations for those lessor costs received from lessees are recognized in revenues from finance leases and those costs are recognized in other (income) and expense. The estimated unguaranteed residual value represents estimated proceeds from the disposition of equipment at the time the lease is terminated. Estimates of residual values are determined based on market values of used equipment, estimates of when and the extent to which equipment will become obsolete and actual recovery being experienced for similar used equipment. Initial direct costs of sales-type leases and direct financing leases are being deferred and amortized as a yield adjustment over the life of the related lease by using interest method. The unamortized balance of initial direct costs of sales-type leases and direct financing leases is reflected as a component of net investment in leases. (2) Revenues from installment loans Interest income on installment loans is recognized on an accrual basis. Certain direct loan origination costs, net of origination fees, are being deferred and amortized over the contractual term of the loan as an adjustment of the related loan’s yield using the interest method. Interest payments received on 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. (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, for net investment in leases and installment loans, past-due past-due past-due past-due past-due past-due past-due non-accrual non-accrual Gains on investment securities and dividends — Operating leases — COVID-19 In providing leasing services, the Company and its subsidiaries simultaneously conduct supplementary businesses, such as handling taxes and paying insurance on leased assets on behalf of lessees. The compensations for those lessor costs received from lessees are recognized in operating lease revenues and those costs are recognized in costs of operating leases. Investment Estimates of residual values are based on market values of used equipment, estimates of when and the extent to which equipment will become obsolete and actual recovery being experienced for similar used equipment. Initial direct costs of operating leases are being deferred and amortized as a straight-line basis over the life of the related lease. The unamortized balance of initial direct costs is reflected as investment in operating leases. (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 investment in securities in the consolidated balance sheets. These investment assets are measured at fair value with realized and unrealized gains or losses recognized in life insurance premiums and related investment income in the consolidated statements of income. The subsidiary elected the fair value option for the entire variable annuity and variable life insurance contracts with changes in the fair value recognized in life insurance costs. The subsidiary provides minimum guarantees to variable annuity and variable life policyholders under which it is exposed to the risk of compensating losses incurred by the policyholders to the extent contractually required. To mitigate the risk, a portion of the minimum guarantee risk related to variable annuity and variable life insurance contracts is ceded to reinsurance companies and the remaining risk is economically hedged by entering into derivative contracts. The reinsurance contracts do not relieve the subsidiary from the obligation as the primary obligor to compensate certain losses incurred by the policyholders, and the default of the reinsurance companies may impose additional losses on the subsidiary. Certain subsidiaries have elected the fair value option for certain reinsurance contracts relating to variable annuity and variable life insurance contracts, which are included in other assets in the consolidated balance sheets. Policy liabilities and policy account balances for fixed annuity insurance contracts are measured based on the single-premiums plus interest based on expected rate and fair value adjustments relating to the acquisition of the subsidiary, less withdrawals, expenses and other charges. The credited interest is recorded in life insurance costs in the consolidated statements of income. Certain costs related directly to the successful acquisition of new or renewal insurance contracts, or deferred policy acquisition costs are deferred and amortized over the respective policy periods in proportion to anticipated premium revenue. These deferred policy acquisition costs consist primarily of agent commissions, except for recurring policy maintenance costs and certain variable costs and expenses for underwriting policies. (f) Allowance for doubtful receivables on net investment in leases and probable loan losses The allowance for doubtful receivables on net investment in leases and probable loan losses is maintained at a level which, in the judgment of management, is appropriate to provide for probable losses inherent in lease and loan portfolios. The allowance is increased by provision charged to income and is decreased by charge-offs, net of recoveries. Developing the allowance for doubtful receivables on net investment in leases and probable loan losses is subject to numerous estimates and judgments. In evaluating the appropriateness of the allowance, management considers various factors, including the business characteristics and financial conditions of the obligors, current economic conditions and trends, prior charge-off Impaired loans are individually evaluated for a valuation allowance based on the present value of expected future cash flows, the loan’s observable market price or the fair value of the collateral securing the loans if the loans are collateral-dependent. For non-impaired charge-off charge-off The Company and its subsidiaries charge off doubtful receivables when the likelihood of any future collection is believed to be minimal considering debtors’ creditworthiness and the liquidation status of collateral, etc. (g) Allowance for credit losses Accounting Standards Update 2016-13 The allowance for credit losses estimates all credit losses expected to occur in future over the remaining life of net investment in leases, financial assets measured at amortized cost, such as installment loans, held-to-maturity Developing the allowance for credit 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, prior charge-off The Company and its subsidiaries estimate the allowance for credit losses by using various methods according to these estimates and judgments. When certain financial assets have similar risk characteristics to other financial assets, these financial assets are collectively evaluated as a pool. On the contrary, when financial assets do not have similar risk characteristics to other financial assets, the financial assets are evaluated individually. The company and its subsidiaries select the most appropriate calculation method based on available information, such as the nature and related risk characteristics on financial assets, the prior 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, etc. In addition, credit losses related to the loan commitments, such as card loans, installment loans and financial guarantees are in the scope of the allowance for credit losses. If the entity has a present contractual obligation to extend the credit and the obligation is not unconditionally cancelable by the entity, the loan commitments are recognized as credit losses for the expected exercise portion. The allowance for off-balance (h) Impairment of long-lived assets The Company and its subsidiaries perform a recoverability test for long-lived assets to be held and used in operations, including tangible assets and intangible assets being depreciated or amortized, consisting primarily of office buildings, condominiums, mega solar facilities and other properties under facility operations, whenever events or changes in circumstances indicated that the assets might be impaired. The assets are considered not recoverable when the undiscounted future cash flows estimated to be generated by those assets are less than the carrying amount of those assets. The carrying amount of assets not recoverable is reduced to fair value if lower than the carrying amount. The Company and its subsidiaries determine the fair value using appraisals prepared by independent third party appraisers or our own staff of qualified appraisers, based on recent transactions involving sales of similar assets or other valuation techniques such as discounted cash flows methodologies using future cash flows estimated to be generated from operation of the existing assets or completion of development projects, as appropriate. (i) Investment in securities Equity securities are generally reported at fair value with unrealized gains and losses included in income. Equity securities without readily determinable fair values are recorded at its cost minus impairment, if any, plus or minus changes resulting from observable price changes under the election of the measurement alternative, except for investments which are valued at net asset value per share. Equity securities elected to apply the measurement alternative are written down to its fair value with losses included in income if a qualitative assessment indicates that the investment is impaired and the fair value of the investment is less than its carrying value. In addition, investments included in equity securities that are accounted for under the equity method are recorded at fair value with unrealized gains and losses included in income if certain subsidiaries elect the fair value option. Trading debt securities are reported at fair value with unrealized gains and losses included in income. Available-for-sale Credit Losses Standard has been adopted to the impairment of available-for-sale non-credit Held-to-maturity Held-to-maturity (j) 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 for tax loss carryforwards. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the year in which those temporary differences are expected to be recovered or settled. The effect on deferred tax assets and liabilities of a change in tax rate is recognized in income in the period that includes the enactment date. The Company and its subsidiaries release to earnings stranded income tax effects in accumulated other comprehensive income (loss) resulting from changes in tax laws or rates or changes in judgment about realization of a valuation allowance on a specific identification basis when the individual items are completely sold or terminated. A valuation allowance is recognized if, based on the weight of available evidence, it is “more likely than not” that some portion or all of the deferred tax asset will not be realized. The effective income tax rates for the nine months ended December 31, 2019 and 2020 were approximately 29.3% and 30.7%, respectively. These rates are approximately 29.3% and 33.9% for the three months ended December 31, 2019 and 2020, respectively. For the nine and three months ended December 30, 2019 and 2020, 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. (k) Securitized assets The Company and its subsidiaries have securitized and sold to investors various financial assets such as lease receivables and loan receivables. In the securitization process, the assets to be securitized are sold to SPEs that issue asset-backed beneficial interests and securities to the investors. SPEs used in securitization transactions are consolidated if the Company and its subsidiaries are the primary beneficiary of the SPEs, and the transfers of the financial assets to those consolidated SPEs are not accounted for as sales. Assets held by consolidated SPEs continue to be accounted for as lease receivables or loan receivables, as they were before the transfer, and asset-backed beneficial interests and securities issued to the investors are accounted for as debt. When the Company and its subsidiaries have transferred financial assets to a transferee that is not subject to consolidation, the Company and its subsidiaries account for the transfer as a sale if control over the transferred assets is surrendered. The Company and certain subsidiaries originate and sell loans into the secondary market, while retaining the obligation to service those loans. In addition, a certain subsidiary undertakes obligations to service loans originated by others. The subsidiary recognizes servicing assets if it expects the benefit of servicing to more than adequately compensate it for performing the servicing or recognizes servicing liabilities if it expects the benefit of servicing to less than adequately compensate it. These servicing assets and liabilities are initially recognized at fair value and subsequently accounted for using the amortization method whereby the assets and liabilities are amortized in proportion to and over the period of estimated net servicing income or net servicing loss. On a quarterly basis, servicing assets and liabilities are evaluated for impairment or increased obligations. The fair value of servicing assets and liabilities is estimated using an internal valuation model, or by obtaining an opinion of value from an independent third-party vendor. Both methods are based on calculating the present value of estimated future net servicing cash flows, taking into consideration discount rates, prepayments and servicing costs. The internal valuation model is validated at least semiannually through third-party valuations. (l) Derivative financial instruments The Company and its subsidiaries recognize all derivatives on the consolidated balance sheets at fair value. The accounting treatment of subsequent changes in the fair value depends on their use, and whether they qualify as effective “hedges” for accounting purposes. Derivatives for the purpose of economic hedge that are not qualified for hedge accounting are adjusted to fair value through the consolidated statements of income. If derivatives are qualified for hedge accounting, If a derivative is held as a hedge of the variability of fair value related to a recognized asset or liability or an unrecognized firm commitment (“fair value” hedge), changes in the fair value of the derivative are recorded in earnings along with the changes in the fair value of the hedged item. If a derivative is held as a hedge of the variability of cash flows related to a forecasted transaction or a recognized asset or liability (“cash flow” hedge), changes in the fair value of the derivative are recorded in other comprehensive income (loss), net of applicable income taxes, until earnings are affected by the variability in cash flows of the designated hedged item. If a derivative is held as a hedge of a net investment in a foreign operation, changes in the fair value of the derivative are recorded in the foreign currency translation adjustments account within other comprehensive income (loss), net of applicable income taxes. The Company and its subsidiaries select either the amortization approach or the fair value approach, depending on the type of hedging activity, for the initial value of the component excluded from the assessment of effectiveness, and recognize it through the consolidated statements of income. When the amortization approach is adopted, the change in fair value is recognized in earnings using a systematic and rational method over the life of the hedging instrument and then any difference between the change in fair value and the amount recognized in earnings is recognized in other comprehensive income (loss), net of applicable income taxes. When the fair value approach is adopted, the change in the fair value is immediately recognized through the consolidated statements of income. For all hedging relationships that are designated and qualified for hedge accounting, at the inception of the hedge, the Company and its subsidiaries formally document the details of the hedging relationship and the hedging activity. The Company and its subsidiaries formally assess, both at the hedge’s inception and on an ongoing basis, the effectiveness of the hedge relationship. The Company and its subsidiaries cease hedge accounting prospectively when the derivative no longer qualifies for hedge accounting. (m) Pension plans The Company and certain subsidiaries have contributory and non-contributory The Company and its subsidiaries also recognize the funded status of pension plans, measured as the difference between the fair value of plan assets and the benefit obligation, on the consolidated balance sheets. Changes in that funded status are recognized in the year in which the changes occur through other comprehensive income (loss), net of applicable income taxes. (n) Stock-based compensation In principle, the Company and its subsidiaries measure stock-based compensation expense as consideration for services provided by employees based on the fair value on the grant date. The costs are recognized over the requisite service period. (o) Stock splits Stock splits implemented prior to October 1, 2001 had been accounted for by transferring an amount equivalent to the par value of the shares from additional paid-in As a result of a revision to the Code before amendment effective on October 1, 2001 and the Companies Act implemented on May 1, 2006, the above-mentioned method of accounting required by the Code became unnecessary. In the United States, stock splits in comparable circumstances are considered to be stock dividends and are accounted for by transferring from retained earnings to common stock and additional paid-in paid-in Had such stock splits made prior to October 1, 2001 been accounted for in this manner, additional paid-in (p) Cash and cash equivalents Cash and cash equivalents include cash on hand, deposits placed with banks and short-term highly liquid investments with original maturities of three months or less. (q) Restricted cash Restricted cash consists of trust accounts under securitization programs and real estate, deposits related to servicing agreements, deposits collected on the underlying assets and applied to non-recourse (r) 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, 2020 and December 31, 2020 were ¥127,194 million and ¥108,007 million, respectively. There were ¥90,893 million and ¥97,321 million of loans held for sale as of March 31, 2020 and December 31, 2020, respectively, measured at fair value by electing the fair value option. (s) Property under facility operations Property under facility operations consist primarily of operating facilities (including hotels and training facilities) and environmental assets (including mega solar facilities and thermal power stations), which are stated at cost less accumulated depreciation, and depreciation is calculated mainly on a straight-line basis over the estimated useful lives of the assets. Accumulated depreciation was ¥105,433 million and ¥128,568 million as of March 31, 2020 and December 31, 2020, respectively. (t) 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 receivables relating to debt securities sold. (u) 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, 2020 and December 31, 2020, residential condominiums under development were ¥56,156 million and ¥82,843 million, respectively, and completed residential condominiums and merchandise for sale were ¥69,857 million and ¥64,500 million, respectively. The Company and its subsidiaries recorded ¥277 million and ¥164 million of write-downs principally on completed residential condominiums and merchandise for sale for the nine months ended December 31, 2019 and 2020, respectively, primarily resulting from a decrease in expected sales price. The amounts of such write-downs for the three months ended December 31, 2019 and 2020 were ¥123 million and ¥39 million, respectively. These write-downs were recorded in costs of goods and real estate sold and included in Real Estate, PE Investment and Concession and Corporate Financial Services and Maintenance Leasing. (v) 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 ¥68,117 million and ¥68,268 million as of March 31, 2020 and December 31, 2020, respectively. (w) Right-of-use The Company and its subsidiaries record the ROU assets recog |
Fair Value Measurements
Fair Value Measurements | 9 Months Ended |
Dec. 31, 2020 | |
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, 2020 and December 31, 2020: March 31, 2020 Millions of yen Total Carrying Value in Consolidated Balance Sheets Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Assets: Loans held for sale*1 ¥ 90,893 ¥ 0 ¥ 90,893 ¥ 0 Trading debt securities 7,431 0 7,431 0 Available-for-sale 1,631,185 21,490 1,521,342 88,353 Japanese and foreign government bond securities*2 653,945 3,301 650,644 0 Japanese prefectural and foreign municipal bond securities 250,355 0 247,523 2,832 Corporate debt securities*3 596,477 18,189 574,294 3,994 CMBS and RMBS in the Americas 48,672 0 48,672 0 Other asset-backed securities and debt securities 81,736 0 209 81,527 Equity securities*4*5 375,174 58,400 232,873 83,901 Derivative assets: 39,690 202 20,258 19,230 Options held/written and other 21,346 0 2,116 19,230 Futures, foreign exchange contracts 13,265 202 13,063 0 Foreign currency swap agreements 5,079 0 5,079 0 Netting*6 (9,152 ) 0 0 0 Net derivative assets 30,538 0 0 0 Other assets: 18,206 0 0 18,206 Reinsurance recoverables*7 18,206 0 0 18,206 Total ¥ 2,162,579 ¥ 80,092 ¥ 1,872,797 ¥ 209,690 Liabilities: Derivative liabilities: ¥ 73,649 ¥ 2,471 ¥ 71,178 ¥ 0 Interest rate swap agreements 44,002 0 44,002 0 Options held/written and other 20,004 0 20,004 0 Futures, foreign exchange contracts 9,506 2,471 7,035 0 Foreign currency swap agreements 137 0 137 0 Netting*6 (9,152 ) 0 0 0 Net derivative Liabilities 64,497 0 0 0 Policy Liabilities and Policy Account Balances: 300,739 0 0 300,739 Variable annuity and variable life insurance contracts*8 300,739 0 0 300,739 Total ¥ 374,388 ¥ 2,471 ¥ 71,178 ¥ 300,739 December 31, 2020 Millions of yen Total Carrying Value in Consolidated Balance Sheets Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Assets: Loans held for sale*1 ¥ 97,321 ¥ 0 ¥ 97,321 ¥ 0 Trading debt securities 2,748 0 2,748 0 Available-for-sale 1,893,060 6,303 1,777,375 109,382 Japanese and foreign government bond securities*2 754,069 3,408 750,661 0 Japanese prefectural and foreign municipal bond securities 272,340 0 269,647 2,693 Corporate debt securities*3 730,051 2,895 725,894 1,262 CMBS and RMBS in the Americas 30,970 0 30,970 0 Other asset-backed securities and debt securities 105,630 0 203 105,427 Equity securities*4*5 398,998 81,169 241,869 75,960 Derivative assets: 22,301 15 7,432 14,854 Options held/written and other 16,725 0 1,871 14,854 Futures, foreign exchange contracts 5,062 15 5,047 0 Foreign currency swap agreements 417 0 417 0 Interest rate swap agreements 97 0 97 0 Netting*6 (1,462 ) 0 0 0 Net derivative assets 20,839 0 0 0 Other assets: 7,293 0 0 7,293 Reinsurance recoverables*7 7,293 0 0 7,293 Total ¥ 2,421,721 ¥ 87,487 ¥ 2,126,745 ¥ 207,489 Liabilities: Derivative liabilities: ¥ 66,249 ¥ 858 ¥ 65,355 ¥ 36 Interest rate swap agreements 36,981 0 36,981 0 Options held/written and other 16,956 0 16,920 36 Futures, foreign exchange contracts 9,675 858 8,817 0 Foreign currency swap agreements 2,637 0 2,637 0 Netting*6 (1,462 ) 0 0 0 Net derivative Liabilities 64,787 0 0 0 Policy Liabilities and Policy Account Balances: 290,273 0 0 290,273 Variable annuity and variable life insurance contracts*8 290,273 0 0 290,273 Total ¥ 356,522 ¥ 858 ¥ 65,355 ¥ 290,309 *1 A certain subsidiary elected the fair value option on certain loans held for sale. These loans are multi-family and seniors housing loans and are sold to Federal National Mortgage Association (“Fannie Mae”), Federal Home Loan Mortgage Corporation (“Freddie Mac”) and institutional investors. Included in “Other (income) and expense” in the consolidated statements of income were gains of ¥971 million and losses of ¥1,585 million from the change in the fair value of the loans for the nine months ended December 31, 2019 and 2020, respectively. Included in “Other (income) and expense” in the consolidated statements of income were gain of ¥622 million and losses of ¥1,124 million from the change in the fair value of the loans for the three months ended December 31, 2019 and 2020, respectively. No gains or losses were recognized in earnings during the nine months ended December 31, 2019 and 2020 attributable to changes in instrument-specific credit risk. The amounts of aggregate unpaid principal balance and aggregate fair value of the loans held for sale as of March 31, 2020, were ¥84,906 million and ¥90,893 million, respectively, and the amount of the aggregate fair value exceeded the amount of aggregate unpaid principal balance by ¥5,987 million. The amounts of aggregate unpaid principal balance and aggregate fair value of the loans held for sale as of December 31, 2020, were ¥93,104 million and ¥97,321 million, respectively, and the amount of the aggregate fair value exceeded the amount of aggregate unpaid principal balance by ¥4,217 million. As of March 31, 2020 and December 31, 2020, there were no non-accrual *2 A certain subsidiary elected the fair value option for investments in foreign government bond securities included in available-for-sale losses gains *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 ¥533 million and ¥2,943 million from the change in the fair value of those investments for the nine months ended December 31, 2019 and 2020, respectively. Included in “Gains on investment securities and dividends” in the consolidated statements of income were gains of ¥121 million and ¥329 million from the change in the fair value of those investments for the three months ended December 31, 2019 and 2020, respectively. The amounts of aggregate fair value elected the fair value option were ¥6,326 million and ¥4,471 million as of March 31, 2020 and December 31, 2020, respectively. *5 The amounts of investment funds measured at net asset value per share which are not included in the above tables were ¥11,631 million and ¥12,480 million as of March 31, 2020 and December 31, 2020, respectively. *6 It represents the amount offset under counterparty netting of derivative assets and liabilities. *7 Certain subsidiaries elected the fair value option for certain reinsurance contracts held. The fair value of the reinsurance contracts elected for the fair value option in other assets were ¥18,206 million and ¥7,293 million as of March 31, 2020 and December 31, 2020, respectively. For the effect of changes in the fair value of those reinsurance contracts on earnings during the nine and three months ended December 31, 2019 and 2020, see Note 18 “Life Insurance Operations.” *8 Certain subsidiaries elected the fair value option for the entire variable annuity and variable life insurance contracts held. The fair value of the variable annuity and variable life insurance contracts elected for the fair value option in policy liabilities and policy account balances were ¥300,739 million and ¥290,273 million as of March 31, 2020 and December 31, 2020, respectively. For the effect of changes in the fair value of the variable annuity and variable life insurance contracts on earnings during the nine and three months ended December 31, 2019 and 2020, see Note 18 “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 nine months ended December 31, 2019 and 2020: Nine months ended December 31, 2019 Millions of yen Balance at April 1, 2019 Gains or losses (realized/unrealized) Purchases *3 Sales Settlements *4 Transfers in and/ or out of Level 3 (net) Balance at December 31, 2019 Change in unrealized gains or losses included in earnings for assets and liabilities still held at December 31, 2019 *1 Included in earnings *1 Included in other comprehensive income *2 Total Available-for-sale ¥ 100,447 ¥ 1,339 ¥ (1,023 ) ¥ 316 ¥ 33,606 ¥ (3,425 ) ¥ (26,987 ) ¥ (2,991 ) ¥ 100,966 ¥ 213 Japanese prefectural and foreign municipal bond securities 2,888 0 (37 ) (37 ) 0 0 0 0 2,851 0 Corporate debt securities 7,158 0 (9 ) (9 ) 900 0 (842 ) (2,991 ) 4,216 0 Other asset-backed securities and debt securities 90,401 1,339 (977 ) 362 32,706 (3,425 ) (26,145 ) 0 93,899 213 Equity securities 61,193 5,594 (131 ) 5,463 10,075 (5,760 ) (4,789 ) 0 66,182 5,532 Investment funds 61,193 5,594 (131 ) 5,463 10,075 (5,760 ) (4,789 ) 0 66,182 5,532 Derivative assets and liabilities (net) 5,272 5,238 (93 ) 5,145 0 0 0 0 10,417 5,238 Options held/written and other 5,272 5,238 (93 ) 5,145 0 0 0 0 10,417 5,238 Other asset 12,449 (5,355 ) 0 (5,355 ) 2,303 0 (178 ) 0 9,219 (5,355 ) Reinsurance recoverables *5 12,449 (5,355 ) 0 (5,355 ) 2,303 0 (178 ) 0 9,219 (5,355 ) Policy Liabilities and Policy Account Balances 360,198 (12,426 ) 189 (12,237 ) 0 0 (39,418 ) 0 333,017 (12,426 ) Variable annuity and variable life insurance contracts *6 360,198 (12,426 ) 189 (12,237 ) 0 0 (39,418 ) 0 333,017 (12,426 ) Nine months ended December 31, 2020 Millions of yen Balance at April 1, 2020 Gains or losses (realized/unrealized) Purchases *3 Sales Settlements *4 Transfers in and/ or out of Level 3 (net) Balance at December 31, 2020 Change in unrealized gains or losses included in earnings for assets and liabilities still held at December 31, 2020 *1 Change in unrealized gains or losses included in other assets and liabilities still held at December 31, 2020 *2 Included in earnings *1 Included in other comprehensive income *2 Total Available-for-sale ¥ 88,353 ¥ (2,063 ) ¥ 10,102 ¥ 8,039 ¥ 23,936 ¥ (4,874 ) ¥ (4,072 ) ¥ (2,000 ) ¥ 109,382 ¥ (48 ) ¥ 9,887 Japanese prefectural and foreign municipal bond securities 2,832 0 (139 ) (139 ) 0 0 0 0 2,693 0 (139 ) Corporate debt securities 3,994 0 2 2 0 0 (734 ) (2,000 ) 1,262 0 1 Other asset-backed securities and debt securities 81,527 (2,063 ) 10,239 8,176 23,936 (4,874 ) (3,338 ) 0 105,427 (48 ) 10,025 Equity securities 83,901 5,308 (3,805 ) 1,503 871 (4,709 ) (5,281 ) (325 ) 75,960 5,095 (3,801 ) Investment funds 83,901 5,308 (3,805 ) 1,503 871 (4,709 ) (5,281 ) (325 ) 75,960 5,095 (3,801 ) Derivative assets and liabilities (net) 19,230 (3,492 ) (950 ) (4,442 ) 30 0 0 0 14,818 (3,492 ) (950 ) Options held/written and other 19,230 (3,492 ) (950 ) (4,442 ) 30 0 0 0 14,818 (3,492 ) (950 ) Other asset 18,206 (12,759 ) 0 (12,759 ) 2,064 0 (218 ) 0 7,293 (12,759 ) 0 Reinsurance recoverables *5 18,206 (12,759 ) 0 (12,759 ) 2,064 0 (218 ) 0 7,293 (12,759 ) 0 Policy Liabilities and Policy Account Balances 300,739 (34,141 ) (892 ) (35,033 ) 0 0 (45,499 ) 0 290,273 (34,141 ) (892 ) Variable annuity and variable life insurance contracts *6 300,739 (34,141 ) (892 ) (35,033 ) 0 0 (45,499 ) 0 290,273 (34,141 ) (892 ) *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. In the nine months ended December 31, 2019, corporate debt securities totaling ¥2,991 million were transferred from Level 3 to Level 2, since the inputs became observable. In the nine months ended December 31, 2020, corporate debt securities totaling ¥2,000 million and investment funds totaling ¥325 million were transferred from Level 3 to Level 2, since the inputs became observable. 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 three months ended December 31, 2019 and 2020: Three months ended December 31, 2019 Millions of yen Balance at September 30, 2019 Gains or losses (realized/unrealized) Purchases *3 Sales Settlements *4 Transfers in and/ or out of Level 3 (net) Balance at December 31, Change in unrealized gains or losses included in earnings for assets and liabilities still held at December 31, Included in earnings *1 Included in other comprehensive income *2 Total Available-for-sale ¥ 87,265 ¥ 244 ¥ 1,122 ¥ 1,366 ¥ 17,532 ¥ (3,293 ) ¥ (1,904 ) ¥ 0 ¥ 100,966 ¥ 141 Japanese prefectural and foreign municipal bond securities 2,808 0 43 43 0 0 0 0 2,851 0 Corporate debt securities 3,638 0 (15 ) (15 ) 900 0 (307 ) 0 4,216 0 Other asset-backed securities and debt securities 80,819 244 1,094 1,338 16,632 (3,293 ) (1,597 ) 0 93,899 141 Equity securities 65,854 929 1,283 2,212 4,639 (3,368 ) (3,155 ) 0 66,182 1,137 Investment funds 65,854 929 1,283 2,212 4,639 (3,368 ) (3,155 ) 0 66,182 1,137 Derivative assets and liabilities (net) 16,275 (6,123 ) 265 (5,858 ) 0 0 0 0 10,417 (6,123 ) Options held/written and other 16,275 (6,123 ) 265 (5,858 ) 0 0 0 0 10,417 (6,123 ) Other asset 11,382 (2,874 ) 0 (2,874 ) 750 0 (39 ) 0 9,219 (2,874 ) Reinsurance recoverables *5 11,382 (2,874 ) 0 (2,874 ) 750 0 (39 ) 0 9,219 (2,874 ) Policy Liabilities and Policy Account Balances 336,840 (10,387 ) (94 ) (10,481 ) 0 0 (14,304 ) 0 333,017 (10,387 ) Variable annuity and variable life insurance contracts *6 336,840 (10,387 ) (94 ) (10,481 ) 0 0 (14,304 ) 0 333,017 (10,387 ) Three months ended December 31, 2020 Millions of yen Balance at September 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 December 31, Change in unrealized gains or losses included in other assets and liabilities still held at December 31, Included in earnings *1 Included in other comprehensive income *2 Total Available-for-sale ¥ 101,292 ¥ (680 ) ¥ 1,264 ¥ 584 ¥ 10,305 ¥ (875 ) ¥ (1,924 ) ¥ 0 ¥ 109,382 ¥ (107 ) ¥ 1,191 Japanese prefectural and foreign municipal bond securities 2,753 0 (60 ) (60 ) 0 0 0 0 2,693 0 (60 ) Corporate debt securities 1,501 0 0 0 0 0 (239 ) 0 1,262 0 (1 ) Other asset-backed securities and debt securities 97,038 (680 ) 1,324 644 10,305 (875 ) (1,685 ) 0 105,427 (107 ) 1,252 Equity securities 76,664 3,464 (1,562 ) 1,902 2 (1,337 ) (1,271 ) 0 75,960 3,319 (1,562 ) Investment funds 76,664 3,464 (1,562 ) 1,902 2 (1,337 ) (1,271 ) 0 75,960 3,319 (1,562 ) Derivative assets and liabilities (net) 20,492 (5,283 ) (391 ) (5,674 ) 0 0 0 0 14,818 (5,283 ) (391 ) Options held/written and other 20,492 (5,283 ) (391 ) (5,674 ) 0 0 0 0 14,818 (5,283 ) (391 ) Other asset 9,062 (2,400 ) 0 (2,400 ) 691 0 (60 ) 0 7,293 (2,400 ) 0 Reinsurance recoverables *5 9,062 (2,400 ) 0 (2,400 ) 691 0 (60 ) 0 7,293 (2,400 ) 0 Policy Liabilities and Policy Account Balances 296,810 (16,700 ) (151 ) (16,851 ) 0 0 (23,388 ) 0 290,273 (16,700 ) (151 ) Variable annuity and variable life insurance contracts *6 296,810 (16,700 ) (151 ) (16,851 ) 0 0 (23,388 ) 0 290,273 (16,700 ) (151 ) *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 three months ended December 31, 2019 and 2020. The following tables present recorded amounts of assets measured at fair value on a nonrecurring basis during year ended March 31, 2020 and the nine months ended December 31, 2020. These assets are measured at fair value on a nonrecurring basis mainly to recognize impairment: Year ended March 31, 2020 Millions of yen Total Carrying Value in Consolidated Balance Sheets Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Assets: Loans held for sale ¥ 4,823 ¥ 0 ¥ 0 ¥ 4,823 Real estate collateral-dependent loans (net of allowance for probable loan losses) 12,557 0 0 12,557 Investment in operating leases and property under facility operations 5,731 0 1,193 4,538 Certain investments in affiliates 11,213 8,741 0 2,472 ¥ 34,324 ¥ 8,741 ¥ 1,193 ¥ 24,390 Nine months ended December 31, 2020 Millions of yen Total Carrying Value in Consolidated Balance Sheets Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Assets: Loans held for sale ¥ 524 ¥ 0 ¥ 524 ¥ 0 Real estate collateral-dependent loans (net of allowance for credit losses) 7,752 0 0 7,752 Investment in operating leases and property under facility operations 1,489 0 1,317 172 Certain e 3,523 0 0 3,523 Certain investments in affiliates 10,366 8,799 0 1,567 ¥ 23,654 ¥ 8,799 ¥ 1,841 ¥ 13,014 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 allowance for credit losses 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 these assets as Level 3 because such appraisals involve unobservable inputs. These unobservable inputs contain discount rates as well as future cash flows estimated to be generated from the assets or projects. An increase (decrease) in the discount rate and a decrease (increase) in the estimated future cash flows would result in a decrease (increase) in the fair value of investment in operating leases and property under facility operations and land and buildings undeveloped or under construction. Movable properties owned by a certain subsidiary are classified as Level 2, because fair value measurement is based on observable inputs other than quoted prices included within Level 1, such as prices for similar assets. Trading debt securities and available-for-sale If active market prices are available, fair value measurement is based on quoted active market prices and, accordingly, these securities are classified as Level 1. If active market prices are not available, fair value measurement is based on observable inputs other than quoted prices included within Level 1, such as prices for similar assets and accordingly these securities are classified as Level 2. If market prices are not available and there are no observable inputs, then fair value is estimated by using valuation models such as discounted cash flow methodologies and broker quotes. Such securities are classified as Level 3, as the valuation models and broker quotes are based on inputs that are unobservable in the market. If fair value is based on broker quotes, the Company and its subsidiaries check the validity of received prices based on comparison to prices of other similar assets and market data such as relevant benchmark indices. The Company and its subsidiaries classified CMBS and RMBS in the Americas and other asset-backed securities as Level 2 if the inputs such as trading price and/or bid price are observable. The Company and its subsidiaries classified CMBS and RMBS in the Americas and other asset-backed securities as Level 3 if the Company and subsidiaries evaluate the fair value based on the unobservable inputs. In determining whether the inputs are observable or unobservable, the Company and its subsidiaries evaluate various factors such as the lack of recent transactions, price quotations that are not based on current information or vary substantially over time or among market makers, a significant increase in implied risk premium, a wide bid-ask principal-to-principal Equity securities and investment in affiliates If active market prices are available, fair value measurement is based on quoted active market prices and, accordingly, these securities are classified as Level 1. If active market prices are not available, fair value measurement is based on observable inputs other than quoted prices included within Level 1, such as prices for similar assets and accordingly these securities are classified as Level 2. In addition, a certain overseas subsidiary measures its investments held by the investment companies which are owned by the subsidiary at fair value. These investment fund s, certain equity securities Derivatives For exchange-traded derivatives, fair value is based on quoted market prices, and accordingly, classified as Level 1. For non-exchange Reinsurance recoverables Certain subsidiaries have elected the fair value option for certain reinsurance contracts related to variable annuity and variable life insurance contracts to partially offset the changes in fair value recognized in earnings of the policy liabilities and policy account balances attributable to the changes in the minimum guarantee risks of the variable annuity and variable life insurance contracts. These reinsurance contracts for which the fair value option is elected are classified as Level 3 because the subsidiaries measure their fair value using discounted cash flow methodologies based on inputs that are unobservable in the market. Variable annuity and variable life insurance contracts A certain subsidiary has elected the fair value option for the entire variable annuity and variable life insurance contracts held in order to match earnings recognized for changes in fair value of policy liabilities and policy account balances with the earnings recognized for gains or losses from the investment assets managed on behalf of variable annuity and variable life policyholders, derivative contracts and changes in fair value of reinsurance contracts. The changes in fair value of the variable annuity and variable life insurance contracts are linked to the fair value of the investment in securities managed on behalf of variable annuity and variable life policyholders. These securities consist mainly of equity securities traded in the market. In addition, variable annuity and variable life insurance contracts are exposed to the minimum guarantee risk, and the subsidiary adjusts the fair value of the underlying investments by incorporating changes in fair value of the minimum guarantee risk in the evaluation of the fair value of the entire variable annuity and variable life insurance contracts. The variable annuity and variable life insurance contracts for which the fair value option is elected are classified as Level 3 because the subsidiary measures the fair value using discounted cash flow methodologies based on inputs that are unobservable in the market. Information about Level 3 Fair Value Measurements The following tables provide information about the valuation techniques and significant unobservable inputs used in the valuation of Level 3 assets and liabilities measured at fair value on a recurring basis as of March 31, 2020 and December 31, 2020. March 31, 2020 Millions of yen Fair value Valuation technique(s) Significant unobservable inputs Range (Weighted average) Assets: Available-for-sale Japanese prefectural and foreign municipal bond securities ¥ 2,832 Discounted cash flows Discount rate 8.5% (8.5%) Corporate debt securities 1,995 Discounted cash flows Discount rate 0.4% – 2.5% (0.8%) 1,999 Appraisals/Broker quotes — — Other asset-backed securities and debt securities 20,582 Discounted cash flows Discount rate 1.0% – 51.2% (12.1%) Probability of default 1.9% (1.9%) 60,945 Appraisals/Broker quotes — — Equity securities: Investment funds 5,714 Internal cash flows Discount rate 0.0% (0.0%) 54,898 Discounted cash flows WACC 7.6% – 19.1% (16.5%) EV/Terminal EBITDA multiple 7.0x-11.9x (9.3x) Market multiples EV/Last twelve months EBITDA multiple 7.5x-11.8x (9.4x) EV/Forward EBITDA multiple 6.5x-10.3x (8.4x) EV/Precedent transaction last twelve months EBITDA multiple 7.5x-12.1x (9.5 23,289 Appraisals/Broker quotes — — Derivative assets: Options held/written and other 19,170 Discounted cash flows Discount rate 12.0% – 33.0% (14.4%) 60 Appraisals/Broker quotes — — Other assets: Reinsurance recoverables 18,206 Discounted cash flows Discount rate (0.2)% – 0.6% (0.2%) Mortality rate 0.0% – 100.0% (1.4%) Lapse rate 1.5% – 14.0% (7.1%) Annuitization rate (guaranteed minimum annuity benefit) 0.0% – 100.0% (100.0%) Total ¥ 209,690 Liabilities: Policy liabilities and Policy Account Balances: Variable annuity and variable life insurance contracts ¥ 300,739 Discounted cash flows Discount rate (0.2)% – 0.6% (0.2%) Mortality rate 0.0% – 100.0% (1.3%) Lapse rate 1.5% – 30.0% (6.9%) Annuitization rate (guaranteed minimum annuity benefit) 0.0% – 100.0% (80.9%) Total ¥ 300,739 December 31, 2020 Millions of yen Fair value Valuation technique(s) Significant unobservable inputs Range (Weighted average) Assets: Available-for-sale Japanese prefectural and foreign municipal bond securities ¥ 2,693 Discounted cash flows Discount rate 8.5% (8.5%) Corporate debt securities 1,262 Discounted cash flows Discount rate 0.3% – 1.8% (0.7%) Other asset-backed securities and debt securities 21,204 Discounted cash flows Discount rate 1.0% – 51.2% (10.9%) Probability of default 1.9% (1.9%) 84,223 Appraisals/Broker quotes — — Equity securities: Investment funds 3,630 Internal cash flows Discount rate 0.0% (0.0%) 64,895 Discounted cash flows WACC 13.1% – 18.7% (16.6%) EV/Terminal EBITDA multiple 6.4x-10.5x (9.0x) Market multiples EV/Last twelve months EBITDA multiple 5.2x-7.2x (6.0x) EV/Forward EBITDA multiple 6.2x-9.2x (7.3x) EV/Precedent transaction last twelve months EBITDA multiple 5.9x - 11.2x (8.7x) 7,435 Appraisals/Broker quotes — — Derivative assets: Options held/written and other 14,786 Discounted cash flows Discount rate 12.0% – 33.0% (14.9%) 68 Appraisals/Broker quotes — — Other assets: Reinsurance recoverables 7,293 Discounted cash flows Discount rate 0.0% – 0.4% (0.1%) Mortality rate 0.0% – 100.0% (1.5%) Lapse rate 1.5% – 14.0% ( 7.0%) Annuitization rate (guaranteed minimum annuity benefit) 0.0% – 100.0% (100.0%) Total ¥ 207,489 Liabilities: Derivative liabilities: Other ¥ 36 Appraisals/Broker quotes — — Policy liabilities and Policy Account Balances: Variable annuity and variable life insurance contracts 290,273 Discounted cash flows Discount rate 0.0% – 0.4% (0.1%) Mortality rate 0.0% – 100.0% (1.4%) Lapse rate 1.5% – 30.0% (7.1%) Annuitization rate (guaranteed minimum annuity benefit) 0.0% – 100.0% (78.8 Total ¥ 290,309 The following tables provide information about the valuation techniques and significant unobservable inputs used in the valuation of Level 3 assets measured at fair value on a nonrecurring basis during year ended March 31, 2020 and the nine December 1 Year ended March 31, 2020 Millions of yen Fair value Valuation technique(s) Significant unobservable inputs Range (Weighted average) Assets: Loans held for sale ¥ 4,823 Discounted cash flows Discount rate 5.7% – 7.7% (6.8%) Real estate collateral-dependent loans (net of allowance for probable loan losses) 12,557 Direct capitalization Capitalization ra |
Acquisitions and Divestitures
Acquisitions and Divestitures | 9 Months Ended |
Dec. 31, 2020 | |
Business Combinations [Abstract] | |
Acquisitions and Divestitures | 4. Acquisitions and Divestitures (1) Acquisitions There were no material acquisitions during the nine months ended December 31, 2019 and 2020. During the three months ended June 30, 2020, we completed the purchase price allocation of wind power generation subsidiaries in India, which became our wholly owned subsidiaries during the three months ended December 31, 2019. As a result, the fair value of net assets acquired, which is the difference between the assets acquired and liabilities assumed, exceeded the fair value of the consideration paid by ¥4,365 million, and this excess was recognized as bargain purchase gain. (2) Divestitures Gains on sales of subsidiaries and affiliates and liquidation losses, net for the nine months ended December 31, 2019 and 2020 were ¥58,488 million and ¥9,436 million, respectively. Gains on sales of subsidiaries and affiliates and liquidation losses, net for the nine months ended December 31, 2019 mainly consisted of ¥16,216 million in Real Estate, ¥24,052 million in ORIX USA and ¥18,127 million in PE Investment and Concession. Gains on sales of subsidiaries and affiliates and liquidation losses, net for the nine months ended December 31, 2020 mainly consisted of ¥2,451 million in ORIX USA, Asia and Australia, ¥ million in Corporate Financial Services and Maintenance Leasing and ¥ million in Environment and Energy. Gains on sales of subsidiaries and affiliates and liquidation losses, net for the three months ended December 31, 2019 and 2020 were ¥25,200 million and ¥1,755 million, respectively. Gains on sales of subsidiaries and affiliates and liquidation losses, net for the three months ended December 31, 2019 mainly consisted of ¥16,193 million in PE Investment and Concession and ¥8,700 million in ORIX USA. Gains on sales of subsidiaries and affiliates and liquidation losses, net for the three months ended December 31, 2020 mainly consisted of ¥538 million in Corporate Financial Services and Maintenance Leasing and ¥1,114 million in Environment and Energy. Since April 1, 2020, the reportable segments have been reorganized. As a result of this change, the segment data of the previous fiscal year has been retrospectively restated. |
Revenues from Contracts with Cu
Revenues from Contracts with Customers | 9 Months Ended |
Dec. 31, 2020 | |
Revenue from Contract with Customer [Abstract] | |
Revenues from Contracts with Customers | 5. Revenues from Contracts with Customers The following table provides information about revenues from contracts with customers, and other sources of revenue for the nine and three months ended December 31, 2019 and 2020 are as follows; Millions of yen Millions of yen Nine months ended December 31, 2019 Nine months ended December 31, 2020 Revenues from contracts with customers ¥ 866,201 ¥ 781,423 Other revenues * 851,584 884,271 Total revenues ¥ 1,717,785 ¥ 1,665,694 Millions of yen Millions of yen Three months ended December 31, 2019 Three months ended December 31, 2020 Revenues from contracts with customers ¥ 289,145 ¥ 275,680 Other revenues * 293,195 305,276 Total revenues ¥ 582,340 ¥ 580,956 * Other revenues are not considered to be within the scope of revenue from contracts with customers, such as life insurance premiums and related investment income, operating leases, finance revenues that include interest income, and others. The Company and its subsidiaries recognize revenues when control of the promised goods or services is transferred to our customers, in the amounts that reflect the consideration we expect to receive in exchange for those goods or services. Revenues are recognized net of discounts, incentives and estimated sales returns. Amount to be collected for third party is deducted from revenues. The Company and its subsidiaries evaluate whether we are principal or agent on distinctive goods or services. When a revenue transaction involves a third party, if the Company and its subsidiaries control the goods or services before they are transferred to customers, revenue is recognized on gross amount as the principal. There is no significant variability in considerations included in revenues, except for the performance fees regarding asset management business hereinafter, and there is no significant financing component in considerations on transactions. For further information about breakdowns of revenues disaggregated by goods or services category and geographical location by segment, see Note 25 “Segment Information.” Revenue recognition criteria on each goods or services category are mainly as follows: Sales of goods The Company and its subsidiaries sell various goods such as precious metals, medical equipment, business management software and other to customers. Revenues from sales of goods are recognized when there is a transfer of control of the product to customers. The Company and its subsidiaries determine transfer of control based on when the products are shipped or delivered to customers, or inspected by customers. Real estate sales Certain subsidiaries are involved in condominium business. Revenues from sales 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 all of the benefits provided by the subsidiaries as the subsidiaries perform. Management fees are calculated based on the predetermined percentages of the market value of the assets under management or net assets of the investment funds in accordance with contract terms. Servicing fees are calculated based on the predetermined percentages of the amount in assets under management in accordance with contract terms. Fees based on the performance of the assets under management are recognized when the performance obligations are satisfied, to the extent that it is probable that a significant reversal in the amount of cumulative revenue recognized will not occur when the uncertainty associated with the variable consideration is subsequently resolved. The performance fee is estimated by using the most likely amount method, in accordance with contract terms. Servicing fees related to financial assets that the Company and its subsidiaries had originated and transferred to investors, are not in the scope of revenue from contracts with customers. These fees are accounted for servicing assets under which the benefits of servicing are expected to more than adequately compensate for performing the servicing, or servicing liabilities under which the benefits of servicing are not expected to adequately compensate for performing the servicing. Automobile related services Certain subsidiaries mainly provide automobile maintenance services to customers, as automobile related services. In the service, since customers simultaneously receive and consume all of the benefits provided by the subsidiaries as the subsidiaries perform, revenues are recognized over the contract period with customers. For measurement of progress, the cost incurred is used, because that reasonably describes transfer of control of services to customers. The subsidiaries receive payments from customers before satisfying performance obligations, and the amounts are reported in other liabilities on the consolidated balance sheets as contract liabilities. Facilities operation The Company and its subsidiaries are running hotels, Japanese inns, training facilities, a multipurpose dome and other facilities. Revenues from these operations are recognized over the customers’ usage period of the facilities, since customers simultaneously receive and consume all of the benefits provided by the Company and its subsidiaries as the Company and its subsidiaries perform. The value transferred to customers is directly measured based on the usage period. With respect to operation of a multipurpose dome, a certain subsidiary receives payments from customers before satisfying performance obligations, and the amounts are reported in other liabilities on the consolidated balance sheets as contract liabilities. Gains on sale of property under facility operations included in services income are not within the scope of revenue from contracts with customers because these gains refer to transfers of non-financial Environment and energy services The Company and its subsidiaries offer services that provide electric power to 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 all of the benefits provided by the Company and its subsidiaries 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 all of the benefits provided by the subsidiaries 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 others, to customers, as real estate management and brokerage business. Since customers simultaneously receive and consume all of the benefits provided by the Company and its subsidiaries as the Company and its subsidiaries perform, revenues from these services are recognized over the contract period with customers. Direct measurement of the value transferred to customers based on time elapsed, is used as method of measuring progress. The Company and its subsidiaries receive payments from customers before satisfying performance obligations, and the amounts are reported in other liabilities on the consolidated balance sheets as contract liabilities. Real estate contract work Certain subsidiaries offer repair and contract work for condominiums, office buildings, and facilities, and other, to customers. The work is held on the real estate where customers own or rent, and the subsidiaries’ performance creates the asset that the customers’ control as the asset is created or enhanced. Additionally, the performance does not create an asset with an alternative use to the subsidiaries, and the subsidiaries have a substantial enforceable right to payment for performance completed to date so that revenues are recognized over the contract work period. For measurement of progress, the cost incurred is used, because that reasonably describes transfer of control of services to customers. The subsidiaries recognize a part of its performance obligations that it performs as contract assets, and the amounts are reported under other assets on the consolidated balance sheet. Furthermore, the subsidiaries receive payments from customers before satisfying performance obligations, and the amounts are reported in other liabilities on the consolidated balance sheets as contract liabilities. Other The Company and its subsidiaries have been developing a variety of businesses. Main revenue streams are as follows; Maintenance services of software, measurement equipment and other: Certain subsidiaries offer business management 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 all of the benefits provided by the subsidiaries 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. The following table provides information about balances from contracts with customers as of March 31, 2020 and December 31, 2020. Millions of yen March 31, 2020 December 31, 2020 Trade Notes, Accounts and Other Receivable ¥ 165,676 ¥ 179,051 Contract assets (Included in Other Assets) 3,811 7,186 Contract liabilities (Included in Other Liabilities) 32,805 32,570 For the nine months ended December 31, 2019 and 2020, there were no significant changes in contract assets. For the nine months ended December 31, 2019, contract liabilities decreased due to deconsolidation of contract liabilities of ¥14,342 million related to facilities operation caused by the sale of ORIX Living. For the nine months ended December 31, 2020, there were no significant changes in contract liabilities. For the nine months ended December 31, 2019, revenue amounted to ¥28,209 million was included in contract liabilities as of the beginning of the previous fiscal year. For the nine months ended December 31, 2020, revenue amounted to ¥27,842 million was included in contract liabilities as of the end of the previous fiscal year. For the three months ended December 31, 2019, revenue amounted to ¥5,262 million was included in contract liabilities as of the beginning of the previous fiscal year. For the three months ended December 31, 2020, revenue amounted to ¥6,263 million was included in contract liabilities as of the end of the previous fiscal year. As of December 31, 2020, transaction price allocated to the performance obligations that are unsatisfied (or partially unsatisfied) is mainly related to automobile related services, real estate sales and amounted to ¥148,813 million. Remaining term for the obligations ranges up to 14 years. Furthermore, automobile related services primarily constitute the performance obligations that are unsatisfied (or partially unsatisfied) will be recognized as revenue over the next 10 years. The Company and its subsidiaries applied practical expedients in the disclosure, and performance obligations for contracts that have an original expected duration of one year or less and contracts under which the value transferred to a customer is directly measured and recognized as revenue by the amount it has a right to invoice to the customer are not included. The transaction price allocated to unsatisfied performance obligations does not include the estimate of material variable consideration. |
Leases
Leases | 9 Months Ended |
Dec. 31, 2020 | |
Leases [Abstract] | |
Leases | 6. Leases Lessor Lease income for the nine and three months ended December 31, 2019 and 2020 are as follows: Millions of yen Nine months ended December 31, 2019 Nine months ended December 31, 2020 Lease income—net investment in leases Interest income ¥ 56,155 ¥ 51,698 Other 1,601 1,325 Lease income—operating leases * 321,428 296,520 Total lease income ¥ 379,184 ¥ 349,543 * Gains from the disposition of real estate under operating leases included in operating lease revenues were ¥23,044 million and ¥13,745 million, and gains from the disposition of operating lease assets other than real estate included in operating lease revenues were ¥14,234 million and ¥6,625 million, for the nine months ended December 31, 2019 and 2020, respectively. Millions of yen Three months ended December 31, 2019 Three months ended December 31, 2020 Lease income—net investment in leases Interest income ¥ 18,900 ¥ 17,385 Other 511 460 Lease income—operating leases * 106,503 98,559 Total lease income ¥ 125,914 ¥ 116,404 * Gains from the disposition of real estate under operating leases included in operating lease revenues were ¥4,636 million and ¥991 million, and gains from the disposition of operating lease assets other than real estate included in operating lease revenues were ¥6,047 million and ¥3,491 million, for the three months ended December 31, 2019 and 2020, respectively. Lease income from net investment in leases is included in finance revenues in the consolidated statements of income. Gains and losses from the disposition of net investment in leases were not material for the nine and three months ended December 31, 2019 and 2020. |
Credit Quality of Financing Rec
Credit Quality of Financing Receivables and the Allowance for Credit Losses | 9 Months Ended |
Dec. 31, 2020 | |
Receivables [Abstract] | |
Credit Quality of Financing Receivables and the Allowance for Credit Losses | 7. Credit Quality of Financing Receivables and the Allowance for Credit Losses The Company and its subsidiaries provide the following information disaggregated by portfolio segment and class of financing receivable. Allowance for credit losses—by portfolio segment Credit quality of financing receivables—by class • Impaired loans • Credit quality indicators • Non-accrual past-due Information about troubled debt restructurings—by class A portfolio segment is defined as the level at which an entity develops and documents a systematic methodology to determine its allowance for credit losses. The Company and its subsidiaries classify our portfolio segments by instruments of loans and net investment in leases. Classes of financing receivables are determined 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, 2020, for the nin e Decem ber 1 Nine months ended December 31, 2019 Millions of yen Loans Net Total Consumer Corporate Purchased Non-recourse Other Allowance for credit losses : Beginning balance ¥ 21,195 ¥ 919 ¥ 20,662 ¥ 3,186 ¥ 12,049 ¥ 58,011 Provision (Reversal) 9,931 353 3,240 (133 ) 2,333 15,724 Charge-offs (9,360 ) (1 ) (5,046 ) (470 ) (1,937 ) (16,814 ) Recoveries 419 0 142 48 23 632 Other*2 (26 ) (6 ) (609 ) 11 (1 ) (631 ) Ending balance ¥ 22,159 ¥ 1,265 ¥ 18,389 ¥ 2,642 ¥ 12,467 ¥ 56,922 Individually evaluated for impairment 3,528 229 6,009 1,488 0 11,254 Not individually evaluated for impairment 18,631 1,036 12,380 1,154 12,467 45,668 Financing receivables : Ending balance ¥ 2,126,058 ¥ 143,103 ¥ 1,251,329 ¥ 14,806 ¥ 1,142,339 ¥ 4,677,635 Individually evaluated for impairment 26,147 2,516 38,119 2,998 0 69,780 Not individually evaluated for impairment 2,099,911 140,587 1,213,210 11,808 1,142,339 4,607,855 Three months ended December 31, 2019 Millions of yen Loans Net investment in leases Total Consumer Corporate Purchased loans *1 Non-recourse loans Other Allowance for credit losses : Beginning balance ¥ 21,789 ¥ 1,055 ¥ 17,333 ¥ 2,760 ¥ 12,236 ¥ 55,173 Provision (Reversal) 2,956 192 1,499 (55 ) 559 5,151 Charge-offs (2,740 ) 0 (687 ) (107 ) (599 ) (4,133 ) Recoveries 146 0 45 28 13 232 Other *2 8 18 199 16 258 499 Ending balance ¥ 22,159 ¥ 1,265 ¥ 18,389 ¥ 2,642 ¥ 12,467 ¥ 56,922 March 31, 2020 Millions of yen Loans Net investment in leases Total Consumer Corporate Purchased loans *1 Non-recourse loans Other Allowance for credit losses : Ending balance ¥ 20,542 ¥ 1,786 ¥ 21,358 ¥ 1,458 ¥ 11,692 ¥ 56,836 Individually evaluated for impairment 3,602 228 8,950 667 0 13,447 Not individually evaluated for impairment 16,940 1,558 12,408 791 11,692 43,389 Financing receivables : Ending balance ¥ 2,171,139 ¥ 132,081 ¥ 1,296,854 ¥ 13,218 ¥ 1,080,964 ¥ 4,694,256 Individually evaluated for impairment 26,533 2,466 55,216 1,605 0 85,820 Not individually evaluated for impairment 2,144,606 129,615 1,241,638 11,613 1,080,964 4,608,436 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 a sale of a subsidiary. 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 net investment in 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, 2020: March 31, 2020 Millions of yen Portfolio segment Class Loans individually evaluated for impairment Unpaid principal balance Related allowance With no related allowance recorded *1 ¥ 36,528 ¥ 36,524 ¥ 0 Consumer borrowers 997 995 0 Real estate loans 584 582 0 Card loans 0 0 0 Other 413 413 0 Corporate borrowers 35,423 35,421 0 Non-recourse The Americas 1,705 1,705 0 Other than Non-recourse Real estate companies in Japan 2,268 2,267 0 Real estate companies in overseas 11,231 11,231 0 Commercial, industrial and other companies in Japan 8,831 8,830 0 Commercial, industrial and other companies in overseas 11,388 11,388 0 Purchased loans 108 108 0 With an allowance recorded *2 49,292 48,936 13,447 Consumer borrowers 25,536 25,316 3,602 Real estate loans 5,178 5,162 817 Card loans 3,932 3,924 632 Other 16,426 16,230 2,153 Corporate borrowers 22,259 22,123 9,178 Non-recourse The Americas 761 761 228 Other than Non-recourse Real estate companies in Japan 1,233 1,219 374 Real estate companies in overseas 1,260 1,260 486 Commercial, industrial and other companies in Japan 3,649 3,527 2,371 Commercial, industrial and other companies in overseas 15,356 15,356 5,719 Purchased loans 1,497 1,497 667 Total ¥ 85,820 ¥ 85,460 ¥ 13,447 Consumer borrowers 26,533 26,311 3,602 Real estate loans 5,762 5,744 817 Card loans 3,932 3,924 632 Other 16,839 16,643 2,153 Corporate borrowers 57,682 57,544 9,178 Non-recourse The Americas 2,466 2,466 228 Other than Non-recourse Real estate companies in Japan 3,501 3,486 374 Real estate companies in overseas 12,491 12,491 486 Commercial, industrial and other companies in Japan 12,480 12,357 2,371 Commercial, industrial and other companies in overseas 26,744 26,744 5,719 Purchased loans 1,605 1,605 667 Note: Loans held for sale are not included in the table above. *1 “With no related allowance recorded” represents impaired loans with no allowance for credit losses as all amounts are considered to be collectible. *2 “With an allowance recorded” represents impaired loans with the allowance for credit losses as all or a part of the amounts are not considered to be collectible. The Company and its subsidiaries recognize installment loans other than purchased loans and loans to consumer borrowers as impaired loans when principal or interest is past-due non-recourse loan-to-value For purchased loans, the Company and its subsidiaries recognize them as impaired loans when it is probable that the Company and its subsidiaries will be unable to collect book values of the remaining investment due to factors such as a decline in the real estate collateral value and debtors’ creditworthiness since the acquisition of these loans. The Company and its subsidiaries consider that loans to consumer borrowers, including real estate 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 nine De cember 1 Nine months ended December 31, 2019 Millions of yen Portfolio segment Class Average recorded investments in impaired loans * Interest income on impaired loans Interest on impaired loans collected in cash Consumer borrowers ¥ 24,268 ¥ 341 ¥ 300 Real estate loans 4,906 109 105 Card loans 3,924 44 38 Other 15,438 188 157 Corporate borrowers 31,962 106 104 Non-recourse Japan 172 2 2 The Americas 3,077 0 0 Other than Non-recourse Real estate companies in Japan 1,518 25 25 Real estate companies in overseas 3,742 0 0 Commercial, industrial and other companies in Japan 5,718 65 63 Commercial, industrial and other companies in overseas 17,735 14 14 Purchased loans 3,484 139 139 Total ¥ 59,714 ¥ 586 ¥ 543 Three months ended December 31, 2019 Millions of yen Portfolio segment Class Average recorded investments in impaired loans * Interest income on impaired loans Interest on impaired loans collected in cash Consumer borrowers ¥ 25,781 ¥ 106 ¥ 100 Real estate loans 5,840 34 32 Card loans 3,908 13 13 Other 16,033 59 55 Corporate borrowers 33,618 54 54 Non-recourse Japan 111 0 0 The Americas 2,495 0 0 Other than Non-recourse Real estate companies in Japan 1,406 6 6 Real estate companies in overs eas 6,906 0 0 Commercial, industrial and other companies in Japan 5,282 38 38 Commercial, industrial and other companies in overseas 17,418 10 10 Purchased loans 3,110 53 53 Total ¥ 62,509 ¥ 213 ¥ 207 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, 2020: March 31, 2020 Millions of yen Non-performing Portfolio segment Class Performing Loans individually evaluated for impairment 90+ days past-due loans not individually evaluated for impairment Subtotal Total Consumer borrowers ¥ 2,134,342 ¥ 26,533 ¥ 10,264 ¥ 36,797 ¥ 2,171,139 Real estate loans 1,877,227 5,762 1,370 7,132 1,884,359 Card loans 218,011 3,932 1,708 5,640 223,651 Other 39,104 16,839 7,186 24,025 63,129 Corporate borrowers 1,371,253 57,682 0 57,682 1,428,935 Non-recourse Japan 48,566 0 0 0 48,566 The Americas 81,049 2,466 0 2,466 83,515 Other than Non-recourse Real estate companies in Japan 297,483 3,501 0 3,501 300,984 Real estate companies in overseas 119,403 12,491 0 12,491 131,894 Commercial, industrial and other companies in Japan 242,831 12,480 0 12,480 255,311 Commercial, industrial and other companies in overseas 581,921 26,744 0 26,744 608,665 Purchased loans 11,613 1,605 0 1,605 13,218 Net investment in leases 1,065,618 0 15,346 15,346 1,080,964 Japan 741,636 0 5,971 5,971 747,607 Overseas 323,982 0 9,375 9,375 333,357 Total ¥ 4,582,826 ¥ 85,820 ¥ 25,610 ¥ 111,430 ¥ 4,694,256 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, 2020 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 ¥ 6,604 ¥ 13,607 ¥ 20,211 ¥ 2,171,139 ¥ 13,607 Real estate loans 1,863 2,469 4,332 1,884,359 2,469 Card loans 595 2,114 2,709 223,651 2,114 Other 4,146 9,024 13,170 63,129 9,024 Corporate borrowers 3,365 26,999 30,364 1,428,935 44,622 Non-recourse Japan 0 0 0 48,566 0 The Americas 0 2,466 2,466 83,515 2,466 Other than Non-recourse Real estate companies in Japan 0 586 586 300,984 586 Real estate companies in overseas 1 12,386 12,387 131,894 12,491 Commercial, industrial and other companies in Japan 226 2,409 2,635 255,311 2,409 Commercial, industrial and other companies in overseas 3,138 9,152 12,290 608,665 26,670 Net investment in leases 13,702 15,346 29,048 1,080,964 15,346 Japan 2,755 5,971 8,726 747,607 5,971 Overseas 10,947 9,375 20,322 333,357 9,375 Total ¥ 23,671 ¥ 55,952 ¥ 79,623 ¥ 4,681,038 ¥ 73,575 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 nine December 1 Nine months ended December 31, 2019 Millions of yen Portfolio segment Class Pre-modification outstanding recorded investment Post-modification outstanding recorded investment Consumer borrowers ¥ 9,187 ¥ 6,935 Real estate loans 16 14 Card loans 1,422 1,052 Other 7,749 5,869 Corporate borrowers 4,196 4,196 Non-re c s loans The Americas 340 340 Other than Non-recourse Commercial, industrial and other companies in overseas 3,856 3,856 Total ¥ 13,383 ¥ 11,131 Three months ended December 31, 2019 Millions of yen Portfolio segment Class Pre-modification outstanding recorded investment Post-modification outstanding recorded investment Consumer borrowers ¥ 3,079 ¥ 2,301 Real estate loans 477 364 Card loans 2,602 1,937 Corporate borrowers 1,749 1,749 Non-recourse loans The Americas 340 340 Other than Non-recourse loans Commercial, industrial and other companies in overseas 1,409 1,409 Total ¥ 4,828 ¥ 4,050 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 December 31, 2019 and for which there was a payment default during the nine and three months ended December 31, 2019: Nine months ended December 31, 2019 Millions of yen Portfolio segment Class Recorded investment Consumer borrowers ¥ 1,497 Card loans 7 Other 1,490 Corporate borrowers 127 Other than Non-recourse Commercial, industrial other companies in overseas 127 Total ¥ 1,624 Three months ended December 31, 2019 Millions of yen Portfolio segment Class Recorded investment Consumer borrowers ¥ 444 Card loans 4 Other 440 Corporate borrowers 127 Other than Non-recourse Commercial, industrial other companies in overseas 127 Total ¥ 571 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, 2020, 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 ¥109 million as of March 31, 2020. |
Credit Quality of Financial Ass
Credit Quality of Financial Assets and the Allowance for Credit Losses | 9 Months Ended |
Dec. 31, 2020 | |
Credit Loss [Abstract] | |
Credit Quality of Financial Assets and the Allowance for Credit LossesCredit Quality of Financial Assets and the Allowance for Credit Losses | 8. Credit Quality of Financial Assets and the Allowance for Credit Losses The Company and its subsidiaries provide the following information disaggregated by portfolio segment and class of financial assets. Allowance for credit losses—by portfolio segment Credit quality of financial assets—by class • Credit quality indicators • Past-due • Non-accrual 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, net investment in leases and other financial assets measured at amortized cost. Classes of financial assets 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 financial assets. Classes of financial assets 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 for installment loans, net investment in leases and other financial assets measured at amortized cost for the nine and three months ended December 31, 2020: Nine months ended December 31, 2020 Millions of yen Installment loans Net investment in leases Other financial assets measured at amortized cost *2 Total Consumer Corporate Purchased loans *1 Non-recourse loans Other than non-recourse loans Allowance for credit losses : Beginning balance ¥ 20,542 ¥ 1,786 ¥ 20,209 ¥ 1,458 ¥ 11,692 ¥ 1,149 ¥ 56,836 Cumulative effect of adopting According Standards Update 2016-13 14,500 1,601 10,725 0 3,550 1,369 31,745 Reclassification to allowance for investment in operating leases *3 0 0 0 0 0 (312 ) (312 ) Balance at April 1, 2020 35,042 3,387 30,934 1,458 15,242 2,206 88,269 Provision (Reversal) 5,648 162 6,529 36 3,064 599 16,038 Allowance of purchased loans during the reporting period 0 0 0 1,636 0 0 1,636 Charge-offs *4 (7,905 ) 0 (12,621 ) (1,724 ) (1,448 ) (290 ) (23,988 ) Recoveries 401 0 72 38 9 6 526 Other *6 302 (170 ) (1,330 ) 102 211 65 (820 ) Ending balance ¥ 33,488 ¥ 3,379 ¥ 23,584 ¥ 1,546 ¥ 17,078 ¥ 2,586 ¥ 81,661 Collective (pool) assessment 29,118 3,162 16,108 654 9,627 944 59,613 Individual assessment 4,370 217 7,476 892 7,451 1,642 22,048 Three months ended December 31, 2020 Millions of yen Loans Net investment in leases Other financial assets measured at amortized cost *2 Total Consumer Corporate Purchased loans *1 Non-recourse loans Other than non-recourse Allowance for credit losses : Beginning balance ¥ 34,350 ¥ 3,414 ¥ 28,421 ¥ 1,508 ¥ 16,206 ¥ 2,896 ¥ 86,795 Provision (Reversal) 1,641 38 380 31 1,600 (183 ) 3,507 Allowance of purchased loans during the reporting period 0 0 0 1,296 0 0 1,296 Charge-offs *5 (2,727 ) 0 (4,718 ) (1,297 ) (844 ) (144 ) (9,730 ) Recoveries 150 0 3 8 1 6 168 Other *6 74 (73 ) (502 ) 0 115 11 (375 ) Ending balance ¥ 33,488 ¥ 3,379 ¥ 23,584 ¥ 1,546 ¥ 17,078 ¥ 2,586 ¥ 81,661 Notes 1: Loans held for sale and policy loan receivables of an insurance entity are not included in the table above. 2: Held-to-maturity non-accrual held-to-maturity *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. Due to the adoption of the credit losses standards, allowance of ¥176,714 million was recorded as credit loss gross-up *2 Other financial assets measured at amortized cost includes the allowance for credit losses on financial receivables, such as loans to affiliates and accounts receivable. The provision for credit losses of loans to affiliates of ¥6 million were recorded in equity in net income of affiliates. And the allowance for credit losses on loans to affiliates of ¥795 million were recorded in investment in affiliates. *3 The allowance for accrued payments for investment in operating leases was reclassified to the investment in operating leases balance on April 1, 2020, due to the application of the credit loss standard. *4 Charge-off *5 Charge-off *6 Other mainly includes foreign currency translation adjustments and a decrease in allowance related to a sale of a subsidiary. The following table provides information about purchased loans which is acquired for the nine and three months ended December 31, 2020: Millions of yen Nine months ended December 31, 2020 Purchase price ¥ 1,221 Allowance for credit losses at acquisition date 1,636 Discount or premium attributable to other factors 152 Par value ¥ 3,009 Millions of yen Three months ended December 31, 2020 Purchase price ¥ 834 Allowance for credit losses at acquisition date 1,296 Discount or premium attributable to other factors 95 Par value ¥ 2,225 The Company and its subsidiaries develop the allowance for credit losses for all credit losses expected to occur in future over the remaining life of financial assets and recognize adequately based on the management judgement. In developing the allowance for credit losses, the Company and its subsidiaries consider, among other things, the following factors in collective assessment and individual assessment by each portfolio: • business characteristics and financial conditions of obligors; • prior charge-off • current delinquencies and delinquency trends; • value of underlying collateral and guarantees; and • current economic conditions and trends and expected outlook in future. In common with all classes, the Company and its subsidiaries monitor the credit quality indicators as performing and non-performing assets. The category of non-performing assets includes financing receivables for debtors who have filed for insolvency proceedings, whose bank transactions are suspended, whose bills are dishonored, whose businesses have deteriorated, whose repayment is past-due 90 days or more, financing receivables modified as troubled debt restructurings, and performing assets include all other financing receivables. Regarding purchased loans, they are classified as non-performing assets when the purchased loans are considered not to be collected the acquisition price probably, while all the other purchased loans are included in the category of performing assets. When certain performing financial assets mainly have similar risk characteristics to other financial assets, the performing financial assets are collectively evaluated as a pool. On the contrary, when financial assets do not have similar risk characteristics to other financial assets, the financial assets are evaluated individually. Consumer borrowers mainly consist of real estate loans and card loans. The credit quality of real estate loans is affected from the cash flows derived from the property and its collateral value. The credit quality of card loans is affected from the repayment ability of customer attributes or payment history. The Company and its subsidiaries use these economic indicators to estimate the allowance for credit losses because these factors are reflected to probability of default and loss given default in each portfolio. Corporate borrowers are classified into non-recourse non-recourse non-recourse Net investment in leases consists of various equipment types, including office equipment, industrial machinery, transportation equipment and real estate properties. The allowance for credit losses for net investment in leases is estimated based on the value of the underlying leases properties, debtors’ situation, economic conditions and trends in its industries, and probability of default and loss given default The forecasted future economic indicators correlated with the prior charge-off charge-off COVID-19, On the other hand, if the Company and its subsidiaries are not able to make or obtain reasonable and supportable forecasts of future economic conditions for the entire life of the financial asset, it is required to estimate expected credit losses for the remaining life using an approach that reverts to historical credit loss information. There are no significant changes on methodologies and indicators used to estimate the allowance for credit losses for nine months ended December 31, 2020. W non-performing o o non-performing 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 origination years of financial assets as of December 31, 2020. The revolving repayment card loans that cannot be classified into the origination year among card loans in consumer borrowers are excluded from the table. December 31, 2020 Millions of yen Portfolio segment Origination year (years ended March 31) Total Class Credit Quality 2021 2020 2019 2018 2017 Prior Consumer borrowers: Performing ¥ 306,241 ¥ 449,219 ¥ 339,465 ¥ 229,865 ¥ 231,464 ¥ 524,416 ¥ 2,080,670 Non-Performing 10,041 10,792 6,293 3,500 2,953 4,407 ¥ 37,986 Real estate loans Performing 300,663 435,567 332,312 225,245 229,665 523,126 ¥ 2,046,578 Non-Performing 3 692 1,692 1,687 2,225 4,012 ¥ 10,311 Other* Performing 5,578 13,652 7,153 4,620 1,799 1,290 ¥ 34,092 Non-Performing 10,038 10,100 4,601 1,813 728 395 ¥ 27,675 Corporate borrowers: Performing 226,317 421,009 238,450 138,144 78,102 117,712 ¥ 1,219,734 Non-Performing 4,103 10,778 4,270 4,481 5,356 12,447 ¥ 41,435 Non-recourse Japan Performing 5,283 24,475 5,283 2,815 0 8,922 ¥ 46,778 The Americas Performing 957 44,530 25,691 15,664 4,523 7,612 ¥ 98,977 Non-Performing 0 0 0 0 0 1,177 ¥ 1,177 Other than non-recourse Real estate companies in Japan Performing 85,807 76,554 39,335 29,591 26,242 25,889 ¥ 283,418 Non-Performing 0 383 192 0 628 564 ¥ 1,767 Real estate companies in overseas Performing 16,005 54,567 15,015 6,316 1,852 2,898 ¥ 96,653 Non-Performing 13 2,970 0 1,625 261 3,152 ¥ 8,021 Commercial, industrial and other companies in Japan Performing 60,044 55,369 32,004 13,092 11,682 23,701 ¥ 195,892 Non-Performing 666 4,200 210 932 85 1,416 ¥ 7,509 Commercial, industrial and other companies in overseas Performing 58,221 165,514 121,122 70,666 33,803 48,690 ¥ 498,016 Non-Performing 3,424 3,225 3,868 1,924 4,382 6,138 ¥ 22,961 Purchased loans: Performing 0 8 0 186 121 10,573 ¥ 10,888 Non-Performing 0 0 0 0 0 1,236 ¥ 1,236 Net investment in leases: Performing 250,106 291,675 190,741 119,324 74,386 86,537 ¥ 1,012,769 Non-Performing 1,015 3,138 3,476 3,307 3,010 6,800 ¥ 20,746 Japan Performing 142,489 178,878 133,242 95,377 66,669 83,942 ¥ 700,597 Non-Performing 86 769 1,088 1,588 1,321 4,161 ¥ 9,013 Overseas Performing 107,617 112,797 57,499 23,947 7,717 2,595 ¥ 312,172 Non-Performing 929 2,369 2,388 1,719 1,689 2,639 ¥ 11,733 Other financial assets measured at amortized cost Performing 15,691 920 325 863 2,630 12,108 ¥ 32,537 Non-Performing 0 0 0 1,171 0 0 ¥ 1,171 Total (excluding revolving repayment card loans) Performing 798,355 1,162,831 768,981 488,382 386,703 751,346 ¥ 4,356,598 Non-Performing 15,159 24,708 14,039 12,459 11,319 24,890 ¥ 102,574 Note: Loans held for sale and policy loan receivables of an insurance entity are not included in the table above. * Other in consumer borrowers includes guarantee claims of consumer loans. For further information, see Note 24 “Commitments, Guarantees and Contingent Liabilities” The revolving repayment card loans that cannot be classified into the origination year among card loans in consumer borrowers as of December 31, 2020 are as follows: December 31, 2020 Millions of yen Portfolio segment Revolving repayment Modification of collection condition by relief of contract condition Total—revolving repayment card loans Total— origination year (excluding revolving repayment card loans) Total— financial assets measured at amortized Credit quality Consumer borrowers: Performing ¥ 188,618 ¥ 0 ¥ 188,618 ¥ 4,356,598 ¥ 4,545,216 Non-Performing 1,934 3,757 5,691 102,574 ¥ 108,265 Out of non-performing past-due non-performing The following table provides information about the past-due December 31, 2020 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 Consumer borrowers ¥ 4,319 ¥ 15,243 ¥ 19,562 ¥ 2,312,965 Real estate loans 1,407 2,995 4,402 2,056,889 Card loans 357 1,956 2,313 194,309 Other 2,555 10,292 12,847 61,767 Corporate borrowers 5,230 23,790 29,020 1,261,169 Non-recourse Japan 0 0 0 46,778 The Americas 1,588 1,177 2,765 100,154 Other than Non-recourse Real estate companies in Japan 31 904 935 285,185 Real estate companies in overseas 0 8,008 8,008 104,674 Commercial, industrial and other companies in Japan 234 5,396 5,630 203,401 Commercial, industrial and other companies in overseas 3,377 8,305 11,682 520,977 Net investment in leases 12,446 17,322 29,768 1,033,515 Japan 5,198 6,586 11,784 709,610 Overseas 7,248 10,736 17,984 323,905 Total ¥ 21,995 ¥ 56,355 ¥ 78,350 ¥ 4,607,649 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 financial assets as past-due past-due past-due past-due The following table provides information about non-accrual December 31, 2020 Millions of yen Installment loans Net investment in leases Total Consumer borrowers Corporate borrowers Non- recourse loans Other than non- recourse loans Non-accrual Beginning balance ¥ 13,607 ¥ 2,466 ¥ 42,156 ¥ 15,346 ¥ 73,575 Ending balance 15,286 9,382 34,050 17,322 ¥ 76,040 Interest income recognized during the reporting period 412 0 147 0 ¥ 559 Balance not associated allowance for credit losses among financial assets measured at amortized cost, which is suspending recognition of income 771 0 11,892 0 ¥ 12,663 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 nine and three months ended December 31, 2020: Nine months ended December 31, 2020 Millions of yen Portfolio segment Class Pre-modification outstanding recorded investment Post-modification outstanding recorded investment Consumer borrowers ¥ 7,236 ¥ 5,262 Real estate loans 22 17 Card loans 1,285 965 Other 5,929 4,280 Corporate borrowers 10,485 9,237 Non-recourse The Americas 340 340 Other than Non-recourse Real estate companies in overseas 104 104 Commercial, industrial and other companies in Japan 38 38 Commercial, industrial and other companies in overseas 10,003 8,755 Total ¥ 17,721 ¥ 14,499 Three months ended December 31, 2020 Millions of yen Portfolio segment Class Pre-modification outstanding recorded investment Post-modification outstanding recorded investment Consumer borrowers ¥ 1,857 ¥ 1,111 Real estate loans 7 4 Card loans 416 295 Other 1,434 812 Corporate borrowers 3,384 2,469 Other than Non-recourse Commercial, industrial and other companies in overseas 3,384 2,469 Total ¥ 5,241 ¥ 3,580 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 allowance for credit losses. 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 allowance for credit losses for the restructured receivables. For the nine December 1 COVID-19, The following table provides information about financing receivables modified as troubled debt restructurings within the previous 12 months from December 31, 2020 and for which there was a payment default during the nine and three months ended December 31, 2020: Nine months ended December 31, 2020 Millions of yen Portfolio segment Class Recorded investment Consumer borrowers ¥ 334 Card loans 32 Other 302 Consumer borrowers 1 Other than Non-recourse Commercial, industrial and other companies in overseas 1 Total ¥ 335 Three months ended December 31, 2020 Millions of yen Portfolio segment Class Recorded investment C onsumer ¥ 64 Card loans 14 Other 50 Total ¥ 64 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 modified terms In common with all portfolio segments, the Company and its subsidiaries suspend accruing revenues and may recognize additional allowance for credit losses as necessary for the defaulted financing receivables. As of December 31, 2020, 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 ¥295 million as of December 31, 2020. |
Investment in Securities
Investment in Securities | 9 Months Ended |
Dec. 31, 2020 | |
Investments Schedule [Abstract] | |
Investment in Securities | 9. Investment in Securities Investment in securities as of March 31, 2020 and December 31, 2020 consists of the following: Millions of yen March 31, 2020 December 31, 2020 Equity securities * ¥ 492,902 ¥ 537,485 Trading debt securities 7,431 2,748 Available-for-sale 1,631,185 1,893,060 Held-to-maturity 113,805 113,403 Total ¥ 2,245,323 ¥ 2,546,696 * The amount of assets under management of variable annuity and variable life insurance contracts included in equity securities were ¥254,853 million and ¥269,056 million as of March 31, 2020 and December 31, 2020, respectively. The amount of investment funds that are accounted for under the equity method included in equity securities were ¥70,129 million and ¥81,347 million as of March 31, 2020 and December 31, 2020, respectively. The amount of investment funds elected for the fair value option included in equity securities were ¥6,326 million and ¥4,471 million as of March 31, 2020 and December 31, 2020, respectively. Gains and losses realized from the sale of equity securities and net unrealized holding gains (losses) on equity securities are included in gains on investment securities and dividends, life insurance premiums and related investment income, and write-downs of securities. For further information, see Note 18 “Life Insurance Operations.” Net unrealized holding gains (losses) on equity securities held as of December 31, 2019 were gains of ¥34,529 million and ¥22,522 million, respectively, for the nine and three months ended December 31, 2019. Net unrealized holding gains (losses) on equity securities held as of December 31, 2020 were gains of ¥67,858 million and ¥30,525 million, respectively, for the nine and three months ended December 31, 2020, which did not include net unrealized holding gains (losses) on the both investment funds above mentioned. Equity securities include non-marketable Millions of yen March 31, 2020 Nine months ended December 31, 2019 Three months ended December 31, 2019 Carrying Accumulated Accumulated Impairments Upward Impairments Upward Equity securities measured using the measurement alternative ¥ 35,968 ¥ (13,428 ) ¥ 112 ¥ (38 ) ¥ 43 ¥ 0 ¥ 5 Millions of yen December 31, 2020 Nine months ended December 31, 2020 Three months ended December 31, 2020 Carrying Accumulated Accumulated Impairments Upward Impairments Upward Equity securities measured using the measurement alternative ¥ 44,660 ¥ (13,252 ) ¥ 253 ¥ (961 ) ¥ 142 ¥ (187 ) ¥ 46 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 December 31, 2019 were losses of ¥7 million and ¥74 million, respectively, for the nine and three months ended December 31, 2019. Net unrealized holding gains (losses) on trading debt securities held as of December 31, 2020 were gain of ¥45 million and ¥41 million, respectively, for the nine and three months ended December 31, 2020. Certain subsidiaries elected the fair value option for certain investments in investment funds included in equity securities whose net asset values do not represent the fair value of investments due to the illiquid nature of these investments. The subsidiaries manage these investments on a fair value basis and the election of the fair value option enables the subsidiaries to reflect more appropriate assumptions to measure the fair value of these investments. As of March 31, 2020 and December 31, 2020, these investments were fair valued at ¥6,326 million and ¥4,471 million, respectively. 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, 2020 Millions of yen Amortized cost Gross unrealized gains Gross unrealized losses Fair value Available-for-sale Japanese and foreign government bond securities ¥ 640,197 ¥ 21,063 ¥ (7,315 ) ¥ 653,945 Japanese prefectural and foreign municipal bond securities 251,738 2,031 (3,414 ) 250,355 Corporate debt securities 595,625 8,727 (7,875 ) 596,477 CMBS and RMBS in the Americas 56,957 929 (9,214 ) 48,672 Other asset-backed securities and debt securities 92,363 3,267 (13,894 ) 81,736 1,636,880 36,017 (41,712 ) 1,631,185 Held-to-maturity Japanese government bond securities and other 113,805 29,384 0 143,189 ¥ 1,750,685 ¥ 65,401 ¥ (41,712 ) ¥ 1,774,374 December 31, 2020 Millions of yen Amortized cost Gross unrealized gains Gross unrealized losses Fair value Available-for-sale Japanese and foreign government bond securities ¥ 773,305 ¥ 10,407 ¥ (29,643 ) ¥ 754,069 Japanese prefectural and foreign municipal bond securities 270,648 3,991 (2,299 ) 272,340 Corporate debt securities 725,795 11,610 (7,354 ) 730,051 CMBS and RMBS in the Americas 33,089 396 (2,515 ) 30,970 Other asset-backed securities and debt securities 103,141 3,875 (1,386 ) 105,630 1,905,978 30,279 (43,197 ) 1,893,060 Held-to-maturity Japanese government bond securities and other 113,403 27,576 0 140,979 ¥ 2,019,381 ¥ 57,855 ¥ (43,197 ) ¥ 2,034,039 The following tables provide information about available-for-sale March 31, 2020 Millions of yen Less than 12 months 12 months or more Total Fair value Gross unrealized losses Fair value Gross unrealized losses Fair value Gross unrealized losses Available-for-sale Japanese and foreign government bond securities ¥ 116,967 ¥ (2,881 ) ¥ 165,642 ¥ (4,434 ) ¥ 282,609 ¥ (7,315 ) Japanese prefectural and foreign municipal bond securities 143,563 (3,413 ) 219 (1 ) 143,782 (3,414 ) Corporate debt securities 260,738 (4,643 ) 22,631 (3,232 ) 283,369 (7,875 ) CMBS and RMBS in the Americas 30,830 (7,486 ) 5,768 (1,728 ) 36,598 (9,214 ) Other asset-backed securities and debt securities 26,612 (3,759 ) 22,727 (10,135 ) 49,339 (13,894 ) ¥ 578,710 ¥ (22,182 ) ¥ 216,987 ¥ (19,530 ) ¥ 795,697 ¥ (41,712 ) December 31, 2020 Millions of yen Less than 12 months 12 months or more Total Fair value Gross unrealized losses Fair value Gross unrealized losses Fair value Gross unrealized losses Available-for-sale Japanese and foreign government bond securities ¥ 410,619 ¥ (17,190 ) ¥ 178,497 ¥ (12,453 ) ¥ 589,116 ¥ (29,643 ) Japanese prefectural and foreign municipal bond securities 92,069 (1,627 ) 12,666 (672 ) 104,735 (2,299 ) Corporate debt securities 259,418 (5,185 ) 46,724 (2,169 ) 306,142 (7,354 ) CMBS and RMBS in the Americas 21,814 (2,433 ) 1,914 (82 ) 23,728 (2,515 ) Other asset-backed securities and debt securities 8,087 (169 ) 27,134 (1,217 ) 35,221 (1,386 ) ¥ 792,007 ¥ (26,604 ) ¥ 266,935 ¥ (16,593 ) ¥ 1,058,942 ¥ (43,197 ) Note: There was no allowance for credit losses for available-for-sale The number of investment securities that were in an unrealized loss position as of March 31, 2020 and December 31, 2020 were 678 and 574, respectively. The gross unrealized losses on these debt securities are attributable to a number of factors including changes in interest rates, credit spreads and market trends. As of December 31, 2020, the amount of accrued revenues on available-for-sale Credit Losses Standard has been adopted since April 1, 2020. For debt securities other than trading, before the adoption of Credit Losses Standard, in the case of the fair value being below the amortized cost, the Company and its subsidiaries assess whether the debt securities are other-than-temporarily impaired on the basis of all available information about the collectability. The Company and its subsidiaries do not consider debt securities other-than-temporarily impaired if (1) the Company and its subsidiaries do not intend to sell the debt securities, (2) it is not more likely than not that the Company and its subsidiaries will be required to sell the debt securities before recovery of the amortized cost basis and (3) the present value of estimated cash flows will fully cover the amortized cost. On the other hand, the Company and its subsidiaries consider debt securities other-than-temporarily impaired if any of the three conditions mentioned above are not met. There were no other-than-temporary impairment losses recognized in other comprehensive income (loss) or earnings for the nine months ended December 31, 2019. For debt securities other than trading securities, after the adoption of Credit Losses Standard, if the fair value is less than the amortized cost, the debt securities are impaired. The Company and its subsidiaries identify per each impaired security whether the decline of fair value is due to credit losses component or non-credit written-off available-for-sale available-for-sale available-for-sale Unrealized losses on available-for-sale available-for-sale For available-for-sale Millions of yen Nine months ended December 31, 2019 Beginning ¥ 2,102 Movement during the period 0 Ending ¥ 2,102 Millions of yen Three months ended December 31, 2019 Beginning ¥ 2,102 Movement during the period 0 Ending ¥ 2,102 non-credit available-for-sale available-for-sale available-for-sale |
Transfer of Financial Assets
Transfer of Financial Assets | 9 Months Ended |
Dec. 31, 2020 | |
Transfers and Servicing [Abstract] | |
Transfer of Financial Assets | 10. 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 nine months ended December 31, 2019 and 2020, the amount of installment loans that has been derecognized due to new securitization and transfer of loans were ¥431,379 million and ¥968,819 million, respectively. For the nine months ended December 31, 2019 and 2020, gains (losses) from the securitization and transfer of loans were ¥13,378 million and ¥25,271 million, respectively, which is included in finance revenues in the consolidated statements of income. For the three months ended December 31, 2019 and 2020, the amount of installment loans that has been derecognized due to new securitization and transfer of loans were ¥154,890 million and ¥415,914 million, respectively. For the three months ended December 31, 2019 and 2020, gains (losses) from the securitization and transfer of loans were ¥3,675 million and ¥9,226 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 nine and three months ended December 31, 2019 and 2020 are as follows: Millions of yen Nine months ended December 31, 2019 Nine months ended December 31, 2020 Three months ended December 31, 2019 Three months ended December 31, 2020 Beginning balance ¥ 31,572 ¥ 57,705 ¥ 32,364 ¥ 57,701 Increase mainly from loans sold with servicing retained 6,354 11,823 2,253 4,861 Decrease mainly from amortization (3,764 ) (9,032 ) (1,339 ) (3,687 ) Increase (Decrease) from the effects of changes in foreign exchange rates (388 ) (2,887 ) 496 (1,266 ) Ending balance ¥ 33,774 ¥ 57,609 ¥ 33,774 ¥ 57,609 The fair value of the servicing assets as of March 31, 2020 and December 31, 2020 are as follows: Millions of yen March 31, 2020 December 31, 2020 Beginning balance ¥ 39,846 ¥ 60,419 Ending balance ¥ 60,419 ¥ 63,947 |
Variable Interest Entities
Variable Interest Entities | 9 Months Ended |
Dec. 31, 2020 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Variable Interest Entities | 11. Variable Interest Entities The Company and its subsidiaries use SPEs in the ordinary course of business. These SPEs are not always controlled by voting rights, and there are cases where voting rights do not exist for these SPEs. The Company and its subsidiaries determine a variable interest entity (hereinafter, “VIE”) among those SPEs when (a) the total equity investment at risk is not sufficient to permit the entity to finance its activities without additional subordinated financial support provided by any parties, including the equity holders or (b) as a group, the holders of the equity investment at risk do not have (1) the ability to make decisions about an entity’s activities that most significantly impact the entity’s economic performance through voting rights or similar rights, (2) the obligation to absorb the expected losses of the entity or (3) the right to receive the expected residual returns of the entity. The Company and its subsidiaries perform a qualitative analysis to identify the primary beneficiary of VIEs. An enterprise that has both of the following characteristics is considered to be the primary beneficiary and therefore results in the consolidation of the VIE: • the power to direct the activities of a VIE that most significantly impact the entity’s economic performance; and • the obligation to absorb losses of the entity that could potentially be significant to the VIE or the right to receive benefits from the entity that could potentially be significant to the VIE. All facts and circumstances are taken into consideration when determining whether the Company and its subsidiaries have variable interests that would deem it the primary beneficiary and therefore require consolidation of the VIE. The Company and its subsidiaries make ongoing reassessment of whether they are the primary beneficiaries of a VIE. The following are the factors that the Company and its subsidiaries are considering in a qualitative assessment: • which activities most significantly impact the economic performance of the VIE and who has the power to direct such activities; • characteristics of the Company and its subsidiaries’ variable interest or interests and other involvements (including involvement of related parties and de facto agents); • involvement of other variable interest holders; and • the entity’s purpose and design, including the risks that the entity was designed to create and pass through to its variable interest holders. The Company and its subsidiaries generally consider the following types of involvement to be significant when determining the primary beneficiary: • designing the structuring of a transaction; • providing an equity investment and debt financing; • being the investment manager, asset manager or servicer and receiving variable fees; and • providing liquidity and other financial support. The Company and its subsidiaries do not have the power to direct activities of a VIE that most significantly impact the VIE’s economic performance if that power is shared among multiple unrelated parties, and accordingly do not consolidate such VIE. Information about VIEs (consolidated and non-consolidated) 1. Consolidated VIEs March 31, 2020 Millions of yen Types of VIEs Total assets*1 Total liabilities *1 Assets which are pledged as collateral *2 Commitments *3 (a) VIEs for liquidating customer assets ¥ 0 ¥ 0 ¥ 0 ¥ 0 (b) VIEs for acquisition of real estate and real estate development projects for customers 2,546 2 0 0 (c) VIEs for acquisition of real estate for the Company and its subsidiaries’ real estate-related business 80,385 17,941 21,970 5,153 (d) VIEs for corporate rehabilitation support business 465 9 0 0 (e) VIEs for investment in securities 82,098 28 0 0 (f) VIEs for securitizing financial assets such as finance lease receivable and loan receivable 267,548 159,181 267,548 0 (g) VIEs for securitization of loan receivable originated by third parties 2,358 3,037 2,358 0 (h) VIEs for power generation projects 393,797 284,772 355,107 40,111 (i) Other VIEs 163,948 66,411 141,988 0 Total ¥ 993,145 ¥ 531,381 ¥ 788,971 ¥ 45,264 December 31, 2020 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 2,031 0 0 0 (c) VIEs for acquisition of real estate for the Company and its subsidiaries’ real estate-related business 62,658 12,500 18,078 4,543 (d) VIEs for corporate rehabilitation support business 398 10 0 0 (e) VIEs for investment in securities 80,142 169 32 0 (f) VIEs for securitizing financial assets such as finance lease receivable and loan receivable 299,184 181,030 299,184 0 (g) VIEs for securitization of loan receivable originated by third parties 443 920 443 0 (h) VIEs for power generation projects 392,540 279,142 365,182 33,993 (i) Other VIEs 167,309 66,323 139,189 0 Total ¥ 1,004,705 ¥ 540,094 ¥ 822,108 ¥ 38,536 *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, 2020 Millions of yen Carrying amount of the VIEs held by the Company and its subsidiaries Maximum exposure to loss * Types of VIEs Total assets Non-recourse loans Investments (a) VIEs for liquidating customer assets ¥ 8,508 ¥ 0 ¥ 991 ¥ 991 (b) VIEs for acquisition of real estate and real estate development projects for customers 51,746 0 4,542 4,542 (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 3,820,403 0 55,645 72,527 (f) VIEs for securitizing financial assets such as finance lease receivable and loan receivable 0 0 0 0 (g) VIEs for securitization of loan receivable originated by third parties 1,239,325 0 15,663 15,668 (h) VIEs for power generation projects 25,037 0 1,719 1,719 (i) Other VIEs 200,325 2,837 10,523 13,476 Total ¥ 5,345,344 ¥ 2,837 ¥ 89,083 ¥ 108,923 December 31, 2020 Millions of yen Carrying amount of the variable interests in the VIEs held by the Company and its subsidiaries Maximum exposure to loss * Types of VIEs Total assets Non-recourse Investments (a) VIEs for liquidating customer assets ¥ 65,507 ¥ 1,495 ¥ 991 ¥ 2,486 (b) VIEs for acquisition of real estate and real estate development projects for customers 335,942 12,631 4,496 17,487 (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 3,523,298 0 53,076 70,107 (f) VIEs for securitizing financial assets such as finance lease receivable and loan receivable 775 0 2 2 (g) VIEs for securitization of loan receivable originated by third parties 1,593,913 0 18,922 18,925 (h) VIEs for power generation projects 24,690 0 1,710 1,710 (i) Other VIEs 335,970 2,672 9,837 12,509 Total ¥ 5,880,095 ¥ 16,798 ¥ 89,034 ¥ 123,226 * 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 non-recourse With respect to variable interests of non-consolidated non-recourse (b) VIEs for acquisition of real estate and real estate development projects for customers Customers, and the Company and its subsidiaries, are involved with VIEs formed to acquire real estate and/or develop real estate projects. In each case, a customer establishes and makes an equity investment in a VIE that is designed to be bankruptcy remote from the customer. The VIEs acquire real estate and/or develop real estate projects. The Company and its subsidiaries provide non-recourse In the Company’s consolidated balance sheets, assets of consolidated VIEs are mainly included in cash and cash equivalents and investment in affiliates. With respect to variable interests of non-consolidated non-recourse (c) VIEs for acquisition of real estate for the Company and its subsidiaries’ real estate-related business The Company and its subsidiaries establish VIEs and acquire real estate to borrow non-recourse In the Company’s consolidated balance sheets, assets of the consolidated VIEs are mainly included in cash and cash equivalents, restricted cash, investment in operating leases, investment in securities, property under facility operations and other assets, and liabilities of those consolidated VIEs are mainly included in long-term debt and other liabilities. The Company and certain subsidiaries have commitment agreements by which the Company and the subsidiaries may be required to make additional investment or execute loans in certain such consolidated VIEs. (d) VIEs for corporate rehabilitation support business Financial institutions, the Company and its subsidiaries are involved with VIEs established for the corporate rehabilitation support business. VIEs receive the funds from investors including the 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 subsidiaries consolidated such VIEs since the Company and its subsidiaries have the majority of the investment share of such VIEs, and have the power to direct the activities of the VIEs that most significantly impact the entities’ economic performance through the servicing operations. In the Company’s consolidated balance sheets, assets of the consolidated VIEs are mainly included in installment loans, and liabilities of those consolidated VIEs are mainly included in other liabilities. (e) VIEs for investment in securities The Company and its subsidiaries have interests in VIEs that are investment funds and mainly invest in equity and debt securities. Such VIEs are managed by certain subsidiaries or fund management companies that are independent of the Company and its subsidiaries. Certain subsidiaries consolidated certain such VIEs since the subsidiaries have the majority of the investment share of them, and have the power to direct the activities of those VIEs that most significantly impact the entities’ economic performance through involvement with the design of the VIEs or other means. In the Company’s consolidated balance sheets, assets of the consolidated VIEs are mainly included in investment in securities and investment in affiliates, and liabilities of those consolidated VIEs are mainly included in other liabilities. Variable interests of non-consolidated non-consolidated (f) VIEs for securitizing financial assets such as finance lease receivable and loan receivable The Company and its subsidiaries use VIEs to securitize financial assets such as finance lease receivables and loans receivables. In the securitization process, these financial assets are transferred to SPEs, and the SPEs issue beneficial interests or securities backed by the transferred financial assets to investors. After the securitization, the Company and its subsidiaries continue to hold a subordinated part of the securities and act as a servicer. The Company and its subsidiaries consolidated such VIEs since the Company and its subsidiaries have the power to direct the activities that most significantly impact the entity’s economic performance by designing the securitization scheme and conducting servicing activities, and have a responsibility to absorb losses of the VIEs that could potentially be significant to the entities by retaining the subordinated part of the securities. In the Company’s consolidated balance sheets, assets of the consolidated VIEs are mainly included in restricted cash, net investment in leases and installment loans, and liabilities of those consolidated VIEs are mainly included in long-term debt. Variable interests of non-consolidated VIEs, which the Company and its subsidiaries have, are included in restricted cash in the Company’s consolidated balance sheets. (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, thermal power stations and wind power stations on acquired or leased lands, and sell the generated power to electric power companies. The Company and its subsidiaries have consolidated certain VIEs because the Company and its subsidiaries have the majority of the investment shares of such VIEs and effectively control the VIEs by acting as the asset manager of the VIEs. In the Company’s consolidated balance sheets, assets of the consolidated VIEs are mainly included in cash and cash equivalents, restricted cash, property under facility operations and other assets, and liabilities of those consolidated VIEs are mainly included in short-term debt, long-term debt, and other liabilities. The Company and certain subsidiaries have commitment agreements by which the Company and the subsidiaries may be required to make additional investment or execute loans in certain such consolidated VIEs. Variable interests of non-consolidated (i) Other VIEs The Company and its subsidiaries are involved with other types of VIEs for various purposes. Consolidated and non-consolidated In Japan, certain subsidiaries provide investment products to their customers that employ a contractual mechanism known as a kumiai, which in part result in the subsidiaries forming a type of SPE. As a way to finance the purchase of aircraft or other large-ticket items to be leased to third parties, the Company and its subsidiaries arrange and market kumiai products to investors, who invest a portion of the funds necessary into the kumiai structure. The remainder of the purchase funds is borrowed by the kumiai structure in the form of a non-recourse The Company may use VIEs for financing. The Company transfers its own held assets to SPEs, which borrow non-recourse In the Company’s consolidated balance sheets, assets of the consolidated VIEs are mainly included in investment in operating leases, investment in affiliates, office facilities and other assets, and liabilities of those consolidated VIEs are mainly included in long-term debt and other liabilities. With respect to variable interests of non-consolidated non-recourse non-consolidated |
Investment in Affiliates
Investment in Affiliates | 9 Months Ended |
Dec. 31, 2020 | |
Investments in and Advances to Affiliates [Abstract] | |
Investment in Affiliates | 12. Investment in Affiliates Investment in affiliates at March 31, 2020 and December 31, 2020 consists of the following: Millions of yen March 31, 2020 December 31, 2020 Shares ¥ 770,750 ¥ 740,696 Loans and others 50,912 33,708 ¥ 821,662 ¥ 774,404 |
Redeemable Noncontrolling Inter
Redeemable Noncontrolling Interests | 9 Months Ended |
Dec. 31, 2020 | |
Noncontrolling Interest [Abstract] | |
Redeemable Noncontrolling Interests | 13. Redeemable Noncontrolling Interests Changes in redeemable noncontrolling interests for the nine months ended December 31, 2019 and 2020 are as follows : Millions of yen Nine months ended December 31, 2019 Nine months ended December 31, 2020 Beginning balance ¥ 9,780 ¥ 10,331 Transaction with noncontrolling interests 0 (10,028 ) Comprehensive income (loss) Net income (loss) 359 (23 ) Other comprehensive income (loss) Net change of foreign currency translation adjustments (130 ) (280 ) Total other comprehensive income (loss) (130 ) (280 ) Comprehensive income (loss) 229 (303 ) Dividends (289 ) 0 Ending balance ¥ 9,720 ¥ 0 |
Accumulated Other Comprehensive
Accumulated Other Comprehensive Income (Loss) | 9 Months Ended |
Dec. 31, 2020 | |
Equity [Abstract] | |
Accumulated Other Comprehensive Income (Loss) | 14. Accumulated Other Comprehensive Income (Loss) Changes in each component of accumulated other comprehensive income (loss) attributable to ORIX Corporation Shareholders for the nine months ended December 31, 2019 and 2020, are as follows: Nine months ended December 31, 2019 Millions of yen Net unrealized gains (losses) on investment in securities Debt Defined benefit pension plans Foreign currency translation adjustments Net unrealized gains (losses) on derivative instruments Accumulated other comprehensive income (loss) Balance at March 31, 2019 ¥ 17,389 ¥ 582 ¥ (27,902 ) ¥ (43,558 ) ¥ (7,854 ) ¥ (61,343 ) Net unrealized gains (losses) on investment in securities, net of tax of ¥(2,053) million 5,472 5,472 Reclassification adjustment included in net income, net of tax of ¥1,700 million (4,195 ) (4,195 ) Debt valuation adjustments, net of tax of 168 168 Reclassification adjustment included in net income, net of tax of ¥12 million (32 ) (32 ) Defined benefit pension plans, net of tax of 129 129 Reclassification adjustment included in net income, net of tax of ¥(142) million 363 363 Foreign currency translation adjustments, net of tax of ¥(823) million (18,801 ) (18,801 ) Reclassification adjustment included in net income, net of tax of ¥(1,058) million 2,216 2,216 Net unrealized gains (losses) on derivative instruments, net of tax of ¥996 million (4,444 ) (4,444 ) Reclassification adjustment included in net income, net of tax of ¥(323) million 884 884 Total other comprehensive income (loss) 1,277 136 492 (16,585 ) (3,560 ) (18,240 ) Less: Other Comprehensive Income (Loss) Attributable to the Noncontrolling Interests (6 ) 0 (1 ) (1,541 ) 1 (1,547 ) Less: Other Comprehensive Income (Loss) Attributable to the Redeemable Noncontrolling Interests 0 0 0 (130 ) 0 (130 ) Balance at December 31, 2019 ¥ 18,672 ¥ 718 ¥ (27,409 ) ¥ (58,472 ) ¥ (11,415 ) ¥ (77,906 ) Nine months ended December 31, 2020 Millions of yen Net unrealized gains (losses) on investment in securities Debt Defined benefit pension plans Foreign currency translation adjustments Net unrealized gains (losses) on derivative instruments Accumulated other comprehensive income (loss) Balance at March 31, 2020 ¥ (5,001 ) ¥ 1,457 ¥ (26,375 ) ¥ (72,471 ) ¥ (16,142 ) ¥ (118,532 ) Net unrealized gains (losses) on investment in securities, net of tax of ¥2,542 (4,571 ) (4,571 ) Reclassification adjustment included in net income, net of tax of ¥73 million 344 344 Debt valuation adjustments, net of tax of ¥230 million (593 ) (593 ) Reclassification adjustment included in net income, net of tax of ¥19 million (50 ) (50 ) Defined benefit pension plans, net of tax of ¥152 million (380 ) (380 ) Reclassification adjustment included in net income, net of tax of ¥(268) million 576 576 Foreign currency translation adjustments, net of tax of ¥(4,573) million (13,538 ) (13,538 ) Reclassification adjustment included in net income, net of tax of ¥(864) million 1,921 1,921 Net unrealized gains (losses) on derivative instruments, net of tax of ¥902 million (2,933 ) (2,933 ) Reclassification adjustment included in net income, net of tax of ¥(1,505) million 4,204 4,204 Total other comprehensive income (loss) (4,227 ) (643 ) 196 (11,617 ) 1,271 (15,020 ) Less: Other Comprehensive Income (Loss) Attributable to the Noncontrolling Interests 26 0 (3 ) (2,362 ) 121 (2,218 ) Less: Other Comprehensive Income (Loss) Attributable to the Redeemable Noncontrolling Interests 0 0 0 (280 ) 0 (280 ) Balance at December 31, 2020 ¥ (9,254 ) ¥ 814 ¥ (26,176 ) ¥ (81,446 ) ¥ (14,992 ) ¥ (131,054 ) * There were no net unrealized gains (losses) on investment in securities related to available-for-sale Changes in each component of accumulated other comprehensive income (loss) attributable to ORIX Corporation Shareholders for the three months ended December 31, 2019 and 2020, are as follows: Three months ended December 31, 2019 Millions of yen Net unrealized gains (losses) on investment in securities Debt Defined benefit pension plans Foreign currency translation adjustments Net unrealized gains (losses) on derivative instruments Accumulated other comprehensive income (loss) Balance at September 30, 2019 ¥ 22,300 ¥ 786 ¥ (27,116 ) ¥ (79,587 ) ¥ (13,511 ) ¥ (97,128 ) Net unrealized gains (losses) on investment in securities, net of tax of ¥1,116 million (2,838 ) (2,838 ) Reclassification adjustment included in net income, net of tax of ¥313 million (789 ) (789 ) Debt valuation adjustments, net of tax of ¥21 million (54 ) (54 ) Reclassification adjustment included in net income, net of tax of ¥5 million (14 ) (14 ) Defined benefit pension plans, net of tax of ¥151 million (406 ) (406 ) Reclassification adjustment included in net income, net of tax of ¥(40) million 112 112 Foreign currency translation adjustments, net of tax of ¥6,858 million 20,802 20,802 Reclassification adjustment included in net income, net of tax of ¥(348) million 658 658 Net unrealized gains (losses) on derivative instruments, net of tax of ¥(584) million 1,877 1,877 Reclassification adjustment included in net income, net of tax of ¥(109) million 291 291 Total other comprehensive income (loss) (3,627 ) (68 ) (294 ) 21,460 2,168 19,639 Less: Other Comprehensive Income (Loss) Attributable to the Noncontrolling Interests 1 0 (1 ) 200 72 272 Less: Other Comprehensive Income Attributable to the Redeemable Noncontrolling Interests 0 0 0 145 0 145 Balance at December 31, 2019 ¥ 18,672 ¥ 718 ¥ (27,409 ) ¥ (58,472 ) ¥ (11,415 ) ¥ (77,906 ) Three months ended December 31, 2020 Millions of yen Net unrealized gains (losses) on investment in securities Debt Defined benefit pension plans Foreign currency translation adjustments Net unrealized gains (losses) on derivative instruments Accumulated other comprehensive income (loss) Balance at September 30, 2020 ¥ (3,130 ) ¥ 923 ¥ (26,248 ) ¥ (79,142 ) ¥ (16,667 ) ¥ (124,264 ) Net unrealized gains (losses) on investment in securities, net of tax of ¥2,093 million * (5,761 ) (5,761 ) Reclassification adjustment included in net income, net of tax of ¥90 million (345 ) (345 ) Debt valuation adjustments, net of tax of ¥34 million (85 ) (85 ) Reclassification adjustment included in net income, net of tax of ¥8 million (24 ) (24 ) Defined benefit pension plans, net of tax of ¥47 million (121 ) (121 ) Reclassification adjustment included in net income, net of tax of ¥(90) million 192 192 Foreign currency translation adjustments, net of tax of ¥(1,107) million (3,281 ) (3,281 ) Reclassification adjustment included in net income, net of tax of ¥(185) million 413 413 Net unrealized gains (losses) on derivative instruments, net of tax of ¥109 million (827 ) (827 ) Reclassification adjustment included in net income, net of tax of ¥(1,032) million 2,618 2,618 Total other comprehensive income (loss) (6,106 ) (109 ) 71 (2,868 ) 1,791 (7,221 ) Less: Other Comprehensive Income (Loss) Attributable to the Noncontrolling Interests 18 0 (1 ) (564 ) 116 (431 ) Balance at December 31, 2020 ¥ (9,254 ) ¥ 814 ¥ (26,176 ) ¥ (81,446 ) ¥ (14,992 ) ¥ (131,054 ) * There were no net unrealized gains (losses) on investment in securities related to available-for-sale Amounts reclassified to net income from accumulated other comprehensive income (loss) in the nine months ended December 31, 2019 and 2020 are as follows: Nine months ended December 31, 2019 Details about accumulated other comprehensive income components Reclassification adjustment included in net income Millions of yen Consolidated statements of income caption Net unrealized gains (losses) on investment in securities Sales of debt securities ¥ 2,159 Gains on investment securities and dividends Sales of debt securities 5,133 Life insurance premiums and related investment income Amortization of debt securities (784 ) Finance revenues Amortization of debt securities (613 ) Life insurance premiums and related investment income 5,895 Total before income tax (1,700 ) Income tax (expense) or benefit ¥ 4,195 Net of tax Debt valuation adjustments Fulfillment of policy liabilities and amortization of policy account balances ¥ 44 Life insurance costs 44 Total before income tax (12 ) Income tax (expense) or benefit ¥ 32 Net of tax Defined benefit pension plans Amortization of prior service credit ¥ 730 See Note 17 “Pension Plans” Amortization of net actuarial loss (1,233 ) See Note 17 “Pension Plans” Amortization of transition obligation (2 ) See Note 17 “Pension Plans” (505 ) Total before income tax 142 Income tax (expense) or benefit ¥ (363 ) Net of tax Foreign currency translation adjustments Foreign exchange contracts ¥ (1,875 ) Gains on sales of subsidiaries and affiliates and liquidation losses, net/Interest expense/Other (income) and expense Sales or liquidation (1,399 ) Gains on sales of subsidiaries and affiliates and liquidation losses, net (3,274 ) Total before income tax 1,058 Income tax (expense) or benefit ¥ (2,216 ) Net of tax Net unrealized gains (losses) on derivative instruments Interest rate swap agreements ¥ (584 ) Interest expense Foreign exchange contracts (255 ) Interest expense Foreign currency swap agreements (368 ) Interest expense/Other (income) and expense (1,207 ) Total before income tax 323 Income tax (expense) or benefit ¥ (884 ) Net of tax Nine months ended December 31, 2020 Details about accumulated other comprehensive income components Reclassification adjustment included in net income Millions of yen Consolidated statements of income caption Net unrealized gains (losses) on investment in securities Sales of debt securities ¥ 1,335 Gains on investment securities and dividends Sales of debt securities 4,329 Life insurance premiums and related investment income Amortization of debt securities (1,489 ) Finance revenues Amortization of debt securities (1,032 ) Life insurance premiums and related investment income Others (3,414 ) Write-downs of securities and other (271 ) Total before income tax (73 ) Income tax (expense) or benefit ¥ (344 ) Net of tax Debt valuation adjustments Fulfillment of policy liabilities and amortization of policy account balances ¥ 69 Life insurance costs 69 Total before income tax (19 ) Income tax (expense) or benefit ¥ 50 Net of tax Defined benefit pension plans Amortization of prior service credit ¥ 355 See Note 17 “Pension Plans” Amortization of net actuarial loss (1,198 ) See Note 17 “Pension Plans” Amortization of transition obligation (1 ) See Note 17 “Pension Plans” (844 ) Total before income tax 268 Income tax (expense) or benefit ¥ (576 ) Net of tax Foreign currency translation adjustments Foreign exchange contracts ¥ (2,421 ) Gains on sales of subsidiaries and affiliates and liquidation losses, net/Interest expense/Other (income) and expense Sales or liquidation (364 ) Gains on sales of subsidiaries and affiliates and liquidation losses, net (2,785 ) Total before income tax 864 Income tax (expense) or benefit ¥ (1,921 ) Net of tax Net unrealized gains (losses) on derivative instruments Interest rate swap agreements ¥ (833 ) Interest expense Foreign exchange contracts (193 ) Interest expense/Other (income) and expense Foreign currency swap agreements (4,683 ) Interest expense/Other (income) and expense (5,709 ) Total before income tax 1,505 Income tax (expense) or benefit ¥ (4,204 ) Net of tax Amounts reclassified to net income from accumulated other comprehensive income (loss) in the three months ended December 31, 2019 and 2020 are as follows: Details about accumulated other comprehensive income components Three months ended December 31, 2019 Reclassification adjustment included in net income Consolidated statements of income caption Millions of yen Net unrealized gains (losses) on investment in securities Sales of debt securities ¥ 245 Gains on investment securities and dividends Sales of debt securities 1,578 Life insurance premiums and related investment income Amortization of debt securities (405 ) Finance revenues Amortization of debt securities (316 ) Life insurance premiums and related investment income 1,102 Total before income tax (313 ) Income tax (expense) or benefit ¥ 789 Net of tax Debt valuation adjustments Fulfillment of policy liabilities and amortization of policy account balances ¥ 19 Life insurance costs 19 Total before income tax (5 ) Income tax (expense) or benefit ¥ 14 Net of tax Defined benefit pension plans Amortization of prior service credit ¥ 249 See Note 17 “Pension Plans” Amortization of net actuarial loss (401 ) See Note 17 “Pension Plans” Amortization of transition obligation (0 ) See Note 17 “Pension Plans” (152 ) Total before income tax 40 Income tax (expense) or benefit ¥ (112 ) Net of tax Foreign currency translation adjustments Foreign exchange contracts ¥ 393 Gains on sales of subsidiaries and affiliates and liquidation losses, net/Interest expense/Other (income) and expense Sales or liquidation (1,399 ) Gains on sales of subsidiaries and affiliates and liquidation losses, net (1,006 ) Total before income tax 348 Income tax (expense) or benefit ¥ (658 ) Net of tax Net unrealized gains (losses) on derivative instruments Interest rate swap agreements ¥ (218 ) Interest expense/Other (income) and expense Foreign exchange contracts (107 ) Interest expense Foreign currency swap agreements (75 ) Interest expense/Other (income) and expense (400 ) Total before income tax 109 Income tax (expense) or benefit ¥ (291 ) Net of tax Three months ended December 31, 2020 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 debt securities ¥ 967 Gains on investment securities and dividends Sales of debt securities 408 Life insurance premiums and related investment income Amortization of debt securities (360 ) Finance revenues Amortization of debt securities (405 ) Life insurance premiums and related investment income Others (175 ) Write-downs of securities and other 435 Total before income tax (90 ) Income tax (expense) or benefit ¥ 345 Net of tax Debt valuation adjustments Fulfillment of policy liabilities and amortization of policy account balances ¥ 32 Life insurance costs 32 Total before income tax (8 ) Income tax (expense) or benefit ¥ 24 Net of tax Defined benefit pension plans Amortization of prior service credit ¥ 119 See Note 17 “Pension Plans” Amortization of net actuarial loss (401 ) See Note 17 “Pension Plans” Amortization of transition obligation (0 ) See Note 17 “Pension Plans” (282 ) Total before income tax 90 Income tax (expense) or benefit ¥ (192 ) Net of tax Foreign currency translation adjustments Foreign exchange contracts ¥ (210 ) Gains on sales of subsidiaries and affiliates and liquidation losses, net/ Sales or liquidation (388 ) Gains on sales of subsidiaries and affiliates and liquidation losses, net (598 ) Total before income tax 185 Income tax (expense) or benefit ¥ (413 ) Net of tax Net unrealized gains (losses) on derivative instruments Interest rate swap agreements ¥ (287 ) Interest expense Foreign exchange contracts (44 ) Interest expense/Other (income) and expense Foreign currency swap agreements (3,319 ) Interest expense/Other (income) and expense (3,650 ) Total before income tax 1,032 Income tax (expense) or benefit ¥ (2,618 ) Net of tax |
ORIX Corporation Shareholders'
ORIX Corporation Shareholders' Equity | 9 Months Ended |
Dec. 31, 2020 | |
Stockholders' Equity Note [Abstract] | |
ORIX Corporation Shareholders' Equity | 15. ORIX Corporation Shareholders’ Equity Information about ORIX Corporation Shareholders’ Equity for the nine months ended December 31, 2019 and 2020 are as follows: (1) Dividend payments Nine months ended December 31, 2019 Nine months ended December 31, 2020 Resolution The board of directors on May 22, 2019 The board of directors on May 21, 2020 Type of shares Common stock Common stock Total dividends paid ¥58,962 million ¥51,493 million Dividend per share 46.00 ¥41.00 Date of record for dividend March 31, 2019 March 31, 2020 Effective date for dividend June 3, 2019 June 18, 2020 Dividend resource Retained earnings Retained earnings Resolution The board of directors on October 28, 2019 The board of directors on November 2, 2020 Type of shares Common stock Common stock Total dividends paid ¥44,862 million ¥43,670 million Dividend per share ¥35.00 ¥35.00 Date of record for dividend September 30, 2019 September 30, 2020 Effective date for dividend December 3, 2019 December 9, 2020 Dividend resource Retained earnings Retained earnings Total dividends paid by resolution of the board of directors on May 22, 2019 include ¥83 million of dividends paid to the Board Incentive Plan Trust for the nine months ended December 31, 2019. Total dividends paid by resolution of the board of directors on May 21, 2020 include ¥60 million of dividends paid to the Board Incentive Plan Trust for the nine months ended December 31, 2020. Total dividends paid by resolution of the board of directors on October 28, 2019 include ¥62 million of dividends paid to the Board Incentive Plan Trust for the nine months ended December 31, 2019. Total dividends paid by resolution of the board of directors on November 2, 2020 include ¥76 million of dividends paid to the Board Incentive Plan Trust for the nine months ended December 31, 2020. (2) There were no applicable dividends for which the date of record was in the nine months ended December 31, 2019 and 2020, and for which the effective date was after December 31, 2019 and 2020. |
Selling, General and Administra
Selling, General and Administrative Expenses | 9 Months Ended |
Dec. 31, 2020 | |
Text Block [Abstract] | |
Selling, General and Administrative Expenses | 16. Selling, General and Administrative Expenses Selling, general and administrative expenses for the nine months ended December 31, 2019 and 2020 are as follows: Millions of yen Nine months ended December 31, 2019 Nine months ended December 31, 2020 Personnel expenses ¥ 192,526 ¥ 194,368 Selling expenses 53,759 47,467 Administrative expenses 86,033 86,963 Depreciation of office facilities 5,436 6,130 Total ¥ 337,754 ¥ 334,928 Selling, general and administrative expenses for the three months ended December 31, 2019 and 2020 are as follows: Millions of yen Three months ended December 31, 2019 Three months ended December 31, 2020 Personnel expenses ¥ 66,736 ¥ 66,239 Selling expenses 18,578 18,854 Administrative expenses 29,361 29,162 Depreciation of office facilities 1,888 2,054 Total ¥ 116,563 ¥ 116,309 |
Pension Plans
Pension Plans | 9 Months Ended |
Dec. 31, 2020 | |
Retirement Benefits [Abstract] | |
Pension Plans | 17. Pension Plans The Company and certain subsidiaries have contributory and non-contributory lump-sum The Company and certain subsidiaries’ funding policy is to contribute annually the amounts actuarially determined. Assets of the plans are invested primarily in debt securities and marketable equity securities. Net periodic pension cost for the nine months ended December 31, 2019 and 2020 consists of the following: Millions of yen Nine months ended December 31, 2019 Nine months ended December 31, 2020 Japanese plans: Service cost ¥ 4,384 ¥ 4,243 Interest cost 438 520 Expected return on plan assets (2,083 ) (1,820 ) Amortization of prior service credit (615 ) (133 ) Amortization of net actuarial loss 865 990 Amortization of transition obligation 0 0 Net periodic pension cost ¥ 2,989 ¥ 3,800 Millions of yen Nine months ended December 31, 2019 Nine months ended December 31, 2020 Overseas plans: Service cost ¥ 2,649 ¥ 2,440 Interest cost 1,275 1,247 Expected return on plan assets (3,242 ) (2,677 ) Amortization of prior service credit (115 ) (222 ) Amortization of net actuarial loss 368 208 Amortization of transition obligation 2 1 Net periodic pension cost ¥ 937 ¥ 997 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. Net pension cost of the plans for the three months ended December 31, 2019 and 2020 consists of the following: Millions of yen Three months ended December 31, 2019 Three months ended December 31, 2020 Japanese plans: Service cost ¥ 1,507 ¥ 1,414 Interest cost 151 174 Expected return on plan assets (713 ) (607 ) Amortization of prior service credit (210 ) (44 ) Amortization of net actuarial loss 288 330 Amortization of transition obligation 0 0 Net periodic pension cost ¥ 1,023 ¥ 1,267 Millions of yen Three months ended December 31, 2019 Three months ended December 31, 2020 Overseas plans: Service cost ¥ 883 ¥ 814 Interest cost 426 420 Expected return on plan assets (1,101 ) (904 ) Amortization of prior service credit (39 ) (75 ) Amortization of net actuarial loss 113 71 Amortization of transition obligation 0 0 Net periodic pension cost ¥ 282 ¥ 326 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 | 9 Months Ended |
Dec. 31, 2020 | |
Insurance [Abstract] | |
Life Insurance Operations | 18. Life Insurance Operations Life insurance premiums and related investment income for the nine and three months ended December 31, 2019 and 2020 consist of the following: Millions of yen Nine months ended December 31, 2019 Nine months ended December 31, 2020 Life insurance premiums ¥ 254,683 ¥ 289,112 Life insurance related investment income* 35,973 67,035 ¥ 290,656 ¥ 356,147 * Life insurance related investment income for the nine months ended December 31, 2019 and 2020 include net unrealized holding gains of ¥24,609 million and ¥55,050 million on equity securities held as of December 31, 2019 and 2020, respectively. Millions of yen Three months ended December 31, 2019 Three months ended December 31, 2020 Life insurance premiums ¥ 87,421 ¥ 98,112 Life insurance related investment income* 20,767 24,284 ¥ 108,188 ¥ 122,396 * Life insurance related investment income for the three months ended December 31, 2019 and 2020 include net unrealized holding gains of ¥18,043 million and ¥22,250 million on equity securities held as of December 31, 2019 and 2020, respectively. Life insurance premiums include reinsurance benefits, net of reinsurance premiums. For the nine and three months ended December 31, 2019 and 2020, reinsurance benefits and reinsurance premiums included in life insurance premiums are as follows: Millions of yen Nine months ended December 31, 2019 Nine months ended December 31, 2020 Reinsurance benefits ¥ 1,949 ¥ 1,423 Reinsurance premiums (3,933 ) (3,805 ) Millions of yen Three months ended December 31, 2019 Three months ended December 31, 2020 Reinsurance benefits ¥ 774 ¥ 260 Reinsurance premiums (1,282 ) (1,279 ) 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 nine months ended December 31, 2019 and 2020 amounted to ¥13,839 million and ¥15,719 million, respectively. In addition, amortization charged to income for the three months ended December 31, 2019 and 2020 amounted to ¥4,707 million and ¥5,801 million, respectively. Life insurance premiums and related investment income include net realized and unrealized gains or losses from investment assets under management on behalf of variable annuity and variable life policyholders, and net gains or losses from derivative contracts, which consist of gains or losses from futures, foreign exchange contracts and options held, entered to economically hedge a portion of the minimum guarantee risk relating to variable annuity and variable life insurance contracts. In addition, the fair value option was elected for the entire variable annuity and variable life insurance contracts to offset earnings recognized for gains or losses from the investment assets managed on behalf of variable annuity and variable life policyholders, derivative contracts and the changes in the fair value of reinsurance contracts. Life insurance costs include the net amount of the changes in fair value of the variable annuity and variable life insurance contracts for which the fair value option was elected and insurance costs recognized for insurance and annuity payouts as a result of insured events. Certain subsidiaries have elected the fair value option for certain reinsurance contracts to partially offset the changes in fair value recognized in earnings of the policy liabilities and policy account balances attributable to the changes in the minimum guarantee risks of the variable annuity and variable life insurance contracts, and the changes in the fair value of the reinsurance contracts were recorded in life insurance costs. The portion of the total change in the fair value of variable annuity and variable life insurance contracts that results from a change in the instrument-specific credit risk is recognized in other comprehensive income (loss), net of applicable income taxes. The above mentioned gains or losses relating to variable annuity and variable life insurance contracts for the nine and three months ended December 31, 2019 and 2020 are mainly as follows: Millions of yen Nine months ended December 31, 2019 Nine months ended December 31, 2020 Life insurance premiums and related investment income : Net realized and unrealized gains or losses from investment assets ¥ 25,962 ¥ 63,475 Net gains or losses from derivative contracts : (3,477 ) (8,398 ) Futures (3,292 ) (7,875 ) Foreign exchange contracts (5 ) 75 Options held (180 ) (598 ) Life insurance costs : Changes in the fair value of the policy liabilities and policy account balances ¥ (26,992 ) ¥ (11,358 ) Insurance costs recognized for insurance and annuity payouts as a result of insured events 39,418 45,499 Changes in the fair value of the reinsurance contracts 3,230 10,913 Millions of yen Three months ended December 31, 2019 Three months ended December 31, 2020 Life insurance premiums and related investment income : Net realized and unrealized gains or losses from investment assets ¥ 18,661 ¥ 23,575 Net gains or losses from derivative contracts : (2,653 ) (2,388 ) Futures (2,284 ) (2,415 ) Foreign exchange contracts (284 ) 36 Options held (85 ) (9 ) Life insurance costs : Changes in the fair value of the policy liabilities and policy account balances ¥ (3,917 ) ¥ (6,688 ) Insurance costs recognized for insurance and annuity payouts as a result of insured events 14,304 23,388 Changes in the fair value of the reinsurance contracts 2,163 1,769 |
Write-Downs of Long-Lived Asset
Write-Downs of Long-Lived Assets | 9 Months Ended |
Dec. 31, 2020 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Write-Downs of Long-Lived Assets | 19. 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, 2020 and December 31, 2020, 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, 2020 As of December 31, 2020 Investment in operating leases ¥ 5,208 ¥ 7,254 Property under facility operations 436 0 The long-lived assets classified as held for sale as of March 31, 2020 are included in Real Estate and Environment and Energy. The long-lived assets classified as held for sale as of December 31, 2020 are included in Corporate Financial Services and Maintenance Leasing, Real Estate and Aircraft and Ships. 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 nine months ended December 31, 2019 and 2020, the Company and its subsidiaries recognized impairment losses for the difference between carrying amounts and fair values in the amount of ¥554 million and ¥591 million, respectively, which are reflected as write-downs of long-lived assets. Breakdowns of these amounts are as follows. Nine months ended December 31, 2019 Nine months ended December 31, 2020 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 ¥ 529 2 ¥ 0 0 Condominiums 0 0 64 2 Land undeveloped or under construction 0 0 17 1 Others* 25 — 510 — Total ¥ 554 — ¥ 591 — * For “Others,” the number of properties is omitted. In addition, write-downs of other long-lived assets for the nine months ended December 31, 2020, include a write-down of ¥433 million of two hotels. Losses of ¥20 million in Real Estate, ¥509 million in ORIX USA and ¥25 million in Asia and Australia were recorded for the nine months ended December 31, 2019. Losses of ¥433 million in Real Estate, ¥17 million in Environment and Energy, ¥60 million in ORIX USA and ¥81 million in Asia and Australia were recorded for the nine months ended December 31, 2020. For the three months ended December 31, 2019 and 2020, the Company and its subsidiaries recognized impairment losses for the difference between carrying amounts and fair values in the amount of ¥518 million and ¥8 million, respectively, which are reflected as write-downs of long-lived assets. Breakdowns of these amounts are as follows. Three months ended December 31, 2019 Three months ended December 31, 2020 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 ¥ 509 1 ¥ 0 0 Others* 9 — 8 — Total ¥ 518 — ¥ 8 — * For “Others,” the number of properties is omitted. Losses of ¥509 million in ORIX USA and ¥9 million in Asia and Australia were recorded for the three months ended December 31, 2019. A loss of ¥8 million in Asia and Australia was recorded for the three months ended December 31, 2020. Since April 1, 2020, the reportable segments have been reorganized. As a result of this change, the segment data of the previous fiscal year has been retrospectively restated. |
Per Share Data
Per Share Data | 9 Months Ended |
Dec. 31, 2020 | |
Earnings Per Share [Abstract] | |
Per Share Data | 20. Per Share Data Reconciliation of the differences between basic and diluted earnings per share (EPS) in the nine and three months ended December 31, 2019 and 2020 is as follows: During the nine and three months ended December 31, 2019 and 2020, there was no stock compensation which was antidilutive. Millions of yen Nine months ended December 31, 2019 Nine months ended December 31, 2020 Net Income attributable to ORIX Corporation shareholders ¥ 244,319 ¥ 142,015 Millions of yen Three months ended December 31, 2019 Three months ended December 31, 2020 Net Income attributable to ORIX Corporation shareholders ¥ 85,169 ¥ 48,173 Thousands of Shares Nine months ended December 31, 2019 Nine months ended December 31, 2020 Weighted-average shares 1,279,196 1,242,765 Effect of dilutive securities— Stock compensation 1,138 1,107 Weighted-average shares for diluted EPS computation 1,280,334 1,243,872 Thousands of Shares Three months ended December 31, 2019 Three months ended December 31, 2020 Weighted-average shares 1,278,048 1,235,177 Effect of dilutive securities— Stock compensation 1,245 1,139 Weighted-average shares for diluted EPS computation 1,279,293 1,236,316 Yen Nine months ended December 31, 2019 Nine months ended December 31, 2020 Earnings per share for net income attributable to ORIX Corporation shareholders: Basic ¥ 190.99 ¥ 114.27 Diluted 190.82 114.17 Yen Three months ended December 31, 2019 Three months ended December 31, 2020 Earnings per share for net income attributable to ORIX Corporation shareholders: Basic ¥ 66.64 ¥ 39.00 Diluted 66.58 38.97 Note: The Company’s shares held through the Board Incentive Plan Trust are included in the number of treasury stock to be deducted in calculation of the weighted-average shares for EPS computation. (1,813,193 and 1,821,098 shares for the nine months ended December 31, 2019 and 2020, 1,796,993 and 2,197,628 shares for the three months ended December 31, 2019 and 2020) |
Derivative Financial Instrument
Derivative Financial Instruments and Hedging | 9 Months Ended |
Dec. 31, 2020 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Derivative Financial Instruments and Hedging | 21. 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 fluctuations 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 non-performance The Company and its subsidiaries have no derivative instruments with credit-risk-related contingent features as of March 31, 2020 and December 31, 2020. (a) Cash flow hedges The Company and its subsidiaries designate interest rate swap agreements, foreign currency swap agreements and foreign exchange contracts as cash flow hedges for variability of cash flows originating from floating rate borrowings and forecasted transactions and for exchange fluctuations. (b) Fair value hedges The Company and its subsidiaries use financial instruments designated as fair value hedges to hedge their exposure to interest rate risk and foreign currency exchange risk. The Company and its subsidiaries designate foreign exchange contracts to minimize foreign currency exposures on bonds in foreign currencies. The Company and certain overseas subsidiaries use interest rate swap agreements to hedge interest rate exposure of the fair values of National government bonds in foreign currencies. (c) Hedges of net investment in foreign operations The Company uses foreign exchange contracts and borrowings and bonds denominated in foreign currencies to hedge the foreign currency exposure of the net investment in overseas subsidiaries. (d) Derivatives not designated as hedging instruments The Company and its subsidiaries entered into interest rate swap agreements, futures and foreign exchange contracts for risk management purposes which are not qualified for hedge accounting. A certain subsidiary holds option agreements, futures and foreign exchange contracts for the purpose of economic hedges against minimum guarantee risk of variable annuity and variable life insurance contracts. The effect of derivative instruments on the consolidated statements of income, pre-tax, (1) Cash flow hedges Millions of yen Gains (losses) recognized in other comprehensive income on derivative Gains (losses) reclassified from other comprehensive income (loss) into income Interest expense Other (income) and expense Interest rate swap agreements ¥ (4,610 ) ¥ 584 ¥ 0 Foreign exchange contracts (369 ) 255 0 Foreign currency swap agreements (461 ) 260 108 (2) Fair value hedges Millions of yen Gains (losses) recognized in income on derivative and other Gains (losses) recognized in income on hedged item Life insurance premiums and related investment income Other (income) and expense Life insurance premiums and related investment income Other (income) and expense Interest rate swap agreements ¥ (5,794 ) ¥ 0 ¥ 5,431 ¥ 0 Foreign exchange contracts 1,172 153 (910 ) (128 ) (3) Hedges of net investment in foreign operations Millions of yen Gains (losses) recognized in other comprehensive income on derivative and others Gains (losses) reclassified from other comprehensive income (loss) into income Gains on sales of and liquidation losses, net Interest expense Other (income) and Foreign exchange contracts ¥ 4,380 ¥ 1,594 ¥ 3,448 ¥ 21 Borrowings and bonds in foreign currencies 8,342 0 0 0 (4) Derivatives not designated as hedging instruments Millions of yen Gains (losses) recognized in income on derivative Life insurance premiums and related investment income* Interest expense Other (income) and Interest rate swap agreements ¥ 0 ¥ 5 ¥ 120 Futures (3,292 ) 0 2,367 Foreign exchange contracts 177 3,635 1,494 Credit derivatives held 0 0 (6 ) Options held/written and other (180 ) 0 1,202 * 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 nine months ended December 31, 2019 (see Note 18 “Life Insurance Operations”). The effect of derivative instruments on the consolidated statements of income, pre-tax, (1) Cash flow hedges Millions of yen Gains (losses) recognized in other comprehensive income on derivative Gains (losses) reclassified from other comprehensive income (loss) into income Interest expense Other (income) and expense Interest rate swap agreements ¥ 851 ¥ 833 ¥ 0 Foreign exchange contracts (141 ) 415 (222 ) Foreign currency swap agreements (4,545 ) 400 4,283 (2) Fair value hedges Millions of yen Gains (losses) recognized in income on derivative and other Gains (losses) recognized in income on hedged item Life insurance premiums and related investment income Other (income) and expense Life insurance premiums income Other (income) and expense Interest rate swap agreements ¥ 3,506 ¥ 0 ¥ (3,264 ) ¥ 0 Foreign exchange contracts 6,440 435 (7,114 ) (398 ) (3) Hedges of net investment in foreign operations Millions of yen Gains (losses) recognized in other comprehensive income on derivative and others Gains (losses) reclassified from other comprehensive income (loss) into income Gains on sales of Interest expense Other (income) and expense Foreign exchange contracts ¥ (13,097 ) ¥ 265 ¥ 2,665 ¥ 21 Borrowings and bonds in foreign currencies 23,292 0 0 0 (4) Derivatives not designated as hedging instruments Millions of yen Gains (losses) recognized in income on derivative Life insurance premiums and related investment income* Interest expense Other (income) and Interest rate swap agreements ¥ 0 ¥ 5 ¥ (1 ) Futures (7,875 ) 0 6,202 Foreign exchange contracts 56 1,923 640 Options held/written and other (598 ) 0 (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 nine months ended December 31, 2020 (see Note 18 “Life Insurance Operations”). The effect of derivative instruments on the consolidated statements of income, pre-tax, (1) Cash flow hedges Millions of yen Gains (losses) recognized in other comprehensive income on derivative Gains (losses) reclassified from other comprehensive income (loss) into income Interest expense Other (income) and expense Interest rate swap agreements ¥ 2,481 ¥ 218 ¥ 0 Foreign exchange contracts (255 ) 107 0 Foreign currency swap agreements 235 (25 ) 100 (2) Fair value hedges Millions of yen Gains (losses) recognized in income on derivative and other Gains (losses) recognized in income on hedged item Life insurance premiums Other (income) and expense Life insurance premiums and related investment income Other (income) and Interest rate swap agreements ¥ 3,346 ¥ 0 ¥ (3,299 ) ¥ 0 Foreign exchange contracts (934 ) 127 1,370 (98 ) (3) Hedges of net investment in foreign operations Millions of yen Gains (losses) recognized in other comprehensive income on derivative and others Gains (losses) reclassified from other comprehensive income (loss) into income Gains on sales of subsidiaries and affiliates and liquidation losses, net Interest expense Other (income) and expense Foreign exchange contracts ¥ (12,324 ) ¥ 1,594 ¥ 1,194 ¥ 7 Borrowings and bonds in foreign currencies (10,477 ) 0 0 0 (4) Derivatives not designated as hedging instruments Millions of yen Gains (losses) recognized in income on derivative Life insurance premiums and related investment income* Interest expense Other (income) and expense Interest rate swap agreements ¥ 0 ¥ 2 ¥ (12 ) Futures (2,284 ) 0 1,760 Foreign exchange contracts (337 ) 1,119 6,017 Credit derivatives held 0 0 10 Options held/written and other (85 ) 0 1,328 * 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 December 31, 2019 (see Note 18 “Life Insurance Operations”). The effect of derivative instruments on the consolidated statements of income, pre-tax, (1) Cash flow hedges Millions of yen Gains (losses) recognized in other comprehensive income on derivative Gains (losses) reclassified from other comprehensive income (loss) into income Interest expense Other (income) and expense Interest rate swap agreements ¥ 1,493 ¥ 287 ¥ 0 Foreign exchange contracts (62 ) 160 (116 ) Foreign currency swap agreements (2,367 ) 117 3,202 (2) Fair value hedges Millions of yen Gains (losses) recognized in income on derivative and other Gains (losses) recognized in income on hedged item Life insurance premiums Other (income) and expense Life insurance premiums and related investment income Other (income) and expense Interest rate swap agreements ¥ 2,398 ¥ 0 ¥ (2,354 ) ¥ 0 Foreign exchange contracts 2,948 215 (3,046 ) (190 ) (3) Hedges of net investment in foreign operations Millions of yen Gains (losses) recognized in other comprehensive income on derivative and others Gains (losses) reclassified from other comprehensive income (loss) into income Gains on sales of subsidiaries and affiliates and liquidation losses, Interest expense Foreign exchange contracts ¥ (5,088 ) ¥ 419 ¥ 629 Borrowings and bonds in foreign currencies 10,477 0 0 (4) Derivatives not designated as hedging instruments Millions of yen Gains (losses) recognized in income on derivative Life insurance premiums and related investment income* Interest expense Other (income) and Interest rate swap agreements ¥ 0 ¥ 2 ¥ (5 ) Futures (2,415 ) 0 2,403 Foreign exchange contracts (40 ) 411 (752 ) Options held/written and other (9 ) 0 317 * 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 December 31, 2020 (see Note 18 “Life Insurance Operations”). The effect of the components excluded from the assessment of hedge effectiveness on the consolidated statements of income, pre-tax, Fair value hedges Millions of yen Gains (losses) recognized in income Life insurance premiums and related investment income Foreign exchange contracts ¥ (1,324 ) The effect of the components excluded from the assessment of hedge effectiveness on the consolidated statements of income, pre-tax, Fair value hedges Millions of yen Gains (losses) reclassified from other comprehensive income (loss) into income Life insurance premiums and related Foreign exchange contracts ¥ (904 ) The carrying amount of hedged assets and liabilities recognized in balance sheets in fair value hedges and the cumulative amount of fair value hedging adjustments included in the carrying amount at March 31, 2020 is as follows. Assets as hedged items in fair value hedges Liabilities as hedged items in fair value hedges Millions of yen Millions of yen Consolidated balance sheets location Carrying The cumulative amount of fair value hedging adjustments included in the carrying amount Consolidated balance sheets location Carrying The cumulative amount of fair value hedging adjustments included in the carrying amount Investment in Securities* ¥ 320,344 ¥ 24,397 — ¥ 0 ¥ 0 * Accumulated fair value hedge adjustments of ¥(1,599) million are included for hedged items for which hedge accounting has been discontinued. The effect of the components excluded from the assessment of hedge effectiveness on the consolidated statements of income, pre-tax, Fair value hedges Millions of yen Gains (losses) recognized in income Life insurance premiums and related Interest expense Other (income) and expense Foreign exchange contracts ¥ (1,080 ) ¥ 5 ¥ 0 Options held/written and other 0 0 24 The effect of the components excluded from the assessment of hedge effectiveness on the consolidated statements of income, pre-tax, Fair value hedges Millions of yen Gains (losses) recognized in income Life insurance premiums and related investment income Interest expense Other (income) and expense Foreign exchange contracts ¥ (158 ) ¥ 0 ¥ 0 Options held/written and other 0 0 8 The carrying amount of hedged assets and liabilities recognized in balance sheets in fair value hedges and the cumulative amount of fair value hedging adjustments included in the carrying amount at December 31, 2020 is as follows. Assets as hedged items in fair value hedges Liabilities as hedged items in fair value hedges Millions of yen Millions of yen Consolidated balance sheets location Carrying The cumulative included in the carrying amount Consolidated balance sheets location Carrying amount The cumulative carrying amount Investment in Securities ¥ 332,701 ¥ 22,974 — ¥ 0 ¥ 0 Notional amounts of derivative instruments and other, fair values of derivative instruments and other before offsetting at March 31, 2020 and December 31, 2020 are as follows. March 31, 2020 Derivative assets Derivative liabilities Notional amount Fair value Consolidated balance sheets location Fair value Consolidated balance sheets location Millions of yen Millions of yen Millions of yen Derivatives designated as hedging instruments and other: Interest rate swap agreements ¥ 494,893 ¥ 0 — ¥ 43,889 Other Liabilities Options held/written and other 742 28 Other Assets 0 — Futures, foreign exchange contracts 623,172 7,555 Other Assets 4,365 Other Liabilities Foreign currency swap agreements 68,840 5,079 Other Assets 137 Other Liabilities Foreign currency long-term debt 612,536 0 — 0 — Derivatives not designated as hedging instruments: Interest rate swap agreements ¥ 7,644 ¥ 0 — ¥ 113 Other Liabilities Options held/written and other * 670,044 21,318 Other Assets 20,004 Other Liabilities Futures, foreign exchange contracts * 372,948 5,710 Other Assets 5,141 Other Liabilities * The notional amounts of options held/written and other and futures, foreign exchange contracts in the above table include options held of ¥16,754 million, futures contracts of ¥35,875 million and foreign exchange contracts of ¥16,656 million to economically hedge the minimum guarantee risk of variable annuity and variable life insurance contracts at March 31, 2020, respectively. Derivative assets in the above table include fair value of the options held, futures contracts and foreign exchange contracts before offsetting of ¥598 million, ¥165 million and ¥111 million and derivative liabilities include fair value of the futures and foreign exchange contracts before offsetting of ¥1,564 million and ¥178 million at March 31, 2020, respectively. December 31, 2020 Derivative assets Derivative liabilities Notional amount Fair value Consolidated balance sheets location Fair value Consolidated balance sheets location Millions of yen Millions of yen Millions of yen Derivatives designated as hedging instruments and other: Interest rate swap agreements ¥ 560,309 ¥ 97 Other Assets ¥ 36,895 Other Liabilities Options held/written and other 705 0 Other Assets 0 — Futures, foreign exchange contracts 605,879 2,458 Other Assets 7,016 Other Liabilities Foreign currency swap agreements 75,182 417 Other Assets 2,637 Other Liabilities Foreign currency long-term debt 530,009 0 — 0 — Derivatives not designated as hedging instruments: Interest rate swap agreements ¥ 6,245 ¥ 0 — ¥ 86 Other Liabilities Options held/written and other * 688,202 16,725 Other Assets 16,956 Other Liabilities Futures, foreign exchange contracts * 299,483 2,604 Other Assets 2,659 Other Liabilities * The notional amounts of options held/written and other and futures, foreign exchange contracts in the above table include options held of ¥3,560 million, futures contracts of ¥21,950 million and foreign exchange contracts of ¥8,621 million to economically hedge the minimum guarantee risk of variable annuity and variable life insurance contracts at December 31, 2020, respectively. Derivative assets in the above table include fair value of the options held, futures contracts and foreign exchange contracts before offsetting of ¥0 million, ¥6 million and ¥35 million and derivative liabilities include fair value of the |
Offsetting Assets and Liabiliti
Offsetting Assets and Liabilities | 9 Months Ended |
Dec. 31, 2020 | |
Text Block [Abstract] | |
Offsetting Assets and Liabilities | 22. Offsetting Assets and Liabilities The gross amounts recognized, gross amounts offset, and net amounts presented in the consolidated balance sheets regarding derivative assets and liabilities as of March 31, 2020 and December 31, 2020 are as follows. March 31, 2020 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 consolidated balance sheets* Financial instruments Collateral received/pledged Net amount Derivative assets ¥ 39,690 ¥ (9,152 ) ¥ 30,538 ¥ (598 ) ¥ (843 ) ¥ 29,097 Total assets ¥ 39,690 ¥ (9,152 ) ¥ 30,538 ¥ (598 ) ¥ (843 ) ¥ 29,097 Derivative liabilities ¥ 73,649 ¥ (9,152 ) ¥ 64,497 ¥ (25,997 ) ¥ 0 ¥ 38,500 Total liabilities ¥ 73,649 ¥ (9,152 ) ¥ 64,497 ¥ (25,997 ) ¥ 0 ¥ 38,500 December 31, 2020 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 consolidated balance sheets* Net amount Financial instruments Collateral received/pledged Derivative assets ¥ 22,301 ¥ (1,462 ) ¥ 20,839 ¥ 0 ¥ 0 ¥ 20,839 Total assets ¥ 22,301 ¥ (1,462 ) ¥ 20,839 ¥ 0 ¥ 0 ¥ 20,839 Derivative liabilities ¥ 66,249 ¥ (1,462 ) ¥ 64,787 ¥ (19,092 ) ¥ (998 ) ¥ 44,697 Total liabilities ¥ 66,249 ¥ (1,462 ) ¥ 64,787 ¥ (19,092 ) ¥ (998 ) ¥ 44,697 * The balances related to enforceable master netting agreements or similar agreements which were not offset in the consolidated balance sheets. |
Estimated Fair Value of Financi
Estimated Fair Value of Financial Instruments | 9 Months Ended |
Dec. 31, 2020 | |
Fair Value Disclosures [Abstract] | |
Estimated Fair Value of Financial Instruments | 23. Estimated Fair Value of Financial Instruments The following information is provided to help readers gain an understanding of the relationship between carrying amounts of financial instruments reported in the Company’s consolidated balance sheets and the related market or fair value. The disclosures do not include net investment in leases, investment in affiliates, pension obligations and insurance contracts and reinsurance contracts except for those classified as investment contracts. March 31, 2020 Millions of yen Carrying amount Estimated fair value Level 1 Level 2 Level 3 Assets: Cash and cash equivalents ¥ 982,666 ¥ 982,666 ¥ 982,666 ¥ 0 ¥ 0 Restricted cash 152,618 152,618 152,618 0 0 Installment loans (net of allowance for probable loan losses) 3,695,342 3,653,042 0 207,950 3,445,092 Equity securities*1 375,174 375,174 58,400 232,873 83,901 Trading debt securities 7,431 7,431 0 7,431 0 Available-for-sale 1,631,185 1,631,185 21,490 1,521,342 88,353 Held-to-maturity 113,805 143,189 0 118,472 24,717 Other Assets: Time deposits 5,918 5,918 0 5,918 0 Derivative assets*2 30,538 30,538 0 0 0 Reinsurance recoverables (Investment contracts) 8,625 8,298 0 0 8,298 Liabilities: Short-term debt ¥ 336,832 ¥ 336,832 ¥ 0 ¥ 336,832 ¥ 0 Deposits 2,086,765 2,088,513 0 2,088,513 0 Policy liabilities and Policy account balances (Investment contracts) 213,885 214,048 0 0 214,048 Long-term debt 4,279,354 4,291,697 0 1,247,587 3,044,110 Other Liabilities: Derivative liabilities*2 64,497 64,497 0 0 0 *1 The amount of ¥11,631 million of investment funds measured at net asset value per share is not included. *2 It represents the amount after offset under counterparty netting of derivative assets and liabilities. For the information of input level before netting, see Note 3 “Fair Value Measurements.” December 31, 2020 Millions of yen Carrying amount Estimated fair value Level 1 Level 2 Level 3 Assets: Cash and cash equivalents ¥ 998,058 ¥ 998,058 ¥ 998,058 ¥ 0 ¥ 0 Restricted cash 134,980 134,980 134,980 0 0 Installment loans (net of allowance for credit losses) 3,637,813 3,629,061 0 237,266 3,391,795 Equity securities*1 398,998 398,998 81,169 241,869 75,960 Trading debt securities 2,748 2,748 0 2,748 0 Available-for-sale 1,893,060 1,893,060 6,303 1,777,375 109,382 Held-to-maturity 113,403 140,979 0 117,318 23,661 Other Assets: Time deposits 4,296 4,296 0 4,296 0 Derivative assets*2 20,839 20,839 0 0 0 Reinsurance recoverables (Investment contracts) 7,615 7,830 0 0 7,830 Liabilities: Short-term debt ¥ 371,455 ¥ 371,455 ¥ 0 ¥ 371,455 ¥ 0 Deposits 2,181,301 2,182,692 0 2,182,692 0 Policy liabilities and Policy account balances (Investment contracts) 193,284 193,397 0 0 193,397 Long-term debt 4,336,490 4,366,298 0 1,225,889 3,140,409 Other Liabilities: Derivative liabilities*2 64,787 64,787 0 0 0 *1 The amount of ¥12,480 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 | 9 Months Ended |
Dec. 31, 2020 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments, Guarantees and Contingent Liabilities | 24. Commitments, Guarantees and Contingent Liabilities Commitments Certain computer systems of the Company and certain subsidiaries have been operated and maintained under non-cancelable Millions of yen March 31, December 31, Within one year ¥ 3,183 ¥ 3,802 More than one year 2,728 2,826 Total ¥ 5,911 ¥ 6,628 The Company and certain subsidiaries have commitments to fund estimated construction costs and so forth to complete ongoing real estate development projects and other commitments, totaling ¥78,509 million and ¥68,744 million as of March 31, 2020 and December 31, 2020, 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 ¥377,870 million and ¥392,734 million as of March 31, 2020 and December 31, 2020, respectively. Guarantees March 31, 2020 December 31, 2020 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 ¥ 490,839 ¥ 6,065 2026 ¥ 474,217 ¥ 4,769 2027 Transferred loans 355,452 2,371 2060 531,216 4,800 2061 Consumer loans 341,466 41,019 2031 298,624 53,281 2031 Real estate loans 29,235 4,422 2048 10,999 4,184 2048 Other 130 0 2024 672 269 2035 Total ¥ 1,217,122 ¥ 53,877 — ¥ 1,315,728 ¥ 67,303 — 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 nine months ended December 31, 2020. Guarantee of transferred loans: Under these programs, the subsidiary guarantees the performance of the loans transferred to Fannie Mae and Freddie Mac and has the payment or performance risk of the guarantees to absorb some of the losses when losses arise from the transferred loans. There were no significant changes in the payment or performance risk of these guarantees for the nine months ended December 31, 2020. As of March 31, 2020 and December 31, 2020, the total outstanding principal amount of loans transferred under the Delegated Underwriting and Servicing program, for which the subsidiary guarantees to absorb some of the losses, were ¥1,643,060 million and ¥1,709,329 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 nine months ended December 31, 2020. Guarantee of real estate loans: Payment or performance risk of the guarantees is considered based on the historical experience of credit events. There were no significant changes in the payment or performance risk of the guarantees for the nine months ended December 31, 2020. Other guarantees: Allowance for off-balance off-balance Litigation— Collateral— Millions of yen March 31, 2020 December 31, 2020 Lease payments, loans and investment in operating leases ¥ 198,160 ¥ 146,882 Investment in securities 167,800 171,097 Property under facility operations 28,275 27,555 Other assets and other 26,982 26,013 Total ¥ 421,217 ¥ 371,547 As of March 31, 2020 and December 31, 2020, debt liabilities were secured by shares of subsidiaries, which were eliminated through consolidation adjustment, of ¥166,888 million and ¥244,487 million, respectively, debt liabilities of affiliates were secured by investment in affiliates of ¥60,104 million and ¥52,773 million, respectively, and debt liabilities were secured by loans to subsidiaries of ¥10,587 million and ¥10,257 million, respectively. In addition, ¥69,313 million and ¥71,460 million, respectively, were pledged primarily by investment in securities for collateral deposits and deposit for real estate transaction as of March 31, 2020 and December 31, 2020. Under loan agreements relating to short-term and long-term debt from commercial banks and certain insurance companies, the Company and certain subsidiaries are required to provide collateral against these debts at any time if requested by the lenders. The Company and the subsidiaries did not receive any such requests from the lenders as of December 31, 2020. |
Segment Information
Segment Information | 9 Months Ended |
Dec. 31, 2020 | |
Segment Reporting [Abstract] | |
Segment Information | 25. 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 to make decision about resource allocations and assess performance. An overview of operations for each of the ten segments follows below. Corporate Financial Services and Maintenance Leasing : Finance and fee business; leasing and rental of automobiles, electronic measuring instruments and IT-related Real Estate : Real estate development, rental and management; facility operations; real estate asset management PE Investment and Concession : Private equity investment and concession Environment and Energy : Domestic and overseas renewable energy; electric power retailing; ESCO services; sales of solar panels and electricity storage system; recycling and waste management Insurance : Life insurance Banking and Credit : Banking and consumer finance Aircraft and Ships : Aircraft leasing and management; ship-related finance and investment ORIX USA : Finance, investment and asset management in the Americas ORIX Europe : Equity and fixed income asset management Asia and Australia : Finance and investment businesses in Asia and Australia Since April 1, 2020, the operating segments regularly reviewed by the chief operating decision maker to make decisions about resource allocations and assess performance have been changed, resulting in a reorganization of our reportable segments. As a result of this change, segment data for the previous fiscal year has been retrospectively restated. Since April 1, 2020, the selling, general and administrative expenses that should be borne by ORIX Group as a whole, which were initially charged directly to its respective segments, have been included in the difference between segment total profits and consolidated amounts. As a result of this change, segment data for the three months ended December 31, 2019 and the nine months ended December 31, 2019 have been retrospectively restated. Since April 1, 2020, Credit Losses Standard has been adopted, and the amounts of allowance for doubtful receivables on finance leases and probable loan losses have been reclassified to allowance for credit losses. For further information, see Note 2 “Significant Accounting and Reporting Policies (ah) New accounting pronouncements.” Financial information of the segments for the nine months ended December 31, 2019 and 2020, and segment assets information as of March 31, 2020 and December 31, 2020 are as follows: Millions of yen Nine months ended December 31, 2019 Nine months ended December 31, 2020 March 31, 2020 December 31, Segment revenues Segment profits Segment revenues Segment profits Segment assets Segment assets Corporate Financial Services and Maintenance Leasing ¥ 321,201 ¥ 49,797 ¥ 318,673 ¥ 41,191 ¥ 1,789,693 ¥ 1,690,586 Real Estate 332,859 57,958 253,921 15,603 821,194 834,678 PE Investment and Concession 223,891 43,656 243,903 4,257 322,522 398,970 Environment and Energy 112,912 11,585 103,448 17,794 478,796 479,280 Insurance 293,296 43,577 359,208 50,663 1,580,158 1,887,966 Banking and Credit 62,830 29,441 63,071 36,959 2,603,736 2,707,265 Aircraft and Ships 46,392 33,294 22,569 3,116 585,304 559,971 ORIX USA 100,054 50,289 95,084 27,548 1,374,027 1,235,854 ORIX Europe 117,923 25,112 116,759 25,916 317,847 337,172 Asia and Australia 106,337 26,076 92,818 8,383 1,010,268 1,017,211 Total ¥ 1,717,695 ¥ 370,785 ¥ 1,669,454 ¥ 231,430 ¥ 10,883,545 ¥ 11,148,953 Financial information of the segments for the three months ended December 31, 2019 and 2020 are as follows: Millions of yen Three months ended December 31, 2019 Three months ended December 31, 2020 Segment revenues Segment profits Segment revenues Segment profits Corporate Financial Services and Maintenance Leasing ¥ 109,655 ¥ 17,216 ¥ 110,082 ¥ 16,243 Real Estate 103,431 10,514 86,645 5,248 PE Investment and Concession 80,047 24,007 86,077 180 Environment and Energy 34,585 3,058 32,030 3,662 Insurance 109,096 17,651 123,454 15,947 Banking and Credit 21,042 10,672 21,410 12,720 Aircraft and Ships 16,958 16,452 7,693 (1,597 ) ORIX USA 34,132 14,395 37,225 16,134 ORIX Europe 40,721 8,424 43,713 9,625 Asia and Australia 33,585 6,889 33,856 3,748 Total ¥ 583,252 ¥ 129,278 ¥ 582,185 ¥ 81,910 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 net investment in leases, installment loans, investment in operating leases, investment in securities, property under facility operations, investment in affiliates, inventories, advances for finance lease and operating lease (included in other assets), advances for property under facility operations (included in other assets), goodwill, intangible assets acquired in business combinations (included in other assets) and servicing assets (included in other assets). 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. The reconciliation of segment totals to consolidated financial statement amounts is as follows: Significant items to be reconciled are segment revenues, segment profits and segment assets. Other items do not have a significant difference between segment amounts and consolidated amounts. Millions of yen Nine months ended Nine months ended Segment revenues: Total revenues for segments ¥ 1,717,695 ¥ 1,669,454 Revenues related to corporate assets 14,043 8,957 Revenues from inter-segment transactions (13,953 ) (12,717 ) Total consolidated revenues ¥ 1,717,785 ¥ 1,665,694 Segment profits: Total profits for segments ¥ 370,785 ¥ 231,430 Corporate profits (losses) (24,532 ) (25,902 ) Net income attributable to the noncontrolling interests and net income attributable to the redeemable noncontrolling interests 4,205 4,053 Total consolidated income before income taxes ¥ 350,458 ¥ 209,581 Millions of yen Three months ended Three months ended Segment revenues: Total revenues for segments ¥ 583,252 ¥ 582,185 Revenues related to corporate assets 3,803 3,024 Revenues from inter-segment transactions (4,715 ) (4,253 ) Total consolidated revenues ¥ 582,340 ¥ 580,956 Segment profits: Total profits for segments ¥ 129,278 ¥ 81,910 Corporate profits (losses) (9,122 ) (8,393 ) Net income attributable to the noncontrolling interests and net income attributable to the redeemable noncontrolling interests 1,673 1,890 Total consolidated income before income taxes ¥ 121,829 ¥ 75,407 Millions of yen March 31, 2020 December 31, 2020 Segment assets: Total assets for segments ¥ 10,883,545 ¥ 11,148,953 Cash and cash equivalents, restricted cash 1,135,284 1,133,038 Allowance for doubtful receivables on finance leases and probable loan losses (56,836 ) 0 Allowance for credit losses 0 (80,866 ) Trade notes, accounts and other receivable 312,744 294,615 Other corporate assets 792,791 828,751 Total consolidated assets ¥ 13,067,528 ¥ 13,324,491 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 nine months ended December 31, 2019 and 2020. For the nine months ended December 31, 2019 Millions of yen Nine months ended December 31, 2019 Japan The Americas *1 Other *2 Total Total Revenues ¥ 1,346,578 ¥ 154,143 ¥ 217,064 ¥ 1,717,785 Income before Income Taxes 218,366 65,204 66,888 350,458 For the nine months ended December 31, 2020 Millions of yen Nine months ended December 31, 2020 Japan The Americas *1 Other *2 Total Total Revenues ¥ 1,323,978 ¥ 147,647 ¥ 194,069 ¥ 1,665,694 Income before Income Taxes 136,934 41,401 31,246 209,581 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 three months ended December 31, 2019 and 2020. For the three months ended December 31, 2019 Millions of yen Three months ended December 31, 2019 Japan The Americas *1 Other *2 Total Total Revenues ¥ 456,958 ¥ 52,623 ¥ 72,759 ¥ 582,340 Income before Income Taxes 77,642 19,471 24,716 121,829 For the three months ended December 31, 2020 Millions of yen Three months ended December 31, 2020 Japan The Americas *1 Other *2 Total Total Revenues ¥ 453,651 ¥ 55,776 ¥ 71,529 ¥ 580,956 Income before Income Taxes 40,474 21,675 13,258 75,407 *1 Mainly the United States *2 Mainly Asia, Europe, Australasia and Middle East The following information represents disaggregation of revenues for revenues from contracts with customers, by goods and services category and geographical location for the nine months ended December 31, 2019 and 2020. For the nine months ended December 31, 2019 Millions of yen Nine months ended December 31, 2019 Reportable segments Corporate Real Estate PE Environment Insurance Banking and Aircraft and Goods or services category Sales of goods ¥ 9,057 ¥ 3,257 ¥ 194,055 ¥ 3,417 ¥ 0 ¥ 0 ¥ 2,680 Real estate sales 0 64,518 0 0 0 0 0 Asset management and servicing 237 5,962 28 0 0 122 15 Automobile related services 45,782 0 0 172 0 0 0 Facilities operation 0 56,535 0 0 0 0 0 Environment and energy services 2,298 0 0 105,810 0 0 0 Real estate management and brokerage 0 79,744 0 0 0 0 0 Real estate contract work 0 65,338 0 0 0 0 0 Other 33,395 3,060 27,188 1,539 784 2,268 6,368 Total revenues from contracts with customers 90,769 278,414 221,271 110,938 784 2,390 9,063 Geographical location Japan 90,204 278,414 221,271 109,877 784 2,390 3,126 The Americas 0 0 0 0 0 0 0 Other 565 0 0 1,061 0 0 5,937 Total revenues from contracts with customers 90,769 278,414 221,271 110,938 784 2,390 9,063 Other revenues * 230,432 54,445 2,620 1,974 292,512 60,440 37,329 Segment revenues/Total revenues ¥ 321,201 ¥ 332,859 ¥ 223,891 ¥ 112,912 ¥ 293,296 ¥ 62,830 ¥ 46,392 Millions of yen Nine months ended December 31, 2019 Reportable segments Corporate revenue and intersegment transactions Total revenues ORIX USA ORIX Europe Asia and Total Goods or services category Sales of goods ¥ 739 ¥ 0 ¥ 437 ¥ 213,642 ¥ 1,216 ¥ 214,858 Real estate sales 751 0 0 65,269 0 65,269 Asset management and servicing 19,106 113,887 4 139,361 (81 ) 139,280 Automobile related services 0 0 12,980 58,934 22 58,956 Facilities operation 0 0 363 56,898 1,272 58,170 Environment and energy services 787 0 0 108,895 (548 ) 108,347 Real estate management and brokerage 0 0 0 79,744 (1,886 ) 77,858 Real estate contract work 0 0 0 65,338 0 65,338 Other 3,492 328 892 79,314 (1,189 ) 78,125 Total revenues from contracts with customers 24,875 114,215 14,676 867,395 (1,194 ) 866,201 Geographical location Japan 0 0 20 706,086 1,337 707,423 The Americas 24,875 51,492 0 76,367 0 76,367 Other 0 62,723 14,656 84,942 (2,531 ) 82,411 Total revenues from contracts with customers 24,875 114,215 14,676 867,395 (1,194 ) 866,201 Other revenues * 75,179 3,708 91,661 850,300 1,284 851,584 Segment revenues/Total revenues ¥ 100,054 ¥ 117,923 ¥ 106,337 ¥ 1,717,695 ¥ 90 ¥ 1,717,785 For the nine months ended December 31, 2020 Millions of yen Nine months ended December 31, 2020 Reportable segments Corporate Real Estate PE Environment Insurance Banking and Aircraft and Goods or services category Sales of goods ¥ 7,422 ¥ 1,796 ¥ 222,327 ¥ 2,459 ¥ 0 ¥ 0 ¥ 0 Real estate sales 0 53,539 0 0 0 0 0 Asset management and servicing 249 4,942 25 0 0 146 18 Automobile related services 45,233 0 0 169 0 0 0 Facilities operation 0 18,186 0 0 0 0 0 Environment and energy services 2,404 0 0 97,240 0 0 0 Real estate management and brokerage 0 77,240 0 0 0 0 0 Real estate contract work 0 54,544 0 0 0 0 0 Other 36,316 1,212 15,563 1,319 1,191 3,350 2,231 Total revenues from contracts with customers 91,624 211,459 237,915 101,187 1,191 3,496 2,249 Geographical location Japan 90,823 211,459 237,915 91,564 1,191 3,496 621 The Americas 0 0 0 0 0 0 0 Other 801 0 0 9,623 0 0 1,628 Total revenues from contracts with customers 91,624 211,459 237,915 101,187 1,191 3,496 2,249 Other revenues * 227,049 42,462 5,988 2,261 358,017 59,575 20,320 Segment revenues/Total revenues ¥ 318,673 ¥ 253,921 ¥ 243,903 ¥ 103,448 ¥ 359,208 ¥ 63,071 ¥ 22,569 Millions of yen Nine months ended December 31, 2020 Reportable segments Corporate revenue and intersegment transactions Total revenues ORIX USA ORIX Europe Asia and Total Goods or services category Sales of goods ¥ 1,904 ¥ 0 ¥ 59 ¥ 235,967 ¥ 528 ¥ 236,495 Real estate sales 507 0 0 54,046 0 54,046 Asset management and servicing 11,203 107,428 0 124,011 (69 ) 123,942 Automobile related services 0 0 8,614 54,016 (2 ) 54,014 Facilities operation 0 0 0 18,186 384 18,570 Environment and energy services 789 0 0 100,433 (1,088 ) 99,345 Real estate management and brokerage 0 0 0 77,240 (1,505 ) 75,735 Real estate contract work 0 0 0 54,544 (144 ) 54,400 Other 2,341 67 447 64,037 839 64,876 Total revenues from contracts with customers 16,744 107,495 9,120 782,480 (1,057 ) 781,423 Geographical location Japan 0 0 1 637,070 (356 ) 636,714 The Americas 16,744 45,363 0 62,107 0 62,107 Other 0 62,132 9,119 83,303 (701 ) 82,602 Total revenues from contracts with customers 16,744 107,495 9,120 782,480 (1,057 ) 781,423 Other revenues * 78,340 9,264 83,698 886,974 (2,703 ) 884,271 Segment revenues/Total revenues ¥ 95,084 ¥ 116,759 ¥ 92,818 ¥ 1,669,454 ¥ (3,760 ) ¥ 1,665,694 The following information represents disaggregation of revenues for revenues from contracts with customers, by goods and services category and geographical location for the three months ended December 31, 2019 and 2020. For the three months ended December 31, 2019 Millions of yen Three months ended December 31, 2019 Reportable segments Corporate Real Estate PE Environment Insurance Banking and Aircraft and Goods or services category Sales of goods ¥ 3,033 ¥ 346 ¥ 70,354 ¥ 998 ¥ 0 ¥ 0 ¥ 0 Real estate sales 0 19,948 0 0 0 0 0 Asset management and servicing 77 2,060 9 0 0 42 5 Automobile related services 16,270 0 0 48 0 0 0 Facilities operation 0 15,901 0 0 0 0 0 Environment and energy services 610 0 0 31,591 0 0 0 Real estate management and brokerage 0 26,813 0 0 0 0 0 Real estate contract work 0 22,657 0 0 0 0 0 Other 11,862 972 8,254 878 260 827 2,322 Total revenues from contracts with customers 31,852 88,697 78,617 33,515 260 869 2,327 Geographical location Japan 31,661 88,697 78,617 33,272 260 869 979 The Americas 0 0 0 0 0 0 0 Other 191 0 0 243 0 0 1,348 Total revenues from contracts with customers 31,852 88,697 78,617 33,515 260 869 2,327 Other revenues * 77,803 14,734 1,430 1,070 108,836 20,173 14,631 Segment revenues/Total revenues ¥ 109,655 ¥ 103,431 ¥ 80,047 ¥ 34,585 ¥ 109,096 ¥ 21,042 ¥ 16,958 Millions of yen Three months ended December 31, 2019 Reportable segments Corporate revenue and intersegment transactions Total revenues ORIX USA ORIX Europe Asia and Australia Total Goods or services category Sales of goods ¥ 261 ¥ 0 ¥ 303 ¥ 75,295 ¥ 140 ¥ 75,435 Real estate sales 250 0 0 20,198 0 20,198 Asset management and servicing 8,573 38,810 1 49,577 (39 ) 49,538 Automobile related services 0 0 4,350 20,668 9 20,677 Facilities operation 0 0 107 16,008 347 16,355 Environment and energy services 206 0 0 32,407 (187 ) 32,220 Real estate management and brokerage 0 0 0 26,813 (421 ) 26,392 Real estate contract work 0 0 0 22,657 0 22,657 Other 901 22 278 26,576 (903 ) 25,673 Total revenues from contracts with customers 10,191 38,832 5,039 290,199 (1,054 ) 289,145 Geographical location Japan 0 0 1 234,356 (256 ) 234,100 The Americas 10,191 17,183 0 27,374 0 27,374 Other 0 21,649 5,038 28,469 (798 ) 27,671 Total revenues from contracts with customers 10,191 38,832 5,039 290,199 (1,054 ) 289,145 Other revenues * 23,941 1,889 28,546 293,053 142 293,195 Segment revenues/Total revenues ¥ 34,132 ¥ 40,721 ¥ 33,585 ¥ 583,252 ¥ (912 ) ¥ 582,340 For the three months ended December 31, 2020 Millions of yen Three months ended December 31, 2020 Reportable segments Corporate Real Estate PE Environment Insurance Banking Aircraft and Goods or services category Sales of goods ¥ 2,761 ¥ 406 ¥ 77,910 ¥ 1,181 ¥ 0 ¥ 0 ¥ 0 Real estate sales 0 14,636 0 0 0 0 0 Asset management and servicing 81 1,975 8 (0 ) 0 51 5 Automobile related services 16,093 0 0 50 0 0 0 Facilities operation (0 ) 10,542 0 0 0 0 0 Environment and energy services 664 0 0 29,224 0 0 0 Real estate management and brokerage 0 27,030 0 0 0 0 0 Real estate contract work 0 20,866 0 0 0 0 0 Other 12,888 398 6,029 657 411 1,317 739 Total revenues from contracts with customers 32,487 75,853 83,947 31,112 411 1,368 744 Geographical location Japan 32,108 75,853 83,947 27,854 411 1,368 266 The Americas 0 0 0 0 0 0 0 Other 379 0 0 3,258 0 0 478 Total revenues from contracts with customers 32,487 75,853 83,947 31,112 411 1,368 744 Other revenues * 77,595 10,792 2,130 918 123,043 20,042 6,949 Segment revenues/Total revenues ¥ 110,082 ¥ 86,645 ¥ 86,077 ¥ 32,030 ¥ 123,454 ¥ 21,410 ¥ 7,693 Millions of yen Three months ended December 31, 2020 Reportable segments Corporate revenue and intersegment transactions Total revenues ORIX USA ORIX Europe Asia and Australia Total Goods or services category Sales of goods ¥ 702 ¥ 0 ¥ 2 ¥ 82,962 ¥ 222 ¥ 83,184 Real estate sales 68 0 0 14,704 0 14,704 Asset management and servicing 4,386 40,526 0 47,032 (17 ) 47,015 Automobile related services 0 0 3,074 19,217 0 19,217 Facilities operation 0 0 0 10,542 141 10,683 Environment and energy services 180 0 0 30,068 (363 ) 29,705 Real estate management and brokerage 0 0 0 27,030 (249 ) 26,781 Real estate contract work 0 0 0 20,866 (25 ) 20,841 Other 902 15 130 23,486 64 23,550 Total revenues from contracts with customers 6,238 40,541 3,206 275,907 (227 ) 275,680 Geographical location Japan 0 0 0 221,807 36 221,843 The Americas 6,238 16,200 0 22,438 0 22,438 Other 0 24,341 3,206 31,662 (263 ) 31,399 Total revenues from contracts with customers 6,238 40,541 3,206 275,907 (227 ) 275,680 Other revenues * 30,987 3,172 30,650 306,278 (1,002 ) 305,276 Segment revenues/Total revenues ¥ 37,225 ¥ 43,713 ¥ 33,856 ¥ 582,185 ¥ (1,229 ) ¥ 580,956 * Other revenues include revenues that are not in the scope of revenue from contracts with customers, such as life insurance premiums and related investment income, operating leases, finance revenues that include interest income, and others. |
Subsequent Events
Subsequent Events | 9 Months Ended |
Dec. 31, 2020 | |
Subsequent Events [Abstract] | |
Subsequent Events | 26. Subsequent Events The share repurchase based on the resolution at the Board of Directors meeting held on November 2, 2020, and the based on the resolution at the Board of Directors meeting held on October 28, 2019 (1) Status of Share Repurchase • Class of shares repurchased Common shares • Total number of shares repurchased 3,130,100 shares • Total purchase price ¥5,280,520,400 • Repurchase period January 1, 2021 - January 8, 2021 • Method of share repurchase Market purchases based on the discretionary dealing contract regarding repurchase of own shares (Reference) Cumulative number of own shares acquired based on the above resolution at the Board of Directors meeting as of January 8, 2021 • Class of shares repurchased Common shares • Total number of shares repurchased 28,230,500 shares • Total purchase price ¥44,199,883,050 • Repurchas e November 9, 2020 - January 8, 2021 • Method of share repurchase Market purchases based on the discretionary dealing contract regarding repurchase of own shares (2) Cancellation of Own Shares • Class of shares cancelled Common shares • Number of shares cancelled 28,230,500 shares • Cancellation date January 29, 2021 |
Significant Accounting and Re_2
Significant Accounting and Reporting Policies (Policies) | 9 Months Ended |
Dec. 31, 2020 | |
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 certain overseas subsidiary consolidates subsidiaries determined as investment companies under ASC 946 (“Financial Services – Investment Companies”). Investments held by the investment company subsidiaries are carried at fair value with changes in fair value recognized in earnings. 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 finance leases and operating leases, the determination and reassessment of insurance policy liabilities and deferred policy acquisition costs, the determination of the allowance for doubtful receivables on finance leases and probable loan losses and the allowance for credit losses (including the allowance for off-balance In addition, we carefully considered the future outlook regarding the spread of the COVID-19. COVID-19 |
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. Monetary assets and liabilities in foreign currencies are recorded in the entity’s functional currency based on the prevailing exchange rates at the end of each fiscal year. The financial statements of overseas subsidiaries and affiliates are translated into Japanese yen by applying the exchange rates in effect at the end of each fiscal year to all assets and liabilities. Income and expenses are translated at the average rates of exchange prevailing during the fiscal year. The currencies in which the operations of the overseas subsidiaries and affiliates are conducted are regarded as the functional currencies of these companies. Foreign currency translation adjustments reflected in other comprehensive income (loss), net of applicable income taxes, arise from the translation of foreign currency financial statements into Japanese yen. |
Revenue recognition | (d) Revenue recognition The Company and its subsidiaries recognize revenues from only contracts with customers, such as sales of goods and real estate, and services income, based on the following five steps; Step 1: Identify the contract(s) with a customer Step 2: Identify the performance obligations in the contract Step 3: Determine the transaction price Step 4: Allocate the transaction price to the performance obligations in the contract Step 5: Recognize revenue when (or as) the entity satisfies a performance obligation In accordance with these steps, revenues are recognized to depict the transfer of promised goods or services to customers in the amounts that reflect the consideration to which the entity expects to be entitled in exchange for those goods or services. Revenues are recognized net of discount, incentives and estimated sales returns. In case that the Company and its subsidiaries receive payment from customers before satisfying performance obligations, the amounts are recognized as contract liabilities. In transactions that involve third parties, if the Company and its subsidiaries control the goods or services before they are transferred to the customers, revenue is recognized on gross amount as the principal. Excluding the aforementioned policy, the policies as specifically described hereinafter are applied for each of revenue items. Finance Revenues (1) Revenues from finance leases Lessor leases consist of leases for various equipment types, including office equipment, industrial machinery, transportation equipment and real estates. Net investment in leases includes sales-type leases and direct financing leases which are full-payout leases. Leases not qualifying as sales-type leases or direct financing leases are accounted for as operating leases. Interest income on net investment in leases is recognized over the life of each respective lease using the interest method. When lease payment is variable, it is accounted for as income in profit or loss in the period when the changes in facts and circumstances on which the variable payment is based occur. When providing leasing services, the Company and its subsidiaries simultaneously conduct supplementary businesses, such as handling taxes and paying insurance on leased assets on behalf of lessees. The compensations for those lessor costs received from lessees are recognized in revenues from finance leases and those costs are recognized in other (income) and expense. The estimated unguaranteed residual value represents estimated proceeds from the disposition of equipment at the time the lease is terminated. Estimates of residual values are determined based on market values of used equipment, estimates of when and the extent to which equipment will become obsolete and actual recovery being experienced for similar used equipment. Initial direct costs of sales-type leases and direct financing leases are being deferred and amortized as a yield adjustment over the life of the related lease by using interest method. The unamortized balance of initial direct costs of sales-type leases and direct financing leases is reflected as a component of net investment in leases. (2) Revenues from installment loans Interest income on installment loans is recognized on an accrual basis. Certain direct loan origination costs, net of origination fees, are being deferred and amortized over the contractual term of the loan as an adjustment of the related loan’s yield using the interest method. Interest payments received on 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. (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, for net investment in leases and installment loans, past-due past-due past-due past-due past-due past-due past-due non-accrual non-accrual Gains on investment securities and dividends — Operating leases — COVID-19 In providing leasing services, the Company and its subsidiaries simultaneously conduct supplementary businesses, such as handling taxes and paying insurance on leased assets on behalf of lessees. The compensations for those lessor costs received from lessees are recognized in operating lease revenues and those costs are recognized in costs of operating leases. Investment Estimates of residual values are based on market values of used equipment, estimates of when and the extent to which equipment will become obsolete and actual recovery being experienced for similar used equipment. Initial direct costs of operating leases are being deferred and amortized as a straight-line basis over the life of the related lease. The unamortized balance of initial direct costs is reflected as investment in operating leases. |
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 investment in securities in the consolidated balance sheets. These investment assets are measured at fair value with realized and unrealized gains or losses recognized in life insurance premiums and related investment income in the consolidated statements of income. The subsidiary elected the fair value option for the entire variable annuity and variable life insurance contracts with changes in the fair value recognized in life insurance costs. The subsidiary provides minimum guarantees to variable annuity and variable life policyholders under which it is exposed to the risk of compensating losses incurred by the policyholders to the extent contractually required. To mitigate the risk, a portion of the minimum guarantee risk related to variable annuity and variable life insurance contracts is ceded to reinsurance companies and the remaining risk is economically hedged by entering into derivative contracts. The reinsurance contracts do not relieve the subsidiary from the obligation as the primary obligor to compensate certain losses incurred by the policyholders, and the default of the reinsurance companies may impose additional losses on the subsidiary. Certain subsidiaries have elected the fair value option for certain reinsurance contracts relating to variable annuity and variable life insurance contracts, which are included in other assets in the consolidated balance sheets. Policy liabilities and policy account balances for fixed annuity insurance contracts are measured based on the single-premiums plus interest based on expected rate and fair value adjustments relating to the acquisition of the subsidiary, less withdrawals, expenses and other charges. The credited interest is recorded in life insurance costs in the consolidated statements of income. Certain costs related directly to the successful acquisition of new or renewal insurance contracts, or deferred policy acquisition costs are deferred and amortized over the respective policy periods in proportion to anticipated premium revenue. These deferred policy acquisition costs consist primarily of agent commissions, except for recurring policy maintenance costs and certain variable costs and expenses for underwriting policies. |
Allowance for doubtful receivables on net investment in leases and probable loan losses | (f) Allowance for doubtful receivables on net investment in leases and probable loan losses The allowance for doubtful receivables on net investment in leases and probable loan losses is maintained at a level which, in the judgment of management, is appropriate to provide for probable losses inherent in lease and loan portfolios. The allowance is increased by provision charged to income and is decreased by charge-offs, net of recoveries. Developing the allowance for doubtful receivables on net investment in leases and probable loan losses is subject to numerous estimates and judgments. In evaluating the appropriateness of the allowance, management considers various factors, including the business characteristics and financial conditions of the obligors, current economic conditions and trends, prior charge-off Impaired loans are individually evaluated for a valuation allowance based on the present value of expected future cash flows, the loan’s observable market price or the fair value of the collateral securing the loans if the loans are collateral-dependent. For non-impaired charge-off charge-off The Company and its subsidiaries charge off doubtful receivables when the likelihood of any future collection is believed to be minimal considering debtors’ creditworthiness and the liquidation status of collateral, etc. |
Allowance for credit losses | (g) Allowance for credit losses Accounting Standards Update 2016-13 The allowance for credit losses estimates all credit losses expected to occur in future over the remaining life of net investment in leases, financial assets measured at amortized cost, such as installment loans, held-to-maturity Developing the allowance for credit 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, prior charge-off The Company and its subsidiaries estimate the allowance for credit losses by using various methods according to these estimates and judgments. When certain financial assets have similar risk characteristics to other financial assets, these financial assets are collectively evaluated as a pool. On the contrary, when financial assets do not have similar risk characteristics to other financial assets, the financial assets are evaluated individually. The company and its subsidiaries select the most appropriate calculation method based on available information, such as the nature and related risk characteristics on financial assets, the prior 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, etc. In addition, credit losses related to the loan commitments, such as card loans, installment loans and financial guarantees are in the scope of the allowance for credit losses. If the entity has a present contractual obligation to extend the credit and the obligation is not unconditionally cancelable by the entity, the loan commitments are recognized as credit losses for the expected exercise portion. The allowance for off-balance |
Impairment of long-lived assets | (h) Impairment of long-lived assets The Company and its subsidiaries perform a recoverability test for long-lived assets to be held and used in operations, including tangible assets and intangible assets being depreciated or amortized, consisting primarily of office buildings, condominiums, mega solar facilities and other properties under facility operations, whenever events or changes in circumstances indicated that the assets might be impaired. The assets are considered not recoverable when the undiscounted future cash flows estimated to be generated by those assets are less than the carrying amount of those assets. The carrying amount of assets not recoverable is reduced to fair value if lower than the carrying amount. The Company and its subsidiaries determine the fair value using appraisals prepared by independent third party appraisers or our own staff of qualified appraisers, based on recent transactions involving sales of similar assets or other valuation techniques such as discounted cash flows methodologies using future cash flows estimated to be generated from operation of the existing assets or completion of development projects, as appropriate. |
Investment in securities | (i) Investment in securities Equity securities are generally reported at fair value with unrealized gains and losses included in income. Equity securities without readily determinable fair values are recorded at its cost minus impairment, if any, plus or minus changes resulting from observable price changes under the election of the measurement alternative, except for investments which are valued at net asset value per share. Equity securities elected to apply the measurement alternative are written down to its fair value with losses included in income if a qualitative assessment indicates that the investment is impaired and the fair value of the investment is less than its carrying value. In addition, investments included in equity securities that are accounted for under the equity method are recorded at fair value with unrealized gains and losses included in income if certain subsidiaries elect the fair value option. Trading debt securities are reported at fair value with unrealized gains and losses included in income. Available-for-sale Credit Losses Standard has been adopted to the impairment of available-for-sale non-credit Held-to-maturity Held-to-maturity |
Income taxes | (j) 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 for tax loss carryforwards. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the year in which those temporary differences are expected to be recovered or settled. The effect on deferred tax assets and liabilities of a change in tax rate is recognized in income in the period that includes the enactment date. The Company and its subsidiaries release to earnings stranded income tax effects in accumulated other comprehensive income (loss) resulting from changes in tax laws or rates or changes in judgment about realization of a valuation allowance on a specific identification basis when the individual items are completely sold or terminated. A valuation allowance is recognized if, based on the weight of available evidence, it is “more likely than not” that some portion or all of the deferred tax asset will not be realized. The effective income tax rates for the nine months ended December 31, 2019 and 2020 were approximately 29.3% and 30.7%, respectively. These rates are approximately 29.3% and 33.9% for the three months ended December 31, 2019 and 2020, respectively. For the nine and three months ended December 30, 2019 and 2020, 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 | (k) Securitized assets The Company and its subsidiaries have securitized and sold to investors various financial assets such as lease receivables and loan receivables. In the securitization process, the assets to be securitized are sold to SPEs that issue asset-backed beneficial interests and securities to the investors. SPEs used in securitization transactions are consolidated if the Company and its subsidiaries are the primary beneficiary of the SPEs, and the transfers of the financial assets to those consolidated SPEs are not accounted for as sales. Assets held by consolidated SPEs continue to be accounted for as lease receivables or loan receivables, as they were before the transfer, and asset-backed beneficial interests and securities issued to the investors are accounted for as debt. When the Company and its subsidiaries have transferred financial assets to a transferee that is not subject to consolidation, the Company and its subsidiaries account for the transfer as a sale if control over the transferred assets is surrendered. The Company and certain subsidiaries originate and sell loans into the secondary market, while retaining the obligation to service those loans. In addition, a certain subsidiary undertakes obligations to service loans originated by others. The subsidiary recognizes servicing assets if it expects the benefit of servicing to more than adequately compensate it for performing the servicing or recognizes servicing liabilities if it expects the benefit of servicing to less than adequately compensate it. These servicing assets and liabilities are initially recognized at fair value and subsequently accounted for using the amortization method whereby the assets and liabilities are amortized in proportion to and over the period of estimated net servicing income or net servicing loss. On a quarterly basis, servicing assets and liabilities are evaluated for impairment or increased obligations. The fair value of servicing assets and liabilities is estimated using an internal valuation model, or by obtaining an opinion of value from an independent third-party vendor. Both methods are based on calculating the present value of estimated future net servicing cash flows, taking into consideration discount rates, prepayments and servicing costs. The internal valuation model is validated at least semiannually through third-party valuations. |
Derivative financial instruments | (l) Derivative financial instruments The Company and its subsidiaries recognize all derivatives on the consolidated balance sheets at fair value. The accounting treatment of subsequent changes in the fair value depends on their use, and whether they qualify as effective “hedges” for accounting purposes. Derivatives for the purpose of economic hedge that are not qualified for hedge accounting are adjusted to fair value through the consolidated statements of income. If derivatives are qualified for hedge accounting, If a derivative is held as a hedge of the variability of fair value related to a recognized asset or liability or an unrecognized firm commitment (“fair value” hedge), changes in the fair value of the derivative are recorded in earnings along with the changes in the fair value of the hedged item. If a derivative is held as a hedge of the variability of cash flows related to a forecasted transaction or a recognized asset or liability (“cash flow” hedge), changes in the fair value of the derivative are recorded in other comprehensive income (loss), net of applicable income taxes, until earnings are affected by the variability in cash flows of the designated hedged item. If a derivative is held as a hedge of a net investment in a foreign operation, changes in the fair value of the derivative are recorded in the foreign currency translation adjustments account within other comprehensive income (loss), net of applicable income taxes. The Company and its subsidiaries select either the amortization approach or the fair value approach, depending on the type of hedging activity, for the initial value of the component excluded from the assessment of effectiveness, and recognize it through the consolidated statements of income. When the amortization approach is adopted, the change in fair value is recognized in earnings using a systematic and rational method over the life of the hedging instrument and then any difference between the change in fair value and the amount recognized in earnings is recognized in other comprehensive income (loss), net of applicable income taxes. When the fair value approach is adopted, the change in the fair value is immediately recognized through the consolidated statements of income. For all hedging relationships that are designated and qualified for hedge accounting, at the inception of the hedge, the Company and its subsidiaries formally document the details of the hedging relationship and the hedging activity. The Company and its subsidiaries formally assess, both at the hedge’s inception and on an ongoing basis, the effectiveness of the hedge relationship. The Company and its subsidiaries cease hedge accounting prospectively when the derivative no longer qualifies for hedge accounting. |
Pension plans | (m) Pension plans The Company and certain subsidiaries have contributory and non-contributory The Company and its subsidiaries also recognize the funded status of pension plans, measured as the difference between the fair value of plan assets and the benefit obligation, on the consolidated balance sheets. Changes in that funded status are recognized in the year in which the changes occur through other comprehensive income (loss), net of applicable income taxes. |
Stock-based compensation | (n) Stock-based compensation In principle, the Company and its subsidiaries measure stock-based compensation expense as consideration for services provided by employees based on the fair value on the grant date. The costs are recognized over the requisite service period. |
Stock splits | (o) Stock splits Stock splits implemented prior to October 1, 2001 had been accounted for by transferring an amount equivalent to the par value of the shares from additional paid-in As a result of a revision to the Code before amendment effective on October 1, 2001 and the Companies Act implemented on May 1, 2006, the above-mentioned method of accounting required by the Code became unnecessary. In the United States, stock splits in comparable circumstances are considered to be stock dividends and are accounted for by transferring from retained earnings to common stock and additional paid-in paid-in Had such stock splits made prior to October 1, 2001 been accounted for in this manner, additional paid-in |
Cash and cash equivalents | (p) Cash and cash equivalents Cash and cash equivalents include cash on hand, deposits placed with banks and short-term highly liquid investments with original maturities of three months or less. |
Restricted cash | (q) Restricted cash Restricted cash consists of trust accounts under securitization programs and real estate, deposits related to servicing agreements, deposits collected on the underlying assets and applied to non-recourse |
Installment Loans | (r) 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, 2020 and December 31, 2020 were ¥127,194 million and ¥108,007 million, respectively. There were ¥90,893 million and ¥97,321 million of loans held for sale as of March 31, 2020 and December 31, 2020, respectively, measured at fair value by electing the fair value option. |
Property under facility operations | (s) Property under facility operations Property under facility operations consist primarily of operating facilities (including hotels and training facilities) and environmental assets (including mega solar facilities and thermal power stations), which are stated at cost less accumulated depreciation, and depreciation is calculated mainly on a straight-line basis over the estimated useful lives of the assets. Accumulated depreciation was ¥105,433 million and ¥128,568 million as of March 31, 2020 and December 31, 2020, respectively. |
Trade notes, accounts and other receivable | (t) 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 receivables relating to debt securities sold. |
Inventories | (u) 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, 2020 and December 31, 2020, residential condominiums under development were ¥56,156 million and ¥82,843 million, respectively, and completed residential condominiums and merchandise for sale were ¥69,857 million and ¥64,500 million, respectively. The Company and its subsidiaries recorded ¥277 million and ¥164 million of write-downs principally on completed residential condominiums and merchandise for sale for the nine months ended December 31, 2019 and 2020, respectively, primarily resulting from a decrease in expected sales price. The amounts of such write-downs for the three months ended December 31, 2019 and 2020 were ¥123 million and ¥39 million, respectively. These write-downs were recorded in costs of goods and real estate sold and included in Real Estate, PE Investment and Concession and Corporate Financial Services and Maintenance Leasing. |
Office facilities | (v) 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 ¥68,117 million and ¥68,268 million as of March 31, 2020 and December 31, 2020, respectively. |
Right-of-use assets | (w) Right-of-use The Company and its subsidiaries record the ROU assets recognized from the lessee’s lease transaction as investment in operating leases, property under facility operations and office facilities. Lease liabilities are included in other liabilities. ROU assets are consisted of the amount of the initial measurement of the lease liability and any lease payments made to the lessor at or before the commencement date and stated at cost less accumulated amortization. The initial measurement of the lease liability is at the present value of the lease payments not yet paid, discounted using the lessee’s incremental borrowing rate at lease commencement. ROU assets of finance leases are amortized mainly on a straight-line basis over the lease term. ROU assets of operating leases are amortized over the lease term by the fixed term operating cost minus the interest cost. Amortization of ROU assets of finance leases and operating leases expenses are included in costs of operating leases, services expense and selling, general and administrative expenses. |
Other assets | (x) Other assets Other assets consist primarily of goodwill and other intangible assets in acquisitions, reinsurance recoverables in relation to reinsurance contracts, deferred insurance policy acquisition costs which are amortized over the contract periods, leasehold deposits, advance payments made in relation to construction of real estate under operating leases and property under facility operations, prepaid benefit cost, prepaid expenses for property tax, maintenance fees and insurance premiums in relation to lease contracts, servicing assets, derivative assets, contract assets related to real estate contract works and deferred tax assets. |
Goodwill and other intangible assets | (y) 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. Accounting Standards Update 2017-04 (“Simplifying the Test for Goodwill Impairment”—ASC 350 (“Intangible—Goodwill and Other”)) has been adopted since April 1, 2020. 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 goodwill impairment test. The Company and its subsidiaries perform the qualitative assessment for some goodwill but bypass the qualitative assessment and proceed directly to the impairment test for other goodwill. For the goodwill for which the qualitative assessment is performed, if, after assessing the totality of events or circumstances, the Company and/or subsidiaries determine that it is not more likely than not that the fair value of a reporting unit is less than its carrying amount, then the Company and/or subsidiaries do not perform the impairment test. However, if the Company and/or subsidiaries conclude otherwise or determine to bypass the qualitative assessment, the Company and/or subsidiaries proceed to perform the impairment test. The goodwill impairment test calculates the fair value of the reporting unit and compares the fair value with the carrying amount of the reporting unit. If the fair value of the reporting unit falls below its carrying amount, an impairment loss is recognized in an amount equal to the difference. The Company and its subsidiaries test the goodwill either at the operating segment level or one level below the operating segments. The Company and its subsidiaries have the option to perform a qualitative assessment to determine whether it is more likely than not that an indefinite-lived intangible asset is impaired. The Company and its subsidiaries perform the qualitative assessment for some indefinite-lived intangible assets but bypass the qualitative assessment and perform the quantitative assessment for other indefinite-lived intangible assets. For those indefinite-lived intangible assets for which the qualitative assessment is performed, if, after assessing the totality of events and circumstances, the Company and/or subsidiaries conclude that it is not more likely than not that the indefinite-lived intangible asset is impaired, then the Company and/or subsidiaries do not perform the quantitative impairment test. However, if the Company and/or subsidiaries conclude otherwise or determine to bypass the qualitative assessment, the Company and/or subsidiaries calculate the fair value of the indefinite-lived intangible asset and perform the quantitative impairment test. If the carrying amount of the indefinite-lived intangible asset exceeds its fair value, an impairment loss is recognized in an amount equal to that excess. Intangible assets with finite lives are amortized over their useful lives and tested for impairment. The Company and its subsidiaries perform a recoverability test for the intangible assets whenever events or changes in circumstances indicate that the assets might be impaired. The intangible assets are considered not recoverable when the undiscounted future cash flows estimated to be generated by those assets are less than the carrying amount of those assets, and the net carrying amount of assets not recoverable is reduced to fair value if lower than the carrying amount. The amount of goodwill was ¥443,818 million and ¥488,378 million as of March 31, 2020 and December 31, 2020, respectively. The amount of other intangible assets was ¥404,492 million and ¥412,820 million as of March 31, 2020 and December 31, 2020, respectively. |
Trade notes, accounts and other payable | (z) 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 | (aa) Other Liabilities Other liabilities include primarily lease liabilities recognized from the lessee’s lease transaction, accrued expenses related to interest and bonus, accrued benefit liability, advances received from lessees in relation to lease contracts, deposits received from real estate transaction, contract liabilities mainly related to automobile maintenance services and software services, derivative liabilities and allowance for credit losses on off-balance |
Capitalization of interest costs | (ab) Capitalization of interest costs The Company and its subsidiaries capitalized interest costs primarily related to assets under construction such as specific environmental assets, long-term real estate development and ship projects. |
Advertising | (ac) Advertising The costs of advertising are expensed as incurred. |
Earnings per share | (ad) 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 | (ae) 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 | (af) 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 | (ag) Issuance of stock by an affiliate When an affiliate issues stocks to unrelated third parties, the Company and its subsidiaries’ ownership interest in the affiliate decreases. In the event that the price per share is more or less than the Company and its subsidiaries’ average carrying amount per share, the Company and its subsidiaries adjust the carrying amount of its investment in the affiliate and recognize the gain or loss in the consolidated statements of income in the year in which the change in ownership interest occurs. |
New accounting pronouncements | (ah) New accounting pronouncements In June 2016, Accounting Standards Update 2016-13 available-for-sale off-balance-sheet off-balance In January 2017, Accounting Standards Update 2017-04 two-step In August 2018, Accounting Standards Update 2018-12 In August 2018, Accounting Standards Update 2018-13 In August 2018, Accounting Standards Update 2018-14 715-20 In December 2019, Accounting Standards Update 2019-12 In January 2020, Accounting Standards Update 2020-01 In March 2020, Accounting Standards Update 2020-04 |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 9 Months Ended |
Dec. 31, 2020 | |
Fair Value Disclosures [Abstract] | |
Recorded Amounts of Major Financial Assets and Liabilities Measured at Fair Value on Recurring Basis | The following tables present recorded amounts of major financial assets and liabilities measured at fair value on a recurring basis as of March 31, 2020 and December 31, 2020: March 31, 2020 Millions of yen Total Carrying Value in Consolidated Balance Sheets Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Assets: Loans held for sale*1 ¥ 90,893 ¥ 0 ¥ 90,893 ¥ 0 Trading debt securities 7,431 0 7,431 0 Available-for-sale 1,631,185 21,490 1,521,342 88,353 Japanese and foreign government bond securities*2 653,945 3,301 650,644 0 Japanese prefectural and foreign municipal bond securities 250,355 0 247,523 2,832 Corporate debt securities*3 596,477 18,189 574,294 3,994 CMBS and RMBS in the Americas 48,672 0 48,672 0 Other asset-backed securities and debt securities 81,736 0 209 81,527 Equity securities*4*5 375,174 58,400 232,873 83,901 Derivative assets: 39,690 202 20,258 19,230 Options held/written and other 21,346 0 2,116 19,230 Futures, foreign exchange contracts 13,265 202 13,063 0 Foreign currency swap agreements 5,079 0 5,079 0 Netting*6 (9,152 ) 0 0 0 Net derivative assets 30,538 0 0 0 Other assets: 18,206 0 0 18,206 Reinsurance recoverables*7 18,206 0 0 18,206 Total ¥ 2,162,579 ¥ 80,092 ¥ 1,872,797 ¥ 209,690 Liabilities: Derivative liabilities: ¥ 73,649 ¥ 2,471 ¥ 71,178 ¥ 0 Interest rate swap agreements 44,002 0 44,002 0 Options held/written and other 20,004 0 20,004 0 Futures, foreign exchange contracts 9,506 2,471 7,035 0 Foreign currency swap agreements 137 0 137 0 Netting*6 (9,152 ) 0 0 0 Net derivative Liabilities 64,497 0 0 0 Policy Liabilities and Policy Account Balances: 300,739 0 0 300,739 Variable annuity and variable life insurance contracts*8 300,739 0 0 300,739 Total ¥ 374,388 ¥ 2,471 ¥ 71,178 ¥ 300,739 December 31, 2020 Millions of yen Total Carrying Value in Consolidated Balance Sheets Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Assets: Loans held for sale*1 ¥ 97,321 ¥ 0 ¥ 97,321 ¥ 0 Trading debt securities 2,748 0 2,748 0 Available-for-sale 1,893,060 6,303 1,777,375 109,382 Japanese and foreign government bond securities*2 754,069 3,408 750,661 0 Japanese prefectural and foreign municipal bond securities 272,340 0 269,647 2,693 Corporate debt securities*3 730,051 2,895 725,894 1,262 CMBS and RMBS in the Americas 30,970 0 30,970 0 Other asset-backed securities and debt securities 105,630 0 203 105,427 Equity securities*4*5 398,998 81,169 241,869 75,960 Derivative assets: 22,301 15 7,432 14,854 Options held/written and other 16,725 0 1,871 14,854 Futures, foreign exchange contracts 5,062 15 5,047 0 Foreign currency swap agreements 417 0 417 0 Interest rate swap agreements 97 0 97 0 Netting*6 (1,462 ) 0 0 0 Net derivative assets 20,839 0 0 0 Other assets: 7,293 0 0 7,293 Reinsurance recoverables*7 7,293 0 0 7,293 Total ¥ 2,421,721 ¥ 87,487 ¥ 2,126,745 ¥ 207,489 Liabilities: Derivative liabilities: ¥ 66,249 ¥ 858 ¥ 65,355 ¥ 36 Interest rate swap agreements 36,981 0 36,981 0 Options held/written and other 16,956 0 16,920 36 Futures, foreign exchange contracts 9,675 858 8,817 0 Foreign currency swap agreements 2,637 0 2,637 0 Netting*6 (1,462 ) 0 0 0 Net derivative Liabilities 64,787 0 0 0 Policy Liabilities and Policy Account Balances: 290,273 0 0 290,273 Variable annuity and variable life insurance contracts*8 290,273 0 0 290,273 Total ¥ 356,522 ¥ 858 ¥ 65,355 ¥ 290,309 *1 A certain subsidiary elected the fair value option on certain loans held for sale. These loans are multi-family and seniors housing loans and are sold to Federal National Mortgage Association (“Fannie Mae”), Federal Home Loan Mortgage Corporation (“Freddie Mac”) and institutional investors. Included in “Other (income) and expense” in the consolidated statements of income were gains of ¥971 million and losses of ¥1,585 million from the change in the fair value of the loans for the nine months ended December 31, 2019 and 2020, respectively. Included in “Other (income) and expense” in the consolidated statements of income were gain of ¥622 million and losses of ¥1,124 million from the change in the fair value of the loans for the three months ended December 31, 2019 and 2020, respectively. No gains or losses were recognized in earnings during the nine months ended December 31, 2019 and 2020 attributable to changes in instrument-specific credit risk. The amounts of aggregate unpaid principal balance and aggregate fair value of the loans held for sale as of March 31, 2020, were ¥84,906 million and ¥90,893 million, respectively, and the amount of the aggregate fair value exceeded the amount of aggregate unpaid principal balance by ¥5,987 million. The amounts of aggregate unpaid principal balance and aggregate fair value of the loans held for sale as of December 31, 2020, were ¥93,104 million and ¥97,321 million, respectively, and the amount of the aggregate fair value exceeded the amount of aggregate unpaid principal balance by ¥4,217 million. As of March 31, 2020 and December 31, 2020, there were no non-accrual *2 A certain subsidiary elected the fair value option for investments in foreign government bond securities included in available-for-sale losses gains *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 ¥533 million and ¥2,943 million from the change in the fair value of those investments for the nine months ended December 31, 2019 and 2020, respectively. Included in “Gains on investment securities and dividends” in the consolidated statements of income were gains of ¥121 million and ¥329 million from the change in the fair value of those investments for the three months ended December 31, 2019 and 2020, respectively. The amounts of aggregate fair value elected the fair value option were ¥6,326 million and ¥4,471 million as of March 31, 2020 and December 31, 2020, respectively. *5 The amounts of investment funds measured at net asset value per share which are not included in the above tables were ¥11,631 million and ¥12,480 million as of March 31, 2020 and December 31, 2020, respectively. *6 It represents the amount offset under counterparty netting of derivative assets and liabilities. *7 Certain subsidiaries elected the fair value option for certain reinsurance contracts held. The fair value of the reinsurance contracts elected for the fair value option in other assets were ¥18,206 million and ¥7,293 million as of March 31, 2020 and December 31, 2020, respectively. For the effect of changes in the fair value of those reinsurance contracts on earnings during the nine and three months ended December 31, 2019 and 2020, see Note 18 “Life Insurance Operations.” *8 Certain subsidiaries elected the fair value option for the entire variable annuity and variable life insurance contracts held. The fair value of the variable annuity and variable life insurance contracts elected for the fair value option in policy liabilities and policy account balances were ¥300,739 million and ¥290,273 million as of March 31, 2020 and December 31, 2020, respectively. For the effect of changes in the fair value of the variable annuity and variable life insurance contracts on earnings during the nine and three months ended December 31, 2019 and 2020, see Note 18 “Life Insurance Operations.” |
Reconciliation of Financial Assets and Liabilities (Net) Measured at Fair Value on Recurring Basis Using Significant Unobservable Input | Nine months ended December 31, 2019 Millions of yen Balance at April 1, 2019 Gains or losses (realized/unrealized) Purchases *3 Sales Settlements *4 Transfers in and/ or out of Level 3 (net) Balance at December 31, 2019 Change in unrealized gains or losses included in earnings for assets and liabilities still held at December 31, 2019 *1 Included in earnings *1 Included in other comprehensive income *2 Total Available-for-sale ¥ 100,447 ¥ 1,339 ¥ (1,023 ) ¥ 316 ¥ 33,606 ¥ (3,425 ) ¥ (26,987 ) ¥ (2,991 ) ¥ 100,966 ¥ 213 Japanese prefectural and foreign municipal bond securities 2,888 0 (37 ) (37 ) 0 0 0 0 2,851 0 Corporate debt securities 7,158 0 (9 ) (9 ) 900 0 (842 ) (2,991 ) 4,216 0 Other asset-backed securities and debt securities 90,401 1,339 (977 ) 362 32,706 (3,425 ) (26,145 ) 0 93,899 213 Equity securities 61,193 5,594 (131 ) 5,463 10,075 (5,760 ) (4,789 ) 0 66,182 5,532 Investment funds 61,193 5,594 (131 ) 5,463 10,075 (5,760 ) (4,789 ) 0 66,182 5,532 Derivative assets and liabilities (net) 5,272 5,238 (93 ) 5,145 0 0 0 0 10,417 5,238 Options held/written and other 5,272 5,238 (93 ) 5,145 0 0 0 0 10,417 5,238 Other asset 12,449 (5,355 ) 0 (5,355 ) 2,303 0 (178 ) 0 9,219 (5,355 ) Reinsurance recoverables *5 12,449 (5,355 ) 0 (5,355 ) 2,303 0 (178 ) 0 9,219 (5,355 ) Policy Liabilities and Policy Account Balances 360,198 (12,426 ) 189 (12,237 ) 0 0 (39,418 ) 0 333,017 (12,426 ) Variable annuity and variable life insurance contracts *6 360,198 (12,426 ) 189 (12,237 ) 0 0 (39,418 ) 0 333,017 (12,426 ) Nine months ended December 31, 2020 Millions of yen Balance at April 1, 2020 Gains or losses (realized/unrealized) Purchases *3 Sales Settlements *4 Transfers in and/ or out of Level 3 (net) Balance at December 31, 2020 Change in unrealized gains or losses included in earnings for assets and liabilities still held at December 31, 2020 *1 Change in unrealized gains or losses included in other assets and liabilities still held at December 31, 2020 *2 Included in earnings *1 Included in other comprehensive income *2 Total Available-for-sale ¥ 88,353 ¥ (2,063 ) ¥ 10,102 ¥ 8,039 ¥ 23,936 ¥ (4,874 ) ¥ (4,072 ) ¥ (2,000 ) ¥ 109,382 ¥ (48 ) ¥ 9,887 Japanese prefectural and foreign municipal bond securities 2,832 0 (139 ) (139 ) 0 0 0 0 2,693 0 (139 ) Corporate debt securities 3,994 0 2 2 0 0 (734 ) (2,000 ) 1,262 0 1 Other asset-backed securities and debt securities 81,527 (2,063 ) 10,239 8,176 23,936 (4,874 ) (3,338 ) 0 105,427 (48 ) 10,025 Equity securities 83,901 5,308 (3,805 ) 1,503 871 (4,709 ) (5,281 ) (325 ) 75,960 5,095 (3,801 ) Investment funds 83,901 5,308 (3,805 ) 1,503 871 (4,709 ) (5,281 ) (325 ) 75,960 5,095 (3,801 ) Derivative assets and liabilities (net) 19,230 (3,492 ) (950 ) (4,442 ) 30 0 0 0 14,818 (3,492 ) (950 ) Options held/written and other 19,230 (3,492 ) (950 ) (4,442 ) 30 0 0 0 14,818 (3,492 ) (950 ) Other asset 18,206 (12,759 ) 0 (12,759 ) 2,064 0 (218 ) 0 7,293 (12,759 ) 0 Reinsurance recoverables *5 18,206 (12,759 ) 0 (12,759 ) 2,064 0 (218 ) 0 7,293 (12,759 ) 0 Policy Liabilities and Policy Account Balances 300,739 (34,141 ) (892 ) (35,033 ) 0 0 (45,499 ) 0 290,273 (34,141 ) (892 ) Variable annuity and variable life insurance contracts *6 300,739 (34,141 ) (892 ) (35,033 ) 0 0 (45,499 ) 0 290,273 (34,141 ) (892 ) *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 December 31, 2019 Millions of yen Balance at September 30, 2019 Gains or losses (realized/unrealized) Purchases *3 Sales Settlements *4 Transfers in and/ or out of Level 3 (net) Balance at December 31, Change in unrealized gains or losses included in earnings for assets and liabilities still held at December 31, Included in earnings *1 Included in other comprehensive income *2 Total Available-for-sale ¥ 87,265 ¥ 244 ¥ 1,122 ¥ 1,366 ¥ 17,532 ¥ (3,293 ) ¥ (1,904 ) ¥ 0 ¥ 100,966 ¥ 141 Japanese prefectural and foreign municipal bond securities 2,808 0 43 43 0 0 0 0 2,851 0 Corporate debt securities 3,638 0 (15 ) (15 ) 900 0 (307 ) 0 4,216 0 Other asset-backed securities and debt securities 80,819 244 1,094 1,338 16,632 (3,293 ) (1,597 ) 0 93,899 141 Equity securities 65,854 929 1,283 2,212 4,639 (3,368 ) (3,155 ) 0 66,182 1,137 Investment funds 65,854 929 1,283 2,212 4,639 (3,368 ) (3,155 ) 0 66,182 1,137 Derivative assets and liabilities (net) 16,275 (6,123 ) 265 (5,858 ) 0 0 0 0 10,417 (6,123 ) Options held/written and other 16,275 (6,123 ) 265 (5,858 ) 0 0 0 0 10,417 (6,123 ) Other asset 11,382 (2,874 ) 0 (2,874 ) 750 0 (39 ) 0 9,219 (2,874 ) Reinsurance recoverables *5 11,382 (2,874 ) 0 (2,874 ) 750 0 (39 ) 0 9,219 (2,874 ) Policy Liabilities and Policy Account Balances 336,840 (10,387 ) (94 ) (10,481 ) 0 0 (14,304 ) 0 333,017 (10,387 ) Variable annuity and variable life insurance contracts *6 336,840 (10,387 ) (94 ) (10,481 ) 0 0 (14,304 ) 0 333,017 (10,387 ) Three months ended December 31, 2020 Millions of yen Balance at September 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 December 31, Change in unrealized gains or losses included in other assets and liabilities still held at December 31, Included in earnings *1 Included in other comprehensive income *2 Total Available-for-sale ¥ 101,292 ¥ (680 ) ¥ 1,264 ¥ 584 ¥ 10,305 ¥ (875 ) ¥ (1,924 ) ¥ 0 ¥ 109,382 ¥ (107 ) ¥ 1,191 Japanese prefectural and foreign municipal bond securities 2,753 0 (60 ) (60 ) 0 0 0 0 2,693 0 (60 ) Corporate debt securities 1,501 0 0 0 0 0 (239 ) 0 1,262 0 (1 ) Other asset-backed securities and debt securities 97,038 (680 ) 1,324 644 10,305 (875 ) (1,685 ) 0 105,427 (107 ) 1,252 Equity securities 76,664 3,464 (1,562 ) 1,902 2 (1,337 ) (1,271 ) 0 75,960 3,319 (1,562 ) Investment funds 76,664 3,464 (1,562 ) 1,902 2 (1,337 ) (1,271 ) 0 75,960 3,319 (1,562 ) Derivative assets and liabilities (net) 20,492 (5,283 ) (391 ) (5,674 ) 0 0 0 0 14,818 (5,283 ) (391 ) Options held/written and other 20,492 (5,283 ) (391 ) (5,674 ) 0 0 0 0 14,818 (5,283 ) (391 ) Other asset 9,062 (2,400 ) 0 (2,400 ) 691 0 (60 ) 0 7,293 (2,400 ) 0 Reinsurance recoverables *5 9,062 (2,400 ) 0 (2,400 ) 691 0 (60 ) 0 7,293 (2,400 ) 0 Policy Liabilities and Policy Account Balances 296,810 (16,700 ) (151 ) (16,851 ) 0 0 (23,388 ) 0 290,273 (16,700 ) (151 ) Variable annuity and variable life insurance contracts *6 296,810 (16,700 ) (151 ) (16,851 ) 0 0 (23,388 ) 0 290,273 (16,700 ) (151 ) *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 during year ended March 31, 2020 and the nine months ended December 31, 2020. These assets are measured at fair value on a nonrecurring basis mainly to recognize impairment: Year ended March 31, 2020 Millions of yen Total Carrying Value in Consolidated Balance Sheets Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Assets: Loans held for sale ¥ 4,823 ¥ 0 ¥ 0 ¥ 4,823 Real estate collateral-dependent loans (net of allowance for probable loan losses) 12,557 0 0 12,557 Investment in operating leases and property under facility operations 5,731 0 1,193 4,538 Certain investments in affiliates 11,213 8,741 0 2,472 ¥ 34,324 ¥ 8,741 ¥ 1,193 ¥ 24,390 Nine months ended December 31, 2020 Millions of yen Total Carrying Value in Consolidated Balance Sheets Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Assets: Loans held for sale ¥ 524 ¥ 0 ¥ 524 ¥ 0 Real estate collateral-dependent loans (net of allowance for credit losses) 7,752 0 0 7,752 Investment in operating leases and property under facility operations 1,489 0 1,317 172 Certain e 3,523 0 0 3,523 Certain investments in affiliates 10,366 8,799 0 1,567 ¥ 23,654 ¥ 8,799 ¥ 1,841 ¥ 13,014 |
Information about Valuation Techniques and Significant Unobservable Inputs Used in Valuation of Level Three Assets and Liabilities Measured at Fair Value on Recurring Basis | Information about Level 3 Fair Value Measurements The following tables provide information about the valuation techniques and significant unobservable inputs used in the valuation of Level 3 assets and liabilities measured at fair value on a recurring basis as of March 31, 2020 and December 31, 2020. March 31, 2020 Millions of yen Fair value Valuation technique(s) Significant unobservable inputs Range (Weighted average) Assets: Available-for-sale Japanese prefectural and foreign municipal bond securities ¥ 2,832 Discounted cash flows Discount rate 8.5% (8.5%) Corporate debt securities 1,995 Discounted cash flows Discount rate 0.4% – 2.5% (0.8%) 1,999 Appraisals/Broker quotes — — Other asset-backed securities and debt securities 20,582 Discounted cash flows Discount rate 1.0% – 51.2% (12.1%) Probability of default 1.9% (1.9%) 60,945 Appraisals/Broker quotes — — Equity securities: Investment funds 5,714 Internal cash flows Discount rate 0.0% (0.0%) 54,898 Discounted cash flows WACC 7.6% – 19.1% (16.5%) EV/Terminal EBITDA multiple 7.0x-11.9x (9.3x) Market multiples EV/Last twelve months EBITDA multiple 7.5x-11.8x (9.4x) EV/Forward EBITDA multiple 6.5x-10.3x (8.4x) EV/Precedent transaction last twelve months EBITDA multiple 7.5x-12.1x (9.5 23,289 Appraisals/Broker quotes — — Derivative assets: Options held/written and other 19,170 Discounted cash flows Discount rate 12.0% – 33.0% (14.4%) 60 Appraisals/Broker quotes — — Other assets: Reinsurance recoverables 18,206 Discounted cash flows Discount rate (0.2)% – 0.6% (0.2%) Mortality rate 0.0% – 100.0% (1.4%) Lapse rate 1.5% – 14.0% (7.1%) Annuitization rate (guaranteed minimum annuity benefit) 0.0% – 100.0% (100.0%) Total ¥ 209,690 Liabilities: Policy liabilities and Policy Account Balances: Variable annuity and variable life insurance contracts ¥ 300,739 Discounted cash flows Discount rate (0.2)% – 0.6% (0.2%) Mortality rate 0.0% – 100.0% (1.3%) Lapse rate 1.5% – 30.0% (6.9%) Annuitization rate (guaranteed minimum annuity benefit) 0.0% – 100.0% (80.9%) Total ¥ 300,739 December 31, 2020 Millions of yen Fair value Valuation technique(s) Significant unobservable inputs Range (Weighted average) Assets: Available-for-sale Japanese prefectural and foreign municipal bond securities ¥ 2,693 Discounted cash flows Discount rate 8.5% (8.5%) Corporate debt securities 1,262 Discounted cash flows Discount rate 0.3% – 1.8% (0.7%) Other asset-backed securities and debt securities 21,204 Discounted cash flows Discount rate 1.0% – 51.2% (10.9%) Probability of default 1.9% (1.9%) 84,223 Appraisals/Broker quotes — — Equity securities: Investment funds 3,630 Internal cash flows Discount rate 0.0% (0.0%) 64,895 Discounted cash flows WACC 13.1% – 18.7% (16.6%) EV/Terminal EBITDA multiple 6.4x-10.5x (9.0x) Market multiples EV/Last twelve months EBITDA multiple 5.2x-7.2x (6.0x) EV/Forward EBITDA multiple 6.2x-9.2x (7.3x) EV/Precedent transaction last twelve months EBITDA multiple 5.9x - 11.2x (8.7x) 7,435 Appraisals/Broker quotes — — Derivative assets: Options held/written and other 14,786 Discounted cash flows Discount rate 12.0% – 33.0% (14.9%) 68 Appraisals/Broker quotes — — Other assets: Reinsurance recoverables 7,293 Discounted cash flows Discount rate 0.0% – 0.4% (0.1%) Mortality rate 0.0% – 100.0% (1.5%) Lapse rate 1.5% – 14.0% ( 7.0%) Annuitization rate (guaranteed minimum annuity benefit) 0.0% – 100.0% (100.0%) Total ¥ 207,489 Liabilities: Derivative liabilities: Other ¥ 36 Appraisals/Broker quotes — — Policy liabilities and Policy Account Balances: Variable annuity and variable life insurance contracts 290,273 Discounted cash flows Discount rate 0.0% – 0.4% (0.1%) Mortality rate 0.0% – 100.0% (1.4%) Lapse rate 1.5% – 30.0% (7.1%) Annuitization rate (guaranteed minimum annuity benefit) 0.0% – 100.0% (78.8 Total ¥ 290,309 |
Information about Valuation Techniques and Significant Unobservable Inputs Used in Valuation of Level Three Assets Measured at Fair Value on Nonrecurring Basis | The following tables provide information about the valuation techniques and significant unobservable inputs used in the valuation of Level 3 assets measured at fair value on a nonrecurring basis during year ended March 31, 2020 and the nine December 1 Year ended March 31, 2020 Millions of yen Fair value Valuation technique(s) Significant unobservable inputs Range (Weighted average) Assets: Loans held for sale ¥ 4,823 Discounted cash flows Discount rate 5.7% – 7.7% (6.8%) Real estate collateral-dependent loans (net of allowance for probable loan losses) 12,557 Direct capitalization Capitalization rate 5.6% – 7.0% (6.0%) Appraisals — — Investment in operating leases and property under facility operations 302 Direct capitalization Capitalization rate 4.3% (4.3%) Discounted cash flows Discount rate 4.1% (4.1%) 4,236 Appraisals — — Certain investments in affiliates 359 Discounted cash flows WACC 14.0% (14.0%) Market multiples EV/Precedent transaction last twelve months EBITDA multiple 7.0x (7.0x) EV/Precedent transaction three year average EBITDA multiple 7.0x (7.0x) 2,113 Appraisals — — ¥ 24,390 Nine months ended December 31, 2020 Millions of yen Fair value Valuation technique(s) Significant unobservable inputs Range (Weighted average) Assets: Real estate collateral-dependent loans (net of allowance for credit losses) 2,207 Direct capitalization Capitalization rate 5.1% – 7.0% (5.9%) 5,545 Appraisals — — Investment in operating leases and property under facility operations 172 Appraisals — — Certain e 3,523 Appraisals — — Certain investments in affiliates 1,567 Appraisals — — ¥ 13,014 |
Revenues from Contracts with _2
Revenues from Contracts with Customers (Tables) | 9 Months Ended |
Dec. 31, 2020 | |
Revenue from Contract with Customer [Abstract] | |
Summary of Revenue from Contract with Customers and Other Sources of Revenue | The following table provides information about revenues from contracts with customers, and other sources of revenue for the nine and three months ended December 31, 2019 and 2020 are as follows; Millions of yen Millions of yen Nine months ended December 31, 2019 Nine months ended December 31, 2020 Revenues from contracts with customers ¥ 866,201 ¥ 781,423 Other revenues * 851,584 884,271 Total revenues ¥ 1,717,785 ¥ 1,665,694 Millions of yen Millions of yen Three months ended December 31, 2019 Three months ended December 31, 2020 Revenues from contracts with customers ¥ 289,145 ¥ 275,680 Other revenues * 293,195 305,276 Total revenues ¥ 582,340 ¥ 580,956 * Other revenues are not considered to be within the scope of revenue from contracts with customers, such as life insurance premiums and related investment income, operating leases, finance revenues that include interest income, and others. |
Summary of Balances from Contracts with Customers | The following table provides information about balances from contracts with customers as of March 31, 2020 and December 31, 2020. Millions of yen March 31, 2020 December 31, 2020 Trade Notes, Accounts and Other Receivable ¥ 165,676 ¥ 179,051 Contract assets (Included in Other Assets) 3,811 7,186 Contract liabilities (Included in Other Liabilities) 32,805 32,570 |
Leases (Table)
Leases (Table) | 9 Months Ended |
Dec. 31, 2020 | |
Leases [Abstract] | |
Lease Income | Lease income for the nine and three months ended December 31, 2019 and 2020 are as follows: Millions of yen Nine months ended December 31, 2019 Nine months ended December 31, 2020 Lease income—net investment in leases Interest income ¥ 56,155 ¥ 51,698 Other 1,601 1,325 Lease income—operating leases * 321,428 296,520 Total lease income ¥ 379,184 ¥ 349,543 * Gains from the disposition of real estate under operating leases included in operating lease revenues were ¥23,044 million and ¥13,745 million, and gains from the disposition of operating lease assets other than real estate included in operating lease revenues were ¥14,234 million and ¥6,625 million, for the nine months ended December 31, 2019 and 2020, respectively. Millions of yen Three months ended December 31, 2019 Three months ended December 31, 2020 Lease income—net investment in leases Interest income ¥ 18,900 ¥ 17,385 Other 511 460 Lease income—operating leases * 106,503 98,559 Total lease income ¥ 125,914 ¥ 116,404 * Gains from the disposition of real estate under operating leases included in operating lease revenues were ¥4,636 million and ¥991 million, and gains from the disposition of operating lease assets other than real estate included in operating lease revenues were ¥6,047 million and ¥3,491 million, for the three months ended December 31, 2019 and 2020, respectively. |
Credit Quality of Financing R_2
Credit Quality of Financing Receivables and the Allowance for Credit Losses (Tables) | 9 Months Ended |
Dec. 31, 2020 | |
Information about Allowance for Credit Losses | The following table provides information about the allowance for credit losses as of March 31, 2020, for the nin e Decem ber 1 Nine months ended December 31, 2019 Millions of yen Loans Net Total Consumer Corporate Purchased Non-recourse Other Allowance for credit losses : Beginning balance ¥ 21,195 ¥ 919 ¥ 20,662 ¥ 3,186 ¥ 12,049 ¥ 58,011 Provision (Reversal) 9,931 353 3,240 (133 ) 2,333 15,724 Charge-offs (9,360 ) (1 ) (5,046 ) (470 ) (1,937 ) (16,814 ) Recoveries 419 0 142 48 23 632 Other*2 (26 ) (6 ) (609 ) 11 (1 ) (631 ) Ending balance ¥ 22,159 ¥ 1,265 ¥ 18,389 ¥ 2,642 ¥ 12,467 ¥ 56,922 Individually evaluated for impairment 3,528 229 6,009 1,488 0 11,254 Not individually evaluated for impairment 18,631 1,036 12,380 1,154 12,467 45,668 Financing receivables : Ending balance ¥ 2,126,058 ¥ 143,103 ¥ 1,251,329 ¥ 14,806 ¥ 1,142,339 ¥ 4,677,635 Individually evaluated for impairment 26,147 2,516 38,119 2,998 0 69,780 Not individually evaluated for impairment 2,099,911 140,587 1,213,210 11,808 1,142,339 4,607,855 Three months ended December 31, 2019 Millions of yen Loans Net investment in leases Total Consumer Corporate Purchased loans *1 Non-recourse loans Other Allowance for credit losses : Beginning balance ¥ 21,789 ¥ 1,055 ¥ 17,333 ¥ 2,760 ¥ 12,236 ¥ 55,173 Provision (Reversal) 2,956 192 1,499 (55 ) 559 5,151 Charge-offs (2,740 ) 0 (687 ) (107 ) (599 ) (4,133 ) Recoveries 146 0 45 28 13 232 Other *2 8 18 199 16 258 499 Ending balance ¥ 22,159 ¥ 1,265 ¥ 18,389 ¥ 2,642 ¥ 12,467 ¥ 56,922 March 31, 2020 Millions of yen Loans Net investment in leases Total Consumer Corporate Purchased loans *1 Non-recourse loans Other Allowance for credit losses : Ending balance ¥ 20,542 ¥ 1,786 ¥ 21,358 ¥ 1,458 ¥ 11,692 ¥ 56,836 Individually evaluated for impairment 3,602 228 8,950 667 0 13,447 Not individually evaluated for impairment 16,940 1,558 12,408 791 11,692 43,389 Financing receivables : Ending balance ¥ 2,171,139 ¥ 132,081 ¥ 1,296,854 ¥ 13,218 ¥ 1,080,964 ¥ 4,694,256 Individually evaluated for impairment 26,533 2,466 55,216 1,605 0 85,820 Not individually evaluated for impairment 2,144,606 129,615 1,241,638 11,613 1,080,964 4,608,436 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 a sale of a subsidiary. |
Information about Impaired Loans | The following table provides information about the impaired loans as of March 31, 2020: March 31, 2020 Millions of yen Portfolio segment Class Loans individually evaluated for impairment Unpaid principal balance Related allowance With no related allowance recorded *1 ¥ 36,528 ¥ 36,524 ¥ 0 Consumer borrowers 997 995 0 Real estate loans 584 582 0 Card loans 0 0 0 Other 413 413 0 Corporate borrowers 35,423 35,421 0 Non-recourse The Americas 1,705 1,705 0 Other than Non-recourse Real estate companies in Japan 2,268 2,267 0 Real estate companies in overseas 11,231 11,231 0 Commercial, industrial and other companies in Japan 8,831 8,830 0 Commercial, industrial and other companies in overseas 11,388 11,388 0 Purchased loans 108 108 0 With an allowance recorded *2 49,292 48,936 13,447 Consumer borrowers 25,536 25,316 3,602 Real estate loans 5,178 5,162 817 Card loans 3,932 3,924 632 Other 16,426 16,230 2,153 Corporate borrowers 22,259 22,123 9,178 Non-recourse The Americas 761 761 228 Other than Non-recourse Real estate companies in Japan 1,233 1,219 374 Real estate companies in overseas 1,260 1,260 486 Commercial, industrial and other companies in Japan 3,649 3,527 2,371 Commercial, industrial and other companies in overseas 15,356 15,356 5,719 Purchased loans 1,497 1,497 667 Total ¥ 85,820 ¥ 85,460 ¥ 13,447 Consumer borrowers 26,533 26,311 3,602 Real estate loans 5,762 5,744 817 Card loans 3,932 3,924 632 Other 16,839 16,643 2,153 Corporate borrowers 57,682 57,544 9,178 Non-recourse The Americas 2,466 2,466 228 Other than Non-recourse Real estate companies in Japan 3,501 3,486 374 Real estate companies in overseas 12,491 12,491 486 Commercial, industrial and other companies in Japan 12,480 12,357 2,371 Commercial, industrial and other companies in overseas 26,744 26,744 5,719 Purchased loans 1,605 1,605 667 Note: Loans held for sale are not included in the table above. *1 “With no related allowance recorded” represents impaired loans with no allowance for credit losses as all amounts are considered to be collectible. *2 “With an allowance recorded” represents impaired loans with the allowance for credit losses as all or a part of the amounts are not considered to be collectible. |
Information about Average Recorded Investments in Impaired Loans and Interest Income | The following table provides information about the average recorded investments in impaired loans and interest income on impaired loans for the nine De cember 1 Nine months ended December 31, 2019 Millions of yen Portfolio segment Class Average recorded investments in impaired loans * Interest income on impaired loans Interest on impaired loans collected in cash Consumer borrowers ¥ 24,268 ¥ 341 ¥ 300 Real estate loans 4,906 109 105 Card loans 3,924 44 38 Other 15,438 188 157 Corporate borrowers 31,962 106 104 Non-recourse Japan 172 2 2 The Americas 3,077 0 0 Other than Non-recourse Real estate companies in Japan 1,518 25 25 Real estate companies in overseas 3,742 0 0 Commercial, industrial and other companies in Japan 5,718 65 63 Commercial, industrial and other companies in overseas 17,735 14 14 Purchased loans 3,484 139 139 Total ¥ 59,714 ¥ 586 ¥ 543 Three months ended December 31, 2019 Millions of yen Portfolio segment Class Average recorded investments in impaired loans * Interest income on impaired loans Interest on impaired loans collected in cash Consumer borrowers ¥ 25,781 ¥ 106 ¥ 100 Real estate loans 5,840 34 32 Card loans 3,908 13 13 Other 16,033 59 55 Corporate borrowers 33,618 54 54 Non-recourse Japan 111 0 0 The Americas 2,495 0 0 Other than Non-recourse Real estate companies in Japan 1,406 6 6 Real estate companies in overs eas 6,906 0 0 Commercial, industrial and other companies in Japan 5,282 38 38 Commercial, industrial and other companies in overseas 17,418 10 10 Purchased loans 3,110 53 53 Total ¥ 62,509 ¥ 213 ¥ 207 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, 2020: March 31, 2020 Millions of yen Non-performing Portfolio segment Class Performing Loans individually evaluated for impairment 90+ days past-due loans not individually evaluated for impairment Subtotal Total Consumer borrowers ¥ 2,134,342 ¥ 26,533 ¥ 10,264 ¥ 36,797 ¥ 2,171,139 Real estate loans 1,877,227 5,762 1,370 7,132 1,884,359 Card loans 218,011 3,932 1,708 5,640 223,651 Other 39,104 16,839 7,186 24,025 63,129 Corporate borrowers 1,371,253 57,682 0 57,682 1,428,935 Non-recourse Japan 48,566 0 0 0 48,566 The Americas 81,049 2,466 0 2,466 83,515 Other than Non-recourse Real estate companies in Japan 297,483 3,501 0 3,501 300,984 Real estate companies in overseas 119,403 12,491 0 12,491 131,894 Commercial, industrial and other companies in Japan 242,831 12,480 0 12,480 255,311 Commercial, industrial and other companies in overseas 581,921 26,744 0 26,744 608,665 Purchased loans 11,613 1,605 0 1,605 13,218 Net investment in leases 1,065,618 0 15,346 15,346 1,080,964 Japan 741,636 0 5,971 5,971 747,607 Overseas 323,982 0 9,375 9,375 333,357 Total ¥ 4,582,826 ¥ 85,820 ¥ 25,610 ¥ 111,430 ¥ 4,694,256 Note: Loans held for sale are not included in the table above. |
Information about Nonaccrual and Past Due Financing Receivables | The following table provides information about the non-accrual past-due March 31, 2020 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 ¥ 6,604 ¥ 13,607 ¥ 20,211 ¥ 2,171,139 ¥ 13,607 Real estate loans 1,863 2,469 4,332 1,884,359 2,469 Card loans 595 2,114 2,709 223,651 2,114 Other 4,146 9,024 13,170 63,129 9,024 Corporate borrowers 3,365 26,999 30,364 1,428,935 44,622 Non-recourse Japan 0 0 0 48,566 0 The Americas 0 2,466 2,466 83,515 2,466 Other than Non-recourse Real estate companies in Japan 0 586 586 300,984 586 Real estate companies in overseas 1 12,386 12,387 131,894 12,491 Commercial, industrial and other companies in Japan 226 2,409 2,635 255,311 2,409 Commercial, industrial and other companies in overseas 3,138 9,152 12,290 608,665 26,670 Net investment in leases 13,702 15,346 29,048 1,080,964 15,346 Japan 2,755 5,971 8,726 747,607 5,971 Overseas 10,947 9,375 20,322 333,357 9,375 Total ¥ 23,671 ¥ 55,952 ¥ 79,623 ¥ 4,681,038 ¥ 73,575 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 nine December 1 Nine months ended December 31, 2019 Millions of yen Portfolio segment Class Pre-modification outstanding recorded investment Post-modification outstanding recorded investment Consumer borrowers ¥ 9,187 ¥ 6,935 Real estate loans 16 14 Card loans 1,422 1,052 Other 7,749 5,869 Corporate borrowers 4,196 4,196 Non-re c s loans The Americas 340 340 Other than Non-recourse Commercial, industrial and other companies in overseas 3,856 3,856 Total ¥ 13,383 ¥ 11,131 Three months ended December 31, 2019 Millions of yen Portfolio segment Class Pre-modification outstanding recorded investment Post-modification outstanding recorded investment Consumer borrowers ¥ 3,079 ¥ 2,301 Real estate loans 477 364 Card loans 2,602 1,937 Corporate borrowers 1,749 1,749 Non-recourse loans The Americas 340 340 Other than Non-recourse loans Commercial, industrial and other companies in overseas 1,409 1,409 Total ¥ 4,828 ¥ 4,050 The following table provides information about financing receivables modified as troubled debt restructurings within the previous 12 months from December 31, 2019 and for which there was a payment default during the nine and three months ended December 31, 2019: Nine months ended December 31, 2019 Millions of yen Portfolio segment Class Recorded investment Consumer borrowers ¥ 1,497 Card loans 7 Other 1,490 Corporate borrowers 127 Other than Non-recourse Commercial, industrial other companies in overseas 127 Total ¥ 1,624 Three months ended December 31, 2019 Millions of yen Portfolio segment Class Recorded investment Consumer borrowers ¥ 444 Card loans 4 Other 440 Corporate borrowers 127 Other than Non-recourse Commercial, industrial other companies in overseas 127 Total ¥ 571 |
Credit Quality of Financial A_2
Credit Quality of Financial Assets and the Allowance for Credit Losses (Tables) | 9 Months Ended |
Dec. 31, 2020 | |
Credit Loss [Abstract] | |
Summary of allowance for credit losses for installment loans | The following table provides information about the allowance for credit losses for installment loans, net investment in leases and other financial assets measured at amortized cost for the nine and three months ended December 31, 2020: Nine months ended December 31, 2020 Millions of yen Installment loans Net investment in leases Other financial assets measured at amortized cost *2 Total Consumer Corporate Purchased loans *1 Non-recourse loans Other than non-recourse loans Allowance for credit losses : Beginning balance ¥ 20,542 ¥ 1,786 ¥ 20,209 ¥ 1,458 ¥ 11,692 ¥ 1,149 ¥ 56,836 Cumulative effect of adopting According Standards Update 2016-13 14,500 1,601 10,725 0 3,550 1,369 31,745 Reclassification to allowance for investment in operating leases *3 0 0 0 0 0 (312 ) (312 ) Balance at April 1, 2020 35,042 3,387 30,934 1,458 15,242 2,206 88,269 Provision (Reversal) 5,648 162 6,529 36 3,064 599 16,038 Allowance of purchased loans during the reporting period 0 0 0 1,636 0 0 1,636 Charge-offs *4 (7,905 ) 0 (12,621 ) (1,724 ) (1,448 ) (290 ) (23,988 ) Recoveries 401 0 72 38 9 6 526 Other *6 302 (170 ) (1,330 ) 102 211 65 (820 ) Ending balance ¥ 33,488 ¥ 3,379 ¥ 23,584 ¥ 1,546 ¥ 17,078 ¥ 2,586 ¥ 81,661 Collective (pool) assessment 29,118 3,162 16,108 654 9,627 944 59,613 Individual assessment 4,370 217 7,476 892 7,451 1,642 22,048 Three months ended December 31, 2020 Millions of yen Loans Net investment in leases Other financial assets measured at amortized cost *2 Total Consumer Corporate Purchased loans *1 Non-recourse loans Other than non-recourse Allowance for credit losses : Beginning balance ¥ 34,350 ¥ 3,414 ¥ 28,421 ¥ 1,508 ¥ 16,206 ¥ 2,896 ¥ 86,795 Provision (Reversal) 1,641 38 380 31 1,600 (183 ) 3,507 Allowance of purchased loans during the reporting period 0 0 0 1,296 0 0 1,296 Charge-offs *5 (2,727 ) 0 (4,718 ) (1,297 ) (844 ) (144 ) (9,730 ) Recoveries 150 0 3 8 1 6 168 Other *6 74 (73 ) (502 ) 0 115 11 (375 ) Ending balance ¥ 33,488 ¥ 3,379 ¥ 23,584 ¥ 1,546 ¥ 17,078 ¥ 2,586 ¥ 81,661 Notes 1: Loans held for sale and policy loan receivables of an insurance entity are not included in the table above. 2: Held-to-maturity non-accrual held-to-maturity *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. Due to the adoption of the credit losses standards, allowance of ¥176,714 million was recorded as credit loss gross-up *2 Other financial assets measured at amortized cost includes the allowance for credit losses on financial receivables, such as loans to affiliates and accounts receivable. The provision for credit losses of loans to affiliates of ¥6 million were recorded in equity in net income of affiliates. And the allowance for credit losses on loans to affiliates of ¥795 million were recorded in investment in affiliates. *3 The allowance for accrued payments for investment in operating leases was reclassified to the investment in operating leases balance on April 1, 2020, due to the application of the credit loss standard. *4 Charge-off *5 Charge-off *6 Other mainly includes foreign currency translation adjustments and a decrease in allowance related to a sale of a subsidiary. |
Summary of purchased loans | The following table provides information about purchased loans which is acquired for the nine and three months ended December 31, 2020: Millions of yen Nine months ended December 31, 2020 Purchase price ¥ 1,221 Allowance for credit losses at acquisition date 1,636 Discount or premium attributable to other factors 152 Par value ¥ 3,009 Millions of yen Three months ended December 31, 2020 Purchase price ¥ 834 Allowance for credit losses at acquisition date 1,296 Discount or premium attributable to other factors 95 Par value ¥ 2,225 |
Summary of origination years of financial assets | The following table provides information about the origination years of financial assets as of December 31, 2020. The revolving repayment card loans that cannot be classified into the origination year among card loans in consumer borrowers are excluded from the table. December 31, 2020 Millions of yen Portfolio segment Origination year (years ended March 31) Total Class Credit Quality 2021 2020 2019 2018 2017 Prior Consumer borrowers: Performing ¥ 306,241 ¥ 449,219 ¥ 339,465 ¥ 229,865 ¥ 231,464 ¥ 524,416 ¥ 2,080,670 Non-Performing 10,041 10,792 6,293 3,500 2,953 4,407 ¥ 37,986 Real estate loans Performing 300,663 435,567 332,312 225,245 229,665 523,126 ¥ 2,046,578 Non-Performing 3 692 1,692 1,687 2,225 4,012 ¥ 10,311 Other* Performing 5,578 13,652 7,153 4,620 1,799 1,290 ¥ 34,092 Non-Performing 10,038 10,100 4,601 1,813 728 395 ¥ 27,675 Corporate borrowers: Performing 226,317 421,009 238,450 138,144 78,102 117,712 ¥ 1,219,734 Non-Performing 4,103 10,778 4,270 4,481 5,356 12,447 ¥ 41,435 Non-recourse Japan Performing 5,283 24,475 5,283 2,815 0 8,922 ¥ 46,778 The Americas Performing 957 44,530 25,691 15,664 4,523 7,612 ¥ 98,977 Non-Performing 0 0 0 0 0 1,177 ¥ 1,177 Other than non-recourse Real estate companies in Japan Performing 85,807 76,554 39,335 29,591 26,242 25,889 ¥ 283,418 Non-Performing 0 383 192 0 628 564 ¥ 1,767 Real estate companies in overseas Performing 16,005 54,567 15,015 6,316 1,852 2,898 ¥ 96,653 Non-Performing 13 2,970 0 1,625 261 3,152 ¥ 8,021 Commercial, industrial and other companies in Japan Performing 60,044 55,369 32,004 13,092 11,682 23,701 ¥ 195,892 Non-Performing 666 4,200 210 932 85 1,416 ¥ 7,509 Commercial, industrial and other companies in overseas Performing 58,221 165,514 121,122 70,666 33,803 48,690 ¥ 498,016 Non-Performing 3,424 3,225 3,868 1,924 4,382 6,138 ¥ 22,961 Purchased loans: Performing 0 8 0 186 121 10,573 ¥ 10,888 Non-Performing 0 0 0 0 0 1,236 ¥ 1,236 Net investment in leases: Performing 250,106 291,675 190,741 119,324 74,386 86,537 ¥ 1,012,769 Non-Performing 1,015 3,138 3,476 3,307 3,010 6,800 ¥ 20,746 Japan Performing 142,489 178,878 133,242 95,377 66,669 83,942 ¥ 700,597 Non-Performing 86 769 1,088 1,588 1,321 4,161 ¥ 9,013 Overseas Performing 107,617 112,797 57,499 23,947 7,717 2,595 ¥ 312,172 Non-Performing 929 2,369 2,388 1,719 1,689 2,639 ¥ 11,733 Other financial assets measured at amortized cost Performing 15,691 920 325 863 2,630 12,108 ¥ 32,537 Non-Performing 0 0 0 1,171 0 0 ¥ 1,171 Total (excluding revolving repayment card loans) Performing 798,355 1,162,831 768,981 488,382 386,703 751,346 ¥ 4,356,598 Non-Performing 15,159 24,708 14,039 12,459 11,319 24,890 ¥ 102,574 Note: Loans held for sale and policy loan receivables of an insurance entity are not included in the table above. * Other in consumer borrowers includes guarantee claims of consumer loans. For further information, see Note 24 “Commitments, Guarantees and Contingent Liabilities” |
Summary of revolving repayment card loans | The revolving repayment card loans that cannot be classified into the origination year among card loans in consumer borrowers as of December 31, 2020 are as follows: December 31, 2020 Millions of yen Portfolio segment Revolving repayment Modification of collection condition by relief of contract condition Total—revolving repayment card loans Total— origination year (excluding revolving repayment card loans) Total— financial assets measured at amortized Credit quality Consumer borrowers: Performing ¥ 188,618 ¥ 0 ¥ 188,618 ¥ 4,356,598 ¥ 4,545,216 Non-Performing 1,934 3,757 5,691 102,574 ¥ 108,265 |
Summary of past-due financial assets | The following table provides information about the past-due December 31, 2020 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 Consumer borrowers ¥ 4,319 ¥ 15,243 ¥ 19,562 ¥ 2,312,965 Real estate loans 1,407 2,995 4,402 2,056,889 Card loans 357 1,956 2,313 194,309 Other 2,555 10,292 12,847 61,767 Corporate borrowers 5,230 23,790 29,020 1,261,169 Non-recourse Japan 0 0 0 46,778 The Americas 1,588 1,177 2,765 100,154 Other than Non-recourse Real estate companies in Japan 31 904 935 285,185 Real estate companies in overseas 0 8,008 8,008 104,674 Commercial, industrial and other companies in Japan 234 5,396 5,630 203,401 Commercial, industrial and other companies in overseas 3,377 8,305 11,682 520,977 Net investment in leases 12,446 17,322 29,768 1,033,515 Japan 5,198 6,586 11,784 709,610 Overseas 7,248 10,736 17,984 323,905 Total ¥ 21,995 ¥ 56,355 ¥ 78,350 ¥ 4,607,649 Note: Loans held for sale and purchased loans are not included in the table above. |
Summary of non-accrual of financial assets | The following table provides information about non-accrual December 31, 2020 Millions of yen Installment loans Net investment in leases Total Consumer borrowers Corporate borrowers Non- recourse loans Other than non- recourse loans Non-accrual Beginning balance ¥ 13,607 ¥ 2,466 ¥ 42,156 ¥ 15,346 ¥ 73,575 Ending balance 15,286 9,382 34,050 17,322 ¥ 76,040 Interest income recognized during the reporting period 412 0 147 0 ¥ 559 Balance not associated allowance for credit losses among financial assets measured at amortized cost, which is suspending recognition of income 771 0 11,892 0 ¥ 12,663 |
Summary of troubled debt restructurings of financing receivables | The following table provides information about troubled debt restructurings of financing receivables that occurred during the nine and three months ended December 31, 2020: Nine months ended December 31, 2020 Millions of yen Portfolio segment Class Pre-modification outstanding recorded investment Post-modification outstanding recorded investment Consumer borrowers ¥ 7,236 ¥ 5,262 Real estate loans 22 17 Card loans 1,285 965 Other 5,929 4,280 Corporate borrowers 10,485 9,237 Non-recourse The Americas 340 340 Other than Non-recourse Real estate companies in overseas 104 104 Commercial, industrial and other companies in Japan 38 38 Commercial, industrial and other companies in overseas 10,003 8,755 Total ¥ 17,721 ¥ 14,499 Three months ended December 31, 2020 Millions of yen Portfolio segment Class Pre-modification outstanding recorded investment Post-modification outstanding recorded investment Consumer borrowers ¥ 1,857 ¥ 1,111 Real estate loans 7 4 Card loans 416 295 Other 1,434 812 Corporate borrowers 3,384 2,469 Other than Non-recourse Commercial, industrial and other companies in overseas 3,384 2,469 Total ¥ 5,241 ¥ 3,580 |
Summary of financing receivables modified as troubled debt restructurings | The following table provides information about financing receivables modified as troubled debt restructurings within the previous 12 months from December 31, 2020 and for which there was a payment default during the nine and three months ended December 31, 2020: Nine months ended December 31, 2020 Millions of yen Portfolio segment Class Recorded investment Consumer borrowers ¥ 334 Card loans 32 Other 302 Consumer borrowers 1 Other than Non-recourse Commercial, industrial and other companies in overseas 1 Total ¥ 335 Three months ended December 31, 2020 Millions of yen Portfolio segment Class Recorded investment C onsumer ¥ 64 Card loans 14 Other 50 Total ¥ 64 |
Investment in Securities (Table
Investment in Securities (Tables) | 9 Months Ended |
Dec. 31, 2020 | |
Investments Schedule [Abstract] | |
Summary of Investment in Securities | Investment in securities as of March 31, 2020 and December 31, 2020 consists of the following: Millions of yen March 31, 2020 December 31, 2020 Equity securities * ¥ 492,902 ¥ 537,485 Trading debt securities 7,431 2,748 Available-for-sale 1,631,185 1,893,060 Held-to-maturity 113,805 113,403 Total ¥ 2,245,323 ¥ 2,546,696 * The amount of assets under management of variable annuity and variable life insurance contracts included in equity securities were ¥254,853 million and ¥269,056 million as of March 31, 2020 and December 31, 2020, respectively. The amount of investment funds that are accounted for under the equity method included in equity securities were ¥70,129 million and ¥81,347 million as of March 31, 2020 and December 31, 2020, respectively. The amount of investment funds elected for the fair value option included in equity securities were ¥6,326 million and ¥4,471 million as of March 31, 2020 and December 31, 2020, respectively. |
Summary of Impairment and Downward or Upward Adjustment Due to Changes of Observable Price | The following tables provide information about impairment and upward or downward adjustments resulting from observable price changes as of March 31, 2020 and December 31, 2019, and for the nine and three months ended December 31, 2019 and 2020. Millions of yen March 31, 2020 Nine months ended December 31, 2019 Three months ended December 31, 2019 Carrying Accumulated Accumulated Impairments Upward Impairments Upward Equity securities measured using the measurement alternative ¥ 35,968 ¥ (13,428 ) ¥ 112 ¥ (38 ) ¥ 43 ¥ 0 ¥ 5 Millions of yen December 31, 2020 Nine months ended December 31, 2020 Three months ended December 31, 2020 Carrying Accumulated Accumulated Impairments Upward Impairments Upward Equity securities measured using the measurement alternative ¥ 44,660 ¥ (13,252 ) ¥ 253 ¥ (961 ) ¥ 142 ¥ (187 ) ¥ 46 |
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, 2020 Millions of yen Amortized cost Gross unrealized gains Gross unrealized losses Fair value Available-for-sale Japanese and foreign government bond securities ¥ 640,197 ¥ 21,063 ¥ (7,315 ) ¥ 653,945 Japanese prefectural and foreign municipal bond securities 251,738 2,031 (3,414 ) 250,355 Corporate debt securities 595,625 8,727 (7,875 ) 596,477 CMBS and RMBS in the Americas 56,957 929 (9,214 ) 48,672 Other asset-backed securities and debt securities 92,363 3,267 (13,894 ) 81,736 1,636,880 36,017 (41,712 ) 1,631,185 Held-to-maturity Japanese government bond securities and other 113,805 29,384 0 143,189 ¥ 1,750,685 ¥ 65,401 ¥ (41,712 ) ¥ 1,774,374 December 31, 2020 Millions of yen Amortized cost Gross unrealized gains Gross unrealized losses Fair value Available-for-sale Japanese and foreign government bond securities ¥ 773,305 ¥ 10,407 ¥ (29,643 ) ¥ 754,069 Japanese prefectural and foreign municipal bond securities 270,648 3,991 (2,299 ) 272,340 Corporate debt securities 725,795 11,610 (7,354 ) 730,051 CMBS and RMBS in the Americas 33,089 396 (2,515 ) 30,970 Other asset-backed securities and debt securities 103,141 3,875 (1,386 ) 105,630 1,905,978 30,279 (43,197 ) 1,893,060 Held-to-maturity Japanese government bond securities and other 113,403 27,576 0 140,979 ¥ 2,019,381 ¥ 57,855 ¥ (43,197 ) ¥ 2,034,039 |
Information about Available-for-Sale Securities with Gross Unrealized Losses and Length of Time Individual Securities Have Been in Continuous Unrealized Loss Position | The following tables provide information about available-for-sale March 31, 2020 Millions of yen Less than 12 months 12 months or more Total Fair value Gross unrealized losses Fair value Gross unrealized losses Fair value Gross unrealized losses Available-for-sale Japanese and foreign government bond securities ¥ 116,967 ¥ (2,881 ) ¥ 165,642 ¥ (4,434 ) ¥ 282,609 ¥ (7,315 ) Japanese prefectural and foreign municipal bond securities 143,563 (3,413 ) 219 (1 ) 143,782 (3,414 ) Corporate debt securities 260,738 (4,643 ) 22,631 (3,232 ) 283,369 (7,875 ) CMBS and RMBS in the Americas 30,830 (7,486 ) 5,768 (1,728 ) 36,598 (9,214 ) Other asset-backed securities and debt securities 26,612 (3,759 ) 22,727 (10,135 ) 49,339 (13,894 ) ¥ 578,710 ¥ (22,182 ) ¥ 216,987 ¥ (19,530 ) ¥ 795,697 ¥ (41,712 ) December 31, 2020 Millions of yen Less than 12 months 12 months or more Total Fair value Gross unrealized losses Fair value Gross unrealized losses Fair value Gross unrealized losses Available-for-sale Japanese and foreign government bond securities ¥ 410,619 ¥ (17,190 ) ¥ 178,497 ¥ (12,453 ) ¥ 589,116 ¥ (29,643 ) Japanese prefectural and foreign municipal bond securities 92,069 (1,627 ) 12,666 (672 ) 104,735 (2,299 ) Corporate debt securities 259,418 (5,185 ) 46,724 (2,169 ) 306,142 (7,354 ) CMBS and RMBS in the Americas 21,814 (2,433 ) 1,914 (82 ) 23,728 (2,515 ) Other asset-backed securities and debt securities 8,087 (169 ) 27,134 (1,217 ) 35,221 (1,386 ) ¥ 792,007 ¥ (26,604 ) ¥ 266,935 ¥ (16,593 ) ¥ 1,058,942 ¥ (43,197 ) |
Roll-Forwards of Amount of Accumulated Other-Than-Temporary Impairments Related to Credit Losses | For available-for-sale Millions of yen Nine months ended December 31, 2019 Beginning ¥ 2,102 Movement during the period 0 Ending ¥ 2,102 Millions of yen Three months ended December 31, 2019 Beginning ¥ 2,102 Movement during the period 0 Ending ¥ 2,102 |
Transfer of Financial Assets (T
Transfer of Financial Assets (Tables) | 9 Months Ended |
Dec. 31, 2020 | |
Transfers and Servicing [Abstract] | |
Roll-Forwards of Amount of Servicing Assets | The servicing assets related to those servicing activities are included in other assets in the consolidated balance sheets and roll-forwards of the amount of the servicing assets for the nine and three months ended December 31, 2019 and 2020 are as follows: Millions of yen Nine months ended December 31, 2019 Nine months ended December 31, 2020 Three months ended December 31, 2019 Three months ended December 31, 2020 Beginning balance ¥ 31,572 ¥ 57,705 ¥ 32,364 ¥ 57,701 Increase mainly from loans sold with servicing retained 6,354 11,823 2,253 4,861 Decrease mainly from amortization (3,764 ) (9,032 ) (1,339 ) (3,687 ) Increase (Decrease) from the effects of changes in foreign exchange rates (388 ) (2,887 ) 496 (1,266 ) Ending balance ¥ 33,774 ¥ 57,609 ¥ 33,774 ¥ 57,609 |
Fair Value of Servicing Assets | The fair value of the servicing assets as of March 31, 2020 and December 31, 2020 are as follows: Millions of yen March 31, 2020 December 31, 2020 Beginning balance ¥ 39,846 ¥ 60,419 Ending balance ¥ 60,419 ¥ 63,947 |
Variable Interest Entities (Tab
Variable Interest Entities (Tables) | 9 Months Ended |
Dec. 31, 2020 | |
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, 2020 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 2,546 2 0 0 (c) VIEs for acquisition of real estate for the Company and its subsidiaries’ real estate-related business 80,385 17,941 21,970 5,153 (d) VIEs for corporate rehabilitation support business 465 9 0 0 (e) VIEs for investment in securities 82,098 28 0 0 (f) VIEs for securitizing financial assets such as finance lease receivable and loan receivable 267,548 159,181 267,548 0 (g) VIEs for securitization of loan receivable originated by third parties 2,358 3,037 2,358 0 (h) VIEs for power generation projects 393,797 284,772 355,107 40,111 (i) Other VIEs 163,948 66,411 141,988 0 Total ¥ 993,145 ¥ 531,381 ¥ 788,971 ¥ 45,264 December 31, 2020 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 2,031 0 0 0 (c) VIEs for acquisition of real estate for the Company and its subsidiaries’ real estate-related business 62,658 12,500 18,078 4,543 (d) VIEs for corporate rehabilitation support business 398 10 0 0 (e) VIEs for investment in securities 80,142 169 32 0 (f) VIEs for securitizing financial assets such as finance lease receivable and loan receivable 299,184 181,030 299,184 0 (g) VIEs for securitization of loan receivable originated by third parties 443 920 443 0 (h) VIEs for power generation projects 392,540 279,142 365,182 33,993 (i) Other VIEs 167,309 66,323 139,189 0 Total ¥ 1,004,705 ¥ 540,094 ¥ 822,108 ¥ 38,536 *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, 2020 Millions of yen Carrying amount of the VIEs held by the Company and its subsidiaries Maximum exposure to loss * Types of VIEs Total assets Non-recourse loans Investments (a) VIEs for liquidating customer assets ¥ 8,508 ¥ 0 ¥ 991 ¥ 991 (b) VIEs for acquisition of real estate and real estate development projects for customers 51,746 0 4,542 4,542 (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 3,820,403 0 55,645 72,527 (f) VIEs for securitizing financial assets such as finance lease receivable and loan receivable 0 0 0 0 (g) VIEs for securitization of loan receivable originated by third parties 1,239,325 0 15,663 15,668 (h) VIEs for power generation projects 25,037 0 1,719 1,719 (i) Other VIEs 200,325 2,837 10,523 13,476 Total ¥ 5,345,344 ¥ 2,837 ¥ 89,083 ¥ 108,923 December 31, 2020 Millions of yen Carrying amount of the variable interests in the VIEs held by the Company and its subsidiaries Maximum exposure to loss * Types of VIEs Total assets Non-recourse Investments (a) VIEs for liquidating customer assets ¥ 65,507 ¥ 1,495 ¥ 991 ¥ 2,486 (b) VIEs for acquisition of real estate and real estate development projects for customers 335,942 12,631 4,496 17,487 (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 3,523,298 0 53,076 70,107 (f) VIEs for securitizing financial assets such as finance lease receivable and loan receivable 775 0 2 2 (g) VIEs for securitization of loan receivable originated by third parties 1,593,913 0 18,922 18,925 (h) VIEs for power generation projects 24,690 0 1,710 1,710 (i) Other VIEs 335,970 2,672 9,837 12,509 Total ¥ 5,880,095 ¥ 16,798 ¥ 89,034 ¥ 123,226 * 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) | 9 Months Ended |
Dec. 31, 2020 | |
Investments in and Advances to Affiliates [Abstract] | |
Summary of Investment in Affiliates | Investment in affiliates at March 31, 2020 and December 31, 2020 consists of the following: Millions of yen March 31, 2020 December 31, 2020 Shares ¥ 770,750 ¥ 740,696 Loans and others 50,912 33,708 ¥ 821,662 ¥ 774,404 |
Redeemable Noncontrolling Int_2
Redeemable Noncontrolling Interests (Tables) | 9 Months Ended |
Dec. 31, 2020 | |
Noncontrolling Interest [Abstract] | |
Changes in Redeemable Noncontrolling Interests | Changes in redeemable noncontrolling interests for the nine months ended December 31, 2019 and 2020 are as follows : Millions of yen Nine months ended December 31, 2019 Nine months ended December 31, 2020 Beginning balance ¥ 9,780 ¥ 10,331 Transaction with noncontrolling interests 0 (10,028 ) Comprehensive income (loss) Net income (loss) 359 (23 ) Other comprehensive income (loss) Net change of foreign currency translation adjustments (130 ) (280 ) Total other comprehensive income (loss) (130 ) (280 ) Comprehensive income (loss) 229 (303 ) Dividends (289 ) 0 Ending balance ¥ 9,720 ¥ 0 |
Accumulated Other Comprehensi_2
Accumulated Other Comprehensive Income (Loss) (Tables) | 9 Months Ended |
Dec. 31, 2020 | |
Equity [Abstract] | |
Changes in Components of Accumulated Other Comprehensive Income (Loss) | Changes in each component of accumulated other comprehensive income (loss) attributable to ORIX Corporation Shareholders for the nine months ended December 31, 2019 and 2020, are as follows: Nine months ended December 31, 2019 Millions of yen Net unrealized gains (losses) on investment in securities Debt Defined benefit pension plans Foreign currency translation adjustments Net unrealized gains (losses) on derivative instruments Accumulated other comprehensive income (loss) Balance at March 31, 2019 ¥ 17,389 ¥ 582 ¥ (27,902 ) ¥ (43,558 ) ¥ (7,854 ) ¥ (61,343 ) Net unrealized gains (losses) on investment in securities, net of tax of ¥(2,053) million 5,472 5,472 Reclassification adjustment included in net income, net of tax of ¥1,700 million (4,195 ) (4,195 ) Debt valuation adjustments, net of tax of 168 168 Reclassification adjustment included in net income, net of tax of ¥12 million (32 ) (32 ) Defined benefit pension plans, net of tax of 129 129 Reclassification adjustment included in net income, net of tax of ¥(142) million 363 363 Foreign currency translation adjustments, net of tax of ¥(823) million (18,801 ) (18,801 ) Reclassification adjustment included in net income, net of tax of ¥(1,058) million 2,216 2,216 Net unrealized gains (losses) on derivative instruments, net of tax of ¥996 million (4,444 ) (4,444 ) Reclassification adjustment included in net income, net of tax of ¥(323) million 884 884 Total other comprehensive income (loss) 1,277 136 492 (16,585 ) (3,560 ) (18,240 ) Less: Other Comprehensive Income (Loss) Attributable to the Noncontrolling Interests (6 ) 0 (1 ) (1,541 ) 1 (1,547 ) Less: Other Comprehensive Income (Loss) Attributable to the Redeemable Noncontrolling Interests 0 0 0 (130 ) 0 (130 ) Balance at December 31, 2019 ¥ 18,672 ¥ 718 ¥ (27,409 ) ¥ (58,472 ) ¥ (11,415 ) ¥ (77,906 ) Nine months ended December 31, 2020 Millions of yen Net unrealized gains (losses) on investment in securities Debt Defined benefit pension plans Foreign currency translation adjustments Net unrealized gains (losses) on derivative instruments Accumulated other comprehensive income (loss) Balance at March 31, 2020 ¥ (5,001 ) ¥ 1,457 ¥ (26,375 ) ¥ (72,471 ) ¥ (16,142 ) ¥ (118,532 ) Net unrealized gains (losses) on investment in securities, net of tax of ¥2,542 (4,571 ) (4,571 ) Reclassification adjustment included in net income, net of tax of ¥73 million 344 344 Debt valuation adjustments, net of tax of ¥230 million (593 ) (593 ) Reclassification adjustment included in net income, net of tax of ¥19 million (50 ) (50 ) Defined benefit pension plans, net of tax of ¥152 million (380 ) (380 ) Reclassification adjustment included in net income, net of tax of ¥(268) million 576 576 Foreign currency translation adjustments, net of tax of ¥(4,573) million (13,538 ) (13,538 ) Reclassification adjustment included in net income, net of tax of ¥(864) million 1,921 1,921 Net unrealized gains (losses) on derivative instruments, net of tax of ¥902 million (2,933 ) (2,933 ) Reclassification adjustment included in net income, net of tax of ¥(1,505) million 4,204 4,204 Total other comprehensive income (loss) (4,227 ) (643 ) 196 (11,617 ) 1,271 (15,020 ) Less: Other Comprehensive Income (Loss) Attributable to the Noncontrolling Interests 26 0 (3 ) (2,362 ) 121 (2,218 ) Less: Other Comprehensive Income (Loss) Attributable to the Redeemable Noncontrolling Interests 0 0 0 (280 ) 0 (280 ) Balance at December 31, 2020 ¥ (9,254 ) ¥ 814 ¥ (26,176 ) ¥ (81,446 ) ¥ (14,992 ) ¥ (131,054 ) * There were no net unrealized gains (losses) on investment in securities related to available-for-sale Changes in each component of accumulated other comprehensive income (loss) attributable to ORIX Corporation Shareholders for the three months ended December 31, 2019 and 2020, are as follows: Three months ended December 31, 2019 Millions of yen Net unrealized gains (losses) on investment in securities Debt Defined benefit pension plans Foreign currency translation adjustments Net unrealized gains (losses) on derivative instruments Accumulated other comprehensive income (loss) Balance at September 30, 2019 ¥ 22,300 ¥ 786 ¥ (27,116 ) ¥ (79,587 ) ¥ (13,511 ) ¥ (97,128 ) Net unrealized gains (losses) on investment in securities, net of tax of ¥1,116 million (2,838 ) (2,838 ) Reclassification adjustment included in net income, net of tax of ¥313 million (789 ) (789 ) Debt valuation adjustments, net of tax of ¥21 million (54 ) (54 ) Reclassification adjustment included in net income, net of tax of ¥5 million (14 ) (14 ) Defined benefit pension plans, net of tax of ¥151 million (406 ) (406 ) Reclassification adjustment included in net income, net of tax of ¥(40) million 112 112 Foreign currency translation adjustments, net of tax of ¥6,858 million 20,802 20,802 Reclassification adjustment included in net income, net of tax of ¥(348) million 658 658 Net unrealized gains (losses) on derivative instruments, net of tax of ¥(584) million 1,877 1,877 Reclassification adjustment included in net income, net of tax of ¥(109) million 291 291 Total other comprehensive income (loss) (3,627 ) (68 ) (294 ) 21,460 2,168 19,639 Less: Other Comprehensive Income (Loss) Attributable to the Noncontrolling Interests 1 0 (1 ) 200 72 272 Less: Other Comprehensive Income Attributable to the Redeemable Noncontrolling Interests 0 0 0 145 0 145 Balance at December 31, 2019 ¥ 18,672 ¥ 718 ¥ (27,409 ) ¥ (58,472 ) ¥ (11,415 ) ¥ (77,906 ) Three months ended December 31, 2020 Millions of yen Net unrealized gains (losses) on investment in securities Debt Defined benefit pension plans Foreign currency translation adjustments Net unrealized gains (losses) on derivative instruments Accumulated other comprehensive income (loss) Balance at September 30, 2020 ¥ (3,130 ) ¥ 923 ¥ (26,248 ) ¥ (79,142 ) ¥ (16,667 ) ¥ (124,264 ) Net unrealized gains (losses) on investment in securities, net of tax of ¥2,093 million * (5,761 ) (5,761 ) Reclassification adjustment included in net income, net of tax of ¥90 million (345 ) (345 ) Debt valuation adjustments, net of tax of ¥34 million (85 ) (85 ) Reclassification adjustment included in net income, net of tax of ¥8 million (24 ) (24 ) Defined benefit pension plans, net of tax of ¥47 million (121 ) (121 ) Reclassification adjustment included in net income, net of tax of ¥(90) million 192 192 Foreign currency translation adjustments, net of tax of ¥(1,107) million (3,281 ) (3,281 ) Reclassification adjustment included in net income, net of tax of ¥(185) million 413 413 Net unrealized gains (losses) on derivative instruments, net of tax of ¥109 million (827 ) (827 ) Reclassification adjustment included in net income, net of tax of ¥(1,032) million 2,618 2,618 Total other comprehensive income (loss) (6,106 ) (109 ) 71 (2,868 ) 1,791 (7,221 ) Less: Other Comprehensive Income (Loss) Attributable to the Noncontrolling Interests 18 0 (1 ) (564 ) 116 (431 ) Balance at December 31, 2020 ¥ (9,254 ) ¥ 814 ¥ (26,176 ) ¥ (81,446 ) ¥ (14,992 ) ¥ (131,054 ) * There were no net unrealized gains (losses) on investment in securities related to available-for-sale |
Amounts Reclassified to Net Income from Accumulated Other Comprehensive Income (loss) | Amounts reclassified to net income from accumulated other comprehensive income (loss) in the nine months ended December 31, 2019 and 2020 are as follows: Nine months ended December 31, 2019 Details about accumulated other comprehensive income components Reclassification adjustment included in net income Millions of yen Consolidated statements of income caption Net unrealized gains (losses) on investment in securities Sales of debt securities ¥ 2,159 Gains on investment securities and dividends Sales of debt securities 5,133 Life insurance premiums and related investment income Amortization of debt securities (784 ) Finance revenues Amortization of debt securities (613 ) Life insurance premiums and related investment income 5,895 Total before income tax (1,700 ) Income tax (expense) or benefit ¥ 4,195 Net of tax Debt valuation adjustments Fulfillment of policy liabilities and amortization of policy account balances ¥ 44 Life insurance costs 44 Total before income tax (12 ) Income tax (expense) or benefit ¥ 32 Net of tax Defined benefit pension plans Amortization of prior service credit ¥ 730 See Note 17 “Pension Plans” Amortization of net actuarial loss (1,233 ) See Note 17 “Pension Plans” Amortization of transition obligation (2 ) See Note 17 “Pension Plans” (505 ) Total before income tax 142 Income tax (expense) or benefit ¥ (363 ) Net of tax Foreign currency translation adjustments Foreign exchange contracts ¥ (1,875 ) Gains on sales of subsidiaries and affiliates and liquidation losses, net/Interest expense/Other (income) and expense Sales or liquidation (1,399 ) Gains on sales of subsidiaries and affiliates and liquidation losses, net (3,274 ) Total before income tax 1,058 Income tax (expense) or benefit ¥ (2,216 ) Net of tax Net unrealized gains (losses) on derivative instruments Interest rate swap agreements ¥ (584 ) Interest expense Foreign exchange contracts (255 ) Interest expense Foreign currency swap agreements (368 ) Interest expense/Other (income) and expense (1,207 ) Total before income tax 323 Income tax (expense) or benefit ¥ (884 ) Net of tax Nine months ended December 31, 2020 Details about accumulated other comprehensive income components Reclassification adjustment included in net income Millions of yen Consolidated statements of income caption Net unrealized gains (losses) on investment in securities Sales of debt securities ¥ 1,335 Gains on investment securities and dividends Sales of debt securities 4,329 Life insurance premiums and related investment income Amortization of debt securities (1,489 ) Finance revenues Amortization of debt securities (1,032 ) Life insurance premiums and related investment income Others (3,414 ) Write-downs of securities and other (271 ) Total before income tax (73 ) Income tax (expense) or benefit ¥ (344 ) Net of tax Debt valuation adjustments Fulfillment of policy liabilities and amortization of policy account balances ¥ 69 Life insurance costs 69 Total before income tax (19 ) Income tax (expense) or benefit ¥ 50 Net of tax Defined benefit pension plans Amortization of prior service credit ¥ 355 See Note 17 “Pension Plans” Amortization of net actuarial loss (1,198 ) See Note 17 “Pension Plans” Amortization of transition obligation (1 ) See Note 17 “Pension Plans” (844 ) Total before income tax 268 Income tax (expense) or benefit ¥ (576 ) Net of tax Foreign currency translation adjustments Foreign exchange contracts ¥ (2,421 ) Gains on sales of subsidiaries and affiliates and liquidation losses, net/Interest expense/Other (income) and expense Sales or liquidation (364 ) Gains on sales of subsidiaries and affiliates and liquidation losses, net (2,785 ) Total before income tax 864 Income tax (expense) or benefit ¥ (1,921 ) Net of tax Net unrealized gains (losses) on derivative instruments Interest rate swap agreements ¥ (833 ) Interest expense Foreign exchange contracts (193 ) Interest expense/Other (income) and expense Foreign currency swap agreements (4,683 ) Interest expense/Other (income) and expense (5,709 ) Total before income tax 1,505 Income tax (expense) or benefit ¥ (4,204 ) Net of tax Amounts reclassified to net income from accumulated other comprehensive income (loss) in the three months ended December 31, 2019 and 2020 are as follows: Details about accumulated other comprehensive income components Three months ended December 31, 2019 Reclassification adjustment included in net income Consolidated statements of income caption Millions of yen Net unrealized gains (losses) on investment in securities Sales of debt securities ¥ 245 Gains on investment securities and dividends Sales of debt securities 1,578 Life insurance premiums and related investment income Amortization of debt securities (405 ) Finance revenues Amortization of debt securities (316 ) Life insurance premiums and related investment income 1,102 Total before income tax (313 ) Income tax (expense) or benefit ¥ 789 Net of tax Debt valuation adjustments Fulfillment of policy liabilities and amortization of policy account balances ¥ 19 Life insurance costs 19 Total before income tax (5 ) Income tax (expense) or benefit ¥ 14 Net of tax Defined benefit pension plans Amortization of prior service credit ¥ 249 See Note 17 “Pension Plans” Amortization of net actuarial loss (401 ) See Note 17 “Pension Plans” Amortization of transition obligation (0 ) See Note 17 “Pension Plans” (152 ) Total before income tax 40 Income tax (expense) or benefit ¥ (112 ) Net of tax Foreign currency translation adjustments Foreign exchange contracts ¥ 393 Gains on sales of subsidiaries and affiliates and liquidation losses, net/Interest expense/Other (income) and expense Sales or liquidation (1,399 ) Gains on sales of subsidiaries and affiliates and liquidation losses, net (1,006 ) Total before income tax 348 Income tax (expense) or benefit ¥ (658 ) Net of tax Net unrealized gains (losses) on derivative instruments Interest rate swap agreements ¥ (218 ) Interest expense/Other (income) and expense Foreign exchange contracts (107 ) Interest expense Foreign currency swap agreements (75 ) Interest expense/Other (income) and expense (400 ) Total before income tax 109 Income tax (expense) or benefit ¥ (291 ) Net of tax Three months ended December 31, 2020 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 debt securities ¥ 967 Gains on investment securities and dividends Sales of debt securities 408 Life insurance premiums and related investment income Amortization of debt securities (360 ) Finance revenues Amortization of debt securities (405 ) Life insurance premiums and related investment income Others (175 ) Write-downs of securities and other 435 Total before income tax (90 ) Income tax (expense) or benefit ¥ 345 Net of tax Debt valuation adjustments Fulfillment of policy liabilities and amortization of policy account balances ¥ 32 Life insurance costs 32 Total before income tax (8 ) Income tax (expense) or benefit ¥ 24 Net of tax Defined benefit pension plans Amortization of prior service credit ¥ 119 See Note 17 “Pension Plans” Amortization of net actuarial loss (401 ) See Note 17 “Pension Plans” Amortization of transition obligation (0 ) See Note 17 “Pension Plans” (282 ) Total before income tax 90 Income tax (expense) or benefit ¥ (192 ) Net of tax Foreign currency translation adjustments Foreign exchange contracts ¥ (210 ) Gains on sales of subsidiaries and affiliates and liquidation losses, net/ Sales or liquidation (388 ) Gains on sales of subsidiaries and affiliates and liquidation losses, net (598 ) Total before income tax 185 Income tax (expense) or benefit ¥ (413 ) Net of tax Net unrealized gains (losses) on derivative instruments Interest rate swap agreements ¥ (287 ) Interest expense Foreign exchange contracts (44 ) Interest expense/Other (income) and expense Foreign currency swap agreements (3,319 ) Interest expense/Other (income) and expense (3,650 ) Total before income tax 1,032 Income tax (expense) or benefit ¥ (2,618 ) Net of tax |
ORIX Corporation Shareholders_2
ORIX Corporation Shareholders' Equity (Tables) | 9 Months Ended |
Dec. 31, 2020 | |
Stockholders' Equity Note [Abstract] | |
Changes in Number of Shares Issued | Information about ORIX Corporation Shareholders’ Equity for the nine months ended December 31, 2019 and 2020 are as follows: (1) Dividend payments Nine months ended December 31, 2019 Nine months ended December 31, 2020 Resolution The board of directors on May 22, 2019 The board of directors on May 21, 2020 Type of shares Common stock Common stock Total dividends paid ¥58,962 million ¥51,493 million Dividend per share 46.00 ¥41.00 Date of record for dividend March 31, 2019 March 31, 2020 Effective date for dividend June 3, 2019 June 18, 2020 Dividend resource Retained earnings Retained earnings Resolution The board of directors on October 28, 2019 The board of directors on November 2, 2020 Type of shares Common stock Common stock Total dividends paid ¥44,862 million ¥43,670 million Dividend per share ¥35.00 ¥35.00 Date of record for dividend September 30, 2019 September 30, 2020 Effective date for dividend December 3, 2019 December 9, 2020 Dividend resource Retained earnings Retained earnings |
Selling, General and Administ_2
Selling, General and Administrative Expenses (Tables) | 9 Months Ended |
Dec. 31, 2020 | |
Text Block [Abstract] | |
Summary of Selling, General and Administrative Expenses | Selling, general and administrative expenses for the nine months ended December 31, 2019 and 2020 are as follows: Millions of yen Nine months ended December 31, 2019 Nine months ended December 31, 2020 Personnel expenses ¥ 192,526 ¥ 194,368 Selling expenses 53,759 47,467 Administrative expenses 86,033 86,963 Depreciation of office facilities 5,436 6,130 Total ¥ 337,754 ¥ 334,928 Selling, general and administrative expenses for the three months ended December 31, 2019 and 2020 are as follows: Millions of yen Three months ended December 31, 2019 Three months ended December 31, 2020 Personnel expenses ¥ 66,736 ¥ 66,239 Selling expenses 18,578 18,854 Administrative expenses 29,361 29,162 Depreciation of office facilities 1,888 2,054 Total ¥ 116,563 ¥ 116,309 |
Pension Plans (Tables)
Pension Plans (Tables) | 9 Months Ended |
Dec. 31, 2020 | |
Net Pension Cost of Defined Benefit Plans | Net periodic pension cost for the nine months ended December 31, 2019 and 2020 consists of the following: Millions of yen Nine months ended December 31, 2019 Nine months ended December 31, 2020 Japanese plans: Service cost ¥ 4,384 ¥ 4,243 Interest cost 438 520 Expected return on plan assets (2,083 ) (1,820 ) Amortization of prior service credit (615 ) (133 ) Amortization of net actuarial loss 865 990 Amortization of transition obligation 0 0 Net periodic pension cost ¥ 2,989 ¥ 3,800 Millions of yen Nine months ended December 31, 2019 Nine months ended December 31, 2020 Overseas plans: Service cost ¥ 2,649 ¥ 2,440 Interest cost 1,275 1,247 Expected return on plan assets (3,242 ) (2,677 ) Amortization of prior service credit (115 ) (222 ) Amortization of net actuarial loss 368 208 Amortization of transition obligation 2 1 Net periodic pension cost ¥ 937 ¥ 997 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. Net pension cost of the plans for the three months ended December 31, 2019 and 2020 consists of the following: Millions of yen Three months ended December 31, 2019 Three months ended December 31, 2020 Japanese plans: Service cost ¥ 1,507 ¥ 1,414 Interest cost 151 174 Expected return on plan assets (713 ) (607 ) Amortization of prior service credit (210 ) (44 ) Amortization of net actuarial loss 288 330 Amortization of transition obligation 0 0 Net periodic pension cost ¥ 1,023 ¥ 1,267 Millions of yen Three months ended December 31, 2019 Three months ended December 31, 2020 Overseas plans: Service cost ¥ 883 ¥ 814 Interest cost 426 420 Expected return on plan assets (1,101 ) (904 ) Amortization of prior service credit (39 ) (75 ) Amortization of net actuarial loss 113 71 Amortization of transition obligation 0 0 Net periodic pension cost ¥ 282 ¥ 326 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) | 9 Months Ended |
Dec. 31, 2020 | |
Insurance [Abstract] | |
Life Insurance Premiums and Related Investment Income | Life insurance premiums and related investment income for the nine and three months ended December 31, 2019 and 2020 consist of the following: Millions of yen Nine months ended December 31, 2019 Nine months ended December 31, 2020 Life insurance premiums ¥ 254,683 ¥ 289,112 Life insurance related investment income* 35,973 67,035 ¥ 290,656 ¥ 356,147 * Life insurance related investment income for the nine months ended December 31, 2019 and 2020 include net unrealized holding gains of ¥24,609 million and ¥55,050 million on equity securities held as of December 31, 2019 and 2020, respectively. Millions of yen Three months ended December 31, 2019 Three months ended December 31, 2020 Life insurance premiums ¥ 87,421 ¥ 98,112 Life insurance related investment income* 20,767 24,284 ¥ 108,188 ¥ 122,396 * Life insurance related investment income for the three months ended December 31, 2019 and 2020 include net unrealized holding gains of ¥18,043 million and ¥22,250 million on equity securities held as of December 31, 2019 and 2020, respectively. |
Reinsurance Benefits and Reinsurance Premiums Included in Life Insurance Premiums | Life insurance premiums include reinsurance benefits, net of reinsurance premiums. For the nine and three months ended December 31, 2019 and 2020, reinsurance benefits and reinsurance premiums included in life insurance premiums are as follows: Millions of yen Nine months ended December 31, 2019 Nine months ended December 31, 2020 Reinsurance benefits ¥ 1,949 ¥ 1,423 Reinsurance premiums (3,933 ) (3,805 ) Millions of yen Three months ended December 31, 2019 Three months ended December 31, 2020 Reinsurance benefits ¥ 774 ¥ 260 Reinsurance premiums (1,282 ) (1,279 ) |
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 nine and three months ended December 31, 2019 and 2020 are mainly as follows: Millions of yen Nine months ended December 31, 2019 Nine months ended December 31, 2020 Life insurance premiums and related investment income : Net realized and unrealized gains or losses from investment assets ¥ 25,962 ¥ 63,475 Net gains or losses from derivative contracts : (3,477 ) (8,398 ) Futures (3,292 ) (7,875 ) Foreign exchange contracts (5 ) 75 Options held (180 ) (598 ) Life insurance costs : Changes in the fair value of the policy liabilities and policy account balances ¥ (26,992 ) ¥ (11,358 ) Insurance costs recognized for insurance and annuity payouts as a result of insured events 39,418 45,499 Changes in the fair value of the reinsurance contracts 3,230 10,913 Millions of yen Three months ended December 31, 2019 Three months ended December 31, 2020 Life insurance premiums and related investment income : Net realized and unrealized gains or losses from investment assets ¥ 18,661 ¥ 23,575 Net gains or losses from derivative contracts : (2,653 ) (2,388 ) Futures (2,284 ) (2,415 ) Foreign exchange contracts (284 ) 36 Options held (85 ) (9 ) Life insurance costs : Changes in the fair value of the policy liabilities and policy account balances ¥ (3,917 ) ¥ (6,688 ) Insurance costs recognized for insurance and annuity payouts as a result of insured events 14,304 23,388 Changes in the fair value of the reinsurance contracts 2,163 1,769 |
Write-Downs of Long-Lived Ass_2
Write-Downs of Long-Lived Assets (Tables) | 9 Months Ended |
Dec. 31, 2020 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Long-Lived Assets Classified as Held for Sale | As of March 31, 2020 and December 31, 2020, 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, 2020 As of December 31, 2020 Investment in operating leases ¥ 5,208 ¥ 7,254 Property under facility operations 436 0 |
Breakdowns of Recognized Impairment Losses for Difference between Carrying Amounts and Fair Values Reflected as Write-Downs of Long-Lived Assets | For the nine months ended December 31, 2019 and 2020, the Company and its subsidiaries recognized impairment losses for the difference between carrying amounts and fair values in the amount of ¥554 million and ¥591 million, respectively, which are reflected as write-downs of long-lived assets. Breakdowns of these amounts are as follows. Nine months ended December 31, 2019 Nine months ended December 31, 2020 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 ¥ 529 2 ¥ 0 0 Condominiums 0 0 64 2 Land undeveloped or under construction 0 0 17 1 Others* 25 — 510 — Total ¥ 554 — ¥ 591 — * For “Others,” the number of properties is omitted. In addition, write-downs of other long-lived assets for the nine months ended December 31, 2020, include a write-down of ¥433 million of two hotels. For the three months ended December 31, 2019 and 2020, the Company and its subsidiaries recognized impairment losses for the difference between carrying amounts and fair values in the amount of ¥518 million and ¥8 million, respectively, which are reflected as write-downs of long-lived assets. Breakdowns of these amounts are as follows. Three months ended December 31, 2019 Three months ended December 31, 2020 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 ¥ 509 1 ¥ 0 0 Others* 9 — 8 — Total ¥ 518 — ¥ 8 — * For “Others,” the number of properties is omitted. |
Per Share Data (Tables)
Per Share Data (Tables) | 9 Months Ended |
Dec. 31, 2020 | |
Earnings Per Share [Abstract] | |
Reconciliation of Differences Between Basic and Diluted Earnings Per Share (EPS) | During the nine and three months ended December 31, 2019 and 2020, there was no stock compensation which was antidilutive. Millions of yen Nine months ended December 31, 2019 Nine months ended December 31, 2020 Net Income attributable to ORIX Corporation shareholders ¥ 244,319 ¥ 142,015 Millions of yen Three months ended December 31, 2019 Three months ended December 31, 2020 Net Income attributable to ORIX Corporation shareholders ¥ 85,169 ¥ 48,173 Thousands of Shares Nine months ended December 31, 2019 Nine months ended December 31, 2020 Weighted-average shares 1,279,196 1,242,765 Effect of dilutive securities— Stock compensation 1,138 1,107 Weighted-average shares for diluted EPS computation 1,280,334 1,243,872 Thousands of Shares Three months ended December 31, 2019 Three months ended December 31, 2020 Weighted-average shares 1,278,048 1,235,177 Effect of dilutive securities— Stock compensation 1,245 1,139 Weighted-average shares for diluted EPS computation 1,279,293 1,236,316 Yen Nine months ended December 31, 2019 Nine months ended December 31, 2020 Earnings per share for net income attributable to ORIX Corporation shareholders: Basic ¥ 190.99 ¥ 114.27 Diluted 190.82 114.17 Yen Three months ended December 31, 2019 Three months ended December 31, 2020 Earnings per share for net income attributable to ORIX Corporation shareholders: Basic ¥ 66.64 ¥ 39.00 Diluted 66.58 38.97 Note: The Company’s shares held through the Board Incentive Plan Trust are included in the number of treasury stock to be deducted in calculation of the weighted-average shares for EPS computation. (1,813,193 and 1,821,098 shares for the nine months ended December 31, 2019 and 2020, 1,796,993 and 2,197,628 shares for the three months ended December 31, 2019 and 2020) |
Derivative Financial Instrume_2
Derivative Financial Instruments and Hedging (Tables) | 9 Months Ended |
Dec. 31, 2020 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Effect of Derivative Instruments on Consolidated Statements of Income, Pre-tax | The effect of derivative instruments on the consolidated statements of income, pre-tax, (1) Cash flow hedges Millions of yen Gains (losses) recognized in other comprehensive income on derivative Gains (losses) reclassified from other comprehensive income (loss) into income Interest expense Other (income) and expense Interest rate swap agreements ¥ (4,610 ) ¥ 584 ¥ 0 Foreign exchange contracts (369 ) 255 0 Foreign currency swap agreements (461 ) 260 108 (2) Fair value hedges Millions of yen Gains (losses) recognized in income on derivative and other Gains (losses) recognized in income on hedged item Life insurance premiums and related investment income Other (income) and expense Life insurance premiums and related investment income Other (income) and expense Interest rate swap agreements ¥ (5,794 ) ¥ 0 ¥ 5,431 ¥ 0 Foreign exchange contracts 1,172 153 (910 ) (128 ) (3) Hedges of net investment in foreign operations Millions of yen Gains (losses) recognized in other comprehensive income on derivative and others Gains (losses) reclassified from other comprehensive income (loss) into income Gains on sales of and liquidation losses, net Interest expense Other (income) and Foreign exchange contracts ¥ 4,380 ¥ 1,594 ¥ 3,448 ¥ 21 Borrowings and bonds in foreign currencies 8,342 0 0 0 (4) Derivatives not designated as hedging instruments Millions of yen Gains (losses) recognized in income on derivative Life insurance premiums and related investment income* Interest expense Other (income) and Interest rate swap agreements ¥ 0 ¥ 5 ¥ 120 Futures (3,292 ) 0 2,367 Foreign exchange contracts 177 3,635 1,494 Credit derivatives held 0 0 (6 ) Options held/written and other (180 ) 0 1,202 * 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 nine months ended December 31, 2019 (see Note 18 “Life Insurance Operations”). The effect of derivative instruments on the consolidated statements of income, pre-tax, (1) Cash flow hedges Millions of yen Gains (losses) recognized in other comprehensive income on derivative Gains (losses) reclassified from other comprehensive income (loss) into income Interest expense Other (income) and expense Interest rate swap agreements ¥ 851 ¥ 833 ¥ 0 Foreign exchange contracts (141 ) 415 (222 ) Foreign currency swap agreements (4,545 ) 400 4,283 (2) Fair value hedges Millions of yen Gains (losses) recognized in income on derivative and other Gains (losses) recognized in income on hedged item Life insurance premiums and related investment income Other (income) and expense Life insurance premiums income Other (income) and expense Interest rate swap agreements ¥ 3,506 ¥ 0 ¥ (3,264 ) ¥ 0 Foreign exchange contracts 6,440 435 (7,114 ) (398 ) (3) Hedges of net investment in foreign operations Millions of yen Gains (losses) recognized in other comprehensive income on derivative and others Gains (losses) reclassified from other comprehensive income (loss) into income Gains on sales of Interest expense Other (income) and expense Foreign exchange contracts ¥ (13,097 ) ¥ 265 ¥ 2,665 ¥ 21 Borrowings and bonds in foreign currencies 23,292 0 0 0 (4) Derivatives not designated as hedging instruments Millions of yen Gains (losses) recognized in income on derivative Life insurance premiums and related investment income* Interest expense Other (income) and Interest rate swap agreements ¥ 0 ¥ 5 ¥ (1 ) Futures (7,875 ) 0 6,202 Foreign exchange contracts 56 1,923 640 Options held/written and other (598 ) 0 (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 nine months ended December 31, 2020 (see Note 18 “Life Insurance Operations”). The effect of derivative instruments on the consolidated statements of income, pre-tax, (1) Cash flow hedges Millions of yen Gains (losses) recognized in other comprehensive income on derivative Gains (losses) reclassified from other comprehensive income (loss) into income Interest expense Other (income) and expense Interest rate swap agreements ¥ 2,481 ¥ 218 ¥ 0 Foreign exchange contracts (255 ) 107 0 Foreign currency swap agreements 235 (25 ) 100 (2) Fair value hedges Millions of yen Gains (losses) recognized in income on derivative and other Gains (losses) recognized in income on hedged item Life insurance premiums Other (income) and expense Life insurance premiums and related investment income Other (income) and Interest rate swap agreements ¥ 3,346 ¥ 0 ¥ (3,299 ) ¥ 0 Foreign exchange contracts (934 ) 127 1,370 (98 ) (3) Hedges of net investment in foreign operations Millions of yen Gains (losses) recognized in other comprehensive income on derivative and others Gains (losses) reclassified from other comprehensive income (loss) into income Gains on sales of subsidiaries and affiliates and liquidation losses, net Interest expense Other (income) and expense Foreign exchange contracts ¥ (12,324 ) ¥ 1,594 ¥ 1,194 ¥ 7 Borrowings and bonds in foreign currencies (10,477 ) 0 0 0 (4) Derivatives not designated as hedging instruments Millions of yen Gains (losses) recognized in income on derivative Life insurance premiums and related investment income* Interest expense Other (income) and expense Interest rate swap agreements ¥ 0 ¥ 2 ¥ (12 ) Futures (2,284 ) 0 1,760 Foreign exchange contracts (337 ) 1,119 6,017 Credit derivatives held 0 0 10 Options held/written and other (85 ) 0 1,328 * 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 December 31, 2019 (see Note 18 “Life Insurance Operations”). The effect of derivative instruments on the consolidated statements of income, pre-tax, (1) Cash flow hedges Millions of yen Gains (losses) recognized in other comprehensive income on derivative Gains (losses) reclassified from other comprehensive income (loss) into income Interest expense Other (income) and expense Interest rate swap agreements ¥ 1,493 ¥ 287 ¥ 0 Foreign exchange contracts (62 ) 160 (116 ) Foreign currency swap agreements (2,367 ) 117 3,202 (2) Fair value hedges Millions of yen Gains (losses) recognized in income on derivative and other Gains (losses) recognized in income on hedged item Life insurance premiums Other (income) and expense Life insurance premiums and related investment income Other (income) and expense Interest rate swap agreements ¥ 2,398 ¥ 0 ¥ (2,354 ) ¥ 0 Foreign exchange contracts 2,948 215 (3,046 ) (190 ) (3) Hedges of net investment in foreign operations Millions of yen Gains (losses) recognized in other comprehensive income on derivative and others Gains (losses) reclassified from other comprehensive income (loss) into income Gains on sales of subsidiaries and affiliates and liquidation losses, Interest expense Foreign exchange contracts ¥ (5,088 ) ¥ 419 ¥ 629 Borrowings and bonds in foreign currencies 10,477 0 0 (4) Derivatives not designated as hedging instruments Millions of yen Gains (losses) recognized in income on derivative Life insurance premiums and related investment income* Interest expense Other (income) and Interest rate swap agreements ¥ 0 ¥ 2 ¥ (5 ) Futures (2,415 ) 0 2,403 Foreign exchange contracts (40 ) 411 (752 ) Options held/written and other (9 ) 0 317 * 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 December 31, 2020 (see Note 18 “Life Insurance Operations”). The effect of the components excluded from the assessment of hedge effectiveness on the consolidated statements of income, pre-tax, Fair value hedges Millions of yen Gains (losses) recognized in income Life insurance premiums and related investment income Foreign exchange contracts ¥ (1,324 ) The effect of the components excluded from the assessment of hedge effectiveness on the consolidated statements of income, pre-tax, Fair value hedges Millions of yen Gains (losses) reclassified from other comprehensive income (loss) into income Life insurance premiums and related Foreign exchange contracts ¥ (904 ) The carrying amount of hedged assets and liabilities recognized in balance sheets in fair value hedges and the cumulative amount of fair value hedging adjustments included in the carrying amount at March 31, 2020 is as follows. Assets as hedged items in fair value hedges Liabilities as hedged items in fair value hedges Millions of yen Millions of yen Consolidated balance sheets location Carrying The cumulative amount of fair value hedging adjustments included in the carrying amount Consolidated balance sheets location Carrying The cumulative amount of fair value hedging adjustments included in the carrying amount Investment in Securities* ¥ 320,344 ¥ 24,397 — ¥ 0 ¥ 0 * Accumulated fair value hedge adjustments of ¥(1,599) million are included for hedged items for which hedge accounting has been discontinued. The effect of the components excluded from the assessment of hedge effectiveness on the consolidated statements of income, pre-tax, Fair value hedges Millions of yen Gains (losses) recognized in income Life insurance premiums and related Interest expense Other (income) and expense Foreign exchange contracts ¥ (1,080 ) ¥ 5 ¥ 0 Options held/written and other 0 0 24 The effect of the components excluded from the assessment of hedge effectiveness on the consolidated statements of income, pre-tax, Fair value hedges Millions of yen Gains (losses) recognized in income Life insurance premiums and related investment income Interest expense Other (income) and expense Foreign exchange contracts ¥ (158 ) ¥ 0 ¥ 0 Options held/written and other 0 0 8 The carrying amount of hedged assets and liabilities recognized in balance sheets in fair value hedges and the cumulative amount of fair value hedging adjustments included in the carrying amount at December 31, 2020 is as follows. Assets as hedged items in fair value hedges Liabilities as hedged items in fair value hedges Millions of yen Millions of yen Consolidated balance sheets location Carrying The cumulative included in the carrying amount Consolidated balance sheets location Carrying amount The cumulative carrying amount Investment in Securities ¥ 332,701 ¥ 22,974 — ¥ 0 ¥ 0 |
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, 2020 and December 31, 2020 are as follows. March 31, 2020 Derivative assets Derivative liabilities Notional amount Fair value Consolidated balance sheets location Fair value Consolidated balance sheets location Millions of yen Millions of yen Millions of yen Derivatives designated as hedging instruments and other: Interest rate swap agreements ¥ 494,893 ¥ 0 — ¥ 43,889 Other Liabilities Options held/written and other 742 28 Other Assets 0 — Futures, foreign exchange contracts 623,172 7,555 Other Assets 4,365 Other Liabilities Foreign currency swap agreements 68,840 5,079 Other Assets 137 Other Liabilities Foreign currency long-term debt 612,536 0 — 0 — Derivatives not designated as hedging instruments: Interest rate swap agreements ¥ 7,644 ¥ 0 — ¥ 113 Other Liabilities Options held/written and other * 670,044 21,318 Other Assets 20,004 Other Liabilities Futures, foreign exchange contracts * 372,948 5,710 Other Assets 5,141 Other Liabilities * The notional amounts of options held/written and other and futures, foreign exchange contracts in the above table include options held of ¥16,754 million, futures contracts of ¥35,875 million and foreign exchange contracts of ¥16,656 million to economically hedge the minimum guarantee risk of variable annuity and variable life insurance contracts at March 31, 2020, respectively. Derivative assets in the above table include fair value of the options held, futures contracts and foreign exchange contracts before offsetting of ¥598 million, ¥165 million and ¥111 million and derivative liabilities include fair value of the futures and foreign exchange contracts before offsetting of ¥1,564 million and ¥178 million at March 31, 2020, respectively. December 31, 2020 Derivative assets Derivative liabilities Notional amount Fair value Consolidated balance sheets location Fair value Consolidated balance sheets location Millions of yen Millions of yen Millions of yen Derivatives designated as hedging instruments and other: Interest rate swap agreements ¥ 560,309 ¥ 97 Other Assets ¥ 36,895 Other Liabilities Options held/written and other 705 0 Other Assets 0 — Futures, foreign exchange contracts 605,879 2,458 Other Assets 7,016 Other Liabilities Foreign currency swap agreements 75,182 417 Other Assets 2,637 Other Liabilities Foreign currency long-term debt 530,009 0 — 0 — Derivatives not designated as hedging instruments: Interest rate swap agreements ¥ 6,245 ¥ 0 — ¥ 86 Other Liabilities Options held/written and other * 688,202 16,725 Other Assets 16,956 Other Liabilities Futures, foreign exchange contracts * 299,483 2,604 Other Assets 2,659 Other Liabilities * The notional amounts of options held/written and other and futures, foreign exchange contracts in the above table include options held of ¥3,560 million, futures contracts of ¥21,950 million and foreign exchange contracts of ¥8,621 million to economically hedge the minimum guarantee risk of variable annuity and variable life insurance contracts at December 31, 2020, respectively. Derivative assets in the above table include fair value of the options held, futures contracts and foreign exchange contracts before offsetting of ¥0 million, ¥6 million and ¥35 million and derivative liabilities include fair value of the |
Offsetting Assets and Liabili_2
Offsetting Assets and Liabilities (Tables) | 9 Months Ended |
Dec. 31, 2020 | |
Text Block [Abstract] | |
Gross Amounts Recognized, Gross Amounts Offset, and Net Amounts Presented in Consolidated Balance Sheets Regarding to Derivative Assets and Liabilities and Other Assets and Liabilities | The gross amounts recognized, gross amounts offset, and net amounts presented in the consolidated balance sheets regarding derivative assets and liabilities as of March 31, 2020 and December 31, 2020 are as follows. March 31, 2020 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 consolidated balance sheets* Financial instruments Collateral received/pledged Net amount Derivative assets ¥ 39,690 ¥ (9,152 ) ¥ 30,538 ¥ (598 ) ¥ (843 ) ¥ 29,097 Total assets ¥ 39,690 ¥ (9,152 ) ¥ 30,538 ¥ (598 ) ¥ (843 ) ¥ 29,097 Derivative liabilities ¥ 73,649 ¥ (9,152 ) ¥ 64,497 ¥ (25,997 ) ¥ 0 ¥ 38,500 Total liabilities ¥ 73,649 ¥ (9,152 ) ¥ 64,497 ¥ (25,997 ) ¥ 0 ¥ 38,500 December 31, 2020 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 consolidated balance sheets* Net amount Financial instruments Collateral received/pledged Derivative assets ¥ 22,301 ¥ (1,462 ) ¥ 20,839 ¥ 0 ¥ 0 ¥ 20,839 Total assets ¥ 22,301 ¥ (1,462 ) ¥ 20,839 ¥ 0 ¥ 0 ¥ 20,839 Derivative liabilities ¥ 66,249 ¥ (1,462 ) ¥ 64,787 ¥ (19,092 ) ¥ (998 ) ¥ 44,697 Total liabilities ¥ 66,249 ¥ (1,462 ) ¥ 64,787 ¥ (19,092 ) ¥ (998 ) ¥ 44,697 * The balances related to enforceable master netting agreements or similar agreements which were not offset in the consolidated balance sheets. |
Estimated Fair Value of Finan_2
Estimated Fair Value of Financial Instruments (Tables) | 9 Months Ended |
Dec. 31, 2020 | |
Fair Value Disclosures [Abstract] | |
Information about Carrying Amount of Financial Instruments Reported in Consolidated Balance Sheets and Related Market or Fair Value | The following information is provided to help readers gain an understanding of the relationship between carrying amounts of financial instruments reported in the Company’s consolidated balance sheets and the related market or fair value. The disclosures do not include net investment in leases, investment in affiliates, pension obligations and insurance contracts and reinsurance contracts except for those classified as investment contracts. March 31, 2020 Millions of yen Carrying amount Estimated fair value Level 1 Level 2 Level 3 Assets: Cash and cash equivalents ¥ 982,666 ¥ 982,666 ¥ 982,666 ¥ 0 ¥ 0 Restricted cash 152,618 152,618 152,618 0 0 Installment loans (net of allowance for probable loan losses) 3,695,342 3,653,042 0 207,950 3,445,092 Equity securities*1 375,174 375,174 58,400 232,873 83,901 Trading debt securities 7,431 7,431 0 7,431 0 Available-for-sale 1,631,185 1,631,185 21,490 1,521,342 88,353 Held-to-maturity 113,805 143,189 0 118,472 24,717 Other Assets: Time deposits 5,918 5,918 0 5,918 0 Derivative assets*2 30,538 30,538 0 0 0 Reinsurance recoverables (Investment contracts) 8,625 8,298 0 0 8,298 Liabilities: Short-term debt ¥ 336,832 ¥ 336,832 ¥ 0 ¥ 336,832 ¥ 0 Deposits 2,086,765 2,088,513 0 2,088,513 0 Policy liabilities and Policy account balances (Investment contracts) 213,885 214,048 0 0 214,048 Long-term debt 4,279,354 4,291,697 0 1,247,587 3,044,110 Other Liabilities: Derivative liabilities*2 64,497 64,497 0 0 0 *1 The amount of ¥11,631 million of investment funds measured at net asset value per share is not included. *2 It represents the amount after offset under counterparty netting of derivative assets and liabilities. For the information of input level before netting, see Note 3 “Fair Value Measurements.” December 31, 2020 Millions of yen Carrying amount Estimated fair value Level 1 Level 2 Level 3 Assets: Cash and cash equivalents ¥ 998,058 ¥ 998,058 ¥ 998,058 ¥ 0 ¥ 0 Restricted cash 134,980 134,980 134,980 0 0 Installment loans (net of allowance for credit losses) 3,637,813 3,629,061 0 237,266 3,391,795 Equity securities*1 398,998 398,998 81,169 241,869 75,960 Trading debt securities 2,748 2,748 0 2,748 0 Available-for-sale 1,893,060 1,893,060 6,303 1,777,375 109,382 Held-to-maturity 113,403 140,979 0 117,318 23,661 Other Assets: Time deposits 4,296 4,296 0 4,296 0 Derivative assets*2 20,839 20,839 0 0 0 Reinsurance recoverables (Investment contracts) 7,615 7,830 0 0 7,830 Liabilities: Short-term debt ¥ 371,455 ¥ 371,455 ¥ 0 ¥ 371,455 ¥ 0 Deposits 2,181,301 2,182,692 0 2,182,692 0 Policy liabilities and Policy account balances (Investment contracts) 193,284 193,397 0 0 193,397 Long-term debt 4,336,490 4,366,298 0 1,225,889 3,140,409 Other Liabilities: Derivative liabilities*2 64,787 64,787 0 0 0 *1 The amount of ¥12,480 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) | 9 Months Ended |
Dec. 31, 2020 | |
Commitments and Contingencies Disclosure [Abstract] | |
Amounts Due of Certain Computer Systems Operated and Maintained under Non-cancelable Contracts with Third-party Service Providers | As of March 31, 2020 and December 31, 2020, the amounts due are as follows: Millions of yen March 31, December 31, Within one year ¥ 3,183 ¥ 3,802 More than one year 2,728 2,826 Total ¥ 5,911 ¥ 6,628 |
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, 2020 and December 31, 2020: March 31, 2020 December 31, 2020 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 ¥ 490,839 ¥ 6,065 2026 ¥ 474,217 ¥ 4,769 2027 Transferred loans 355,452 2,371 2060 531,216 4,800 2061 Consumer loans 341,466 41,019 2031 298,624 53,281 2031 Real estate loans 29,235 4,422 2048 10,999 4,184 2048 Other 130 0 2024 672 269 2035 Total ¥ 1,217,122 ¥ 53,877 — ¥ 1,315,728 ¥ 67,303 — |
Assets Provided as Collateral for Short-Term and Long-Term Debt Payables to Financial Institutions | Collateral— Millions of yen March 31, 2020 December 31, 2020 Lease payments, loans and investment in operating leases ¥ 198,160 ¥ 146,882 Investment in securities 167,800 171,097 Property under facility operations 28,275 27,555 Other assets and other 26,982 26,013 Total ¥ 421,217 ¥ 371,547 |
Segment Information (Tables)
Segment Information (Tables) | 9 Months Ended |
Dec. 31, 2020 | |
Segment Reporting [Abstract] | |
Financial Information of Segments | Financial information of the segments for the nine months ended December 31, 2019 and 2020, and segment assets information as of March 31, 2020 and December 31, 2020 are as follows: Millions of yen Nine months ended December 31, 2019 Nine months ended December 31, 2020 March 31, 2020 December 31, Segment revenues Segment profits Segment revenues Segment profits Segment assets Segment assets Corporate Financial Services and Maintenance Leasing ¥ 321,201 ¥ 49,797 ¥ 318,673 ¥ 41,191 ¥ 1,789,693 ¥ 1,690,586 Real Estate 332,859 57,958 253,921 15,603 821,194 834,678 PE Investment and Concession 223,891 43,656 243,903 4,257 322,522 398,970 Environment and Energy 112,912 11,585 103,448 17,794 478,796 479,280 Insurance 293,296 43,577 359,208 50,663 1,580,158 1,887,966 Banking and Credit 62,830 29,441 63,071 36,959 2,603,736 2,707,265 Aircraft and Ships 46,392 33,294 22,569 3,116 585,304 559,971 ORIX USA 100,054 50,289 95,084 27,548 1,374,027 1,235,854 ORIX Europe 117,923 25,112 116,759 25,916 317,847 337,172 Asia and Australia 106,337 26,076 92,818 8,383 1,010,268 1,017,211 Total ¥ 1,717,695 ¥ 370,785 ¥ 1,669,454 ¥ 231,430 ¥ 10,883,545 ¥ 11,148,953 Financial information of the segments for the three months ended December 31, 2019 and 2020 are as follows: Millions of yen Three months ended December 31, 2019 Three months ended December 31, 2020 Segment revenues Segment profits Segment revenues Segment profits Corporate Financial Services and Maintenance Leasing ¥ 109,655 ¥ 17,216 ¥ 110,082 ¥ 16,243 Real Estate 103,431 10,514 86,645 5,248 PE Investment and Concession 80,047 24,007 86,077 180 Environment and Energy 34,585 3,058 32,030 3,662 Insurance 109,096 17,651 123,454 15,947 Banking and Credit 21,042 10,672 21,410 12,720 Aircraft and Ships 16,958 16,452 7,693 (1,597 ) ORIX USA 34,132 14,395 37,225 16,134 ORIX Europe 40,721 8,424 43,713 9,625 Asia and Australia 33,585 6,889 33,856 3,748 Total ¥ 583,252 ¥ 129,278 ¥ 582,185 ¥ 81,910 |
Reconciliation of Segment Totals to Consolidated Financial Statement Amounts | The reconciliation of segment totals to consolidated financial statement amounts is as follows: Significant items to be reconciled are segment revenues, segment profits and segment assets. Other items do not have a significant difference between segment amounts and consolidated amounts. Millions of yen Nine months ended Nine months ended Segment revenues: Total revenues for segments ¥ 1,717,695 ¥ 1,669,454 Revenues related to corporate assets 14,043 8,957 Revenues from inter-segment transactions (13,953 ) (12,717 ) Total consolidated revenues ¥ 1,717,785 ¥ 1,665,694 Segment profits: Total profits for segments ¥ 370,785 ¥ 231,430 Corporate profits (losses) (24,532 ) (25,902 ) Net income attributable to the noncontrolling interests and net income attributable to the redeemable noncontrolling interests 4,205 4,053 Total consolidated income before income taxes ¥ 350,458 ¥ 209,581 Millions of yen Three months ended Three months ended Segment revenues: Total revenues for segments ¥ 583,252 ¥ 582,185 Revenues related to corporate assets 3,803 3,024 Revenues from inter-segment transactions (4,715 ) (4,253 ) Total consolidated revenues ¥ 582,340 ¥ 580,956 Segment profits: Total profits for segments ¥ 129,278 ¥ 81,910 Corporate profits (losses) (9,122 ) (8,393 ) Net income attributable to the noncontrolling interests and net income attributable to the redeemable noncontrolling interests 1,673 1,890 Total consolidated income before income taxes ¥ 121,829 ¥ 75,407 Millions of yen March 31, 2020 December 31, 2020 Segment assets: Total assets for segments ¥ 10,883,545 ¥ 11,148,953 Cash and cash equivalents, restricted cash 1,135,284 1,133,038 Allowance for doubtful receivables on finance leases and probable loan losses (56,836 ) 0 Allowance for credit losses 0 (80,866 ) Trade notes, accounts and other receivable 312,744 294,615 Other corporate assets 792,791 828,751 Total consolidated assets ¥ 13,067,528 ¥ 13,324,491 |
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 nine months ended December 31, 2019 and 2020. For the nine months ended December 31, 2019 Millions of yen Nine months ended December 31, 2019 Japan The Americas *1 Other *2 Total Total Revenues ¥ 1,346,578 ¥ 154,143 ¥ 217,064 ¥ 1,717,785 Income before Income Taxes 218,366 65,204 66,888 350,458 For the nine months ended December 31, 2020 Millions of yen Nine months ended December 31, 2020 Japan The Americas *1 Other *2 Total Total Revenues ¥ 1,323,978 ¥ 147,647 ¥ 194,069 ¥ 1,665,694 Income before Income Taxes 136,934 41,401 31,246 209,581 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 three months ended December 31, 2019 and 2020. For the three months ended December 31, 2019 Millions of yen Three months ended December 31, 2019 Japan The Americas *1 Other *2 Total Total Revenues ¥ 456,958 ¥ 52,623 ¥ 72,759 ¥ 582,340 Income before Income Taxes 77,642 19,471 24,716 121,829 For the three months ended December 31, 2020 Millions of yen Three months ended December 31, 2020 Japan The Americas *1 Other *2 Total Total Revenues ¥ 453,651 ¥ 55,776 ¥ 71,529 ¥ 580,956 Income before Income Taxes 40,474 21,675 13,258 75,407 *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 | The following information represents disaggregation of revenues for revenues from contracts with customers, by goods and services category and geographical location for the nine months ended December 31, 2019 and 2020. For the nine months ended December 31, 2019 Millions of yen Nine months ended December 31, 2019 Reportable segments Corporate Real Estate PE Environment Insurance Banking and Aircraft and Goods or services category Sales of goods ¥ 9,057 ¥ 3,257 ¥ 194,055 ¥ 3,417 ¥ 0 ¥ 0 ¥ 2,680 Real estate sales 0 64,518 0 0 0 0 0 Asset management and servicing 237 5,962 28 0 0 122 15 Automobile related services 45,782 0 0 172 0 0 0 Facilities operation 0 56,535 0 0 0 0 0 Environment and energy services 2,298 0 0 105,810 0 0 0 Real estate management and brokerage 0 79,744 0 0 0 0 0 Real estate contract work 0 65,338 0 0 0 0 0 Other 33,395 3,060 27,188 1,539 784 2,268 6,368 Total revenues from contracts with customers 90,769 278,414 221,271 110,938 784 2,390 9,063 Geographical location Japan 90,204 278,414 221,271 109,877 784 2,390 3,126 The Americas 0 0 0 0 0 0 0 Other 565 0 0 1,061 0 0 5,937 Total revenues from contracts with customers 90,769 278,414 221,271 110,938 784 2,390 9,063 Other revenues * 230,432 54,445 2,620 1,974 292,512 60,440 37,329 Segment revenues/Total revenues ¥ 321,201 ¥ 332,859 ¥ 223,891 ¥ 112,912 ¥ 293,296 ¥ 62,830 ¥ 46,392 Millions of yen Nine months ended December 31, 2019 Reportable segments Corporate revenue and intersegment transactions Total revenues ORIX USA ORIX Europe Asia and Total Goods or services category Sales of goods ¥ 739 ¥ 0 ¥ 437 ¥ 213,642 ¥ 1,216 ¥ 214,858 Real estate sales 751 0 0 65,269 0 65,269 Asset management and servicing 19,106 113,887 4 139,361 (81 ) 139,280 Automobile related services 0 0 12,980 58,934 22 58,956 Facilities operation 0 0 363 56,898 1,272 58,170 Environment and energy services 787 0 0 108,895 (548 ) 108,347 Real estate management and brokerage 0 0 0 79,744 (1,886 ) 77,858 Real estate contract work 0 0 0 65,338 0 65,338 Other 3,492 328 892 79,314 (1,189 ) 78,125 Total revenues from contracts with customers 24,875 114,215 14,676 867,395 (1,194 ) 866,201 Geographical location Japan 0 0 20 706,086 1,337 707,423 The Americas 24,875 51,492 0 76,367 0 76,367 Other 0 62,723 14,656 84,942 (2,531 ) 82,411 Total revenues from contracts with customers 24,875 114,215 14,676 867,395 (1,194 ) 866,201 Other revenues * 75,179 3,708 91,661 850,300 1,284 851,584 Segment revenues/Total revenues ¥ 100,054 ¥ 117,923 ¥ 106,337 ¥ 1,717,695 ¥ 90 ¥ 1,717,785 For the nine months ended December 31, 2020 Millions of yen Nine months ended December 31, 2020 Reportable segments Corporate Real Estate PE Environment Insurance Banking and Aircraft and Goods or services category Sales of goods ¥ 7,422 ¥ 1,796 ¥ 222,327 ¥ 2,459 ¥ 0 ¥ 0 ¥ 0 Real estate sales 0 53,539 0 0 0 0 0 Asset management and servicing 249 4,942 25 0 0 146 18 Automobile related services 45,233 0 0 169 0 0 0 Facilities operation 0 18,186 0 0 0 0 0 Environment and energy services 2,404 0 0 97,240 0 0 0 Real estate management and brokerage 0 77,240 0 0 0 0 0 Real estate contract work 0 54,544 0 0 0 0 0 Other 36,316 1,212 15,563 1,319 1,191 3,350 2,231 Total revenues from contracts with customers 91,624 211,459 237,915 101,187 1,191 3,496 2,249 Geographical location Japan 90,823 211,459 237,915 91,564 1,191 3,496 621 The Americas 0 0 0 0 0 0 0 Other 801 0 0 9,623 0 0 1,628 Total revenues from contracts with customers 91,624 211,459 237,915 101,187 1,191 3,496 2,249 Other revenues * 227,049 42,462 5,988 2,261 358,017 59,575 20,320 Segment revenues/Total revenues ¥ 318,673 ¥ 253,921 ¥ 243,903 ¥ 103,448 ¥ 359,208 ¥ 63,071 ¥ 22,569 Millions of yen Nine months ended December 31, 2020 Reportable segments Corporate revenue and intersegment transactions Total revenues ORIX USA ORIX Europe Asia and Total Goods or services category Sales of goods ¥ 1,904 ¥ 0 ¥ 59 ¥ 235,967 ¥ 528 ¥ 236,495 Real estate sales 507 0 0 54,046 0 54,046 Asset management and servicing 11,203 107,428 0 124,011 (69 ) 123,942 Automobile related services 0 0 8,614 54,016 (2 ) 54,014 Facilities operation 0 0 0 18,186 384 18,570 Environment and energy services 789 0 0 100,433 (1,088 ) 99,345 Real estate management and brokerage 0 0 0 77,240 (1,505 ) 75,735 Real estate contract work 0 0 0 54,544 (144 ) 54,400 Other 2,341 67 447 64,037 839 64,876 Total revenues from contracts with customers 16,744 107,495 9,120 782,480 (1,057 ) 781,423 Geographical location Japan 0 0 1 637,070 (356 ) 636,714 The Americas 16,744 45,363 0 62,107 0 62,107 Other 0 62,132 9,119 83,303 (701 ) 82,602 Total revenues from contracts with customers 16,744 107,495 9,120 782,480 (1,057 ) 781,423 Other revenues * 78,340 9,264 83,698 886,974 (2,703 ) 884,271 Segment revenues/Total revenues ¥ 95,084 ¥ 116,759 ¥ 92,818 ¥ 1,669,454 ¥ (3,760 ) ¥ 1,665,694 The following information represents disaggregation of revenues for revenues from contracts with customers, by goods and services category and geographical location for the three months ended December 31, 2019 and 2020. For the three months ended December 31, 2019 Millions of yen Three months ended December 31, 2019 Reportable segments Corporate Real Estate PE Environment Insurance Banking and Aircraft and Goods or services category Sales of goods ¥ 3,033 ¥ 346 ¥ 70,354 ¥ 998 ¥ 0 ¥ 0 ¥ 0 Real estate sales 0 19,948 0 0 0 0 0 Asset management and servicing 77 2,060 9 0 0 42 5 Automobile related services 16,270 0 0 48 0 0 0 Facilities operation 0 15,901 0 0 0 0 0 Environment and energy services 610 0 0 31,591 0 0 0 Real estate management and brokerage 0 26,813 0 0 0 0 0 Real estate contract work 0 22,657 0 0 0 0 0 Other 11,862 972 8,254 878 260 827 2,322 Total revenues from contracts with customers 31,852 88,697 78,617 33,515 260 869 2,327 Geographical location Japan 31,661 88,697 78,617 33,272 260 869 979 The Americas 0 0 0 0 0 0 0 Other 191 0 0 243 0 0 1,348 Total revenues from contracts with customers 31,852 88,697 78,617 33,515 260 869 2,327 Other revenues * 77,803 14,734 1,430 1,070 108,836 20,173 14,631 Segment revenues/Total revenues ¥ 109,655 ¥ 103,431 ¥ 80,047 ¥ 34,585 ¥ 109,096 ¥ 21,042 ¥ 16,958 Millions of yen Three months ended December 31, 2019 Reportable segments Corporate revenue and intersegment transactions Total revenues ORIX USA ORIX Europe Asia and Australia Total Goods or services category Sales of goods ¥ 261 ¥ 0 ¥ 303 ¥ 75,295 ¥ 140 ¥ 75,435 Real estate sales 250 0 0 20,198 0 20,198 Asset management and servicing 8,573 38,810 1 49,577 (39 ) 49,538 Automobile related services 0 0 4,350 20,668 9 20,677 Facilities operation 0 0 107 16,008 347 16,355 Environment and energy services 206 0 0 32,407 (187 ) 32,220 Real estate management and brokerage 0 0 0 26,813 (421 ) 26,392 Real estate contract work 0 0 0 22,657 0 22,657 Other 901 22 278 26,576 (903 ) 25,673 Total revenues from contracts with customers 10,191 38,832 5,039 290,199 (1,054 ) 289,145 Geographical location Japan 0 0 1 234,356 (256 ) 234,100 The Americas 10,191 17,183 0 27,374 0 27,374 Other 0 21,649 5,038 28,469 (798 ) 27,671 Total revenues from contracts with customers 10,191 38,832 5,039 290,199 (1,054 ) 289,145 Other revenues * 23,941 1,889 28,546 293,053 142 293,195 Segment revenues/Total revenues ¥ 34,132 ¥ 40,721 ¥ 33,585 ¥ 583,252 ¥ (912 ) ¥ 582,340 For the three months ended December 31, 2020 Millions of yen Three months ended December 31, 2020 Reportable segments Corporate Real Estate PE Environment Insurance Banking Aircraft and Goods or services category Sales of goods ¥ 2,761 ¥ 406 ¥ 77,910 ¥ 1,181 ¥ 0 ¥ 0 ¥ 0 Real estate sales 0 14,636 0 0 0 0 0 Asset management and servicing 81 1,975 8 (0 ) 0 51 5 Automobile related services 16,093 0 0 50 0 0 0 Facilities operation (0 ) 10,542 0 0 0 0 0 Environment and energy services 664 0 0 29,224 0 0 0 Real estate management and brokerage 0 27,030 0 0 0 0 0 Real estate contract work 0 20,866 0 0 0 0 0 Other 12,888 398 6,029 657 411 1,317 739 Total revenues from contracts with customers 32,487 75,853 83,947 31,112 411 1,368 744 Geographical location Japan 32,108 75,853 83,947 27,854 411 1,368 266 The Americas 0 0 0 0 0 0 0 Other 379 0 0 3,258 0 0 478 Total revenues from contracts with customers 32,487 75,853 83,947 31,112 411 1,368 744 Other revenues * 77,595 10,792 2,130 918 123,043 20,042 6,949 Segment revenues/Total revenues ¥ 110,082 ¥ 86,645 ¥ 86,077 ¥ 32,030 ¥ 123,454 ¥ 21,410 ¥ 7,693 Millions of yen Three months ended December 31, 2020 Reportable segments Corporate revenue and intersegment transactions Total revenues ORIX USA ORIX Europe Asia and Australia Total Goods or services category Sales of goods ¥ 702 ¥ 0 ¥ 2 ¥ 82,962 ¥ 222 ¥ 83,184 Real estate sales 68 0 0 14,704 0 14,704 Asset management and servicing 4,386 40,526 0 47,032 (17 ) 47,015 Automobile related services 0 0 3,074 19,217 0 19,217 Facilities operation 0 0 0 10,542 141 10,683 Environment and energy services 180 0 0 30,068 (363 ) 29,705 Real estate management and brokerage 0 0 0 27,030 (249 ) 26,781 Real estate contract work 0 0 0 20,866 (25 ) 20,841 Other 902 15 130 23,486 64 23,550 Total revenues from contracts with customers 6,238 40,541 3,206 275,907 (227 ) 275,680 Geographical location Japan 0 0 0 221,807 36 221,843 The Americas 6,238 16,200 0 22,438 0 22,438 Other 0 24,341 3,206 31,662 (263 ) 31,399 Total revenues from contracts with customers 6,238 40,541 3,206 275,907 (227 ) 275,680 Other revenues * 30,987 3,172 30,650 306,278 (1,002 ) 305,276 Segment revenues/Total revenues ¥ 37,225 ¥ 43,713 ¥ 33,856 ¥ 582,185 ¥ (1,229 ) ¥ 580,956 * Other revenues include revenues that are not in the scope of revenue from contracts with customers, such as life insurance premiums and related investment income, operating leases, finance revenues that include interest income, and others. |
Overview of Accounting Princi_2
Overview of Accounting Principles Utilized - Additional Information (Detail) | 9 Months Ended |
Dec. 31, 2020 | |
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 | Dec. 31, 2020 | Mar. 31, 2020 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2020 | Dec. 31, 2019 |
Significant Accounting Policies [Line Items] | ||||||
A maximum lag period of recognizing the results of subsidiaries and affiliates | 3 months | |||||
Increase in additional paid-in capital had such stock splits made prior to October 1, 2001 | ¥ 24,674 | |||||
Residential condominiums under development | ¥ 82,843 | ¥ 56,156 | ¥ 82,843 | 82,843 | ||
Finished goods | 64,500 | 69,857 | 64,500 | 64,500 | ||
Write-down on residential condominiums under development | ¥ 39 | ¥ 123 | ¥ 164 | ¥ 277 | ||
Effective tax rate | 33.90% | 29.30% | 30.70% | 29.30% | ||
NationalCorporateTaxRate | 24.00% | 24.00% | 24.00% | 24.00% | ||
Inhabitant tax | 4.00% | 4.00% | 4.00% | 4.00% | ||
Statutory income tax rate | 31.50% | 31.50% | 31.50% | 31.50% | ||
Deductible enterprise tax | 4.00% | 4.00% | 4.00% | 4.00% | ||
Loans held for sale in installment loans | 108,007 | 127,194 | ¥ 108,007 | ¥ 108,007 | ||
Goodwill acquired | 488,378 | 443,818 | 488,378 | 488,378 | ||
Other intangible assets | 412,820 | 404,492 | 412,820 | 412,820 | ||
Aggregate loan fair value | 97,321 | 90,893 | 97,321 | 97,321 | ||
Accounting Standards Update 2016-13 | ||||||
Significant Accounting Policies [Line Items] | ||||||
Increase in allowance for credit losses for financial assets | 31,745 | |||||
Increase in other liabilities | 28,294 | |||||
Decrease in retained earnings | 42,855 | |||||
Investment in operating leases | ||||||
Significant Accounting Policies [Line Items] | ||||||
Accumulated depreciation of Investment in operating leases | 714,824 | 678,245 | ||||
Property under Facility Operations | ||||||
Significant Accounting Policies [Line Items] | ||||||
Accumulated depreciation | 128,568 | 105,433 | 128,568 | 128,568 | ||
Office Facilities | ||||||
Significant Accounting Policies [Line Items] | ||||||
Accumulated depreciation | ¥ 68,268 | ¥ 68,117 | ¥ 68,268 | ¥ 68,268 | ||
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 | Dec. 31, 2020 | Mar. 31, 2020 | ||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ||||
Fair value measured on recurring basis investments | ¥ 8,772 | ¥ 25,295 | ||
Derivative assets, gross amounts recognized | 22,301 | 39,690 | ||
Derivative assets, gross amounts offset in the consolidated balance sheets, assets | (1,462) | (9,152) | ||
Derivative assets, net amounts presented in the consolidated balance sheets, assets | 20,839 | 30,538 | ||
Other assets | 7,293 | 18,206 | ||
Derivative liabilities, gross amounts recognized | 66,249 | 73,649 | ||
Derivative liabilities, gross amounts offset in the consolidated balance sheets, liabilities | (1,462) | (9,152) | ||
Derivative liabilities, net amounts presented in the consolidated balance sheets, liabilities | 64,787 | 64,497 | ||
Policy liabilities and Policy Account Balances | 290,273 | 300,739 | ||
Fair Value, Measurements, Recurring | ||||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ||||
Derivative assets, gross amounts recognized | 22,301 | 39,690 | ||
Derivative assets, gross amounts offset in the consolidated balance sheets, assets | [1] | (1,462) | (9,152) | |
Derivative assets, net amounts presented in the consolidated balance sheets, assets | 20,839 | 30,538 | ||
Other assets | 7,293 | 18,206 | ||
Total financial assets | 2,421,721 | 2,162,579 | ||
Derivative liabilities, gross amounts recognized | 66,249 | 73,649 | ||
Derivative liabilities, gross amounts offset in the consolidated balance sheets, liabilities | [1] | (1,462) | (9,152) | |
Derivative liabilities, net amounts presented in the consolidated balance sheets, liabilities | 64,787 | 64,497 | ||
Policy liabilities and Policy Account Balances | 290,273 | 300,739 | ||
Total financial liabilities | 356,522 | 374,388 | ||
Interest rate swap agreements | Fair Value, Measurements, Recurring | ||||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ||||
Derivative assets, gross amounts recognized | 97 | |||
Derivative liabilities, gross amounts recognized | 36,981 | 44,002 | ||
Futures, foreign exchange contracts | Fair Value, Measurements, Recurring | ||||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ||||
Derivative assets, gross amounts recognized | 5,062 | 13,265 | ||
Derivative liabilities, gross amounts recognized | 9,675 | 9,506 | ||
Certain 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] | 398,998 | 375,174 | |
Japanese and foreign government bond securities | Fair Value, Measurements, Recurring | ||||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ||||
Fair value measured on recurring basis investments | [4] | 754,069 | ||
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 | 16,725 | 21,346 | ||
Derivative liabilities, gross amounts recognized | 16,956 | 20,004 | ||
Reinsurance Recoverable | ||||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ||||
Other assets | [5] | 18,206 | ||
Reinsurance Recoverable | Fair Value, Measurements, Recurring | ||||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ||||
Other assets | 7,293 | [5] | 18,206 | |
Variable Annuity and Variable Life Insurance Contracts | ||||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ||||
Policy liabilities and Policy Account Balances | 290,273 | 300,739 | ||
Variable Annuity and Variable Life Insurance Contracts | Fair Value, Measurements, Recurring | ||||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ||||
Policy liabilities and Policy Account Balances | [6] | 290,273 | 300,739 | |
Loans Held-for-Sale | Fair Value, Measurements, Recurring | ||||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ||||
Fair value measured on recurring basis investments | [7] | 97,321 | 90,893 | |
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 | 1,631,185 | |||
Available-for-sale securities | Corporate debt securities | Fair Value, Measurements, Recurring | ||||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ||||
Fair value measured on recurring basis investments | [8] | 730,051 | 596,477 | |
Available-for-sale securities | Japanese and foreign government bond securities | Fair Value, Measurements, Recurring | ||||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ||||
Fair value measured on recurring basis investments | [4] | 653,945 | ||
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 | 272,340 | 250,355 | ||
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 | 30,970 | 48,672 | ||
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 | 105,630 | 81,736 | ||
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 | 2,748 | 7,431 | ||
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 | 1,893,060 | |||
Foreign currency swap agreements | Fair Value, Measurements, Recurring | ||||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ||||
Derivative assets, gross amounts recognized | 417 | 5,079 | ||
Derivative liabilities, gross amounts recognized | 2,637 | 137 | ||
Level 1 | ||||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ||||
Derivative assets, net amounts presented in the consolidated balance sheets, assets | [9] | 0 | 0 | |
Other assets | 0 | |||
Derivative liabilities, net amounts presented in the consolidated balance sheets, liabilities | [9] | 0 | 0 | |
Level 1 | Fair Value, Measurements, Recurring | ||||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ||||
Derivative assets, gross amounts recognized | 15 | 202 | ||
Derivative assets, gross amounts offset in the consolidated balance sheets, assets | [1] | 0 | 0 | |
Derivative assets, net amounts presented in the consolidated balance sheets, assets | 0 | |||
Other assets | 0 | |||
Total financial assets | 87,487 | 80,092 | ||
Derivative liabilities, gross amounts recognized | 858 | 2,471 | ||
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 | 858 | 2,471 | ||
Level 1 | Interest rate swap agreements | Fair Value, Measurements, Recurring | ||||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ||||
Derivative assets, gross amounts recognized | 0 | |||
Derivative liabilities, gross amounts recognized | 0 | 0 | ||
Level 1 | Futures, foreign exchange contracts | Fair Value, Measurements, Recurring | ||||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ||||
Derivative assets, gross amounts recognized | 15 | 202 | ||
Derivative liabilities, gross amounts recognized | 858 | 2,471 | ||
Level 1 | Certain 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] | 81,169 | 58,400 | |
Level 1 | Japanese and foreign government bond securities | Fair Value, Measurements, Recurring | ||||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ||||
Fair value measured on recurring basis investments | [4] | 3,408 | ||
Level 1 | Japanese prefectural and foreign municipal bond securities | Fair Value, Measurements, Recurring | ||||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ||||
Fair value measured on recurring basis investments | 0 | |||
Level 1 | Options held/written and other | Fair Value, Measurements, Recurring | ||||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ||||
Derivative assets, gross amounts recognized | 0 | 0 | ||
Derivative liabilities, gross amounts recognized | 0 | 0 | ||
Level 1 | Reinsurance Recoverable | ||||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ||||
Other assets | [5] | 0 | ||
Level 1 | Reinsurance Recoverable | Fair Value, Measurements, Recurring | ||||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ||||
Other assets | [5] | 0 | ||
Level 1 | Variable Annuity and Variable Life Insurance Contracts | Fair Value, Measurements, Recurring | ||||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ||||
Policy liabilities and Policy Account Balances | [6] | 0 | 0 | |
Level 1 | Loans Held-for-Sale | Fair Value, Measurements, Recurring | ||||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ||||
Fair value measured on recurring basis investments | [7] | 0 | 0 | |
Level 1 | Available-for-sale securities | Fair Value, Measurements, Recurring | ||||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ||||
Fair value measured on recurring basis investments | 21,490 | |||
Level 1 | Available-for-sale securities | Corporate debt securities | Fair Value, Measurements, Recurring | ||||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ||||
Fair value measured on recurring basis investments | [8] | 2,895 | 18,189 | |
Level 1 | Available-for-sale securities | Japanese and foreign government bond securities | Fair Value, Measurements, Recurring | ||||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ||||
Fair value measured on recurring basis investments | [4] | 3,301 | ||
Level 1 | Available-for-sale securities | Japanese prefectural and foreign municipal bond securities | Fair Value, Measurements, Recurring | ||||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ||||
Fair value measured on recurring basis investments | 0 | |||
Level 1 | Available-for-sale securities | CMBS and RMBS in the Americas | Fair Value, Measurements, Recurring | ||||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ||||
Fair value measured on recurring basis investments | 0 | 0 | ||
Level 1 | Available-for-sale securities | Other asset-backed securities and debt securities | Fair Value, Measurements, Recurring | ||||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ||||
Fair value measured on recurring basis investments | 0 | 0 | ||
Level 1 | Trading Debt Securities | Fair Value, Measurements, Recurring | ||||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ||||
Fair value measured on recurring basis investments | 0 | 0 | ||
Level 1 | Available-for-sale Debt Securities | Fair Value, Measurements, Recurring | ||||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ||||
Fair value measured on recurring basis investments | 6,303 | |||
Level 1 | Foreign currency swap agreements | Fair Value, Measurements, Recurring | ||||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ||||
Derivative assets, gross amounts recognized | 0 | 0 | ||
Derivative liabilities, gross amounts recognized | 0 | 0 | ||
Level 2 | ||||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ||||
Derivative assets, net amounts presented in the consolidated balance sheets, assets | [9] | 0 | 0 | |
Other assets | 0 | |||
Derivative liabilities, net amounts presented in the consolidated balance sheets, liabilities | [9] | 0 | 0 | |
Level 2 | Fair Value, Measurements, Recurring | ||||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ||||
Derivative assets, gross amounts recognized | 7,432 | 20,258 | ||
Derivative assets, gross amounts offset in the consolidated balance sheets, assets | [1] | 0 | 0 | |
Derivative assets, net amounts presented in the consolidated balance sheets, assets | 0 | |||
Other assets | 0 | |||
Total financial assets | 2,126,745 | 1,872,797 | ||
Derivative liabilities, gross amounts recognized | 65,355 | 71,178 | ||
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 | 65,355 | 71,178 | ||
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 | 97 | |||
Derivative liabilities, gross amounts recognized | 36,981 | 44,002 | ||
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 | 5,047 | 13,063 | ||
Derivative liabilities, gross amounts recognized | 8,817 | 7,035 | ||
Level 2 | Certain 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] | 241,869 | 232,873 | |
Level 2 | Japanese and foreign government bond securities | Fair Value, Measurements, Recurring | ||||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ||||
Fair value measured on recurring basis investments | [4] | 750,661 | ||
Level 2 | Japanese prefectural and foreign municipal bond securities | Fair Value, Measurements, Recurring | ||||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ||||
Fair value measured on recurring basis investments | 269,647 | |||
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 | 1,871 | 2,116 | ||
Derivative liabilities, gross amounts recognized | 16,920 | 20,004 | ||
Level 2 | Reinsurance Recoverable | ||||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ||||
Other assets | [5] | 0 | ||
Level 2 | Reinsurance Recoverable | Fair Value, Measurements, Recurring | ||||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ||||
Other assets | [5] | 0 | ||
Level 2 | Variable Annuity and Variable Life Insurance Contracts | Fair Value, Measurements, Recurring | ||||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ||||
Policy liabilities and Policy Account Balances | [6] | 0 | 0 | |
Level 2 | Loans Held-for-Sale | Fair Value, Measurements, Recurring | ||||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ||||
Fair value measured on recurring basis investments | [7] | 97,321 | 90,893 | |
Level 2 | Available-for-sale securities | Fair Value, Measurements, Recurring | ||||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ||||
Fair value measured on recurring basis investments | 1,521,342 | |||
Level 2 | Available-for-sale securities | Corporate debt securities | Fair Value, Measurements, Recurring | ||||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ||||
Fair value measured on recurring basis investments | [8] | 725,894 | 574,294 | |
Level 2 | Available-for-sale securities | Japanese and foreign government bond securities | Fair Value, Measurements, Recurring | ||||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ||||
Fair value measured on recurring basis investments | [4] | 650,644 | ||
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 | 247,523 | |||
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 | 30,970 | 48,672 | ||
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 | 203 | 209 | ||
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 | 2,748 | 7,431 | ||
Level 2 | Available-for-sale Debt Securities | Fair Value, Measurements, Recurring | ||||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ||||
Fair value measured on recurring basis investments | 1,777,375 | |||
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 | 417 | 5,079 | ||
Derivative liabilities, gross amounts recognized | 2,637 | 137 | ||
Level 3 | ||||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ||||
Derivative assets, net amounts presented in the consolidated balance sheets, assets | [9] | 0 | 0 | |
Other assets | 18,206 | |||
Total financial assets | 207,489 | 209,690 | ||
Derivative liabilities, net amounts presented in the consolidated balance sheets, liabilities | [9] | 0 | 0 | |
Total financial liabilities | 290,309 | 300,739 | ||
Level 3 | Fair Value, Measurements, Recurring | ||||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ||||
Derivative assets, gross amounts recognized | 14,854 | 19,230 | ||
Derivative assets, gross amounts offset in the consolidated balance sheets, assets | [1] | 0 | 0 | |
Derivative assets, net amounts presented in the consolidated balance sheets, assets | 0 | |||
Other assets | 7,293 | |||
Total financial assets | 207,489 | 209,690 | ||
Derivative liabilities, gross amounts recognized | 36 | 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 | 290,273 | 300,739 | ||
Total financial liabilities | 290,309 | 300,739 | ||
Level 3 | Interest rate swap agreements | Fair Value, Measurements, Recurring | ||||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ||||
Derivative assets, gross amounts recognized | 0 | |||
Derivative liabilities, gross amounts recognized | 0 | 0 | ||
Level 3 | Futures, foreign exchange contracts | Fair Value, Measurements, Recurring | ||||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ||||
Derivative assets, gross amounts recognized | 0 | 0 | ||
Derivative liabilities, gross amounts recognized | 0 | 0 | ||
Level 3 | Certain 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] | 75,960 | 83,901 | |
Level 3 | Japanese and foreign government bond securities | Fair Value, Measurements, Recurring | ||||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ||||
Fair value measured on recurring basis investments | [4] | 0 | ||
Level 3 | Japanese prefectural and foreign municipal bond securities | Fair Value, Measurements, Recurring | ||||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ||||
Fair value measured on recurring basis investments | 2,693 | |||
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 | 14,854 | 19,230 | ||
Derivative liabilities, gross amounts recognized | 36 | 0 | ||
Level 3 | Reinsurance Recoverable | ||||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ||||
Other assets | [5] | 18,206 | ||
Level 3 | Reinsurance Recoverable | Fair Value, Measurements, Recurring | ||||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ||||
Other assets | [5] | 7,293 | ||
Level 3 | Variable Annuity and Variable Life Insurance Contracts | Fair Value, Measurements, Recurring | ||||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ||||
Policy liabilities and Policy Account Balances | [6] | 290,273 | 300,739 | |
Level 3 | Loans Held-for-Sale | Fair Value, Measurements, Recurring | ||||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ||||
Fair value measured on recurring basis investments | [7] | 0 | 0 | |
Level 3 | Available-for-sale securities | Fair Value, Measurements, Recurring | ||||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ||||
Fair value measured on recurring basis investments | 88,353 | |||
Level 3 | Available-for-sale securities | Corporate debt securities | Fair Value, Measurements, Recurring | ||||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ||||
Fair value measured on recurring basis investments | [8] | 1,262 | 3,994 | |
Level 3 | Available-for-sale securities | Japanese and foreign government bond securities | Fair Value, Measurements, Recurring | ||||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ||||
Fair value measured on recurring basis investments | [4] | 0 | ||
Level 3 | Available-for-sale securities | Japanese prefectural and foreign municipal bond securities | Fair Value, Measurements, Recurring | ||||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ||||
Fair value measured on recurring basis investments | 2,832 | |||
Level 3 | Available-for-sale securities | CMBS and RMBS in the Americas | Fair Value, Measurements, Recurring | ||||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ||||
Fair value measured on recurring basis investments | 0 | 0 | ||
Level 3 | Available-for-sale securities | Other asset-backed securities and debt securities | Fair Value, Measurements, Recurring | ||||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ||||
Fair value measured on recurring basis investments | 105,427 | 81,527 | ||
Level 3 | Trading Debt Securities | Fair Value, Measurements, Recurring | ||||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ||||
Fair value measured on recurring basis investments | 0 | 0 | ||
Level 3 | Available-for-sale Debt Securities | Fair Value, Measurements, Recurring | ||||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ||||
Fair value measured on recurring basis investments | 109,382 | |||
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 ¥533 million and ¥2,943 million from the change in the fair value of those investments for the nine months ended December 31, 2019 and 2020, respectively. Included in “Gains on investment securities and dividends” in the consolidated statements of income were gains of ¥121 million and ¥329 million from the change in the fair value of those investments for the three months ended December 31, 2019 and 2020, respectively. The amounts of aggregate fair value elected the fair value option were ¥6,326 million and ¥10,680 million as of March 31, 2020 and December 31, 2020, respectively. | |||
[3] | The amounts of investment funds measured at net asset value per share which are not included in the above tables were ¥11,631 million and ¥12,480 million as of March 31, 2020 and December 31, 2020, respectively. | |||
[4] | A certain subsidiary elected the fair value option for investments in foreign government bond securities included in available-for-sale debt securities. Included in “Gains on investment securities and dividends” in the consolidated statements of income were losses of ¥7 million and gains of ¥22 million from the change in the fair value of those investments for the nine months ended December 31, 2019 and 2020, respectively. Included in “Gains on investment securities and dividends” in the consolidated statements of income were gains of ¥7 million and losses of ¥8 million from the change in the fair value of those investments for the three months ended December 31, 2019 and 2020, respectively. The amounts of aggregate fair value elected the fair value option were ¥780 million and ¥1,406 million as of March 31, 2020 and December 31, 2020, respectively. | |||
[5] | Certain subsidiaries elected the fair value option for certain reinsurance contracts held. The fair value of the reinsurance contracts elected for the fair value option in other assets were ¥18,206 million and ¥7,293 million as of March 31, 2020 and December 31, 2020, respectively. For the effect of changes in the fair value of those reinsurance contracts on earnings during the nine and three months ended December 31, 2019 and 2020, see Note 18 “Life Insurance Operations.” | |||
[6] | Certain subsidiaries elected the fair value option for the entire variable annuity and variable life insurance contracts held. The fair value of the variable annuity and variable life insurance contracts elected for the fair value option in policy liabilities and policy account balances were ¥300,739 million and ¥290,273 million as of March 31, 2020 and December 31, 2020, respectively. For the effect of changes in the fair value of the variable annuity and variable life insurance contracts on earnings during the nine and three months ended December 31, 2019 and 2020, see Note 18 “Life Insurance Operations.” | |||
[7] | A certain subsidiary elected the fair value option on certain loans held for sale. These loans are multi-family and seniors housing loans and are sold to Federal National Mortgage Association (“Fannie Mae”), Federal Home Loan Mortgage Corporation (“Freddie Mac”) and institutional investors. Included in “Other (income) and expense” in the consolidated statements of income were gains of ¥971 million and losses of ¥1,585 million from the change in the fair value of the loans for the nine months ended December 31, 2019 and 2020, respectively. Included in “Other (income) and expense” in the consolidated statements of income were gain of ¥622 million and losses of ¥1,124 million from the change in the fair value of the loans for the three months ended December 31, 2019 and 2020, respectively. No gains or losses were recognized in earnings during the nine months ended December 31, 2019 and 2020 attributable to changes in instrument-specific credit risk. The amounts of aggregate unpaid principal balance and aggregate fair value of the loans held for sale as of March 31, 2020, were ¥84,906 million and ¥90,893 million, respectively, and the amount of the aggregate fair value exceeded the amount of aggregate unpaid principal balance by ¥5,987 million. The amounts of aggregate unpaid principal balance and aggregate fair value of the loans held for sale as of December 31, 2020, were ¥93,104 million and ¥97,321 million, respectively, and the amount of the aggregate fair value exceeded the amount of aggregate unpaid principal balance by ¥4,217 million. As of March 31, 2020 and December 31, 2020, there were no loans that are 90 days or more past due or, in non-accrual status. | |||
[8] | A certain subsidiary elected the fair value option for investments in foreign corporate debt securities included in available-for-sale debt securities. Included in “Gains on investment securities and dividends” in the consolidated statements of income were gains of ¥1,048 million and ¥1,165 million from the change in the fair value of those investments for the nine months ended December 31, 2019 and 2020, respectively. Included in “Gains on investment securities and dividends” in the consolidated statements of income were gains of ¥231 million and ¥18 million from the change in the fair value of those investments for the three months ended December 31, 2019 and 2020, respectively. The amounts of aggregate fair value elected the fair value option were ¥18,189 million and ¥2,895 million as of March 31, 2020 and December 31, 2020, respectively. | |||
[9] | It represents the amount after offset under counterparty netting of derivative assets and liabilities. For the information of input level before netting, see Note 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 | 9 Months Ended | ||||||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2020 | Dec. 31, 2019 | Mar. 31, 2020 | ||||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ||||||||
Aggregate loan fair value | ¥ 97,321 | ¥ 97,321 | ¥ 90,893 | |||||
Investment in securities, measured at fair value | 8,772 | 8,772 | 25,295 | |||||
Other assets | 7,293 | 7,293 | 18,206 | |||||
Policy liabilities and Policy Account Balances | 290,273 | 290,273 | 300,739 | |||||
Loans Held-for-Sale | ||||||||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ||||||||
Aggregate unpaid loan principal balance | 93,104 | 93,104 | 84,906 | |||||
Aggregate loan fair value | 97,321 | 97,321 | 90,893 | |||||
Reinsurance Recoverable | ||||||||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ||||||||
Other assets | [1] | 18,206 | ||||||
Variable Annuity and Variable Life Insurance Contracts | ||||||||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ||||||||
Policy liabilities and Policy Account Balances | 290,273 | 290,273 | 300,739 | |||||
Certain Equity securities | Investment funds | ||||||||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ||||||||
Gains (losses) from change in fair value | 329 | ¥ 121 | 2,943 | ¥ 533 | ||||
Investment in securities, measured at fair value | 4,471 | 4,471 | 6,326 | |||||
Investment in securities | ||||||||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ||||||||
Amount by which aggregate fair value of loan exceeds aggregate unpaid principal balance | 1,406 | 1,406 | 780 | |||||
Investment in securities, measured at fair value | 12,480 | 12,480 | 11,631 | |||||
Foreign government bond securities | Available-for-sale securities | ||||||||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ||||||||
Gains (losses) from change in fair value | 8 | (7) | ||||||
Fair Value, Measurements, Recurring | ||||||||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ||||||||
Amount by which aggregate fair value of loan exceeds aggregate unpaid principal balance | 4,217 | 4,217 | 5,987 | |||||
Other assets | 7,293 | 7,293 | 18,206 | |||||
Policy liabilities and Policy Account Balances | 290,273 | 290,273 | 300,739 | |||||
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 | 1,124 | ¥ 622 | 1,585 | 971 | ||||
Investment in securities, measured at fair value | [2] | 97,321 | 97,321 | 90,893 | ||||
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 | 1,631,185 | |||||||
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 | 1,893,060 | 1,893,060 | ||||||
Fair Value, Measurements, Recurring | Reinsurance Recoverable | ||||||||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ||||||||
Other assets | 7,293 | [1] | 7,293 | [1] | 18,206 | |||
Fair Value, Measurements, Recurring | Variable Annuity and Variable Life Insurance Contracts | ||||||||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ||||||||
Policy liabilities and Policy Account Balances | [3] | 290,273 | 290,273 | 300,739 | ||||
Fair Value, Measurements, Recurring | Certain Equity securities | ||||||||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ||||||||
Investment in securities, measured at fair value | [4],[5] | 398,998 | 398,998 | 375,174 | ||||
Fair Value, Measurements, Recurring | Investment in securities | ||||||||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ||||||||
Gains (losses) from change in fair value | 18 | 231 | ||||||
Fair Value, Measurements, Recurring | 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 | 22 | (7) | ||||||
Foreign Corporate Debt Securities | Fair Value, Measurements, Recurring | Available-for-sale Debt Securities | ||||||||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ||||||||
Gains (losses) from change in fair value | 1,165 | ¥ 1,048 | ||||||
Investment in securities, measured at fair value | ¥ 2,895 | ¥ 2,895 | ¥ 18,189 | |||||
[1] | Certain subsidiaries elected the fair value option for certain reinsurance contracts held. The fair value of the reinsurance contracts elected for the fair value option in other assets were ¥18,206 million and ¥7,293 million as of March 31, 2020 and December 31, 2020, respectively. For the effect of changes in the fair value of those reinsurance contracts on earnings during the nine and three months ended December 31, 2019 and 2020, see Note 18 “Life Insurance Operations.” | |||||||
[2] | A certain subsidiary elected the fair value option on certain loans held for sale. These loans are multi-family and seniors housing loans and are sold to Federal National Mortgage Association (“Fannie Mae”), Federal Home Loan Mortgage Corporation (“Freddie Mac”) and institutional investors. Included in “Other (income) and expense” in the consolidated statements of income were gains of ¥971 million and losses of ¥1,585 million from the change in the fair value of the loans for the nine months ended December 31, 2019 and 2020, respectively. Included in “Other (income) and expense” in the consolidated statements of income were gain of ¥622 million and losses of ¥1,124 million from the change in the fair value of the loans for the three months ended December 31, 2019 and 2020, respectively. No gains or losses were recognized in earnings during the nine months ended December 31, 2019 and 2020 attributable to changes in instrument-specific credit risk. The amounts of aggregate unpaid principal balance and aggregate fair value of the loans held for sale as of March 31, 2020, were ¥84,906 million and ¥90,893 million, respectively, and the amount of the aggregate fair value exceeded the amount of aggregate unpaid principal balance by ¥5,987 million. The amounts of aggregate unpaid principal balance and aggregate fair value of the loans held for sale as of December 31, 2020, were ¥93,104 million and ¥97,321 million, respectively, and the amount of the aggregate fair value exceeded the amount of aggregate unpaid principal balance by ¥4,217 million. As of March 31, 2020 and December 31, 2020, there were no loans that are 90 days or more past due or, in non-accrual status. | |||||||
[3] | Certain subsidiaries elected the fair value option for the entire variable annuity and variable life insurance contracts held. The fair value of the variable annuity and variable life insurance contracts elected for the fair value option in policy liabilities and policy account balances were ¥300,739 million and ¥290,273 million as of March 31, 2020 and December 31, 2020, respectively. For the effect of changes in the fair value of the variable annuity and variable life insurance contracts on earnings during the nine and three months ended December 31, 2019 and 2020, see Note 18 “Life Insurance Operations.” | |||||||
[4] | Certain subsidiaries elected the fair value option for certain investments in investment funds included in equity securities. Included in “Gains on investment securities and dividends” in the consolidated statements of income were gains of ¥533 million and ¥2,943 million from the change in the fair value of those investments for the nine months ended December 31, 2019 and 2020, respectively. Included in “Gains on investment securities and dividends” in the consolidated statements of income were gains of ¥121 million and ¥329 million from the change in the fair value of those investments for the three months ended December 31, 2019 and 2020, respectively. The amounts of aggregate fair value elected the fair value option were ¥6,326 million and ¥10,680 million as of March 31, 2020 and December 31, 2020, respectively. | |||||||
[5] | The amounts of investment funds measured at net asset value per share which are not included in the above tables were ¥11,631 million and ¥12,480 million as of March 31, 2020 and December 31, 2020, respectively. |
Fair Value Measurements (Reconc
Fair Value Measurements (Reconciliation of Financial Assets and Liabilities Measured at Fair Value on Recurring Basis Using Significant Unobservable Inputs) (Detail) - JPY (¥) ¥ in Millions | 3 Months Ended | 9 Months Ended | |||||||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2020 | Dec. 31, 2019 | ||||||
Certain Equity securities | |||||||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |||||||||
Beginning Balance | ¥ 76,664 | ¥ 65,854 | ¥ 83,901 | ¥ 61,193 | |||||
Gains or losses (realized/ unrealized), included in earnings | [1] | 3,464 | 929 | 5,308 | 5,594 | ||||
Gains or losses (realized/ unrealized), included in other comprehensive income | [2] | (1,562) | 1,283 | (3,805) | (131) | ||||
Gains or losses (realized/ unrealized), total | 1,902 | 2,212 | 1,503 | 5,463 | |||||
Purchases | [3] | 2 | 4,639 | 871 | 10,075 | ||||
Sales | (1,337) | (3,368) | (4,709) | (5,760) | |||||
Settlements | [4] | (1,271) | (3,155) | (5,281) | (4,789) | ||||
Transfers in and/or out of Level 3 (net) | 0 | 0 | (325) | 0 | |||||
Ending Balance | 75,960 | 66,182 | 75,960 | 66,182 | |||||
Change in unrealized gains or losses included in earnings for assets and liabilities still held at the end of period | [1] | 3,319 | 1,137 | 5,095 | 5,532 | ||||
Change in unrealized gains or losses included in other comprehensive income for assets and liabilities still held at the end of period | [2] | (1,562) | (3,801) | ||||||
Investment funds | Certain Equity securities | |||||||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |||||||||
Beginning Balance | 76,664 | 65,854 | 83,901 | ||||||
Gains or losses (realized/ unrealized), included in earnings | [1] | 3,464 | 929 | 5,308 | 5,594 | ||||
Gains or losses (realized/ unrealized), included in other comprehensive income | [2] | (1,562) | 1,283 | (3,805) | (131) | ||||
Gains or losses (realized/ unrealized), total | 1,902 | 2,212 | 1,503 | ||||||
Purchases | [3] | 2 | 4,639 | 871 | 10,075 | ||||
Sales | (1,337) | (3,368) | (4,709) | ||||||
Settlements | [4] | (1,271) | (3,155) | (5,281) | (4,789) | ||||
Transfers in and/or out of Level 3 (net) | 0 | 0 | (325) | ||||||
Ending Balance | 75,960 | 66,182 | 75,960 | 66,182 | |||||
Change in unrealized gains or losses included in earnings for assets and liabilities still held at the end of period | [1] | 3,319 | 1,137 | 5,095 | |||||
Change in unrealized gains or losses included in other comprehensive income for assets and liabilities still held at the end of period | [2] | (1,562) | (3,801) | ||||||
Other assets | |||||||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |||||||||
Beginning Balance | 9,062 | 11,382 | 18,206 | 12,449 | |||||
Gains or losses (realized/ unrealized), included in earnings | [1] | (2,400) | (2,874) | (12,759) | (5,355) | ||||
Gains or losses (realized/ unrealized), included in other comprehensive income | [2] | 0 | 0 | 0 | 0 | ||||
Gains or losses (realized/ unrealized), total | (2,400) | (2,874) | (12,759) | (5,355) | |||||
Purchases | [3] | 691 | 750 | 2,064 | 2,303 | ||||
Sales | 0 | 0 | 0 | 0 | |||||
Settlements | [4] | (60) | (39) | (218) | (178) | ||||
Transfers in and/or out of Level 3 (net) | 0 | 0 | 0 | 0 | |||||
Ending Balance | 7,293 | 9,219 | 7,293 | 9,219 | |||||
Change in unrealized gains or losses included in earnings for assets and liabilities still held at the end of period | [1] | (2,400) | (2,874) | (12,759) | (5,355) | ||||
Change in unrealized gains or losses included in other comprehensive income for assets and liabilities still held at the end of period | [2] | 0 | 0 | ||||||
Variable Annuity and Variable Life Insurance Contracts | |||||||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |||||||||
Beginning Balance | 296,810 | [5] | 336,840 | [5] | 300,739 | [5] | 360,198 | [3] | |
Gains or losses (realized/ unrealized), included in earnings | [1],[5] | (16,700) | (10,387) | (34,141) | (12,426) | ||||
Gains or losses (realized/ unrealized), included in other comprehensive income | [2],[5] | (151) | (94) | (892) | 189 | ||||
Gains or losses (realized/ unrealized), total | (16,851) | [5] | (10,481) | [5] | (35,033) | [5] | (12,237) | ||
Purchases | [3] | 0 | [5] | 0 | [5] | 0 | [5] | 0 | |
Sales | 0 | [5] | 0 | [5] | 0 | [5] | 0 | ||
Settlements | [4],[5] | (23,388) | (14,304) | (45,499) | (39,418) | ||||
Transfers in and/or out of Level 3 (net) | 0 | [5] | 0 | [5] | 0 | [5] | 0 | ||
Ending Balance | [5] | 290,273 | 333,017 | 290,273 | 333,017 | ||||
Change in unrealized gains or losses included in earnings for assets and liabilities still held at the end of period | [1],[5] | (16,700) | (10,387) | (34,141) | (12,426) | ||||
Change in unrealized gains or losses included in other comprehensive income for assets and liabilities still held at the end of period | [2],[5] | (151) | (892) | ||||||
Reinsurance Recoverable | Other assets | |||||||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |||||||||
Beginning Balance | [6] | 9,062 | 11,382 | 18,206 | 12,449 | ||||
Gains or losses (realized/ unrealized), included in earnings | [1],[6] | (2,400) | (2,874) | (12,759) | (5,355) | ||||
Gains or losses (realized/ unrealized), included in other comprehensive income | [2],[6] | 0 | 0 | 0 | 0 | ||||
Gains or losses (realized/ unrealized), total | [6] | (2,400) | (2,874) | (12,759) | (5,355) | ||||
Purchases | [3],[6] | 691 | 750 | 2,064 | 2,303 | ||||
Sales | [6] | 0 | 0 | 0 | 0 | ||||
Settlements | [4] | (60) | [6] | (39) | [6] | (218) | [6] | (178) | [2] |
Transfers in and/or out of Level 3 (net) | [6] | 0 | 0 | 0 | 0 | ||||
Ending Balance | [6] | 7,293 | 9,219 | 7,293 | 9,219 | ||||
Change in unrealized gains or losses included in earnings for assets and liabilities still held at the end of period | [1],[6] | (2,400) | (2,874) | (12,759) | (5,355) | ||||
Change in unrealized gains or losses included in other comprehensive income for assets and liabilities still held at the end of period | [2],[6] | 0 | 0 | ||||||
Insurance Contract, Rights and Obligations | |||||||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |||||||||
Beginning Balance | 296,810 | 336,840 | 300,739 | 360,198 | |||||
Gains or losses (realized/ unrealized), included in earnings | [1] | (16,700) | (10,387) | (34,141) | (12,426) | ||||
Gains or losses (realized/ unrealized), included in other comprehensive income | [2] | (151) | (94) | (892) | 189 | ||||
Gains or losses (realized/ unrealized), total | (16,851) | (10,481) | (35,033) | (12,237) | |||||
Purchases | [3] | 0 | 0 | 0 | 0 | ||||
Sales | 0 | 0 | 0 | 0 | |||||
Settlements | [4] | (23,388) | (14,304) | (45,499) | (39,418) | ||||
Transfers in and/or out of Level 3 (net) | 0 | 0 | 0 | 0 | |||||
Ending Balance | 290,273 | 333,017 | 290,273 | 333,017 | |||||
Change in unrealized gains or losses included in earnings for assets and liabilities still held at the end of period | [1] | (16,700) | (10,387) | (34,141) | (12,426) | ||||
Change in unrealized gains or losses included in other comprehensive income for assets and liabilities still held at the end of period | [2] | (151) | (892) | ||||||
Available-for-sale securities | |||||||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |||||||||
Beginning Balance | 101,292 | 87,265 | |||||||
Gains or losses (realized/ unrealized), included in earnings | [1] | (680) | 244 | 1,339 | |||||
Gains or losses (realized/ unrealized), included in other comprehensive income | [2] | 1,264 | 1,122 | (1,023) | |||||
Gains or losses (realized/ unrealized), total | 584 | 1,366 | |||||||
Purchases | [3] | 10,305 | 17,532 | 33,606 | |||||
Sales | (875) | (3,293) | |||||||
Settlements | [4] | (1,924) | (1,904) | (26,987) | |||||
Transfers in and/or out of Level 3 (net) | 0 | 0 | |||||||
Ending Balance | 109,382 | 100,966 | 109,382 | 100,966 | |||||
Change in unrealized gains or losses included in earnings for assets and liabilities still held at the end of period | [1] | (107) | 141 | 213 | |||||
Change in unrealized gains or losses included in other comprehensive income for assets and liabilities still held at the end of period | [2] | 1,191 | 9,887 | ||||||
Available-for-sale securities | Corporate debt securities | |||||||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |||||||||
Beginning Balance | 1,501 | 3,638 | 7,158 | ||||||
Gains or losses (realized/ unrealized), included in earnings | [1] | 0 | 0 | 0 | |||||
Gains or losses (realized/ unrealized), included in other comprehensive income | [2] | 0 | (15) | (9) | |||||
Gains or losses (realized/ unrealized), total | 0 | (15) | (9) | ||||||
Purchases | [3] | 0 | 900 | 900 | |||||
Sales | 0 | 0 | 0 | ||||||
Settlements | [4] | (239) | (307) | (842) | |||||
Transfers in and/or out of Level 3 (net) | 0 | 0 | (2,991) | ||||||
Ending Balance | 1,262 | 4,216 | 1,262 | 4,216 | |||||
Change in unrealized gains or losses included in earnings for assets and liabilities still held at the end of period | [1] | 0 | 0 | 0 | |||||
Change in unrealized gains or losses included in other comprehensive income for assets and liabilities still held at the end of period | [2] | (1) | 1 | ||||||
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 | 97,038 | 80,819 | 90,401 | ||||||
Gains or losses (realized/ unrealized), included in earnings | [1] | (680) | 244 | 1,339 | |||||
Gains or losses (realized/ unrealized), included in other comprehensive income | [2] | 1,324 | 1,094 | (977) | |||||
Gains or losses (realized/ unrealized), total | 644 | 1,338 | 362 | ||||||
Purchases | [3] | 10,305 | 16,632 | 32,706 | |||||
Sales | (875) | (3,293) | (3,425) | ||||||
Settlements | [4] | (1,685) | (1,597) | (26,145) | |||||
Transfers in and/or out of Level 3 (net) | 0 | 0 | 0 | ||||||
Ending Balance | 105,427 | 93,899 | 105,427 | 93,899 | |||||
Change in unrealized gains or losses included in earnings for assets and liabilities still held at the end of period | [1] | (107) | 141 | 213 | |||||
Change in unrealized gains or losses included in other comprehensive income for assets and liabilities still held at the end of period | [2] | 1,252 | 10,025 | ||||||
Available-for-sale securities | Japanese prefectural and foreign municipal bond securities | |||||||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |||||||||
Beginning Balance | 2,753 | 2,808 | |||||||
Gains or losses (realized/ unrealized), included in earnings | [1] | 0 | 0 | 0 | |||||
Gains or losses (realized/ unrealized), included in other comprehensive income | [2] | (60) | 43 | (37) | |||||
Gains or losses (realized/ unrealized), total | (60) | 43 | |||||||
Purchases | [3] | 0 | 0 | 0 | |||||
Sales | 0 | 0 | |||||||
Settlements | [4] | 0 | 0 | 0 | |||||
Transfers in and/or out of Level 3 (net) | 0 | 0 | |||||||
Ending Balance | 2,693 | 2,851 | 2,693 | 2,851 | |||||
Change in unrealized gains or losses included in earnings for assets and liabilities still held at the end of period | [1] | 0 | 0 | 0 | |||||
Change in unrealized gains or losses included in other comprehensive income for assets and liabilities still held at the end of period | [2] | (60) | (139) | ||||||
Other securities | Investment funds | |||||||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |||||||||
Beginning Balance | 61,193 | ||||||||
Gains or losses (realized/ unrealized), total | 5,463 | ||||||||
Sales | (5,760) | ||||||||
Transfers in and/or out of Level 3 (net) | 0 | ||||||||
Ending Balance | 66,182 | 66,182 | |||||||
Change in unrealized gains or losses included in earnings for assets and liabilities still held at the end of period | [1] | 5,532 | |||||||
Derivative Financial Instruments, Assets and Liabilities | |||||||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |||||||||
Beginning Balance | 20,492 | 16,275 | 19,230 | 5,272 | |||||
Gains or losses (realized/ unrealized), included in earnings | [1] | (5,283) | (6,123) | (3,492) | 5,238 | ||||
Gains or losses (realized/ unrealized), included in other comprehensive income | [2] | (391) | 265 | (950) | (93) | ||||
Gains or losses (realized/ unrealized), total | (5,674) | (5,858) | (4,442) | 5,145 | |||||
Purchases | [3] | 0 | 0 | 30 | 0 | ||||
Sales | 0 | 0 | 0 | 0 | |||||
Settlements | [4] | 0 | 0 | 0 | 0 | ||||
Transfers in and/or out of Level 3 (net) | 0 | 0 | 0 | 0 | |||||
Ending Balance | 14,818 | 10,417 | 14,818 | 10,417 | |||||
Change in unrealized gains or losses included in earnings for assets and liabilities still held at the end of period | [1] | (5,283) | (6,123) | (3,492) | 5,238 | ||||
Change in unrealized gains or losses included in other comprehensive income for assets and liabilities still held at the end of period | [2] | (391) | (950) | ||||||
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 | 20,492 | 16,275 | 19,230 | 5,272 | |||||
Gains or losses (realized/ unrealized), included in earnings | [1] | (5,283) | (6,123) | (3,492) | 5,238 | ||||
Gains or losses (realized/ unrealized), included in other comprehensive income | [2] | (391) | 265 | (950) | (93) | ||||
Gains or losses (realized/ unrealized), total | (5,674) | (5,858) | (4,442) | 5,145 | |||||
Purchases | [3] | 0 | 0 | 30 | 0 | ||||
Sales | 0 | 0 | 0 | 0 | |||||
Settlements | [4] | 0 | 0 | 0 | 0 | ||||
Transfers in and/or out of Level 3 (net) | 0 | 0 | 0 | 0 | |||||
Ending Balance | 14,818 | 10,417 | 14,818 | 10,417 | |||||
Change in unrealized gains or losses included in earnings for assets and liabilities still held at the end of period | [1] | (5,283) | (6,123) | (3,492) | 5,238 | ||||
Change in unrealized gains or losses included in other comprehensive income for assets and liabilities still held at the end of period | [2] | (391) | (950) | ||||||
Available-for-sale Debt Securities | |||||||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |||||||||
Beginning Balance | 88,353 | 100,447 | |||||||
Gains or losses (realized/ unrealized), included in earnings | [1] | (2,063) | |||||||
Gains or losses (realized/ unrealized), included in other comprehensive income | [2] | 10,102 | |||||||
Gains or losses (realized/ unrealized), total | 8,039 | 316 | |||||||
Purchases | [3] | 23,936 | |||||||
Sales | (4,874) | (3,425) | |||||||
Settlements | [4] | (4,072) | |||||||
Transfers in and/or out of Level 3 (net) | (2,000) | (2,991) | |||||||
Ending Balance | 109,382 | 100,966 | 109,382 | 100,966 | |||||
Change in unrealized gains or losses included in earnings for assets and liabilities still held at the end of period | [1] | (48) | |||||||
Available-for-sale Debt Securities | Corporate debt securities | |||||||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |||||||||
Beginning Balance | 3,994 | ||||||||
Gains or losses (realized/ unrealized), included in earnings | [1] | 0 | |||||||
Gains or losses (realized/ unrealized), included in other comprehensive income | [2] | 2 | |||||||
Gains or losses (realized/ unrealized), total | 2 | ||||||||
Purchases | [3] | 0 | |||||||
Sales | 0 | ||||||||
Settlements | [4] | (734) | |||||||
Transfers in and/or out of Level 3 (net) | (2,000) | ||||||||
Ending Balance | 1,262 | 1,262 | |||||||
Change in unrealized gains or losses included in earnings for assets and liabilities still held at the end of period | [1] | 0 | |||||||
Available-for-sale Debt Securities | Other asset-backed securities and debt securities | |||||||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |||||||||
Beginning Balance | 81,527 | ||||||||
Gains or losses (realized/ unrealized), included in earnings | [1] | (2,063) | |||||||
Gains or losses (realized/ unrealized), included in other comprehensive income | [2] | 10,239 | |||||||
Gains or losses (realized/ unrealized), total | 8,176 | ||||||||
Purchases | [3] | 23,936 | |||||||
Sales | (4,874) | ||||||||
Settlements | [4] | (3,338) | |||||||
Transfers in and/or out of Level 3 (net) | 0 | ||||||||
Ending Balance | 105,427 | 105,427 | |||||||
Change in unrealized gains or losses included in earnings for assets and liabilities still held at the end of period | [1] | (48) | |||||||
Available-for-sale Debt Securities | Japanese prefectural and foreign municipal bond securities | |||||||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |||||||||
Beginning Balance | 2,832 | 2,888 | |||||||
Gains or losses (realized/ unrealized), included in earnings | [1] | 0 | |||||||
Gains or losses (realized/ unrealized), included in other comprehensive income | [2] | (139) | |||||||
Gains or losses (realized/ unrealized), total | (139) | (37) | |||||||
Purchases | [3] | 0 | |||||||
Sales | 0 | 0 | |||||||
Settlements | [4] | 0 | |||||||
Transfers in and/or out of Level 3 (net) | 0 | 0 | |||||||
Ending Balance | ¥ 2,693 | ¥ 2,851 | 2,693 | ¥ 2,851 | |||||
Change in unrealized gains or losses included in earnings for assets and liabilities still held at the end of period | [1] | ¥ 0 | |||||||
[1] | Principally, gains and losses from available-for-sale debt securities are included in “Gains on investment securities and dividends”, “Write-downs of securities” or “Life insurance premiums and related investment income”; equity securities are included in “Gains on investment securities and dividends” and derivative assets and liabilities (net) are included in “Other (income) and expense” respectively. Additionally, for available-for-sale debt securities, amortization of interest recognized in finance revenues is included in these columns. | ||||||||
[2] | Unrealized gains and losses from available-for-sale debt securities are included in “Net change of unrealized gains (losses) on investment in securities” and “Net change of foreign currency translation adjustments”, unrealized gains and losses from equity securities and derivative assets and liabilities (net) are included mainly in “Net change of foreign currency translation adjustments”, unrealized gains and losses from policy liabilities and policy account balances are included in “Net change of debt valuation adjustments.” | ||||||||
[3] | Increases resulting from an acquisition of a subsidiary and insurance contracts ceded to reinsurance companies are included. | ||||||||
[4] | Decreases resulting from the receipts of reimbursements for benefits, and decreases resulting from insurance payouts to variable annuity and variable life policyholders due to death, surrender and maturity of the investment period are included. | ||||||||
[5] | “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. | ||||||||
[6] | “Included in earnings” in the above table includes changes in the fair value of reinsurance contracts recorded in “Life insurance costs” and reinsurance premiums, net of reinsurance benefits received, recorded in “Life insurance premiums and related investment income.” |
Fair Value Measurements - Addit
Fair Value Measurements - Additional Information (Detail) - Fair Value, Measurements, Recurring - JPY (¥) | 3 Months Ended | 9 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2020 | Dec. 31, 2019 | |
Fair Value Asset And Liabilities Measured On Recurring Basis [Line Items] | ||||
Transfers in or out of Level 3 | ¥ 0 | ¥ 0 | ||
Transferred from level 3 to level 2 | ¥ 325,000,000 | |||
Corporate debt securities | ||||
Fair Value Asset And Liabilities Measured On Recurring Basis [Line Items] | ||||
Transferred from level 3 to level 2 | ¥ 2,000,000,000 | ¥ 2,991,000,000 |
Fair Value Measurements (Reco_3
Fair Value Measurements (Recorded Amounts of Major Assets Measured at Fair Value on Nonrecurring Basis) (Detail) - JPY (¥) ¥ in Millions | Dec. 31, 2020 | Mar. 31, 2020 |
Level 3 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets measured at fair value on a nonrecurring basis | ¥ 207,489 | ¥ 209,690 |
Fair Value, Measurements, Nonrecurring | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets measured at fair value on a nonrecurring basis | 23,654 | 34,324 |
Fair Value, Measurements, Nonrecurring | Loans Held-for-Sale | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets measured at fair value on a nonrecurring basis | 524 | 4,823 |
Fair Value, Measurements, Nonrecurring | Real Estate Collateral Dependent Loans | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets measured at fair value on a nonrecurring basis | 7,752 | 12,557 |
Fair Value, Measurements, Nonrecurring | Investment in Operating Leases and Properties under Facility Operations | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets measured at fair value on a nonrecurring basis | 1,489 | 5,731 |
Fair Value, Measurements, Nonrecurring | Certain Equity securities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets measured at fair value on a nonrecurring basis | 3,523 | |
Fair Value, Measurements, Nonrecurring | Certain Investment in Affiliates | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets measured at fair value on a nonrecurring basis | 10,366 | 11,213 |
Fair Value, Measurements, Nonrecurring | Level 1 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets measured at fair value on a nonrecurring basis | 8,799 | 8,741 |
Fair Value, Measurements, Nonrecurring | Level 1 | Loans Held-for-Sale | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets measured at fair value on a nonrecurring basis | 0 | 0 |
Fair Value, Measurements, Nonrecurring | Level 1 | Real Estate Collateral Dependent Loans | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets measured at fair value on a nonrecurring basis | 0 | 0 |
Fair Value, Measurements, Nonrecurring | Level 1 | Investment in Operating Leases and Properties under Facility Operations | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets measured at fair value on a nonrecurring basis | 0 | 0 |
Fair Value, Measurements, Nonrecurring | Level 1 | Certain Equity securities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets measured at fair value on a nonrecurring basis | 0 | |
Fair Value, Measurements, Nonrecurring | Level 1 | Certain Investment in Affiliates | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets measured at fair value on a nonrecurring basis | 8,799 | 8,741 |
Fair Value, Measurements, Nonrecurring | Level 2 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets measured at fair value on a nonrecurring basis | 1,841 | 1,193 |
Fair Value, Measurements, Nonrecurring | Level 2 | Loans Held-for-Sale | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets measured at fair value on a nonrecurring basis | 524 | 0 |
Fair Value, Measurements, Nonrecurring | Level 2 | Real Estate Collateral Dependent Loans | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets measured at fair value on a nonrecurring basis | 0 | 0 |
Fair Value, Measurements, Nonrecurring | Level 2 | Investment in Operating Leases and Properties under Facility Operations | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets measured at fair value on a nonrecurring basis | 1,317 | 1,193 |
Fair Value, Measurements, Nonrecurring | Level 2 | Certain Equity securities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets measured at fair value on a nonrecurring basis | 0 | |
Fair Value, Measurements, Nonrecurring | Level 2 | Certain Investment in Affiliates | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets measured at fair value on a nonrecurring basis | 0 | 0 |
Fair Value, Measurements, Nonrecurring | Level 3 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets measured at fair value on a nonrecurring basis | 13,014 | 24,390 |
Fair Value, Measurements, Nonrecurring | Level 3 | Loans Held-for-Sale | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets measured at fair value on a nonrecurring basis | 0 | 4,823 |
Fair Value, Measurements, Nonrecurring | Level 3 | Real Estate Collateral Dependent Loans | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets measured at fair value on a nonrecurring basis | 7,752 | 12,557 |
Fair Value, Measurements, Nonrecurring | Level 3 | Investment in Operating Leases and Properties under Facility Operations | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets measured at fair value on a nonrecurring basis | 172 | 4,538 |
Fair Value, Measurements, Nonrecurring | Level 3 | Certain Equity securities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets measured at fair value on a nonrecurring basis | 3,523 | |
Fair Value, Measurements, Nonrecurring | Level 3 | Certain Investment in Affiliates | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets measured at fair value on a nonrecurring basis | ¥ 1,567 | ¥ 2,472 |
Fair Value Measurements (Inform
Fair Value Measurements (Information about Valuation Techniques and Significant Unobservable Inputs Used in Valuation of Level Three Assets and Liabilities Measured at Fair Value on Recurring Basis) (Detail) ¥ in Millions | Dec. 31, 2020JPY (¥) | Mar. 31, 2020JPY (¥) | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Available-for-sale debt securities | ¥ 1,893,060 | ¥ 1,631,185 | |||
Equity securities | [1] | 537,485 | 492,902 | ||
Derivative assets | 20,839 | 30,538 | |||
Other assets | 7,293 | 18,206 | |||
Policy liabilities and Policy Account Balances | 290,273 | 300,739 | |||
Corporate debt securities | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Available-for-sale debt securities | 730,051 | 596,477 | |||
Other asset-backed securities and debt securities | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Available-for-sale debt securities | 105,630 | 81,736 | |||
Options held | Fair Value Inputs Level 3 Internal Cash Flows | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Derivative assets | 36 | ||||
Japanese prefectural and foreign municipal bond securities | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Available-for-sale debt securities | 272,340 | 250,355 | |||
Level 3 | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Available-for-sale debt securities | 109,382 | 88,353 | |||
Equity securities | 75,960 | [2] | 83,901 | [3] | |
Derivative assets | [4] | 0 | 0 | ||
Other assets | 18,206 | ||||
Total | 207,489 | 209,690 | |||
Total financial liabilities | 290,309 | 300,739 | |||
Level 3 | Corporate debt securities | Discounted cash flows | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Available-for-sale debt securities | 1,262 | 1,995 | |||
Level 3 | Corporate debt securities | Appraisals | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Available-for-sale debt securities | 1,999 | ||||
Level 3 | Other asset-backed securities and debt securities | Discounted cash flows | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Available-for-sale debt securities | 21,204 | 20,582 | |||
Level 3 | Other asset-backed securities and debt securities | Appraisals | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Available-for-sale debt securities | ¥ 84,223 | ¥ 60,945 | |||
Level 3 | Other asset-backed securities and debt securities | Measurement Input, Default Rate | Discounted cash flows | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Significant unobservable inputs, Available-for-sale debt securities | 1.9 | ||||
Level 3 | Other asset-backed securities and debt securities | Measurement Input, Default Rate | Appraisals | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Significant unobservable inputs, Available-for-sale debt securities | 1.9 | ||||
Level 3 | Investment funds | Discounted cash flows | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Equity securities | ¥ 64,895 | ¥ 54,898 | |||
Level 3 | Investment funds | Appraisals | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Equity securities | 23,289 | ||||
Level 3 | Investment funds | Fair Value Inputs Level 3 Internal Cash Flows | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Equity securities | 3,630 | ¥ 5,714 | |||
Level 3 | Investment funds | Discount rate | Appraisals | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Equity securities | ¥ 7,435 | ||||
Level 3 | Investment funds | Discount rate | Fair Value Inputs Level 3 Internal Cash Flows | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Significant unobservable inputs. Equity securities | 0 | 0 | |||
Level 3 | Options held | Discounted cash flows | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Derivative assets | ¥ 19,170 | ||||
Level 3 | Options held | Appraisals | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Derivative assets | ¥ 68 | 60 | |||
Level 3 | Options held | Discount rate | Discounted cash flows | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Derivative assets | 14,786 | ||||
Level 3 | Reinsurance Recoverable | Discounted cash flows | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Other assets | 7,293 | 18,206 | |||
Level 3 | Variable Annuity and Variable Life Insurance Contracts | Discounted cash flows | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Policy liabilities and Policy Account Balances | 290,273 | 300,739 | |||
Level 3 | Japanese prefectural and foreign municipal bond securities | Discounted cash flows | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Available-for-sale debt securities | ¥ 2,693 | ¥ 2,832 | |||
Level 3 | Japanese prefectural and foreign municipal bond securities | Discount rate | Discounted cash flows | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Significant unobservable inputs, Available-for-sale debt securities | 8.5 | 8.5 | |||
Minimum | Level 3 | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Significant unobservable inputs. Equity securities | 13.1 | ||||
Minimum | Level 3 | Corporate debt securities | Discount rate | Discounted cash flows | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Significant unobservable inputs, Available-for-sale debt securities | 0.3 | 0.4 | |||
Minimum | Level 3 | Other asset-backed securities and debt securities | Discount rate | Discounted cash flows | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Significant unobservable inputs, Available-for-sale debt securities | 1 | 1 | |||
Minimum | Level 3 | Investment funds | Discount rate | Fair Value Inputs Level 3 Internal Cash Flows | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Significant unobservable inputs. Equity securities | 7.6 | ||||
Minimum | Level 3 | Investment funds | Teminal EBITDA multiple | Discounted cash flows | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Significant unobservable inputs. Equity securities | 6.4 | 7 | |||
Minimum | Level 3 | Investment funds | Measurement Input EV Terminal EBITDA | Market Multiples | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Significant unobservable inputs. Equity securities | 6.2 | 6.5 | |||
Minimum | Level 3 | Investment funds | Measurement Input EV Last Twelve Months EBITDA | Market Multiples | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Significant unobservable inputs. Equity securities | 5.2 | 7.5 | |||
Minimum | Level 3 | Investment funds | Measurement Input EV Precedent transaction Last Twelve Months EBITDA | Market Multiples | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Significant unobservable inputs. Equity securities | 5.9 | 7.5 | |||
Minimum | Level 3 | Options held | Discount rate | Discounted cash flows | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Significant unobservable inputs, Derivative assets | 12 | 12 | |||
Minimum | Level 3 | Reinsurance Recoverable | Discount rate | Discounted cash flows | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Significant unobservable inputs, Other assets | 0 | 0.2 | |||
Minimum | Level 3 | Reinsurance Recoverable | Mortality Rate | Discounted cash flows | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Significant unobservable inputs, Other assets | 0 | 0 | |||
Minimum | Level 3 | Reinsurance Recoverable | Lapse Rate | Discounted cash flows | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Significant unobservable inputs, Other assets | 1.5 | 1.5 | |||
Minimum | Level 3 | Reinsurance Recoverable | Annuitization Rate | Discounted cash flows | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Significant unobservable inputs, Other assets | 0 | 0 | |||
Minimum | Level 3 | Variable Annuity and Variable Life Insurance Contracts | Discount rate | Discounted cash flows | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Significant unobservable inputs, Policy liabilities and Policy Account Balances | 0 | 0.2 | |||
Minimum | Level 3 | Variable Annuity and Variable Life Insurance Contracts | Mortality Rate | Discounted cash flows | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Significant unobservable inputs, Policy liabilities and Policy Account Balances | 0 | 0 | |||
Minimum | Level 3 | Variable Annuity and Variable Life Insurance Contracts | Lapse Rate | Discounted cash flows | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Significant unobservable inputs, Policy liabilities and Policy Account Balances | 1.5 | 1.5 | |||
Minimum | Level 3 | Variable Annuity and Variable Life Insurance Contracts | Annuitization Rate | Discounted cash flows | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Significant unobservable inputs, Policy liabilities and Policy Account Balances | 0 | 0 | |||
Maximum | Level 3 | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Significant unobservable inputs. Equity securities | 18.7 | ||||
Maximum | Level 3 | Corporate debt securities | Discount rate | Discounted cash flows | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Significant unobservable inputs, Available-for-sale debt securities | 1.8 | 2.5 | |||
Maximum | Level 3 | Other asset-backed securities and debt securities | Discount rate | Discounted cash flows | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Significant unobservable inputs, Available-for-sale debt securities | 51.2 | 51.2 | |||
Maximum | Level 3 | Investment funds | Discount rate | Fair Value Inputs Level 3 Internal Cash Flows | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Significant unobservable inputs. Equity securities | 19.1 | ||||
Maximum | Level 3 | Investment funds | Teminal EBITDA multiple | Discounted cash flows | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Significant unobservable inputs. Equity securities | 10.5 | 11.9 | |||
Maximum | Level 3 | Investment funds | Measurement Input EV Terminal EBITDA | Market Multiples | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Significant unobservable inputs. Equity securities | 9.2 | 10.3 | |||
Maximum | Level 3 | Investment funds | Measurement Input EV Last Twelve Months EBITDA | Market Multiples | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Significant unobservable inputs. Equity securities | 7.2 | 11.8 | |||
Maximum | Level 3 | Investment funds | Measurement Input EV Precedent transaction Last Twelve Months EBITDA | Market Multiples | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Significant unobservable inputs. Equity securities | 11.2 | 12.1 | |||
Maximum | Level 3 | Options held | Discount rate | Discounted cash flows | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Significant unobservable inputs, Derivative assets | 33 | 33 | |||
Maximum | Level 3 | Reinsurance Recoverable | Discount rate | Discounted cash flows | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Significant unobservable inputs, Other assets | 0.4 | 0.6 | |||
Maximum | Level 3 | Reinsurance Recoverable | Mortality Rate | Discounted cash flows | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Significant unobservable inputs, Other assets | 100 | 100 | |||
Maximum | Level 3 | Reinsurance Recoverable | Lapse Rate | Discounted cash flows | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Significant unobservable inputs, Other assets | 14 | 14 | |||
Maximum | Level 3 | Reinsurance Recoverable | Annuitization Rate | Discounted cash flows | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Significant unobservable inputs, Other assets | 100 | 100 | |||
Maximum | Level 3 | Variable Annuity and Variable Life Insurance Contracts | Discount rate | Discounted cash flows | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Significant unobservable inputs, Policy liabilities and Policy Account Balances | 0.4 | 0.6 | |||
Maximum | Level 3 | Variable Annuity and Variable Life Insurance Contracts | Mortality Rate | Discounted cash flows | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Significant unobservable inputs, Policy liabilities and Policy Account Balances | 100 | 100 | |||
Maximum | Level 3 | Variable Annuity and Variable Life Insurance Contracts | Lapse Rate | Discounted cash flows | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Significant unobservable inputs, Policy liabilities and Policy Account Balances | 30 | 30 | |||
Maximum | Level 3 | Variable Annuity and Variable Life Insurance Contracts | Annuitization Rate | Discounted cash flows | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Significant unobservable inputs, Policy liabilities and Policy Account Balances | 100 | 100 | |||
Weighted Average | Level 3 | Corporate debt securities | Discount rate | Discounted cash flows | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Significant unobservable inputs, Available-for-sale debt securities | 0.7 | 0.8 | |||
Weighted Average | Level 3 | Other asset-backed securities and debt securities | Discount rate | Discounted cash flows | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Significant unobservable inputs, Available-for-sale debt securities | 10.9 | 12.1 | |||
Weighted Average | Level 3 | Other asset-backed securities and debt securities | Measurement Input, Default Rate | Discounted cash flows | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Significant unobservable inputs, Available-for-sale debt securities | 1.9 | ||||
Weighted Average | Level 3 | Other asset-backed securities and debt securities | Measurement Input, Default Rate | Appraisals | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Significant unobservable inputs, Available-for-sale debt securities | 1.9 | ||||
Weighted Average | Level 3 | Investment funds | Discount rate | Fair Value Inputs Level 3 Internal Cash Flows | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Significant unobservable inputs. Equity securities | 0 | 0 | |||
Weighted Average | Level 3 | Investment funds | WACC | Discounted cash flows | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Significant unobservable inputs. Equity securities | 16.6 | 16.5 | |||
Weighted Average | Level 3 | Investment funds | Teminal EBITDA multiple | Discounted cash flows | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Significant unobservable inputs. Equity securities | 9 | 9.3 | |||
Weighted Average | Level 3 | Investment funds | Measurement Input EV Terminal EBITDA | Market Multiples | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Significant unobservable inputs. Equity securities | 7.3 | 8.4 | |||
Weighted Average | Level 3 | Investment funds | Measurement Input EV Last Twelve Months EBITDA | Market Multiples | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Significant unobservable inputs. Equity securities | 6 | 9.4 | |||
Weighted Average | Level 3 | Investment funds | Measurement Input EV Precedent transaction Last Twelve Months EBITDA | Market Multiples | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Significant unobservable inputs. Equity securities | 8.7 | 9.5 | |||
Weighted Average | Level 3 | Options held | Discount rate | Discounted cash flows | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Significant unobservable inputs, Derivative assets | 14.9 | 14.4 | |||
Weighted Average | Level 3 | Reinsurance Recoverable | Discount rate | Discounted cash flows | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Significant unobservable inputs, Other assets | 0.1 | 0.2 | |||
Weighted Average | Level 3 | Reinsurance Recoverable | Mortality Rate | Discounted cash flows | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Significant unobservable inputs, Other assets | 1.5 | 1.4 | |||
Weighted Average | Level 3 | Reinsurance Recoverable | Lapse Rate | Discounted cash flows | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Significant unobservable inputs, Other assets | 7 | 7.1 | |||
Weighted Average | Level 3 | Reinsurance Recoverable | Annuitization Rate | Discounted cash flows | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Significant unobservable inputs, Other assets | 100 | 100 | |||
Weighted Average | Level 3 | Variable Annuity and Variable Life Insurance Contracts | Discount rate | Discounted cash flows | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Significant unobservable inputs, Policy liabilities and Policy Account Balances | 0.1 | 0.2 | |||
Weighted Average | Level 3 | Variable Annuity and Variable Life Insurance Contracts | Mortality Rate | Discounted cash flows | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Significant unobservable inputs, Policy liabilities and Policy Account Balances | 1.4 | 1.3 | |||
Weighted Average | Level 3 | Variable Annuity and Variable Life Insurance Contracts | Lapse Rate | Discounted cash flows | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Significant unobservable inputs, Policy liabilities and Policy Account Balances | 7.1 | 6.9 | |||
Weighted Average | Level 3 | Variable Annuity and Variable Life Insurance Contracts | Annuitization Rate | Discounted cash flows | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Significant unobservable inputs, Policy liabilities and Policy Account Balances | 78.8 | 80.9 | |||
Weighted Average | Level 3 | Japanese prefectural and foreign municipal bond securities | Discount rate | Discounted cash flows | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Significant unobservable inputs, Available-for-sale debt securities | 8.5 | 8.5 | |||
[1] | The amount of assets under management of variable annuity and variable life insurance contracts included in equity securities were ¥254,853 million and ¥269,056 million as of March 31, 2020 and December 31, 2020, respectively. The amount of investment funds that are accounted for under the equity method included in equity securities were ¥70,129 million and ¥81,347 million as of March 31, 2020 and December 31, 2020, respectively. The amount of investment funds elected for the fair value option included in equity securities were ¥6,326 million and ¥4,471 million as of March 31, 2020 and December 31, 2020, respectively. | ||||
[2] | The amount of ¥12,480 million of investment funds measured at net asset value per share is not included. | ||||
[3] | The amount of ¥11,631 million of investment funds measured at net asset value per share is not included. | ||||
[4] | It represents the amount after offset under counterparty netting of derivative assets and liabilities. For the information of input level before netting, see Note 3 “Fair Value Measurements.” |
Fair Value Measurements (Info_2
Fair Value Measurements (Information about Valuation Techniques and Significant Unobservable Inputs Used in Valuation of Level Three Assets Measured at Fair Value on Nonrecurring Basis) (Detail) - Fair Value, Measurements, Nonrecurring - Level 3 ¥ in Millions | Dec. 31, 2020JPY (¥) | Mar. 31, 2020JPY (¥)Times |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair Value | ¥ 13,014 | ¥ 24,390 |
Loans Held-for-Sale [Member] | Discounted cash flows | Discount rate | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair Value | ¥ 4,823 | |
Minimum | Loans Held-for-Sale [Member] | Discounted cash flows | Discount rate | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Range Discount Rate | 5.70% | |
Maximum | Loans Held-for-Sale [Member] | Discounted cash flows | Discount rate | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Range Discount Rate | 7.70% | |
Real Estate Collateral Dependent Loans | Direct capitalization | Capitalization rate | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair Value | ¥ 2,207 | ¥ 12,557 |
Real Estate Collateral Dependent Loans | Minimum | Direct capitalization | Capitalization rate | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Range Discount Rate | 5.10% | 5.60% |
Real Estate Collateral Dependent Loans | Maximum | Direct capitalization | Capitalization rate | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Range Discount Rate | 7.00% | 7.00% |
Real Estate Collateral Dependent Loans | Weighted Average | Direct capitalization | Capitalization rate | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Range Discount Rate | 5.90% | (6.00%) |
Real Estate Collateral Dependent Loans | Weighted Average | Discounted cash flows | Discount rate | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Range Discount Rate | 6.80% | |
Investment in operating leases and property under facility operations | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair Value | ¥ 302 | |
Investment in operating leases and property under facility operations | Appraisals | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair Value | ¥ 172 | ¥ 4,236 |
Investment in operating leases and property under facility operations | Minimum | Direct capitalization | Capitalization rate | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Range Discount Rate | 4.30% | |
Investment in operating leases and property under facility operations | Minimum | Discounted cash flows | Capitalization rate | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Range Discount Rate | 4.10% | |
Investment in operating leases and property under facility operations | Maximum | Direct capitalization | Capitalization rate | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Range Discount Rate | 4.30% | |
Investment in operating leases and property under facility operations | Maximum | Discounted cash flows | Capitalization rate | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Range Discount Rate | 4.10% | |
Certain Investment in Affiliates | Discounted cash flows | WACC | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair Value | ¥ 359 | |
Certain Investment in Affiliates | Appraisals | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair Value | 1,567 | ¥ 2,113 |
Certain Investment in Affiliates | Minimum | Discounted cash flows | WACC | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Range Discount Rate | 14.00% | |
Certain Investment in Affiliates | Minimum | Market Multiples | Measurement Input EV Precedent transaction Last Twelve Months EBITDA | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Range Discount Rate | Times | 7 | |
Certain Investment in Affiliates | Minimum | Market Multiples | Measurement Input Precedent Transaction Three year average Ebitda [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Range Discount Rate | Times | 7 | |
Certain Investment in Affiliates | Maximum | Discounted cash flows | WACC | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Range Discount Rate | 14.00% | |
Certain Investment in Affiliates | Maximum | Market Multiples | Measurement Input EV Precedent transaction Last Twelve Months EBITDA | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Range Discount Rate | Times | 7 | |
Certain Investment in Affiliates | Maximum | Market Multiples | Measurement Input Precedent Transaction Three year average Ebitda [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Range Discount Rate | Times | 7 | |
Investment in Operating Leases and Properties under Facility Operations | Valuation, Market Price Method | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair Value | 5,545 | |
Equity security | Appraisals | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair Value | ¥ 3,523 |
Acquisitions and Divestitures -
Acquisitions and Divestitures - Additional Information (Detail) - JPY (¥) ¥ in Millions | 3 Months Ended | 9 Months Ended | |||
Dec. 31, 2020 | Jun. 30, 2020 | Dec. 31, 2019 | Dec. 31, 2020 | Dec. 31, 2019 | |
Business Acquisition [Line Items] | |||||
Acquisitions consideration, cost of acquired entity paid in cash | ¥ 0 | ¥ 0 | |||
Bargain Purchase Gain | 4,365 | 1,022 | |||
Gains on Sales of Subsidiaries and Affiliates and Liquidation Losses, net | ¥ 1,755 | ¥ 25,200 | 9,436 | 58,488 | |
Corporate Financial Services and Maintenance Leasing | |||||
Business Acquisition [Line Items] | |||||
Gains on Sales of Subsidiaries and Affiliates and Liquidation Losses, net | 538 | 574 | |||
ORIX USA | |||||
Business Acquisition [Line Items] | |||||
Gains on Sales of Subsidiaries and Affiliates and Liquidation Losses, net | 8,700 | 2,451 | 24,052 | ||
Asia and Australia | |||||
Business Acquisition [Line Items] | |||||
Gains on Sales of Subsidiaries and Affiliates and Liquidation Losses, net | 4,936 | ||||
PE Investment And Concession | |||||
Business Acquisition [Line Items] | |||||
Gains on Sales of Subsidiaries and Affiliates and Liquidation Losses, net | ¥ 16,193 | 18,127 | |||
Environmental And Energy | |||||
Business Acquisition [Line Items] | |||||
Gains on Sales of Subsidiaries and Affiliates and Liquidation Losses, net | ¥ 1,114 | 1,131 | |||
Wind Power Generation Subsidiaries [Member] | |||||
Business Acquisition [Line Items] | |||||
Bargain Purchase Gain | ¥ 4,365 | 4,365 | |||
Divestiture | |||||
Business Acquisition [Line Items] | |||||
Gains on Sales of Subsidiaries and Affiliates and Liquidation Losses, net | ¥ 9,436 | 58,488 | |||
Divestiture | Real Estate Segment | |||||
Business Acquisition [Line Items] | |||||
Gains on Sales of Subsidiaries and Affiliates and Liquidation Losses, net | ¥ 16,216 |
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 | 9 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2020 | Dec. 31, 2019 | |
Revenue From Contract With Customers [Line Items] | ||||
Revenues from contracts with customers | ¥ 275,680 | ¥ 289,145 | ¥ 781,423 | ¥ 866,201 |
Other revenues | 305,276 | 293,195 | 884,271 | 851,584 |
Total revenues | ¥ 580,956 | ¥ 582,340 | ¥ 1,665,694 | ¥ 1,717,785 |
Revenues from Contracts with _4
Revenues from Contracts with Customers - Balances from Contracts with Customers in Fee Business (Detail) - JPY (¥) ¥ in Millions | Dec. 31, 2020 | Mar. 31, 2020 |
Contract with Customer, Asset and Liability [Abstract] | ||
Trade Notes, Accounts and Other Receivable | ¥ 179,051 | ¥ 165,676 |
Contract assets (Included in Other Assets) | 7,186 | 3,811 |
Contract liabilities (Included in Other Liabilities) | ¥ 32,570 | ¥ 32,805 |
Revenues from Contracts with _5
Revenues from Contracts with Customers - Additional Information (Detail) - JPY (¥) ¥ in Millions | 3 Months Ended | 9 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2020 | Dec. 31, 2019 | |
Revenue From Contract With Customers [Line Items] | ||||
Contract liabilities decrease due to deconsolidation of contract liabilities | ¥ 14,342 | |||
Revenue included in contract liabilities | ¥ 6,263 | ¥ 5,262 | ¥ 27,842 | ¥ 28,209 |
Revenue remaining performance obligation | ¥ 148,813 | ¥ 148,813 | ||
Automobile Services [Member] | Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2020-04-01 | ||||
Revenue From Contract With Customers [Line Items] | ||||
Revenue remaining performance obligation expected timing of satisfaction period | 10 years | 10 years | ||
Maximum | ||||
Revenue From Contract With Customers [Line Items] | ||||
Revenue remaining performance obligation expected timing of satisfaction, period | Remaining term for the obligations ranges up to 14 years |
Leases - Lessor_ Lease Income (
Leases - Lessor: Lease Income (Detail) - JPY (¥) ¥ in Millions | 3 Months Ended | 9 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2020 | Dec. 31, 2019 | |
Lease income—net investment in leases | ||||
Interest Income | ¥ 17,385 | ¥ 18,900 | ¥ 51,698 | ¥ 56,155 |
Other | 460 | 511 | 1,325 | 1,601 |
Lease income—operating leases | 98,559 | 106,503 | 296,520 | 321,428 |
Total lease income | ¥ 116,404 | ¥ 125,914 | ¥ 349,543 | ¥ 379,184 |
Leases - Additional Information
Leases - Additional Information (Detail) - JPY (¥) ¥ in Millions | 3 Months Ended | 9 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2020 | Dec. 31, 2019 | |
Schedule of Operating Leases [Line Items] | ||||
Gains on sales of operating lease assets | ¥ 20,370 | ¥ 37,278 | ||
Operating Lease Assets Other than Real Estate | ||||
Schedule of Operating Leases [Line Items] | ||||
Gains on sales of operating lease assets | ¥ 3,491 | ¥ 6,047 | 6,625 | 14,234 |
Real Estate Asset | ||||
Schedule of Operating Leases [Line Items] | ||||
Gains on sales of operating lease assets | ¥ 991 | ¥ 4,636 | ¥ 13,745 | ¥ 23,044 |
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 | 9 Months Ended | |||||||||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2020 | Dec. 31, 2019 | Mar. 31, 2020 | |||||||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||||||||||
Beginning balance | ¥ 86,795 | ¥ 55,173 | ¥ 56,836 | ¥ 58,011 | |||||||
Provision (Reversal) | 0 | 5,151 | 0 | 15,724 | |||||||
Charge-offs | (9,730) | [1] | (4,133) | (23,988) | [2] | (16,814) | |||||
Recoveries | 168 | 232 | 526 | 632 | |||||||
Other | (375) | [3] | 499 | [3] | (820) | [3] | (631) | ||||
Ending balance | 81,661 | 56,922 | 81,661 | 56,922 | |||||||
Allowance for credit losses, Individually Evaluated for Impairment | 11,254 | 11,254 | ¥ 13,447 | ||||||||
Allowance for credit losses, Not Individually Evaluated for Impairment | 59,613 | 45,668 | 59,613 | 45,668 | 43,389 | ||||||
Financing receivables, Ending balance | 4,677,635 | 4,677,635 | 4,694,256 | ||||||||
Financing receivables, Individually evaluated for impairment | 69,780 | 69,780 | 85,820 | ||||||||
Financing receivables, Not individually evaluated for impairment | 4,607,855 | 4,607,855 | 4,608,436 | ||||||||
Consumer borrowers | |||||||||||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||||||||||
Beginning balance | 34,350 | 21,789 | 20,542 | 21,195 | |||||||
Provision (Reversal) | 2,956 | 9,931 | |||||||||
Charge-offs | (2,727) | [1] | (2,740) | (7,905) | [2] | (9,360) | |||||
Recoveries | 150 | 146 | 401 | 419 | |||||||
Other | 74 | [3] | 8 | [3] | 302 | [3] | (26) | ||||
Ending balance | 33,488 | 22,159 | 33,488 | 22,159 | |||||||
Allowance for credit losses, Individually Evaluated for Impairment | 3,528 | 3,528 | 3,602 | ||||||||
Allowance for credit losses, Not Individually Evaluated for Impairment | 29,118 | 18,631 | 29,118 | 18,631 | 16,940 | ||||||
Financing receivables, Ending balance | 2,126,058 | 2,126,058 | 2,171,139 | ||||||||
Financing receivables, Individually evaluated for impairment | 26,147 | 26,147 | 26,533 | ||||||||
Financing receivables, Not individually evaluated for impairment | 2,099,911 | 2,099,911 | 2,144,606 | ||||||||
Corporate borrowers | |||||||||||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||||||||||
Allowance for credit losses, Individually Evaluated for Impairment | 9,178 | ||||||||||
Financing receivables, Individually evaluated for impairment | 57,682 | ||||||||||
Purchased loans | |||||||||||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||||||||||
Beginning balance | 1,508 | [4] | 2,760 | [5] | 1,458 | [4],[5] | 3,186 | [5] | |||
Provision (Reversal) | [5] | (55) | (133) | ||||||||
Charge-offs | (1,297) | [1],[4] | (107) | [5] | (1,724) | [2],[4] | (470) | [5] | |||
Recoveries | 8 | [4] | 28 | [5] | 38 | [4] | 48 | [5] | |||
Other | [3] | 0 | [4] | 16 | [5] | 102 | [4] | 11 | [5] | ||
Ending balance | 1,546 | [4] | 2,642 | [5] | 1,546 | [4] | 2,642 | [5] | |||
Allowance for credit losses, Individually Evaluated for Impairment | [5] | 1,488 | 1,488 | 667 | |||||||
Allowance for credit losses, Not Individually Evaluated for Impairment | 654 | [4] | 1,154 | [5] | 654 | [4] | 1,154 | [5] | 791 | [5] | |
Financing receivables, Ending balance | [5] | 14,806 | 14,806 | 13,218 | |||||||
Financing receivables, Individually evaluated for impairment | [5] | 2,998 | 2,998 | 1,605 | |||||||
Financing receivables, Not individually evaluated for impairment | [5] | 11,808 | 11,808 | 11,613 | |||||||
Non-recourse Loans | Corporate borrowers | |||||||||||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||||||||||
Beginning balance | 3,414 | 1,055 | 1,786 | 919 | |||||||
Provision (Reversal) | 192 | 353 | |||||||||
Charge-offs | 0 | [1] | 0 | 0 | [2] | (1) | |||||
Recoveries | 0 | 0 | 0 | 0 | |||||||
Other | (73) | [3] | 18 | [3] | (170) | [3] | (6) | ||||
Ending balance | 3,379 | 1,265 | 3,379 | 1,265 | |||||||
Allowance for credit losses, Individually Evaluated for Impairment | 229 | 229 | 228 | ||||||||
Allowance for credit losses, Not Individually Evaluated for Impairment | 3,162 | 1,036 | 3,162 | 1,036 | 1,558 | ||||||
Financing receivables, Ending balance | 143,103 | 143,103 | 132,081 | ||||||||
Financing receivables, Individually evaluated for impairment | 2,516 | 2,516 | 2,466 | ||||||||
Financing receivables, Not individually evaluated for impairment | 140,587 | 140,587 | 129,615 | ||||||||
Other loans | Corporate borrowers | |||||||||||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||||||||||
Beginning balance | 28,421 | 17,333 | 20,209 | 20,662 | |||||||
Provision (Reversal) | 1,499 | 3,240 | |||||||||
Charge-offs | (4,718) | [1] | (687) | (12,621) | [2] | (5,046) | |||||
Recoveries | 3 | 45 | 72 | 142 | |||||||
Other | (502) | [3] | 199 | [3] | (1,330) | [3] | (609) | ||||
Ending balance | 23,584 | 18,389 | 23,584 | 18,389 | |||||||
Allowance for credit losses, Individually Evaluated for Impairment | 6,009 | 6,009 | |||||||||
Allowance for credit losses, Not Individually Evaluated for Impairment | 16,108 | 12,380 | 16,108 | 12,380 | |||||||
Financing receivables, Ending balance | 1,251,329 | 1,251,329 | |||||||||
Financing receivables, Individually evaluated for impairment | 38,119 | 38,119 | |||||||||
Financing receivables, Not individually evaluated for impairment | 1,213,210 | 1,213,210 | |||||||||
Other | Corporate borrowers | |||||||||||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||||||||||
Beginning balance | 21,358 | ||||||||||
Allowance for credit losses, Individually Evaluated for Impairment | 8,950 | ||||||||||
Allowance for credit losses, Not Individually Evaluated for Impairment | 12,408 | ||||||||||
Financing receivables, Ending balance | 1,296,854 | ||||||||||
Financing receivables, Individually evaluated for impairment | 55,216 | ||||||||||
Financing receivables, Not individually evaluated for impairment | 1,241,638 | ||||||||||
Net investment in leases | |||||||||||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||||||||||
Beginning balance | 16,206 | 12,236 | 11,692 | 12,049 | |||||||
Provision (Reversal) | 559 | 2,333 | |||||||||
Charge-offs | (844) | [1] | (599) | (1,448) | [2] | (1,937) | |||||
Recoveries | 1 | 13 | 9 | 23 | |||||||
Other | 115 | [3] | 258 | [3] | 211 | [3] | (1) | ||||
Ending balance | 17,078 | 12,467 | 17,078 | 12,467 | |||||||
Allowance for credit losses, Individually Evaluated for Impairment | 0 | 0 | 0 | ||||||||
Allowance for credit losses, Not Individually Evaluated for Impairment | ¥ 9,627 | 12,467 | ¥ 9,627 | 12,467 | 11,692 | ||||||
Financing receivables, Ending balance | 1,142,339 | 1,142,339 | 1,080,964 | ||||||||
Financing receivables, Individually evaluated for impairment | 0 | 0 | 0 | ||||||||
Financing receivables, Not individually evaluated for impairment | ¥ 1,142,339 | ¥ 1,142,339 | ¥ 1,080,964 | ||||||||
[1] | Charge-off include the amount of ¥1,296 million for write-offs of purchased loans. | ||||||||||
[2] | Charge-off include the amount of ¥1,636 million for write-offs of purchased loans. | ||||||||||
[3] | Other mainly includes foreign currency translation adjustments and a decrease in allowance related to a sale of a subsidiary.. | ||||||||||
[4] | Purchased loans represent loans with evidence of deterioration of credit quality since origination and for which it is probable at acquisition that collection of all contractually required payments from the debtors is unlikely. Due to the adoption of the credit losses standards, allowance of ¥176,714 million was recorded as credit loss gross-up treatment for purchased loans on April 1, 2020, and the same amount has been amortized. | ||||||||||
[5] | 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 | Mar. 31, 2020 | Dec. 31, 2019 | |
Financing Receivable, Impaired [Line Items] | |||
Loans Individually Evaluated for Impairment | ¥ 85,820 | ¥ 69,780 | |
Unpaid Principal Balance | 85,460 | ||
Related Allowance | 13,447 | 11,254 | |
Consumer borrowers | |||
Financing Receivable, Impaired [Line Items] | |||
Loans Individually Evaluated for Impairment | 26,533 | 26,147 | |
Unpaid Principal Balance | 26,311 | ||
Related Allowance | 3,602 | 3,528 | |
Corporate borrowers | |||
Financing Receivable, Impaired [Line Items] | |||
Loans Individually Evaluated for Impairment | 57,682 | ||
Unpaid Principal Balance | 57,544 | ||
Related Allowance | 9,178 | ||
Purchased loans | |||
Financing Receivable, Impaired [Line Items] | |||
Loans Individually Evaluated for Impairment | [1] | 1,605 | 2,998 |
Unpaid Principal Balance | 1,605 | ||
Related Allowance | [1] | 667 | 1,488 |
Consumer - Real Estate Loans | Consumer borrowers | |||
Financing Receivable, Impaired [Line Items] | |||
Loans Individually Evaluated for Impairment | 5,762 | ||
Unpaid Principal Balance | 5,744 | ||
Related Allowance | 817 | ||
Consumer-Card loans | Consumer borrowers | |||
Financing Receivable, Impaired [Line Items] | |||
Loans Individually Evaluated for Impairment | 3,932 | ||
Unpaid Principal Balance | 3,924 | ||
Related Allowance | 632 | ||
Consumer - Other | Consumer borrowers | |||
Financing Receivable, Impaired [Line Items] | |||
Loans Individually Evaluated for Impairment | 16,839 | ||
Unpaid Principal Balance | 16,643 | ||
Related Allowance | 2,153 | ||
Non-recourse Loans | Corporate borrowers | |||
Financing Receivable, Impaired [Line Items] | |||
Loans Individually Evaluated for Impairment | 2,466 | 2,516 | |
Related Allowance | 228 | ¥ 229 | |
Non-recourse Loans | Corporate borrowers | The Americas | |||
Financing Receivable, Impaired [Line Items] | |||
Loans Individually Evaluated for Impairment | 2,466 | ||
Unpaid Principal Balance | 2,466 | ||
Related Allowance | 228 | ||
Real estate companies in Japan | Corporate borrowers | Japan | |||
Financing Receivable, Impaired [Line Items] | |||
Loans Individually Evaluated for Impairment | 3,501 | ||
Unpaid Principal Balance | 3,486 | ||
Related Allowance | 374 | ||
Real estate companies in overseas | Corporate borrowers | Overseas | |||
Financing Receivable, Impaired [Line Items] | |||
Loans Individually Evaluated for Impairment | 12,491 | ||
Unpaid Principal Balance | 12,491 | ||
Related Allowance | 486 | ||
Commercial, industrial and other companies in Japan | Corporate borrowers | Japan | |||
Financing Receivable, Impaired [Line Items] | |||
Loans Individually Evaluated for Impairment | 12,480 | ||
Unpaid Principal Balance | 12,357 | ||
Related Allowance | 2,371 | ||
Commercial, industrial and other companies in overseas | Corporate borrowers | Overseas | |||
Financing Receivable, Impaired [Line Items] | |||
Loans Individually Evaluated for Impairment | 26,744 | ||
Unpaid Principal Balance | 26,744 | ||
Related Allowance | 5,719 | ||
Impaired Financing Receivables with No Related Allowance | |||
Financing Receivable, Impaired [Line Items] | |||
Loans Individually Evaluated for Impairment | [2] | 36,528 | |
Unpaid Principal Balance | [2] | 36,524 | |
Related Allowance | [2] | 0 | |
Impaired Financing Receivables with No Related Allowance | Consumer borrowers | |||
Financing Receivable, Impaired [Line Items] | |||
Loans Individually Evaluated for Impairment | 997 | ||
Unpaid Principal Balance | 995 | ||
Related Allowance | 0 | ||
Impaired Financing Receivables with No Related Allowance | Corporate borrowers | |||
Financing Receivable, Impaired [Line Items] | |||
Loans Individually Evaluated for Impairment | 35,423 | ||
Unpaid Principal Balance | 35,421 | ||
Related Allowance | 0 | ||
Impaired Financing Receivables with No Related Allowance | Purchased loans | |||
Financing Receivable, Impaired [Line Items] | |||
Loans Individually Evaluated for Impairment | 108 | ||
Unpaid Principal Balance | 108 | ||
Related Allowance | 0 | ||
Impaired Financing Receivables with No Related Allowance | Consumer - Real Estate Loans | Consumer borrowers | |||
Financing Receivable, Impaired [Line Items] | |||
Loans Individually Evaluated for Impairment | 584 | ||
Unpaid Principal Balance | 582 | ||
Related Allowance | 0 | ||
Impaired Financing Receivables with No Related Allowance | Consumer-Card loans | Consumer borrowers | |||
Financing Receivable, Impaired [Line Items] | |||
Loans Individually Evaluated for Impairment | 0 | ||
Unpaid Principal Balance | 0 | ||
Related Allowance | 0 | ||
Impaired Financing Receivables with No Related Allowance | Consumer - Other | Consumer borrowers | |||
Financing Receivable, Impaired [Line Items] | |||
Loans Individually Evaluated for Impairment | 413 | ||
Unpaid Principal Balance | 413 | ||
Related Allowance | 0 | ||
Impaired Financing Receivables with No Related Allowance | Non-recourse Loans | Corporate borrowers | The Americas | |||
Financing Receivable, Impaired [Line Items] | |||
Loans Individually Evaluated for Impairment | 1,705 | ||
Unpaid Principal Balance | 1,705 | ||
Related Allowance | 0 | ||
Impaired Financing Receivables with No Related Allowance | Real estate companies in Japan | Corporate borrowers | Japan | |||
Financing Receivable, Impaired [Line Items] | |||
Loans Individually Evaluated for Impairment | 2,268 | ||
Unpaid Principal Balance | 2,267 | ||
Related Allowance | 0 | ||
Impaired Financing Receivables with No Related Allowance | Real estate companies in overseas | Corporate borrowers | Overseas | |||
Financing Receivable, Impaired [Line Items] | |||
Loans Individually Evaluated for Impairment | 11,231 | ||
Unpaid Principal Balance | 11,231 | ||
Related Allowance | 0 | ||
Impaired Financing Receivables with No Related Allowance | Commercial, industrial and other companies in Japan | Corporate borrowers | Japan | |||
Financing Receivable, Impaired [Line Items] | |||
Loans Individually Evaluated for Impairment | 8,831 | ||
Unpaid Principal Balance | 8,830 | ||
Related Allowance | 0 | ||
Impaired Financing Receivables with No Related Allowance | Commercial, industrial and other companies in overseas | Corporate borrowers | Overseas | |||
Financing Receivable, Impaired [Line Items] | |||
Loans Individually Evaluated for Impairment | 11,388 | ||
Unpaid Principal Balance | 11,388 | ||
Related Allowance | 0 | ||
Impaired Financing Receivables with Related Allowance | |||
Financing Receivable, Impaired [Line Items] | |||
Loans Individually Evaluated for Impairment | [3] | 49,292 | |
Unpaid Principal Balance | [3] | 48,936 | |
Related Allowance | [3] | 13,447 | |
Impaired Financing Receivables with Related Allowance | Consumer borrowers | |||
Financing Receivable, Impaired [Line Items] | |||
Loans Individually Evaluated for Impairment | 25,536 | ||
Unpaid Principal Balance | 25,316 | ||
Related Allowance | 3,602 | ||
Impaired Financing Receivables with Related Allowance | Corporate borrowers | |||
Financing Receivable, Impaired [Line Items] | |||
Loans Individually Evaluated for Impairment | 22,259 | ||
Unpaid Principal Balance | 22,123 | ||
Related Allowance | 9,178 | ||
Impaired Financing Receivables with Related Allowance | Purchased loans | |||
Financing Receivable, Impaired [Line Items] | |||
Loans Individually Evaluated for Impairment | 1,497 | ||
Unpaid Principal Balance | 1,497 | ||
Related Allowance | 667 | ||
Impaired Financing Receivables with Related Allowance | Consumer - Real Estate Loans | Consumer borrowers | |||
Financing Receivable, Impaired [Line Items] | |||
Loans Individually Evaluated for Impairment | 5,178 | ||
Unpaid Principal Balance | 5,162 | ||
Related Allowance | 817 | ||
Impaired Financing Receivables with Related Allowance | Consumer-Card loans | Consumer borrowers | |||
Financing Receivable, Impaired [Line Items] | |||
Loans Individually Evaluated for Impairment | 3,932 | ||
Unpaid Principal Balance | 3,924 | ||
Related Allowance | 632 | ||
Impaired Financing Receivables with Related Allowance | Consumer - Other | Consumer borrowers | |||
Financing Receivable, Impaired [Line Items] | |||
Loans Individually Evaluated for Impairment | 16,426 | ||
Unpaid Principal Balance | 16,230 | ||
Related Allowance | 2,153 | ||
Impaired Financing Receivables with Related Allowance | Non-recourse Loans | Corporate borrowers | The Americas | |||
Financing Receivable, Impaired [Line Items] | |||
Loans Individually Evaluated for Impairment | 761 | ||
Unpaid Principal Balance | 761 | ||
Related Allowance | 228 | ||
Impaired Financing Receivables with Related Allowance | Real estate companies in Japan | Corporate borrowers | Japan | |||
Financing Receivable, Impaired [Line Items] | |||
Loans Individually Evaluated for Impairment | 1,233 | ||
Unpaid Principal Balance | 1,219 | ||
Related Allowance | 374 | ||
Impaired Financing Receivables with Related Allowance | Real estate companies in overseas | Corporate borrowers | Overseas | |||
Financing Receivable, Impaired [Line Items] | |||
Loans Individually Evaluated for Impairment | 1,260 | ||
Unpaid Principal Balance | 1,260 | ||
Related Allowance | 486 | ||
Impaired Financing Receivables with Related Allowance | Commercial, industrial and other companies in Japan | Corporate borrowers | Japan | |||
Financing Receivable, Impaired [Line Items] | |||
Loans Individually Evaluated for Impairment | 3,649 | ||
Unpaid Principal Balance | 3,527 | ||
Related Allowance | 2,371 | ||
Impaired Financing Receivables with Related Allowance | Commercial, industrial and other companies in overseas | Corporate borrowers | Overseas | |||
Financing Receivable, Impaired [Line Items] | |||
Loans Individually Evaluated for Impairment | 15,356 | ||
Unpaid Principal Balance | 15,356 | ||
Related Allowance | ¥ 5,719 | ||
[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 | 9 Months Ended | |||
Dec. 31, 2019 | Dec. 31, 2020 | Dec. 31, 2019 | |||
Financing Receivable, Impaired [Line Items] | |||||
Average recorded investments in impaired loans | [1] | ¥ 62,509 | ¥ 59,714 | ||
Interest income on impaired loans | 213 | 586 | |||
Interest on impaired loans collected in cash | 207 | ¥ 559 | 543 | ||
Consumer borrowers | |||||
Financing Receivable, Impaired [Line Items] | |||||
Average recorded investments in impaired loans | [1] | 25,781 | 24,268 | ||
Interest income on impaired loans | 106 | 341 | |||
Interest on impaired loans collected in cash | 100 | 412 | 300 | ||
Consumer borrowers | Consumer - Real Estate Loans | |||||
Financing Receivable, Impaired [Line Items] | |||||
Average recorded investments in impaired loans | [1] | 5,840 | 4,906 | ||
Interest income on impaired loans | 34 | 109 | |||
Interest on impaired loans collected in cash | 32 | 105 | |||
Consumer borrowers | Consumer-Card loans | |||||
Financing Receivable, Impaired [Line Items] | |||||
Average recorded investments in impaired loans | [1] | 3,908 | 3,924 | ||
Interest income on impaired loans | 13 | 44 | |||
Interest on impaired loans collected in cash | 13 | 38 | |||
Consumer borrowers | Consumer - Other | |||||
Financing Receivable, Impaired [Line Items] | |||||
Average recorded investments in impaired loans | [1] | 16,033 | 15,438 | ||
Interest income on impaired loans | 59 | 188 | |||
Interest on impaired loans collected in cash | 55 | 157 | |||
Corporate borrowers | |||||
Financing Receivable, Impaired [Line Items] | |||||
Average recorded investments in impaired loans | [1] | 33,618 | 31,962 | ||
Interest income on impaired loans | 54 | 106 | |||
Interest on impaired loans collected in cash | 54 | 104 | |||
Corporate borrowers | Non-recourse Loans | |||||
Financing Receivable, Impaired [Line Items] | |||||
Interest on impaired loans collected in cash | ¥ 0 | ||||
Corporate borrowers | Non-recourse Loans | Japan | |||||
Financing Receivable, Impaired [Line Items] | |||||
Average recorded investments in impaired loans | [1] | 111 | 172 | ||
Interest income on impaired loans | 0 | 2 | |||
Interest on impaired loans collected in cash | 0 | 2 | |||
Corporate borrowers | Non-recourse Loans | The Americas | |||||
Financing Receivable, Impaired [Line Items] | |||||
Average recorded investments in impaired loans | [1] | 2,495 | 3,077 | ||
Interest income on impaired loans | 0 | 0 | |||
Interest on impaired loans collected in cash | 0 | 0 | |||
Corporate borrowers | Real estate companies in Japan | Japan | |||||
Financing Receivable, Impaired [Line Items] | |||||
Average recorded investments in impaired loans | [1] | 1,406 | 1,518 | ||
Interest income on impaired loans | 6 | 25 | |||
Interest on impaired loans collected in cash | 6 | 25 | |||
Corporate borrowers | Real estate companies in overseas | Overseas | |||||
Financing Receivable, Impaired [Line Items] | |||||
Average recorded investments in impaired loans | 6,906 | 3,742 | [1] | ||
Interest income on impaired loans | 0 | 0 | |||
Interest on impaired loans collected in cash | 0 | 0 | |||
Corporate borrowers | Commercial, industrial and other companies in Japan | Japan | |||||
Financing Receivable, Impaired [Line Items] | |||||
Average recorded investments in impaired loans | [1] | 5,282 | 5,718 | ||
Interest income on impaired loans | 38 | 65 | |||
Interest on impaired loans collected in cash | 38 | 63 | |||
Corporate borrowers | Commercial, industrial and other companies in overseas | Overseas | |||||
Financing Receivable, Impaired [Line Items] | |||||
Average recorded investments in impaired loans | [1] | 17,418 | 17,735 | ||
Interest income on impaired loans | 10 | 14 | |||
Interest on impaired loans collected in cash | 10 | 14 | |||
Purchased loans | |||||
Financing Receivable, Impaired [Line Items] | |||||
Average recorded investments in impaired loans | [1] | 3,110 | 3,484 | ||
Interest income on impaired loans | 53 | 139 | |||
Interest on impaired loans collected in cash | ¥ 53 | ¥ 139 | |||
[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 | Dec. 31, 2020 | Mar. 31, 2020 | |
Financing Receivable, Recorded Investment [Line Items] | |||
Financing receivable | ¥ 4,607,649 | ¥ 4,694,256 | |
Net investment in leases | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Financing receivable | 1,033,515 | 1,080,964 | |
Net investment in leases | Japan | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Financing receivable | 709,610 | 747,607 | |
Net investment in leases | Overseas | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Financing receivable | 323,905 | 333,357 | |
Consumer borrowers | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Financing receivable | 2,312,965 | 2,171,139 | |
Consumer borrowers | Consumer - Real Estate Loans | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Financing receivable | 2,056,889 | 1,884,359 | |
Consumer borrowers | Consumer-Card loans | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Financing receivable | 194,309 | 223,651 | |
Consumer borrowers | Consumer - Other | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Financing receivable | 61,767 | 63,129 | |
Corporate borrowers | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Financing receivable | 1,261,169 | 1,428,935 | |
Corporate borrowers | Non-recourse Loans | Japan | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Financing receivable | 46,778 | 48,566 | |
Corporate borrowers | Non-recourse Loans | The Americas | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Financing receivable | 100,154 | 83,515 | |
Corporate borrowers | Real estate companies in Japan | Japan | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Financing receivable | 285,185 | 300,984 | |
Corporate borrowers | Real estate companies in overseas | Overseas | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Financing receivable | 104,674 | 131,894 | |
Corporate borrowers | Commercial, industrial and other companies in Japan | Japan | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Financing receivable | 203,401 | 255,311 | |
Corporate borrowers | Commercial, industrial and other companies in overseas | Overseas | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Financing receivable | 520,977 | 608,665 | |
Purchased loans | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Financing receivable | 13,218 | ||
Performing | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Financing receivable | 4,356,598 | 4,582,826 | |
Performing | Net investment in leases | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Financing receivable | 1,012,769 | 1,065,618 | |
Performing | Net investment in leases | Japan | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Financing receivable | 700,597 | 741,636 | |
Performing | Net investment in leases | Overseas | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Financing receivable | 312,172 | 323,982 | |
Performing | Consumer borrowers | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Financing receivable | 2,080,670 | 2,134,342 | |
Performing | Consumer borrowers | Consumer - Real Estate Loans | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Financing receivable | 2,046,578 | 1,877,227 | |
Performing | Consumer borrowers | Consumer-Card loans | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Financing receivable | 218,011 | ||
Performing | Consumer borrowers | Consumer - Other | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Financing receivable | 34,092 | [1] | 39,104 |
Performing | Corporate borrowers | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Financing receivable | 1,219,734 | 1,371,253 | |
Performing | Corporate borrowers | Non-recourse Loans | Japan | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Financing receivable | 46,778 | 48,566 | |
Performing | Corporate borrowers | Non-recourse Loans | The Americas | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Financing receivable | 98,977 | 81,049 | |
Performing | Corporate borrowers | Real estate companies in Japan | Japan | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Financing receivable | 283,418 | 297,483 | |
Performing | Corporate borrowers | Real estate companies in overseas | Overseas | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Financing receivable | 96,653 | 119,403 | |
Performing | Corporate borrowers | Commercial, industrial and other companies in Japan | Japan | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Financing receivable | 195,892 | 242,831 | |
Performing | Corporate borrowers | Commercial, industrial and other companies in overseas | Overseas | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Financing receivable | 498,016 | 581,921 | |
Performing | Purchased loans | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Financing receivable | 10,888 | 11,613 | |
Nonperforming Financing Receivable Individually Evaluated for Impairment | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Financing receivable | 85,820 | ||
Nonperforming Financing Receivable Individually Evaluated for Impairment | Net investment in leases | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Financing receivable | 0 | ||
Nonperforming Financing Receivable Individually Evaluated for Impairment | Net investment in leases | Japan | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Financing receivable | 0 | ||
Nonperforming Financing Receivable Individually Evaluated for Impairment | Net investment in leases | Overseas | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Financing receivable | 0 | ||
Nonperforming Financing Receivable Individually Evaluated for Impairment | Consumer borrowers | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Financing receivable | 26,533 | ||
Nonperforming Financing Receivable Individually Evaluated for Impairment | Consumer borrowers | Consumer - Real Estate Loans | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Financing receivable | 5,762 | ||
Nonperforming Financing Receivable Individually Evaluated for Impairment | Consumer borrowers | Consumer-Card loans | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Financing receivable | 3,932 | ||
Nonperforming Financing Receivable Individually Evaluated for Impairment | Consumer borrowers | Consumer - Other | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Financing receivable | 16,839 | ||
Nonperforming Financing Receivable Individually Evaluated for Impairment | Corporate borrowers | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Financing receivable | 57,682 | ||
Nonperforming Financing Receivable Individually Evaluated for Impairment | Corporate borrowers | Non-recourse Loans | Japan | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Financing receivable | 0 | ||
Nonperforming Financing Receivable Individually Evaluated for Impairment | Corporate borrowers | Non-recourse Loans | The Americas | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Financing receivable | 2,466 | ||
Nonperforming Financing Receivable Individually Evaluated for Impairment | Corporate borrowers | Real estate companies in Japan | Japan | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Financing receivable | 3,501 | ||
Nonperforming Financing Receivable Individually Evaluated for Impairment | Corporate borrowers | Real estate companies in overseas | Overseas | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Financing receivable | 12,491 | ||
Nonperforming Financing Receivable Individually Evaluated for Impairment | Corporate borrowers | Commercial, industrial and other companies in Japan | Japan | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Financing receivable | 12,480 | ||
Nonperforming Financing Receivable Individually Evaluated for Impairment | Corporate borrowers | Commercial, industrial and other companies in overseas | Overseas | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Financing receivable | 26,744 | ||
Nonperforming Financing Receivable Individually Evaluated for Impairment | Purchased loans | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Financing receivable | 1,605 | ||
Nonperforming Financing Receivable more than 90 days Past Due Not Individually Evaluated for Impairment | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Financing receivable | 25,610 | ||
Nonperforming Financing Receivable more than 90 days Past Due Not Individually Evaluated for Impairment | Net investment in leases | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Financing receivable | 15,346 | ||
Nonperforming Financing Receivable more than 90 days Past Due Not Individually Evaluated for Impairment | Net investment in leases | Japan | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Financing receivable | 5,971 | ||
Nonperforming Financing Receivable more than 90 days Past Due Not Individually Evaluated for Impairment | Net investment in leases | Overseas | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Financing receivable | 9,375 | ||
Nonperforming Financing Receivable more than 90 days Past Due Not Individually Evaluated for Impairment | Consumer borrowers | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Financing receivable | 10,264 | ||
Nonperforming Financing Receivable more than 90 days Past Due Not Individually Evaluated for Impairment | Consumer borrowers | Consumer - Real Estate Loans | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Financing receivable | 1,370 | ||
Nonperforming Financing Receivable more than 90 days Past Due Not Individually Evaluated for Impairment | Consumer borrowers | Consumer-Card loans | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Financing receivable | 1,708 | ||
Nonperforming Financing Receivable more than 90 days Past Due Not Individually Evaluated for Impairment | Consumer borrowers | Consumer - Other | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Financing receivable | 7,186 | ||
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 | ||
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 | ||
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 | ||
Nonperforming Financing Receivable more than 90 days Past Due Not Individually Evaluated for Impairment | Corporate borrowers | Real estate companies in Japan | Japan | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Financing receivable | 0 | ||
Nonperforming Financing Receivable more than 90 days Past Due Not Individually Evaluated for Impairment | Corporate borrowers | Real estate companies in overseas | Overseas | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Financing receivable | 0 | ||
Nonperforming Financing Receivable more than 90 days Past Due Not Individually Evaluated for Impairment | Corporate borrowers | Commercial, industrial and other companies in Japan | Japan | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Financing receivable | 0 | ||
Nonperforming Financing Receivable more than 90 days Past Due Not Individually Evaluated for Impairment | Corporate borrowers | Commercial, industrial and other companies in overseas | Overseas | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Financing receivable | 0 | ||
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 | ||
Nonperforming | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Financing receivable | 102,574 | 111,430 | |
Nonperforming | Net investment in leases | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Financing receivable | 20,746 | 15,346 | |
Nonperforming | Net investment in leases | Japan | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Financing receivable | 9,013 | 5,971 | |
Nonperforming | Net investment in leases | Overseas | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Financing receivable | 11,733 | 9,375 | |
Nonperforming | Consumer borrowers | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Financing receivable | 37,986 | 36,797 | |
Nonperforming | Consumer borrowers | Consumer - Real Estate Loans | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Financing receivable | 10,311 | 7,132 | |
Nonperforming | Consumer borrowers | Consumer-Card loans | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Financing receivable | 5,640 | ||
Nonperforming | Consumer borrowers | Consumer - Other | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Financing receivable | 27,675 | [1] | 24,025 |
Nonperforming | Corporate borrowers | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Financing receivable | 41,435 | 57,682 | |
Nonperforming | Corporate borrowers | Non-recourse Loans | Japan | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Financing receivable | 0 | ||
Nonperforming | Corporate borrowers | Non-recourse Loans | The Americas | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Financing receivable | 1,177 | 2,466 | |
Nonperforming | Corporate borrowers | Real estate companies in Japan | Japan | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Financing receivable | 1,767 | 3,501 | |
Nonperforming | Corporate borrowers | Real estate companies in overseas | Overseas | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Financing receivable | 8,021 | 12,491 | |
Nonperforming | Corporate borrowers | Commercial, industrial and other companies in Japan | Japan | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Financing receivable | 7,509 | 12,480 | |
Nonperforming | Corporate borrowers | Commercial, industrial and other companies in overseas | Overseas | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Financing receivable | 22,961 | 26,744 | |
Nonperforming | Purchased loans | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Financing receivable | ¥ 1,236 | ¥ 1,605 | |
[1] | Other in consumer borrowers includes guarantee claims of consumer loans. For further information, see Note 24 “Commitments, Guarantees and Contingent Liabilities” |
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 | Dec. 31, 2020 | Mar. 31, 2020 |
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Due Financing Receivables | ¥ 78,350 | ¥ 79,623 |
Total financing receivables | 4,607,649 | 4,694,256 |
Total financing receivables | 4,681,038 | |
Non-Accrual | 76,040 | 73,575 |
30 To 89 Days Past Due | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Due Financing Receivables | 21,995 | 23,671 |
90 Days or More Past Due | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Due Financing Receivables | 56,355 | 55,952 |
Net investment in leases | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Due Financing Receivables | 29,768 | 29,048 |
Total financing receivables | 1,033,515 | 1,080,964 |
Non-Accrual | 17,322 | 15,346 |
Net investment in leases | Japan | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Due Financing Receivables | 11,784 | 8,726 |
Total financing receivables | 709,610 | 747,607 |
Non-Accrual | 5,971 | |
Net investment in leases | Overseas | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Due Financing Receivables | 17,984 | 20,322 |
Total financing receivables | 323,905 | 333,357 |
Non-Accrual | 9,375 | |
Net investment in leases | 30 To 89 Days Past Due | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Due Financing Receivables | 12,446 | 13,702 |
Net investment in leases | 30 To 89 Days Past Due | Japan | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Due Financing Receivables | 5,198 | 2,755 |
Net investment in leases | 30 To 89 Days Past Due | Overseas | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Due Financing Receivables | 7,248 | 10,947 |
Net investment in leases | 90 Days or More Past Due | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Due Financing Receivables | 17,322 | 15,346 |
Net investment in leases | 90 Days or More Past Due | Japan | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Due Financing Receivables | 6,586 | 5,971 |
Net investment in leases | 90 Days or More Past Due | Overseas | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Due Financing Receivables | 10,736 | 9,375 |
Consumer borrowers | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Due Financing Receivables | 19,562 | 20,211 |
Total financing receivables | 2,312,965 | 2,171,139 |
Non-Accrual | 15,286 | 13,607 |
Consumer borrowers | 30 To 89 Days Past Due | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Due Financing Receivables | 4,319 | 6,604 |
Consumer borrowers | 90 Days or More Past Due | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Due Financing Receivables | 15,243 | 13,607 |
Consumer borrowers | Consumer - Real Estate Loans | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Due Financing Receivables | 4,402 | 4,332 |
Total financing receivables | 2,056,889 | 1,884,359 |
Non-Accrual | 2,469 | |
Consumer borrowers | Consumer - Real Estate Loans | 30 To 89 Days Past Due | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Due Financing Receivables | 1,407 | 1,863 |
Consumer borrowers | Consumer - Real Estate Loans | 90 Days or More Past Due | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Due Financing Receivables | 2,995 | 2,469 |
Consumer borrowers | Consumer-Card loans | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Due Financing Receivables | 2,313 | 2,709 |
Total financing receivables | 194,309 | 223,651 |
Non-Accrual | 2,114 | |
Consumer borrowers | Consumer-Card loans | 30 To 89 Days Past Due | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Due Financing Receivables | 357 | 595 |
Consumer borrowers | Consumer-Card loans | 90 Days or More Past Due | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Due Financing Receivables | 1,956 | 2,114 |
Consumer borrowers | Consumer - Other | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Due Financing Receivables | 12,847 | 13,170 |
Total financing receivables | 61,767 | 63,129 |
Non-Accrual | 9,024 | |
Consumer borrowers | Consumer - Other | 30 To 89 Days Past Due | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Due Financing Receivables | 2,555 | 4,146 |
Consumer borrowers | Consumer - Other | 90 Days or More Past Due | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Due Financing Receivables | 10,292 | 9,024 |
Corporate borrowers | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Due Financing Receivables | 29,020 | 30,364 |
Total financing receivables | 1,261,169 | 1,428,935 |
Non-Accrual | 44,622 | |
Corporate borrowers | 30 To 89 Days Past Due | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Due Financing Receivables | 5,230 | 3,365 |
Corporate borrowers | 90 Days or More Past Due | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Due Financing Receivables | 23,790 | 26,999 |
Corporate borrowers | Non-recourse Loans | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Non-Accrual | 9,382 | 2,466 |
Corporate borrowers | Non-recourse Loans | Japan | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Due Financing Receivables | 0 | 0 |
Total financing receivables | 46,778 | 48,566 |
Non-Accrual | 0 | |
Corporate borrowers | Non-recourse Loans | The Americas | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Due Financing Receivables | 2,765 | 2,466 |
Total financing receivables | 100,154 | 83,515 |
Non-Accrual | 2,466 | |
Corporate borrowers | Non-recourse Loans | 30 To 89 Days Past Due | Japan | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Due Financing Receivables | 0 | 0 |
Corporate borrowers | Non-recourse Loans | 30 To 89 Days Past Due | The Americas | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Due Financing Receivables | 1,588 | 0 |
Corporate borrowers | Non-recourse Loans | 90 Days or More Past Due | Japan | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Due Financing Receivables | 0 | 0 |
Corporate borrowers | Non-recourse Loans | 90 Days or More Past Due | The Americas | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Due Financing Receivables | 1,177 | 2,466 |
Corporate borrowers | Real estate companies in Japan | Japan | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Due Financing Receivables | 935 | 586 |
Total financing receivables | 285,185 | 300,984 |
Non-Accrual | 586 | |
Corporate borrowers | Real estate companies in Japan | 30 To 89 Days Past Due | Japan | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Due Financing Receivables | 31 | 0 |
Corporate borrowers | Real estate companies in Japan | 90 Days or More Past Due | Japan | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Due Financing Receivables | 904 | 586 |
Corporate borrowers | Real estate companies in overseas | Overseas | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Due Financing Receivables | 8,008 | 12,387 |
Total financing receivables | 104,674 | 131,894 |
Non-Accrual | 12,491 | |
Corporate borrowers | Real estate companies in overseas | 30 To 89 Days Past Due | Overseas | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Due Financing Receivables | 0 | 1 |
Corporate borrowers | Real estate companies in overseas | 90 Days or More Past Due | Overseas | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Due Financing Receivables | 8,008 | 12,386 |
Corporate borrowers | Commercial, industrial and other companies in Japan | Japan | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Due Financing Receivables | 5,630 | 2,635 |
Total financing receivables | 203,401 | 255,311 |
Non-Accrual | 2,409 | |
Corporate borrowers | Commercial, industrial and other companies in Japan | 30 To 89 Days Past Due | Japan | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Due Financing Receivables | 234 | 226 |
Corporate borrowers | Commercial, industrial and other companies in Japan | 90 Days or More Past Due | Japan | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Due Financing Receivables | 5,396 | 2,409 |
Corporate borrowers | Commercial, industrial and other companies in overseas | Overseas | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Due Financing Receivables | 11,682 | 12,290 |
Total financing receivables | 520,977 | 608,665 |
Non-Accrual | 26,670 | |
Corporate borrowers | Commercial, industrial and other companies in overseas | 30 To 89 Days Past Due | Overseas | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Due Financing Receivables | 3,377 | 3,138 |
Corporate borrowers | Commercial, industrial and other companies in overseas | 90 Days or More Past Due | Overseas | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Due Financing Receivables | ¥ 8,305 | ¥ 9,152 |
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 | 9 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2020 | Dec. 31, 2019 | |
Financing Receivable, Modifications [Line Items] | ||||
Pre-modification outstanding recorded investment | ¥ 5,241 | ¥ 4,828 | ¥ 17,721 | ¥ 13,383 |
Post-modification outstanding recorded investment | 3,580 | 4,050 | 14,499 | 11,131 |
Financing Receivables Modification, Subsequently Defaulted Recorded Investment | 64 | 571 | 335 | 1,624 |
Consumer borrowers | ||||
Financing Receivable, Modifications [Line Items] | ||||
Pre-modification outstanding recorded investment | 1,857 | 3,079 | 7,236 | 9,187 |
Post-modification outstanding recorded investment | 1,111 | 2,301 | 5,262 | 6,935 |
Financing Receivables Modification, Subsequently Defaulted Recorded Investment | 64 | 444 | 334 | 1,497 |
Consumer borrowers | Consumer - Real Estate Loans | ||||
Financing Receivable, Modifications [Line Items] | ||||
Pre-modification outstanding recorded investment | 7 | 477 | 22 | 16 |
Post-modification outstanding recorded investment | 4 | 364 | 17 | 14 |
Consumer borrowers | Consumer-Card loans | ||||
Financing Receivable, Modifications [Line Items] | ||||
Pre-modification outstanding recorded investment | 416 | 2,602 | 1,285 | 1,422 |
Post-modification outstanding recorded investment | 295 | 1,937 | 965 | 1,052 |
Financing Receivables Modification, Subsequently Defaulted Recorded Investment | 14 | 4 | 32 | 7 |
Consumer borrowers | Consumer - Other | ||||
Financing Receivable, Modifications [Line Items] | ||||
Pre-modification outstanding recorded investment | 1,434 | 5,929 | 7,749 | |
Post-modification outstanding recorded investment | 812 | 4,280 | 5,869 | |
Financing Receivables Modification, Subsequently Defaulted Recorded Investment | 50 | 440 | 302 | 1,490 |
Corporate borrowers | ||||
Financing Receivable, Modifications [Line Items] | ||||
Pre-modification outstanding recorded investment | 3,384 | 1,749 | 10,485 | 4,196 |
Post-modification outstanding recorded investment | 2,469 | 1,749 | 9,237 | 4,196 |
Financing Receivables Modification, Subsequently Defaulted Recorded Investment | 127 | 1 | 127 | |
Corporate borrowers | Non-recourse Loans | The Americas | ||||
Financing Receivable, Modifications [Line Items] | ||||
Pre-modification outstanding recorded investment | 340 | 340 | 340 | |
Post-modification outstanding recorded investment | 340 | 340 | 340 | |
Corporate borrowers | Commercial, industrial and other companies in overseas | Overseas | ||||
Financing Receivable, Modifications [Line Items] | ||||
Pre-modification outstanding recorded investment | 3,384 | 1,409 | 10,003 | 3,856 |
Post-modification outstanding recorded investment | ¥ 2,469 | 1,409 | 8,755 | 3,856 |
Financing Receivables Modification, Subsequently Defaulted Recorded Investment | ¥ 127 | ¥ 1 | ¥ 127 |
Credit Quality of Financing R_9
Credit Quality of Financing Receivables and the Allowance for Credit Losses - Additional Information (Detail) ¥ in Millions | Mar. 31, 2020JPY (¥)Property |
Receivables [Abstract] | |
Number of foreclosed residential real estate properties | Property | 0 |
Residential mortgage loans in process of foreclosure | ¥ | ¥ 109 |
Credit Quality of Financial A_3
Credit Quality of Financial Assets and the Allowance for Credit Losses - Summary of Allowance for Credit Losses for Installment Loans (Detail) - JPY (¥) ¥ in Millions | 3 Months Ended | 9 Months Ended | |||||||||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2020 | Dec. 31, 2019 | Mar. 31, 2020 | |||||||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||||||||||
Beginning balance | ¥ 86,795 | ¥ 55,173 | ¥ 56,836 | ¥ 58,011 | |||||||
Provision (Reversal) | 3,507 | 16,038 | |||||||||
Allowance of purchased loans during the reporting period | 1,296 | 1,636 | |||||||||
Charge-offs | (9,730) | [1] | (4,133) | (23,988) | [2] | (16,814) | |||||
Recoveries | 168 | 232 | 526 | 632 | |||||||
Other | (375) | [3] | 499 | [3] | (820) | [3] | (631) | ||||
Ending balance | 81,661 | 56,922 | 81,661 | 56,922 | |||||||
Collective (pool) assessment | 59,613 | 45,668 | 59,613 | 45,668 | ¥ 43,389 | ||||||
Individual assessment | 22,048 | 22,048 | |||||||||
Restatement Adjustment | |||||||||||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||||||||||
Beginning balance | 88,269 | ||||||||||
Net investment in leases | |||||||||||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||||||||||
Beginning balance | 16,206 | 12,236 | 11,692 | 12,049 | |||||||
Provision (Reversal) | 1,600 | 3,064 | |||||||||
Allowance of purchased loans during the reporting period | 0 | 0 | |||||||||
Charge-offs | (844) | [1] | (599) | (1,448) | [2] | (1,937) | |||||
Recoveries | 1 | 13 | 9 | 23 | |||||||
Other | 115 | [3] | 258 | [3] | 211 | [3] | (1) | ||||
Ending balance | 17,078 | 12,467 | 17,078 | 12,467 | |||||||
Collective (pool) assessment | 9,627 | 12,467 | 9,627 | 12,467 | 11,692 | ||||||
Individual assessment | 7,451 | 7,451 | |||||||||
Net investment in leases | Restatement Adjustment | |||||||||||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||||||||||
Beginning balance | 15,242 | ||||||||||
Consumer | |||||||||||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||||||||||
Beginning balance | 34,350 | 21,789 | 20,542 | 21,195 | |||||||
Provision (Reversal) | 1,641 | 5,648 | |||||||||
Allowance of purchased loans during the reporting period | 0 | 0 | |||||||||
Charge-offs | (2,727) | [1] | (2,740) | (7,905) | [2] | (9,360) | |||||
Recoveries | 150 | 146 | 401 | 419 | |||||||
Other | 74 | [3] | 8 | [3] | 302 | [3] | (26) | ||||
Ending balance | 33,488 | 22,159 | 33,488 | 22,159 | |||||||
Collective (pool) assessment | 29,118 | 18,631 | 29,118 | 18,631 | 16,940 | ||||||
Individual assessment | 4,370 | 4,370 | |||||||||
Consumer | Restatement Adjustment | |||||||||||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||||||||||
Beginning balance | 35,042 | ||||||||||
Corporate | Non-recourse loans | |||||||||||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||||||||||
Beginning balance | 3,414 | 1,055 | 1,786 | 919 | |||||||
Provision (Reversal) | 38 | 162 | |||||||||
Allowance of purchased loans during the reporting period | 0 | 0 | |||||||||
Charge-offs | 0 | [1] | 0 | 0 | [2] | (1) | |||||
Recoveries | 0 | 0 | 0 | 0 | |||||||
Other | (73) | [3] | 18 | [3] | (170) | [3] | (6) | ||||
Ending balance | 3,379 | 1,265 | 3,379 | 1,265 | |||||||
Collective (pool) assessment | 3,162 | 1,036 | 3,162 | 1,036 | 1,558 | ||||||
Individual assessment | 217 | 217 | |||||||||
Corporate | Non-recourse loans | Restatement Adjustment | |||||||||||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||||||||||
Beginning balance | 3,387 | ||||||||||
Corporate | Other than non-recourse loans | |||||||||||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||||||||||
Beginning balance | 28,421 | 17,333 | 20,209 | 20,662 | |||||||
Provision (Reversal) | 380 | 6,529 | |||||||||
Allowance of purchased loans during the reporting period | 0 | 0 | |||||||||
Charge-offs | (4,718) | [1] | (687) | (12,621) | [2] | (5,046) | |||||
Recoveries | 3 | 45 | 72 | 142 | |||||||
Other | (502) | [3] | 199 | [3] | (1,330) | [3] | (609) | ||||
Ending balance | 23,584 | 18,389 | 23,584 | 18,389 | |||||||
Collective (pool) assessment | 16,108 | 12,380 | 16,108 | 12,380 | |||||||
Individual assessment | 7,476 | 7,476 | |||||||||
Corporate | Other than non-recourse loans | Restatement Adjustment | |||||||||||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||||||||||
Beginning balance | 30,934 | ||||||||||
Purchased loans | |||||||||||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||||||||||
Beginning balance | 1,508 | [4] | 2,760 | [5] | 1,458 | [4],[5] | 3,186 | [5] | |||
Provision (Reversal) | [4] | 31 | 36 | ||||||||
Allowance of purchased loans during the reporting period | [4] | 1,296 | 1,636 | ||||||||
Charge-offs | (1,297) | [1],[4] | (107) | [5] | (1,724) | [2],[4] | (470) | [5] | |||
Recoveries | 8 | [4] | 28 | [5] | 38 | [4] | 48 | [5] | |||
Other | [3] | 0 | [4] | 16 | [5] | 102 | [4] | 11 | [5] | ||
Ending balance | 1,546 | [4] | 2,642 | [5] | 1,546 | [4] | 2,642 | [5] | |||
Collective (pool) assessment | 654 | [4] | ¥ 1,154 | [5] | 654 | [4] | ¥ 1,154 | [5] | ¥ 791 | [5] | |
Individual assessment | [4] | 892 | 892 | ||||||||
Purchased loans | Restatement Adjustment | |||||||||||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||||||||||
Beginning balance | [4] | 1,458 | |||||||||
Other financial assets measured at amortized cost | |||||||||||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||||||||||
Beginning balance | [6] | 2,896 | 1,149 | ||||||||
Provision (Reversal) | [6] | (183) | 599 | ||||||||
Allowance of purchased loans during the reporting period | [6] | 0 | 0 | ||||||||
Charge-offs | [6] | (144) | [1] | (290) | [2] | ||||||
Recoveries | [6] | 6 | 6 | ||||||||
Other | [3],[6] | 11 | 65 | ||||||||
Ending balance | [6] | 2,586 | 2,586 | ||||||||
Collective (pool) assessment | [6] | 944 | 944 | ||||||||
Individual assessment | [6] | ¥ 1,642 | 1,642 | ||||||||
Other financial assets measured at amortized cost | Restatement Adjustment | |||||||||||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||||||||||
Beginning balance | [6] | 2,206 | |||||||||
Accounting Standards Update 2016-13 [Member] | |||||||||||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||||||||||
Beginning balance | 31,745 | ||||||||||
Reclassification to allowance for investment in operating leases | [7] | (312) | |||||||||
Accounting Standards Update 2016-13 [Member] | Net investment in leases | |||||||||||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||||||||||
Beginning balance | 3,550 | ||||||||||
Reclassification to allowance for investment in operating leases | [7] | 0 | |||||||||
Accounting Standards Update 2016-13 [Member] | Consumer | |||||||||||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||||||||||
Beginning balance | 14,500 | ||||||||||
Reclassification to allowance for investment in operating leases | [7] | 0 | |||||||||
Accounting Standards Update 2016-13 [Member] | Corporate | Non-recourse loans | |||||||||||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||||||||||
Beginning balance | 1,601 | ||||||||||
Reclassification to allowance for investment in operating leases | [7] | 0 | |||||||||
Accounting Standards Update 2016-13 [Member] | Corporate | Other than non-recourse loans | |||||||||||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||||||||||
Beginning balance | 10,725 | ||||||||||
Reclassification to allowance for investment in operating leases | [7] | 0 | |||||||||
Accounting Standards Update 2016-13 [Member] | Purchased loans | |||||||||||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||||||||||
Beginning balance | [4] | 0 | |||||||||
Reclassification to allowance for investment in operating leases | [4],[7] | 0 | |||||||||
Accounting Standards Update 2016-13 [Member] | Other financial assets measured at amortized cost | |||||||||||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||||||||||
Beginning balance | [6] | 1,369 | |||||||||
Reclassification to allowance for investment in operating leases | [6],[7] | ¥ (312) | |||||||||
[1] | Charge-off include the amount of ¥1,296 million for write-offs of purchased loans. | ||||||||||
[2] | Charge-off include the amount of ¥1,636 million for write-offs of purchased loans. | ||||||||||
[3] | Other mainly includes foreign currency translation adjustments and a decrease in allowance related to a sale of a subsidiary.. | ||||||||||
[4] | Purchased loans represent loans with evidence of deterioration of credit quality since origination and for which it is probable at acquisition that collection of all contractually required payments from the debtors is unlikely. Due to the adoption of the credit losses standards, allowance of ¥176,714 million was recorded as credit loss gross-up treatment for purchased loans on April 1, 2020, and the same amount has been amortized. | ||||||||||
[5] | 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. | ||||||||||
[6] | Other financial assets measured at amortized cost includes the allowance for credit losses on financial receivables, such as loans to affiliates and accounts receivable. The provision for credit losses of loans to affiliates of ¥6 million were recorded in equity in net income of affiliates. And the allowance for credit losses on loans to affiliates of ¥795 million were recorded in investment in affiliates. | ||||||||||
[7] | The allowance for accrued payments for investment in operating leases was reclassified to the investment in operating leases balance on April 1, 2020, due to the application of the credit loss standard. |
Credit Quality of Financial A_4
Credit Quality of Financial Assets and the Allowance for Credit Losses - Summary of Allowance for Credit Losses for Installment Loans (Detail) (Parenthetical) - JPY (¥) ¥ in Millions | 3 Months Ended | 9 Months Ended | ||||||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2020 | Dec. 31, 2019 | |||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||||||
Allowances for credit loss gross up value | ¥ 1,296 | ¥ 1,636 | ||||||
Total charge-offs | 9,730 | [1] | ¥ 4,133 | 23,988 | [2] | ¥ 16,814 | ||
Equity In Net Income Of Affiliates [Member] | ||||||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||||||
Provision for credit losses of loans to affiliates | 6 | |||||||
Investments In Affiliates [Member] | ||||||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||||||
Provision for credit losses of loans to affiliates | 795 | |||||||
Purchased Loan Portfolio Segment [Member] | ||||||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||||||
Total charge-offs | 1,297 | [1],[3] | ¥ 107 | [4] | 1,724 | [2],[3] | ¥ 470 | [4] |
Purchased Loan Portfolio Segment [Member] | Financial Asset Acquired with Credit Deterioration [Member] | ||||||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||||||
Total charge-offs | ¥ 1,296 | 1,636 | ||||||
Accounting Standards Update 2016-13 | ||||||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||||||
Allowances for credit loss gross up value | 176,714 | |||||||
Allowances for credit loans with purchased credit deterioration amortised | ¥ 176,714 | |||||||
[1] | Charge-off include the amount of ¥1,296 million for write-offs of purchased loans. | |||||||
[2] | Charge-off include the amount of ¥1,636 million for write-offs of purchased 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. Due to the adoption of the credit losses standards, allowance of ¥176,714 million was recorded as credit loss gross-up treatment for purchased loans on April 1, 2020, and the same amount has been amortized. | |||||||
[4] | Purchased loans represent loans with evidence of deterioration of credit quality since origination and for which it is probable at acquisition that collection of all contractually required payments from the debtors is unlikely. |
Credit Quality of Financial A_5
Credit Quality of Financial Assets and the Allowance for Credit Losses - Summary of Purchased Loans (Detail) - JPY (¥) ¥ in Millions | 3 Months Ended | 9 Months Ended |
Dec. 31, 2020 | Dec. 31, 2020 | |
Credit Loss [Abstract] | ||
Purchase price | ¥ 834 | ¥ 1,221 |
Allowance for credit losses at acquisition date | 1,296 | 1,636 |
Discount or premium attributable to other factors | 95 | 152 |
Par value | ¥ 2,225 | ¥ 3,009 |
Credit Quality of Financial A_6
Credit Quality of Financial Assets and the Allowance for Credit Losses - Summary of Origination Years of Financial Assets (Detail) - JPY (¥) ¥ in Millions | Dec. 31, 2020 | Mar. 31, 2020 | ||
Financing Receivable, Recorded Investment [Line Items] | ||||
Total financing receivables | ¥ 4,607,649 | ¥ 4,694,256 | ||
Net investment in leases | ||||
Financing Receivable, Recorded Investment [Line Items] | ||||
Total financing receivables | 1,033,515 | 1,080,964 | ||
Net investment in leases | Japan | ||||
Financing Receivable, Recorded Investment [Line Items] | ||||
Total financing receivables | 709,610 | 747,607 | ||
Net investment in leases | Overseas | ||||
Financing Receivable, Recorded Investment [Line Items] | ||||
Total financing receivables | 323,905 | 333,357 | ||
Performing | ||||
Financing Receivable, Recorded Investment [Line Items] | ||||
2021 | 798,355 | |||
2020 | 1,162,831 | |||
2019 | 768,981 | |||
2018 | 488,382 | |||
2017 | 386,703 | |||
Prior | 751,346 | |||
Total financing receivables | 4,356,598 | 4,582,826 | ||
Performing | Net investment in leases | ||||
Financing Receivable, Recorded Investment [Line Items] | ||||
2021 | 250,106 | |||
2020 | 291,675 | |||
2019 | 190,741 | |||
2018 | 119,324 | |||
2017 | 74,386 | |||
Prior | 86,537 | |||
Total financing receivables | 1,012,769 | 1,065,618 | ||
Performing | Net investment in leases | Japan | ||||
Financing Receivable, Recorded Investment [Line Items] | ||||
2021 | 142,489 | |||
2020 | 178,878 | |||
2019 | 133,242 | |||
2018 | 95,377 | |||
2017 | 66,669 | |||
Prior | 83,942 | |||
Total financing receivables | 700,597 | 741,636 | ||
Performing | Net investment in leases | Overseas | ||||
Financing Receivable, Recorded Investment [Line Items] | ||||
2021 | 107,617 | |||
2020 | 112,797 | |||
2019 | 57,499 | |||
2018 | 23,947 | |||
2017 | 7,717 | |||
Prior | 2,595 | |||
Total financing receivables | 312,172 | 323,982 | ||
Non-Performing | ||||
Financing Receivable, Recorded Investment [Line Items] | ||||
2021 | 15,159 | |||
2020 | 24,708 | |||
2019 | 14,039 | |||
2018 | 12,459 | |||
2017 | 11,319 | |||
Prior | 24,890 | |||
Total financing receivables | 102,574 | 111,430 | ||
Non-Performing | Net investment in leases | ||||
Financing Receivable, Recorded Investment [Line Items] | ||||
2021 | 1,015 | |||
2020 | 3,138 | |||
2019 | 3,476 | |||
2018 | 3,307 | |||
2017 | 3,010 | |||
Prior | 6,800 | |||
Total financing receivables | 20,746 | 15,346 | ||
Non-Performing | Net investment in leases | Japan | ||||
Financing Receivable, Recorded Investment [Line Items] | ||||
2021 | 86 | |||
2020 | 769 | |||
2019 | 1,088 | |||
2018 | 1,588 | |||
2017 | 1,321 | |||
Prior | 4,161 | |||
Total financing receivables | 9,013 | 5,971 | ||
Non-Performing | Net investment in leases | Overseas | ||||
Financing Receivable, Recorded Investment [Line Items] | ||||
2021 | 929 | |||
2020 | 2,369 | |||
2019 | 2,388 | |||
2018 | 1,719 | |||
2017 | 1,689 | |||
Prior | 2,639 | |||
Total financing receivables | 11,733 | 9,375 | ||
Consumer borrowers | ||||
Financing Receivable, Recorded Investment [Line Items] | ||||
Total financing receivables | 2,312,965 | 2,171,139 | ||
Consumer borrowers | Consumer - Real Estate Loans | ||||
Financing Receivable, Recorded Investment [Line Items] | ||||
Total financing receivables | 2,056,889 | 1,884,359 | ||
Consumer borrowers | Other loans | ||||
Financing Receivable, Recorded Investment [Line Items] | ||||
Total financing receivables | 61,767 | 63,129 | ||
Consumer borrowers | Performing | ||||
Financing Receivable, Recorded Investment [Line Items] | ||||
2021 | 306,241 | |||
2020 | 449,219 | |||
2019 | 339,465 | |||
2018 | 229,865 | |||
2017 | 231,464 | |||
Prior | 524,416 | |||
Total financing receivables | 2,080,670 | 2,134,342 | ||
Consumer borrowers | Performing | Consumer - Real Estate Loans | ||||
Financing Receivable, Recorded Investment [Line Items] | ||||
2021 | 300,663 | |||
2020 | 435,567 | |||
2019 | 332,312 | |||
2018 | 225,245 | |||
2017 | 229,665 | |||
Prior | 523,126 | |||
Total financing receivables | 2,046,578 | 1,877,227 | ||
Consumer borrowers | Performing | Other loans | ||||
Financing Receivable, Recorded Investment [Line Items] | ||||
2021 | [1] | 5,578 | ||
2020 | [1] | 13,652 | ||
2019 | [1] | 7,153 | ||
2018 | [1] | 4,620 | ||
2017 | [1] | 1,799 | ||
Prior | [1] | 1,290 | ||
Total financing receivables | 34,092 | [1] | 39,104 | |
Consumer borrowers | Non-Performing | ||||
Financing Receivable, Recorded Investment [Line Items] | ||||
2021 | 10,041 | |||
2020 | 10,792 | |||
2019 | 6,293 | |||
2018 | 3,500 | |||
2017 | 2,953 | |||
Prior | 4,407 | |||
Total financing receivables | 37,986 | 36,797 | ||
Consumer borrowers | Non-Performing | Consumer - Real Estate Loans | ||||
Financing Receivable, Recorded Investment [Line Items] | ||||
2021 | 3 | |||
2020 | 692 | |||
2019 | 1,692 | |||
2018 | 1,687 | |||
2017 | 2,225 | |||
Prior | 4,012 | |||
Total financing receivables | 10,311 | 7,132 | ||
Consumer borrowers | Non-Performing | Other loans | ||||
Financing Receivable, Recorded Investment [Line Items] | ||||
2021 | [1] | 10,038 | ||
2020 | [1] | 10,100 | ||
2019 | [1] | 4,601 | ||
2018 | [1] | 1,813 | ||
2017 | [1] | 728 | ||
Prior | [1] | 395 | ||
Total financing receivables | 27,675 | [1] | 24,025 | |
Corporate borrowers | ||||
Financing Receivable, Recorded Investment [Line Items] | ||||
Total financing receivables | 1,261,169 | 1,428,935 | ||
Corporate borrowers | Non-recourse Loans | Japan | ||||
Financing Receivable, Recorded Investment [Line Items] | ||||
Total financing receivables | 46,778 | 48,566 | ||
Corporate borrowers | Non-recourse Loans | The Americas | ||||
Financing Receivable, Recorded Investment [Line Items] | ||||
Total financing receivables | 100,154 | 83,515 | ||
Corporate borrowers | Real estate companies in Japan | Japan | ||||
Financing Receivable, Recorded Investment [Line Items] | ||||
Total financing receivables | 285,185 | 300,984 | ||
Corporate borrowers | Real estate companies in overseas | Overseas | ||||
Financing Receivable, Recorded Investment [Line Items] | ||||
Total financing receivables | 104,674 | 131,894 | ||
Corporate borrowers | Commercial Industrial And Other Companies In Japan [Member] | Japan | ||||
Financing Receivable, Recorded Investment [Line Items] | ||||
Total financing receivables | 203,401 | 255,311 | ||
Corporate borrowers | Commercial Industrial And Other Companies In Overseas [Member] | Overseas | ||||
Financing Receivable, Recorded Investment [Line Items] | ||||
Total financing receivables | 520,977 | 608,665 | ||
Corporate borrowers | Performing | ||||
Financing Receivable, Recorded Investment [Line Items] | ||||
2021 | 226,317 | |||
2020 | 421,009 | |||
2019 | 238,450 | |||
2018 | 138,144 | |||
2017 | 78,102 | |||
Prior | 117,712 | |||
Total financing receivables | 1,219,734 | 1,371,253 | ||
Corporate borrowers | Performing | Non-recourse Loans | Japan | ||||
Financing Receivable, Recorded Investment [Line Items] | ||||
2021 | 5,283 | |||
2020 | 24,475 | |||
2019 | 5,283 | |||
2018 | 2,815 | |||
2017 | 0 | |||
Prior | 8,922 | |||
Total financing receivables | 46,778 | 48,566 | ||
Corporate borrowers | Performing | Non-recourse Loans | The Americas | ||||
Financing Receivable, Recorded Investment [Line Items] | ||||
2021 | 957 | |||
2020 | 44,530 | |||
2019 | 25,691 | |||
2018 | 15,664 | |||
2017 | 4,523 | |||
Prior | 7,612 | |||
Total financing receivables | 98,977 | 81,049 | ||
Corporate borrowers | Performing | Real estate companies in Japan | Japan | ||||
Financing Receivable, Recorded Investment [Line Items] | ||||
2021 | 85,807 | |||
2020 | 76,554 | |||
2019 | 39,335 | |||
2018 | 29,591 | |||
2017 | 26,242 | |||
Prior | 25,889 | |||
Total financing receivables | 283,418 | 297,483 | ||
Corporate borrowers | Performing | Real estate companies in overseas | Overseas | ||||
Financing Receivable, Recorded Investment [Line Items] | ||||
2021 | 16,005 | |||
2020 | 54,567 | |||
2019 | 15,015 | |||
2018 | 6,316 | |||
2017 | 1,852 | |||
Prior | 2,898 | |||
Total financing receivables | 96,653 | 119,403 | ||
Corporate borrowers | Performing | Commercial Industrial And Other Companies In Japan [Member] | Japan | ||||
Financing Receivable, Recorded Investment [Line Items] | ||||
2021 | 60,044 | |||
2020 | 55,369 | |||
2019 | 32,004 | |||
2018 | 13,092 | |||
2017 | 11,682 | |||
Prior | 23,701 | |||
Total financing receivables | 195,892 | 242,831 | ||
Corporate borrowers | Performing | Commercial Industrial And Other Companies In Overseas [Member] | Overseas | ||||
Financing Receivable, Recorded Investment [Line Items] | ||||
2021 | 58,221 | |||
2020 | 165,514 | |||
2019 | 121,122 | |||
2018 | 70,666 | |||
2017 | 33,803 | |||
Prior | 48,690 | |||
Total financing receivables | 498,016 | 581,921 | ||
Corporate borrowers | Non-Performing | ||||
Financing Receivable, Recorded Investment [Line Items] | ||||
2021 | 4,103 | |||
2020 | 10,778 | |||
2019 | 4,270 | |||
2018 | 4,481 | |||
2017 | 5,356 | |||
Prior | 12,447 | |||
Total financing receivables | 41,435 | 57,682 | ||
Corporate borrowers | Non-Performing | Non-recourse Loans | Japan | ||||
Financing Receivable, Recorded Investment [Line Items] | ||||
Total financing receivables | 0 | |||
Corporate borrowers | Non-Performing | Non-recourse Loans | The Americas | ||||
Financing Receivable, Recorded Investment [Line Items] | ||||
2021 | 0 | |||
2020 | 0 | |||
2019 | 0 | |||
2018 | 0 | |||
2017 | 0 | |||
Prior | 1,177 | |||
Total financing receivables | 1,177 | 2,466 | ||
Corporate borrowers | Non-Performing | Real estate companies in Japan | Japan | ||||
Financing Receivable, Recorded Investment [Line Items] | ||||
2021 | 0 | |||
2020 | 383 | |||
2019 | 192 | |||
2018 | 0 | |||
2017 | 628 | |||
Prior | 564 | |||
Total financing receivables | 1,767 | 3,501 | ||
Corporate borrowers | Non-Performing | Real estate companies in overseas | Overseas | ||||
Financing Receivable, Recorded Investment [Line Items] | ||||
2021 | 13 | |||
2020 | 2,970 | |||
2019 | 0 | |||
2018 | 1,625 | |||
2017 | 261 | |||
Prior | 3,152 | |||
Total financing receivables | 8,021 | 12,491 | ||
Corporate borrowers | Non-Performing | Commercial Industrial And Other Companies In Japan [Member] | Japan | ||||
Financing Receivable, Recorded Investment [Line Items] | ||||
2021 | 666 | |||
2020 | 4,200 | |||
2019 | 210 | |||
2018 | 932 | |||
2017 | 85 | |||
Prior | 1,416 | |||
Total financing receivables | 7,509 | 12,480 | ||
Corporate borrowers | Non-Performing | Commercial Industrial And Other Companies In Overseas [Member] | Overseas | ||||
Financing Receivable, Recorded Investment [Line Items] | ||||
2021 | 3,424 | |||
2020 | 3,225 | |||
2019 | 3,868 | |||
2018 | 1,924 | |||
2017 | 4,382 | |||
Prior | 6,138 | |||
Total financing receivables | 22,961 | 26,744 | ||
Purchased loans | ||||
Financing Receivable, Recorded Investment [Line Items] | ||||
Total financing receivables | 13,218 | |||
Purchased loans | Performing | ||||
Financing Receivable, Recorded Investment [Line Items] | ||||
2021 | 0 | |||
2020 | 8 | |||
2019 | 0 | |||
2018 | 186 | |||
2017 | 121 | |||
Prior | 10,573 | |||
Total financing receivables | 10,888 | 11,613 | ||
Purchased loans | Non-Performing | ||||
Financing Receivable, Recorded Investment [Line Items] | ||||
2021 | 0 | |||
2020 | 0 | |||
2019 | 0 | |||
2018 | 0 | |||
2017 | 0 | |||
Prior | 1,236 | |||
Total financing receivables | 1,236 | ¥ 1,605 | ||
Other financial assets measured at amortized cost | Performing | ||||
Financing Receivable, Recorded Investment [Line Items] | ||||
2021 | 15,691 | |||
2020 | 920 | |||
2019 | 325 | |||
2018 | 863 | |||
2017 | 2,630 | |||
Prior | 12,108 | |||
Total financing receivables | 32,537 | |||
Other financial assets measured at amortized cost | Non-Performing | ||||
Financing Receivable, Recorded Investment [Line Items] | ||||
2021 | 0 | |||
2020 | 0 | |||
2019 | 0 | |||
2018 | 1,171 | |||
2017 | 0 | |||
Prior | 0 | |||
Total financing receivables | ¥ 1,171 | |||
[1] | Other in consumer borrowers includes guarantee claims of consumer loans. For further information, see Note 24 “Commitments, Guarantees and Contingent Liabilities” |
Credit Quality of Financial A_7
Credit Quality of Financial Assets and the Allowance for Credit Losses - Summary of Revolving Repayment Card Loans (Detail) ¥ in Millions | Dec. 31, 2020JPY (¥) |
Performing | |
Details Of Financial Assets Including Revolving Repayment Card Loans [Line Items] | |
Revolving repayment card loans | ¥ 188,618 |
Modification of collection condition by relief of contract condition | 0 |
Total—revolving repayment card loans | 188,618 |
Total— origination year (excluding revolving repayment card loans) | 4,356,598 |
Total— financial assets measured at amortized cost | 4,545,216 |
Non-Performing | |
Details Of Financial Assets Including Revolving Repayment Card Loans [Line Items] | |
Revolving repayment card loans | 1,934 |
Modification of collection condition by relief of contract condition | 3,757 |
Total—revolving repayment card loans | 5,691 |
Total— origination year (excluding revolving repayment card loans) | 102,574 |
Total— financial assets measured at amortized cost | ¥ 108,265 |
Credit Quality of Financial A_8
Credit Quality of Financial Assets and the Allowance for Credit Losses - Summary of Past-Due Financial Assets (Detail) - JPY (¥) ¥ in Millions | Dec. 31, 2020 | Mar. 31, 2020 |
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Due Financing Receivables | ¥ 78,350 | ¥ 79,623 |
Total financing receivables | 4,607,649 | 4,694,256 |
30 To 89 Days Past Due | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Due Financing Receivables | 21,995 | 23,671 |
90 Days or More Past Due | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Due Financing Receivables | 56,355 | 55,952 |
Net investment in leases | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Due Financing Receivables | 29,768 | 29,048 |
Total financing receivables | 1,033,515 | 1,080,964 |
Net investment in leases | Japan | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Due Financing Receivables | 11,784 | 8,726 |
Total financing receivables | 709,610 | 747,607 |
Net investment in leases | Overseas | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Due Financing Receivables | 17,984 | 20,322 |
Total financing receivables | 323,905 | 333,357 |
Net investment in leases | 30 To 89 Days Past Due | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Due Financing Receivables | 12,446 | 13,702 |
Net investment in leases | 30 To 89 Days Past Due | Japan | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Due Financing Receivables | 5,198 | 2,755 |
Net investment in leases | 30 To 89 Days Past Due | Overseas | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Due Financing Receivables | 7,248 | 10,947 |
Net investment in leases | 90 Days or More Past Due | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Due Financing Receivables | 17,322 | 15,346 |
Net investment in leases | 90 Days or More Past Due | Japan | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Due Financing Receivables | 6,586 | 5,971 |
Net investment in leases | 90 Days or More Past Due | Overseas | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Due Financing Receivables | 10,736 | 9,375 |
Consumer borrowers | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Due Financing Receivables | 19,562 | 20,211 |
Total financing receivables | 2,312,965 | 2,171,139 |
Consumer borrowers | 30 To 89 Days Past Due | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Due Financing Receivables | 4,319 | 6,604 |
Consumer borrowers | 90 Days or More Past Due | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Due Financing Receivables | 15,243 | 13,607 |
Consumer borrowers | Consumer - Real Estate Loans | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Due Financing Receivables | 4,402 | 4,332 |
Total financing receivables | 2,056,889 | 1,884,359 |
Consumer borrowers | Consumer - Real Estate Loans | 30 To 89 Days Past Due | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Due Financing Receivables | 1,407 | 1,863 |
Consumer borrowers | Consumer - Real Estate Loans | 90 Days or More Past Due | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Due Financing Receivables | 2,995 | 2,469 |
Consumer borrowers | Consumer-Card loans | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Due Financing Receivables | 2,313 | 2,709 |
Total financing receivables | 194,309 | 223,651 |
Consumer borrowers | Consumer-Card loans | 30 To 89 Days Past Due | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Due Financing Receivables | 357 | 595 |
Consumer borrowers | Consumer-Card loans | 90 Days or More Past Due | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Due Financing Receivables | 1,956 | 2,114 |
Consumer borrowers | Consumer - Other | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Due Financing Receivables | 12,847 | 13,170 |
Total financing receivables | 61,767 | 63,129 |
Consumer borrowers | Consumer - Other | 30 To 89 Days Past Due | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Due Financing Receivables | 2,555 | 4,146 |
Consumer borrowers | Consumer - Other | 90 Days or More Past Due | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Due Financing Receivables | 10,292 | 9,024 |
Corporate borrowers | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Due Financing Receivables | 29,020 | 30,364 |
Total financing receivables | 1,261,169 | 1,428,935 |
Corporate borrowers | 30 To 89 Days Past Due | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Due Financing Receivables | 5,230 | 3,365 |
Corporate borrowers | 90 Days or More Past Due | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Due Financing Receivables | 23,790 | 26,999 |
Corporate borrowers | Non-recourse Loans | Japan | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Due Financing Receivables | 0 | 0 |
Total financing receivables | 46,778 | 48,566 |
Corporate borrowers | Non-recourse Loans | The Americas | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Due Financing Receivables | 2,765 | 2,466 |
Total financing receivables | 100,154 | 83,515 |
Corporate borrowers | Non-recourse Loans | 30 To 89 Days Past Due | Japan | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Due Financing Receivables | 0 | 0 |
Corporate borrowers | Non-recourse Loans | 30 To 89 Days Past Due | The Americas | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Due Financing Receivables | 1,588 | 0 |
Corporate borrowers | Non-recourse Loans | 90 Days or More Past Due | Japan | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Due Financing Receivables | 0 | 0 |
Corporate borrowers | Non-recourse Loans | 90 Days or More Past Due | The Americas | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Due Financing Receivables | 1,177 | 2,466 |
Corporate borrowers | Real estate companies in Japan | Japan | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Due Financing Receivables | 935 | 586 |
Total financing receivables | 285,185 | 300,984 |
Corporate borrowers | Real estate companies in Japan | 30 To 89 Days Past Due | Japan | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Due Financing Receivables | 31 | 0 |
Corporate borrowers | Real estate companies in Japan | 90 Days or More Past Due | Japan | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Due Financing Receivables | 904 | 586 |
Corporate borrowers | Real estate companies in overseas | Overseas | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Due Financing Receivables | 8,008 | 12,387 |
Total financing receivables | 104,674 | 131,894 |
Corporate borrowers | Real estate companies in overseas | 30 To 89 Days Past Due | Overseas | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Due Financing Receivables | 0 | 1 |
Corporate borrowers | Real estate companies in overseas | 90 Days or More Past Due | Overseas | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Due Financing Receivables | 8,008 | 12,386 |
Corporate borrowers | Commercial, industrial and other companies in Japan | Japan | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Due Financing Receivables | 5,630 | 2,635 |
Total financing receivables | 203,401 | 255,311 |
Corporate borrowers | Commercial, industrial and other companies in Japan | 30 To 89 Days Past Due | Japan | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Due Financing Receivables | 234 | 226 |
Corporate borrowers | Commercial, industrial and other companies in Japan | 90 Days or More Past Due | Japan | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Due Financing Receivables | 5,396 | 2,409 |
Corporate borrowers | Commercial, industrial and other companies in overseas | Overseas | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Due Financing Receivables | 11,682 | 12,290 |
Total financing receivables | 520,977 | 608,665 |
Corporate borrowers | Commercial, industrial and other companies in overseas | 30 To 89 Days Past Due | Overseas | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Due Financing Receivables | 3,377 | 3,138 |
Corporate borrowers | Commercial, industrial and other companies in overseas | 90 Days or More Past Due | Overseas | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Due Financing Receivables | ¥ 8,305 | ¥ 9,152 |
Credit Quality of Financial A_9
Credit Quality of Financial Assets and the Allowance for Credit Losses - Summary of Non-Accrual of Financial Assets (Detail) - JPY (¥) ¥ in Millions | 3 Months Ended | 9 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2020 | Dec. 31, 2019 | |
Dislcosure Detail Of Non Accrual Of Financial Assets [Line Items] | |||
Beginning balance | ¥ 73,575 | ||
Ending balance | 76,040 | ||
Interest income recognized during the reporting period | ¥ 207 | 559 | ¥ 543 |
Balance not associated allowance for credit losses among financial assets measured at amortized cost, which is suspending recognition of income | 12,663 | ||
Net investment in leases | |||
Dislcosure Detail Of Non Accrual Of Financial Assets [Line Items] | |||
Beginning balance | 15,346 | ||
Ending balance | 17,322 | ||
Interest income recognized during the reporting period | 0 | ||
Balance not associated allowance for credit losses among financial assets measured at amortized cost, which is suspending recognition of income | 0 | ||
Consumer borrowers | |||
Dislcosure Detail Of Non Accrual Of Financial Assets [Line Items] | |||
Beginning balance | 13,607 | ||
Ending balance | 15,286 | ||
Interest income recognized during the reporting period | 100 | 412 | 300 |
Balance not associated allowance for credit losses among financial assets measured at amortized cost, which is suspending recognition of income | 771 | ||
Corporate borrowers | |||
Dislcosure Detail Of Non Accrual Of Financial Assets [Line Items] | |||
Beginning balance | 44,622 | ||
Interest income recognized during the reporting period | ¥ 54 | ¥ 104 | |
Corporate borrowers | Non-recourse Loans | |||
Dislcosure Detail Of Non Accrual Of Financial Assets [Line Items] | |||
Beginning balance | 2,466 | ||
Ending balance | 9,382 | ||
Interest income recognized during the reporting period | 0 | ||
Balance not associated allowance for credit losses among financial assets measured at amortized cost, which is suspending recognition of income | 0 | ||
Corporate borrowers | Other than non-recourse loans | |||
Dislcosure Detail Of Non Accrual Of Financial Assets [Line Items] | |||
Beginning balance | 42,156 | ||
Ending balance | 34,050 | ||
Interest income recognized during the reporting period | 147 | ||
Balance not associated allowance for credit losses among financial assets measured at amortized cost, which is suspending recognition of income | ¥ 11,892 |
Credit Quality of Financial _10
Credit Quality of Financial Assets and the Allowance for Credit Losses - Summary of Troubled Debt Restructurings of Financing Receivables (Detail) - JPY (¥) ¥ in Millions | 3 Months Ended | 9 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2020 | Dec. 31, 2019 | |
Financing Receivable, Modifications [Line Items] | ||||
Pre-modification outstanding recorded investment | ¥ 5,241 | ¥ 4,828 | ¥ 17,721 | ¥ 13,383 |
Post-modification outstanding recorded investment | 3,580 | 4,050 | 14,499 | 11,131 |
Consumer borrowers | ||||
Financing Receivable, Modifications [Line Items] | ||||
Pre-modification outstanding recorded investment | 1,857 | 3,079 | 7,236 | 9,187 |
Post-modification outstanding recorded investment | 1,111 | 2,301 | 5,262 | 6,935 |
Consumer borrowers | Consumer - Real Estate Loans | ||||
Financing Receivable, Modifications [Line Items] | ||||
Pre-modification outstanding recorded investment | 7 | 477 | 22 | 16 |
Post-modification outstanding recorded investment | 4 | 364 | 17 | 14 |
Consumer borrowers | Consumer-Card loans | ||||
Financing Receivable, Modifications [Line Items] | ||||
Pre-modification outstanding recorded investment | 416 | 2,602 | 1,285 | 1,422 |
Post-modification outstanding recorded investment | 295 | 1,937 | 965 | 1,052 |
Consumer borrowers | Consumer - Other | ||||
Financing Receivable, Modifications [Line Items] | ||||
Pre-modification outstanding recorded investment | 1,434 | 5,929 | 7,749 | |
Post-modification outstanding recorded investment | 812 | 4,280 | 5,869 | |
Corporate borrowers | ||||
Financing Receivable, Modifications [Line Items] | ||||
Pre-modification outstanding recorded investment | 3,384 | 1,749 | 10,485 | 4,196 |
Post-modification outstanding recorded investment | 2,469 | 1,749 | 9,237 | 4,196 |
Corporate borrowers | Non-recourse Loans | The Americas | ||||
Financing Receivable, Modifications [Line Items] | ||||
Pre-modification outstanding recorded investment | 340 | 340 | 340 | |
Post-modification outstanding recorded investment | 340 | 340 | 340 | |
Corporate borrowers | Real estate companies in overseas | Overseas | ||||
Financing Receivable, Modifications [Line Items] | ||||
Pre-modification outstanding recorded investment | 104 | |||
Post-modification outstanding recorded investment | 104 | |||
Corporate borrowers | Commercial, industrial and other companies in Japan | Japan | ||||
Financing Receivable, Modifications [Line Items] | ||||
Pre-modification outstanding recorded investment | 38 | |||
Post-modification outstanding recorded investment | 38 | |||
Corporate borrowers | Commercial, industrial and other companies in overseas | Overseas | ||||
Financing Receivable, Modifications [Line Items] | ||||
Pre-modification outstanding recorded investment | 3,384 | 1,409 | 10,003 | 3,856 |
Post-modification outstanding recorded investment | ¥ 2,469 | ¥ 1,409 | ¥ 8,755 | ¥ 3,856 |
Credit Quality of Financial _11
Credit Quality of Financial Assets and the Allowance for Credit Losses - Summary of Financing Receivables Modified as Troubled Debt Restructurings (Detail) - JPY (¥) ¥ in Millions | 3 Months Ended | 9 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2020 | Dec. 31, 2019 | |
Financing Receivable, Modifications [Line Items] | ||||
Recorded investment | ¥ 64 | ¥ 571 | ¥ 335 | ¥ 1,624 |
Consumer borrowers | ||||
Financing Receivable, Modifications [Line Items] | ||||
Recorded investment | 64 | 444 | 334 | 1,497 |
Consumer borrowers | Consumer-Card loans | ||||
Financing Receivable, Modifications [Line Items] | ||||
Recorded investment | 14 | 4 | 32 | 7 |
Consumer borrowers | Consumer - Other | ||||
Financing Receivable, Modifications [Line Items] | ||||
Recorded investment | ¥ 50 | 440 | 302 | 1,490 |
Corporate borrowers | ||||
Financing Receivable, Modifications [Line Items] | ||||
Recorded investment | 127 | 1 | 127 | |
Corporate borrowers | Commercial, industrial and other companies in overseas | Overseas | ||||
Financing Receivable, Modifications [Line Items] | ||||
Recorded investment | ¥ 127 | ¥ 1 | ¥ 127 |
Credit Quality of Financial _12
Credit Quality of Financial Assets and the Allowance for Credit Losses - Additional Information (Detail) - JPY (¥) ¥ in Millions | Dec. 31, 2020 | Mar. 31, 2020 |
Financing Receivable, Modifications [Line Items] | ||
Mortgage loans in process of foreclosure | ¥ 109 | |
Loans for which real estate is received as collateral | Instalment loans | ||
Financing Receivable, Modifications [Line Items] | ||
Mortgage loans in process of foreclosure | ¥ 295 |
Investment in Securities (Summa
Investment in Securities (Summary of Investment in Securities) (Detail) - JPY (¥) ¥ in Millions | Dec. 31, 2020 | Mar. 31, 2020 | |
Investments, Debt and Equity Securities [Abstract] | |||
Equity securities | [1] | ¥ 537,485 | ¥ 492,902 |
Trading debt securities | 2,748 | 7,431 | |
Available-for-sale debt securities | 1,893,060 | 1,631,185 | |
Held-to-maturity debt securities | 113,403 | 113,805 | |
Total | ¥ 2,546,696 | ¥ 2,245,323 | |
[1] | The amount of assets under management of variable annuity and variable life insurance contracts included in equity securities were ¥254,853 million and ¥269,056 million as of March 31, 2020 and December 31, 2020, respectively. The amount of investment funds that are accounted for under the equity method included in equity securities were ¥70,129 million and ¥81,347 million as of March 31, 2020 and December 31, 2020, respectively. The amount of investment funds elected for the fair value option included in equity securities were ¥6,326 million and ¥4,471 million as of March 31, 2020 and December 31, 2020, respectively. |
Investment in Securities (Sum_2
Investment in Securities (Summary of Investment in Securities) (Parenthetical) (Detail) - JPY (¥) ¥ in Millions | Dec. 31, 2020 | Mar. 31, 2020 | |
Schedule of Investments [Line Items] | |||
Equity securities | [1] | ¥ 537,485 | ¥ 492,902 |
Investment Funds Elected for Fair Value Option | |||
Schedule of Investments [Line Items] | |||
Equity securities | 4,471 | 6,326 | |
Variable Annuity and Variable Life Insurance Contracts | |||
Schedule of Investments [Line Items] | |||
Equity securities | 269,056 | 254,853 | |
Investment funds that are accounted for under the equity method | |||
Schedule of Investments [Line Items] | |||
Equity securities | ¥ 81,347 | ¥ 70,129 | |
[1] | The amount of assets under management of variable annuity and variable life insurance contracts included in equity securities were ¥254,853 million and ¥269,056 million as of March 31, 2020 and December 31, 2020, respectively. The amount of investment funds that are accounted for under the equity method included in equity securities were ¥70,129 million and ¥81,347 million as of March 31, 2020 and December 31, 2020, respectively. The amount of investment funds elected for the fair value option included in equity securities were ¥6,326 million and ¥4,471 million as of March 31, 2020 and December 31, 2020, respectively. |
Investment in Securities - Addi
Investment in Securities - Additional Information (Detail) | 3 Months Ended | 9 Months Ended | ||||||
Dec. 31, 2020JPY (¥)Investment | Dec. 31, 2019JPY (¥) | Dec. 31, 2020JPY (¥)Investment | Dec. 31, 2019JPY (¥) | Sep. 30, 2020JPY (¥) | Mar. 31, 2020JPY (¥)Investment | Sep. 30, 2019JPY (¥) | Mar. 31, 2019JPY (¥) | |
Schedule of Investments [Line Items] | ||||||||
Investment funds fair value | ¥ 8,772,000,000 | ¥ 8,772,000,000 | ¥ 25,295,000,000 | |||||
Net unrealized holding gains (losses) on equity securities | ¥ 30,525,000,000 | ¥ 22,522,000,000 | ¥ 67,858,000,000 | ¥ 34,529,000,000 | ||||
Number of investment securities in an unrealized loss position | Investment | 574 | 574 | 678 | |||||
Total other-than-temporary impairment losses | 0 | |||||||
Debt securities, available-for-sale, allowance for credit loss | ¥ 0 | ¥ 0 | ||||||
Allowance for Credit Losses | 81,661,000,000 | 56,922,000,000 | 81,661,000,000 | 56,922,000,000 | ¥ 86,795,000,000 | ¥ 56,836,000,000 | ¥ 55,173,000,000 | ¥ 58,011,000,000 |
Debt securities available-for-sale accrued interest, after allowance for credit loss | 6,183,000,000 | 6,183,000,000 | ||||||
Accrued Interest Receivables [Member] | ||||||||
Schedule of Investments [Line Items] | ||||||||
Allowance for Credit Losses | 0 | 0 | ||||||
Certain Equity securities | ||||||||
Schedule of Investments [Line Items] | ||||||||
Investment funds fair value | 4,471,000,000 | 4,471,000,000 | 6,326,000,000 | |||||
Trading Debt Securities | ||||||||
Schedule of Investments [Line Items] | ||||||||
Net unrealized holding gains (losses) on trading debt securities | 41,000,000 | ¥ 74,000,000 | 45,000,000 | ¥ 7,000,000 | ||||
Available-for-sale securities | Foreign Corporate Debt Securities | ||||||||
Schedule of Investments [Line Items] | ||||||||
Investment funds fair value | 2,895,000,000 | 2,895,000,000 | 18,189,000,000 | |||||
Available-for-sale Debt Securities | Foreign Government Bond Securities | ||||||||
Schedule of Investments [Line Items] | ||||||||
Investment funds fair value | ¥ 1,406,000,000 | ¥ 1,406,000,000 | ¥ 780,000,000 |
Investment in Securities (Infor
Investment in Securities (Information About Impairment and Upward or Downward Adjustments Resulting From Observable Price Changes) (Detail) - Equity security - JPY (¥) ¥ in Millions | 3 Months Ended | 9 Months Ended | |||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2020 | Dec. 31, 2019 | Mar. 31, 2020 | |
Schedule Of Gain Loss On Investments Held At Cost Balance Sheet and Income Statement Reported Amounts Summary [Line Items] | |||||
Carrying value | ¥ 44,660 | ¥ 44,660 | ¥ 35,968 | ||
Accumulated impairments and downward adjustments | (13,252) | (13,252) | (13,428) | ||
Accumulated upward adjustments | 253 | 253 | ¥ 112 | ||
Impairments and downward adjustments | (187) | ¥ 0 | (961) | ¥ (38) | |
Upward adjustments | ¥ 46 | ¥ 5 | ¥ 142 | ¥ 43 |
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 | Dec. 31, 2020 | Mar. 31, 2020 |
Schedule of Investments [Line Items] | ||
Available-for-sale debt securities, Amortized cost | ¥ 1,905,978 | |
Available-for-sale debt securities, Fair value | 1,893,060 | ¥ 1,631,185 |
Held-to-maturity securities, Amortized cost | 113,403 | 113,805 |
Japanese Government Bond Securities | ||
Schedule of Investments [Line Items] | ||
Held-to-maturity securities, Amortized cost | 113,403 | 113,805 |
Held-to-maturity securities, Gross unrealized gains | 27,576 | 29,384 |
Held-to-maturity securities, Gross unrealized losses | 0 | 0 |
Held-to-maturity securities, Fair value | 140,979 | 143,189 |
Japanese and foreign government bond securities | ||
Schedule of Investments [Line Items] | ||
Available-for-sale debt securities, Amortized cost | 773,305 | 640,197 |
Available-for-sale debt securities, Gross unrealized gains | 10,407 | 21,063 |
Available-for-sale debt securities, Gross unrealized losses | (29,643) | (7,315) |
Available-for-sale debt securities, Fair value | 754,069 | 653,945 |
Japanese prefectural and foreign municipal bond securities | ||
Schedule of Investments [Line Items] | ||
Available-for-sale debt securities, Amortized cost | 270,648 | 251,738 |
Available-for-sale debt securities, Gross unrealized gains | 3,991 | 2,031 |
Available-for-sale debt securities, Gross unrealized losses | (2,299) | (3,414) |
Available-for-sale debt securities, Fair value | 272,340 | 250,355 |
Corporate debt securities | ||
Schedule of Investments [Line Items] | ||
Available-for-sale debt securities, Amortized cost | 725,795 | 595,625 |
Available-for-sale debt securities, Gross unrealized gains | 11,610 | 8,727 |
Available-for-sale debt securities, Gross unrealized losses | (7,354) | (7,875) |
Available-for-sale debt securities, Fair value | 730,051 | 596,477 |
CMBS and RMBS in the Americas | ||
Schedule of Investments [Line Items] | ||
Available-for-sale debt securities, Amortized cost | 33,089 | 56,957 |
Available-for-sale debt securities, Gross unrealized gains | 396 | 929 |
Available-for-sale debt securities, Gross unrealized losses | (2,515) | (9,214) |
Available-for-sale debt securities, Fair value | 30,970 | 48,672 |
Other asset-backed securities and debt securities | ||
Schedule of Investments [Line Items] | ||
Available-for-sale debt securities, Amortized cost | 103,141 | 92,363 |
Available-for-sale debt securities, Gross unrealized gains | 3,875 | 3,267 |
Available-for-sale debt securities, Gross unrealized losses | (1,386) | (13,894) |
Available-for-sale debt securities, Fair value | 105,630 | 81,736 |
Equity security | ||
Schedule of Investments [Line Items] | ||
Available-for-sale debt securities, Amortized cost | 1,905,978 | 1,636,880 |
Available-for-sale debt securities, Gross unrealized gains | 30,279 | 36,017 |
Available-for-sale debt securities, Gross unrealized losses | (43,197) | (41,712) |
Available-for-sale debt securities, Fair value | 1,893,060 | 1,631,185 |
Held-to-maturity securities, Amortized cost | 2,019,381 | 1,750,685 |
Held-to-maturity securities, Gross unrealized gains | 57,855 | 65,401 |
Held-to-maturity securities, Gross unrealized losses | (43,197) | (41,712) |
Held-to-maturity securities, Fair value | ¥ 2,034,039 | ¥ 1,774,374 |
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 | Dec. 31, 2020 | Mar. 31, 2020 |
Japanese and foreign government bond securities | ||
Investments, Unrealized Loss Position [Line Items] | ||
Available-for-sale debt Securities, Less than 12 months Fair value | ¥ 410,619 | ¥ 116,967 |
Available-for-sale debt Securities, Less than 12 months Gross unrealized losses | (17,190) | (2,881) |
Available-for-sale debt Securities, 12 months or more Fair value | 178,497 | 165,642 |
Available-for-sale debt Securities, 12 months or more Gross unrealized losses | (12,453) | (4,434) |
Available-for-sale debt Securities, Total Fair value | 589,116 | 282,609 |
Available-for-sale debt Securities, Total Gross unrealized losses | (29,643) | (7,315) |
Japanese prefectural and foreign municipal bond securities | ||
Investments, Unrealized Loss Position [Line Items] | ||
Available-for-sale debt Securities, Less than 12 months Fair value | 92,069 | 143,563 |
Available-for-sale debt Securities, Less than 12 months Gross unrealized losses | (1,627) | (3,413) |
Available-for-sale debt Securities, 12 months or more Fair value | 12,666 | 219 |
Available-for-sale debt Securities, 12 months or more Gross unrealized losses | (672) | (1) |
Available-for-sale debt Securities, Total Fair value | 104,735 | 143,782 |
Available-for-sale debt Securities, Total Gross unrealized losses | (2,299) | (3,414) |
Corporate debt securities | ||
Investments, Unrealized Loss Position [Line Items] | ||
Available-for-sale debt Securities, Less than 12 months Fair value | 259,418 | 260,738 |
Available-for-sale debt Securities, Less than 12 months Gross unrealized losses | (5,185) | (4,643) |
Available-for-sale debt Securities, 12 months or more Fair value | 46,724 | 22,631 |
Available-for-sale debt Securities, 12 months or more Gross unrealized losses | (2,169) | (3,232) |
Available-for-sale debt Securities, Total Fair value | 306,142 | 283,369 |
Available-for-sale debt Securities, Total Gross unrealized losses | (7,354) | (7,875) |
CMBS and RMBS in the Americas | ||
Investments, Unrealized Loss Position [Line Items] | ||
Available-for-sale debt Securities, Less than 12 months Fair value | 21,814 | 30,830 |
Available-for-sale debt Securities, Less than 12 months Gross unrealized losses | (2,433) | (7,486) |
Available-for-sale debt Securities, 12 months or more Fair value | 1,914 | 5,768 |
Available-for-sale debt Securities, 12 months or more Gross unrealized losses | (82) | (1,728) |
Available-for-sale debt Securities, Total Fair value | 23,728 | 36,598 |
Available-for-sale debt Securities, Total Gross unrealized losses | (2,515) | (9,214) |
Other asset-backed securities and debt securities | ||
Investments, Unrealized Loss Position [Line Items] | ||
Available-for-sale debt Securities, Less than 12 months Fair value | 8,087 | 26,612 |
Available-for-sale debt Securities, Less than 12 months Gross unrealized losses | (169) | (3,759) |
Available-for-sale debt Securities, 12 months or more Fair value | 27,134 | 22,727 |
Available-for-sale debt Securities, 12 months or more Gross unrealized losses | (1,217) | (10,135) |
Available-for-sale debt Securities, Total Fair value | 35,221 | 49,339 |
Available-for-sale debt Securities, Total Gross unrealized losses | (1,386) | (13,894) |
Equity security | ||
Investments, Unrealized Loss Position [Line Items] | ||
Available-for-sale debt Securities, Less than 12 months Fair value | 792,007 | 578,710 |
Available-for-sale debt Securities, Less than 12 months Gross unrealized losses | (26,604) | (22,182) |
Available-for-sale debt Securities, 12 months or more Fair value | 266,935 | 216,987 |
Available-for-sale debt Securities, 12 months or more Gross unrealized losses | (16,593) | (19,530) |
Available-for-sale debt Securities, Total Fair value | 1,058,942 | 795,697 |
Available-for-sale debt Securities, Total Gross unrealized losses | ¥ (43,197) | ¥ (41,712) |
Investment in Securities (Roll-
Investment in Securities (Roll-Forwards of Amount of Accumulated Other-Than-Temporary Impairments Related to Credit Losses) (Detail) - JPY (¥) ¥ in Millions | 3 Months Ended | 9 Months Ended |
Dec. 31, 2019 | Dec. 31, 2019 | |
Investments in Debt Securities [Abstract] | ||
Beginning balance | ¥ 2,102 | ¥ 2,102 |
Movement during the period | 0 | 0 |
Ending balance | ¥ 2,102 | ¥ 2,102 |
Transfer of Financial Assets -
Transfer of Financial Assets - Additional Information (Detail) - JPY (¥) ¥ in Millions | 3 Months Ended | 9 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2020 | Dec. 31, 2019 | |
Transfer of Financial Assets Accounted for as Sales [Line Items] | ||||
Gain (losses) on sale from securitization and loan sales | ¥ 9,226 | ¥ 3,675 | ¥ 25,271 | ¥ 13,378 |
Installment Loans | ||||
Transfer of Financial Assets Accounted for as Sales [Line Items] | ||||
Installment loans | ¥ 415,914 | ¥ 154,890 | ¥ 968,819 | ¥ 431,379 |
Transfer of Financial Assets _2
Transfer of Financial Assets - Roll-Forwards of Amount of Servicing Assets (Detail) - JPY (¥) ¥ in Millions | 3 Months Ended | 9 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2020 | Dec. 31, 2019 | |
Transfers and Servicing [Abstract] | ||||
Beginning balance | ¥ 57,701 | ¥ 32,364 | ¥ 57,705 | ¥ 31,572 |
Increase mainly from loans sold with servicing retained | 4,861 | 2,253 | 11,823 | 6,354 |
Decrease mainly from amortization | (3,687) | (1,339) | (9,032) | (3,764) |
Increase (Decrease) from the effects of changes in foreign exchange rates | (1,266) | 496 | (2,887) | (388) |
Ending balance | ¥ 57,609 | ¥ 33,774 | ¥ 57,609 | ¥ 33,774 |
Transfer of Financial Assets _3
Transfer of Financial Assets - Fair Value of Servicing Assets (Detail) - JPY (¥) ¥ in Millions | Dec. 31, 2020 | Mar. 31, 2020 |
Transfers and Servicing [Abstract] | ||
Beginning balance | ¥ 60,419 | ¥ 39,846 |
Ending balance | ¥ 63,947 | ¥ 60,419 |
Variable Interest Entities (Inf
Variable Interest Entities (Information about Consolidated VIEs) (Detail) - JPY (¥) ¥ in Millions | Dec. 31, 2020 | Mar. 31, 2020 | |
Variable Interest Entity [Line Items] | |||
Total assets | ¥ 13,324,491 | ¥ 13,067,528 | |
Total Liabilities | 10,322,277 | 9,991,362 | |
Assets which are pledged as collateral | 822,108 | 788,971 | |
Consolidated VIEs [Member] | |||
Variable Interest Entity [Line Items] | |||
Total assets | [1] | 62,658 | 80,385 |
Total Liabilities | [1] | 12,500 | 17,941 |
Assets which are pledged as collateral | [2] | 18,078 | 21,970 |
Commitments | [3] | 4,543 | 5,153 |
Variable Interest Entity, Primary Beneficiary [Member] | |||
Variable Interest Entity [Line Items] | |||
Total Liabilities | 532,078 | 519,745 | |
Variable Interest Entity, Primary Beneficiary [Member] | Consolidated VIEs [Member] | |||
Variable Interest Entity [Line Items] | |||
Total assets | [1] | 1,004,705 | 993,145 |
Total Liabilities | [1] | 540,094 | 531,381 |
Assets which are pledged as collateral | [2] | 822,108 | 788,971 |
Commitments | [3] | 38,536 | 45,264 |
Liquidating Customer Assets | Variable Interest Entity, Primary Beneficiary [Member] | Consolidated VIEs [Member] | |||
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, Primary Beneficiary [Member] | Consolidated VIEs [Member] | |||
Variable Interest Entity [Line Items] | |||
Total assets | [1] | 2,031 | 2,546 |
Total Liabilities | [1] | 0 | 2 |
Assets which are pledged as collateral | [2] | 0 | 0 |
Commitments | [3] | 0 | 0 |
Corporate Rehabilitation Support Business | Variable Interest Entity, Primary Beneficiary [Member] | Consolidated VIEs [Member] | |||
Variable Interest Entity [Line Items] | |||
Total assets | [1] | 398 | 465 |
Total Liabilities | [1] | 10 | 9 |
Assets which are pledged as collateral | [2] | 0 | 0 |
Commitments | [3] | 0 | 0 |
Investment in securities | Variable Interest Entity, Primary Beneficiary [Member] | Consolidated VIEs [Member] | |||
Variable Interest Entity [Line Items] | |||
Total assets | [1] | 80,142 | 82,098 |
Total Liabilities | [1] | 169 | 28 |
Assets which are pledged as collateral | [2] | 32 | 0 |
Commitments | [3] | 0 | 0 |
Securitizing Financial Assets | Variable Interest Entity, Primary Beneficiary [Member] | Consolidated VIEs [Member] | |||
Variable Interest Entity [Line Items] | |||
Total assets | [1] | 299,184 | 267,548 |
Total Liabilities | [1] | 181,030 | 159,181 |
Assets which are pledged as collateral | [2] | 299,184 | 267,548 |
Commitments | [3] | 0 | 0 |
Securitization Of Loans Receivable Originated By Third Parties | Variable Interest Entity, Primary Beneficiary [Member] | Consolidated VIEs [Member] | |||
Variable Interest Entity [Line Items] | |||
Total assets | [1] | 443 | 2,358 |
Total Liabilities | [1] | 920 | 3,037 |
Assets which are pledged as collateral | [2] | 443 | 2,358 |
Commitments | [3] | 0 | 0 |
Power Generation Projects | Variable Interest Entity, Primary Beneficiary [Member] | Consolidated VIEs [Member] | |||
Variable Interest Entity [Line Items] | |||
Total assets | [1] | 392,540 | 393,797 |
Total Liabilities | [1] | 279,142 | 284,772 |
Assets which are pledged as collateral | [2] | 365,182 | 355,107 |
Commitments | [3] | 33,993 | 40,111 |
Other VIEs | Variable Interest Entity, Primary Beneficiary [Member] | Consolidated VIEs [Member] | |||
Variable Interest Entity [Line Items] | |||
Total assets | [1] | 167,309 | 163,948 |
Total Liabilities | [1] | 66,323 | 66,411 |
Assets which are pledged as collateral | [2] | 139,189 | 141,988 |
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) - Non Consolidated VIEs [Member] - JPY (¥) ¥ in Millions | Dec. 31, 2020 | Mar. 31, 2020 | |
Variable Interest Entity [Line Items] | |||
Total assets | ¥ 5,880,095 | ¥ 5,345,344 | |
Non-recourse loans | 16,798 | 2,837 | |
Investments | 89,034 | 89,083 | |
Maximum exposure to loss | [1] | 123,226 | 108,923 |
Liquidating Customer Assets | |||
Variable Interest Entity [Line Items] | |||
Total assets | 65,507 | 8,508 | |
Non-recourse loans | 1,495 | 0 | |
Investments | 991 | 991 | |
Maximum exposure to loss | [1] | 2,486 | 991 |
Acquisition Of Real Estate And Real Estate Development Projects For Customers | |||
Variable Interest Entity [Line Items] | |||
Total assets | 335,942 | 51,746 | |
Non-recourse loans | 12,631 | 0 | |
Investments | 4,496 | 4,542 | |
Maximum exposure to loss | [1] | 17,487 | 4,542 |
Acquisition of real estate for the Company and its subsidiaries' real estate-related business | |||
Variable Interest Entity [Line Items] | |||
Total assets | 0 | 0 | |
Non-recourse loans | 0 | 0 | |
Investments | 0 | 0 | |
Maximum exposure to loss | [1] | 0 | 0 |
Corporate Rehabilitation Support Business | |||
Variable Interest Entity [Line Items] | |||
Total assets | 0 | 0 | |
Non-recourse loans | 0 | 0 | |
Investments | 0 | 0 | |
Maximum exposure to loss | [1] | 0 | 0 |
Investment in securities | |||
Variable Interest Entity [Line Items] | |||
Total assets | 3,523,298 | 3,820,403 | |
Non-recourse loans | 0 | 0 | |
Investments | 53,076 | 55,645 | |
Maximum exposure to loss | [1] | 70,107 | 72,527 |
Securitizing Financial Assets | |||
Variable Interest Entity [Line Items] | |||
Total assets | 775 | 0 | |
Non-recourse loans | 0 | 0 | |
Investments | 2 | 0 | |
Maximum exposure to loss | [1] | 2 | 0 |
Securitization Of Loans Receivable Originated By Third Parties | |||
Variable Interest Entity [Line Items] | |||
Total assets | 1,593,913 | 1,239,325 | |
Non-recourse loans | 0 | 0 | |
Investments | 18,922 | 15,663 | |
Maximum exposure to loss | [1] | 18,925 | 15,668 |
Power Generation Projects | |||
Variable Interest Entity [Line Items] | |||
Total assets | 24,690 | 25,037 | |
Non-recourse loans | 0 | 0 | |
Investments | 1,710 | 1,719 | |
Maximum exposure to loss | [1] | 1,710 | 1,719 |
Other VIEs | |||
Variable Interest Entity [Line Items] | |||
Total assets | 335,970 | 200,325 | |
Non-recourse loans | 2,672 | 2,837 | |
Investments | 9,837 | 10,523 | |
Maximum exposure to loss | [1] | ¥ 12,509 | ¥ 13,476 |
[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 | Dec. 31, 2020 | Mar. 31, 2020 |
Investments in and Advances to Affiliates, Schedule of Investments [Abstract] | ||
Shares | ¥ 740,696 | ¥ 770,750 |
Loans and others | 33,708 | 50,912 |
Investment in Affiliates | ¥ 774,404 | ¥ 821,662 |
Redeemable Noncontrolling Int_3
Redeemable Noncontrolling Interests (Changes in Redeemable Noncontrolling Interests) (Detail) - JPY (¥) ¥ in Millions | 3 Months Ended | 9 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2020 | Dec. 31, 2019 | |
Statement of Stockholders' Equity [Abstract] | ||||
Beginning balance | ¥ 10,331 | ¥ 9,780 | ||
Transaction with noncontrolling interests | (10,028) | 0 | ||
Comprehensive income (loss) | ||||
Net Income (loss) | (23) | 359 | ||
Other comprehensive income (loss) | ||||
Net change of foreign currency translation adjustments | (280) | (130) | ||
Total other comprehensive income (loss) | (280) | (130) | ||
Comprehensive income (loss) | ¥ 0 | ¥ 182 | (303) | 229 |
Dividends | 0 | (289) | ||
Ending balance | ¥ 0 | ¥ 9,720 | ¥ 0 | ¥ 9,720 |
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 | 9 Months Ended | ||||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2020 | Dec. 31, 2019 | |||
Beginning Balance | ¥ 3,040,685 | ¥ 3,027,716 | ¥ 3,065,835 | ¥ 2,953,201 | ||
Total other comprehensive income (loss) | (7,221) | 19,639 | (15,020) | (18,240) | ||
Ending Balance | 3,002,214 | 3,079,707 | 3,002,214 | 3,079,707 | ||
AOCI Attributable to Parent | ||||||
Beginning Balance | (124,264) | (97,128) | (118,532) | (61,343) | ||
Total other comprehensive income (loss) | (7,221) | 19,639 | (15,020) | (18,240) | ||
Less: Other Comprehensive Income (Loss) Attributable to the Noncontrolling Interests | (431) | 272 | (2,218) | (1,547) | ||
Less: Other Comprehensive Income (Loss) Attributable to the Redeemable Noncontrolling Interests | 145 | (280) | (130) | |||
Ending Balance | (131,054) | (77,906) | (131,054) | (77,906) | ||
Net unrealized gains (losses) on investment in securities | ||||||
Beginning Balance | (3,130) | 22,300 | (5,001) | 17,389 | ||
Net unrealized gains (losses) | (5,761) | [1] | (2,838) | (4,571) | [2] | 5,472 |
Reclassification adjustment included in net income, net of tax | (345) | (789) | 344 | (4,195) | ||
Total other comprehensive income (loss) | (6,106) | (3,627) | (4,227) | 1,277 | ||
Less: Other Comprehensive Income (Loss) Attributable to the Noncontrolling Interests | 18 | 1 | 26 | (6) | ||
Less: Other Comprehensive Income (Loss) Attributable to the Redeemable Noncontrolling Interests | 0 | 0 | 0 | |||
Ending Balance | (9,254) | 18,672 | (9,254) | 18,672 | ||
Debt Valuation Adjustments | ||||||
Beginning Balance | 923 | 786 | 1,457 | 582 | ||
Net unrealized gains (losses) | (85) | (54) | (593) | 168 | ||
Reclassification adjustment included in net income, net of tax | (24) | (14) | (50) | (32) | ||
Total other comprehensive income (loss) | (109) | (68) | (643) | 136 | ||
Less: Other Comprehensive Income (Loss) Attributable to the Noncontrolling Interests | 0 | 0 | 0 | 0 | ||
Less: Other Comprehensive Income (Loss) Attributable to the Redeemable Noncontrolling Interests | 0 | 0 | 0 | |||
Ending Balance | 814 | 718 | 814 | 718 | ||
Defined benefit pension plans | ||||||
Beginning Balance | (26,248) | (27,116) | (26,375) | (27,902) | ||
Net unrealized gains (losses) | (121) | (406) | (380) | 129 | ||
Reclassification adjustment included in net income, net of tax | 192 | 112 | 576 | 363 | ||
Total other comprehensive income (loss) | 71 | (294) | 196 | 492 | ||
Less: Other Comprehensive Income (Loss) Attributable to the Noncontrolling Interests | (1) | (1) | (3) | (1) | ||
Less: Other Comprehensive Income (Loss) Attributable to the Redeemable Noncontrolling Interests | 0 | 0 | 0 | |||
Ending Balance | (26,176) | (27,409) | (26,176) | (27,409) | ||
Foreign currency translation adjustments | ||||||
Beginning Balance | (79,142) | (79,587) | (72,471) | (43,558) | ||
Net unrealized gains (losses) | (3,281) | 20,802 | (13,538) | (18,801) | ||
Reclassification adjustment included in net income, net of tax | 413 | 658 | 1,921 | 2,216 | ||
Total other comprehensive income (loss) | (2,868) | 21,460 | (11,617) | (16,585) | ||
Less: Other Comprehensive Income (Loss) Attributable to the Noncontrolling Interests | (564) | 200 | (2,362) | (1,541) | ||
Less: Other Comprehensive Income (Loss) Attributable to the Redeemable Noncontrolling Interests | 145 | (280) | (130) | |||
Ending Balance | (81,446) | (58,472) | (81,446) | (58,472) | ||
Net unrealized gains (losses) on derivative instruments | ||||||
Beginning Balance | (16,667) | (13,511) | (16,142) | (7,854) | ||
Net unrealized gains (losses) | (827) | 1,877 | (2,933) | (4,444) | ||
Reclassification adjustment included in net income, net of tax | 2,618 | 291 | 4,204 | 884 | ||
Total other comprehensive income (loss) | 1,791 | 2,168 | 1,271 | (3,560) | ||
Less: Other Comprehensive Income (Loss) Attributable to the Noncontrolling Interests | 116 | 72 | 121 | 1 | ||
Less: Other Comprehensive Income (Loss) Attributable to the Redeemable Noncontrolling Interests | 0 | 0 | 0 | |||
Ending Balance | ¥ (14,992) | ¥ (11,415) | ¥ (14,992) | ¥ (11,415) | ||
[1] | There were no net unrealized gains (losses) on investment in securities related to available-for-sale debt securities with allowance for credit losses for the three months ended December 30, 2020 | |||||
[2] | There were no net unrealized gains (losses) on investment in securities related to available-for-sale debt securities with allowance for credit losses for the nine months ended December 30, 2020. |
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 | 9 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2020 | Dec. 31, 2019 | |
Net unrealized gains (losses) on investments | ¥ 0 | ¥ 0 | ||
Net unrealized gains (losses) on derivative instruments | ||||
Net unrealized gains (losses), tax | 109 | ¥ (584) | 902 | ¥ 996 |
Reclassification adjustment included in net income, tax | (1,032) | (109) | (1,505) | (323) |
Foreign currency translation adjustments | ||||
Net unrealized gains (losses), tax | (1,107) | 6,858 | (4,573) | (823) |
Reclassification adjustment included in net income, tax | (185) | (348) | (864) | (1,058) |
Defined benefit pension plans | ||||
Net unrealized gains (losses), tax | 47 | 151 | 152 | (32) |
Reclassification adjustment included in net income, tax | (90) | (40) | (268) | (142) |
Net unrealized gains (losses) on investment in securities | ||||
Net unrealized gains (losses), tax | 2,093 | 1,116 | 2,542 | (2,053) |
Reclassification adjustment included in net income, tax | 90 | 313 | 73 | 1,700 |
Debt valuation adjustments | ||||
Net unrealized gains (losses), tax | 34 | 21 | 230 | (65) |
Reclassification adjustment included in net income, tax | ¥ 8 | ¥ 5 | ¥ 19 | ¥ 12 |
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 | 9 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2020 | Dec. 31, 2019 | |
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ||||
Gains on sales of subsidiaries and affiliates and liquidation losses, net | ¥ 1,755 | ¥ 25,200 | ¥ 9,436 | ¥ 58,488 |
Life insurance costs | (92,253) | (78,177) | (265,278) | (209,137) |
Write-downs of securities and other | (338) | 0 | (4,214) | (36) |
Income tax (expense) or benefit | (25,584) | (35,684) | (64,266) | (102,649) |
Net Income | 49,823 | 86,145 | 145,315 | 247,809 |
Interest expense | 18,650 | 23,763 | 60,811 | 74,006 |
Other (income) and expense | (7,174) | (5,524) | (15,007) | (14,997) |
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] | ||||
Write-downs of securities and other | (175) | |||
Total before income tax | 435 | 1,102 | (271) | 5,895 |
Income tax (expense) or benefit | (90) | (313) | (73) | (1,700) |
Net Income | 345 | 789 | (344) | 4,195 |
Reclassification out of Accumulated Other Comprehensive Income | Net unrealized gains (losses) on investment in securities | Sale of Investments | ||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ||||
Gains on investment securities and dividend | 967 | 245 | 1,335 | 2,159 |
Life insurance premiums and related investment income | 408 | 1,578 | 4,329 | 5,133 |
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 | (405) | (316) | (1,032) | (613) |
Finance revenues | (360) | (405) | (1,489) | (784) |
Write-downs of securities and other | (3,414) | |||
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 | 119 | 249 | 355 | 730 |
Amortization of net actuarial loss | (401) | (401) | (1,198) | (1,233) |
Amortization of transition obligation | 0 | 0 | (1) | (2) |
Total before income tax | (282) | (152) | (844) | (505) |
Income tax (expense) or benefit | 90 | 40 | 268 | 142 |
Net Income | (192) | (112) | (576) | (363) |
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 | (388) | (1,399) | (364) | (1,399) |
Total before income tax | (598) | (1,006) | (2,785) | (3,274) |
Income tax (expense) or benefit | 185 | 348 | 864 | 1,058 |
Net Income | (413) | (658) | (1,921) | (2,216) |
Reclassification out of Accumulated Other Comprehensive Income | Foreign currency translation adjustments | Foreign exchange contracts | ||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ||||
Gains on sales of subsidiaries and affiliates and liquidation losses, net/Interest expense/Other (income) and expense, net | (210) | 393 | ||
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 | (3,650) | (400) | (5,709) | (1,207) |
Income tax (expense) or benefit | 1,032 | 109 | 1,505 | 323 |
Net Income | (2,618) | (291) | (4,204) | (884) |
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 | (833) | (584) | ||
Interest expense | (287) | (218) | ||
Reclassification out of Accumulated Other Comprehensive Income | Net unrealized gains (losses) on derivative instruments | Foreign exchange contracts | ||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ||||
Interest expense | (255) | |||
Interest expense /Other (income) and expense | (44) | (107) | (193) | |
Other (income) and expense | (2,421) | (1,875) | ||
Reclassification out of Accumulated Other Comprehensive Income | Net unrealized gains (losses) on derivative instruments | Foreign currency swap agreements | ||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ||||
Interest expense /Other (income) and expense | (3,319) | (75) | ||
Finance revenues/Interest expense/Other (income) and expense, net | (4,683) | (368) | ||
Reclassification out of Accumulated Other Comprehensive Income | Debt valuation adjustments | ||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ||||
Life insurance costs | 32 | 19 | 69 | 44 |
Total before income tax | 32 | 19 | 69 | 44 |
Income tax (expense) or benefit | (8) | (5) | (19) | (12) |
Net Income | ¥ 24 | ¥ 14 | ¥ 50 | ¥ 32 |
ORIX Corporation Shareholders_3
ORIX Corporation Shareholders' Equity (Information about Dividend Payments and Applicable Dividends) (Detail) - JPY (¥) ¥ / shares in Units, ¥ in Millions | 9 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Dividends Payable [Line Items] | ||
Resolution | The board of directors on May 21, 2020 | The board of directors on May 22, 2019 |
Type of shares | Common stock | Common stock |
Total dividends paid | ¥ 51,493 | ¥ 58,962 |
Dividend per share | ¥ 41 | ¥ 46 |
Date of record for dividend | Mar. 31, 2020 | Mar. 31, 2019 |
Effective date for dividend | Jun. 18, 2020 | Jun. 3, 2019 |
Dividend resource | Retained earnings | Retained earnings |
Effective Date [Member] | ||
Dividends Payable [Line Items] | ||
Resolution | The board of directors on November 2, 2020 | The board of directors on October 28, 2019 |
Type of shares | Common stock | Common stock |
Total dividends paid | ¥ 43,670 | ¥ 44,862 |
Dividend per share | ¥ 35 | ¥ 35 |
Date of record for dividend | Sep. 30, 2020 | Sep. 30, 2019 |
Effective date for dividend | Dec. 9, 2020 | Dec. 3, 2019 |
Dividend resource | Retained earnings | Retained earnings |
ORIX Corporation Shareholders_4
ORIX Corporation Shareholders' Equity - Additional Information (Detail) - JPY (¥) ¥ in Millions | 9 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Class of Stock [Line Items] | ||
Total dividends paid | ¥ 51,493 | ¥ 58,962 |
Officer's Compensation Board Incentive Plan | ||
Class of Stock [Line Items] | ||
Total dividends paid | 60 | 83 |
Effective Date [Member] | Officer's Compensation Board Incentive Plan | ||
Class of Stock [Line Items] | ||
Total dividends paid | ¥ 76 | ¥ 62 |
Selling, General and Administ_3
Selling, General and Administrative Expenses (Summary of Selling, General and Administrative Expenses) (Detail) - JPY (¥) ¥ in Millions | 3 Months Ended | 9 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2020 | Dec. 31, 2019 | |
Selling, General and Administrative Expense [Abstract] | ||||
Personnel expenses | ¥ 66,239 | ¥ 66,736 | ¥ 194,368 | ¥ 192,526 |
Selling expenses | 18,854 | 18,578 | 47,467 | 53,759 |
Administrative expenses | 29,162 | 29,361 | 86,963 | 86,033 |
Depreciation of office facilities | 2,054 | 1,888 | 6,130 | 5,436 |
Total | ¥ 116,309 | ¥ 116,563 | ¥ 334,928 | ¥ 337,754 |
Pension Plans (Net Pension Cost
Pension Plans (Net Pension Cost of Defined Benefit Plans) (Detail) - JPY (¥) ¥ in Millions | 3 Months Ended | 9 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2020 | Dec. 31, 2019 | |
Japan | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Service cost | ¥ 1,414 | ¥ 1,507 | ¥ 4,243 | ¥ 4,384 |
Interest cost | 174 | 151 | 520 | 438 |
Expected return on plan assets | (607) | (713) | (1,820) | (2,083) |
Amortization of prior service credit | (44) | (210) | (133) | (615) |
Amortization of net actuarial loss | 330 | 288 | 990 | 865 |
Amortization of transition obligation | 0 | 0 | 0 | 0 |
Net periodic pension cost | 1,267 | 1,023 | 3,800 | 2,989 |
Overseas plans | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Service cost | 814 | 883 | 2,440 | 2,649 |
Interest cost | 420 | 426 | 1,247 | 1,275 |
Expected return on plan assets | (904) | (1,101) | (2,677) | (3,242) |
Amortization of prior service credit | (75) | (39) | (222) | (115) |
Amortization of net actuarial loss | 71 | 113 | 208 | 368 |
Amortization of transition obligation | 0 | 0 | 1 | 2 |
Net periodic pension cost | ¥ 326 | ¥ 282 | ¥ 997 | ¥ 937 |
Life Insurance Operations (Life
Life Insurance Operations (Life Insurance Premiums and Related Investment Income) (Detail) - JPY (¥) ¥ in Millions | 3 Months Ended | 9 Months Ended | ||||||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2020 | Dec. 31, 2019 | |||||
Net Investment Income [Line Items] | ||||||||
Total revenue | ¥ 275,680 | ¥ 289,145 | ¥ 781,423 | ¥ 866,201 | ||||
Life insurance premiums | ||||||||
Net Investment Income [Line Items] | ||||||||
Total revenue | 98,112 | 87,421 | 289,112 | 254,683 | ||||
Life insurance related investment income | ||||||||
Net Investment Income [Line Items] | ||||||||
Total revenue | 24,284 | [1] | 20,767 | [1] | 67,035 | [2] | 35,973 | [2] |
Life Insurance Premiums And Related Investment Income | ||||||||
Net Investment Income [Line Items] | ||||||||
Total revenue | ¥ 122,396 | ¥ 108,188 | ¥ 356,147 | ¥ 290,656 | ||||
[1] | Life insurance related investment income for the three months ended December 31, 2019 and 2020 include net unrealized holding gains of ¥18,043 million and ¥22,250 million on equity securities held as of December 31, 2019 and 2020, respectively. | |||||||
[2] | Life insurance related investment income for the nine months ended December 31, 2019 and 2020 include net unrealized holding gains of ¥24,609 million and ¥55,050 million on equity securities held as of December 31, 2019 and 2020, respectively. |
Life Insurance Operations - Add
Life Insurance Operations - Additional Information (Detail) - JPY (¥) ¥ in Millions | 3 Months Ended | 9 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2020 | Dec. 31, 2019 | |
Net Investment Income [Line Items] | ||||
Amortization of policy acquisition costs charged to income | ¥ 5,801 | ¥ 4,707 | ¥ 15,719 | ¥ 13,839 |
Life insurance related investment income | ||||
Net Investment Income [Line Items] | ||||
Net unrealised holding gains on equity securitites | ¥ 22,250 | ¥ 18,043 | ¥ 55,050 | ¥ 24,609 |
Life Insurance Operations (Rein
Life Insurance Operations (Reinsurance Benefits and Reinsurance Premiums Included in Life Insurance Premiums) (Detail) - JPY (¥) ¥ in Millions | 3 Months Ended | 9 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2020 | Dec. 31, 2019 | |
Policyholders Account In Life Insurance Business [Abstract] | ||||
Reinsurance benefits | ¥ 260 | ¥ 774 | ¥ 1,423 | ¥ 1,949 |
Reinsurance premiums | ¥ (1,279) | ¥ (1,282) | ¥ (3,805) | ¥ (3,933) |
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 | 9 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2020 | Dec. 31, 2019 | |
Life insurance premiums and related investment income | ||||
Net realized and unrealized gains or losses from investment assets | ¥ 23,575 | ¥ 18,661 | ¥ 63,475 | ¥ 25,962 |
Net gains or losses from derivative contracts | (2,388) | (2,653) | (8,398) | (3,477) |
Life insurance costs | ||||
Changes in the fair value of the policy liabilities and policy account balances | (6,688) | (3,917) | (11,358) | (26,992) |
Insurance costs recognized for insurance and annuity payouts as a result of insured events | 23,388 | 14,304 | 45,499 | 39,418 |
Changes in the fair value of the reinsurance contracts | 1,769 | 2,163 | 10,913 | 3,230 |
Foreign exchange contracts | ||||
Life insurance premiums and related investment income | ||||
Net gains or losses from derivative contracts | 36 | (284) | 75 | (5) |
Futures | ||||
Life insurance premiums and related investment income | ||||
Net gains or losses from derivative contracts | (2,415) | (2,284) | (7,875) | (3,292) |
Options held | ||||
Life insurance premiums and related investment income | ||||
Net gains or losses from derivative contracts | ¥ (9) | ¥ (85) | ¥ (598) | ¥ (180) |
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 | Dec. 31, 2020 | Mar. 31, 2020 |
Long Lived Assets Held-for-sale [Line Items] | ||
Investment in operating leases | ¥ 7,254 | ¥ 5,208 |
Property under facility operations | ¥ 0 | ¥ 436 |
Write-Downs of Long-Lived Ass_4
Write-Downs of Long-Lived Assets - Additional Information (Detail) - JPY (¥) ¥ in Millions | 3 Months Ended | 9 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2020 | Dec. 31, 2019 | |
Property, Plant and Equipment [Abstract] | ||||
Write-downs of long-lived assets | ¥ 8 | ¥ 518 | ¥ 591 | ¥ 554 |
Real Estate | ||||
Property, Plant and Equipment [Abstract] | ||||
Write-downs of long-lived assets | 433 | 20 | ||
ORIX USA | ||||
Property, Plant and Equipment [Abstract] | ||||
Write-downs of long-lived assets | 509 | 60 | 509 | |
Asia and Australia | ||||
Property, Plant and Equipment [Abstract] | ||||
Write-downs of long-lived assets | ¥ 8 | ¥ 9 | 81 | ¥ 25 |
Environment And Energy | ||||
Property, Plant and Equipment [Abstract] | ||||
Write-downs of long-lived assets | ¥ 17 |
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 | 9 Months Ended | ||||||
Dec. 31, 2020JPY (¥)Property | Dec. 31, 2019JPY (¥)Property | Dec. 31, 2020JPY (¥)Property | Dec. 31, 2019JPY (¥)Property | |||||
Impaired Long-Lived Assets Held and Used [Line Items] | ||||||||
Write-downs due to decline estimated future cash flows, amount | ¥ 8 | ¥ 518 | ¥ 591 | ¥ 554 | ||||
Commercial Facilities Other Than Office Buildings | ||||||||
Impaired Long-Lived Assets Held and Used [Line Items] | ||||||||
Write-downs due to decline estimated future cash flows, amount | ¥ 0 | ¥ 509 | ¥ 0 | ¥ 529 | ||||
Write-downs due to decline estimated future cash flows, number of properties | Property | 0 | 1 | 0 | 2 | ||||
Condominiums | ||||||||
Impaired Long-Lived Assets Held and Used [Line Items] | ||||||||
Write-downs due to decline estimated future cash flows, amount | ¥ 64 | ¥ 0 | ||||||
Write-downs due to decline estimated future cash flows, number of properties | Property | 2 | 0 | ||||||
Land Undeveloped Or Under Construction Held for Sale | ||||||||
Impaired Long-Lived Assets Held and Used [Line Items] | ||||||||
Write-downs due to decline estimated future cash flows, amount | ¥ 17 | ¥ 0 | ||||||
Write-downs due to decline estimated future cash flows, number of properties | Property | 1 | 0 | ||||||
Property, Plant and Equipment, Other Types | ||||||||
Impaired Long-Lived Assets Held and Used [Line Items] | ||||||||
Write-downs due to decline estimated future cash flows, amount | ¥ 8 | [1] | ¥ 9 | [1] | ¥ 510 | [2] | ¥ 25 | [2] |
[1] | For “Others,” the number of properties is omitted. | |||||||
[2] | For “Others,” the number of properties is omitted. In addition, write-downs of other long-lived assets for the nine months ended December 31, 2020, include a write-down of ¥433 million of two hotels. |
Write-Downs of Long-Lived Ass_6
Write-Downs of Long-Lived Assets (Breakdowns of Recognized Impairment Losses for Difference between Carrying Amounts and Fair Values Reflected as Write-Downs of Long-Lived Assets) (Parenthetical) (Detail) ¥ in Millions | 9 Months Ended |
Dec. 31, 2020JPY (¥) | |
Property, Plant and Equipment, Other Types | Hotel | |
Impaired Long-Lived Assets Held and Used [Line Items] | |
Write-downs of the assets held for sale, amount | ¥ 433 |
Per Share Data - Additional Inf
Per Share Data - Additional Information (Detail) - shares | 3 Months Ended | 9 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2020 | Dec. 31, 2019 | |
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 | 2,197,628 | 1,796,993 | 1,821,098 | 1,813,193 |
Stock Options | ||||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||||
Antidilutive shares excluded from calculation of diluted EPS | 0 | 0 | 0 | 0 |
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 | 9 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2020 | Dec. 31, 2019 | |
Earnings Per Share [Abstract] | ||||
Net Income attributable to ORIX Corporation shareholders | ¥ 48,173 | ¥ 85,169 | ¥ 142,015 | ¥ 244,319 |
Weighted-average shares | 1,235,177 | 1,278,048 | 1,242,765 | 1,279,196 |
Effect of dilutive securities | ||||
Stock compensation | 1,139 | 1,245 | 1,107 | 1,138 |
Weighted-average shares for diluted EPS computation | 1,236,316 | 1,279,293 | 1,243,872 | 1,280,334 |
Earnings per share for net income attributable to ORIX Corporation shareholders: | ||||
Basic | ¥ 39 | ¥ 66.64 | ¥ 114.27 | ¥ 190.99 |
Diluted | ¥ 38.97 | ¥ 66.58 | ¥ 114.17 | ¥ 190.82 |
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 | 9 Months Ended | ||||||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2020 | Dec. 31, 2019 | |||||
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 | ¥ 1,493 | ¥ 2,481 | ¥ 851 | ¥ (4,610) | ||||
Derivatives designated as hedging instruments | Cash flow hedges | Interest rate swap agreements | Other (income) and expense | ||||||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||||||
Gains (losses) reclassified from other comprehensive income (loss) into income | 0 | 0 | 0 | 0 | ||||
Derivatives designated as hedging instruments | Cash flow hedges | Interest rate swap agreements | Interest Expense [Member] | ||||||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||||||
Gains (losses) reclassified from other comprehensive income (loss) into income | 287 | 218 | 833 | 584 | ||||
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 | (62) | (255) | (141) | (369) | ||||
Derivatives designated as hedging instruments | Cash flow hedges | Foreign exchange contracts | Other (income) and expense | ||||||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||||||
Gains (losses) reclassified from other comprehensive income (loss) into income | (116) | 0 | (222) | 0 | ||||
Derivatives designated as hedging instruments | Cash flow hedges | Foreign exchange contracts | Interest Expense [Member] | ||||||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||||||
Gains (losses) reclassified from other comprehensive income (loss) into income | 160 | 107 | 415 | 255 | ||||
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 | (2,367) | 235 | (4,545) | (461) | ||||
Derivatives designated as hedging instruments | Cash flow hedges | Foreign currency swap agreements | Other (income) and expense | ||||||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||||||
Gains (losses) reclassified from other comprehensive income (loss) into income | 3,202 | 100 | 4,283 | 108 | ||||
Derivatives designated as hedging instruments | Cash flow hedges | Foreign currency swap agreements | Interest Expense [Member] | ||||||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||||||
Gains (losses) reclassified from other comprehensive income (loss) into income | 117 | (25) | 400 | 260 | ||||
Derivatives designated as hedging instruments | Fair value hedges | Interest rate swap agreements | Other (income) and expense | ||||||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||||||
Gains (losses) recognized in income on derivative | 0 | 0 | 0 | 0 | ||||
Gains (losses) recognized in income on hedged item | 0 | 0 | 0 | 0 | ||||
Derivatives designated as hedging instruments | Fair value hedges | Interest rate swap agreements | Other Income (Expense), Net and Life Insurance Premiums and Related Investment Income (Loss) | ||||||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||||||
Gains (losses) recognized in income on derivative | 2,398 | 3,346 | 3,506 | (5,794) | ||||
Gains (losses) recognized in income on hedged item | (2,354) | (3,299) | (3,264) | 5,431 | ||||
Derivatives designated as hedging instruments | Fair value hedges | Foreign exchange contracts | Other (income) and expense | ||||||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||||||
Gains (losses) recognized in income on derivative | 215 | 127 | 435 | 153 | ||||
Gains (losses) recognized in income on hedged item | (190) | (98) | (398) | (128) | ||||
Derivatives designated as hedging instruments | Fair value hedges | Foreign exchange contracts | Other Income (Expense), Net and Life Insurance Premiums and Related Investment Income (Loss) | ||||||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||||||
Gains (losses) recognized in income on derivative | 2,948 | (934) | 6,440 | 1,172 | ||||
Gains (losses) recognized in income on hedged item | (3,046) | 1,370 | (7,114) | (910) | ||||
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 | (5,088) | (12,324) | (13,097) | 4,380 | ||||
Derivatives designated as hedging instruments | Hedges of net investment in foreign operations | Foreign exchange contracts | Other (income) and expense | ||||||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||||||
Gains (losses) reclassified from other comprehensive income (loss) into income | 7 | 21 | 21 | |||||
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 | 419 | 1,594 | 265 | 1,594 | ||||
Derivatives designated as hedging instruments | Hedges of net investment in foreign operations | Foreign exchange contracts | Interest Expense [Member] | ||||||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||||||
Gains (losses) reclassified from other comprehensive income (loss) into income | 629 | 1,194 | 2,665 | 3,448 | ||||
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 | 10,477 | (10,477) | 23,292 | 8,342 | ||||
Derivatives designated as hedging instruments | Hedges of net investment in foreign operations | Debt Loans and Bonds in Foreign Currencies [Member] | Other (income) and expense | ||||||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||||||
Gains (losses) reclassified from other comprehensive income (loss) into income | 0 | 0 | 0 | |||||
Derivatives designated as hedging instruments | Hedges of net investment in foreign operations | Debt Loans and Bonds in Foreign Currencies [Member] | Gains on sales of subsidiaries and affiliates and liquidation losses, net | ||||||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||||||
Gains (losses) reclassified from other comprehensive income (loss) into income | 0 | 0 | 0 | 0 | ||||
Derivatives designated as hedging instruments | Hedges of net investment in foreign operations | Debt Loans and Bonds in Foreign Currencies [Member] | Interest Expense [Member] | ||||||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||||||
Gains (losses) reclassified from other comprehensive income (loss) into income | 0 | 0 | 0 | 0 | ||||
Nondesignated | Other (income) and expense | Futures | ||||||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||||||
Gains (losses) recognized in income on derivative | 2,403 | 1,760 | 6,202 | 2,367 | ||||
Nondesignated | Other Income (Expense), Net and Life Insurance Premiums and Related Investment Income (Loss) | Futures | ||||||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||||||
Gains (losses) recognized in income on derivative | (2,415) | [1] | (2,284) | [2] | (7,875) | [3] | (3,292) | [4] |
Nondesignated | Interest Expense [Member] | Futures | ||||||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||||||
Gains (losses) recognized in income on derivative | 0 | 0 | 0 | 0 | ||||
Nondesignated | Interest rate swap agreements | Other (income) and expense | ||||||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||||||
Gains (losses) recognized in income on derivative | (5) | (12) | (1) | 120 | ||||
Nondesignated | Interest rate swap agreements | Other Income (Expense), Net and Life Insurance Premiums and Related Investment Income (Loss) | ||||||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||||||
Gains (losses) recognized in income on derivative | 0 | [1] | 0 | [2] | 0 | [3] | 0 | [4] |
Nondesignated | Interest rate swap agreements | Interest Expense [Member] | ||||||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||||||
Gains (losses) recognized in income on derivative | 2 | 2 | 5 | 5 | ||||
Nondesignated | Foreign exchange contracts | Other (income) and expense | ||||||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||||||
Gains (losses) recognized in income on derivative | (752) | 6,017 | 640 | 1,494 | ||||
Nondesignated | Foreign exchange contracts | Other Income (Expense), Net and Life Insurance Premiums and Related Investment Income (Loss) | ||||||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||||||
Gains (losses) recognized in income on derivative | (40) | [1] | (337) | [2] | 56 | [3] | 177 | [4] |
Nondesignated | Foreign exchange contracts | Interest Expense [Member] | ||||||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||||||
Gains (losses) recognized in income on derivative | 411 | 1,119 | 1,923 | 3,635 | ||||
Nondesignated | Credit derivatives held/written | Other (income) and expense | ||||||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||||||
Gains (losses) recognized in income on derivative | 10 | (6) | ||||||
Nondesignated | Credit derivatives held/written | Other Income (Expense), Net and Life Insurance Premiums and Related Investment Income (Loss) | ||||||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||||||
Gains (losses) recognized in income on derivative | 0 | [2] | 0 | [4] | ||||
Nondesignated | Credit derivatives held/written | Interest Expense [Member] | ||||||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||||||
Gains (losses) recognized in income on derivative | 0 | 0 | ||||||
Nondesignated | Options held/written and other | Other (income) and expense | ||||||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||||||
Gains (losses) recognized in income on derivative | 317 | 1,328 | (1) | 1,202 | ||||
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 | (9) | [1] | (85) | [2] | (598) | [3] | (180) | [4] |
Nondesignated | Options held/written and other | Interest Expense [Member] | ||||||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||||||
Gains (losses) recognized in income on derivative | 0 | ¥ 0 | 0 | ¥ 0 | ||||
Nondesignated | Fair value hedges | Foreign exchange contracts | Other (income) and expense | ||||||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||||||
Gains (losses) recognized in income on derivative | 0 | 0 | ||||||
Nondesignated | Fair value hedges | Foreign exchange contracts | Other Income (Expense), Net and Life Insurance Premiums and Related Investment Income (Loss) | ||||||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||||||
Gains (losses) recognized in income on derivative | (158) | (1,080) | ||||||
Nondesignated | Fair value hedges | Foreign exchange contracts | Interest Expense [Member] | ||||||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||||||
Gains (losses) recognized in income on derivative | 0 | 5 | ||||||
Nondesignated | Fair value hedges | Options held/written and other | Other (income) and expense | ||||||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||||||
Gains (losses) recognized in income on derivative | 8 | 24 | ||||||
Nondesignated | Fair value hedges | Options held/written and other | Other Income (Expense), Net and Life Insurance Premiums and Related Investment Income (Loss) | ||||||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||||||
Gains (losses) recognized in income on derivative | 0 | 0 | ||||||
Nondesignated | Fair value hedges | Options held/written and other | Interest Expense [Member] | ||||||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||||||
Gains (losses) recognized in income on derivative | ¥ 0 | ¥ 0 | ||||||
[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 December 31, 2020 (see Note 18 “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 December 31, 2019 (see Note 18 “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 nine months ended December 31, 2020 (see Note 18 “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 nine months ended December 31, 2019 (see Note 18 “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 | Dec. 31, 2020 | Mar. 31, 2020 | ||
Derivatives, Fair Value [Line Items] | ||||
Derivative assets, Fair value | ¥ 22,301 | ¥ 39,690 | ||
Derivative liabilities, Fair value | 66,249 | 73,649 | ||
Interest rate swap agreements | Derivatives designated as hedging instruments | ||||
Derivatives, Fair Value [Line Items] | ||||
Notional amount | 560,309 | 494,893 | ||
Interest rate swap agreements | Derivatives designated as hedging instruments | Other assets | ||||
Derivatives, Fair Value [Line Items] | ||||
Derivative assets, Fair value | 97 | 0 | ||
Interest rate swap agreements | Derivatives designated as hedging instruments | Other liabilities | ||||
Derivatives, Fair Value [Line Items] | ||||
Derivative liabilities, Fair value | 36,895 | 43,889 | ||
Interest rate swap agreements | Nondesignated | ||||
Derivatives, Fair Value [Line Items] | ||||
Notional amount | 6,245 | 7,644 | ||
Interest rate swap agreements | Nondesignated | Other assets | ||||
Derivatives, Fair Value [Line Items] | ||||
Derivative assets, Fair value | 0 | 0 | ||
Interest rate swap agreements | Nondesignated | Other liabilities | ||||
Derivatives, Fair Value [Line Items] | ||||
Derivative liabilities, Fair value | 86 | 113 | ||
Futures, foreign exchange contracts | Derivatives designated as hedging instruments | ||||
Derivatives, Fair Value [Line Items] | ||||
Notional amount | 605,879 | 623,172 | ||
Futures, foreign exchange contracts | Derivatives designated as hedging instruments | Other assets | ||||
Derivatives, Fair Value [Line Items] | ||||
Derivative assets, Fair value | 2,458 | 7,555 | ||
Futures, foreign exchange contracts | Derivatives designated as hedging instruments | Other liabilities | ||||
Derivatives, Fair Value [Line Items] | ||||
Derivative liabilities, Fair value | 7,016 | 4,365 | ||
Futures, foreign exchange contracts | Nondesignated | ||||
Derivatives, Fair Value [Line Items] | ||||
Notional amount | 299,483 | [1] | 372,948 | [2] |
Futures, foreign exchange contracts | Nondesignated | Other assets | ||||
Derivatives, Fair Value [Line Items] | ||||
Derivative assets, Fair value | 2,604 | [1] | 5,710 | [2] |
Futures, foreign exchange contracts | Nondesignated | Other liabilities | ||||
Derivatives, Fair Value [Line Items] | ||||
Derivative liabilities, Fair value | 2,659 | [1] | 5,141 | [2] |
Foreign currency swap agreements | Derivatives designated as hedging instruments | ||||
Derivatives, Fair Value [Line Items] | ||||
Notional amount | 75,182 | 68,840 | ||
Foreign currency swap agreements | Derivatives designated as hedging instruments | Other assets | ||||
Derivatives, Fair Value [Line Items] | ||||
Derivative assets, Fair value | 417 | 5,079 | ||
Foreign currency swap agreements | Derivatives designated as hedging instruments | Other liabilities | ||||
Derivatives, Fair Value [Line Items] | ||||
Derivative liabilities, Fair value | 2,637 | 137 | ||
Foreign currency long- term-debt | Derivatives designated as hedging instruments | ||||
Derivatives, Fair Value [Line Items] | ||||
Notional amount | 530,009 | 612,536 | ||
Foreign currency long- term-debt | Derivatives designated as hedging instruments | Other assets | ||||
Derivatives, Fair Value [Line Items] | ||||
Derivative assets, Fair value | 0 | 0 | ||
Foreign currency long- term-debt | Derivatives designated as hedging instruments | Other liabilities | ||||
Derivatives, Fair Value [Line Items] | ||||
Derivative liabilities, Fair value | 0 | 0 | ||
Options held/written and other | Derivatives designated as hedging instruments | ||||
Derivatives, Fair Value [Line Items] | ||||
Notional amount | 705 | 742 | ||
Options held/written and other | Derivatives designated as hedging instruments | Other assets | ||||
Derivatives, Fair Value [Line Items] | ||||
Derivative assets, Fair value | 0 | 28 | ||
Options held/written and other | Derivatives designated as hedging instruments | Other liabilities | ||||
Derivatives, Fair Value [Line Items] | ||||
Derivative liabilities, Fair value | 0 | 0 | ||
Options held/written and other | Nondesignated | ||||
Derivatives, Fair Value [Line Items] | ||||
Notional amount | 688,202 | [1] | 670,044 | [2] |
Options held/written and other | Nondesignated | Other assets | ||||
Derivatives, Fair Value [Line Items] | ||||
Derivative assets, Fair value | 16,725 | [1] | 21,318 | [2] |
Options held/written and other | Nondesignated | Other liabilities | ||||
Derivatives, Fair Value [Line Items] | ||||
Derivative liabilities, Fair value | ¥ 16,956 | [1] | ¥ 20,004 | [2] |
[1] | The notional amounts of options held/written and other and futures, foreign exchange contracts in the above table include options held of ¥3,560 million, futures contracts of ¥21,950 million and foreign exchange contracts of ¥8,621 million to economically hedge the minimum guarantee risk of variable annuity and variable life insurance contracts at December 31, 2020, respectively. Derivative assets in the above table include fair value of the options held, futures contracts and foreign exchange contracts before offsetting of ¥0 million, ¥6 million and ¥35 million and derivative liabilities include fair value of the options written, futures and foreign exchange contracts before offsetting of ¥43 million, ¥489 million and ¥81 million at December 31, 2020, respectively. | |||
[2] | The notional amounts of options held/written and other and futures, foreign exchange contracts in the above table include options held of ¥16,754 million, futures contracts of ¥35,875 million and foreign exchange contracts of ¥16,656 million to economically hedge the minimum guarantee risk of variable annuity and variable life insurance contracts at March 31, 2020, respectively. Derivative assets in the above table include fair value of the options held, futures contracts and foreign exchange contracts before offsetting of ¥598 million, ¥165 million and ¥111 million and derivative liabilities include fair value of the futures and foreign exchange contracts before offsetting of ¥1,564 million and ¥178 million at March 31, 2020, respectively. |
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 | Dec. 31, 2020 | Mar. 31, 2020 |
Derivatives, Fair Value [Line Items] | ||
Derivative assets Fair value | ¥ 22,301 | ¥ 39,690 |
Derivative liabilities Fair value | 66,249 | 73,649 |
Variable Annuity and Variable Life Insurance Contracts | ||
Derivatives, Fair Value [Line Items] | ||
Notional amount | 16,656 | |
Options held | ||
Derivatives, Fair Value [Line Items] | ||
Derivative assets Fair value | 0 | 598 |
Options held | Variable Annuity and Variable Life Insurance Contracts | ||
Derivatives, Fair Value [Line Items] | ||
Notional amount | 3,560 | 16,754 |
Futures | ||
Derivatives, Fair Value [Line Items] | ||
Derivative assets Fair value | 6 | 165 |
Derivative liabilities Fair value | 489 | 1,564 |
Futures | Variable Annuity and Variable Life Insurance Contracts | ||
Derivatives, Fair Value [Line Items] | ||
Notional amount | 21,950 | |
Foreign exchange contracts | ||
Derivatives, Fair Value [Line Items] | ||
Derivative assets Fair value | 35 | 111 |
Derivative liabilities Fair value | 81 | 178 |
Foreign exchange contracts | Variable Annuity and Variable Life Insurance Contracts | ||
Derivatives, Fair Value [Line Items] | ||
Notional amount | ¥ 8,621 | |
Foreign exchange contracts | Futures | Variable Annuity and Variable Life Insurance Contracts | ||
Derivatives, Fair Value [Line Items] | ||
Notional amount | ¥ 35,875 |
Derivative Financial Instrume_6
Derivative Financial Instruments and Hedging (Derivative instruments and hedging activitites excluded component for determining hedge effectiveness) (Detail) - Not Designated as Hedging Instrument [Member] - JPY (¥) ¥ in Millions | 3 Months Ended | 9 Months Ended | ||||||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2020 | Dec. 31, 2019 | |||||
Interest Expense [Member] | Foreign exchange contracts | ||||||||
Gains (losses) recognized in income on derivative | ¥ 411 | ¥ 1,119 | ¥ 1,923 | ¥ 3,635 | ||||
Interest Expense [Member] | Options held/written and other | ||||||||
Gains (losses) recognized in income on derivative | 0 | 0 | 0 | 0 | ||||
Interest Expense [Member] | Fair Value Hedging [Member] | Foreign exchange contracts | ||||||||
Gains (losses) recognized in income on derivative | 0 | 5 | ||||||
Interest Expense [Member] | Fair Value Hedging [Member] | Options held/written and other | ||||||||
Gains (losses) recognized in income on derivative | 0 | 0 | ||||||
Other (income) and expense | Foreign exchange contracts | ||||||||
Gains (losses) recognized in income on derivative | (752) | 6,017 | 640 | 1,494 | ||||
Other (income) and expense | Options held/written and other | ||||||||
Gains (losses) recognized in income on derivative | 317 | 1,328 | (1) | 1,202 | ||||
Other (income) and expense | Fair Value Hedging [Member] | Foreign exchange contracts | ||||||||
Gains (losses) recognized in income on derivative | 0 | 0 | ||||||
Other (income) and expense | Fair Value Hedging [Member] | Options held/written and other | ||||||||
Gains (losses) recognized in income on derivative | 8 | 24 | ||||||
Other Income (Expense), Net and Life Insurance Premiums and Related Investment Income (Loss) [Member] | Foreign exchange contracts | ||||||||
Gains (losses) recognized in other comprehensive income on derivative | (1,324) | |||||||
Gains (losses) reclassified from other comprehensive income (loss) into income | (904) | |||||||
Gains (losses) recognized in income on derivative | (40) | [1] | (337) | [2] | 56 | [3] | 177 | [4] |
Other Income (Expense), Net and Life Insurance Premiums and Related Investment Income (Loss) [Member] | Options held/written and other | ||||||||
Gains (losses) recognized in income on derivative | (9) | [1] | ¥ (85) | [2] | (598) | [3] | ¥ (180) | [4] |
Other Income (Expense), Net and Life Insurance Premiums and Related Investment Income (Loss) [Member] | Fair Value Hedging [Member] | Foreign exchange contracts | ||||||||
Gains (losses) recognized in income on derivative | (158) | (1,080) | ||||||
Other Income (Expense), Net and Life Insurance Premiums and Related Investment Income (Loss) [Member] | Fair Value Hedging [Member] | Options held/written and other | ||||||||
Gains (losses) recognized in income on derivative | ¥ 0 | ¥ 0 | ||||||
[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 December 31, 2020 (see Note 18 “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 December 31, 2019 (see Note 18 “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 nine months ended December 31, 2020 (see Note 18 “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 nine months ended December 31, 2019 (see Note 18 “Life Insurance Operations”). |
Derivative Financial Instrume_7
Derivative Financial Instruments and Hedging (Derivative instruments fair value hedge assets and liabilities) (Detail) - JPY (¥) ¥ in Millions | Dec. 31, 2020 | Mar. 31, 2020 | [1] |
Carrying amount | ¥ 332,701 | ¥ 320,344 | |
The cumulative amount of fair value hedging adjustments included in the carrying amount | 22,974 | 24,397 | |
Carrying amount | 0 | 0 | |
The cumulative amount of fair value hedging adjustments included in the carrying amount | ¥ 0 | ¥ 0 | |
[1] | Accumulated fair value hedge adjustments of ¥(1,599) million are included for hedged items for which hedge accounting has been discontinued. |
Derivative Financial Instrume_8
Derivative Financial Instruments and Hedging (Derivative instruments fair value hedge assets and liabilities) (Parenthetical) (Detail) ¥ in Millions | Mar. 31, 2020JPY (¥) |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Accumulated fair value hedge adjustments assets | ¥ (1,599) |
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 | Dec. 31, 2020 | Mar. 31, 2020 | |
Offsetting Asset and Liabilities [Line Items] | |||
Gross amounts recognized, assets | ¥ 22,301 | ¥ 39,690 | |
Gross amounts offset in the consolidated balance sheets, assets | (1,462) | (9,152) | |
Net amounts presented in the consolidated balance sheets, assets | 20,839 | 30,538 | |
Gross amounts not offset in the consolidated balance sheets, financial instruments, assets | [1] | 0 | (598) |
Gross amounts not offset in the consolidated balance sheets, collateral, assets | [1] | 0 | (843) |
Net amount, assets | 20,839 | 29,097 | |
Gross amounts recognized, liabilities | 66,249 | 73,649 | |
Gross amounts offset in the consolidated balance sheets, liabilities | (1,462) | (9,152) | |
Net amounts presented in the consolidated balance sheets, liabilities | 64,787 | 64,497 | |
Gross amounts not offset in the consolidated balance sheets, financial instruments, liabilities | [1] | (19,092) | (25,997) |
Gross amounts not offset in the consolidated balance sheets, collateral, liabilities | [1] | (998) | 0 |
Net amount, liabilities | 44,697 | 38,500 | |
Derivative liabilities | |||
Offsetting Asset and Liabilities [Line Items] | |||
Gross amounts recognized, liabilities | 66,249 | 73,649 | |
Gross amounts offset in the consolidated balance sheets, liabilities | (1,462) | (9,152) | |
Net amounts presented in the consolidated balance sheets, liabilities | 64,787 | 64,497 | |
Gross amounts not offset in the consolidated balance sheets, financial instruments, liabilities | [1] | (19,092) | (25,997) |
Gross amounts not offset in the consolidated balance sheets, collateral, liabilities | [1] | (998) | 0 |
Net amount, liabilities | 44,697 | 38,500 | |
Derivative assets | |||
Offsetting Asset and Liabilities [Line Items] | |||
Gross amounts recognized, assets | 22,301 | 39,690 | |
Gross amounts offset in the consolidated balance sheets, assets | (1,462) | (9,152) | |
Net amounts presented in the consolidated balance sheets, assets | 20,839 | 30,538 | |
Gross amounts not offset in the consolidated balance sheets, financial instruments, assets | [1] | 0 | (598) |
Gross amounts not offset in the consolidated balance sheets, collateral, assets | [1] | 0 | (843) |
Net amount, assets | ¥ 20,839 | ¥ 29,097 | |
[1] | The balances related to enforceable master netting agreements or similar agreements which were not offset in the consolidated balance sheets. |
Estimated Fair Value of Finan_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 | Dec. 31, 2020 | Mar. 31, 2020 | Dec. 31, 2019 | |||
Assets: | ||||||
Cash and cash equivalents | ¥ 998,058 | ¥ 982,666 | ¥ 902,312 | |||
Restricted Cash | 134,980 | 152,618 | ¥ 118,297 | |||
Equity securities | [1] | 537,485 | 492,902 | |||
Trading debt securities | 2,748 | 7,431 | ||||
Available-for-sale debt securities | 1,893,060 | 1,631,185 | ||||
Held-to-maturity debt securities | 113,403 | 113,805 | ||||
Other Assets: | ||||||
Derivative assets | 20,839 | 30,538 | ||||
Liabilities: | ||||||
Short-term debt | 371,455 | 336,832 | ||||
Deposits | 2,341,173 | 2,231,703 | ||||
Long-term debt | 4,336,490 | 4,279,354 | ||||
Other Liabilities: | ||||||
Derivative liabilities | 64,787 | 64,497 | ||||
Level 1 | ||||||
Assets: | ||||||
Cash and cash equivalents | 998,058 | 982,666 | ||||
Restricted Cash | 134,980 | 152,618 | ||||
Installment loans (net of allowance for probable loan losses) | 0 | |||||
Installment loans (net of allowance for credit loan losses) | 0 | |||||
Equity securities | 81,169 | [2] | 58,400 | [3] | ||
Trading debt securities | 0 | 0 | ||||
Available-for-sale debt securities | 6,303 | 21,490 | ||||
Held-to-maturity debt securities | 0 | 0 | ||||
Other Assets: | ||||||
Time deposits | 0 | 0 | ||||
Derivative assets | [4] | 0 | 0 | |||
Reinsurance recoverables (Investment contracts) | 0 | 0 | ||||
Liabilities: | ||||||
Short-term debt | 0 | 0 | ||||
Deposits | 0 | 0 | ||||
Policy liabilities and Policy account balances (Investment contracts) | 0 | 0 | ||||
Long-term debt | 0 | 0 | ||||
Other Liabilities: | ||||||
Derivative liabilities | [4] | 0 | 0 | |||
Level 2 | ||||||
Assets: | ||||||
Cash and cash equivalents | 0 | 0 | ||||
Restricted Cash | 0 | 0 | ||||
Installment loans (net of allowance for probable loan losses) | 207,950 | |||||
Installment loans (net of allowance for credit loan losses) | 237,266 | |||||
Equity securities | 241,869 | [2] | 232,873 | [3] | ||
Trading debt securities | 2,748 | 7,431 | ||||
Available-for-sale debt securities | 1,777,375 | 1,521,342 | ||||
Held-to-maturity debt securities | 117,318 | 118,472 | ||||
Other Assets: | ||||||
Time deposits | 4,296 | 5,918 | ||||
Derivative assets | [4] | 0 | 0 | |||
Reinsurance recoverables (Investment contracts) | 0 | 0 | ||||
Liabilities: | ||||||
Short-term debt | 371,455 | 336,832 | ||||
Deposits | 2,182,692 | 2,088,513 | ||||
Policy liabilities and Policy account balances (Investment contracts) | 0 | 0 | ||||
Long-term debt | 1,225,889 | 1,247,587 | ||||
Other Liabilities: | ||||||
Derivative liabilities | [4] | 0 | 0 | |||
Level 3 | ||||||
Assets: | ||||||
Cash and cash equivalents | 0 | 0 | ||||
Restricted Cash | 0 | 0 | ||||
Installment loans (net of allowance for probable loan losses) | 3,445,092 | |||||
Installment loans (net of allowance for credit loan losses) | 3,391,795 | |||||
Equity securities | 75,960 | [2] | 83,901 | [3] | ||
Trading debt securities | 0 | 0 | ||||
Available-for-sale debt securities | 109,382 | 88,353 | ||||
Held-to-maturity debt securities | 23,661 | 24,717 | ||||
Other Assets: | ||||||
Time deposits | 0 | 0 | ||||
Derivative assets | [4] | 0 | 0 | |||
Reinsurance recoverables (Investment contracts) | 7,830 | 8,298 | ||||
Liabilities: | ||||||
Short-term debt | 0 | 0 | ||||
Deposits | 0 | 0 | ||||
Policy liabilities and Policy account balances (Investment contracts) | 193,397 | 214,048 | ||||
Long-term debt | 3,140,409 | 3,044,110 | ||||
Other Liabilities: | ||||||
Derivative liabilities | [4] | 0 | 0 | |||
Carrying amount | ||||||
Assets: | ||||||
Cash and cash equivalents | 998,058 | 982,666 | ||||
Restricted Cash | 134,980 | 152,618 | ||||
Installment loans (net of allowance for probable loan losses) | 3,695,342 | |||||
Installment loans (net of allowance for credit loan losses) | 3,637,813 | |||||
Equity securities | 398,998 | [2] | 375,174 | [3] | ||
Trading debt securities | 2,748 | 7,431 | ||||
Available-for-sale debt securities | 1,893,060 | 1,631,185 | ||||
Held-to-maturity debt securities | 113,403 | 113,805 | ||||
Other Assets: | ||||||
Time deposits | 4,296 | 5,918 | ||||
Derivative assets | [4] | 20,839 | 30,538 | |||
Reinsurance recoverables (Investment contracts) | 7,615 | 8,625 | ||||
Liabilities: | ||||||
Short-term debt | 371,455 | 336,832 | ||||
Deposits | 2,181,301 | 2,086,765 | ||||
Policy liabilities and Policy account balances (Investment contracts) | 193,284 | 213,885 | ||||
Long-term debt | 4,336,490 | 4,279,354 | ||||
Other Liabilities: | ||||||
Derivative liabilities | [4] | 64,787 | 64,497 | |||
Estimated fair value | ||||||
Assets: | ||||||
Cash and cash equivalents | 998,058 | 982,666 | ||||
Restricted Cash | 134,980 | 152,618 | ||||
Installment loans (net of allowance for probable loan losses) | 3,653,042 | |||||
Installment loans (net of allowance for credit loan losses) | 3,629,061 | |||||
Equity securities | 398,998 | [2] | 375,174 | [3] | ||
Trading debt securities | 2,748 | 7,431 | ||||
Available-for-sale debt securities | 1,893,060 | 1,631,185 | ||||
Held-to-maturity debt securities | 140,979 | 143,189 | ||||
Other Assets: | ||||||
Time deposits | 4,296 | 5,918 | ||||
Derivative assets | [4] | 20,839 | 30,538 | |||
Reinsurance recoverables (Investment contracts) | 7,830 | 8,298 | ||||
Liabilities: | ||||||
Short-term debt | 371,455 | 336,832 | ||||
Deposits | 2,182,692 | 2,088,513 | ||||
Policy liabilities and Policy account balances (Investment contracts) | 193,397 | 214,048 | ||||
Long-term debt | 4,366,298 | 4,291,697 | ||||
Other Liabilities: | ||||||
Derivative liabilities | [4] | ¥ 64,787 | ¥ 64,497 | |||
[1] | The amount of assets under management of variable annuity and variable life insurance contracts included in equity securities were ¥254,853 million and ¥269,056 million as of March 31, 2020 and December 31, 2020, respectively. The amount of investment funds that are accounted for under the equity method included in equity securities were ¥70,129 million and ¥81,347 million as of March 31, 2020 and December 31, 2020, respectively. The amount of investment funds elected for the fair value option included in equity securities were ¥6,326 million and ¥4,471 million as of March 31, 2020 and December 31, 2020, respectively. | |||||
[2] | The amount of ¥12,480 million of investment funds measured at net asset value per share is not included. | |||||
[3] | The amount of ¥11,631 million of investment funds measured at net asset value per share is not included. | |||||
[4] | It represents the amount after offset under counterparty netting of derivative assets and liabilities. For the information of input level before netting, see Note 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) - Estimated fair value - Investment in securities - JPY (¥) ¥ in Millions | Dec. 31, 2020 | Mar. 31, 2020 |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Not practicable to estimate fair value | ¥ 12,480 | |
Investment funds | ¥ 11,631 |
Commitments, Guarantees, and Co
Commitments, Guarantees, and Contingent Liabilities - Additional Information (Detail) - JPY (¥) ¥ in Millions | 3 Months Ended | 9 Months Ended | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2020 | Dec. 31, 2019 | Mar. 31, 2020 | |
Commitments and Contingencies Disclosure [Line Items] | |||||
Commitments for purchase of equipment to be leased at cost | ¥ 4,343 | ¥ 3,027 | |||
Payments for computer systems under non-cancelable contracts | ¥ 1,614 | ¥ 1,787 | 4,748 | ¥ 5,301 | |
Estimated construction costs | 68,744 | 68,744 | 78,509 | ||
Total unused credit and capital amount available | 392,734 | 392,734 | 377,870 | ||
Guarantee Obligations Maximum Exposure | 1,315,728 | 1,315,728 | 1,217,122 | ||
Guarantee Obligations Current Carrying Value | 67,303 | 67,303 | 53,877 | ||
Outstanding principal amount of loans transferred under Delegated Underwriting and Servicing program | 1,709,329 | 1,709,329 | 1,643,060 | ||
Investment in securities pledged for primarily collateral deposits | 244,487 | 244,487 | 166,888 | ||
Secured debt | 52,773 | 52,773 | 60,104 | ||
Investments In Subsidaries Pledged | 10,257 | 10,257 | 10,587 | ||
Other liabilities | |||||
Commitments and Contingencies Disclosure [Line Items] | |||||
Off-balance sheet credit exposure | 27,190 | 27,190 | |||
Secured By Share | |||||
Commitments and Contingencies Disclosure [Line Items] | |||||
Secured debt | 71,460 | 71,460 | 69,313 | ||
Corporate Loans | |||||
Commitments and Contingencies Disclosure [Line Items] | |||||
Guarantee Obligations Maximum Exposure | 474,217 | 474,217 | 490,839 | ||
Guarantee Obligations Current Carrying Value | 4,769 | 4,769 | 6,065 | ||
Performance Guarantee | Corporate Loans | |||||
Commitments and Contingencies Disclosure [Line Items] | |||||
Guarantee Obligations Maximum Exposure | 715,000 | 715,000 | 715,000 | ||
Guarantee Obligations Current Carrying Value | ¥ 1,938 | ¥ 1,938 | ¥ 2,498 |
Commitments, Guarantees and C_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 | Dec. 31, 2020 | Mar. 31, 2020 |
Commitments and Contingencies Disclosure [Abstract] | ||
Within one year | ¥ 3,802 | ¥ 3,183 |
More than one year | 2,826 | 2,728 |
Total | ¥ 6,628 | ¥ 5,911 |
Commitments, Guarantees, and _2
Commitments, Guarantees, and Contingent Liabilities (Summary of Potential Future Payments, Book Value Recorded as Guarantee Liabilities of Guarantee Contracts Outstanding and Maturity of Longest Guarantee Contracts) (Detail) - JPY (¥) ¥ in Millions | 12 Months Ended | |
Dec. 31, 2020 | Mar. 31, 2020 | |
Guarantor Obligations [Line Items] | ||
Potential future payment | ¥ 1,315,728 | ¥ 1,217,122 |
Book value of guarantee liabilities | 67,303 | 53,877 |
Transferred Loans | ||
Guarantor Obligations [Line Items] | ||
Potential future payment | 531,216 | 355,452 |
Book value of guarantee liabilities | ¥ 4,800 | ¥ 2,371 |
Maturity of the longest contract (Years) | 2061 | 2060 |
Consumer Loans | ||
Guarantor Obligations [Line Items] | ||
Potential future payment | ¥ 298,624 | ¥ 341,466 |
Book value of guarantee liabilities | ¥ 53,281 | ¥ 41,019 |
Maturity of the longest contract (Years) | 2031 | 2031 |
Real Estate Loans | ||
Guarantor Obligations [Line Items] | ||
Potential future payment | ¥ 10,999 | ¥ 29,235 |
Book value of guarantee liabilities | ¥ 4,184 | ¥ 4,422 |
Maturity of the longest contract (Years) | 2048 | 2048 |
Other Guarantees | ||
Guarantor Obligations [Line Items] | ||
Potential future payment | ¥ 672 | ¥ 130 |
Book value of guarantee liabilities | ¥ 269 | ¥ 0 |
Maturity of the longest contract (Years) | 2035 | 2024 |
Corporate Loans | ||
Guarantor Obligations [Line Items] | ||
Potential future payment | ¥ 474,217 | ¥ 490,839 |
Book value of guarantee liabilities | ¥ 4,769 | ¥ 6,065 |
Maturity of the longest contract (Years) | 2027 | 2026 |
Commitments, Guarantees, and _3
Commitments, Guarantees, and Contingent Liabilities (Assets Provided as Collateral for Short-Term and Long-Term Debt Payables to Financial Institutions) (Detail) - JPY (¥) ¥ in Millions | Dec. 31, 2020 | Mar. 31, 2020 |
Debt Disclosure [Abstract] | ||
Lease payments, loans and investment in operating leases | ¥ 146,882 | ¥ 198,160 |
Investment in securities | 171,097 | 167,800 |
Property under facility operations | 27,555 | 28,275 |
Other assets and other | 26,013 | 26,982 |
Total | ¥ 371,547 | ¥ 421,217 |
Segment Information (Financial
Segment Information (Financial Information of Segments) (Detail) - JPY (¥) ¥ in Millions | 3 Months Ended | 9 Months Ended | |||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2020 | Dec. 31, 2019 | Mar. 31, 2020 | |
Segment Reporting Information [Line Items] | |||||
Revenues | ¥ 580,956 | ¥ 582,340 | ¥ 1,665,694 | ¥ 1,717,785 | |
Segment profits | 49,823 | 86,145 | 145,315 | 247,809 | |
Segment assets | 13,324,491 | 13,324,491 | ¥ 13,067,528 | ||
Operating Segment | |||||
Segment Reporting Information [Line Items] | |||||
Revenues | 582,185 | 583,252 | 1,669,454 | 1,717,695 | |
Segment profits | 81,910 | 129,278 | 231,430 | 370,785 | |
Segment assets | 11,148,953 | 11,148,953 | 10,883,545 | ||
Operating Segment | Corporate Financial Services and Maintenance Leasing | |||||
Segment Reporting Information [Line Items] | |||||
Revenues | 110,082 | 109,655 | 318,673 | 321,201 | |
Segment profits | 16,243 | 17,216 | 41,191 | 49,797 | |
Segment assets | 1,690,586 | 1,690,586 | 1,789,693 | ||
Operating Segment | Real Estate | |||||
Segment Reporting Information [Line Items] | |||||
Revenues | 86,645 | 103,431 | 253,921 | 332,859 | |
Segment profits | 5,248 | 10,514 | 15,603 | 57,958 | |
Segment assets | 834,678 | 834,678 | 821,194 | ||
Operating Segment | PE Investment And Concession | |||||
Segment Reporting Information [Line Items] | |||||
Revenues | 86,077 | 80,047 | 243,903 | 223,891 | |
Segment profits | 180 | 24,007 | 4,257 | 43,656 | |
Segment assets | 398,970 | 398,970 | 322,522 | ||
Operating Segment | Environment And Energy | |||||
Segment Reporting Information [Line Items] | |||||
Revenues | 32,030 | 34,585 | 103,448 | 112,912 | |
Segment profits | 3,662 | 3,058 | 17,794 | 11,585 | |
Segment assets | 479,280 | 479,280 | 478,796 | ||
Operating Segment | Insurance | |||||
Segment Reporting Information [Line Items] | |||||
Revenues | 123,454 | 109,096 | 359,208 | 293,296 | |
Segment profits | 15,947 | 17,651 | 50,663 | 43,577 | |
Segment assets | 1,887,966 | 1,887,966 | 1,580,158 | ||
Operating Segment | Banking and credit | |||||
Segment Reporting Information [Line Items] | |||||
Revenues | 21,410 | 21,042 | 63,071 | 62,830 | |
Segment profits | 12,720 | 10,672 | 36,959 | 29,441 | |
Segment assets | 2,707,265 | 2,707,265 | 2,603,736 | ||
Operating Segment | Aircraft and ships | |||||
Segment Reporting Information [Line Items] | |||||
Revenues | 7,693 | 16,958 | 22,569 | 46,392 | |
Segment profits | (1,597) | 16,452 | 3,116 | 33,294 | |
Segment assets | 559,971 | 559,971 | 585,304 | ||
Operating Segment | ORIX USA | |||||
Segment Reporting Information [Line Items] | |||||
Revenues | 37,225 | 34,132 | 95,084 | 100,054 | |
Segment profits | 16,134 | 14,395 | 27,548 | 50,289 | |
Segment assets | 1,235,854 | 1,235,854 | 1,374,027 | ||
Operating Segment | ORIX Europe | |||||
Segment Reporting Information [Line Items] | |||||
Revenues | 43,713 | 40,721 | 116,759 | 117,923 | |
Segment profits | 9,625 | 8,424 | 25,916 | 25,112 | |
Segment assets | 337,172 | 337,172 | 317,847 | ||
Operating Segment | Asia and Australia | |||||
Segment Reporting Information [Line Items] | |||||
Revenues | 33,856 | 33,585 | 92,818 | 106,337 | |
Segment profits | 3,748 | ¥ 6,889 | 8,383 | ¥ 26,076 | |
Segment assets | ¥ 1,017,211 | ¥ 1,017,211 | ¥ 1,010,268 |
Segment Information (Reconcilia
Segment Information (Reconciliation of Segment Totals to Consolidated Financial Statement Amounts) (Detail) - JPY (¥) ¥ in Millions | 3 Months Ended | 9 Months Ended | ||||||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2020 | Dec. 31, 2019 | Sep. 30, 2020 | Mar. 31, 2020 | Sep. 30, 2019 | Mar. 31, 2019 | |
Segment revenues: | ||||||||
Revenues | ¥ 580,956 | ¥ 582,340 | ¥ 1,665,694 | ¥ 1,717,785 | ||||
Segment profits: | ||||||||
Total segment profits | 73,864 | 75,020 | 193,703 | 236,722 | ||||
Net income attributable to the noncontrolling interests and net income attributable to the redeemable noncontrolling interests | 23 | (359) | ||||||
Income before Income Taxes | 75,407 | 121,829 | 209,581 | 350,458 | ||||
Segment assets: | ||||||||
Allowance for doubtful receivables on finance leases and probable loan losses | (81,661) | (56,922) | (81,661) | (56,922) | ¥ (86,795) | ¥ (56,836) | ¥ (55,173) | ¥ (58,011) |
Trade Notes, Accounts and Other Receivable | 294,615 | 294,615 | 312,744 | |||||
Other corporate assets | 1,583,380 | 1,583,380 | 1,495,472 | |||||
Assets | 13,324,491 | 13,324,491 | 13,067,528 | |||||
Operating Segment | ||||||||
Segment revenues: | ||||||||
Revenues | 582,185 | 583,252 | 1,669,454 | 1,717,695 | ||||
Segment profits: | ||||||||
Total segment profits | 81,910 | 129,278 | 231,430 | 370,785 | ||||
Segment assets: | ||||||||
Assets | 11,148,953 | 11,148,953 | 10,883,545 | |||||
Corporate, Non-Segment | ||||||||
Segment revenues: | ||||||||
Revenues | 3,024 | 3,803 | 8,957 | 14,043 | ||||
Segment profits: | ||||||||
Corporate profits (losses) | (8,393) | (9,122) | (25,902) | (24,532) | ||||
Net income attributable to the noncontrolling interests and net income attributable to the redeemable noncontrolling interests | 1,890 | 1,673 | 4,053 | 4,205 | ||||
Segment assets: | ||||||||
Cash and cash equivalents, restricted cash | 1,133,038 | 1,133,038 | 1,135,284 | |||||
Allowance for doubtful receivables on finance leases and probable loan losses | 0 | 0 | (56,836) | |||||
Allowance For Credit Losses | (80,866) | (80,866) | 0 | |||||
Trade Notes, Accounts and Other Receivable | 294,615 | 294,615 | 312,744 | |||||
Other corporate assets | 828,751 | 828,751 | ¥ 792,791 | |||||
Intersegment Eliminations | ||||||||
Segment revenues: | ||||||||
Revenues | ¥ (4,253) | ¥ (4,715) | ¥ (12,717) | ¥ (13,953) |
Segment Information (Geographic
Segment Information (Geographical Revenues and Income before Income Taxes) (Detail) - JPY (¥) ¥ in Millions | 3 Months Ended | 9 Months Ended | |||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2020 | Dec. 31, 2019 | ||
Segment Reporting Information [Line Items] | |||||
Total Revenues | ¥ 580,956 | ¥ 582,340 | ¥ 1,665,694 | ¥ 1,717,785 | |
Income before Income Taxes | 75,407 | 121,829 | 209,581 | 350,458 | |
Japan | Reportable Geographical Components | |||||
Segment Reporting Information [Line Items] | |||||
Total Revenues | 453,651 | 456,958 | 1,323,978 | 1,346,578 | |
Income before Income Taxes | 40,474 | 77,642 | 136,934 | 218,366 | |
The Americas | Reportable Geographical Components | |||||
Segment Reporting Information [Line Items] | |||||
Total Revenues | [1] | 55,776 | 52,623 | 147,647 | 154,143 |
Income before Income Taxes | [1] | 21,675 | 19,471 | 41,401 | 65,204 |
Other Countries | Reportable Geographical Components | |||||
Segment Reporting Information [Line Items] | |||||
Total Revenues | [2] | 71,529 | 72,759 | 194,069 | 217,064 |
Income before Income Taxes | [2] | ¥ 13,258 | ¥ 24,716 | ¥ 31,246 | ¥ 66,888 |
[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 | 9 Months Ended | |||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2020 | Dec. 31, 2019 | ||
Segment Reporting Information [Line Items] | |||||
Revenues from contracts with customers | ¥ 275,680 | ¥ 289,145 | ¥ 781,423 | ¥ 866,201 | |
Segment revenues /Total revenues | 580,956 | 582,340 | 1,665,694 | 1,717,785 | |
Sales of Goods | |||||
Segment Reporting Information [Line Items] | |||||
Revenues from contracts with customers | 83,184 | 75,435 | 236,495 | 214,858 | |
Real Estate Sales | |||||
Segment Reporting Information [Line Items] | |||||
Revenues from contracts with customers | 14,704 | 20,198 | 54,046 | 65,269 | |
Asset Management and Servicing | |||||
Segment Reporting Information [Line Items] | |||||
Revenues from contracts with customers | 47,015 | 49,538 | 123,942 | 139,280 | |
Automobile related services | |||||
Segment Reporting Information [Line Items] | |||||
Revenues from contracts with customers | 19,217 | 20,677 | 54,014 | 58,956 | |
Facilities operation | |||||
Segment Reporting Information [Line Items] | |||||
Revenues from contracts with customers | 10,683 | 16,355 | 18,570 | 58,170 | |
Environment and energy services | |||||
Segment Reporting Information [Line Items] | |||||
Revenues from contracts with customers | 29,705 | 32,220 | 99,345 | 108,347 | |
Real estate management and brokerage | |||||
Segment Reporting Information [Line Items] | |||||
Revenues from contracts with customers | 26,781 | 26,392 | 75,735 | 77,858 | |
Real estate contract work | |||||
Segment Reporting Information [Line Items] | |||||
Revenues from contracts with customers | 20,841 | 22,657 | 54,400 | 65,338 | |
Other | |||||
Segment Reporting Information [Line Items] | |||||
Revenues from contracts with customers | 23,550 | 25,673 | 64,876 | 78,125 | |
Sales of Goods and Real Estate and Service [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Revenues from contracts with customers | 275,680 | 289,145 | 781,423 | 866,201 | |
Other Revenue | |||||
Segment Reporting Information [Line Items] | |||||
Revenues from contracts with customers | [1] | 305,276 | 293,195 | 884,271 | 851,584 |
Japan | |||||
Segment Reporting Information [Line Items] | |||||
Revenues from contracts with customers | 221,843 | 234,100 | 636,714 | 707,423 | |
The Americas | |||||
Segment Reporting Information [Line Items] | |||||
Revenues from contracts with customers | 22,438 | 27,374 | 62,107 | 76,367 | |
Other Countries | |||||
Segment Reporting Information [Line Items] | |||||
Revenues from contracts with customers | 31,399 | 27,671 | 82,602 | 82,411 | |
Operating Segment | |||||
Segment Reporting Information [Line Items] | |||||
Segment revenues /Total revenues | 582,185 | 583,252 | 1,669,454 | 1,717,695 | |
Operating Segment | Sales of Goods | |||||
Segment Reporting Information [Line Items] | |||||
Revenues from contracts with customers | 82,962 | 75,295 | 235,967 | 213,642 | |
Operating Segment | Real Estate Sales | |||||
Segment Reporting Information [Line Items] | |||||
Revenues from contracts with customers | 14,704 | 20,198 | 54,046 | 65,269 | |
Operating Segment | Asset Management and Servicing | |||||
Segment Reporting Information [Line Items] | |||||
Revenues from contracts with customers | 47,032 | 49,577 | 124,011 | 139,361 | |
Operating Segment | Automobile related services | |||||
Segment Reporting Information [Line Items] | |||||
Revenues from contracts with customers | 19,217 | 20,668 | 54,016 | 58,934 | |
Operating Segment | Facilities operation | |||||
Segment Reporting Information [Line Items] | |||||
Revenues from contracts with customers | 10,542 | 16,008 | 18,186 | 56,898 | |
Operating Segment | Environment and energy services | |||||
Segment Reporting Information [Line Items] | |||||
Revenues from contracts with customers | 30,068 | 32,407 | 100,433 | 108,895 | |
Operating Segment | Real estate management and brokerage | |||||
Segment Reporting Information [Line Items] | |||||
Revenues from contracts with customers | 27,030 | 26,813 | 77,240 | 79,744 | |
Operating Segment | Real estate contract work | |||||
Segment Reporting Information [Line Items] | |||||
Revenues from contracts with customers | 20,866 | 22,657 | 54,544 | 65,338 | |
Operating Segment | Other | |||||
Segment Reporting Information [Line Items] | |||||
Revenues from contracts with customers | 23,486 | 26,576 | 64,037 | 79,314 | |
Operating Segment | Sales of Goods and Real Estate and Service [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Revenues from contracts with customers | 275,907 | 290,199 | 782,480 | 867,395 | |
Operating Segment | Other Revenue | |||||
Segment Reporting Information [Line Items] | |||||
Revenues from contracts with customers | [1] | 306,278 | 293,053 | 886,974 | 850,300 |
Operating Segment | Corporate Financial Services and Maintenance Leasing | |||||
Segment Reporting Information [Line Items] | |||||
Segment revenues /Total revenues | 110,082 | 109,655 | 318,673 | 321,201 | |
Operating Segment | Corporate Financial Services and Maintenance Leasing | Sales of Goods | |||||
Segment Reporting Information [Line Items] | |||||
Revenues from contracts with customers | 2,761 | 3,033 | 7,422 | 9,057 | |
Operating Segment | Corporate Financial Services and Maintenance Leasing | Real Estate Sales | |||||
Segment Reporting Information [Line Items] | |||||
Revenues from contracts with customers | 0 | 0 | 0 | 0 | |
Operating Segment | Corporate Financial Services and Maintenance Leasing | Asset Management and Servicing | |||||
Segment Reporting Information [Line Items] | |||||
Revenues from contracts with customers | 81 | 77 | 249 | 237 | |
Operating Segment | Corporate Financial Services and Maintenance Leasing | Automobile related services | |||||
Segment Reporting Information [Line Items] | |||||
Revenues from contracts with customers | 16,093 | 16,270 | 45,233 | 45,782 | |
Operating Segment | Corporate Financial Services and Maintenance Leasing | Facilities operation | |||||
Segment Reporting Information [Line Items] | |||||
Revenues from contracts with customers | 0 | 0 | 0 | 0 | |
Operating Segment | Corporate Financial Services and Maintenance Leasing | Environment and energy services | |||||
Segment Reporting Information [Line Items] | |||||
Revenues from contracts with customers | 664 | 610 | 2,404 | 2,298 | |
Operating Segment | Corporate Financial Services and Maintenance Leasing | Real estate management and brokerage | |||||
Segment Reporting Information [Line Items] | |||||
Revenues from contracts with customers | 0 | 0 | 0 | 0 | |
Operating Segment | Corporate Financial Services and Maintenance Leasing | Real estate contract work | |||||
Segment Reporting Information [Line Items] | |||||
Revenues from contracts with customers | 0 | 0 | 0 | 0 | |
Operating Segment | Corporate Financial Services and Maintenance Leasing | Other | |||||
Segment Reporting Information [Line Items] | |||||
Revenues from contracts with customers | 12,888 | 11,862 | 36,316 | 33,395 | |
Operating Segment | Corporate Financial Services and Maintenance Leasing | Sales of Goods and Real Estate and Service [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Revenues from contracts with customers | 32,487 | 31,852 | 91,624 | 90,769 | |
Operating Segment | Corporate Financial Services and Maintenance Leasing | Other Revenue | |||||
Segment Reporting Information [Line Items] | |||||
Revenues from contracts with customers | [1] | 77,595 | 77,803 | 227,049 | 230,432 |
Operating Segment | Real Estate | |||||
Segment Reporting Information [Line Items] | |||||
Segment revenues /Total revenues | 86,645 | 103,431 | 253,921 | 332,859 | |
Operating Segment | Real Estate | Sales of Goods | |||||
Segment Reporting Information [Line Items] | |||||
Revenues from contracts with customers | 406 | 346 | 1,796 | 3,257 | |
Operating Segment | Real Estate | Real Estate Sales | |||||
Segment Reporting Information [Line Items] | |||||
Revenues from contracts with customers | 14,636 | 19,948 | 53,539 | 64,518 | |
Operating Segment | Real Estate | Asset Management and Servicing | |||||
Segment Reporting Information [Line Items] | |||||
Revenues from contracts with customers | 1,975 | 2,060 | 4,942 | 5,962 | |
Operating Segment | Real Estate | Automobile related services | |||||
Segment Reporting Information [Line Items] | |||||
Revenues from contracts with customers | 0 | 0 | 0 | 0 | |
Operating Segment | Real Estate | Facilities operation | |||||
Segment Reporting Information [Line Items] | |||||
Revenues from contracts with customers | 10,542 | 15,901 | 18,186 | 56,535 | |
Operating Segment | Real Estate | Environment and energy services | |||||
Segment Reporting Information [Line Items] | |||||
Revenues from contracts with customers | 0 | 0 | 0 | 0 | |
Operating Segment | Real Estate | Real estate management and brokerage | |||||
Segment Reporting Information [Line Items] | |||||
Revenues from contracts with customers | 27,030 | 26,813 | 77,240 | 79,744 | |
Operating Segment | Real Estate | Real estate contract work | |||||
Segment Reporting Information [Line Items] | |||||
Revenues from contracts with customers | 20,866 | 22,657 | 54,544 | 65,338 | |
Operating Segment | Real Estate | Other | |||||
Segment Reporting Information [Line Items] | |||||
Revenues from contracts with customers | 398 | 972 | 1,212 | 3,060 | |
Operating Segment | Real Estate | Sales of Goods and Real Estate and Service [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Revenues from contracts with customers | 75,853 | 88,697 | 211,459 | 278,414 | |
Operating Segment | Real Estate | Other Revenue | |||||
Segment Reporting Information [Line Items] | |||||
Revenues from contracts with customers | [1] | 10,792 | 14,734 | 42,462 | 54,445 |
Operating Segment | PE Investment And Concession | |||||
Segment Reporting Information [Line Items] | |||||
Segment revenues /Total revenues | 86,077 | 80,047 | 243,903 | 223,891 | |
Operating Segment | PE Investment And Concession | Sales of Goods | |||||
Segment Reporting Information [Line Items] | |||||
Revenues from contracts with customers | 77,910 | 70,354 | 222,327 | 194,055 | |
Operating Segment | PE Investment And Concession | Real Estate Sales | |||||
Segment Reporting Information [Line Items] | |||||
Revenues from contracts with customers | 0 | 0 | 0 | 0 | |
Operating Segment | PE Investment And Concession | Asset Management and Servicing | |||||
Segment Reporting Information [Line Items] | |||||
Revenues from contracts with customers | 8 | 9 | 25 | 28 | |
Operating Segment | PE Investment And Concession | Automobile related services | |||||
Segment Reporting Information [Line Items] | |||||
Revenues from contracts with customers | 0 | 0 | 0 | 0 | |
Operating Segment | PE Investment And Concession | Facilities operation | |||||
Segment Reporting Information [Line Items] | |||||
Revenues from contracts with customers | 0 | 0 | 0 | 0 | |
Operating Segment | PE Investment And Concession | Environment and energy services | |||||
Segment Reporting Information [Line Items] | |||||
Revenues from contracts with customers | 0 | 0 | 0 | 0 | |
Operating Segment | PE Investment And Concession | Real estate management and brokerage | |||||
Segment Reporting Information [Line Items] | |||||
Revenues from contracts with customers | 0 | 0 | 0 | 0 | |
Operating Segment | PE Investment And Concession | Real estate contract work | |||||
Segment Reporting Information [Line Items] | |||||
Revenues from contracts with customers | 0 | 0 | 0 | 0 | |
Operating Segment | PE Investment And Concession | Other | |||||
Segment Reporting Information [Line Items] | |||||
Revenues from contracts with customers | 6,029 | 8,254 | 15,563 | 27,188 | |
Operating Segment | PE Investment And Concession | Sales of Goods and Real Estate and Service [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Revenues from contracts with customers | 83,947 | 78,617 | 237,915 | 221,271 | |
Operating Segment | PE Investment And Concession | Other Revenue | |||||
Segment Reporting Information [Line Items] | |||||
Revenues from contracts with customers | [1] | 2,130 | 1,430 | 5,988 | 2,620 |
Operating Segment | Environment and energy services | |||||
Segment Reporting Information [Line Items] | |||||
Segment revenues /Total revenues | 32,030 | 34,585 | 103,448 | 112,912 | |
Operating Segment | Environment and energy services | Sales of Goods | |||||
Segment Reporting Information [Line Items] | |||||
Revenues from contracts with customers | 1,181 | 998 | 2,459 | 3,417 | |
Operating Segment | Environment and energy services | Real Estate Sales | |||||
Segment Reporting Information [Line Items] | |||||
Revenues from contracts with customers | 0 | 0 | 0 | 0 | |
Operating Segment | Environment and energy services | Asset Management and Servicing | |||||
Segment Reporting Information [Line Items] | |||||
Revenues from contracts with customers | 0 | 0 | 0 | 0 | |
Operating Segment | Environment and energy services | Automobile related services | |||||
Segment Reporting Information [Line Items] | |||||
Revenues from contracts with customers | 50 | 48 | 169 | 172 | |
Operating Segment | Environment and energy services | Facilities operation | |||||
Segment Reporting Information [Line Items] | |||||
Revenues from contracts with customers | 0 | 0 | 0 | 0 | |
Operating Segment | Environment and energy services | Environment and energy services | |||||
Segment Reporting Information [Line Items] | |||||
Revenues from contracts with customers | 29,224 | 31,591 | 97,240 | 105,810 | |
Operating Segment | Environment and energy services | Real estate management and brokerage | |||||
Segment Reporting Information [Line Items] | |||||
Revenues from contracts with customers | 0 | 0 | 0 | 0 | |
Operating Segment | Environment and energy services | Real estate contract work | |||||
Segment Reporting Information [Line Items] | |||||
Revenues from contracts with customers | 0 | 0 | 0 | 0 | |
Operating Segment | Environment and energy services | Other | |||||
Segment Reporting Information [Line Items] | |||||
Revenues from contracts with customers | 657 | 878 | 1,319 | 1,539 | |
Operating Segment | Environment and energy services | Sales of Goods and Real Estate and Service [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Revenues from contracts with customers | 31,112 | 33,515 | 101,187 | 110,938 | |
Operating Segment | Environment and energy services | Other Revenue | |||||
Segment Reporting Information [Line Items] | |||||
Revenues from contracts with customers | [1] | 918 | 1,070 | 2,261 | 1,974 |
Operating Segment | Insurance | |||||
Segment Reporting Information [Line Items] | |||||
Segment revenues /Total revenues | 123,454 | 109,096 | 359,208 | 293,296 | |
Operating Segment | Insurance | Sales of Goods | |||||
Segment Reporting Information [Line Items] | |||||
Revenues from contracts with customers | 0 | 0 | 0 | 0 | |
Operating Segment | Insurance | Real Estate Sales | |||||
Segment Reporting Information [Line Items] | |||||
Revenues from contracts with customers | 0 | 0 | 0 | 0 | |
Operating Segment | Insurance | Asset Management and Servicing | |||||
Segment Reporting Information [Line Items] | |||||
Revenues from contracts with customers | 0 | 0 | 0 | 0 | |
Operating Segment | Insurance | Automobile related services | |||||
Segment Reporting Information [Line Items] | |||||
Revenues from contracts with customers | 0 | 0 | 0 | 0 | |
Operating Segment | Insurance | Facilities operation | |||||
Segment Reporting Information [Line Items] | |||||
Revenues from contracts with customers | 0 | 0 | 0 | 0 | |
Operating Segment | Insurance | Environment and energy services | |||||
Segment Reporting Information [Line Items] | |||||
Revenues from contracts with customers | 0 | 0 | 0 | 0 | |
Operating Segment | Insurance | Real estate management and brokerage | |||||
Segment Reporting Information [Line Items] | |||||
Revenues from contracts with customers | 0 | 0 | 0 | 0 | |
Operating Segment | Insurance | Real estate contract work | |||||
Segment Reporting Information [Line Items] | |||||
Revenues from contracts with customers | 0 | 0 | 0 | 0 | |
Operating Segment | Insurance | Other | |||||
Segment Reporting Information [Line Items] | |||||
Revenues from contracts with customers | 411 | 260 | 1,191 | 784 | |
Operating Segment | Insurance | Sales of Goods and Real Estate and Service [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Revenues from contracts with customers | 411 | 260 | 1,191 | 784 | |
Operating Segment | Insurance | Other Revenue | |||||
Segment Reporting Information [Line Items] | |||||
Revenues from contracts with customers | [1] | 123,043 | 108,836 | 358,017 | 292,512 |
Operating Segment | Banking and Credit | |||||
Segment Reporting Information [Line Items] | |||||
Segment revenues /Total revenues | 21,410 | 21,042 | 63,071 | 62,830 | |
Operating Segment | Banking and Credit | Sales of Goods | |||||
Segment Reporting Information [Line Items] | |||||
Revenues from contracts with customers | 0 | 0 | 0 | 0 | |
Operating Segment | Banking and Credit | Real Estate Sales | |||||
Segment Reporting Information [Line Items] | |||||
Revenues from contracts with customers | 0 | 0 | 0 | 0 | |
Operating Segment | Banking and Credit | Asset Management and Servicing | |||||
Segment Reporting Information [Line Items] | |||||
Revenues from contracts with customers | 51 | 42 | 146 | 122 | |
Operating Segment | Banking and Credit | Automobile related services | |||||
Segment Reporting Information [Line Items] | |||||
Revenues from contracts with customers | 0 | 0 | 0 | 0 | |
Operating Segment | Banking and Credit | Facilities operation | |||||
Segment Reporting Information [Line Items] | |||||
Revenues from contracts with customers | 0 | 0 | 0 | 0 | |
Operating Segment | Banking and Credit | Environment and energy services | |||||
Segment Reporting Information [Line Items] | |||||
Revenues from contracts with customers | 0 | 0 | 0 | 0 | |
Operating Segment | Banking and Credit | Real estate management and brokerage | |||||
Segment Reporting Information [Line Items] | |||||
Revenues from contracts with customers | 0 | 0 | 0 | 0 | |
Operating Segment | Banking and Credit | Real estate contract work | |||||
Segment Reporting Information [Line Items] | |||||
Revenues from contracts with customers | 0 | 0 | 0 | 0 | |
Operating Segment | Banking and Credit | Other | |||||
Segment Reporting Information [Line Items] | |||||
Revenues from contracts with customers | 1,317 | 827 | 3,350 | 2,268 | |
Operating Segment | Banking and Credit | Sales of Goods and Real Estate and Service [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Revenues from contracts with customers | 1,368 | 869 | 3,496 | 2,390 | |
Operating Segment | Banking and Credit | Other Revenue | |||||
Segment Reporting Information [Line Items] | |||||
Revenues from contracts with customers | [1] | 20,042 | 20,173 | 59,575 | 60,440 |
Operating Segment | Aircraft and Ships | |||||
Segment Reporting Information [Line Items] | |||||
Segment revenues /Total revenues | 7,693 | 16,958 | 22,569 | 46,392 | |
Operating Segment | Aircraft and Ships | Sales of Goods | |||||
Segment Reporting Information [Line Items] | |||||
Revenues from contracts with customers | 0 | 0 | 0 | 2,680 | |
Operating Segment | Aircraft and Ships | Real Estate Sales | |||||
Segment Reporting Information [Line Items] | |||||
Revenues from contracts with customers | 0 | 0 | 0 | 0 | |
Operating Segment | Aircraft and Ships | Asset Management and Servicing | |||||
Segment Reporting Information [Line Items] | |||||
Revenues from contracts with customers | 5 | 5 | 18 | 15 | |
Operating Segment | Aircraft and Ships | Automobile related services | |||||
Segment Reporting Information [Line Items] | |||||
Revenues from contracts with customers | 0 | 0 | 0 | 0 | |
Operating Segment | Aircraft and Ships | Facilities operation | |||||
Segment Reporting Information [Line Items] | |||||
Revenues from contracts with customers | 0 | 0 | 0 | 0 | |
Operating Segment | Aircraft and Ships | Environment and energy services | |||||
Segment Reporting Information [Line Items] | |||||
Revenues from contracts with customers | 0 | 0 | 0 | 0 | |
Operating Segment | Aircraft and Ships | Real estate management and brokerage | |||||
Segment Reporting Information [Line Items] | |||||
Revenues from contracts with customers | 0 | 0 | 0 | 0 | |
Operating Segment | Aircraft and Ships | Real estate contract work | |||||
Segment Reporting Information [Line Items] | |||||
Revenues from contracts with customers | 0 | 0 | 0 | 0 | |
Operating Segment | Aircraft and Ships | Other | |||||
Segment Reporting Information [Line Items] | |||||
Revenues from contracts with customers | 739 | 2,322 | 2,231 | 6,368 | |
Operating Segment | Aircraft and Ships | Sales of Goods and Real Estate and Service [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Revenues from contracts with customers | 744 | 2,327 | 2,249 | 9,063 | |
Operating Segment | Aircraft and Ships | Other Revenue | |||||
Segment Reporting Information [Line Items] | |||||
Revenues from contracts with customers | [1] | 6,949 | 14,631 | 20,320 | 37,329 |
Operating Segment | ORIX USA | |||||
Segment Reporting Information [Line Items] | |||||
Segment revenues /Total revenues | 37,225 | 34,132 | 95,084 | 100,054 | |
Operating Segment | ORIX USA | Sales of Goods | |||||
Segment Reporting Information [Line Items] | |||||
Revenues from contracts with customers | 702 | 261 | 1,904 | 739 | |
Operating Segment | ORIX USA | Real Estate Sales | |||||
Segment Reporting Information [Line Items] | |||||
Revenues from contracts with customers | 68 | 250 | 507 | 751 | |
Operating Segment | ORIX USA | Asset Management and Servicing | |||||
Segment Reporting Information [Line Items] | |||||
Revenues from contracts with customers | 4,386 | 8,573 | 11,203 | 19,106 | |
Operating Segment | ORIX USA | Automobile related services | |||||
Segment Reporting Information [Line Items] | |||||
Revenues from contracts with customers | 0 | 0 | 0 | 0 | |
Operating Segment | ORIX USA | Facilities operation | |||||
Segment Reporting Information [Line Items] | |||||
Revenues from contracts with customers | 0 | 0 | 0 | 0 | |
Operating Segment | ORIX USA | Environment and energy services | |||||
Segment Reporting Information [Line Items] | |||||
Revenues from contracts with customers | 180 | 206 | 789 | 787 | |
Operating Segment | ORIX USA | Real estate management and brokerage | |||||
Segment Reporting Information [Line Items] | |||||
Revenues from contracts with customers | 0 | 0 | 0 | 0 | |
Operating Segment | ORIX USA | Real estate contract work | |||||
Segment Reporting Information [Line Items] | |||||
Revenues from contracts with customers | 0 | 0 | 0 | 0 | |
Operating Segment | ORIX USA | Other | |||||
Segment Reporting Information [Line Items] | |||||
Revenues from contracts with customers | 902 | 901 | 2,341 | 3,492 | |
Operating Segment | ORIX USA | Sales of Goods and Real Estate and Service [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Revenues from contracts with customers | 6,238 | 10,191 | 16,744 | 24,875 | |
Operating Segment | ORIX USA | Other Revenue | |||||
Segment Reporting Information [Line Items] | |||||
Revenues from contracts with customers | [1] | 30,987 | 23,941 | 78,340 | 75,179 |
Operating Segment | ORIX Europe | |||||
Segment Reporting Information [Line Items] | |||||
Segment revenues /Total revenues | 43,713 | 40,721 | 116,759 | 117,923 | |
Operating Segment | ORIX Europe | Sales of Goods | |||||
Segment Reporting Information [Line Items] | |||||
Revenues from contracts with customers | 0 | 0 | 0 | 0 | |
Operating Segment | ORIX Europe | Real Estate Sales | |||||
Segment Reporting Information [Line Items] | |||||
Revenues from contracts with customers | 0 | 0 | 0 | 0 | |
Operating Segment | ORIX Europe | Asset Management and Servicing | |||||
Segment Reporting Information [Line Items] | |||||
Revenues from contracts with customers | 40,526 | 38,810 | 107,428 | 113,887 | |
Operating Segment | ORIX Europe | Automobile related services | |||||
Segment Reporting Information [Line Items] | |||||
Revenues from contracts with customers | 0 | 0 | 0 | 0 | |
Operating Segment | ORIX Europe | Facilities operation | |||||
Segment Reporting Information [Line Items] | |||||
Revenues from contracts with customers | 0 | 0 | 0 | 0 | |
Operating Segment | ORIX Europe | Environment and energy services | |||||
Segment Reporting Information [Line Items] | |||||
Revenues from contracts with customers | 0 | 0 | 0 | 0 | |
Operating Segment | ORIX Europe | Real estate management and brokerage | |||||
Segment Reporting Information [Line Items] | |||||
Revenues from contracts with customers | 0 | 0 | 0 | 0 | |
Operating Segment | ORIX Europe | Real estate contract work | |||||
Segment Reporting Information [Line Items] | |||||
Revenues from contracts with customers | 0 | 0 | 0 | 0 | |
Operating Segment | ORIX Europe | Other | |||||
Segment Reporting Information [Line Items] | |||||
Revenues from contracts with customers | 15 | 22 | 67 | 328 | |
Operating Segment | ORIX Europe | Sales of Goods and Real Estate and Service [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Revenues from contracts with customers | 40,541 | 38,832 | 107,495 | 114,215 | |
Operating Segment | ORIX Europe | Other Revenue | |||||
Segment Reporting Information [Line Items] | |||||
Revenues from contracts with customers | [1] | 3,172 | 1,889 | 9,264 | 3,708 |
Operating Segment | Asia and Australia | |||||
Segment Reporting Information [Line Items] | |||||
Segment revenues /Total revenues | 33,856 | 33,585 | 92,818 | 106,337 | |
Operating Segment | Asia and Australia | Sales of Goods | |||||
Segment Reporting Information [Line Items] | |||||
Revenues from contracts with customers | 2 | 303 | 59 | 437 | |
Operating Segment | Asia and Australia | Real Estate Sales | |||||
Segment Reporting Information [Line Items] | |||||
Revenues from contracts with customers | 0 | 0 | 0 | 0 | |
Operating Segment | Asia and Australia | Asset Management and Servicing | |||||
Segment Reporting Information [Line Items] | |||||
Revenues from contracts with customers | 0 | 1 | 0 | 4 | |
Operating Segment | Asia and Australia | Automobile related services | |||||
Segment Reporting Information [Line Items] | |||||
Revenues from contracts with customers | 3,074 | 4,350 | 8,614 | 12,980 | |
Operating Segment | Asia and Australia | Facilities operation | |||||
Segment Reporting Information [Line Items] | |||||
Revenues from contracts with customers | 0 | 107 | 0 | 363 | |
Operating Segment | Asia and Australia | Environment and energy services | |||||
Segment Reporting Information [Line Items] | |||||
Revenues from contracts with customers | 0 | 0 | 0 | 0 | |
Operating Segment | Asia and Australia | Real estate management and brokerage | |||||
Segment Reporting Information [Line Items] | |||||
Revenues from contracts with customers | 0 | 0 | 0 | 0 | |
Operating Segment | Asia and Australia | Real estate contract work | |||||
Segment Reporting Information [Line Items] | |||||
Revenues from contracts with customers | 0 | 0 | 0 | 0 | |
Operating Segment | Asia and Australia | Other | |||||
Segment Reporting Information [Line Items] | |||||
Revenues from contracts with customers | 130 | 278 | 447 | 892 | |
Operating Segment | Asia and Australia | Sales of Goods and Real Estate and Service [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Revenues from contracts with customers | 3,206 | 5,039 | 9,120 | 14,676 | |
Operating Segment | Asia and Australia | Other Revenue | |||||
Segment Reporting Information [Line Items] | |||||
Revenues from contracts with customers | [1] | 30,650 | 28,546 | 83,698 | 91,661 |
Operating Segment | Japan | |||||
Segment Reporting Information [Line Items] | |||||
Revenues from contracts with customers | 221,807 | 234,356 | 637,070 | 706,086 | |
Operating Segment | Japan | Corporate Financial Services and Maintenance Leasing | |||||
Segment Reporting Information [Line Items] | |||||
Revenues from contracts with customers | 32,108 | 31,661 | 90,823 | 90,204 | |
Operating Segment | Japan | Real Estate | |||||
Segment Reporting Information [Line Items] | |||||
Revenues from contracts with customers | 75,853 | 88,697 | 211,459 | 278,414 | |
Operating Segment | Japan | PE Investment And Concession | |||||
Segment Reporting Information [Line Items] | |||||
Revenues from contracts with customers | 83,947 | 78,617 | 237,915 | 221,271 | |
Operating Segment | Japan | Environment and energy services | |||||
Segment Reporting Information [Line Items] | |||||
Revenues from contracts with customers | 27,854 | 33,272 | 91,564 | 109,877 | |
Operating Segment | Japan | Insurance | |||||
Segment Reporting Information [Line Items] | |||||
Revenues from contracts with customers | 411 | 260 | 1,191 | 784 | |
Operating Segment | Japan | Banking and Credit | |||||
Segment Reporting Information [Line Items] | |||||
Revenues from contracts with customers | 1,368 | 869 | 3,496 | 2,390 | |
Operating Segment | Japan | Aircraft and Ships | |||||
Segment Reporting Information [Line Items] | |||||
Revenues from contracts with customers | 266 | 979 | 621 | 3,126 | |
Operating Segment | Japan | ORIX USA | |||||
Segment Reporting Information [Line Items] | |||||
Revenues from contracts with customers | 0 | 0 | 0 | 0 | |
Operating Segment | Japan | ORIX Europe | |||||
Segment Reporting Information [Line Items] | |||||
Revenues from contracts with customers | 0 | 0 | 0 | 0 | |
Operating Segment | Japan | Asia and Australia | |||||
Segment Reporting Information [Line Items] | |||||
Revenues from contracts with customers | 0 | 1 | 1 | 20 | |
Operating Segment | The Americas | |||||
Segment Reporting Information [Line Items] | |||||
Revenues from contracts with customers | 22,438 | 27,374 | 62,107 | 76,367 | |
Operating Segment | The Americas | Corporate Financial Services and Maintenance Leasing | |||||
Segment Reporting Information [Line Items] | |||||
Revenues from contracts with customers | 0 | 0 | 0 | 0 | |
Operating Segment | The Americas | Real Estate | |||||
Segment Reporting Information [Line Items] | |||||
Revenues from contracts with customers | 0 | 0 | 0 | 0 | |
Operating Segment | The Americas | PE Investment And Concession | |||||
Segment Reporting Information [Line Items] | |||||
Revenues from contracts with customers | 0 | 0 | 0 | 0 | |
Operating Segment | The Americas | Environment and energy services | |||||
Segment Reporting Information [Line Items] | |||||
Revenues from contracts with customers | 0 | 0 | 0 | 0 | |
Operating Segment | The Americas | Insurance | |||||
Segment Reporting Information [Line Items] | |||||
Revenues from contracts with customers | 0 | 0 | 0 | 0 | |
Operating Segment | The Americas | Banking and Credit | |||||
Segment Reporting Information [Line Items] | |||||
Revenues from contracts with customers | 0 | 0 | 0 | 0 | |
Operating Segment | The Americas | Aircraft and Ships | |||||
Segment Reporting Information [Line Items] | |||||
Revenues from contracts with customers | 0 | 0 | 0 | 0 | |
Operating Segment | The Americas | ORIX USA | |||||
Segment Reporting Information [Line Items] | |||||
Revenues from contracts with customers | 6,238 | 10,191 | 16,744 | 24,875 | |
Operating Segment | The Americas | ORIX Europe | |||||
Segment Reporting Information [Line Items] | |||||
Revenues from contracts with customers | 16,200 | 17,183 | 45,363 | 51,492 | |
Operating Segment | The Americas | Asia and Australia | |||||
Segment Reporting Information [Line Items] | |||||
Revenues from contracts with customers | 0 | 0 | 0 | 0 | |
Operating Segment | Other Countries | |||||
Segment Reporting Information [Line Items] | |||||
Revenues from contracts with customers | 31,662 | 28,469 | 83,303 | 84,942 | |
Operating Segment | Other Countries | Corporate Financial Services and Maintenance Leasing | |||||
Segment Reporting Information [Line Items] | |||||
Revenues from contracts with customers | 379 | 191 | 801 | 565 | |
Operating Segment | Other Countries | Real Estate | |||||
Segment Reporting Information [Line Items] | |||||
Revenues from contracts with customers | 0 | 0 | 0 | 0 | |
Operating Segment | Other Countries | PE Investment And Concession | |||||
Segment Reporting Information [Line Items] | |||||
Revenues from contracts with customers | 0 | 0 | 0 | 0 | |
Operating Segment | Other Countries | Environment and energy services | |||||
Segment Reporting Information [Line Items] | |||||
Revenues from contracts with customers | 3,258 | 243 | 9,623 | 1,061 | |
Operating Segment | Other Countries | Insurance | |||||
Segment Reporting Information [Line Items] | |||||
Revenues from contracts with customers | 0 | 0 | 0 | 0 | |
Operating Segment | Other Countries | Banking and Credit | |||||
Segment Reporting Information [Line Items] | |||||
Revenues from contracts with customers | 0 | 0 | 0 | 0 | |
Operating Segment | Other Countries | Aircraft and Ships | |||||
Segment Reporting Information [Line Items] | |||||
Revenues from contracts with customers | 478 | 1,348 | 1,628 | 5,937 | |
Operating Segment | Other Countries | ORIX USA | |||||
Segment Reporting Information [Line Items] | |||||
Revenues from contracts with customers | 0 | 0 | 0 | 0 | |
Operating Segment | Other Countries | ORIX Europe | |||||
Segment Reporting Information [Line Items] | |||||
Revenues from contracts with customers | 24,341 | 21,649 | 62,132 | 62,723 | |
Operating Segment | Other Countries | Asia and Australia | |||||
Segment Reporting Information [Line Items] | |||||
Revenues from contracts with customers | 3,206 | 5,038 | 9,119 | 14,656 | |
Corporate And Intersegment Eliminations [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Segment revenues /Total revenues | (1,229) | (912) | (3,760) | 90 | |
Corporate And Intersegment Eliminations [Member] | Sales of Goods | |||||
Segment Reporting Information [Line Items] | |||||
Revenues from contracts with customers | 222 | 140 | 528 | 1,216 | |
Corporate And Intersegment Eliminations [Member] | Real Estate Sales | |||||
Segment Reporting Information [Line Items] | |||||
Revenues from contracts with customers | 0 | 0 | 0 | 0 | |
Corporate And Intersegment Eliminations [Member] | Asset Management and Servicing | |||||
Segment Reporting Information [Line Items] | |||||
Revenues from contracts with customers | (17) | (39) | (69) | (81) | |
Corporate And Intersegment Eliminations [Member] | Automobile related services | |||||
Segment Reporting Information [Line Items] | |||||
Revenues from contracts with customers | 0 | 9 | (2) | 22 | |
Corporate And Intersegment Eliminations [Member] | Facilities operation | |||||
Segment Reporting Information [Line Items] | |||||
Revenues from contracts with customers | 141 | 347 | 384 | 1,272 | |
Corporate And Intersegment Eliminations [Member] | Environment and energy services | |||||
Segment Reporting Information [Line Items] | |||||
Revenues from contracts with customers | (363) | (187) | (1,088) | (548) | |
Corporate And Intersegment Eliminations [Member] | Real estate management and brokerage | |||||
Segment Reporting Information [Line Items] | |||||
Revenues from contracts with customers | (249) | (421) | (1,505) | (1,886) | |
Corporate And Intersegment Eliminations [Member] | Real estate contract work | |||||
Segment Reporting Information [Line Items] | |||||
Revenues from contracts with customers | (25) | 0 | (144) | 0 | |
Corporate And Intersegment Eliminations [Member] | Other | |||||
Segment Reporting Information [Line Items] | |||||
Revenues from contracts with customers | 64 | (903) | 839 | (1,189) | |
Corporate And Intersegment Eliminations [Member] | Sales of Goods and Real Estate and Service [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Revenues from contracts with customers | (227) | (1,054) | (1,057) | (1,194) | |
Corporate And Intersegment Eliminations [Member] | Other Revenue | |||||
Segment Reporting Information [Line Items] | |||||
Revenues from contracts with customers | [1] | (1,002) | 142 | (2,703) | 1,284 |
Corporate And Intersegment Eliminations [Member] | Japan | |||||
Segment Reporting Information [Line Items] | |||||
Revenues from contracts with customers | 36 | (256) | (356) | 1,337 | |
Corporate And Intersegment Eliminations [Member] | The Americas | |||||
Segment Reporting Information [Line Items] | |||||
Revenues from contracts with customers | 0 | 0 | 0 | 0 | |
Corporate And Intersegment Eliminations [Member] | Other Countries | |||||
Segment Reporting Information [Line Items] | |||||
Revenues from contracts with customers | ¥ (263) | ¥ (798) | ¥ (701) | ¥ (2,531) | |
[1] | Other revenues include revenues that are not in the scope of revenue from contracts with customers, such as life insurance premiums and related investment income, operating leases, finance revenues that include interest income, and others. |
Subsequent Events - Additional
Subsequent Events - Additional Information (Detail) - Common Stock - Subsequent Event - JPY (¥) | Jan. 29, 2021 | Jan. 08, 2021 | Jan. 08, 2021 |
Subsequent Event [Line Items] | |||
Number of shares repurchased | 3,130,100 | 28,230,500 | |
Purchase price of shares repurchased | ¥ 5,280,520,400 | ¥ 44,199,883,050 | |
Repurchase period description | January 1, 2021 - January 8, 2021 | November 9, 2020 - January 8, 2021 | |
Number of shares cancelled | 28,230,500 | ||
Share cancellation date | Jan. 29, 2021 |