ORIX (IX) 6-K2021 Q2 Current report (foreign)
Filed: 12 Nov 21, 6:19am
1. |
Exhibit 101 | Inline XBRL Instance Document—the instance document does not appear in the Interactive Data File because its XBRL tags are embedded within the Inline XBRL document. | |
Exhibit 101 | Inline XBRL Schema Document. | |
Exhibit 101 | Inline XBRL Calculation Linkbase Document. | |
Exhibit 101 | Inline XBRL Definition Linkbase Document. | |
Exhibit 101 | Inline XBRL Labels Linkbase Document. | |
Exhibit 101 | Inline XBRL Presentation Linkbase Document. | |
Exhibit 104 | Cover Page Interactive Data File (formatted as Inline XBRL and contained in Exhibit 101) |
ORIX Corporation | ||||
Date: November 12, 2021 | By | /s/ SHOJI TANIGUCHI | ||
Shoji Taniguchi | ||||
Member of the Board of Directors Senior Managing Executive Officer Responsible for Treasury and Accounting Headquarters Responsible for Enterprise Risk Management Headquarters Responsible for Corporate Communications Department Assistant to CEO | ||||
ORIX Corporation |
1. | The following is an English translation of ORIX Corporation’s quarterly financial report ( shihanki houkokusho |
2. | Significant differences between U.S. GAAP and generally accepted accounting principles in Japan (“Japanese GAAP”) are stated in Note 1 “Overview of Accounting Principles Utilized” of the notes to Consolidated Financial Statements. |
1. | Information on the Company and its Subsidiaries |
Millions of yen (except for per share amounts and ratios) | ||||||||||||
Six months ended September 30, 2020 | Six months ended September 30, 2021 | Fiscal year ended March 31, 2021 | ||||||||||
Total revenues | ¥ | 1,084,738 | ¥ | 1,241,534 | ¥ | 2,292,708 | ||||||
Income before income taxes | 134,174 | 220,789 | 287,561 | |||||||||
Net income attributable to ORIX Corporation shareholders | 93,842 | 146,682 | 192,384 | |||||||||
Comprehensive Income attributable to ORIX Corporation shareholders | 88,110 | 171,510 | 226,266 | |||||||||
ORIX Corporation shareholders’ equity | 2,979,684 | 3,117,654 | 3,028,456 | |||||||||
Total assets | 13,168,070 | 13,834,678 | 13,563,082 | |||||||||
Earnings per share for net income attributable to ORIX Corporation shareholders | ||||||||||||
Basic (yen) | 75.22 | 121.12 | 155.54 | |||||||||
Diluted (yen) | 75.16 | 121.00 | 155.39 | |||||||||
ORIX Corporation shareholders’ equity ratio (%) | 22.6 | 22.5 | 22.3 | |||||||||
Cash flows from operating activities | 519,772 | 593,156 | 1,095,676 | |||||||||
Cash flows from investing activities | (420,148 | ) | (436,361 | ) | (1,203,252 | ) | ||||||
Cash flows from financing activities | 72,145 | (76,204 | ) | 39,884 | ||||||||
Cash, Cash Equivalents and Restricted Cash at end of Period | 1,307,306 | 1,161,892 | 1,079,575 | |||||||||
Note: Consumption tax is excluded from the stated amount of total revenues. | ||||||||||||
Millions of yen (except for per share amounts) | ||||||||||||
Three months ended September 30, 2020 | Three months ended September 30, 2021 | |||||||||||
Total revenues | ¥ | 547,097 | ¥ | 632,721 | ||||||||
Net income attributable to ORIX Corporation shareholders | 43,794 | 81,466 | ||||||||||
Earnings per share for net income attributable to ORIX Corporation shareholders | ||||||||||||
Basic (yen) | 35.15 | 67.51 |
2. | Risk Factors |
3. | Analysis of Financial Results and Condition |
(1) | Qualitative Information Regarding Consolidated Financial Results |
Total revenues | ¥1,241,534 million (Up 14% year on year) | |
Total expenses | ¥1,032,617 million (Up 7% year on year) | |
Income before income taxes | ¥220,789 million (Up 65% year on year) | |
Net income attributable to ORIX Corporation Shareholders | ¥146,682 million (Up 56% year on year) | |
Earnings per share for net income attributable to ORIX Corporation Shareholders | ||
(Basic) | ¥121.12 (Up 61% year on year) | |
(Diluted) | ¥121.00 (Up 61% year on year) | |
ROE (Annualized) *1 | 9.5% (6.3% during the same period in the previous fiscal year) | |
ROA (Annualized) *2 | 2.14% (1.43% during the same period in the previous fiscal year) |
*1 | ROE is the ratio of net income attributable to ORIX Corporation Shareholders for the period to average ORIX Corporation Shareholders’ Equity. |
*2 | ROA is the ratio of net income attributable to ORIX Corporation Shareholders for the period to average Total Assets. |
Millions of yen | ||||||||||||||||||||||||||||||||
Six months ended September 30, 2020 | Six months ended September 30, 2021 | Change (revenues) | Change (profits) | |||||||||||||||||||||||||||||
Segment Revenues | Segment Profits | Segment Revenues | Segment Profits | Amount | Percent (%) | Amount | Percent (%) | |||||||||||||||||||||||||
Corporate Financial Services and Maintenance Leasing | ¥ | 209,144 | ¥ | 31,094 | ¥ | 230,275 | ¥ | 52,401 | ¥ | 21,131 | 10 | ¥ | 21,307 | 69 | ||||||||||||||||||
Real Estate | 167,276 | 11,009 | 202,514 | 23,860 | 35,238 | 21 | 12,851 | 117 | ||||||||||||||||||||||||
PE Investment and Concession | 157,826 | 4,294 | 192,150 | 1,834 | 34,324 | 22 | (2,460 | ) | (57 | ) | ||||||||||||||||||||||
Environment and Energy | 70,865 | 13,599 | 63,898 | 9,663 | (6,967 | ) | (10 | ) | (3,936 | ) | (29 | ) | ||||||||||||||||||||
Insurance | 235,754 | 35,308 | 235,088 | 33,009 | (666 | ) | (0 | ) | (2,299 | ) | (7 | ) | ||||||||||||||||||||
Banking and Credit | 41,661 | 25,170 | 43,097 | 22,065 | 1,436 | 3 | (3,105 | ) | (12 | ) | ||||||||||||||||||||||
Aircraft and Ships | 14,876 | 5,527 | 17,748 | 618 | 2,872 | 19 | (4,909 | ) | (89 | ) | ||||||||||||||||||||||
ORIX USA | 57,859 | 9,881 | 84,988 | 47,614 | 27,129 | 47 | 37,733 | 382 | ||||||||||||||||||||||||
ORIX Europe | 73,046 | 17,103 | 101,104 | 28,591 | 28,058 | 38 | 11,488 | 67 | ||||||||||||||||||||||||
Asia and Australia | 58,962 | 3,791 | 71,705 | 20,485 | 12,743 | 22 | 16,694 | 440 | ||||||||||||||||||||||||
Total | 1,087,269 | 156,776 | 1,242,567 | 240,140 | 155,298 | 14 | 83,364 | 53 | ||||||||||||||||||||||||
Difference between Segment Total and Consolidated Amounts | (2,531 | ) | (22,602 | ) | (1,033 | ) | (19,351 | ) | 1,498 | — | 3,251 | — | ||||||||||||||||||||
Total Consolidated Amounts | ¥ | 1,084,738 | ¥ | 134,174 | ¥ | 1,241,534 | ¥ | 220,789 | ¥ | 156,796 | 14 | ¥ | 86,615 | 65 | ||||||||||||||||||
Millions of yen | ||||||||||||||||||||||||||||||||
March 31, 2021 | September 30, 2021 | Change | ||||||||||||||||||||||||||||||
Segment Assets | Composition Ratio (%) | Segment Assets | Composition Ratio (%) | Amount | Percent (%) | |||||||||||||||||||||||||||
Corporate Financial Services and Maintenance Leasing | ¥ | 1,676,063 | 12 | ¥ | 1,659,642 | 12 | ¥ | (16,421 | ) | (1 | ) | |||||||||||||||||||||
Real Estate | 872,095 | 6 | 878,068 | 6 | 5,973 | 1 | ||||||||||||||||||||||||||
PE Investment and Concession | 378,698 | 3 | 368,794 | 3 | (9,904 | ) | (3 | ) | ||||||||||||||||||||||||
Environment and Energy | 489,174 | 4 | 695,445 | 5 | 206,271 | 42 | ||||||||||||||||||||||||||
Insurance | 1,959,521 | 15 | 1,962,961 | 14 | 3,440 | 0 | ||||||||||||||||||||||||||
Banking and Credit | 2,690,627 | 20 | 2,709,991 | 20 | 19,364 | 1 | ||||||||||||||||||||||||||
Aircraft and Ships | 601,762 | 4 | 615,640 | 4 | 13,878 | 2 | ||||||||||||||||||||||||||
ORIX USA | 1,220,081 | 9 | 1,188,438 | 9 | (31,643 | ) | (3 | ) | ||||||||||||||||||||||||
ORIX Europe | 369,546 | 3 | 397,073 | 3 | 27,527 | 7 | ||||||||||||||||||||||||||
Asia and Australia | 1,084,222 | 8 | 1,125,430 | 8 | 41,208 | 4 | ||||||||||||||||||||||||||
Total | 11,341,789 | 84 | 11,601,482 | 84 | 259,693 | 2 | ||||||||||||||||||||||||||
Difference between Segment Total and Consolidated Amounts | 2,221,293 | 16 | 2,233,196 | 16 | 11,903 | 1 | ||||||||||||||||||||||||||
Total Consolidated Amounts | ¥ | 13,563,082 | 100 | ¥ | 13,834,678 | 100 | ¥ | 271,596 | 2 | |||||||||||||||||||||||
Six months ended September 30, 2020 | Six months ended September 30, 2021 | Change | ||||||||||||||
Amount | Percent (%) | |||||||||||||||
(Millions of yen, except percentage data) | ||||||||||||||||
Segment Revenues: | ||||||||||||||||
Finance revenues | ¥ | 28,805 | ¥ | 28,026 | ¥ | (779 | ) | (3 | ) | |||||||
Gains on investment securities and dividends | 1,168 | 10,804 | 9,636 | 825 | ||||||||||||
Operating leases | 120,034 | 127,003 | 6,969 | 6 | ||||||||||||
Sales of goods and real estate | 4,661 | 5,512 | 851 | 18 | ||||||||||||
Services income | 54,476 | 58,930 | 4,454 | 8 | ||||||||||||
Total Segment Revenues | 209,144 | 230,275 | 21,131 | 10 | ||||||||||||
Segment Expenses: | ||||||||||||||||
Interest expense | 2,849 | 2,596 | (253 | ) | (9 | ) | ||||||||||
Costs of operating leases | 99,350 | 96,659 | (2,691 | ) | (3 | ) | ||||||||||
Costs of goods and real estate sold | 2,942 | 3,855 | 913 | 31 | ||||||||||||
Services expense | 27,160 | 28,132 | 972 | 4 | ||||||||||||
Selling, general and administrative expenses | 36,910 | 37,966 | 1,056 | 3 | ||||||||||||
Provision for credit losses and write-downs of long-lived assets and securities | 627 | 721 | 94 | 15 | ||||||||||||
Other | 8,272 | 7,996 | (276 | ) | (3 | ) | ||||||||||
Total Segment Expenses | 178,110 | 177,925 | (185 | ) | (0 | ) | ||||||||||
Segment Operating Income | 31,034 | 52,350 | 21,316 | 69 | ||||||||||||
Equity in Net income (Loss) of Affiliates, and others | 60 | 51 | (9 | ) | (15 | ) | ||||||||||
Segment Profits | ¥ | 31,094 | ¥ | 52,401 | ¥ | 21,307 | 69 | |||||||||
As of March 31, 2021 | As of September 30, 2021 | Change | ||||||||||||||
Amount | Percent (%) | |||||||||||||||
(Millions of yen, except percentage data) | ||||||||||||||||
Net investment in leases | ¥ | 610,366 | ¥ | 597,013 | ¥ | (13,353 | ) | (2 | ) | |||||||
Installment loans | 330,917 | 334,371 | 3,454 | 1 | ||||||||||||
Investment in operating leases | 548,677 | 534,330 | (14,347 | ) | (3 | ) | ||||||||||
Investment in securities | 30,318 | 40,617 | 10,299 | 34 | ||||||||||||
Property under facility operations | 18,726 | 18,066 | (660 | ) | (4 | ) | ||||||||||
Inventories | 630 | 782 | 152 | 24 | ||||||||||||
Advances for finance lease and operating lease | 500 | 304 | (196 | ) | (39 | ) | ||||||||||
Investment in affiliates | 18,049 | 17,604 | (445 | ) | (2 | ) | ||||||||||
Goodwill, intangible assets acquired in business combinations | 117,880 | 116,555 | (1,325 | ) | (1 | ) | ||||||||||
Total Segment Assets | ¥ | 1,676,063 | ¥ | 1,659,642 | ¥ | (16,421 | ) | (1 | ) | |||||||
Six months ended September 30, 2020 | Six months ended September 30, 2021 | Change | ||||||||||||||
Amount | Percent (%) | |||||||||||||||
(Millions of yen, except percentage data) | ||||||||||||||||
Segment Revenues: | ||||||||||||||||
Finance revenues | ¥ | 3,113 | ¥ | 2,747 | ¥ | (366 | ) | (12 | ) | |||||||
Operating leases | 28,111 | 30,878 | 2,767 | 10 | ||||||||||||
Sales of goods and real estate | 40,293 | 60,556 | 20,263 | 50 | ||||||||||||
Services income | 95,749 | 108,331 | 12,582 | 13 | ||||||||||||
Other | 10 | 2 | (8 | ) | (80 | ) | ||||||||||
Total Segment Revenues | 167,276 | 202,514 | 35,238 | 21 | ||||||||||||
Segment Expenses: | ||||||||||||||||
Interest expense | 1,082 | 1,239 | 157 | 15 | ||||||||||||
Costs of operating leases | 12,526 | 12,251 | (275 | ) | (2 | ) | ||||||||||
Costs of goods and real estate sold | 34,826 | 48,553 | 13,727 | 39 | ||||||||||||
Services expense | 93,113 | 102,113 | 9,000 | 10 | ||||||||||||
Selling, general and administrative expenses | 17,304 | 16,717 | (587 | ) | (3 | ) | ||||||||||
Provision for credit losses and write-downs of long-lived assets and securities | 413 | 11 | (402 | ) | (97 | ) | ||||||||||
Other | (1,594 | ) | (1,280 | ) | 314 | — | ||||||||||
Total Segment Expenses | 157,670 | 179,604 | 21,934 | 14 | ||||||||||||
Segment Operating Income | 9,606 | 22,910 | 13,304 | 138 | ||||||||||||
Equity in Net income (Loss) of Affiliates, and others | 1,403 | 950 | (453 | ) | (32 | ) | ||||||||||
Segment Profits | ¥ | 11,009 | ¥ | 23,860 | ¥ | 12,851 | 117 | |||||||||
As of March 31, 2021 | As of September 30, 2021 | Change | ||||||||||||||
Amount | Percent (%) | |||||||||||||||
(Millions of yen, except percentage data) | ||||||||||||||||
Net investment in leases | ¥ | 66,371 | ¥ | 62,335 | ¥ | (4,036 | ) | (6 | ) | |||||||
Investment in operating leases | 291,877 | 292,185 | 308 | 0 | ||||||||||||
Investment in securities | 8,543 | 7,642 | (901 | ) | (11 | ) | ||||||||||
Property under facility operations | 149,479 | 147,959 | (1,520 | ) | (1 | ) | ||||||||||
Inventories | 94,429 | 94,121 | (308 | ) | (0 | ) | ||||||||||
Advances for finance lease and operating lease | 98,820 | 106,979 | 8,159 | 8 | ||||||||||||
Investment in affiliates | 99,105 | 101,835 | 2,730 | 3 | ||||||||||||
Advances for property under facility operations | 4,089 | 6,679 | 2,590 | 63 | ||||||||||||
Goodwill, intangible assets acquired in business combinations | 59,382 | 58,333 | (1,049 | ) | (2 | ) | ||||||||||
Total Segment Assets | ¥ | 872,095 | ¥ | 878,068 | ¥ | 5,973 | 1 | |||||||||
Six months ended September 30, 2020 | Six months ended September 30, 2021 | Change | ||||||||||||||
Amount | Percent (%) | |||||||||||||||
(Millions of yen, except percentage data) | ||||||||||||||||
Segment Revenues: | ||||||||||||||||
Finance revenues | ¥ | 80 | ¥ | 124 | ¥ | 44 | 55 | |||||||||
Gains on investment securities and dividends | 542 | 1,107 | 565 | 104 | ||||||||||||
Operating leases | 3,236 | 16,127 | 12,891 | 398 | ||||||||||||
Sales of goods and real estate | 144,417 | 161,106 | 16,689 | 12 | ||||||||||||
Services income | 9,551 | 13,686 | 4,135 | 43 | ||||||||||||
Total Segment Revenues | 157,826 | 192,150 | 34,324 | 22 | ||||||||||||
Segment Expenses: | ||||||||||||||||
Interest expense | 732 | 1,335 | 603 | 82 | ||||||||||||
Costs of operating leases | 1,631 | 11,767 | 10,136 | 621 | ||||||||||||
Costs of goods and real estate sold | 123,508 | 149,592 | 26,084 | 21 | ||||||||||||
Services expense | 6,827 | 9,188 | 2,361 | 35 | ||||||||||||
Selling, general and administrative expenses | 17,061 | 25,201 | 8,140 | 48 | ||||||||||||
Provision for credit losses and write-downs of long-lived assets and securities | 13 | 951 | 938 | — | ||||||||||||
Other | (176 | ) | (13,710 | ) | (13,534 | ) | — | |||||||||
Total Segment Expenses | 149,596 | 184,324 | 34,728 | 23 | ||||||||||||
Segment Operating Income | 8,230 | 7,826 | (404 | ) | (5 | ) | ||||||||||
Equity in Net income (Loss) of Affiliates, and others | (3,936 | ) | (5,992 | ) | (2,056 | ) | — | |||||||||
Segment Profits | ¥ | 4,294 | ¥ | 1,834 | ¥ | (2,460 | ) | (57 | ) | |||||||
As of March 31, 2021 | As of September 30, 2021 | Change | ||||||||||||||
Amount | Percent (%) | |||||||||||||||
(Millions of yen, except percentage data) | ||||||||||||||||
Net investment in leases | ¥ | 1,541 | ¥ | 1,365 | ¥ | (176 | ) | (11 | ) | |||||||
Investment in operating leases | 23,455 | 45,593 | 22,138 | 94 | ||||||||||||
Investment in securities | 12,918 | 12,465 | (453 | ) | (4 | ) | ||||||||||
Property under facility operations | 43,972 | 46,809 | 2,837 | 6 | ||||||||||||
Inventories | 45,597 | 36,666 | (8,931 | ) | (20 | ) | ||||||||||
Investment in affiliates | 55,421 | 48,619 | (6,802 | ) | (12 | ) | ||||||||||
Advances for property under facility operations | 6,732 | 4,245 | (2,487 | ) | (37 | ) | ||||||||||
Goodwill, intangible assets acquired in business combinations | 189,062 | 173,032 | (16,030 | ) | (8 | ) | ||||||||||
Total Segment Assets | ¥ | 378,698 | ¥ | 368,794 | ¥ | (9,904 | ) | (3 | ) | |||||||
Six months ended September 30, 2020 | Six months ended September 30, 2021 | Change | ||||||||||||||
Amount | Percent (%) | |||||||||||||||
(Millions of yen, except percentage data) | ||||||||||||||||
Segment Revenues: | ||||||||||||||||
Finance revenues | ¥ | 603 | ¥ | 474 | ¥ | (129 | ) | (21 | ) | |||||||
Services income | 68,796 | 61,699 | (7,097 | ) | (10 | ) | ||||||||||
Other | 1,466 | 1,725 | 259 | 18 | ||||||||||||
Total Segment Revenues | 70,865 | 63,898 | (6,967 | ) | (10 | ) | ||||||||||
Segment Expenses: | ||||||||||||||||
Interest expense | 6,221 | 2,718 | (3,503 | ) | (56 | ) | ||||||||||
Services expense | 48,215 | 47,075 | (1,140 | ) | (2 | ) | ||||||||||
Selling, general and administrative expenses | 5,252 | 4,588 | (664 | ) | (13 | ) | ||||||||||
Provision for credit losses and write-downs of long-lived assets and securities | 475 | (4 | ) | (479 | ) | — | ||||||||||
Other | 1,049 | 388 | (661 | ) | (63 | ) | ||||||||||
Total Segment Expenses | 61,212 | 54,765 | (6,447 | ) | (11 | ) | ||||||||||
Segment Operating Income | 9,653 | 9,133 | (520 | ) | (5 | ) | ||||||||||
Equity in Net income (Loss) of Affiliates, and others | 3,946 | 530 | (3,416 | ) | (87 | ) | ||||||||||
Segment Profits | ¥ | 13,599 | ¥ | 9,663 | ¥ | (3,936 | ) | (29 | ) | |||||||
As of March 31, 2021 | As of September 30, 2021 | Change | ||||||||||||||
Amount | Percent (%) | |||||||||||||||
(Millions of yen, except percentage data) | ||||||||||||||||
Net investment in leases | ¥ | 8,978 | ¥ | 8,757 | ¥ | (221 | ) | (2 | ) | |||||||
Installment loans | 0 | 699 | 699 | — | ||||||||||||
Investment in operating leases | 2,051 | 131 | (1,920 | ) | (94 | ) | ||||||||||
Investment in securities | 814 | 834 | 20 | 2 | ||||||||||||
Property under facility operations | 262,016 | 372,456 | 110,440 | 42 | ||||||||||||
Inventories | 396 | 412 | 16 | 4 | ||||||||||||
Advances for finance lease and operating lease | 1,392 | 19 | (1,373 | ) | (99 | ) | ||||||||||
Investment in affiliates | 180,492 | 195,880 | 15,388 | 9 | ||||||||||||
Advances for property under facility operations | 19,963 | 16,574 | (3,389 | ) | (17 | ) | ||||||||||
Goodwill, intangible assets acquired in business combinations | 13,072 | 99,683 | 86,611 | 663 | ||||||||||||
Total Segment Assets | ¥ | 489,174 | ¥ | 695,445 | ¥ | 206,271 | 42 | |||||||||
Six months ended September 30, 2020 | Six months ended September 30, 2021 | Change | ||||||||||||||
Amount | Percent (%) | |||||||||||||||
(Millions of yen, except percentage data) | ||||||||||||||||
Segment Revenues: | ||||||||||||||||
Finance revenues | ¥ | 117 | ¥ | 126 | ¥ | 9 | 8 | |||||||||
Life insurance premiums and related investment income | 234,857 | 233,960 | (897 | ) | (0 | ) | ||||||||||
Other | 780 | 1,002 | 222 | 28 | ||||||||||||
Total Segment Revenues | 235,754 | 235,088 | (666 | ) | (0 | ) | ||||||||||
Segment Expenses: | ||||||||||||||||
Interest expense | 0 | 0 | 0 | — | ||||||||||||
Life insurance costs | 172,940 | 174,766 | 1,826 | 1 | ||||||||||||
Selling, general and administrative expenses | 27,325 | 27,409 | 84 | 0 | ||||||||||||
Provision for credit losses and write-downs of long-lived assets and securities | (1 | ) | 1 | 2 | — | |||||||||||
Other | 186 | (92 | ) | (278 | ) | — | ||||||||||
Total Segment Expenses | 200,450 | 202,084 | 1,634 | 1 | ||||||||||||
Segment Operating Income | 35,304 | 33,004 | (2,300 | ) | (7 | ) | ||||||||||
Equity in Net income (Loss) of Affiliates, and others | 4 | 5 | 1 | 25 | ||||||||||||
Segment Profits | ¥ | 35,308 | ¥ | 33,009 | ¥ | (2,299 | ) | (7 | ) | |||||||
As of March 31, 2021 | As of September 30, 2021 | Change | ||||||||||||||
Amount | Percent (%) | |||||||||||||||
(Millions of yen, except percentage data) | ||||||||||||||||
Installment loans | ¥ | 17,315 | ¥ | 17,458 | ¥ | 143 | 1 | |||||||||
Investment in operating leases | 28,909 | 28,638 | (271 | ) | (1 | ) | ||||||||||
Investment in securities | 1,908,148 | 1,911,739 | 3,591 | 0 | ||||||||||||
Goodwill, intangible assets acquired in business combinations | 5,149 | 5,126 | (23 | ) | (0 | ) | ||||||||||
Total Segment Assets | ¥ | 1,959,521 | ¥ | 1,962,961 | ¥ | 3,440 | 0 | |||||||||
Six months ended September 30, 2020 | Six months ended September 30, 2021 | Change | ||||||||||||||
Amount | Percent (%) | |||||||||||||||
(Millions of yen, except percentage data) | ||||||||||||||||
Segment Revenues: | ||||||||||||||||
Finance revenues | ¥ | 39,264 | ¥ | 38,795 | ¥ | (469 | ) | (1 | ) | |||||||
Gains on investment securities and dividends | 269 | 1,335 | 1,066 | 396 | ||||||||||||
Services income | 2,128 | 2,967 | 839 | 39 | ||||||||||||
Total Segment Revenues | 41,661 | 43,097 | 1,436 | 3 | ||||||||||||
Segment Expenses: | ||||||||||||||||
Interest expense | 2,479 | 2,457 | (22 | ) | (1 | ) | ||||||||||
Services expense | 3,345 | 3,977 | 632 | 19 | ||||||||||||
Selling, general and administrative expenses | 10,466 | 12,726 | 2,260 | 22 | ||||||||||||
Provision for credit losses and write-downs of long-lived assets and securities | 222 | 1,894 | 1,672 | 753 | ||||||||||||
Other | (20 | ) | (21 | ) | (1 | ) | — | |||||||||
Total Segment Expenses | 16,492 | 21,033 | 4,541 | 28 | ||||||||||||
Segment Operating Income | 25,169 | 22,064 | (3,105 | ) | (12 | ) | ||||||||||
Equity in Net income (Loss) of Affiliates, and others | 1 | 1 | 0 | — | ||||||||||||
Segment Profits | ¥ | 25,170 | ¥ | 22,065 | ¥ | (3,105 | ) | (12 | ) | |||||||
As of March 31, 2021 | As of September 30, 2021 | Change | ||||||||||||||
Amount | Percent (%) | |||||||||||||||
(Millions of yen, except percentage data) | ||||||||||||||||
Installment loans | ¥ | 2,402,916 | ¥ | 2,420,740 | ¥ | 17,824 | 1 | |||||||||
Investment in securities | 275,740 | 277,347 | 1,607 | 1 | ||||||||||||
Investment in affiliates | 200 | 133 | (67 | ) | (34 | ) | ||||||||||
Goodwill, intangible assets acquired in business combinations | 11,771 | 11,771 | 0 | — | ||||||||||||
Total Segment Assets | ¥ | 2,690,627 | ¥ | 2,709,991 | ¥ | 19,364 | 1 | |||||||||
Six months ended September 30, 2020 | Six months ended September 30, 2021 | Change | ||||||||||||||
Amount | Percent (%) | |||||||||||||||
(Millions of yen, except percentage data) | ||||||||||||||||
Segment Revenues: | ||||||||||||||||
Finance revenues | ¥ | 567 | ¥ | 805 | ¥ | 238 | 42 | |||||||||
Operating leases | 12,804 | 13,771 | 967 | 8 | ||||||||||||
Services income | 1,505 | 3,172 | 1,667 | 111 | ||||||||||||
Total Segment Revenues | 14,876 | 17,748 | 2,872 | 19 | ||||||||||||
Segment Expenses: | ||||||||||||||||
Interest expense | 6,743 | 5,840 | (903 | ) | (13 | ) | ||||||||||
Costs of operating leases | 6,873 | 8,609 | 1,736 | 25 | ||||||||||||
Services expense | 128 | 481 | 353 | 276 | ||||||||||||
Selling, general and administrative expenses | 3,475 | 3,334 | (141 | ) | (4 | ) | ||||||||||
Provision for credit losses and write-downs of long-lived assets and securities | (160 | ) | (0 | ) | 160 | — | ||||||||||
Other | 483 | (2,734 | ) | (3,217 | ) | — | ||||||||||
Total Segment Expenses | 17,542 | 15,530 | (2,012 | ) | (11 | ) | ||||||||||
Segment Operating Income | (2,666 | ) | 2,218 | 4,884 | — | |||||||||||
Equity in Net income (Loss) of Affiliates, and others | 8,193 | (1,600 | ) | (9,793 | ) | — | ||||||||||
Segment Profits | ¥ | 5,527 | ¥ | 618 | ¥ | (4,909 | ) | (89 | ) | |||||||
As of March 31, 2021 | As of September 30, 2021 | Change | ||||||||||||||
Amount | Percent (%) | |||||||||||||||
(Millions of yen, except percentage data) | ||||||||||||||||
Net investment in leases | ¥ | 2,994 | ¥ | 2,980 | ¥ | (14 | ) | (0 | ) | |||||||
Installment loans | 30,757 | 36,648 | 5,891 | 19 | ||||||||||||
Investment in operating leases | 262,482 | 269,008 | 6,526 | 2 | ||||||||||||
Investment in securities | 0 | 25 | 25 | — | ||||||||||||
Advances for finance lease and operating lease | 578 | 1,378 | 800 | 138 | ||||||||||||
Investment in affiliates | 293,469 | 295,358 | 1,889 | 1 | ||||||||||||
Goodwill, intangible assets acquired in business combinations | 11,482 | 10,243 | (1,239 | ) | (11 | ) | ||||||||||
Total Segment Assets | ¥ | 601,762 | ¥ | 615,640 | ¥ | 13,878 | 2 | |||||||||
Six months ended September 30, 2020 | Six months ended September 30, 2021 | Change | ||||||||||||||
Amount | Percent (%) | |||||||||||||||
(Millions of yen, except percentage data) | ||||||||||||||||
Segment Revenues: | ||||||||||||||||
Finance revenues | ¥ | 40,665 | ¥ | 44,261 | ¥ | 3,596 | 9 | |||||||||
Gains on investment securities and dividends | 4,102 | 27,085 | 22,983 | 560 | ||||||||||||
Services income | 10,854 | 12,052 | 1,198 | 11 | ||||||||||||
Other | 2,238 | 1,590 | (648 | ) | (29 | ) | ||||||||||
Total Segment Revenues | 57,859 | 84,988 | 27,129 | 47 | ||||||||||||
Segment Expenses: | ||||||||||||||||
Interest expense | 10,948 | 7,732 | (3,216 | ) | (29 | ) | ||||||||||
Services expense | 750 | 1,659 | 909 | 121 | ||||||||||||
Selling, general and administrative expenses | 33,327 | 35,772 | 2,445 | 7 | ||||||||||||
Provision for credit losses and write-downs of long-lived assets and securities | 7,705 | (1,500 | ) | (9,205 | ) | — | ||||||||||
Other | (1,502 | ) | (382 | ) | 1,120 | — | ||||||||||
Total Segment Expenses | 51,228 | 43,281 | (7,947 | ) | (16 | ) | ||||||||||
Segment Operating Income | 6,631 | 41,707 | 35,076 | 529 | ||||||||||||
Equity in Net income (Loss) of Affiliates, and others | 3,250 | 5,907 | 2,657 | 82 | ||||||||||||
Segment Profits | ¥ | 9,881 | ¥ | 47,614 | ¥ | 37,733 | 382 | |||||||||
As of March 31, 2021 | As of September 30, 2021 | Change | ||||||||||||||
Amount | Percent (%) | |||||||||||||||
(Millions of yen, except percentage data) | ||||||||||||||||
Net investment in leases | ¥ | 458 | ¥ | 449 | ¥ | (9 | ) | (2 | ) | |||||||
Installment loans | 617,822 | 587,536 | (30,286 | ) | (5 | ) | ||||||||||
Investment in operating leases | 5,317 | 6,108 | 791 | 15 | ||||||||||||
Investment in securities | 342,631 | 340,113 | (2,518 | ) | (1 | ) | ||||||||||
Property under facility operations and servicing assets | 72,094 | 73,455 | 1,361 | 2 | ||||||||||||
Inventories | 603 | 567 | (36 | ) | (6 | ) | ||||||||||
Advances for finance lease and operating lease | 378 | 538 | 160 | 42 | ||||||||||||
Investment in affiliates | 43,816 | 42,868 | (948 | ) | (2 | ) | ||||||||||
Goodwill, intangible assets acquired in business combinations | 136,962 | 136,804 | (158 | ) | (0 | ) | ||||||||||
Total Segment Assets | ¥ | 1,220,081 | ¥ | 1,188,438 | ¥ | (31,643 | ) | (3 | ) | |||||||
Six months ended September 30, 2020 | Six months ended September 30, 2021 | Change | ||||||||||||||
Amount | Percent (%) | |||||||||||||||
(Millions of yen, except percentage data) | ||||||||||||||||
Segment Revenues: | ||||||||||||||||
Finance revenues | ¥ | 46 | ¥ | 7 | ¥ | (39 | ) | (85 | ) | |||||||
Gains on investment securities and dividends | 6,046 | 1,821 | (4,225 | ) | (70 | ) | ||||||||||
Services income | 66,954 | 99,276 | 32,322 | 48 | ||||||||||||
Total Segment Revenues | 73,046 | 101,104 | 28,058 | 38 | ||||||||||||
Segment Expenses: | ||||||||||||||||
Interest expense | (104 | ) | (438 | ) | (334 | ) | — | |||||||||
Services expense | 17,838 | 26,466 | 8,628 | 48 | ||||||||||||
Selling, general and administrative expenses | 33,695 | 44,485 | 10,790 | 32 | ||||||||||||
Other | 3,647 | 1,476 | (2,171 | ) | (60 | ) | ||||||||||
Total Segment Expenses | 55,076 | 71,989 | 16,913 | 31 | ||||||||||||
Segment Operating Income | 17,970 | 29,115 | 11,145 | 62 | ||||||||||||
Equity in Net income (Loss) of Affiliates, and others | (867 | ) | (524 | ) | 343 | — | ||||||||||
Segment Profits | ¥ | 17,103 | ¥ | 28,591 | ¥ | 11,488 | 67 | |||||||||
As of March 31, 2021 | As of September 30, 2021 | Change | ||||||||||||||
Amount | Percent (%) | |||||||||||||||
(Millions of yen, except percentage data) | ||||||||||||||||
Investment in securities | ¥ | 45,540 | ¥ | 73,412 | ¥ | 27,872 | 61 | |||||||||
Investment in affiliates | 1,770 | 1,884 | 114 | 6 | ||||||||||||
Goodwill, intangible assets acquired in business combinations | 322,236 | 321,777 | (459 | ) | (0 | ) | ||||||||||
Total Segment Assets | ¥ | 369,546 | ¥ | 397,073 | ¥ | 27,527 | 7 | |||||||||
Six months ended September 30, 2020 | Six months ended September 30, 2021 | Change | ||||||||||||||
Amount | Percent (%) | |||||||||||||||
(Millions of yen, except percentage data) | ||||||||||||||||
Segment Revenues: | ||||||||||||||||
Finance revenues | ¥ | 19,666 | ¥ | 22,628 | ¥ | 2,962 | 15 | |||||||||
Gains on investment securities and dividends | 731 | 3,530 | 2,799 | 383 | ||||||||||||
Operating leases | 32,529 | 38,694 | 6,165 | 19 | ||||||||||||
Services income | 5,979 | 6,825 | 846 | 14 | ||||||||||||
Other | 57 | 28 | (29 | ) | (51 | ) | ||||||||||
Total Segment Revenues | 58,962 | 71,705 | 12,743 | 22 | ||||||||||||
Segment Expenses: | ||||||||||||||||
Interest expense | 10,525 | 9,289 | (1,236 | ) | (12 | ) | ||||||||||
Costs of operating leases | 24,571 | 28,842 | 4,271 | 17 | ||||||||||||
Services expense | 4,268 | 4,617 | 349 | 8 | ||||||||||||
Selling, general and administrative expenses | 12,777 | 14,091 | 1,314 | 10 | ||||||||||||
Provision for credit losses and write-downs of long-lived assets and securities | 2,496 | 183 | (2,313 | ) | (93 | ) | ||||||||||
Other | 651 | 521 | (130 | ) | (20 | ) | ||||||||||
Total Segment Expenses | 55,288 | 57,543 | 2,255 | 4 | ||||||||||||
Segment Operating Income | 3,674 | 14,162 | 10,488 | 285 | ||||||||||||
Equity in Net income (Loss) of Affiliates, and others | 117 | 6,323 | 6,206 | — | ||||||||||||
Segment Profits | ¥ | 3,791 | ¥ | 20,485 | ¥ | 16,694 | 440 | |||||||||
As of March 31, 2021 | As of September 30, 2021 | Change | ||||||||||||||
Amount | Percent (%) | |||||||||||||||
(Millions of yen, except percentage data) | ||||||||||||||||
Net investment in leases | ¥ | 338,603 | ¥ | 360,583 | ¥ | 21,980 | 6 | |||||||||
Installment loans | 271,038 | 275,043 | 4,005 | 1 | ||||||||||||
Investment in operating leases | 235,182 | 240,132 | 4,950 | 2 | ||||||||||||
Investment in securities | 32,804 | 33,843 | 1,039 | 3 | ||||||||||||
Property under facility operations | 1,284 | 1,070 | (214 | ) | (17 | ) | ||||||||||
Inventories | 377 | 244 | (133 | ) | (35 | ) | ||||||||||
Advances for finance lease and operating lease | 3,064 | 4,058 | 994 | 32 | ||||||||||||
Investment in affiliates | 195,413 | 204,144 | 8,731 | 4 | ||||||||||||
Goodwill, intangible assets acquired in business combinations | 6,457 | 6,313 | (144 | ) | (2 | ) | ||||||||||
Total Segment Assets | ¥ | 1,084,222 | ¥ | 1,125,430 | ¥ | 41,208 | 4 | |||||||||
As of March 31, 2021 | As of September 30, 2021 | Change | ||||||||||||||
Amount | Percent (%) | |||||||||||||||
(Millions of yen except per share, ratios and percentages) | ||||||||||||||||
Total assets | ¥ | 13,563,082 | ¥ | 13,834,678 | ¥ | 271,596 | 2 | |||||||||
(Segment assets) | 11,341,789 | 11,601,482 | 259,693 | 2 | ||||||||||||
Total liabilities | 10,459,938 | 10,626,179 | 166,241 | 2 | ||||||||||||
(Short- and long-term debt) | 4,724,102 | 4,845,470 | 121,368 | 3 | ||||||||||||
(Deposits) | 2,317,785 | 2,286,082 | (31,703 | ) | (1 | ) | ||||||||||
ORIX Corporation shareholders’ equity | 3,028,456 | 3,117,654 | 89,198 | 3 | ||||||||||||
ORIX Corporation shareholders’ equity per share (yen)*1 | 2,487.77 | 2,593.96 | 106.19 | 4 | ||||||||||||
ORIX Corporation shareholders’ equity ratio*2 | 22.3 | % | 22.5 | % | — | — | ||||||||||
D/E ratio (Debt-to-equity (Short-and long-term debt (excluding deposits) / ORIX Corporation shareholders’ equity) | 1.6x | 1.6x | — | — |
Millions of yen | ||||||||
March 31, 2021 | September 30, 2021 | |||||||
Borrowings from financial institutions | ¥ | 291,578 | ¥ | 368,115 | ||||
Medium-term notes | 1,336 | 1,337 | ||||||
Commercial paper | 14,355 | 124,524 | ||||||
Total short-term debt | ¥ | 307,269 | ¥ | 493,976 | ||||
Short-term debt as of September 30, 2021 was ¥493,976 million, which accounted for 10% of the total amount of short-term and long-term debt (excluding deposits) as compared to 7% as of March 31, 2021. | ||||||||
While the amount of short-term debt as of September 30, 2021 was ¥493,976 million, the sum of cash and cash equivalents and the unused amount of committed credit facilities as of September 30, 2021 was ¥1,499,856 million, maintaining a sufficient level of liquidity. | ||||||||
(b) Long-term debt | ||||||||
Millions of yen | ||||||||
March 31, 2021 | September 30, 2021 | |||||||
Borrowings from financial institutions | ¥ | 3,189,083 | ¥ | 3,142,338 | ||||
Bonds | 927,088 | 974,262 | ||||||
Medium-term notes | 141,296 | 86,878 | ||||||
Payables under securitized loan receivables and other assets | 159,366 | 148,016 | ||||||
Total long-term debt | ¥ | 4,416,833 | ¥ | 4,351,494 | ||||
The balance of long-term debt as of September 30, 2021 was ¥4,351,494 million, which accounted for 90% of the total amount of short-term and long-term debt (excluding deposits) as compared to 93% as of March 31, 2021. | ||||||||
(c) Deposits | ||||||||
Millions of yen | ||||||||
March 31, 2021 | September 30, 2021 | |||||||
Deposits | ¥ | 2,317,785 | ¥ | 2,286,082 |
4. | Material Contracts |
5. | Company Stock Information |
In thousands | Millions of yen | |||||||||
Number of issued shares | Common stock | Capital reserve | ||||||||
Increase, net | September 30, 2021 | Increase, net | September 30, 2021 | Increase, net | September 30, 2021 | |||||
0 | 1,285,724 | ¥0 | ¥221,111 | ¥0 | ¥248,290 |
Name | Number of shares held (in thousands) | Percentage of total shares issued | ||||||
Address | ||||||||
The Master Trust Bank of Japan, Ltd. (Trust Account) 2-11-3, Hamamatsu-cho, Minato-ku, Tokyo | 175,714 | 14.59 | % | |||||
Custody Bank of Japan, Ltd. (Trust Account) 1-8-12, Chuo-ku, Tokyo | 77,559 | 6.44 | ||||||
SSBTC Client Omnibus Account One Lincoln Street, Boston MA USA 02111 | 29,797 | 2.47 | ||||||
Custody Bank of Japan, Ltd. (Trust Account9) 1-8-12, Chuo-ku, Tokyo | 29,497 | 2.44 | ||||||
Custody Bank of Japan, Ltd. (Trust Account7) 1-8-12, Chuo-ku, Tokyo | 24,407 | 2.02 | ||||||
Citibank, N.A.-NY, As Depositary Bank For Depositary Share Holders388 Greenwich Street New York, NY 10013 USA | 23,672 | 1.96 | ||||||
State Street Bank West Client-Treaty 505234 1776 Heritage Drive, North Quincy, MA 02171 USA | 21,263 | 1.76 | ||||||
JP Morgan Securities Inc. Tokyo Building, 2-7-3, Chiyoda-ku, Tokyo | 20,930 | 1.73 | ||||||
Northern Trust Co. (AVFC) Sub A/C Non Treaty 50 Bank Street Canary Wharf London E14 5Nt, UK | 19,157 | 1.59 | ||||||
SMBC Nikko Securities Inc. 3-3-1, Chiyoda-ku, Tokyo | 18,283 | 1.51 | ||||||
440,283 | 36.56 | % | ||||||
Notes | 1: | The number of shares held in relation to a trust business may not be all inclusive and therefore is reported with reference to the names listed as shareholders. | ||
2: | In addition to the above, the Company has treasury stock shares of 81,692 thousand shares. The Company’s shares held through the Board Incentive Plan Trust (2,142 thousand shares) are not included in the number of treasury stock shares. | |||
3: | On August 19, 2021, Sumitomo Mitsui Trust Asset Management Co., Ltd. and Nikko Asset Management Co., Ltd. jointly filed a large shareholding report (an alteration report), as required under Japanese regulations, that shows their shareholdings of the Company as of August 13, 2021 as follows. The following information is not included in the List of Major Shareholders above because we were unable to confirm our share registry as of September 30, 2021 with regard to the reported number of shares held. |
Name | Number of shares held (in thousands) | Percentage of total shares issued | ||||||
Sumitomo Mitsui Trust Asset Management Co., Ltd. | 43,872 | 3.41 | % | |||||
Nikko Asset Management Co, Ltd. | 20,572 | 1.60 | ||||||
Total | 64,444 | 5.01 | % | |||||
6. | Directors and Executive Officers |
7. | Financial Information |
Millions of yen | ||||||||||
Assets | March 31, 2021 | September 30, 2021 | ||||||||
Cash and Cash Equivalents | ¥ | 951,242 | ¥ | 1,030,893 | ||||||
Restricted Cash | 128,333 | 130,999 | ||||||||
Net Investment in Leases | 1,029,518 | 1,033,684 | ||||||||
Installment Loans | 3,670,784 | 3,672,574 | ||||||||
The amounts which are measured at fair value by electing the fair value option are as follows: | ||||||||||
March 31, 2021 | ¥63,272 million | |||||||||
September 30, 2021 | ¥73,857 million | |||||||||
Allowance for Credit Losses | (78,945 | ) | (77,571 | ) | ||||||
Investment in Operating Leases | 1,408,189 | 1,426,860 | ||||||||
Investment in Securities | 2,660,443 | 2,701,122 | ||||||||
The amounts which are measured at fair value by electing the fair value option are as follows: | ||||||||||
March 31, 2021 | ¥9,384 million | |||||||||
September 30, 2021 | ¥15,983 million | |||||||||
The amounts which are associated to available-for-sale | ||||||||||
March 31, 2021 | ||||||||||
Amortized Cost | ¥2,026,767 million | |||||||||
Allowance for Credit Losses | ¥(120) million | |||||||||
September 30, 2021 | ||||||||||
Amortized Cost | ¥2,062,605 million | |||||||||
Allowance for Credit Losses | ¥ (121 ) million | |||||||||
Property under Facility Operations | 491,855 | 602,432 | ||||||||
Investment in Affiliates | 887,764 | 908,340 | ||||||||
Trade Notes, Accounts and Other Receivable | 354,334 | 288,311 | ||||||||
Inventories | 142,156 | 132,891 | ||||||||
Office Facilities | 246,399 | 244,040 | ||||||||
Other Assets | 1,671,010 | 1,740,103 | ||||||||
The amounts which are measured at fair value by electing the fair value option are as follows: | ||||||||||
March 31, 2021 | ¥6,297 million | |||||||||
September 30, 2021 | ¥5,564 million | |||||||||
Total Assets | ¥ | 13,563,082 | ¥ | 13,834,678 | ||||||
Millions of yen | ||||||||
March 31, 2021 | September 30, 2021 | |||||||
Cash and Cash Equivalents | ¥ | 4,305 | ¥ | 3,953 | ||||
Installment Loans (Net of Allowance for Credit Losses) | 238,236 | 201,027 | ||||||
Investment in Operating Leases | 78,633 | 105,078 | ||||||
Property under Facility Operations | 230,216 | 236,882 | ||||||
Investment in Affiliates | 51,226 | 50,590 | ||||||
Other | 111,924 | 100,077 | ||||||
¥ | 714,540 | ¥ | 697,607 | |||||
Millions of yen | ||||||||||
Liabilities and Equity | March 31, 2021 | September 30, 2021 | ||||||||
Liabilities: | ||||||||||
Short-Term Debt | ¥ | 307,269 | ¥ | 493,976 | ||||||
Deposits | 2,317,785 | 2,286,082 | ||||||||
Trade Notes, Accounts and Other Payable | 260,712 | 230,282 | ||||||||
Policy Liabilities and Policy Account Balances | 1,822,422 | 1,885,834 | ||||||||
The amounts which are measured at fair value by electing the fair value option are as follows: | ||||||||||
March 31, 2021 | ¥266,422 million | |||||||||
September 30, 2021 | ¥226,221 million | |||||||||
Current and Deferred Income Taxes | 363,460 | 412,267 | ||||||||
Long-Term Debt | 4,416,833 | 4,351,494 | ||||||||
Other Liabilities | 971,457 | 966,244 | ||||||||
Total Liabilities | 10,459,938 | 10,626,179 | ||||||||
Commitments and Contingent Liabilities | 0 | 0 | ||||||||
Equity: | ||||||||||
Common Stock | 221,111 | 221,111 | ||||||||
Additional Paid-in Capital | 259,361 | 259,802 | ||||||||
Retained Earnings | 2,744,588 | 2,839,047 | ||||||||
Accumulated Other Comprehensive Income (Loss) | (84,650 | ) | (59,822 | ) | ||||||
Treasury Stock, at Cost | (111,954 | ) | (142,484 | ) | ||||||
ORIX Corporation Shareholders’ Equity | 3,028,456 | 3,117,654 | ||||||||
Noncontrolling Interests | 74,688 | 90,845 | ||||||||
Total Equity | 3,103,144 | 3,208,499 | ||||||||
Total Liabilities and Equity | ¥ | 13,563,082 | ¥ | 13,834,678 | ||||||
Note: | The liabilities of consolidated VIEs for which creditors (or beneficial interest holders) do not have recourse to the general credit of the Company and its subsidiaries are below: |
Millions of yen | ||||||||
March 31, 2021 | September 30, 2021 | |||||||
Short-Term Debt | ¥ | 500 | ¥ | 0 | ||||
Trade Notes, Accounts and Other Payable | 2,390 | 9,021 | ||||||
Long-Term Debt | 413,268 | 416,031 | ||||||
Other | 42,024 | 39,356 | ||||||
¥ | 458,182 | ¥ | 464,408 | |||||
Millions of yen | ||||||||
Six months ended September 30, 2020 | Six months ended September 30, 2021 | |||||||
Revenues: | ||||||||
Finance revenues | ¥ | 131,904 | ¥ | 137,191 | ||||
Gains on investment securities and dividends | 12,832 | 45,744 | ||||||
Operating leases | 197,961 | 227,933 | ||||||
Life insurance premiums and related investment income | 233,751 | 232,797 | ||||||
Sales of goods and real estate | 192,653 | 230,655 | ||||||
Services income | 315,637 | 367,214 | ||||||
Total revenues | 1,084,738 | 1,241,534 | ||||||
Expenses: | ||||||||
Interest expense | 42,161 | 33,432 | ||||||
Costs of operating leases | 145,810 | 159,578 | ||||||
Life insurance costs | 173,025 | 174,215 | ||||||
Costs of goods and real estate sold | 163,538 | 204,182 | ||||||
Services expense | 202,118 | 223,630 | ||||||
Other (income) and expense | 7,833 | (10,558 | ) | |||||
Selling, general and administrative expenses | 218,619 | 245,884 | ||||||
Provision for credit losses | 7,336 | 2,106 | ||||||
Write-downs of long-lived assets | 583 | 88 | ||||||
Write-downs of securities | 3,876 | 60 | ||||||
Total expenses | 964,899 | 1,032,617 | ||||||
Operating Income | 119,839 | 208,917 | ||||||
Equity in Net Income (Loss) of Affiliates | 2,289 | 5,399 | ||||||
Gains on Sales of Subsidiaries and Affiliates and Liquidation Losses, net | 7,681 | 6,473 | ||||||
Bargain Purchase Gain | 4,365 | 0 | ||||||
Income before Income Taxes | 134,174 | 220,789 | ||||||
Provision for Income Taxes | 38,682 | 68,070 | ||||||
Net Income | 95,492 | 152,719 | ||||||
Net Income Attributable to the Noncontrolling Interests | 1,673 | 6,037 | ||||||
Net Income (Loss) Attributable to the Redeemable Noncontrolling Interests | (23 | ) | 0 | |||||
Net Income Attributable to ORIX Corporation Shareholders | ¥ | 93,842 | ¥ | 146,682 | ||||
Yen | ||||||||
Six months ended September 30, 2020 | Six months ended September 30, 2021 | |||||||
Amounts per Share of Common Stock for Net Income Attributable to ORIX Corporation Shareholders: | ||||||||
Basic: | ¥ | 75.22 | ¥ | 121.12 | ||||
Diluted: | 75.16 | 121.00 |
Millions of yen | ||||||||
Three months ended September 30, 2020 | Three months ended September 30, 2021 | |||||||
Revenues: | ||||||||
Finance revenues | ¥ | 66,473 | ¥ | 68,889 | ||||
Gains on investment securities and dividends | 10,463 | 21,615 | ||||||
Operating leases | 103,015 | 114,467 | ||||||
Life insurance premiums and related investment income | 117,628 | 124,699 | ||||||
Sales of goods and real estate | 84,288 | 111,551 | ||||||
Services income | 165,230 | 191,500 | ||||||
Total revenues | 547,097 | 632,721 | ||||||
Expenses: | ||||||||
Interest expense | 19,480 | 16,513 | ||||||
Costs of operating leases | 74,218 | 79,824 | ||||||
Life insurance costs | 87,380 | 94,452 | ||||||
Costs of goods and real estate sold | 70,669 | 105,114 | ||||||
Services expense | 104,519 | 117,734 | ||||||
Other (income) and expense | 2,728 | (14,069 | ) | |||||
Selling, general and administrative expenses | 110,252 | 123,799 | ||||||
Provision for credit losses | 931 | 2,361 | ||||||
Write-downs of long-lived assets | 326 | 1 | ||||||
Write-downs of securities | 2,271 | 54 | ||||||
Total expenses | 472,774 | 525,783 | ||||||
Operating Income | 74,323 | 106,938 | ||||||
Equity in Net Income (Loss) of Affiliates | (10,141 | ) | 10,319 | |||||
Gains on Sales of Subsidiaries and Affiliates and Liquidation Losses, net | 2,361 | 3,476 | ||||||
Income before Income Taxes | 66,543 | 120,733 | ||||||
Provision for Income Taxes | 21,506 | 38,614 | ||||||
Net Income | 45,037 | 82,119 | ||||||
Net Income Attributable to the Noncontrolling Interests | 1,243 | 653 | ||||||
Net Income Attributable to ORIX Corporation Shareholders | ¥ | 43,794 | ¥ | 81,466 | ||||
Yen | ||||||||
Three months ended September 30, 2020 | Three months ended September 30, 2021 | |||||||
Amounts per Share of Common Stock for Net Income Attributable to ORIX Corporation Shareholders: | ||||||||
Basic: | ¥ | 35.15 | ¥ | 67.51 | ||||
Diluted: | 35.12 | 67.43 |
Millions of yen | ||||||||
Six months ended September 30, 2020 | Six months ended September 30, 2021 | |||||||
Net Income | ¥ | 95,492 | ¥ | 152,719 | ||||
Other comprehensive income (loss), net of tax: | ||||||||
Net change of unrealized gains (losses) on investment in securities | 1,879 | 8,320 | ||||||
Net change of debt valuation adjustments | (534 | ) | (61 | ) | ||||
Net change of defined benefit pension plans | 125 | 149 | ||||||
Net change of foreign currency translation adjustments | (8,749 | ) | 14,932 | |||||
Net change of unrealized gains (losses) on derivative instruments | (520 | ) | 2,170 | |||||
Total other comprehensive income (loss) | (7,799 | ) | 25,510 | |||||
Comprehensive Income | 87,693 | 178,229 | ||||||
Comprehensive Income (Loss) Attributable to the Noncontrolling Interests | (114 | ) | 6,719 | |||||
Comprehensive Income (Loss) Attributable to the Redeemable Noncontrolling Interests | (303 | ) | 0 | |||||
Comprehensive Income Attributable to ORIX Corporation Shareholders | ¥ | 88,110 | ¥ | 171,510 | ||||
Millions of yen | ||||||||
Three months ended September 30, 2020 | Three months ended September 30, 2021 | |||||||
Net Income | ¥ | 45,037 | ¥ | 82,119 | ||||
Other comprehensive income (loss), net of tax: | ||||||||
Net change of unrealized gains (losses) on investment in securities | 3,285 | 1,939 | ||||||
Net change of debt valuation adjustments | (102 | ) | (37 | ) | ||||
Net change of defined benefit pension plans | 28 | 196 | ||||||
Net change of foreign currency translation adjustments | (7,476 | ) | 5,891 | |||||
Net change of unrealized gains (losses) on derivative instruments | 865 | 1,278 | ||||||
Total other comprehensive income (loss) | (3,400 | ) | 9,267 | |||||
Comprehensive Income | 41,637 | 91,386 | ||||||
Comprehensive Income (Loss) Attributable to the Noncontrolling Interests | (421 | ) | 1,169 | |||||
Comprehensive Income (Loss) Attributable to the Redeemable Noncontrolling Interests | (176 | ) | 0 | |||||
Comprehensive Income Attributable to ORIX Corporation Shareholders | ¥ | 42,234 | ¥ | 90,217 | ||||
Millions of yen | ||||||||||||||||||||||||||||||||
ORIX Corporation Shareholders’ Equity | ||||||||||||||||||||||||||||||||
Common Stock | Additional Paid-in Capital | Retained Earnings | Accumulated Other Comprehensive Income (Loss) | Treasury Stock | Total ORIX Corporation Shareholders’ Equity | Noncontrolling Interests | Total Equity | |||||||||||||||||||||||||
Balance at March 31, 2020 | ¥ | 221,111 | ¥ | 257,638 | ¥ | 2,754,461 | ¥ | (118,532 | ) | ¥ | (121,070 | ) | ¥ | 2,993,608 | ¥ | 72,227 | ¥ | 3,065,835 | ||||||||||||||
Cumulative effect of adopting Accounting Standards Update 2016-13 | (42,855 | ) | (42,855 | ) | (71 | ) | (42,926 | ) | ||||||||||||||||||||||||
Balance at April 1, 2020 | ¥ | 221,111 | ¥ | 257,638 | ¥ | 2,711,606 | ¥ | (118,532 | ) | ¥ | (121,070 | ) | ¥ | 2,950,753 | ¥ | 72,156 | ¥ | 3,022,909 | ||||||||||||||
Contribution to subsidiaries | 0 | 3,825 | 3,825 | |||||||||||||||||||||||||||||
Transaction with noncontrolling interests | 3,152 | 3,152 | (8,312 | ) | (5,160 | ) | ||||||||||||||||||||||||||
Comprehensive income, net of tax: | ||||||||||||||||||||||||||||||||
Net income | 93,842 | 93,842 | 1,673 | 95,515 | ||||||||||||||||||||||||||||
Other comprehensive income (loss) | ||||||||||||||||||||||||||||||||
Net change of unrealized gains (losses) on investment in securities | 1,871 | 1,871 | 8 | 1,879 | ||||||||||||||||||||||||||||
Net change of debt valuation adjustments | (534 | ) | (534 | ) | 0 | (534 | ) | |||||||||||||||||||||||||
Net change of defined benefit pension plans | 127 | 127 | (2 | ) | 125 | |||||||||||||||||||||||||||
Net change of foreign currency translation adjustments | (6,671 | ) | (6,671 | ) | (1,798 | ) | (8,469 | ) | ||||||||||||||||||||||||
Net change of unrealized gains (losses) on derivative instruments | (525 | ) | (525 | ) | 5 | (520 | ) | |||||||||||||||||||||||||
Total other comprehensive income (loss) | (5,732 | ) | (1,787 | ) | (7,519 | ) | ||||||||||||||||||||||||||
Total comprehensive income (loss) | 88,110 | (114 | ) | 87,996 | ||||||||||||||||||||||||||||
Cash dividends | (51,493 | ) | (51,493 | ) | (6,554 | ) | (58,047 | ) | ||||||||||||||||||||||||
Acquisition of treasury stock | (11,243 | ) | (11,243 | ) | 0 | (11,243 | ) | |||||||||||||||||||||||||
Disposal of treasury stock | (183 | ) | 257 | 74 | 0 | 74 | ||||||||||||||||||||||||||
Cancellation of treasury stock | (17,877 | ) | 17,877 | 0 | 0 | 0 | ||||||||||||||||||||||||||
Other, net | 331 | (1 | ) | 1 | 331 | 0 | 331 | |||||||||||||||||||||||||
Balance at September 30, 2020 | ¥ | 221,111 | ¥ | 243,061 | ¥ | 2,753,954 | ¥ | (124,264 | ) | ¥ | (114,178 | ) | ¥ | 2,979,684 | ¥ | 61,001 | ¥ | 3,040,685 | ||||||||||||||
Millions of yen | ||||||||||||||||||||||||||||||||
ORIX Corporation Shareholders’ Equity | ||||||||||||||||||||||||||||||||
Common Stock | Additional Paid-in Capital | Retained Earnings | Accumulated Other Comprehensive Income (Loss) | Treasury Stock | Total ORIX Corporation Shareholders’ Equity | Noncontrolling Interests | Total Equity | |||||||||||||||||||||||||
Balance at March 31, 2021 | ¥ | 221,111 | ¥ | 259,361 | ¥ | 2,744,588 | ¥ | (84,650 | ) | ¥ | (111,954 | ) | ¥ | 3,028,456 | ¥ | 74,688 | ¥ | 3,103,144 | ||||||||||||||
Cumulative effect of adopting Accounting Standards Update 2019-12 | 215 | 215 | 0 | 215 | ||||||||||||||||||||||||||||
Balance at April 1, 2021 | ¥ | 221,111 | ¥ | 259,361 | ¥ | 2,744,803 | ¥ | (84,650 | ) | ¥ | (111,954 | ) | ¥ | 3,028,671 | ¥ | 74,688 | ¥ | 3,103,359 | ||||||||||||||
Contribution to subsidiaries | 0 | 28,040 | 28,040 | |||||||||||||||||||||||||||||
Transaction with noncontrolling interests | 20 | 20 | (5,733 | ) | (5,713 | ) | ||||||||||||||||||||||||||
Comprehensive income, net of tax: | ||||||||||||||||||||||||||||||||
Net income | 146,682 | 146,682 | 6,037 | 152,719 | ||||||||||||||||||||||||||||
Other comprehensive income | ||||||||||||||||||||||||||||||||
Net change of unrealized gains on investment in securities | 8,320 | 8,320 | 0 | 8,320 | ||||||||||||||||||||||||||||
Net change of debt valuation adjustments | (61 | ) | (61 | ) | 0 | (61 | ) | |||||||||||||||||||||||||
Net change of defined benefit pension plans | 150 | 150 | (1 | ) | 149 | |||||||||||||||||||||||||||
Net change of foreign currency translation adjustments | 14,317 | 14,317 | 615 | 14,932 | ||||||||||||||||||||||||||||
Net change of unrealized gains on derivative instruments | 2,102 | 2,102 | 68 | 2,170 | ||||||||||||||||||||||||||||
Total other comprehensive income | 24,828 | 682 | 25,510 | |||||||||||||||||||||||||||||
Total comprehensive income | 171,510 | 6,719 | 178,229 | |||||||||||||||||||||||||||||
Cash dividends | (52,438 | ) | (52,438 | ) | (12,869 | ) | (65,307 | ) | ||||||||||||||||||||||||
Acquisition of treasury stock | (30,547 | ) | (30,547 | ) | 0 | (30,547 | ) | |||||||||||||||||||||||||
Disposal of treasury stock | (12 | ) | 18 | 6 | 0 | 6 | ||||||||||||||||||||||||||
Other, net | 433 | (1 | ) | 432 | 0 | 432 | ||||||||||||||||||||||||||
Balance at September 30, 2021 | ¥ | 221,111 | ¥ | 259,802 | ¥ | 2,839,047 | ¥ | (59,822 | ) | ¥ | (142,484 | ) | ¥ | 3,117,654 | ¥ | 90,845 | ¥ | 3,208,499 | ||||||||||||||
Note: | Changes in the redeemable noncontrolling interests are not included in this table. For further information, see Note 12 “Redeemable Noncontrolling Interests.” |
Millions of yen | ||||||||||||||||||||||||||||||||
ORIX Corporation Shareholders’ Equity | ||||||||||||||||||||||||||||||||
Common Stock | Additional Paid-in Capital | Retained Earnings | Accumulated Other Comprehensive Income (Loss) | Treasury Stock | Total ORIX Corporation Shareholders’ Equity | Noncontrolling Interests | Total Equity | |||||||||||||||||||||||||
Balance at June 30, 2020 | ¥ | 221,111 | ¥ | 239,888 | ¥ | 2,710,160 | ¥ | (122,704 | ) | ¥ | (113,281 | ) | ¥ | 2,935,174 | ¥ | 70,378 | ¥ | 3,005,552 | ||||||||||||||
Contribution to subsidiaries | 0 | 2,525 | 2,525 | |||||||||||||||||||||||||||||
Transaction with noncontrolling interests | 3,216 | 3,216 | (8,234 | ) | (5,018 | ) | ||||||||||||||||||||||||||
Comprehensive income, net of tax: | ||||||||||||||||||||||||||||||||
Net income | 43,794 | 43,794 | 1,243 | 45,037 | ||||||||||||||||||||||||||||
Other comprehensive income (loss) | ||||||||||||||||||||||||||||||||
Net change of unrealized gains (losses) on investment in securities | 3,282 | 3,282 | 3 | 3,285 | ||||||||||||||||||||||||||||
Net change of debt valuation adjustments | (102 | ) | (102 | ) | 0 | (102 | ) | |||||||||||||||||||||||||
Net change of defined benefit pension plans | 29 | 29 | (1 | ) | 28 | |||||||||||||||||||||||||||
Net change of foreign currency translation adjustments | (5,618 | ) | (5,618 | ) | (1,682 | ) | (7,300 | ) | ||||||||||||||||||||||||
Net change of unrealized gains (losses) on derivative instruments | 849 | 849 | 16 | 865 | ||||||||||||||||||||||||||||
Total other comprehensive income (loss) | (1,560 | ) | (1,664 | ) | (3,224 | ) | ||||||||||||||||||||||||||
Total comprehensive income (loss) | 42,234 | (421 | ) | 41,813 | ||||||||||||||||||||||||||||
Cash dividends | 0 | (3,247 | ) | (3,247 | ) | |||||||||||||||||||||||||||
Acquisition of treasury stock | (1,155 | ) | (1,155 | ) | 0 | (1,155 | ) | |||||||||||||||||||||||||
Disposal of treasury stock | (183 | ) | 257 | 74 | 0 | 74 | ||||||||||||||||||||||||||
Other, net | 140 | 1 | 141 | 0 | 141 | |||||||||||||||||||||||||||
Balance at September 30, 2020 | ¥ | 221,111 | ¥ | 243,061 | ¥ | 2,753,954 | ¥ | (124,264 | ) | ¥ | (114,178 | ) | ¥ | 2,979,684 | ¥ | 61,001 | ¥ | 3,040,685 | ||||||||||||||
Three months ended September 30, 2021 |
Millions of yen | ||||||||||||||||||||||||||||||||
ORIX Corporation Shareholders’ Equity | ||||||||||||||||||||||||||||||||
Common Stock | Additional Paid-in Capital | Retained Earnings | Accumulated Other Comprehensive Income (Loss) | Treasury Stock | Total ORIX Corporation Shareholders’ Equity | Noncontrolling Interests | Total Equity | |||||||||||||||||||||||||
Balance at June 30, 2021 | ¥ | 221,111 | ¥ | 259,585 | ¥ | 2,757,581 | ¥ | (68,573 | ) | ¥ | (122,172 | ) | ¥ | 3,047,532 | ¥ | 67,719 | ¥ | 3,115,251 | ||||||||||||||
Contribution to subsidiaries | 0 | 27,286 | 27,286 | |||||||||||||||||||||||||||||
Transaction with noncontrolling interests | 0 | (4,599 | ) | (4,599 | ) | |||||||||||||||||||||||||||
Comprehensive income, net of tax: | ||||||||||||||||||||||||||||||||
Net income | 81,466 | 81,466 | 653 | 82,119 | ||||||||||||||||||||||||||||
Other comprehensive income | ||||||||||||||||||||||||||||||||
Net change of unrealized gains o n investment in securities | 1,939 | 1,939 | 0 | 1,939 | ||||||||||||||||||||||||||||
Net change of debt valuation adjustments | (37 | ) | (37 | ) | 0 | (37 | ) | |||||||||||||||||||||||||
Net change of defined benefit pension plans | 196 | 196 | 0 | 196 | ||||||||||||||||||||||||||||
Net change of foreign currency translation adjustments | 5,414 | 5,414 | 477 | 5,891 | ||||||||||||||||||||||||||||
Net change of unrealized gains on derivative instruments | 1,239 | 1,239 | 39 | 1,278 | ||||||||||||||||||||||||||||
Total other comprehensive income | 8,751 | 516 | 9,267 | |||||||||||||||||||||||||||||
Total comprehensive income | 90,217 | 1,169 | 91,386 | |||||||||||||||||||||||||||||
Cash dividends | 0 | (730 | ) | (730 | ) | |||||||||||||||||||||||||||
Acquisition of treasury stock | (20,330 | ) | (20,330 | ) | 0 | (20,330 | ) | |||||||||||||||||||||||||
Disposal of treasury stock | (12 | ) | 18 | 6 | 0 | 6 | ||||||||||||||||||||||||||
Other, net | 229 | 229 | 0 | 229 | ||||||||||||||||||||||||||||
Balance at September 30, 2021 | ¥ | 221,111 | ¥ | 259,802 | ¥ | 2,839,047 | ¥ | (59,822 | ) | ¥ | (142,484 | ) | ¥ | 3,117,654 | ¥ | 90,845 | ¥ | 3,208,499 | ||||||||||||||
Note: | Changes in the redeemable noncontrolling interests are not included in this table. |
Millions of yen | ||||||||
Six months ended September 30, 2020 | Six months ended September 30, 2021 | |||||||
Cash Flows from Operating Activities: | ||||||||
Net income | ¥ | 95,492 | ¥ | 152,719 | ||||
Adjustments to reconcile net income to net cash provided by operating activities: | ||||||||
Depreciation and amortization | 154,979 | 164,237 | ||||||
Principal payments received under net investment in leases | 208,285 | 213,774 | ||||||
Provision for credit losses | 7,336 | 2,106 | ||||||
Equity in net income of affiliates (excluding interest on loans) | (1,483 | ) | (4,760 | ) | ||||
Gains on sales of subsidiaries and affiliates and liquidation losses, net | (7,681 | ) | (6,473 | ) | ||||
Bargain purchase gain | (4,365 | ) | 0 | |||||
Gains on sales of securities other than trading | (6,510 | ) | (13,017 | ) | ||||
Gains on sales of operating lease assets | (15,888 | ) | (26,238 | ) | ||||
Write-downs of long-lived assets | 583 | 88 | ||||||
Write-downs of securities | 3,876 | 60 | ||||||
(Increase) d ecrease in trading securities | (14,617 | ) | 38,414 | |||||
Increase in inventories | (7,436 | ) | (211 | ) | ||||
Decrease in trade notes, accounts and other receivable | 17,982 | 31,665 | ||||||
Decrease in trade notes, accounts and other payable | (48,200 | ) | (45,908 | ) | ||||
Increase in policy liabilities and policy account balances | 136,488 | 63,412 | ||||||
Other, net | 931 | 23,288 | ||||||
Net cash provided by operating activities | 519,772 | 593,156 | ||||||
Cash Flows from Investing Activities: | ||||||||
Purchases of lease equipment | (313,194 | ) | (426,635 | ) | ||||
Installment loans made to customers | (541,225 | ) | (586,801 | ) | ||||
Principal collected on installment loans | 501,231 | 580,149 | ||||||
Proceeds from sales of operating lease assets | 81,998 | 88,398 | ||||||
Investment in affiliates, net | (6,206 | ) | (13,881 | ) | ||||
Proceeds from sales of investment in affiliates | 18,550 | 17,734 | ||||||
Purchases of available-for-sale | (265,217 | ) | (240,909 | ) | ||||
Proceeds from sales of available-for-sale | 129,725 | 179,630 | ||||||
Proceeds from redemption of available-for-sale | 18,970 | 34,180 | ||||||
Purchases of equity securities other than trading | (12,443 | ) | (30,450 | ) | ||||
Proceeds from sales of equity securities other than trading | 14,402 | 47,813 | ||||||
Purchases of property under facility operations | (26,396 | ) | (12,799 | ) | ||||
Acquisitions of subsidiaries, net of cash acquired | (1,709 | ) | (90,090 | ) | ||||
Sales of subsidiaries, net of cash disposed | 319 | 4,143 | ||||||
Other, net | (18,953 | ) | 13,157 | |||||
Net cash used in investing activities | (420,148 | ) | (436,361 | ) | ||||
Cash Flows from Financing Activities: | ||||||||
Net increase in debt with maturities of three months or less | 68,417 | 159,408 | ||||||
Proceeds from debt with maturities longer than three months | 515,997 | 475,898 | ||||||
Repayment of debt with maturities longer than three months | (526,556 | ) | (591,890 | ) | ||||
Net increase (decrease) in deposits due to customers | 90,431 | (31,813 | ) | |||||
Cash dividends paid to ORIX Corporation shareholders | (51,493 | ) | (52,438 | ) | ||||
Acquisition of treasury stock | (11,243 | ) | (30,547 | ) | ||||
Contribution from noncontrolling interests | 7,723 | 7,271 | ||||||
Purchases of shares of subsidiaries from noncontrolling interests | (4,282 | ) | (1,289 | ) | ||||
Net increase (decrease) in call money | (10,000 | ) | 2,500 | |||||
Other, net | (6,849 | ) | (13,304 | ) | ||||
Net cash provided by (used in) financing activities | 72,145 | (76,204 | ) | |||||
Effect of Exchange Rate Changes on Cash, Cash Equivalents and Restricted Cash | 253 | 1,726 | ||||||
Net increase in Cash, Cash Equivalents and Restricted Cash | 172,022 | 82,317 | ||||||
Cash, Cash Equivalents and Restricted Cash at Beginning of Period | 1,135,284 | 1,079,575 | ||||||
Cash, Cash Equivalents and Restricted Cash at End of Period | ¥ | 1,307,306 | ¥ | 1,161,892 | ||||
Note: | The following tables provide information about Cash, Cash Equivalents and Restricted Cash which are included in the Company’s consolidated balance sheets as of September 30, 2020 and September 30, 2021, respectively. |
Millions of yen | ||||||||
September 30, 2020 | September 30, 2021 | |||||||
Cash and Cash Equivalents | ¥ | 1,182,557 | ¥ | 1,030,893 | ||||
Restricted Cash | 124,749 | 130,999 | ||||||
Cash, Cash Equivalents and Restricted Cash | ¥ | 1,307,306 | ¥ | 1,161,892 | ||||
1. | Overview of Accounting Principles Utilized |
2. | Significant Accounting and Reporting Policies |
3. | Fair Value Measurements |
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. |
Millions of yen | ||||||||||||||||
Total Carrying Value in Consolidated Balance Sheets | Quoted Prices in Active Markets for Identical Assets or Liabilities (Level 1) | Significant Other Observable Inputs (Level 2) | Significant Unobservable Inputs (Level 3) | |||||||||||||
Assets: | ||||||||||||||||
Loans held for sale*1 | ¥ | 63,272 | ¥ | 0 | ¥ | 63,272 | ¥ | 0 | ||||||||
Trading debt securities | 2,654 | 0 | 2,654 | 0 | ||||||||||||
Available-for-sale | 2,003,917 | 6,012 | 1,864,448 | 133,457 | ||||||||||||
Japanese and foreign government bond securities*2 | 821,158 | 3,105 | 818,053 | 0 | ||||||||||||
Japanese prefectural and foreign municipal bond securities | 276,276 | 0 | 273,515 | 2,761 | ||||||||||||
Corporate debt securities*3 | 742,251 | 2,907 | 738,323 | 1,021 | ||||||||||||
CMBS and RMBS in the Americas | 34,457 | 0 | 34,457 | 0 | ||||||||||||
Other asset-backed securities and debt securities | 129,775 | 0 | 100 | 129,675 | ||||||||||||
Equity securities*4*5 | 396,465 | 82,039 | 223,016 | 91,410 | ||||||||||||
Derivative assets: | 22,696 | 352 | 8,521 | 13,823 | ||||||||||||
Interest rate swap agreements | 1,867 | 0 | 1,867 | 0 | ||||||||||||
Options held/written and other | 19,504 | 0 | 5,681 | 13,823 | ||||||||||||
Futures, foreign exchange contracts | 1,179 | 352 | 827 | 0 | ||||||||||||
Foreign currency swap agreements | 146 | 0 | 146 | 0 | ||||||||||||
Netting*6 | (1,944 | ) | 0 | 0 | 0 | |||||||||||
Net derivative assets | 20,752 | 0 | 0 | 0 | ||||||||||||
Other assets: | 6,297 | 0 | 0 | 6,297 | ||||||||||||
Reinsurance recoverables*7 | 6,297 | 0 | 0 | 6,297 | ||||||||||||
Total | ¥ | 2,495,301 | ¥ | 88,403 | ¥ | 2,161,911 | ¥ | 244,987 | ||||||||
Liabilities: | ||||||||||||||||
Derivative liabilities: | ¥ | 71,034 | ¥ | 475 | ¥ | 70,526 | ¥ | 33 | ||||||||
Interest rate swap agreements | 23,818 | 0 | 23,818 | 0 | ||||||||||||
Options held/written and other | 17,009 | 0 | 16,976 | 33 | ||||||||||||
Futures, foreign exchange contracts | 25,739 | 475 | 25,264 | 0 | ||||||||||||
Foreign currency swap agreements | 4,459 | 0 | 4,459 | 0 | ||||||||||||
Credit derivatives held | 9 | 0 | 9 | 0 | ||||||||||||
Netting*6 | (1,944 | ) | 0 | 0 | 0 | |||||||||||
Net derivative Liabilities | 69,090 | 0 | 0 | 0 | ||||||||||||
Policy Liabilities and Policy Account Balances: | 266,422 | 0 | 0 | 266,422 | ||||||||||||
Variable annuity and variable life insurance contracts*8 | 266,422 | 0 | 0 | 266,422 | ||||||||||||
Total | ¥ | 337,456 | ¥ | 475 | ¥ | 70,526 | ¥ | 266,455 | ||||||||
Millions of yen | ||||||||||||||||
Total Carrying Value in Consolidated Balance Sheets | Quoted Prices in Active Markets for Identical Assets or Liabilities (Level 1) | Significant Other Observable Inputs (Level 2) | Significant Unobservable Inputs (Level 3) | |||||||||||||
Assets: | ||||||||||||||||
Loans held for sale*1 | ¥ | 73,857 | ¥ | 0 | ¥ | 73,857 | ¥ | 0 | ||||||||
Trading debt securities | 2,483 | 0 | 2,483 | 0 | ||||||||||||
Available-for-sale | 2,051,245 | 8,581 | 1,905,428 | 137,236 | ||||||||||||
Japanes e and foreign government bond securities*2 | 790,202 | 1,150 | 789,052 | 0 | ||||||||||||
Japanese prefectural and foreign municipal bond securities | 289,172 | 0 | 286,381 | 2,791 | ||||||||||||
Corporate debt securities*3 | 805,653 | 7,431 | 797,413 | 809 | ||||||||||||
CMBS and RMBS in the Americas | 32,482 | 0 | 32,482 | 0 | ||||||||||||
Other asset-backed securities and debt securities | 133,736 | 0 | 100 | 133,636 | ||||||||||||
Equity securities*4*5 | 390,965 | 114,346 | 184,611 | 92,008 | ||||||||||||
Derivative assets: | 26,693 | 816 | 10,240 | 15,637 | ||||||||||||
Interest rate swap agreements | 1,706 | 0 | 1,706 | 0 | ||||||||||||
Options held/written and other | 18,699 | 0 | 3,062 | 15,637 | ||||||||||||
Futures, foreign exchange contracts | 5,228 | 816 | 4,412 | 0 | ||||||||||||
Foreign currency swap agreements | 1,060 | 0 | 1,060 | 0 | ||||||||||||
Netting*6 | (4,686 | ) | 0 | 0 | 0 | |||||||||||
Net derivative assets | 22,007 | 0 | 0 | 0 | ||||||||||||
Other assets: | 5,564 | 0 | 0 | 5,564 | ||||||||||||
Reinsurance recoverables*7 | 5,564 | 0 | 0 | 5,564 | ||||||||||||
Total | ¥ | 2,550,807 | ¥ | 123,743 | ¥ | 2,176,619 | ¥ | 250,445 | ||||||||
Liabilities: | ||||||||||||||||
Derivative liabilities: | ¥ | 51,270 | ¥ | 6 | ¥ | 51,232 | ¥ | 32 | ||||||||
Interest rate swap agreements | 19,594 | 0 | 19,594 | 0 | ||||||||||||
Options held/written and other | 16,996 | 0 | 16,964 | 32 | ||||||||||||
Futures, foreign exchange contracts | 13,173 | 6 | 13,167 | 0 | ||||||||||||
Foreign currency swap agreements | 1,507 | 0 | 1,507 | 0 | ||||||||||||
Netting*6 | (4,686 | ) | 0 | 0 | 0 | |||||||||||
Net derivative Liabilities | 46,584 | 0 | 0 | 0 | ||||||||||||
Policy Liabilities and Policy Account Balances: | 226,221 | 0 | 0 | 226,221 | ||||||||||||
Variable annuity and variable life insurance contracts*8 | 226,221 | 0 | 0 | 226,221 | ||||||||||||
Total | ¥ | 277,491 | ¥ | 6 | ¥ | 51,232 | ¥ | 226,253 | ||||||||
*1 | A certain subsidiary elected the fair value option on certain loans held for sale. These loans are multi-family and seniors housing loans and are sold to Federal National Mortgage Association (“Fannie Mae”), Federal Home Loan Mortgage Corporation (“Freddie Mac”) and institutional investors. Included in “Other (income) and expense” in the consolidated statements of income were a loss of ¥461 million and a gain of ¥1,069 million from the change in the fair value of the loans for the six months ended September 30, 2020 and 2021, respectively. Included in “Other (income) and expense” in the consolidated statements of income were a gain of ¥1,982 million and a loss of ¥525 million from the change in the fair value of the loans for the three months ended September 30, 2020 and 2021, respectively. NaN gains or losses were recognized in earnings during the six months ended September 30, 2020 and 2021 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, 2021, were ¥60,556 million and ¥63,272 million, respectively, and the amount of the aggregate fair value exceeded the amount of aggregate unpaid principal balance by ¥2,716 million. The amounts of aggregate unpaid principal balance and aggregate fair value of the loans held for sale as of September 30, 2021, were ¥70,022 million and ¥73,857 million, respectively, and the amount of the aggregate fair value exceeded the amount of aggregate unpaid principal balance by ¥3,835 million. As of March 31, 2021 and September 30, 2021, there were no loans that are 90 days or more past due or, in non-accrual status. |
*2 | A certain subsidiary elected the fair value option for investments in foreign government bond securities included in available-for-sale million as of March 31, 2021. There were 0 such investments elected the fair value option as of September 30, 2021. |
*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, and others included in equity securities. Included in “Gains on investment securities and dividends” and “Life insurance premiums and related investment income” in the consolidated statements of income were gains of ¥2,614 million and ¥585 million from the change in the fair value of those investments for the six months ended September 30, 2020 and 2021, respectively. Included in “Gains on investment securities and dividends” and “Life insurance premiums and related investment income” in the consolidated statements of income were gains of ¥2,724 million and ¥248 million from the change in the fair value of those investments for the three months ended September 30, 2020 and 2021, respectively. The amounts of aggregate fair value elected the fair value option were ¥4,940 million and ¥8,552 million as of March 31, 2021 and September 30, 2021, respectively. |
*5 | The amounts of investment funds measured at net asset value per share which are not included in the above tables were ¥13,737 million and ¥15,732 million as of March 31, 2021 and September 30, 2021, 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 ¥6,297 million and ¥5,564 million as of March 31, 2021 and September 30, 2021, respectively. For the effect of changes in the fair value of those reinsurance contracts on earnings during the six and three months ended September 30, 2020 and 2021, see Note 17 “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 ¥266,422 million and ¥226,221 million as of March 31, 2021 and September 30, 2021, respectively. For the effect of changes in the fair value of the variable annuity and variable life insurance contracts on earnings during the six and three months ended September 30, 2020 and 2021, see Note 17 “Life Insurance Operations.” |
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 September 30, 2020 | Change in unrealized gains or losses included in earnings for assets and liabilities still held at September 30, 2020 *1 | Change in unrealized gains or losses included in other comprehensive income for assets and liabilities still held at September 30, 2020 *2 | ||||||||||||||||||||||||||||||||||||
Included in earnings *1 | Included in other comprehensive income *2 | Total | ||||||||||||||||||||||||||||||||||||||||||
Available-for-sale | ¥ | 88,353 | ¥ | (1,383 | ) | ¥ | 8,838 | ¥ | 7,455 | ¥ | 13,631 | ¥ | (3,999 | ) | ¥ | (2,148 | ) | ¥ | (2,000 | ) | ¥ | 101,292 | ¥ | 59 | ¥ | 8,696 | ||||||||||||||||||
Japanese prefectural and foreign municipal bond securities | 2,832 | 0 | (79 | ) | (79 | ) | 0 | 0 | 0 | 0 | 2,753 | 0 | (79 | ) | ||||||||||||||||||||||||||||||
Corporate debt securities | 3,994 | 0 | 2 | 2 | 0 | 0 | (495 | ) | (2,000 | ) | 1,501 | 0 | 2 | |||||||||||||||||||||||||||||||
Other asset-backed securities and debt securities | 81,527 | (1,383 | ) | 8,915 | 7,532 | 13,631 | (3,999 | ) | (1,653 | ) | 0 | 97,038 | 59 | 8,773 | ||||||||||||||||||||||||||||||
Equity securities | 83,901 | 1,844 | (2,243 | ) | (399 | ) | 869 | (3,372 | ) | (4,010 | ) | (325 | ) | 76,664 | 1,776 | (2,239 | ) | |||||||||||||||||||||||||||
Investment funds | 83,901 | 1,844 | (2,243 | ) | (399 | ) | 869 | (3,372 | ) | (4,010 | ) | (325 | ) | 76,664 | 1,776 | (2,239 | ) | |||||||||||||||||||||||||||
Derivative assets and liabilities (net) | 19,230 | 1,791 | (559 | ) | 1,232 | 30 | 0 | 0 | 0 | 20,492 | 1,791 | (559 | ) | |||||||||||||||||||||||||||||||
Options held/written and other | 19,230 | 1,791 | (559 | ) | 1,232 | 30 | 0 | 0 | 0 | 20,492 | 1,791 | (559 | ) | |||||||||||||||||||||||||||||||
Other asset | 18,206 | (10,359 | ) | 0 | (10,359 | ) | 1,373 | 0 | (158 | ) | 0 | 9,062 | (10,359 | ) | 0 | |||||||||||||||||||||||||||||
Reinsurance recoverables *5 | 18,206 | (10,359 | ) | 0 | (10,359 | ) | 1,373 | 0 | (158 | ) | 0 | 9,062 | (10,359 | ) | 0 | |||||||||||||||||||||||||||||
Policy Liabilities and Policy Account Balances | 300,739 | (17,441 | ) | (741 | ) | (18,182 | ) | 0 | 0 | (22,111 | ) | 0 | 296,810 | (17,441 | ) | (741 | ) | |||||||||||||||||||||||||||
Variable annuity and variable life insurance contracts *6 | 300,739 | (17,441 | ) | (741 | ) | (18,182 | ) | 0 | 0 | (22,111 | ) | 0 | 296,810 | (17,441 | ) | (741 | ) |
Millions of yen | ||||||||||||||||||||||||||||||||||||||||||||
Balance at April 1, 2021 | Gains or losses (realized/unrealized) | Purchases *3 | Sales | Settlements *4 | Transfers in and/ or out of Level 3 (net) | Balance at September 30, 2021 | Change in unrealized gains or losses included in earnings for assets and liabilities still held at September 30, 2021 *1 | Change in unrealized gains or losses included in other comprehensive income for assets and liabilities still held at September 30, 2021 *2 | ||||||||||||||||||||||||||||||||||||
Included in earnings *1 | Included in other comprehensive income *2 | Total | ||||||||||||||||||||||||||||||||||||||||||
Available-for-sale | ¥ | 133,457 | ¥ | 4,281 | ¥ | 1,827 | ¥ | 6,108 | ¥ | 22,270 | ¥ | (7,485 | ) | ¥ | (17,114 | ) | ¥ | 0 | ¥ | 137,236 | ¥ | 321 | ¥ | 1,904 | ||||||||||||||||||||
Japanese prefectural and foreign municipal bond securities | 2,761 | 0 | 30 | 30 | 0 | 0 | 0 | 0 | 2,791 | 0 | 30 | |||||||||||||||||||||||||||||||||
Corporate debt securities | 1,021 | 0 | (0 | ) | (0 | ) | 0 | 0 | (212 | ) | 0 | 809 | 0 | (0 | ) | |||||||||||||||||||||||||||||
Other asset-backed securities and debt securities | 129,675 | 4,281 | 1,797 | 6,078 | 22,270 | (7,485 | ) | (16,902 | ) | 0 | 133,636 | 321 | 1,874 | |||||||||||||||||||||||||||||||
Equity securities | 91,410 | 12,735 | 1,018 | 13,753 | 13,691 | (26,375 | ) | (471 | ) | 0 | 92,008 | 1,528 | 1,008 | |||||||||||||||||||||||||||||||
Investment funds | 91,410 | 12,735 | 1,018 | 13,753 | 13,691 | (26,375 | ) | (471 | ) | 0 | 92,008 | 1,528 | 1,008 | |||||||||||||||||||||||||||||||
Derivative assets and liabilities (net) | 13,790 | 1,618 | 197 | 1,815 | 0 | 0 | 0 | 0 | 15,605 | 1,618 | 197 | |||||||||||||||||||||||||||||||||
Options held/written and other | 13,790 | 1,618 | 197 | 1,815 | 0 | 0 | 0 | 0 | 15,605 | 1,618 | 197 | |||||||||||||||||||||||||||||||||
Other asset | 6,297 | (1,277 | ) | 0 | (1,277 | ) | 1,050 | 0 | (506 | ) | 0 | 5,564 | (1,277 | ) | 0 | |||||||||||||||||||||||||||||
Reinsurance recoverables *5 | 6,297 | (1,277 | ) | 0 | (1,277 | ) | 1,050 | 0 | (506 | ) | 0 | 5,564 | (1,277 | ) | 0 | |||||||||||||||||||||||||||||
Policy Liabilities and Policy Account Balances | 266,422 | (6,731 | ) | (84 | ) | (6,815 | ) | 0 | 0 | (47,016 | ) | 0 | 226,221 | (6,731 | ) | (84 | ) | |||||||||||||||||||||||||||
Variable annuity and variable life insurance contracts *6 | 266,422 | (6,731 | ) | (84 | ) | (6,815 | ) | 0 | 0 | (47,016 | ) | 0 | 226,221 | (6,731 | ) | (84 | ) |
*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. |
Millions of yen | ||||||||||||||||||||||||||||||||||||||||||||
Balance at June 30, 2020 | Gains or losses (realized/unrealized) | Purchases *3 | Sales | Settlements *4 | Transfers in and/ or out of Level 3 (net) | Balance at September 30, 2020 | Change in unrealized gains or losses included in earnings for assets and liabilities still held at September 30, 2020 *1 | Change in unrealized gains or losses included in other comprehensive income for assets and liabilities still held at September 30, 2020 *1 | ||||||||||||||||||||||||||||||||||||
Included in earnings *1 | Included in other comprehensive income *2 | Total | ||||||||||||||||||||||||||||||||||||||||||
Available-for-sale | ¥ | 99,953 | ¥ | (265 | ) | ¥ | 1,287 | ¥ | 1,022 | ¥ | 7,158 | ¥ | (3,999 | ) | ¥ | (842 | ) | ¥ | (2,000 | ) | ¥ | 101,292 | ¥ | 33 | ¥ | 1,122 | ||||||||||||||||||
Japanese prefectural and foreign municipal bond securities | 2,804 | 0 | (51 | ) | (51 | ) | 0 | 0 | 0 | 0 | 2,753 | 0 | (51 | ) | ||||||||||||||||||||||||||||||
Corporate debt securities | 3,657 | 0 | 3 | 3 | 0 | 0 | (159 | ) | (2,000 | ) | 1,501 | 0 | 2 | |||||||||||||||||||||||||||||||
Other asset-backed securities and debt securities | 93,492 | (265 | ) | 1,335 | 1,070 | 7,158 | (3,999 | ) | (683 | ) | 0 | 97,038 | 33 | 1,171 | ||||||||||||||||||||||||||||||
Equity securities | 78,797 | 3,862 | (1,322 | ) | 2,540 | 456 | (2,924 | ) | (1,880 | ) | (325 | ) | 76,664 | 3,841 | (1,295 | ) | ||||||||||||||||||||||||||||
Investment funds | 78,797 | 3,862 | (1,322 | ) | 2,540 | 456 | (2,924 | ) | (1,880 | ) | (325 | ) | 76,664 | 3,841 | (1,295 | ) | ||||||||||||||||||||||||||||
Derivative assets and liabilities (net) | 19,334 | 1,530 | (372 | ) | 1,158 | 0 | 0 | 0 | 0 | 20,492 | 1,530 | (372 | ) | |||||||||||||||||||||||||||||||
Options held/written and other | 19,334 | 1,530 | (372 | ) | 1,158 | 0 | 0 | 0 | 0 | 20,492 | 1,530 | (372 | ) | |||||||||||||||||||||||||||||||
Other asset | 10,854 | (2,453 | ) | 0 | (2,453 | ) | 727 | 0 | (66 | ) | 0 | 9,062 | (2,453 | ) | 0 | |||||||||||||||||||||||||||||
Reinsurance recoverables *5 | 10,854 | (2,453 | ) | 0 | (2,453 | ) | 727 | 0 | (66 | ) | 0 | 9,062 | (2,453 | ) | 0 | |||||||||||||||||||||||||||||
Policy Liabilities and Policy Account Balances | 302,201 | (7,350 | ) | (142 | ) | (7,492 | ) | 0 | 0 | (12,883 | ) | 0 | 296,810 | (7,350 | ) | (142 | ) | |||||||||||||||||||||||||||
Variable annuity and variable life insurance contracts *6 | 302,201 | (7,350 | ) | (142 | ) | (7,492 | ) | 0 | 0 | (12,883 | ) | 0 | 296,810 | (7,350 | ) | (142 | ) |
Millions of yen | ||||||||||||||||||||||||||||||||||||||||||||
Balance at June 30, 2021 | Gains or losses (realized/unrealized) | Purchases*3 | Sales | Settlements*4 | Transfers in and/ or out of Level 3 (net) | Balance at September 30, 2021 | Change in unrealized gains or losses included in earnings for assets and liabilities still held at September 30, 2021 *1 | Change in unrealized gains or losses included in other comprehensive income for assets and liabilities still held at September 30, 2021 *2 | ||||||||||||||||||||||||||||||||||||
Included in earnings *1 | Included in other comprehensive income *2 | Total | ||||||||||||||||||||||||||||||||||||||||||
Available-for-sale | ¥ | 131,538 | ¥ | 4,291 | ¥ | 1,394 | ¥ | 5,685 | ¥ | 14,859 | ¥ | (7,480 | ) | ¥ | (7,366 | ) | ¥ | 0 | ¥ | 137,236 | ¥ | 285 | ¥ | 1,410 | ||||||||||||||||||||
Japanese prefectural and foreign municipal bond securities | 2,758 | 0 | 33 | 33 | 0 | 0 | 0 | 0 | 2,791 | 0 | 33 | |||||||||||||||||||||||||||||||||
Corporate debt securities | 901 | 0 | 0 | 0 | 0 | 0 | (92 | ) | 0 | 809 | 0 | (0 | ) | |||||||||||||||||||||||||||||||
Other asset-backed securities and debt securities | 127,879 | 4,291 | 1,361 | 5,652 | 14,859 | (7,480 | ) | (7,274 | ) | 0 | 133,636 | 285 | 1,377 | |||||||||||||||||||||||||||||||
Equity securities | 88,113 | 1,373 | 1,022 | 2,395 | 2,339 | (496 | ) | (343 | ) | 0 | 92,008 | 301 | 1,012 | |||||||||||||||||||||||||||||||
Investment funds | 88,113 | 1,373 | 1,022 | 2,395 | 2,339 | (496 | ) | (343 | ) | 0 | 92,008 | 301 | 1,012 | |||||||||||||||||||||||||||||||
Derivative assets and liabilities (net) | 19,012 | (3,590 | ) | 183 | (3,407 | ) | 0 | 0 | 0 | 0 | 15,605 | (3,590 | ) | 183 | ||||||||||||||||||||||||||||||
Options held/written and other | 19,012 | (3,590 | ) | 183 | (3,407 | ) | 0 | 0 | 0 | 0 | 15,605 | (3,590 | ) | 183 | ||||||||||||||||||||||||||||||
Other asset | 5,878 | (555 | ) | 0 | (555 | ) | 481 | 0 | (240 | ) | 0 | 5,564 | (555 | ) | 0 | |||||||||||||||||||||||||||||
Reinsurance recoverables*5 | 5,878 | (555 | ) | 0 | (555 | ) | 481 | 0 | (240 | ) | 0 | 5,564 | (555 | ) | 0 | |||||||||||||||||||||||||||||
Policy Liabilities and Policy Account Balances | 244,523 | (3,172 | ) | (51 | ) | (3,223 | ) | 0 | 0 | (21,525 | ) | 0 | 226,221 | (3,172 | ) | (51 | ) | |||||||||||||||||||||||||||
Variable annuity and variable life insurance contracts*6 | 244,523 | (3,172 | ) | (51 | ) | (3,223 | ) | 0 | 0 | (21,525 | ) | 0 | 226,221 | (3,172 | ) | (51 | ) |
*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. |
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 | ¥ | 238 | ¥ | 0 | ¥ | 238 | ¥ | 0 | ||||||||
Real estate collateral-dependent loans (net of allowance for credit losses) | 10,679 | 0 | 0 | 10,679 | ||||||||||||
Investment in operating leases and property under facility operations | 6,740 | 0 | 1,806 | 4,934 | ||||||||||||
Certain equity securities | 10,486 | 0 | 6,909 | 3,577 | ||||||||||||
Certain investments in affiliates | 11,413 | 8,799 | 0 | 2,614 | ||||||||||||
Certain goodwill | 775 | 0 | 0 | 775 | ||||||||||||
¥ | 40,331 | ¥ | 8,799 | ¥ | 8,953 | ¥ | 22,579 | |||||||||
Six months ended September 30, 2021 | ||||||||||||||||
Millions of yen | ||||||||||||||||
Total Carrying Value in Consolidated Balance Sheets | Quoted Prices in Active Markets for Identical Assets (Level 1) | Significant Other Observable Inputs (Level 2) | Significant Unobservable Inputs (Level 3) | |||||||||||||
Assets: | ||||||||||||||||
Real estate collateral-dependent loans (net of allowance for credit losses) | ¥ | 7,774 | ¥ | 0 | ¥ | 0 | ¥ | 7,774 | ||||||||
Investment in operating leases and property under facility operations | 885 | 0 | 213 | 672 | ||||||||||||
Certain equity securities | 2,492 | 0 | 2,492 | 0 | ||||||||||||
Certain investments in affiliates | 228 | 0 | 0 | 228 | ||||||||||||
¥ | 11,379 | ¥ | 0 | ¥ | 2,705 | ¥ | 8,674 | |||||||||
March 31, 2021 | ||||||||||
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 | ¥ | 2,761 | Appraisals/Broker quotes | — | 0 | |||||
Corporate debt securities | 1,021 | Discounted cash flows | Discount rate | 0.3% – 1.8% (0.7%) | ||||||
Other asset-backed securities and debt securities | 25,891 | Discounted cash flows | Discount rate | 1.0% – 51.2% (11.1%) | ||||||
Probability of default | 1.9% (1.9%) | |||||||||
103,784 | Appraisals/Broker quotes | — | — | |||||||
Equity securities: | ||||||||||
Investment funds | 78,134 | Discounted cash flows | WACC | 13.1% – 18.7% (16.8%) | ||||||
EV/Terminal EBITDA multiple | 7.3x-10.5x (8.6x) | |||||||||
Market multiples | EV/Last twelve months EBITDA multiple | 6.8x-9.5x (7.8x) | ||||||||
EV/Forward EBITDA multiple | 7.6x-11.6x (9.0x) | |||||||||
EV/Precedent transaction last twelve months EBITDA multiple | 7.7x-10.9x (9.1x) | |||||||||
13,276 | Appraisals/Broker quotes | — | — | |||||||
Derivative assets: | ||||||||||
Options held/written and other | 13,762 | Discounted cash flows | Discount rate | 12.0% – 33.0% (14.3%) | ||||||
61 | Appraisals/Broker quotes | — | — | |||||||
Other assets: | ||||||||||
Reinsurance recoverables | 6,297 | Discounted cash flows | Discount rate | 0.0% – 0.4% (0.1%) | ||||||
Mortality rate | 0.0% – 100.0% (1.6%) | |||||||||
Lapse rate | 1.5% – 14.0% (6.7%) | |||||||||
Annuitization rate (guaranteed minimum annuity benefit) | 0.0% – 100.0% (100.0%) | |||||||||
Total | ¥ | 244,987 | ||||||||
Liabilities: | ||||||||||
Derivative liabilities: | ||||||||||
Options held/written and other | ¥ | 33 | Appraisals/Broker quotes | — | ��� | |||||
Policy liabilities and Policy Account Balances: | ||||||||||
Variable annuity and variable life insurance contracts | 266,422 | Discounted cash flows | Discount rate | 0.0% – 0.4% (0.1%) | ||||||
Mortality rate | 0.0% – 100.0% (1.6%) | |||||||||
Lapse rate | 1.5% – 30.0% (6.9%) | |||||||||
Annuitization rate (guaranteed minimum annuity benefit) | 0.0% – 100.0% (76.7%) | |||||||||
Total | ¥ | 266,455 | ||||||||
September 30, 2021 | ||||||||||
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 | ¥ | 2,791 | Appraisals/Broker quotes | — | 0 | |||||
Corporate debt securities | 809 | Discounted cash flows | Discount rate | 0.3% – 0.7% (0.5%) | ||||||
Other asset-backed securities and debt securities | 25,596 | Discounted cash flows | Discount rate | 0.1% – 51.2% (10.6%) | ||||||
Probability of default | 1.9% (1.9%) | |||||||||
108,040 | Appraisals/Broker quotes | — | — | |||||||
Equity securities: | ||||||||||
Investment funds, and others | 73,632 | Discounted cash flows | WACC | 10.0% – 18.6% (16.0%) | ||||||
EV/Terminal EBITDA multiple | 8.0x – 10.5x (8.6x) | |||||||||
Market multiples | EV/Last twelve months EBITDA multiple | 7.4x – 9.1x (7.9x) | ||||||||
EV/Forward EBITDA multiple | 6.2x – 10.6x (9.1x) | |||||||||
EV/Precedent transaction last twelve months EBITDA multiple | 7.6x – 11.8x | |||||||||
(9.4x) | ||||||||||
18,376 | Appraisals/Broker quotes | — | — | |||||||
Derivative assets: | ||||||||||
Options held/written and other | 15,577 | Discounted cash flows | Discount rate | 12.0% – 33.0% (14.4%) | ||||||
60 | Appraisals/Broker quotes | — | — | |||||||
Other assets: | ||||||||||
Reinsurance recoverables | 5,564 | Discounted cash flows | Discount rate | (0.1)% – 0.4% (0.1%) | ||||||
Mortality rate | 0.0% – 100.0% (1.9%) | |||||||||
Lapse rate | 1.5% – 14.0% (5.9%) | |||||||||
Annuitization rate (guaranteed minimum annuity benefit) | 0.0% – 100.0% (100.0%) | |||||||||
Total | ¥ | 250,445 | ||||||||
Liabilities: | ||||||||||
Derivative liabilities: | ||||||||||
Options held/written and other | ¥ | 32 | Appraisals/Broker quotes | — | — | |||||
Policy liabilities and Policy Account Balances: | ||||||||||
Variable annuity and variable life insurance contracts | 226,221 | Discounted cash flows | Discount rate | (0.1)% – 0.4% (0.1%) | ||||||
Mortality rate | 0.0% – 100.0% (1.7%) | |||||||||
Lapse rate | 1.5% – 30.0% (6.5%) | |||||||||
Annuitization rate (guaranteed minimum annuity benefit) | 0.0% – 100.0% (72.2%) | |||||||||
Total | ¥ | 226,253 | ||||||||
Year ended March 31, 2021 | ||||||||||
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) | ¥ | 1,953 | Direct capitalization | Capitalization rate | 5.1% – 7.0% (5.9%) | |||||
8,726 | Appraisals | — | — | |||||||
Investment in operating leases and property under facility operations | 4,934 | Appraisals | — | 0 | ||||||
Certain equity securities | 3,577 | Appraisals | — | 0 | ||||||
Certain investments in affiliates | 2,614 | Appraisals | — | 0 | ||||||
Certain goodwill | 775 | Market multiples | EV/Precedent transaction last twelve months EBITDA multiple | 5.5x (5.5x) | ||||||
¥ | 22,579 | |||||||||
Six months ended September 30, 2021 | ||||||||||
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) | ¥ | 1,171 | Direct capitalization | Capitalization rate | 5.2% – 8.5% (6.1%) | |||||
6,603 | Appraisals | — | — | |||||||
Investment in operating leases and property under facility operations | 672 | Appraisals | — | — | ||||||
Certain investments in affiliates | 228 | Appraisals | — | — | ||||||
¥ | 8,674 | |||||||||
4. | Acquisitions and Divestitures |
5. | Revenues from Contracts with Customers |
Millions of yen | Millions of yen | |||||||
Six months ended September 30, 2020 | Six months ended September 30, 2021 | |||||||
Revenues from contracts with customers | ¥ | 505,743 | ¥ | 595,111 | ||||
Other revenues * | 578,995 | 646,423 | ||||||
Total revenues | ¥ | 1,084,738 | ¥ | 1,241,534 | ||||
Millions of yen | Millions of yen | |||||||
Three months ended September 30, 2020 | Three months ended September 30, 2021 | |||||||
Revenues from contracts with customers | ¥ | 249,114 | ¥ | 301,299 | ||||
Other revenues * | 297,983 | 331,422 | ||||||
Total revenues | ¥ | 547,097 | ¥ | 632,721 | ||||
* | 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. |
Millions of yen | ||||||||
March 31, 2021 | September 30, 2021 | |||||||
Trade Notes, Accounts and Other Receivable | ¥ | 180,828 | ¥ | 176,293 | ||||
Contract assets (Included in Other Assets) | 6,558 | 11,415 | ||||||
Contract liabilities (Included in Other Liabilities) | 40,436 | 34,767 |
6. | Leases |
Millions of yen | ||||||||
Six months ended September 30, 2020 | Six months ended September 30, 2021 | |||||||
Lease income—net investment in leases | ||||||||
Interest income | ¥ | 34,313 | ¥ | 35,962 | ||||
Other | 865 | 998 | ||||||
Lease income—operating leases * | 197,961 | 227,933 | ||||||
Total lease income | ¥ | 233,139 | ¥ | 264,893 | ||||
* | Gains from the disposition of real estate under operating leases included in operating lease revenues were ¥12,754 million and ¥15,440 million, and gains from the disposition of operating lease assets other than real estate included in operating lease revenues were ¥3,134 million and ¥10,798 million, for the six months ended September 30, 2020 and 2021, respectively. |
Millions of yen | ||||||||
Three months ended September 30, 2020 | Three months ended September 30, 2021 | |||||||
Lease income—net investment in leases | ||||||||
Interest income | ¥ | 17,217 | ¥ | 18,157 | ||||
Other | 478 | 429 | ||||||
Lease income—operating leases * | 103,015 | 114,467 | ||||||
Total lease income | ¥ | 120,710 | ¥ | 133,053 | ||||
* | Gains from the disposition of real estate under operating leases included in operating lease revenues were ¥8,050 million and ¥7,475 million, and gains from the disposition of operating lease assets other than real estate included in operating lease revenues were ¥2,022 million and ¥5,731 million, for the three months ended September 30, 2020 and 2021, respectively. |
7. | Credit Quality of Financial Assets and the Allowance for Credit Losses |
• | Credit quality indicators |
• | Past-due financing receivables |
• | Non-accrual |
Six months ended September 30, 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) | 4,007 | 124 | 6,149 | 5 | 1,464 | 782 | 12,531 | |||||||||||||||||||||
Allowance of purchased loans during the reporting period | 0 | 0 | 0 | 340 | 0 | 0 | 340 | |||||||||||||||||||||
Charge-offs *4 | (5,178 | ) | 0 | (7,903 | ) | (427 | ) | (604 | ) | (146 | ) | (14,258 | ) | |||||||||||||||
Recoveries | 251 | 0 | 69 | 30 | 8 | 0 | 358 | |||||||||||||||||||||
Other *6 | 228 | (97 | ) | (828 | ) | 102 | 96 | 54 | (445 | ) | ||||||||||||||||||
Ending balance | ¥ | 34,350 | ¥ | 3,414 | ¥ | 28,421 | ¥ | 1,508 | ¥ | 16,206 | ¥ | 2,896 | ¥ | 86,795 | ||||||||||||||
Collective (pool) assessment | 30,168 | 3,193 | 18,618 | 664 | 9,090 | 1,210 | 62,943 | |||||||||||||||||||||
Individual assessment | 4,182 | 221 | 9,803 | 844 | 7,116 | 1,686 | 23,852 |
Three months ended September 30, 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 | ¥ | 36,322 | ¥ | 3,755 | ¥ | 31,646 | ¥ | 1,152 | ¥ | 16,219 | ¥ | 2,766 | ¥ | 91,860 | ||||||||||||||
Provision (Reversal) | 956 | (273 | ) | 2,570 | 393 | 449 | 177 | 4,272 | ||||||||||||||||||||
Allowance of purchased loans during the reporting period | 0 | 0 | 0 | 302 | 0 | 0 | 302 | |||||||||||||||||||||
Charge-offs *5 | (2,975 | ) | 0 | (5,374 | ) | (340 | ) | (381 | ) | (117 | ) | (9,187 | ) | |||||||||||||||
Recoveries | 162 | 0 | 16 | (1 | ) | (2 | ) | 0 | 175 | |||||||||||||||||||
Other *6 | (115 | ) | (68 | ) | (437 | ) | 2 | (79 | ) | 70 | (627 | ) | ||||||||||||||||
Ending balance | ¥ | 34,350 | ¥ | 3,414 | ¥ | 28,421 | ¥ | 1,508 | ¥ | 16,206 | ¥ | 2,896 | ¥ | 86,795 | ||||||||||||||
March 31, 2021 | ||||||||||||||||||||||||||||
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 | |||||||||||||||||||||||||||
Allowance for credit losses : | ||||||||||||||||||||||||||||
Ending balance | ¥ | 29,010 | ¥ | 3,482 | ¥ | 23,141 | ¥ | 1,835 | ¥ | 16,522 | ¥ | 6,005 | ¥ | 79,995 | ||||||||||||||
Individually evaluated for impairment | 24,761 | 3,250 | 15,372 | 681 | 13,267 | 810 | 58,141 | |||||||||||||||||||||
Not individually evaluated for impairment | 4,249 | 232 | 7,769 | 1,154 | 3,255 | 5,195 | 21,854 |
Six months ended September 30, 2021 | ||||||||||||||||||||||||||||
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 | ¥ | 29,010 | ¥ | 3,482 | ¥ | 23,141 | ¥ | 1,835 | ¥ | 16,522 | ¥ | 6,005 | ¥ | 79,995 | ||||||||||||||
Provision (Reversal) | 2,786 | (545 | ) | 698 | (86 | ) | 672 | 1,587 | 5,112 | |||||||||||||||||||
Allowance of purchased loans during the reporting period | 0 | 0 | 0 | 1,752 | 0 | 0 | 1,752 | |||||||||||||||||||||
Charge-offs *4 | (3,025 | ) | 0 | (1,495 | ) | (1,811 | ) | (998 | ) | (573 | ) | (7,902 | ) | |||||||||||||||
Recoveries | 22 | 0 | 50 | 9 | 10 | 11 | 102 | |||||||||||||||||||||
Other *6 | 16 | 36 | 119 | 3 | 37 | 14 | 225 | |||||||||||||||||||||
Ending balance | ¥ | 28,809 | ¥ | 2,973 | ¥ | 22,513 | ¥ | 1,702 | ¥ | 16,243 | ¥ | 7,044 | ¥ | 79,284 | ||||||||||||||
Collective (pool) assessment | 24,611 | 2,739 | 16,516 | 639 | 12,758 | 638 | 57,901 | |||||||||||||||||||||
Individual assessment | 4,198 | 234 | 5,997 | 1,063 | 3,485 | 6,406 | 21,383 | |||||||||||||||||||||
Three months ended September 30, 2021 | ||||||||||||||||||||||||||||
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 | ¥ | 28,963 | ¥ | 2,982 | ¥ | 23,228 | ¥ | 1,815 | ¥ | 16,335 | ¥ | 6,216 | ¥ | 79,539 | ||||||||||||||
Provision (Reversal) | 1,330 | (50 | ) | 407 | (66 | ) | 399 | 866 | 2,886 | |||||||||||||||||||
Allowance of purchased loans during the reporting period | 0 | 0 | 0 | 1,537 | 0 | 0 | 1,537 | |||||||||||||||||||||
Charge-offs *5 | (1,509 | ) | 0 | (1,281 | ) | (1,589 | ) | (521 | ) | (54 | ) | (4,954 | ) | |||||||||||||||
Recoveries | 9 | 0 | 13 | 7 | 8 | 7 | 44 | |||||||||||||||||||||
Other *6 | 16 | 41 | 146 | (2 | ) | 22 | 9 | 232 | ||||||||||||||||||||
Ending balance | ¥ | 28,809 | ¥ | 2,973 | ¥ | 22,513 | ¥ | 1,702 | ¥ | 16,243 | ¥ | 7,044 | ¥ | 79,284 | ||||||||||||||
Notes | 1: | Loans held for sale and policy loan receivables of an insurance entity are not in the scope of allowance for credit losses. | ||
2: | Held-to-maturity held-to-maturity non-accrual status onheld-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 Credit Losses Standard, 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 beencharged-off. |
*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 recorded in equity in net income (loss) of affiliates were ¥261 million and ¥637 million during six months ended September 30, 2020 and 2021, respectively. The provision for credit losses of loans to affiliates were ¥173 million and ¥58 million during three months ended September 30, 2020 and 2021, respectively. In addition, the allowance for credit losses on loans to affiliates recorded as a reduction in investment in affiliates were ¥1,050 million and ¥1,713 million as of March 31, 2021 and September 30, 2021, respectively. |
*3 | The allowance for accrued lease payments for receivable from operating leases was reclassified to the investment in operating leases balance on April 1, 2020, due to the application of the Credit Losses Standard. |
*4 | Included in Charge-off in write-offs of purchased loans were ¥340 million and ¥1,752 million during six months ended September 30, 2020 and 2021, respectively. |
*5 | Included in Charge-off in write-offs of purchased loans were ¥302 million and ¥1,537 million during three months ended September 30, 2020 and 2021, respectively. |
*6 | Other mainly includes foreign currency translation adjustments and decreases in allowance related to sales of subsidiaries. |
Millions of yen | ||||||||
Six months ended September 30, 2020 | Six months ended September 30, 2021 | |||||||
Purchase price | ¥ | 387 | ¥ | 1,420 | ||||
Allowance for credit losses at acquisition date | 340 | 1,752 | ||||||
Discount or premium attributable to other factors | 57 | 122 | ||||||
Par value | ¥ | 784 | ¥ | 3,294 | ||||
Millions of yen | ||||||||
Three months ended September 30, 2020 | Three months ended September 30, 2021 | |||||||
Purchase price | ¥ | 311 | ¥ | 460 | ||||
Allowance for credit losses at acquisition date | 302 | 1,537 | ||||||
Discount or premium attributable to other factors | 51 | 30 | ||||||
Par value | ¥ | 664 | ¥ | 2,027 | ||||
• | business characteristics and financial conditions of obligors; |
• | prior charge-off experience; |
• | current delinquencies and delinquency trends; |
• | value of underlying collateral and guarantees; and |
• | current economic conditions and trends and expected outlook in future. |
March 31, 2021 | ||||||||||||||||||||||||||||
Millions of yen | ||||||||||||||||||||||||||||
Portfolio segment | Origination year (years ended March 31) | |||||||||||||||||||||||||||
Class | ||||||||||||||||||||||||||||
Credit Quality | 2021 | 2020 | 2019 | 2018 | 2017 | Prior | Total | |||||||||||||||||||||
Consumer borrowers: | ||||||||||||||||||||||||||||
Performing | ¥ | 371,914 | ¥ | 443,079 | ¥ | 332,461 | ¥ | 220,035 | ¥ | 223,814 | ¥ | 498,350 | ¥ | 2,089,653 | ||||||||||||||
Non-Performing | 11,041 | 7,854 | 5,132 | 3,176 | 2,612 | 3,609 | ¥ | 33,424 | ||||||||||||||||||||
Real estate loans | ||||||||||||||||||||||||||||
Performing | 362,832 | 431,483 | 327,967 | 217,380 | 223,540 | 498,080 | ¥ | 2,061,282 | ||||||||||||||||||||
Non-Performing | 96 | 735 | 1,598 | 1,683 | 2,068 | 3,459 | ¥ | 9,639 | ||||||||||||||||||||
Other* | ||||||||||||||||||||||||||||
Performing | 9,082 | 11,596 | 4,494 | 2,655 | 274 | 270 | ¥ | 28,371 | ||||||||||||||||||||
Non-Performing | 10,945 | 7,119 | 3,534 | 1,493 | 544 | 150 | ¥ | 23,785 | ||||||||||||||||||||
Corporate borrowers: | ||||||||||||||||||||||||||||
Performing | 341,346 | 378,732 | 207,214 | 124,889 | 71,400 | 97,113 | ¥ | 1,220,694 | ||||||||||||||||||||
Non-Performing | 6,972 | 12,215 | 6,594 | 7,266 | 4,110 | 10,709 | ¥ | 47,866 | ||||||||||||||||||||
Non-recourse loans | ||||||||||||||||||||||||||||
Japan | ||||||||||||||||||||||||||||
Performing | 6,637 | 24,428 | 5,283 | 2,802 | 0 | 8,806 | ¥ | 47,956 | ||||||||||||||||||||
The Americas | ||||||||||||||||||||||||||||
Performing | 1,349 | 52,413 | 28,291 | 15,817 | 5,178 | 8,764 | ¥ | 111,812 | ||||||||||||||||||||
Non-Performing | 58 | 0 | 0 | 0 | 0 | 1,259 | ¥ | 1,317 | ||||||||||||||||||||
Other than non-recourse loans | ||||||||||||||||||||||||||||
Real estate companies in Japan | ||||||||||||||||||||||||||||
Performing | 103,982 | 62,274 | 35,065 | 28,743 | 25,487 | 21,753 | ¥ | 277,304 | ||||||||||||||||||||
Non-Performing | 70 | 252 | 192 | 0 | 690 | 538 | ¥ | 1,742 | ||||||||||||||||||||
Real estate companies in overseas | ||||||||||||||||||||||||||||
Performing | 42,980 | 55,678 | 10,695 | 4,992 | 1,976 | 2,976 | ¥ | 119,297 | ||||||||||||||||||||
Non-Performing | 0 | 3,049 | 2,057 | 4,946 | 1,056 | 3,397 | ¥ | 14,505 | ||||||||||||||||||||
Commercial, industrial and other companies in Japan | ||||||||||||||||||||||||||||
Performing | 78,281 | 41,166 | 30,116 | 12,746 | 11,798 | 18,664 | ¥ | 192,771 | ||||||||||||||||||||
Non-Performing | 1,210 | 3,865 | 205 | 878 | 82 | 1,022 | ¥ | 7,262 | ||||||||||||||||||||
Commercial, industrial and other companies in overseas | ||||||||||||||||||||||||||||
Performing | 108,117 | 142,773 | 97,764 | 59,789 | 26,961 | 36,150 | ¥ | 471,554 | ||||||||||||||||||||
Non-Performing | 5,634 | 5,049 | 4,140 | 1,442 | 2,282 | 4,493 | ¥ | 23,040 | ||||||||||||||||||||
Purchased loans: | ||||||||||||||||||||||||||||
Performing | 527 | 0 | 0 | 168 | 119 | 9,714 | ¥ | 10,528 | ||||||||||||||||||||
Non-Performing | 0 | 0 | 0 | 15 | 0 | 1,808 | ¥ | 1,823 | ||||||||||||||||||||
Net investment in leases: | ||||||||||||||||||||||||||||
Performing | 333,190 | 268,966 | 171,040 | 105,708 | 62,977 | 68,712 | ¥ | 1,010,593 | ||||||||||||||||||||
Non-Performing | 1,366 | 3,057 | 3,441 | 3,151 | 2,980 | 4,930 | ¥ | 18,925 | ||||||||||||||||||||
Japan | ||||||||||||||||||||||||||||
Performing | 184,342 | 165,580 | 121,072 | 84,928 | 57,393 | 67,040 | ¥ | 680,355 | ||||||||||||||||||||
Non-Performing | 151 | 776 | 1,194 | 1,512 | 1,261 | 2,213 | ¥ | 7,107 | ||||||||||||||||||||
Overseas | ||||||||||||||||||||||||||||
Performing | 148,848 | 103,386 | 49,968 | 20,780 | 5,584 | 1,672 | ¥ | 330,238 | ||||||||||||||||||||
Non-Performing | 1,215 | 2,281 | 2,247 | 1,639 | 1,719 | 2,717 | ¥ | 11,818 | ||||||||||||||||||||
Other financial assets measured at amortized cost | ||||||||||||||||||||||||||||
Performing | 14,882 | 1,045 | 67 | 938 | 2,502 | 13,762 | ¥ | 33,196 | ||||||||||||||||||||
Non-Performing | 0 | 0 | 0 | 908 | 0 | 0 | ¥ | 908 | ||||||||||||||||||||
Total (excluding revolving repayment card loans) | ||||||||||||||||||||||||||||
Performing | ¥ | 1,061,859 | ¥ | 1,091,822 | ¥ | 710,782 | ¥ | 451,738 | ¥ | 360,812 | ¥ | 687,651 | ¥ | 4,364,664 | ||||||||||||||
Non-Performing | ¥ | 19,379 | ¥ | 23,126 | ¥ | 15,167 | ¥ | 14,516 | ¥ | 9,702 | ¥ | 21,056 | ¥ | 102,946 |
September 30, 2021 | ||||||||||||||||||||||||||||
Millions of yen | ||||||||||||||||||||||||||||
Portfolio segment | Origination year (years ended March 31) | Total | ||||||||||||||||||||||||||
Class | ||||||||||||||||||||||||||||
Credit Quality | 2022 | 2021 | 2020 | 2019 | 2018 | Prior | ||||||||||||||||||||||
Consumer borrowers: | ||||||||||||||||||||||||||||
Performing | ¥ | 168,093 | ¥ | 327,780 | ¥ | 428,311 | ¥ | 322,084 | ¥ | 207,577 | ¥ | 675,265 | ¥ | 2,129,110 | ||||||||||||||
Non-Performing | 6,354 | 8,392 | 8,073 | 5,324 | 2,963 | 5,883 | ¥ | 36,989 | ||||||||||||||||||||
Real estate loans | ||||||||||||||||||||||||||||
Performing | 157,470 | 321,295 | 419,984 | 318,539 | 203,971 | 673,761 | ¥ | 2,095,020 | ||||||||||||||||||||
Non-Performing | 1 | 176 | 2,696 | 2,729 | 1,866 | 5,253 | ¥ | 12,721 | ||||||||||||||||||||
Other* | ||||||||||||||||||||||||||||
Performing | 10,623 | 6,485 | 8,327 | 3,545 | 3,606 | 1,504 | ¥ | 34,090 | ||||||||||||||||||||
Non-Performing | 6,353 | 8,216 | 5,377 | 2,595 | 1,097 | 630 | ¥ | 24,268 | ||||||||||||||||||||
Corporate borrowers: | ||||||||||||||||||||||||||||
Performing | 244,783 | 245,189 | 314,568 | 156,733 | 99,529 | 124,014 | ¥ | 1,184,816 | ||||||||||||||||||||
Non-Performing | 662 | 5,615 | 7,074 | 4,541 | 6,873 | 16,986 | ¥ | 41,751 | ||||||||||||||||||||
Non-recourse loans | ||||||||||||||||||||||||||||
Japan | ||||||||||||||||||||||||||||
Performing | 18,708 | 6,680 | 24,336 | 5,282 | 2,777 | 8,418 | ¥ | 66,201 | ||||||||||||||||||||
The Americas | ||||||||||||||||||||||||||||
Performing | 0 | 2,847 | 49,365 | 21,306 | 9,829 | 6,904 | ¥ | 90,251 | ||||||||||||||||||||
Non-Performing | 0 | 58 | 0 | 0 | 0 | 1,272 | ¥ | 1,330 | ||||||||||||||||||||
Other than non-recourse loans | ||||||||||||||||||||||||||||
Real estate companies in Japan | ||||||||||||||||||||||||||||
Performing | 70,363 | 69,028 | 50,431 | 30,885 | 26,230 | 39,535 | ¥ | 286,472 | ||||||||||||||||||||
Non-Performing | 0 | 50 | 1,027 | 179 | 0 | 1,242 | ¥ | 2,498 | ||||||||||||||||||||
Real estate companies in overseas | ||||||||||||||||||||||||||||
Performing | 17,884 | 30,945 | 45,578 | 3,573 | 5,048 | 912 | ¥ | 103,940 | ||||||||||||||||||||
Non-Performing | 0 | 0 | 469 | 682 | 4,980 | 3,998 | ¥ | 10,129 | ||||||||||||||||||||
Commercial, industrial and other companies in Japan | ||||||||||||||||||||||||||||
Performing | 45,096 | 43,786 | 31,435 | 17,625 | 8,346 | 18,527 | ¥ | 164,815 | ||||||||||||||||||||
Non-Performing | 655 | 580 | 2,401 | 184 | 443 | 793 | ¥ | 5,056 | ||||||||||||||||||||
Commercial, industrial and other companies in overseas | ||||||||||||||||||||||||||||
Performing | 92,732 | 91,903 | 113,423 | 78,062 | 47,299 | 49,718 | ¥ | 473,137 | ||||||||||||||||||||
Non-Performing | 7 | 4,927 | 3,177 | 3,496 | 1,450 | 9,681 | ¥ | 22,738 | ||||||||||||||||||||
Purchased loans: | ||||||||||||||||||||||||||||
Performing | 0 | 518 | 26 | 0 | 207 | 10,242 | ¥ | 10,993 | ||||||||||||||||||||
Non-Performing | 0 | 0 | 0 | 0 | 0 | 1,706 | ¥ | 1,706 | ||||||||||||||||||||
Net investment in leases: | ||||||||||||||||||||||||||||
Performing | 226,955 | 264,198 | 217,472 | 130,477 | 79,941 | 96,423 | ¥ | 1,015,466 | ||||||||||||||||||||
Non-Performing | 886 | 1,568 | 3,528 | 2,806 | 2,504 | 6,926 | ¥ | 18,218 | ||||||||||||||||||||
Japan | ||||||||||||||||||||||||||||
Performing | 107,485 | 152,961 | 143,172 | 99,576 | 66,401 | 93,168 | ¥ | 662,763 | ||||||||||||||||||||
Non-Performing | 28 | 443 | 962 | 1,037 | 1,415 | 3,027 | ¥ | 6,912 | ||||||||||||||||||||
Overseas | ||||||||||||||||||||||||||||
Performing | 119,470 | 111,237 | 74,300 | 30,901 | 13,540 | 3,255 | ¥ | 352,703 | ||||||||||||||||||||
Non-Performing | 858 | 1,125 | 2,566 | 1,769 | 1,089 | 3,899 | ¥ | 11,306 | ||||||||||||||||||||
Other financial assets measured at amortized cost | ||||||||||||||||||||||||||||
Performing | 13,198 | 3,602 | 330 | 33 | 1,179 | 16,405 | ¥ | 34,747 | ||||||||||||||||||||
Non-Performing | 0 | 0 | 774 | 0 | 1,476 | 0 | ¥ | 2,250 | ||||||||||||||||||||
Total (excluding revolving repayment card loans) | ||||||||||||||||||||||||||||
Performing | ¥ | 653,029 | ¥ | 841,287 | ¥ | 960,707 | ¥ | 609,327 | ¥ | 388,433 | ¥ | 922,349 | ¥ | 4,375,132 | ||||||||||||||
Non-Performing | ¥ | 7,902 | ¥ | 15,575 | ¥ | 19,449 | ¥ | 12,671 | ¥ | 13,816 | ¥ | 31,501 | ¥ | 100,914 |
* | Other in loans to consumer borrowers includes claims receivable arising from payments on guarantee of consumer loans. For further information, see Note 23 “Commitments, Guarantees and Contingent Liabilities”. |
March 31, 2021 | ||||||||||||||||||||
Millions of yen | ||||||||||||||||||||
Portfolio segment | Revolving repayment card loans | 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 cost | |||||||||||||||
Credit quality | ||||||||||||||||||||
Consumer borrowers: | ||||||||||||||||||||
Performing | ¥ | 183,722 | ¥ | 0 | ¥ | 183,722 | ¥ | 4,364,664 | ¥ | 4,548,386 | ||||||||||
Non-Performing | 1,132 | 3,693 | 4,825 | 102,946 | ¥ | 107,771 | ||||||||||||||
September 30, 2021 | ||||||||||||||||||||
Millions of yen | ||||||||||||||||||||
Portfolio segment | Revolving repayment card loans | 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 cost | |||||||||||||||
Credit quality | ||||||||||||||||||||
Consumer borrowers: | ||||||||||||||||||||
Performing | ¥ | 174,094 | ¥ | 0 | ¥ | 174,094 | ¥ | 4,375,132 | ¥ | 4,549,226 | ||||||||||
Non-Performing | 1,317 | 3,582 | 4,899 | 100,914 | ¥ | 105,813 | ||||||||||||||
March 31, 2021 | ||||||||||||||||||
Millions of yen | ||||||||||||||||||
Past-due financing assets | ||||||||||||||||||
Portfolio segment | Class | 30-89 days past-due | 90 days or more past-due | Total past-due | Total financing receivables | |||||||||||||
Consumer borrowers | ¥ | 4,553 | ¥ | 10,257 | ¥ | 14,810 | ¥ | 2,311,624 | ||||||||||
Real estate loans | 1,375 | 2,515 | 3,890 | 2,070,921 | ||||||||||||||
Card loans | 371 | 1,105 | 1,476 | 188,547 | ||||||||||||||
Other | 2,807 | 6,637 | 9,444 | 52,156 | ||||||||||||||
Corporate borrowers | 8,296 | 24,443 | 32,739 | 1,268,560 | ||||||||||||||
Non-recourse loans | Japan | 0 | 0 | 0 | 47,956 | |||||||||||||
The Americas | 5,193 | 1,316 | 6,509 | 113,129 | ||||||||||||||
Other than Non-recourse loans | Real estate companies in Japan | 144 | 778 | 922 | 279,046 | |||||||||||||
Real estate companies in overseas | 0 | 14,505 | 14,505 | 133,802 | ||||||||||||||
Commercial, industrial and other companies in Japan | 592 | 1,993 | 2,585 | 200,033 | ||||||||||||||
Commercial, industrial and other companies in overseas | 2,367 | 5,851 | 8,218 | 494,594 | ||||||||||||||
Net investment in leases | 9,332 | 17,128 | 26,460 | 1,029,518 | ||||||||||||||
Japan | 2,257 | 6,347 | 8,604 | 687,462 | ||||||||||||||
Overseas | 7,075 | 10,781 | 17,856 | 342,056 | ||||||||||||||
Total | ¥ | 22,181 | ¥ | 51,828 | ¥ | 74,009 | ¥ | 4,609,702 | ||||||||||
September 30, 2021 | ||||||||||||||||||
Millions of yen | ||||||||||||||||||
Past-due financing assets | ||||||||||||||||||
Portfolio segment | Class | 30-89 days past-due | 90 days or more past-due | Total past-due | Total financing receivables | |||||||||||||
Consumer borrowers | ¥ | 3,980 | ¥ | 11,098 | ¥ | 15,078 | ¥ | 2,345,092 | ||||||||||
Real estate loans | 1,209 | 2,336 | 3,545 | 2,107,741 | ||||||||||||||
Card loans | 321 | 1,310 | 1,631 | 178,993 | ||||||||||||||
Other | 2,450 | 7,452 | 9,902 | 58,358 | ||||||||||||||
Corporate borrowers | 8,490 | 19,313 | 27,803 | 1,226,567 | ||||||||||||||
Non-recourse loans | Japan | 0 | 0 | 0 | 66,201 | |||||||||||||
The Americas | 0 | 1,331 | 1,331 | 91,581 | ||||||||||||||
Other than Non-recourse loans | Real estate companies in Japan | 350 | 643 | 993 | 288,970 | |||||||||||||
Real estate companies in overseas | 0 | 10,130 | 10,130 | 114,069 | ||||||||||||||
Commercial, industrial and other companies in Japan | 3,281 | 1,591 | 4,872 | 169,871 | ||||||||||||||
Commercial, industrial and other companies in overseas | 4,859 | 5,618 | 10,477 | 495,875 | ||||||||||||||
Net investment in leases | 10,473 | 16,765 | 27,238 | 1,033,684 | ||||||||||||||
Japan | 2,980 | 6,201 | 9,181 | 669,675 | ||||||||||||||
Overseas | 7,493 | 10,564 | 18,057 | 364,009 | ||||||||||||||
Total | ¥ | 22,943 | ¥ | 47,176 | ¥ | 70,119 | ¥ | 4,605,343 | ||||||||||
March 31, 2021 | ||||||||||||||||||||
Millions of yen | ||||||||||||||||||||
Installment loans | Net investment in leases | Total | ||||||||||||||||||
Consumer borrowers | Corporate borrowers | |||||||||||||||||||
Non- recourse loans | Other than non- recourse loans | |||||||||||||||||||
Non-accrual of financial assets: | ||||||||||||||||||||
Ending balance | ¥ | 10,322 | ¥ | 10,148 | ¥ | 43,672 | ¥ | 17,166 | ¥ | 81,308 | ||||||||||
Interest income recognized during the reporting period | 519 | 0 | 229 | 0 | 748 | |||||||||||||||
Balance not associated allowance for credit losses among financial assets measured at amortized cost, which is suspending recognition of income | 736 | 0 | 10,572 | 0 | 11,308 |
September 30, 2021 | ||||||||||||||||||||
Millions of yen | ||||||||||||||||||||
Installment loans | Net investment in leases | Total | ||||||||||||||||||
Consumer borrowers | Corporate borrowers | |||||||||||||||||||
Non- recourse loans | Other than non- recourse loans | |||||||||||||||||||
Non-accrual of financial assets: | ||||||||||||||||||||
Beginning balance | ¥ | 10,322 | ¥ | 10,148 | ¥ | 43,672 | ¥ | 17,166 | ¥ | 81,308 | ||||||||||
Ending balance | 11,167 | 10,256 | 36,318 | 16,805 | 74,546 | |||||||||||||||
Interest income recognized during the reporting period | 259 | 0 | 184 | 0 | 443 | |||||||||||||||
Balance not associated allowance for credit losses among financial assets measured at amortized cost, which is suspending recognition of income | 667 | 0 | 11,303 | 0 | 11,970 |
Six months ended September 30, 2020 | ||||||||||
Millions of yen | ||||||||||
Portfolio segment | Class | Pre-modification outstanding recorded investment | Post-modification outstanding recorded investment | |||||||
Consumer borrowers | ¥ | 5,379 | ¥ | 4,151 | ||||||
Real estate loans | 15 | 13 | ||||||||
Card loans | 869 | 670 | ||||||||
Other | 4,495 | 3,468 | ||||||||
Corporate borrowers | 7,101 | 6,768 | ||||||||
Non-recourse loans | The Americas | 340 | 340 | |||||||
Other than Non-recourse loans | Real estate companies in overseas | 104 | 104 | |||||||
Commercial, industrial and other companies in Japan | 38 | 38 | ||||||||
Commercial, industrial and other companies in overseas | 6,619 | 6,286 | ||||||||
Total | ¥ | 12,480 | ¥ | 10,919 | ||||||
Six months ended September 30, 2021 | ||||||||||
Millions of yen | ||||||||||
Portfolio segment | Class | Pre-modification outstanding recorded investment | Post-modification outstanding recorded investment | |||||||
Consumer borrowers | ¥ | 4,047 | ¥ | 3,061 | ||||||
Real estate loans | 4 | 1 | ||||||||
Card loans | 691 | 528 | ||||||||
Other | 3,352 | 2,532 | ||||||||
Corporate borrowers | 4,996 | 4,866 | ||||||||
Other than Non-recourse loans | Commercial, industrial and other companies in overseas | 4,996 | 4,866 | |||||||
Total | ¥ | 9,043 | ¥ | 7,927 | ||||||
Three months ended September 30, 2020 | ||||||||||
Millions of yen | ||||||||||
Portfolio segment | Class | Pre-modification outstanding recorded investment | Post-modification outstanding recorded investment | |||||||
Consumer borrowers | ¥ | 2,488 | ¥ | 1,982 | ||||||
Card loans | 479 | 360 | ||||||||
Other | 2,009 | 1,622 | ||||||||
Corporate borrowers | 3,755 | 3,755 | ||||||||
Other than Non-recourse loans | Real estate companies in overseas | 104 | 104 | |||||||
Commercial, industrial and other companies in Japan | 38 | 38 | ||||||||
Commercial, industrial and other companies in overseas | 3,613 | 3,613 | ||||||||
Total | ¥ | 6,243 | ¥ | 5,737 | ||||||
Three months ended September 30, 2021 | ||||||||||
Millions of yen | ||||||||||
Portfolio segment | Class | Pre-modification outstanding recorded investment | Post-modification outstanding recorded investment | |||||||
Consumer borrowers | ¥ | 1,903 | ¥ | 1,389 | ||||||
Real estate loans | 4 | 1 | ||||||||
Card loans | 339 | 257 | ||||||||
Other | 1,560 | 1,131 | ||||||||
Corporate borrowers | 4,988 | 4,862 | ||||||||
Other than Non-recourse loans | Commercial, industrial and other companies in overseas | 4,988 | 4,862 | |||||||
Total | ¥ | 6,891 | ¥ | 6,251 | ||||||
Six months ended September 30, 2020 | ||||||
Millions of yen | ||||||
Portfolio segment | Class | Recorded investment | ||||
Consumer borrowers | ¥ | 556 | ||||
Card loans | 32 | |||||
Other | 524 | |||||
Corporate borrowers | 2 | |||||
Other than Non-recourse loans | Commercial, industrial and other companies in overseas | 2 | ||||
Total | ¥ | 558 | ||||
Three months ended September 30, 2020 | ||||||
Millions of yen | ||||||
Portfolio segment | Class | Recorded investment | ||||
Consumer borrowers | ¥ | 185 | ||||
Card loans | 17 | |||||
Other | 168 | |||||
Total | ¥ | 185 | ||||
Six months ended September 30, 2021 | ||||||
Millions of yen | ||||||
Portfolio segment | Class | Recorded investment | ||||
Consumer borrowers | ¥ | 329 | ||||
Card loans | 4 | |||||
Other | 325 | |||||
Total | ¥ | 329 | ||||
Three months ended September 30, 2021 | ||||||
Millions of yen | ||||||
Portfolio segment | Class | Recorded investment | ||||
Consumer borrowers | ¥ | 19 | ||||
Card loans | 2 | |||||
Other | 17 | |||||
Total | ¥ | 19 | ||||
8. | Investment in Securities |
Millions of yen | ||||||||
March 31, 2021 | September 30, 2021 | |||||||
Equity securities * | ¥ | 540,082 | ¥ | 533,599 | ||||
Trading debt securities | 2,654 | 2,483 | ||||||
Available-for-sale | 2,003,917 | 2,051,245 | ||||||
Held-to-maturity | 113,790 | 113,795 | ||||||
Total | ¥ | 2,660,443 | ¥ | 2,701,122 | ||||
* | The amount of assets under management of variable annuity and variable life insurance contracts included in equity securities were ¥249,830 million and ¥211,643 million as of March 31, 2021 and September 30, 2021, respectively. The amount of investment funds that are accounted for under the equity method included in equity securities were ¥82,420 million and ¥79,089 million as of March 31, 2021 and September 30, 2021, respectively. The amount of investment funds elected for the fair value option included in equity securities, and others were ¥4,940 million and ¥8,552 million as of March 31, 2021 and September 30, 2021, respectively. |
Millions of yen | ||||||||||||||||||||||||||||
March 31, 2021 | Six months ended September 30, 2020 | Three months ended September 30, 202 0 | ||||||||||||||||||||||||||
Carrying value | Accumulated impairments and downward adjustments | Accumulated upward adjustments | Impairments and downward adjustments | Upward adjustments | Impairments and downward adjustments | Upward adjustments | ||||||||||||||||||||||
Equity securities measured using the measurement alternative | ¥ | 47,460 | ¥ | (13,474 | ) | ¥ | 350 | ¥ | (774 | ) | ¥ | 96 | ¥ | (134 | ) | ¥ | 82 | |||||||||||
Millions of yen | ||||||||||||||||||||||||||||
September 30, 2021 | Six months ended September 30, 2021 | Three months ended September 30, 2021 | ||||||||||||||||||||||||||
Carrying value | Accumulated impairments and downward adjustments | Accumulated upward adjustments | Impairments and downward adjustments | Upward adjustments | Impairments and downward adjustments | Upward adjustments | ||||||||||||||||||||||
Equity securities measured using the measurement alternative | ¥ | 47,813 | ¥ | (13,594 | ) | ¥ | 283 | ¥ | (19 | ) | ¥ | 48 | ¥ | (19 | ) | ¥ | 12 |
Millions of yen | ||||||||||||||||||||
Amortized cost | Allowance for credit losses | Gross unrealized gains | Gross unrealized losses | Fair value | ||||||||||||||||
Available-for-sale | ||||||||||||||||||||
Japanese and foreign government bond securities | ¥ | 846,736 | ¥ | 0 | ¥ | 6,071 | ¥ | (31,649 | ) | ¥ | 821,158 | |||||||||
Japanese prefectural and foreign municipal bond securities | 274,770 | (120 | ) | 4,238 | (2,612 | ) | 276,276 | |||||||||||||
Corporate debt securities | 742,862 | 0 | 10,125 | (10,736 | ) | 742,251 | ||||||||||||||
CMBS and RMBS in the Americas | 35,668 | 0 | 549 | (1,760 | ) | 34,457 | ||||||||||||||
Other asset-backed securities and debt securities | 126,731 | 0 | 4,308 | (1,264 | ) | 129,775 | ||||||||||||||
2,026,767 | (120 | ) | 25,291 | (48,021 | ) | 2,003,917 | ||||||||||||||
Held-to-maturity | ||||||||||||||||||||
Japanese government bond securities and other | 113,790 | 0 | 25,342 | 0 | 139,132 | |||||||||||||||
¥ | 2,140,557 | ¥ | (120 | ) | ¥ | 50,633 | ¥ | (48,021 | ) | ¥ | 2,143,049 | |||||||||
September 30, 2021 | ||||||||||||||||||||
Millions of yen | ||||||||||||||||||||
Amortized cost | Allowance for credit losses | Gross unrealized gains | Gross unrealized losses | Fair value | ||||||||||||||||
Available-for-sale | ||||||||||||||||||||
Japanese and foreign government bond securities | ¥ | 812,688 | ¥ | 0 | ¥ | 6,173 | ¥ | (28,659 | ) | ¥ | 790,202 | |||||||||
Japanese prefectural and foreign municipal bond securities | 286,338 | (121 | ) | 5,037 | (2,082 | ) | 289,172 | |||||||||||||
Corporate debt securities | 801,102 | 0 | 12,883 | (8,332 | ) | 805,653 | ||||||||||||||
CMBS and RMBS in the Americas | 32,826 | 0 | 445 | (789 | ) | 32,482 | ||||||||||||||
Other asset-backed securities and debt securities | 129,651 | 0 | 5,019 | (934 | ) | 133,736 | ||||||||||||||
2,062,605 | (121 | ) | 29,557 | (40,796 | ) | 2,051,245 | ||||||||||||||
Held-to-maturity | ||||||||||||||||||||
Japanese government bond securities and other | 113,795 | 0 | 25,722 | 0 | 139,517 | |||||||||||||||
¥ | 2,176,400 | ¥ | (121 | ) | ¥ | 55,279 | ¥ | (40,796 | ) | ¥ | 2,190,762 | |||||||||
Millions of yen | ||||||||
Six months ended September 30, 2021 | ||||||||
Foreign municipal bond securities | Total | |||||||
Beginning | ¥ | 120 | ¥ | 120 | ||||
Increase (Decrease) from the effects of changes in foreign exchange rates | 1 | 1 | ||||||
Ending | ¥ | 121 | ¥ | 121 | ||||
Millions of yen | ||||||||
Three months ended September 30, 2021 | ||||||||
Foreign municipal bond securities | Total | |||||||
Beginning | ¥ | 120 | ¥ | 120 | ||||
Increase (Decrease) from the effects of changes in foreign exchange rates | 1 | 1 | ||||||
Ending | ¥ | 121 | ¥ | 121 | ||||
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 | ¥ | 475,023 | ¥ | (21,472 | ) | ¥ | 264,105 | ¥ | (10,177 | ) | ¥ | 739,128 | ¥ | (31,649 | ) | |||||||||
Japanese prefectural and foreign municipal bond securities | 48,367 | (519 | ) | 63,316 | (2,213 | ) | 111,683 | (2,732 | ) | |||||||||||||||
Corporate debt securities | 231,552 | (5,798 | ) | 141,559 | (4,938 | ) | 373,111 | (10,736 | ) | |||||||||||||||
CMBS and RMBS in the Americas | 345 | (6 | ) | 24,782 | (1,754 | ) | 25,127 | (1,760 | ) | |||||||||||||||
Other asset-backed securities and debt securities | 4,296 | (112 | ) | 29,750 | (1,152 | ) | 34,046 | (1,264 | ) | |||||||||||||||
¥ | 759,583 | ¥ | (27,907 | ) | ¥ | 523,512 | ¥ | (20,234 | ) | ¥ | 1,283,095 | ¥ | (48,141 | ) | ||||||||||
September 30, 2021 | ||||||||||||||||||||||||
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 | ¥ | 210,142 | ¥ | (3,884 | ) | ¥ | 510,171 | ¥ | (24,775 | ) | ¥ | 720,313 | ¥ | (28,659 | ) | |||||||||
Japanese prefectural and foreign municipal bond securities | 64,658 | (307 | ) | 46,458 | (1,896 | ) | 111,116 | (2,203 | ) | |||||||||||||||
Corporate debt securities | 153,000 | (1,613 | ) | 144,775 | (6,719 | ) | 297,775 | (8,332 | ) | |||||||||||||||
CMBS and RMBS in the Americas | 327 | (1 | ) | 19,860 | (788 | ) | 20,187 | (789 | ) | |||||||||||||||
Other asset-backed securities and debt securities | 8,665 | (45 | ) | 22,705 | (889 | ) | 31,370 | (934 | ) | |||||||||||||||
¥ | 436,792 | ¥ | (5,850 | ) | ¥ | 743,969 | ¥ | (35,067 | ) | ¥ | 1,180,761 | ¥ | (40,917 | ) | ||||||||||
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 | ¥ | 475,023 | ¥ | (21,472 | ) | ¥ | 264,105 | ¥ | (10,177 | ) | ¥ | 739,128 | ¥ | (31,649 | ) | |||||||||
Japanese prefectural and foreign municipal bond securities | 45,486 | (399 | ) | 63,316 | (2,213 | ) | 108,802 | (2,612 | ) | |||||||||||||||
Corporate debt securities | 231,552 | (5,798 | ) | 141,559 | (4,938 | ) | 373,111 | (10,736 | ) | |||||||||||||||
CMBS and RMBS in the Americas | 345 | (6 | ) | 24,782 | (1,754 | ) | 25,127 | (1,760 | ) | |||||||||||||||
Other asset-backed securities and debt securities | 4,296 | (112 | ) | 29,750 | (1,152 | ) | 34,046 | (1,264 | ) | |||||||||||||||
¥ | 756,702 | ¥ | (27,787 | ) | ¥ | 523,512 | ¥ | (20,234 | ) | ¥ | 1,280,214 | ¥ | (48,021 | ) | ||||||||||
September 30, 2021 | ||||||||||||||||||||||||
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 | ¥ | 210,142 | ¥ | (3,884 | ) | ¥ | 510,171 | ¥ | (24,775 | ) | ¥ | 720,313 | ¥ | (28,659 | ) | |||||||||
Japanese prefectural and foreign municipal bond securities | 61,745 | (186 | ) | 46,458 | (1,896 | ) | 108,203 | (2,082 | ) | |||||||||||||||
Corporate debt securities | 153,000 | (1,613 | ) | 144,775 | (6,719 | ) | 297,775 | (8,332 | ) | |||||||||||||||
CMBS and RMBS in the Americas | 327 | (1 | ) | 19,860 | (788 | ) | 20,187 | (789 | ) | |||||||||||||||
Other asset-backed securities and debt securities | 8,665 | (45 | ) | 22,705 | (889 | ) | 31,370 | (934 | ) | |||||||||||||||
¥ | 433,879 | ¥ | (5,729 | ) | ¥ | 743,969 | ¥ | (35,067 | ) | ¥ | 1,177,848 | ¥ | (40,796 | ) | ||||||||||
9. | Transfer of Financial Assets |
Millions of yen | ||||||||||||||||
Six months ended September 30, 2020 | Six months ended September 30, 2021 | Three months ended September 30, 2020 | Three months ended September 30, 2021 | |||||||||||||
Beginning balance | ¥ | 57,705 | ¥ | 63,754 | ¥ | 57,861 | ¥ | 63,725 | ||||||||
Increase mainly from loans sold with servicing retained | 6,962 | 7,138 | 3,612 | 3,624 | ||||||||||||
Decrease mainly from amortization | (5,345 | ) | (6,362 | ) | (2,730 | ) | (2,894 | ) | ||||||||
Increase (Decrease) from the effects of changes in foreign exchange rates | (1,621 | ) | 708 | (1,042 | ) | 783 | ||||||||||
Ending balance | ¥ | 57,701 | ¥ | 65,238 | ¥ | 57,701 | ¥ | 65,238 | ||||||||
The fair value of the s e rvicing assets as of March 31, 2021 and September 30, 2021 are as follows: | ||||||||||||||||
Millions of yen | ||||||||||||||||
March 31, 2021 | September 30, 2021 | |||||||||||||||
Beginning balance | ¥ | 60,419 | ¥ | 74,135 | ||||||||||||
Ending balance | ¥ | 74,135 | ¥ | 77,108 |
10. | Variable Interest Entities |
• | 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. |
• | 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. |
• | 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. |
1. | Consolidated VIEs |
Millions of yen | ||||||||||||||||
Types of VIEs | Total assets *1 | Total liabilities *1 | Assets which are pledged as collateral *2 | Commitments *3 | ||||||||||||
(a) VIEs for liquidating customer assets | ¥ | 0 | ¥ | 0 | ¥ | 0 | ¥ | 0 | ||||||||
(b) VIEs for acquisition of real estate and real estate development projects for customers | 1,996 | 0 | 0 | 0 | ||||||||||||
(c) VIEs for acquisition of real estate for the Company and its subsidiaries’ real estate-related business | 63,935 | 12,977 | 17,923 | 3,720 | ||||||||||||
(d) VIEs for corporate rehabilitation support business | 431 | 158 | 0 | 0 | ||||||||||||
(e) VIEs for investment in securities | 104,364 | 316 | 35 | 25,299 | ||||||||||||
(f) VIEs for securitizing financial assets such as finance lease receivable and loan receivable | 266,662 | 158,620 | 266,662 | 828 | ||||||||||||
(g) VIEs for securitization of loan receivable originated by third parties | 511 | 992 | 511 | 0 | ||||||||||||
(h) VIEs for power generation projects | 304,064 | 226,224 | 285,149 | 35,194 | ||||||||||||
(i) Other VIEs | 171,344 | 67,346 | 144,260 | 0 | ||||||||||||
Total | ¥ | 913,307 | ¥ | 466,633 | ¥ | 714,540 | ¥ | 65,041 | ||||||||
September 30, 2021 | ||||||||||||||||
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 | 2,067 | 0 | 0 | 0 | ||||||||||||
(c) VIEs for acquisition of real estate for the Company and its subsidiaries’ real estate-related business | 63,342 | 13,160 | 16,377 | 0 | ||||||||||||
(d) VIEs for corporate rehabilitation support business | 214 | 4 | 0 | 0 | ||||||||||||
(e) VIEs for investment in securities | 98,490 | 257 | 0 | 45,136 | ||||||||||||
(f) VIEs for securitizing financial assets such as finance lease receivable and loan receivable | 222,949 | 152,142 | 222,949 | 0 | ||||||||||||
(g) VIEs for securitization of loan receivable originated by third parties | 523 | 1,005 | 523 | 0 | ||||||||||||
(h) VIEs for power generation projects | 305,556 | 222,328 | 287,023 | 36,532 | ||||||||||||
(i) Other VIEs | 197,666 | 84,469 | 170,735 | 0 | ||||||||||||
Total | ¥ | 890,807 | ¥ | 473,365 | ¥ | 697,607 | ¥ | 81,668 | ||||||||
*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 VIEs |
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 loans | Investments | |||||||||||||
(a) VIEs for liquidating customer assets | ¥ | 27,273 | ¥ | 1,255 | ¥ | 991 | ¥ | 2,246 | ||||||||
(b) VIEs for acquisition of real estate and real estate development projects for customers | 317,027 | 6,905 | 4,884 | 11,789 | ||||||||||||
(c) VIEs for acquisition of real estate for the Company and its subsidiaries’ real estate-related business | 0 | 0 | 0 | 0 | ||||||||||||
(d) VIEs for corporate rehabilitation support business | 0 | 0 | 0 | 0 | ||||||||||||
(e) VIEs for investment in securities | 4,108,847 | 0 | 56,818 | 75,607 | ||||||||||||
(f) VIEs for securitizing financial assets such as finance lease receivable and loan receivable | 709 | 0 | 2 | 2 | ||||||||||||
(g) VIEs for securitization of loan receivable originated by third parties | 1,485,653 | 0 | 18,268 | 18,271 | ||||||||||||
(h) VIEs for power generation projects | 10,103 | 0 | 442 | 442 | ||||||||||||
(i) Other VIEs | 370,516 | 2,845 | 10,101 | 12,946 | ||||||||||||
Total | ¥ | 6,320,128 | ¥ | 11,005 | ¥ | 91,506 | ¥ | 121,303 | ||||||||
September 30, 2021 | ||||||||||||||||
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 loans | Investments | |||||||||||||
(a) VIEs for liquidating customer assets | ¥ | 28,357 | ¥ | 2,923 | ¥ | 991 | ¥ | 3,914 | ||||||||
(b) VIEs for acquisition of real estate and real estate development projects for customers | 262,333 | 6,849 | 4,789 | 11,638 | ||||||||||||
(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 | 5,933,548 | 0 | 63,318 | 93,712 | ||||||||||||
(f) VIEs for securitizing financial assets such as finance lease receivable and loan receivable | 474 | 0 | 2 | 2 | ||||||||||||
(g) VIEs for securitization of loan receivable originated by third parties | 1,192,909 | 0 | 16,787 | 16,790 | ||||||||||||
(h) VIEs for power generation projects | 9,682 | 0 | 477 | 477 | ||||||||||||
(i) Other VIEs | 503,945 | 2,973 | 12,782 | 22,849 | ||||||||||||
Total | ¥ | 7,931,248 | ¥ | 12,745 | ¥ | 99,146 | ¥ | 149,382 | ||||||||
* | 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. |
11. | Investment in Affiliates |
Millions of yen | ||||||||
March 31, 2021 | September 30, 2021 | |||||||
Shares | ¥ | 853,937 | ¥ | 873,281 | ||||
Loans and others | 33,827 | 35,059 | ||||||
¥ | 887,764 | ¥ | 908,340 | |||||
12. | Redeemable Noncontrolling Interests |
Millions of yen | ||||||||
Six months ended September 30, 2020 | Six months ended September 30, 2021 | |||||||
Beginning balance | ¥ | 10,331 | ¥ | 0 | ||||
Transaction with noncontrolling interests | (10,028 | ) | 0 | |||||
Comprehensive income (loss) | ||||||||
Net income (loss) | (23 | ) | 0 | |||||
Other comprehensive income (loss) | ||||||||
Net change of foreign currency translation adjustments | (280 | ) | 0 | |||||
Total other comprehensive income (loss) | (280 | ) | 0 | |||||
Comprehensive income (loss) | (303 | ) | 0 | |||||
Ending balance | ¥ | 0 | ¥ | 0 | ||||
13. | Accumulated Other Comprehensive Income (Loss) |
Six months ended September 30, 2020 | ||||||||||||||||||||||||
Millions of yen | ||||||||||||||||||||||||
Net unrealized gains (losses) on investment in securities | Debt valuation adjustments | 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 ¥449 million | 1,190 | 1,190 | ||||||||||||||||||||||
Reclassification adjustment included in net income, net of tax of ¥(17) million | 689 | 689 | ||||||||||||||||||||||
Debt valuation adjustments, net of tax of ¥196 million | (508 | ) | (508 | ) | ||||||||||||||||||||
Reclassification adjustment included in net income, net of tax of ¥11 million | (26 | ) | (26 | ) | ||||||||||||||||||||
Defined benefit pension plans, net of tax of ¥105 million | (259 | ) | (259 | ) | ||||||||||||||||||||
Reclassification adjustment included in net income, net of tax of ¥(178) million | 384 | 384 | ||||||||||||||||||||||
Foreign currency translation adjustments, net of tax of ¥(3,466) million | (10,257 | ) | (10,257 | ) | ||||||||||||||||||||
Reclassification adjustment included in net income, net of tax of ¥(679) million | 1,508 | 1,508 | ||||||||||||||||||||||
Net unrealized gains (losses) on derivative instruments, net of tax of ¥793 million | (2,106 | ) | (2,106 | ) | ||||||||||||||||||||
Reclassification adjustment included in net income, net of tax of ¥(473) million | 1,586 | 1,586 | ||||||||||||||||||||||
Total other comprehensive income (loss) | 1,879 | (534 | ) | 125 | (8,749 | ) | (520 | ) | (7,799 | ) | ||||||||||||||
Less: Other Comprehensive Income (Loss) Attributable to the Noncontrolling Interests | 8 | 0 | (2 | ) | (1,798 | ) | 5 | (1,787 | ) | |||||||||||||||
Less: Other Comprehensive Income (Loss) Attributable to the Redeemable Noncontrolling Interests | 0 | 0 | 0 | (280 | ) | 0 | (280 | ) | ||||||||||||||||
Balance at September 30, 2020 * | ¥ | (3,130 | ) | ¥ | 923 | ¥ | (26,248 | ) | ¥ | (79,142 | ) | ¥ | (16,667 | ) | ¥ | (124,264 | ) | |||||||
* | As of September 30, 2020, there were 0 net unrealized gains (losses) on investment in securities related to available-for-sale |
Six months ended September 30, 2021 | ||||||||||||||||||||||||
Millions of yen | ||||||||||||||||||||||||
Net unrealized gains (losses) on investment in securities | Debt valuation adjustments | Defined benefit pension plans | Foreign currency translation adjustments | Net unrealized gains (losses) on derivative instruments | Accumulated other comprehensive income (loss) | |||||||||||||||||||
Balance at March 31, 2021 | ¥ | (16,208 | ) | ¥ | 558 | ¥ | (21,073 | ) | ¥ | (36,456 | ) | ¥ | (11,471 | ) | ¥ | (84,650 | ) | |||||||
Net unrealized gains (losses) on investment in securities, net of tax of ¥(4,353) million | 12,378 | 12,378 | ||||||||||||||||||||||
Reclassification adjustment included in net income, net of tax of ¥1,204 million | (4,058 | ) | (4,058 | ) | ||||||||||||||||||||
Debt valuation adjustments, net of tax of ¥17 million | (46 | ) | (46 | ) | ||||||||||||||||||||
Reclassification adjustment included in net income, net of tax of ¥6 million | (15 | ) | (15 | ) | ||||||||||||||||||||
Defined benefit pension plans, net of tax of ¥24 million | (38 | ) | (38 | ) | ||||||||||||||||||||
Reclassification adjustment included in net income, net of tax of ¥(74) million | 187 | 187 | ||||||||||||||||||||||
Foreign currency translation adjustments, net of tax of ¥(1,341) million | 14,380 | 14,380 | ||||||||||||||||||||||
Reclassification adjustment included in net income, net of tax of ¥(267) million | 552 | 552 | ||||||||||||||||||||||
Net unrealized gains (losses) on derivative instruments, net of tax of ¥(64) million | 348 | 348 | ||||||||||||||||||||||
Reclassification adjustment included in net income, net of tax of ¥(593) million | 1,822 | 1,822 | ||||||||||||||||||||||
Total other comprehensive income (loss) | 8,320 | (61 | ) | 149 | 14,932 | 2,170 | 25,510 | |||||||||||||||||
Less: Other Comprehensive Income (loss) Attributable to the Noncontrolling Interests | 0 | 0 | (1 | ) | 615 | 68 | 682 | |||||||||||||||||
Balance at September 30, 2021 * | ¥ | (7,888 | ) | ¥ | 497 | ¥ | (20,923 | ) | ¥ | (22,139 | ) | ¥ | (9,369 | ) | ¥ | (59,822 | ) | |||||||
* | As of September 30, 2021, there were 0 net unrealized gains (losses) on investment in securities related to available-for-sale |
Three months ended September 30, 2020 | ||||||||||||||||||||||||
Millions of yen | ||||||||||||||||||||||||
Net unrealized gains (losses) on investment in securities | Debt valuation adjustments | Defined benefit pension plans | Foreign currency translation adjustments | Net unrealized gains (losses) on derivative instruments | Accumulated other comprehensive income (loss) | |||||||||||||||||||
Balance at June 30, 2020 | ¥ | (6,412 | ) | ¥ | 1,025 | ¥ | (26,277 | ) | ¥ | (73,524 | ) | ¥ | (17,516 | ) | ¥ | (122,704 | ) | |||||||
Net unrealized gains (losses) on investment in securities, net of tax of ¥(1,186) million | 3,591 | 3,591 | ||||||||||||||||||||||
Reclassification adjustment included in net income, net of tax of ¥230 million | (306 | ) | (306 | ) | ||||||||||||||||||||
Debt valuation adjustments, net of tax of ¥34 million | (90 | ) | (90 | ) | ||||||||||||||||||||
Reclassification adjustment included in net income, net of tax of ¥6 million | (12 | ) | (12 | ) | ||||||||||||||||||||
Defined benefit pension plans, net of tax of ¥64 million | (164 | ) | (164 | ) | ||||||||||||||||||||
Reclassification adjustment included in net income, net of tax of ¥(89) million | 192 | 192 | ||||||||||||||||||||||
Foreign currency translation adjustments, net of tax of ¥503 million | (7,997 | ) | (7,997 | ) | ||||||||||||||||||||
Reclassification adjustment included in net income, net of tax of ¥(234) million | 521 | 521 | ||||||||||||||||||||||
Net unrealized gains (losses) on derivative instruments, net of tax of ¥270 million | 181 | 181 | ||||||||||||||||||||||
Reclassification adjustment included in net income, net of tax of ¥(35) million | 684 | 684 | ||||||||||||||||||||||
Total other comprehensive income (loss) | 3,285 | (102 | ) | 28 | (7,476 | ) | 865 | (3,400 | ) | |||||||||||||||
Less: Other Comprehensive Income (Loss) Attributable to the Noncontrolling Interests | 3 | 0 | (1 | ) | (1,682 | ) | 16 | (1,664 | ) | |||||||||||||||
Less: Other Comprehensive Income (Loss) Attributable to the Redeemable Noncontrolling Interests | 0 | 0 | 0 | (176 | ) | 0 | (176 | ) | ||||||||||||||||
Balance at September 30, 2020 * | ¥ | (3,130 | ) | ¥ | 923 | ¥ | (26,248 | ) | ¥ | (79,142 | ) | ¥ | (16,667 | ) | ¥ | (124,264 | ) | |||||||
* | As of September 30, 2020, there 0 were net unrealized gains (losses) on investment in securities related to available-for-sale debt securities with allowance for credit losses. |
Three months ended September 30, 2021 | ||||||||||||||||||||||||
Millions of yen | ||||||||||||||||||||||||
Net unrealized gains (losses) on investment in securities | Debt valuation adjustments | Defined benefit pension plans | Foreign currency translation adjustments | Net unrealized gains (losses) on derivative instruments | Accumulated other comprehensive income (loss) | |||||||||||||||||||
Balance at June 30, 2021 | ¥ | (9,827 | ) | ¥ | 534 | ¥ | (21,119 | ) | ¥ | (27,553 | ) | ¥ | (10,608 | ) | ¥ | (68,573 | ) | |||||||
Net unrealized gains (losses) on investment in securities, net of tax of ¥(1,713) million | 5,856 | 5,856 | ||||||||||||||||||||||
Reclassification adjustment included in net income, net of tax of ¥1,173 million | (3,917 | ) | (3,917 | ) | ||||||||||||||||||||
Debt valuation adjustments, net of tax of ¥11 million | (29 | ) | (29 | ) | ||||||||||||||||||||
Reclassification adjustment included in net income, net of tax of ¥3 million | (8 | ) | (8 | ) | ||||||||||||||||||||
Defined benefit pension plans, net of tax of ¥(22) million | 106 | 106 | ||||||||||||||||||||||
Reclassification adjustment included in net income, net of tax of ¥(34) million | 90 | 90 | ||||||||||||||||||||||
Foreign currency translation adjustments, net of tax of ¥1,996 million | 5,635 | 5,635 | ||||||||||||||||||||||
Reclassification adjustment included in net income, net of tax of ¥(113) million | 256 | 256 | ||||||||||||||||||||||
Net unrealized gains (losses) on derivative instruments, net of tax of ¥(51) million | 66 | 66 | ||||||||||||||||||||||
Reclassification adjustment included in net income, net of tax of ¥(394) million | 1,212 | 1,212 | ||||||||||||||||||||||
Total other comprehensive income (loss) | 1,939 | (37 | ) | 196 | 5,891 | 1,278 | 9,267 | |||||||||||||||||
Less: Other Comprehensive Income Attributable to the Noncontrolling Interests | 0 | 0 | 0 | 477 | 39 | 516 | ||||||||||||||||||
Balance at September 30, 2021 * | ¥ | (7,888 | ) | ¥ | 497 | ¥ | (20,923 | ) | ¥ | (22,139 | ) | ¥ | (9,369 | ) | ¥ | (59,822 | ) | |||||||
* | As of September 30, 2021, there were 0 net unrealized gains (losses) on investmentin securities related to available-for-sale debt securities with allowance for credit losses. |
Six months ended September 30, 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 | ¥ | 368 | Gains on investment securities and dividends | |||
Sales of debt securities | 3,921 | Life insurance premiums and related investment income | ||||
Amortization of debt securities | (1,129 | ) | Finance revenues | |||
Amortization of debt securities | (627 | ) | Life insurance premiums and related investment income | |||
Others | (3,239 | ) | Write-downs of securities and other | |||
(706 | ) | Total before income tax | ||||
17 | Income tax (expense) or benefit | |||||
¥ | (689 | ) | Net of tax | |||
Debt valuation adjustments | ||||||
Fulfillment of policy liabilities and amortization of policy account balances | ¥ | 37 | Life insurance costs | |||
37 | Total before income tax | |||||
(11 | ) | Income tax (expense) or benefit | ||||
¥ | 26 | Net of tax | ||||
Defined benefit pension plans | ||||||
Amortization of prior service credit | ¥ | 236 | See Note 16 “Pension Plans” | |||
Amortization of net actuarial loss | (797 | ) | See Note 16 “Pension Plans” | |||
Amortization of transition obligation | (1 | ) | See Note 16 “Pension Plans” | |||
(562 | ) | Total before income tax | ||||
178 | Income tax (expense) or benefit | |||||
¥ | (384 | ) | Net of tax | |||
Foreign currency translation adjustments | ||||||
Foreign exchange contracts | ¥ | (2,211 | ) | Gains on sales of subsidiaries and affiliates and liquidation losses, net/Interest expense/Other (income) and expense | ||
Sales or liquidation, other | 24 | Gains on sales of subsidiaries and affiliates and liquidation losses, net | ||||
(2,187 | ) | Total before income tax | ||||
679 | Income tax (expense) or benefit | |||||
¥ | (1,508 | ) | Net of tax | |||
Net unrealized gains (losses) on derivative instruments | ||||||
Interest rate swap agreements | ¥ | (546 | ) | Interest expense | ||
Foreign exchange contracts | (149 | ) | Interest expense/Other (income) and expense | |||
Foreign currency swap agreements | (1,364 | ) | Interest expense/Other (income) and expense | |||
(2,059 | ) | Total before income tax | ||||
473 | Income tax (expense) or benefit | |||||
(1,586 | ) | Net of tax | ||||
Six months ended September 30, 2021 | ||||||
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 | ¥ | 4,177 | Gains on investment securities and dividends | |||
Sales of debt securities | 1,415 | Life insurance premiums and related investment income | ||||
Amortization of debt securities | 58 | Finance revenues | ||||
Amortization of debt securities | (347 | ) | Life insurance premiums and related investment income | |||
Others | (41 | ) | Write-downs of securities | |||
5,262 | Total before income tax | |||||
(1,204 | ) | Income tax (expense) or benefit | ||||
¥ | 4,058 | Net of tax | ||||
Debt valuation adjustments | ||||||
Fulfillment of policy liabilities and amortization of policy account balances | ¥ | 21 | Life insurance costs | |||
21 | Total before income tax | |||||
(6 | ) | Income tax (expense) or benefit | ||||
¥ | 15 | Net of tax | ||||
Defined benefit pension plans | ||||||
Amortization of prior service credit | ¥ | 201 | See Note 16 “Pension Plans” | |||
Amortization of net actuarial loss | (461 | ) | See Note 16 “Pension Plans” | |||
Amortization of transition obligation | (1 | ) | See Note 16 “Pension Plans” | |||
(261 | ) | Total before income tax | ||||
74 | Income tax (expense) or benefit | |||||
¥ | (187 | ) | Net of tax | |||
Foreign currency translation adjustments | ||||||
Foreign exchange contracts | ¥ | (898 | ) | Gains on sales of subsidiaries and affiliates and liquidation losses, net/Interest expense/Other (income) and expense | ||
Sales or liquidation | 79 | Gains on sales of subsidiaries and affiliates and liquidation losses, net | ||||
(819 | ) | Total before income tax | ||||
267 | Income tax (expense) or benefit | |||||
¥ | (552 | ) | Net of tax | |||
Net unrealized gains (losses) on derivative instruments | ||||||
Interest rate swap agreements | ¥ | (542 | ) | Interest expense | ||
Foreign exchange contracts | (124 | ) | Interest expense/Other (income) and expense | |||
Foreign currency swap agreements | (1,749 | ) | Interest expense/Other (income) and expense | |||
(2,415 | ) | Total before income tax | ||||
593 | Income tax (expense) or benefit | |||||
¥ | (1,822 | ) | Net of tax | |||
Details about accumulated other comprehensive income components | Three months ended September 30, 2020 | |||||
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 | ¥ | 1,017 | Gains on investment securities and dividends | |||
Sales of debt securities | 2,649 | Life insurance premiums and related investment income | ||||
Amortization of debt securities | (566 | ) | Finance revenues | |||
Amortization of debt securities | (318 | ) | Life insurance premiums and related investment income | |||
Others | (2,246 | ) | Write-downs of securities and other | |||
536 | Total before income tax | |||||
(230 | ) | Income tax (expense) or benefit | ||||
¥ | 306 | Net of tax | ||||
Debt valuation adjustments | ||||||
Fulfillment of policy liabilities and amortization of policy account balances | ¥ | 18 | Life insurance costs | |||
18 | Total before income tax | |||||
(6 | ) | Income tax (expense) or benefit | ||||
¥ | 12 | Net of tax | ||||
Defined benefit pension plans | ||||||
Amortization of prior service credit | ¥ | 120 | See Note 16 “Pension Plans” | |||
Amortization of net actuarial loss | (400 | ) | See Note 16 “Pension Plans” | |||
Amortization of transition obligation | (1 | ) | See Note 16 “Pension Plans” | |||
(281 | ) | Total before income tax | ||||
89 | Income tax (expense) or benefit | |||||
¥ | (192 | ) | Net of tax | |||
Foreign currency translation adjustments | ||||||
Foreign exchange contracts | ¥ | (755 | ) | Interest expense | ||
(755 | ) | Total before income tax | ||||
234 | Income tax (expense) or benefit | |||||
¥ | (521 | ) | Net of tax | |||
Net unrealized gains (losses) on derivative instruments | ||||||
Interest rate swap agreements | ¥ | (287 | ) | Interest expense | ||
Foreign exchange contracts | (70 | ) | Interest expense/Other (income) and expense | |||
Foreign currency swap agreements | (362 | ) | Interest expense/Other (income) and expense | |||
(719 | ) | Total before income tax | ||||
35 | Income tax (expense) or benefit | |||||
¥ | (684 | ) | Net of tax | |||
Three months ended September 30, 2021 | ||||||
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 | ¥ | 3,964 | Gains on investment securities and dividends | |||
Sales of debt securities | 1,319 | Life insurance premiums and related investment income | ||||
Amortization of debt securities | 27 | Finance revenues | ||||
Amortization of debt securities | (185 | ) | Life insurance premiums and related investment income | |||
Others | (35 | ) | Write-downs of securities and other | |||
5,090 | Total before income tax | |||||
(1,173 | ) | Income tax (expense) or benefit | ||||
¥ | 3,917 | Net of tax | ||||
Debt valuation adjustments | ||||||
Fulfillment of policy liabilities and amortization of policy account balances | ¥ | 11 | Life insurance costs | |||
11 | Total before income tax | |||||
(3 | ) | Income tax (expense) or benefit | ||||
¥ | 8 | Net of tax | ||||
Defined benefit pension plans | ||||||
Amortization of prior service credit | ¥ | 101 | See Note 16 “Pension Plans” | |||
Amortization of net actuarial loss | (224 | ) | See Note 16 “Pension Plans” | |||
Amortization of transition obligation | (1 | ) | See Note 16 “Pension Plans” | |||
(124 | ) | Total before income tax | ||||
34 | Income tax (expense) or benefit | |||||
¥ | (90 | ) | Net of tax | |||
Foreign currency translation adjustments | ||||||
Foreign exchange contracts | ¥ | (404 | ) | Gains on sales of subsidiaries and affiliates and liquidation losses, net/Interest expense | ||
Sales or liquidation | 35 | Gains on sales of subsidiaries and affiliates and liquidation losses, net | ||||
(369 | ) | Total before income tax | ||||
113 | Income tax (expense) or benefit | |||||
¥ | (256 | ) | Net of tax | |||
Net unrealized gains (losses) on derivative instruments | ||||||
Interest rate swap agreements | ¥ | (266 | ) | Interest expense | ||
Foreign exchange contracts | (75 | ) | Interest expense/Other (income) and expense | |||
Foreign currency swap agreements | (1,265 | ) | Interest expense/Other (income) and expense | |||
(1,606 | ) | Total before income tax | ||||
394 | Income tax (expense) or benefit | |||||
¥ | (1,212 | ) | Net of tax | |||
14. | ORIX Corporation Shareholders’ Equity |
( 1) | Dividend payments |
Six months ended September 30, 2020 | Six months ended September 30, 2021 | |||
Resolution | The board of directors on May 21, 2020 | The board of directors on May 20, 2021 | ||
Type of shares | Common stock | Common stock | ||
Total dividends paid | ¥51,493 million | ¥52,438 million | ||
Dividend per share | ¥41.00 | ¥43.00 | ||
Date of record for dividend | March 31, 2020 | March 31, 2021 | ||
Effective date for dividend | June 18, 2020 | June 7, 2021 | ||
Dividend resource | Retained earnings | Retained earnings |
(2) | Applicable dividends for which the date of record was in the six months ended September 30, 2020 and 2021, and for which the effective date was after September 30, 2020 and 2021 |
Six months ended September 30, 2020 | Six months ended September 30, 2021 | |||
Resolution | The board of directors on November 2, 2020 | The board of directors on November 4, 2021 | ||
Type of shares | Common stock | Common stock | ||
Total dividends paid | ¥43,670 million | ¥46,957 million | ||
Dividend per share | ¥35.00 | ¥39.00 | ||
Date of record for dividend | September 30, 2020 | September 30, 2021 | ||
Effective date for dividend | December 9, 2020 | December 9, 2021 | ||
Dividend resource | Retained earnings | Retained earnings |
15. | Selling, General and Administrative Expenses |
Millions of yen | ||||||||
Six months ended September 30, 2020 | Six months ended September 30, 2021 | |||||||
Personnel expenses | ¥ | 128,129 | ¥ | 144,462 | ||||
Selling expenses | 28,613 | 32,209 | ||||||
Administrative expenses | 57,801 | 64,774 | ||||||
Depreciation of office facilities | 4,076 | 4,439 | ||||||
Total | ¥ | 218,619 | ¥ | 245,884 | ||||
Selling, general and administrative expenses for the three months ended September 30, 2020 and 2021 are as follows: | ||||||||
Millions of yen | ||||||||
Three months ended September 30, 2020 | Three months ended September 30, 2021 | |||||||
Personnel expenses | ¥ | 64,511 | ¥ | 71,969 | ||||
Selling expenses | 14,052 | 16,432 | ||||||
Administrative expenses | 29,565 | 33,341 | ||||||
Depreciation of office facilities | 2,124 | 2,057 | ||||||
Total | ¥ | 110,252 | ¥ | 123,799 | ||||
16. | Pension Plans |
Millions of yen | ||||||||
Six months ended September 30, 2020 | Six months ended September 30, 2021 | |||||||
Japanese plans: | ||||||||
Service cost | ¥ | 2,829 | ¥ | 3,023 | ||||
Interest cost | 346 | 419 | ||||||
Expected return on plan assets | (1,213 | ) | (1,331 | ) | ||||
Amortization of prior service credit | (89 | ) | (33 | ) | ||||
Amortization of net actuarial loss | 660 | 206 | ||||||
Amortization of transition obligation | 0 | 0 | ||||||
Net periodic pension cost | ¥ | 2,533 | ¥ | 2,284 | ||||
Millions of yen | ||||||||
Six months ended September 30, 2020 | Six months ended September 30, 2021 | |||||||
Overseas plans: | ||||||||
Service cost | ¥ | 1,626 | ¥ | 1,974 | ||||
Interest cost | 827 | 659 | ||||||
Expected return on plan assets | (1,773 | ) | (2,093 | ) | ||||
Amortization of prior service credit | (147 | ) | (168 | ) | ||||
Amortization of net actuarial loss | 137 | 255 | ||||||
Amortization of transition obligation | 1 | 1 | ||||||
Net periodic pension cost | ¥ | 671 | ¥ | 628 | ||||
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. |
Millions of yen | ||||||||
Three months ended September 30, 2020 | Three months ended September 30, 2021 | |||||||
Japanese plans: | ||||||||
Service cost | ¥ | 1,409 | ¥ | 1,517 | ||||
Interest cost | 173 | 198 | ||||||
Expected return on plan assets | (606 | ) | (665 | ) | ||||
Amortization of prior service credit | (45 | ) | (17 | ) | ||||
Amortization of net actuarial loss | 331 | 97 | ||||||
Amortization of transition obligation | 0 | 0 | ||||||
Net periodic pension cost | ¥ | 1,262 | ¥ | 1,130 | ||||
Millions of yen | ||||||||
Three months ended September 30, 2020 | Three months ended September 30, 2021 | |||||||
Overseas plans: | ||||||||
Service cost | ¥ | 833 | ¥ | 976 | ||||
Interest cost | 420 | 328 | ||||||
Expected return on plan assets | (903 | ) | (1,041 | ) | ||||
Amortization of prior service credit | (75 | ) | (84 | ) | ||||
Amortization of net actuarial loss | 69 | 127 | ||||||
Amortization of transition obligation | 1 | 1 | ||||||
Net periodic pension cost | ¥ | 345 | ¥ | 307 | ||||
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. |
17. | Life Insurance Operations |
Millions of yen | ||||||||
Six months ended September 30, 2020 | Six months ended September 30, 2021 | |||||||
Life insurance premiums | ¥ | 191,000 | ¥ | 208,475 | ||||
Life insurance related investment income* | 42,751 | 24,322 | ||||||
¥ | 233,751 | ¥ | 232,797 | |||||
* Life insurance related investment income for the six months ended September 30, 2020 and 2021 include net unrealized holding gains of ¥36,951 million and ¥9,689 million on equity securities held as of September 30, 2020 and 2021, respectively. |
Millions of yen | ||||||||
Three months ended September 30, 2020 | Three months ended September 30, 2021 | |||||||
Life insurance premiums | ¥ | 101,349 | ¥ | 110,822 | ||||
Life insurance related investment income* | 16,279 | 13,877 | ||||||
¥ | 117,628 | ¥ | 124,699 | |||||
Life insurance premiums include reinsurance benefits, net of reinsurance premiums. For the six and three months ended September 30, 2020 and 2021, reinsurance benefits and reinsurance premiums included in life insurance premiums are as follows: |
Millions of yen | ||||||||
Six months ended September 30, 2020 | Six months ended September 30, 2021 | |||||||
Reinsurance benefits | ¥ | 1,163 | ¥ | 852 | ||||
Reinsurance premiums | (2,526 | ) | (2,226 | ) | ||||
Millions of yen | ||||||||
Three months ended September 30, 2020 | Three months ended September 30, 2021 | |||||||
Reinsurance benefits | ¥ | 333 | ¥ | 507 | ||||
Reinsurance premiums | (1,170 | ) | (1,097 | ) |
Millions of yen | ||||||||
Six months ended September 30, 2020 | Six months ended September 30, 2021 | |||||||
Life insurance premiums and related investment income : | ||||||||
Net realized and unrealized gains or losses from investment assets | ¥ | 39,900 | ¥ | 10,863 | ||||
Net gains or losses from derivative contracts : | (6,010 | ) | (1,161 | ) | ||||
Futures | (5,460 | ) | (1,123 | ) | ||||
Foreign exchange contracts | 39 | (38 | ) | |||||
Options held | (589 | ) | 0 | |||||
Life insurance costs : | ||||||||
Changes in the fair value of the policy liabilities and policy account balances | ¥ | (4,670 | ) | ¥ | (40,285 | ) | ||
Insurance costs recognized for insurance and annuity payouts as a result of insured events | 22,111 | 47,016 | ||||||
Changes in the fair value of the reinsurance contracts | 9,144 | 733 | ||||||
Millions of yen | ||||||||
Three months ended September 30, 2020 | Three months ended September 30, 2021 | |||||||
Life insurance premiums and related investment income : | ||||||||
Net realized and unrealized gains or losses from investment assets | ¥ | 12,984 | ¥ | 5,592 | ||||
Net gains or losses from derivative contracts : | (1,544 | ) | (878 | ) | ||||
Futures | (1,499 | ) | (863 | ) | ||||
Foreign exchange contracts | 16 | (15 | ) | |||||
Options held | (61 | ) | 0 | |||||
Life insurance costs : | ||||||||
Changes in the fair value of the policy liabilities and policy account balances | ¥ | (5,533 | ) | ¥ | (18,353 | ) | ||
Insurance costs recognized for insurance and annuity payouts as a result of insured events | 12,883 | 21,525 | ||||||
Changes in the fair value of the reinsurance contracts | 1,792 | 314 |
18. | Write-Downs of Long-Lived Assets |
Millions of yen | ||||||||
As of March 31, 2021 | As of September 30, 2021 | |||||||
Investment in operating leases | ¥ | 8,055 | ¥ | 13,634 |
Six months ended September 30, 2020 | Six months ended September 30, 2021 | |||||||||||||||
Amount (Millions of yen) | The number of properties | Amount (Millions of yen) | The number of properties | |||||||||||||
Write-downs of the assets held for sale: | ||||||||||||||||
Condominiums | ¥ | 0 | 0 | ¥ | 1 | 1 | ||||||||||
Total | ¥ | 0 | 0 | ¥ | 1 | 1 | ||||||||||
Six months ended September 30, 2020 | Six months ended September 30, 2021 | |||||||||||||||
Amount (Millions of yen) | The number of properties | Amount (Millions of yen) | The number of properties | |||||||||||||
Write-downs due to decline in estimated future cash flows: | ||||||||||||||||
Commercial facilities other than office buildings | ¥ | 0 | 0 | ¥ | 11 | 1 | ||||||||||
Condominiums | 64 | 2 | 1 | 1 | ||||||||||||
Land undeveloped or under construction | 17 | 1 | 0 | 0 | ||||||||||||
Others* | 502 | 0 | 75 | 0 | ||||||||||||
Total | ¥ | 583 | 0 | ¥ | 87 | 0 | ||||||||||
* | For “Others,” the number of properties is omitted. In addition, write-downs of other long-lived assets for the six months ended September 30, 2020, include a write-down of ¥433 million of two hotels. |
Three months ended September 30, 2020 | Three months ended September 30, 2021 | |||||||||||||||
Amount (Millions of yen) | The number of properties | Amount (Millions of yen) | The number of properties | |||||||||||||
Write-downs of the assets held for sale: | ||||||||||||||||
Condominiums | ¥ | 0 | 0 | ¥ | 1 | 1 | ||||||||||
Total | ¥ | 0 | 0 | ¥ | 1 | 1 | ||||||||||
Three months ended September 30, 2020 | Three months ended September 30, 2021 | |||||||||||||||
Amount (Millions of yen) | The number of properties | Amount (Millions of yen) | The number of properties | |||||||||||||
Write-downs due to decline in estimated future cash flows: | ||||||||||||||||
Condominiums | ¥ | 26 | 1 | ¥ | 0 | 0 | ||||||||||
Land undeveloped or under construction | 17 | 1 | 0 | 0 | ||||||||||||
Others* | 283 | 0 | 0 | 0 | ||||||||||||
Total | ¥ | 326 | 0 | ¥ | 0 | 0 | ||||||||||
* | For “Others,” the number of properties is omitted. In addition, write-downs of other long-lived assets for the three months ended September 30, 2020, include a write-down of ¥280 million of one hotel. |
19. | Per Share Data |
Millions of yen | ||||||||
Six months ended September 30, 2020 | Six months ended September 30, 2021 | |||||||
Net Income attributable to ORIX Corporation shareholders | ¥ | 93,842 | ¥ | 146,682 | ||||
Millions of yen | ||||||||
Three months ended September 30, 2020 | Three months ended September 30, 2021 | |||||||
Net Income attributable to ORIX Corporation shareholders | ¥ | 43,794 | ¥ | 81,466 | ||||
Thousands of Shares | ||||||||
Six months ended September 30, 2020 | Six months ended September 30, 2021 | |||||||
Weighted-average shares | 1,247,495 | 1,211,058 | ||||||
Effect of dilutive securities— | ||||||||
Stock compensation | 1,006 | 1,202 | ||||||
Weighted-average shares for diluted EPS computation | 1,248,501 | 1,212,260 | ||||||
Thousands of Shares | ||||||||
Three months ended September 30, 2020 | Three months ended September 30, 2021 | |||||||
Weighted-average shares | 1,245,927 | 1,206,784 | ||||||
Effect of dilutive securities— | ||||||||
Stock compensation | 1,126 | 1,341 | ||||||
Weighted-average shares for diluted EPS computation | 1,247,053 | 1,208,125 | ||||||
Yen | ||||||||
Six months ended September 30, 2020 | Six months ended September 30, 2021 | |||||||
Earnings per share for net income attributable to ORIX Corporation shareholders: | ||||||||
Basic | ¥ | 75.22 | ¥ | 121.12 | ||||
Diluted | 75.16 | 121.00 | ||||||
Yen | ||||||||
Three months ended September 30, 2020 | Three months ended September 30, 2021 | |||||||
Earnings per share for net income attributable to ORIX Corporation shareholders: | ||||||||
Basic | ¥ | 35.15 | ¥ | 67.51 | ||||
Diluted | 35.12 | 67.43 |
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. (1,659,728 and 2,149,105 shares for the six months ended September 30, 2020 and 2021, 1,796,903 and 2,145,248 shares for the three months ended September 30, 2020 and 2021) |
20. | Derivative Financial Instruments and Hedging |
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 | ¥ | (642 | ) | ¥ | 546 | ¥ | 0 | |||||
Foreign exchange contracts | (79 | ) | 255 | (106 | ) | |||||||
Foreign currency swap agreements | (2,178 | ) | 283 | 1,081 |
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 | ¥ | 1,108 | ¥ | 0 | ¥ | (910 | ) | ¥ | 0 | |||||||
Foreign exchange contracts | 3,492 | 220 | (4,068 | ) | (208 | ) | ||||||||||
(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 | ¥ | (8,009 | ) | ¥ | (154 | ) | ¥ | 2,036 | ¥ | 21 | ||||||
Borrowings and bonds in foreign currencies | 12,815 | 0 | 0 | 0 |
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 | ¥ | 3 | ¥ | 4 | ||||||
Futures | (5,460 | ) | 0 | 3,799 | ||||||||
Foreign exchange contracts | 96 | 1,512 | 1,392 | |||||||||
Options held/written and other | (589 | ) | 0 | (318 | ) |
* | Futures, foreign exchange contracts and options held/written and other in the above table include gains (losses) arising from futures, foreign exchange contracts and options held to economically hedge the minimum guarantee risk of variable annuity and variable life insurance contracts for the six months ended September 30, 2020 (see Note 17 “Life Insurance Operations”). |
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 | ¥ | 1,150 | ¥ | 542 | ¥ | 0 | ||||||
Foreign exchange contracts | (171 | ) | (54 | ) | 178 | |||||||
Foreign currency swap agreements | (567 | ) | 290 | 1,459 |
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 | ¥ | (921 | ) | ¥ | 0 | ¥ | 1,031 | ¥ | 0 | |||||||
Foreign exchange contracts | (4,627 | ) | 98 | 4,667 | (75 | ) |
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 | ¥ | (544 | ) | ¥ | (104 | ) | ¥ | 789 | ¥ | 5 | ||||||
Borrowings and bonds in foreign currencies | (6,399 | ) | 0 | 0 | 0 |
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 | ¥ | 3 | ¥ | (21 | ) | |||||
Futures | (1,123 | ) | 0 | 733 | ||||||||
Foreign exchange contracts | 3,746 | 718 | 2,415 | |||||||||
Credit derivatives held | 0 | 0 | (1 | ) | ||||||||
Options held/written and other | 0 | 0 | 759 |
* | Futures and foreign exchange contracts in the above table include gains (losses) arising from futures and for e ign exchange contracts held to economically hedge the minimum guarantee risk of variable annuity and variable life insurance contracts for the six months ended September 30, 2021 (see Note 17 “Life Insurance Operations”). |
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 | ¥ | 702 | ¥ | 287 | ¥ | 0 | ||||||
Foreign exchange contracts | (39 | ) | 201 | (131 | ) | |||||||
Foreign currency swap agreements | (752 | ) | 177 | 185 |
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 | ¥ | 1,776 | ¥ | 0 | ¥ | (1,792 | ) | ¥ | 0 | |||||||
Foreign exchange contracts | 1,816 | 129 | (2,392 | ) | (126 | ) |
Millions of yen | ||||||||
Gains (losses) recognized in other comprehensive income on derivative and others | Gains (losses) reclassified from other comprehensive income (loss) into income | |||||||
Interest expense | ||||||||
Foreign exchange contracts | ¥ | (4,384 | ) | ¥ | 755 | |||
Borrowings and bonds in foreign currencies | 7,556 | 0 |
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 | ¥ | 1 | ¥ | (1 | ) | |||||
Futures | (1,499 | ) | 0 | 1,101 | ||||||||
Foreign exchange contracts | 61 | 527 | (1,857 | ) | ||||||||
Options held/written and other | (61 | ) | 0 | 1,535 |
* | Futures, foreign exchange contracts and options held/written and other in the above table include gains (losses) arising from futures, foreign exchange contracts and options held to economically hedge the minimum guarantee risk of variable annuity and variable life insurance contracts for the three months ended September 30, 2020 (see Note 17 “Life Insurance Operations”). |
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 | ¥ | 1,007 | ¥ | 266 | ¥ | 0 | ||||||
Foreign exchange contracts | (110 | ) | (12 | ) | 87 | |||||||
Foreign currency swap agreements | (780 | ) | 94 | 1,171 |
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 | ¥ | 299 | ¥ | 0 | ¥ | (321 | ) | ¥ | 0 | |||||||
Foreign exchange contracts | (4,146 | ) | (27 | ) | 4,187 | 42 |
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 | |||||||||||
Foreign exchange contracts | ¥ | 2,755 | ¥ | (86 | ) | ¥ | 318 | |||||
Borrowings and bonds in foreign currencies | (6,552 | ) | 0 | 0 |
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 | (863 | ) | 0 | (422 | ) | |||||||
Foreign exchange contracts | 2,938 | 203 | (2,831 | ) | ||||||||
Options held/written and other | 0 | 0 | 246 |
* | Futures and foreign exchange contracts in the above table include gains (losses) arising from futures and foreign exchange contracts held to economically hedge the minimum guarantee risk of variable annuity and variable life insurance contracts for the three months ended September 30, 2021 (see Note 17 “Life Insurance Operations”). |
Millions of yen | ||||||||||||
Gains (losses) recognized in income | ||||||||||||
Life insurance premiums and related investment income | Interest expense | Other (income) and expense | ||||||||||
Foreign exchange contracts | ¥ | (922 | ) | ¥ | 5 | ¥ | 0 | |||||
Options held/written and other | 0 | 0 | 16 |
Millions of yen | ||||||||||||
Gains (losses) recognized in income | ||||||||||||
Life insurance premiums and related investment income | Interest expense | Other (income) and expense | ||||||||||
Foreign exchange contracts | ¥ | (185 | ) | ¥ | 3 | ¥ | 0 | |||||
Options held/written and other | ¥ | 0 | ¥ | 0 | ¥ | 8 |
Assets as hedged items in fair value hedges | Liabilities as hedged items in fair value hedges | |||||||||||||||||
Millions of yen | Millions of yen | |||||||||||||||||
Consolidated balance sheets location | Carrying amount | The cumulative amount of fair value hedging adjustments included in the carrying amount | Consolidated balance sheets location | Carrying amount | The cumulative amount of fair value hedging adjustments included in the carrying amount | |||||||||||||
Investment in Securities | ¥ | 314,248 | ¥ | 12,764 | — | ¥ | 0 | ¥ | 0 | |||||||||
Installment Loans | 17,942 | 43 | — | 0 | 0 |
Millions of yen | ||||||||||||
Gains (losses) recognized in income | ||||||||||||
Life insurance premiums and related investment income | Interest expense | Other (income) and expense | ||||||||||
Foreign exchange contracts | ¥ | (697 | ) | ¥ | 2 | ¥ | 0 | |||||
Options held/written and other | 0 | 0 | 14 |
Millions of yen | ||||||||||||
Gains (losses) recognized in income | ||||||||||||
Life insurance premiums and related investment income | Interest expense | Other (income) and expense | ||||||||||
Foreign exchange contracts | ¥ | (282 | ) | ¥ | 1 | ¥ | 0 | |||||
Options held/written and other | 0 | 0 | 7 |
Assets as hedged items in fair value hedges | Liabilities as hedged items in fair value hedges | |||||||||||||||||
Millions of yen | Millions of yen | |||||||||||||||||
Consolidated balance sheets location | Carrying amount | The cumulative amount of fair value hedging adjustments included in the carrying amount | Consolidated balance sheets location | Carrying amount | The cumulative amount of fair value hedging adjustments included in the carrying amount | |||||||||||||
Investment in Securities | ¥ | 370,882 | ¥ | 6,491 | — | ¥ | 0 | ¥ | 0 | |||||||||
Installment Loans | 17,688 | 21 | — | 0 | 0 |
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 | ¥ | 531,971 | ¥ | 1,867 | Other Assets | ¥ | 23,751 | Other Liabilities | ||||||||
Options held/written and other | 840 | 26 | Other Assets | 0 | — | |||||||||||
Futures, foreign exchange contracts | 657,411 | 437 | Other Assets | 18,941 | Other Liabilities | |||||||||||
Foreign currency swap agreements | 76,023 | 146 | Other Assets | 4,459 | Other Liabilities | |||||||||||
Foreign currency long-term debt | 582,174 | 0 | — | 0 | — | |||||||||||
Derivatives not designated as hedging instruments: | ||||||||||||||||
Interest rate swap agreements | ¥ | 6,409 | ¥ | 0 | — | ¥ | 67 | Other Liabilities | ||||||||
Options held/written and other | 746,058 | 19,478 | Other Assets | 17,009 | Other Liabilities | |||||||||||
Futures, foreign exchange contracts * | 320,908 | 742 | Other Assets | 6,798 | Other Liabilities | |||||||||||
Credit derivatives held | 171 | 0 | — | 9 | Other Liabilities |
* | The notional amounts of futures and foreign exchange contracts in the above table include futures contracts of ¥19,127 million and foreign exchange contracts of ¥7,245 million to economically hedge the minimum guarantee risk of variable annuity and variable life insurance contracts at March 31, 2021, respectively. Derivative assets in the above table include fair value of the futures and foreign exchange contracts before offsetting of ¥41 million and ¥24 million and derivative liabilities include fair value of the futures and foreign exchange contracts before offsetting of ¥438 million and ¥302 million at March 31, 2021, respectively. |
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 | ¥ | 500,146 | ¥ | 1,706 | Other Assets | ¥ | 19,564 | Other Liabilities | ||||||||
Options held/written and other | 849 | 21 | Other Assets | 0 | — | |||||||||||
Futures, foreign exchange contracts | 823,934 | 830 | Other Assets | 10,898 | Other Liabilities | |||||||||||
Foreign currency swap agreements | 75,379 | 1,060 | Other Assets | 1,507 | Other Liabilities | |||||||||||
Foreign currency long-term debt | 578,200 | 0 | — | 0 | — | |||||||||||
Derivatives not designated as hedging instruments: | ||||||||||||||||
Interest rate swap agreements | ¥ | 3,479 | ¥ | 0 | — | ¥ | 30 | Other Liabilities | ||||||||
Options held/written and other | 787,724 | 18,678 | Other Assets | 16,996 | Other Liabilities | |||||||||||
Futures, foreign exchange contracts * | 556,597 | 4,398 | Other Assets | 2,275 | Other Liabilities |
* | The notional amounts of futures and foreign exchange contracts in the above table include futures contracts of ¥17,163 million and foreign exchange contracts of ¥6,523 million to economically hedge the minimum guarantee risk of variable annuity and variable life insurance contracts at September 30, 2021, respectively. Derivative assets in the above table include fair value of the futures and foreign exchange contracts before offsetting of ¥173 million and ¥28 million and derivative liabilities include fair value of futures and foreign exchange contracts before offsetting of ¥4 million and ¥78 million at September 30, 2021, respectively. |
21. | Offsetting Assets and Liabilities |
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 | ¥ | 22,696 | ¥ | (1,944 | ) | ¥ | 20,752 | ¥ | 0 | ¥ | 0 | ¥ | 20,752 | |||||||||||
Total assets | ¥ | 22,696 | ¥ | (1,944 | ) | ¥ | 20,752 | ¥ | 0 | ¥ | 0 | ¥ | 20,752 | |||||||||||
Derivative liabilities | ¥ | 71,034 | ¥ | (1,944 | ) | ¥ | 69,090 | ¥ | (18,913 | ) | ¥ | (147 | ) | ¥ | 50,030 | |||||||||
Total liabilities | ¥ | 71,034 | ¥ | (1,944 | ) | ¥ | 69,090 | ¥ | (18,913 | ) | ¥ | (147 | ) | ¥ | 50,030 | |||||||||
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 | ¥ | 26,693 | ¥ | (4,686 | ) | ¥ | 22,007 | ¥ | 0 | ¥ | (398 | ) | ¥ | 21,609 | ||||||||||
Total assets | ¥ | 26,693 | ¥ | (4,686 | ) | ¥ | 22,007 | ¥ | 0 | ¥ | (398 | ) | ¥ | 21,609 | ||||||||||
Derivative liabilities | ¥ | 51,270 | ¥ | (4,686 | ) | ¥ | 46,584 | ¥ | (7,492 | ) | ¥ | 0 | ¥ | 39,092 | ||||||||||
Total liabilities | ¥ | 51,270 | ¥ | (4,686 | ) | ¥ | 46,584 | ¥ | (7,492 | ) | ¥ | 0 | ¥ | 39,092 | ||||||||||
* | The balances related to enforceable master netting agreements or similar agreements which were not offset in the consolidated balance sheets. |
22. | Estimated Fair Value of Financial Instruments |
Millions of yen | ||||||||||||||||||||
Carrying amount | Estimated fair value | Level 1 | Level 2 | Level 3 | ||||||||||||||||
Assets: | ||||||||||||||||||||
Cash and cash equivalents | ¥ | 951,242 | ¥ | 951,242 | ¥ | 951,242 | ¥ | 0 | ¥ | 0 | ||||||||||
Restricted cash | 128,333 | 128,333 | 128,333 | 0 | 0 | |||||||||||||||
Installment loans (net of allowance for credit losses) | 3,613,316 | 3,631,561 | 0 | 166,410 | 3,465,151 | |||||||||||||||
Equity securities*1 | 396,465 | 396,465 | 82,039 | 223,016 | 91,410 | |||||||||||||||
Trading debt securities | 2,654 | 2,654 | 0 | 2,654 | 0 | |||||||||||||||
Available-for-sale | 2,003,917 | 2,003,917 | 6,012 | 1,864,448 | 133,457 | |||||||||||||||
Held-to-maturity | 113,790 | 139,132 | 0 | 115,893 | 23,239 | |||||||||||||||
Other Assets: | ||||||||||||||||||||
Time deposits | 4,146 | 4,146 | 0 | 4,146 | 0 | |||||||||||||||
Derivative assets*2 | 20,752 | 20,752 | 0 | 0 | 0 | |||||||||||||||
Reinsurance recoverables (Investment contracts) | 7,299 | 7,507 | 0 | 0 | 7,507 | |||||||||||||||
Liabilities: | ||||||||||||||||||||
Short-term debt | ¥ | 307,269 | ¥ | 307,269 | ¥ | 0 | ¥ | 307,269 | ¥ | 0 | ||||||||||
Deposits | 2,165,293 | 2,167,449 | 0 | 2,167,449 | 0 | |||||||||||||||
Policy liabilities and Policy account balances (Investment contracts) | 196,549 | 196,624 | 0 | 0 | 196,624 | |||||||||||||||
Long-term debt | 4,416,833 | 4,442,351 | 0 | 1,286,463 | 3,155,888 | |||||||||||||||
Other Liabilities: | ||||||||||||||||||||
Derivative liabilities*2 | 69,090 | 69,090 | 0 | 0 | 0 |
*1 | The amount of ¥13,737 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.” |
Millions of yen | ||||||||||||||||||||
Carrying amount | Estimated fair value | Level 1 | Level 2 | Level 3 | ||||||||||||||||
Assets: | ||||||||||||||||||||
Cash and cash equivalents | ¥ | 1,030,893 | ¥ | 1,030,893 | ¥ | 1,030,893 | ¥ | 0 | ¥ | 0 | ||||||||||
Restricted cash | 130,999 | 130,999 | 130,999 | 0 | 0 | |||||||||||||||
Installment loans (net of allowance for credit losses) | 3,616,577 | 3,610,206 | 0 | 171,230 | 3,438,976 | |||||||||||||||
Equity securities*1 | 390,965 | 390,965 | 114,346 | 184,611 | 92,008 | |||||||||||||||
Trading debt securities | 2,483 | 2,483 | 0 | 2,483 | 0 | |||||||||||||||
Available-for-sale | 2,051,245 | 2,051,245 | 8,581 | 1,905,428 | 137,236 | |||||||||||||||
Held-to-maturity | 113,795 | 139,517 | 0 | 115,875 | 23,642 | |||||||||||||||
Other Assets: | ||||||||||||||||||||
Time deposits | 4,435 | 4,435 | 0 | 4,435 | 0 | |||||||||||||||
Derivative assets*2 | 22,007 | 22,007 | 0 | 0 | 0 | |||||||||||||||
Reinsurance recoverables (Investment contracts) | 6,758 | 6,907 | 0 | 0 | 6,907 | |||||||||||||||
Liabilities: | ||||||||||||||||||||
Short-term debt | ¥ | 493,976 | ¥ | 493,976 | ¥ | 0 | ¥ | 493,976 | ¥ | 0 | ||||||||||
Deposits | 2,129,531 | 2,131,750 | 0 | 2,131,750 | 0 | |||||||||||||||
Policy liabilities and Policy account balances (Investment contracts) | 201,272 | 201,344 | 0 | 0 | 201,344 | |||||||||||||||
Long-term debt | 4,351,494 | 4,377,341 | 0 | 1,299,274 | 3,078,067 | |||||||||||||||
Other Liabilities: | ||||||||||||||||||||
Derivative liabilities*2 | 46,584 | 46,584 | 0 | 0 | 0 |
*1 | The amount of ¥15,732 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.” |
23. | Commitments, Guarantees and Contingent Liabilities |
Millions of yen | ||||||||
March 31, 2021 | September 30, 2021 | |||||||
Within one year | ¥ | 3,806 | ¥ | 5,166 | ||||
More than one year | 3,982 | 5,366 | ||||||
Total | ¥ | 7,788 | ¥ | 10,532 | ||||
March 31, 2021 | September 30, 2021 | |||||||||||||||||||||||
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 | ¥ | 469,377 | ¥ | 4,768 | 2028 | ¥ | 467,131 | ¥ | 4,795 | 2028 | ||||||||||||||
Transferred loans | 365,546 | 5,827 | 2061 | 379,892 | 4,601 | 2061 | ||||||||||||||||||
Consumer loans | 294,250 | 49,025 | 2032 | 284,050 | 47,098 | 2032 | ||||||||||||||||||
Real estate loans | 17,621 | 4,119 | 2048 | 13,236 | 4,034 | 2048 | ||||||||||||||||||
Other | 598 | 104 | 2035 | 8,530 | 147 | 2035 | ||||||||||||||||||
Total | ¥ | 1,147,392 | ¥ | 63,843 | — | ¥ | 1,152,839 | ¥ | 60,675 | — | ||||||||||||||
Millions of yen | ||||||||
March 31, 2021 | September 30, 2021 | |||||||
Lease payments, loans and investment in operating leases | ¥ | 125,196 | ¥ | 106,350 | ||||
Investment in securities | 172,503 | 180,056 | ||||||
Property under facility operations | 27,125 | 113,679 | ||||||
Other assets and other | 14,026 | 16,299 | ||||||
Total | ¥ | 338,850 | ¥ | 416,384 | ||||
24. | Segment Information |
Corporate Financial Services and Maintenance Leasing | : | Finance and fee business; leasing and rental of automobiles, electronic measuring instruments and ICT-related equipment; Yayoi | ||
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 | : | Asset management of global equity and fixed income | ||
Asia and Australia | : | Finance and investment businesses in Asia and Australia |
Millions of yen | ||||||||||||||||||||||||
Six months ended September 30, 2020 | Six months ended September 30, 2021 | March 31, 2021 | September 30, 2021 | |||||||||||||||||||||
Segment revenues | Segment profits | Segment revenues | Segment profits | Segment assets | Segment assets | |||||||||||||||||||
Corporate Financial Services and Maintenance Leasing | ¥ | 209,144 | ¥ | 31,094 | ¥ | 230,275 | ¥ | 52,401 | ¥ | 1,676,063 | ¥ | 1,659,642 | ||||||||||||
Real Estate | 167,276 | 11,009 | 202,514 | 23,860 | 872,095 | 878,068 | ||||||||||||||||||
PE Investment and Concession | 157,826 | 4,294 | 192,150 | 1,834 | 378,698 | 368,794 | ||||||||||||||||||
Environment and Energy | 70,865 | 13,599 | 63,898 | 9,663 | 489,174 | 695,445 | ||||||||||||||||||
Insurance | 235,754 | 35,308 | 235,088 | 33,009 | 1,959,521 | 1,962,961 | ||||||||||||||||||
Banking and Credit | 41,661 | 25,170 | 43,097 | 22,065 | 2,690,627 | 2,709,991 | ||||||||||||||||||
Aircraft and Ships | 14,876 | 5,527 | 17,748 | 618 | 601,762 | 615,640 | ||||||||||||||||||
ORIX USA | 57,859 | 9,881 | 84,988 | 47,614 | 1,220,081 | 1,188,438 | ||||||||||||||||||
ORIX Europe | 73,046 | 17,103 | 101,104 | 28,591 | 369,546 | 397,073 | ||||||||||||||||||
Asia and Australia | 58,962 | 3,791 | 71,705 | 20,485 | 1,084,222 | 1,125,430 | ||||||||||||||||||
Total | ¥ | 1,087,269 | ¥ | 156,776 | ¥ | 1,242,567 | ¥ | 240,140 | ¥ | 11,341,789 | ¥ | 11,601,482 | ||||||||||||
Millions of yen | ||||||||||||||||||||||||
Three months ended September 30, 2020 | Three months ended September 30, 2021 | |||||||||||||||||||||||
Segment revenues | Segment profits | Segment revenues | Segment profits | |||||||||||||||||||||
Corporate Financial Services and Maintenance Leasing | ¥ | 107,072 | ¥ | 17,802 | ¥ | 120,483 | ¥ | 32,122 | ||||||||||||||||
Real Estate | 88,627 | 9,159 | 105,752 | 12,847 | ||||||||||||||||||||
PE Investment and Concession | 68,053 | (307 | ) | 92,526 | 1,566 | |||||||||||||||||||
Environment and Energy | 36,909 | 5,878 | 34,569 | 5,174 | ||||||||||||||||||||
Insurance | 118,682 | 17,053 | 125,907 | 17,520 | ||||||||||||||||||||
Banking and Credit | 20,997 | 13,267 | 20,271 | 9,306 | ||||||||||||||||||||
Aircraft and Ships | 7,329 | (2,057 | ) | 9,285 | 5,449 | |||||||||||||||||||
ORIX USA | 33,090 | 10,466 | 37,294 | 22,451 | ||||||||||||||||||||
ORIX Europe | 36,881 | 9,914 | 50,648 | 15,119 | ||||||||||||||||||||
Asia and Australia | 30,635 | (3,066 | ) | 37,057 | 11,705 | |||||||||||||||||||
Total | ¥ | 548,275 | ¥ | 78,109 | ¥ | 633,792 | ¥ | 133,259 | ||||||||||||||||
Millions of yen | ||||||||
Six months ended September 30, 2020 | Six months ended September 30, 2021 | |||||||
Segment revenues: | ||||||||
Total revenues for segments | ¥ | 1,087,269 | ¥ | 1,242,567 | ||||
Revenues related to corporate assets | 5,933 | 8,580 | ||||||
Revenues from inter-segment transactions | (8,464 | ) | (9,613 | ) | ||||
Total consolidated revenues | ¥ | 1,084,738 | ¥ | 1,241,534 | ||||
Segment profits: | ||||||||
Total profits for segments | ¥ | 156,776 | ¥ | 240,140 | ||||
Corporate profits (losses) | (24,765 | ) | (25,570 | ) | ||||
Net income attributable to the noncontrolling interests and net income attributable to the redeemable noncontrolling interests | 2,163 | 6,219 | ||||||
Total consolidated income before income taxes | ¥ | 134,174 | ¥ | 220,789 | ||||
Millions of yen | ||||||||
Three months ended September 30, 2020 | Three months ended September 30, 2021 | |||||||
Segment revenues: | ||||||||
Total revenues for segments | ¥ | 548,275 | ¥ | 633,792 | ||||
Revenues related to corporate assets | 3,225 | 5,616 | ||||||
Revenues from inter-segment transactions | (4,403 | ) | (6,687 | ) | ||||
Total consolidated revenues | ¥ | 547,097 | ¥ | 632,721 | ||||
Segment profits: | ||||||||
Total profits for segments | ¥ | 78,109 | ¥ | 133,259 | ||||
Corporate profits (losses) | (13,052 | ) | (13,129 | ) | ||||
Net income attributable to the noncontrolling interests and net income attributable to the redeemable noncontrolling interests | 1,486 | 603 | ||||||
Total consolidated income before income taxes | ¥ | 66,543 | ¥ | 120,733 | ||||
Millions of yen | ||||||||
March 31, 2021 | September 30, 2021 | |||||||
Segment assets: | ||||||||
Total assets for segments | ¥ | 11,341,789 | ¥ | 11,601,482 | ||||
Cash and cash equivalents, restricted cash | 1,079,575 | 1,161,892 | ||||||
Allowance for credit losses | (78,945 | ) | (77,571 | ) | ||||
Trade notes, accounts and other receivable | 354,334 | 288,311 | ||||||
Other corporate assets | 866,329 | 860,564 | ||||||
Total consolidated assets | ¥ | 13,563,082 | ¥ | 13,834,678 | ||||
Millions of yen | ||||||||||||||||
Six months ended September 30, 2020 | ||||||||||||||||
Japan | The Americas *1 | Other *2 | Total | |||||||||||||
Total Revenues | ¥ | 870,327 | ¥ | 91,871 | ¥ | 122,540 | ¥ | 1,084,738 | ||||||||
Income before Income Taxes | 97,972 | 18,275 | 17,927 | 134,174 |
Millions of yen | ||||||||||||||||
Six months ended September 30, 2021 | ||||||||||||||||
Japan | The Americas *1 | Other *2 | Total | |||||||||||||
Total Revenues | ¥ | 964,192 | ¥ | 123,687 | ¥ | 153,655 | ¥ | 1,241,534 | ||||||||
Income before Income Taxes | 118,760 | 60,328 | 41,701 | 220,789 |
Millions of yen | ||||||||||||||||
Three months ended September 30, 2020 | ||||||||||||||||
Japan | The Americas *1 | Other *2 | Total | |||||||||||||
Total Revenues | ¥ | 433,698 | ¥ | 49,757 | ¥ | 63,642 | ¥ | 547,097 | ||||||||
Income before Income Taxes | 49,552 | 15,414 | 1,577 | 66,543 |
Millions of yen | ||||||||||||||||
Three months ended September 30, 2021 | ||||||||||||||||
Japan | The Americas *1 | Other *2 | Total | |||||||||||||
Total Revenues | ¥ | 497,902 | ¥ | 56,246 | ¥ | 78,573 | ¥ | 632,721 | ||||||||
Income before Income Taxes | 66,204 | 26,321 | 28,208 | 120,733 |
*1 | Mainly the United States | |||||||
*2 | Mainly Asia, Europe, Australasia and Middle East |
Millions of yen | ||||||||||||||||||||||||||||
Six months ended September 30, 2020 | ||||||||||||||||||||||||||||
Reportable segments | ||||||||||||||||||||||||||||
Corporate Financial Services and Maintenance Leasing | Real Estate | PE Investment and Concession | Environment and Energy | Insurance | Banking and Credit | Aircraft and Ships | ||||||||||||||||||||||
Goods or services category | ||||||||||||||||||||||||||||
Sales of goods | ¥ | 4,661 | ¥ | 1,390 | ¥ | 144,417 | ¥ | 1,278 | ¥ | 0 | ¥ | 0 | ¥ | 0 | ||||||||||||||
Real estate sales | 0 | 38,903 | 0 | 0 | 0 | 0 | 0 | |||||||||||||||||||||
Asset management and servicing | 168 | 2,967 | 17 | 0 | 0 | 95 | 13 | |||||||||||||||||||||
Automobile related services | 29,140 | 0 | 0 | 119 | 0 | 0 | 0 | |||||||||||||||||||||
Facilities operation | 0 | 7,644 | 0 | 0 | 0 | 0 | 0 | |||||||||||||||||||||
Environment and energy services | 1,740 | 0 | 0 | 68,016 | 0 | 0 | 0 | |||||||||||||||||||||
Real estate management and brokerage | 0 | 50,210 | 0 | 0 | 0 | 0 | 0 | |||||||||||||||||||||
Real estate contract work | 0 | 33,678 | 0 | 0 | 0 | 0 | 0 | |||||||||||||||||||||
Other | 23,428 | 814 | 9,534 | 662 | 780 | 2,033 | 1,492 | |||||||||||||||||||||
Total revenues from contracts with customers | 59,137 | 135,606 | 153,968 | 70,075 | 780 | 2,128 | 1,505 | |||||||||||||||||||||
Geographical location | ||||||||||||||||||||||||||||
Japan | 58,715 | 135,606 | 153,968 | 64,122 | 780 | 2,128 | 355 | |||||||||||||||||||||
The Americas | 0 | 0 | 0 | 0 | 0 | 0 | 0 | |||||||||||||||||||||
Other | 422 | 0 | 0 | 5,953 | 0 | 0 | 1,150 | |||||||||||||||||||||
Total revenues from contracts with customers | 59,137 | 135,606 | 153,968 | 70,075 | 780 | 2,128 | 1,505 | |||||||||||||||||||||
Other revenues * | 150,007 | 31,670 | 3,858 | 790 | 234,974 | 39,533 | 13,371 | |||||||||||||||||||||
Segment revenues/Total revenues | ¥ | 209,144 | ¥ | 167,276 | ¥ | 157,826 | ¥ | 70,865 | ¥ | 235,754 | ¥ | 41,661 | ¥ | 14,876 | ||||||||||||||
Millions of yen | ||||||||||||||||||||||||||||
Six months ended September 30, 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 | ¥ | 1,202 | ¥ | 0 | ¥ | 57 | ¥ | 153,005 | ¥ | 306 | ¥ | 153,311 | ||||||||||||||||
Real estate sales | 439 | 0 | 0 | 39,342 | 0 | 39,342 | ||||||||||||||||||||||
Asset management and servicing | 6,817 | 66,902 | 0 | 76,979 | (52 | ) | 76,927 | |||||||||||||||||||||
Automobile related services | 0 | 0 | 5,540 | 34,799 | (2 | ) | 34,797 | |||||||||||||||||||||
Facilities operation | 0 | 0 | 0 | 7,644 | 243 | 7,887 | ||||||||||||||||||||||
Environment and energy services | 609 | 0 | 0 | 70,365 | (725 | ) | 69,640 | |||||||||||||||||||||
Real estate management and brokerage | 0 | 0 | 0 | 50,210 | (1,256 | ) | 48,954 | |||||||||||||||||||||
Real estate contract work | 0 | 0 | 0 | 33,678 | (119 | ) | 33,559 | |||||||||||||||||||||
Other | 1,439 | 52 | 317 | 40,551 | 775 | 41,326 | ||||||||||||||||||||||
Total revenues from contracts with customers | 10,506 | 66,954 | 5,914 | 506,573 | (830 | ) | 505,743 | |||||||||||||||||||||
Geographical location | ||||||||||||||||||||||||||||
Japan | 0 | 0 | 1 | 415,675 | (804 | ) | 414,871 | |||||||||||||||||||||
The Americas | 10,506 | 29,163 | 0 | 39,669 | 0 | 39,669 | ||||||||||||||||||||||
Other | 0 | 37,791 | 5,913 | 51,229 | (26 | ) | 51,203 | |||||||||||||||||||||
Total revenues from contracts with customers | 10,506 | 66,954 | 5,914 | 506,573 | (830 | ) | 505,743 | |||||||||||||||||||||
Other revenues * | 47,353 | 6,092 | 53,048 | 580,696 | (1,701 | ) | 578,995 | |||||||||||||||||||||
Segment revenues/Total revenues | ¥ | 57,859 | ¥ | 73,046 | ¥ | 58,962 | ¥ | 1,087,269 | ¥ | (2,531 | ) | ¥ | 1,084,738 | |||||||||||||||
Millions of yen | ||||||||||||||||||||||||||||
Six months ended September 30, 2021 | ||||||||||||||||||||||||||||
Reportable segments | ||||||||||||||||||||||||||||
Corporate Financial Services and Maintenance Leasing | Real Estate | PE Investment and Concession | Environment and Energy | Insurance | Banking and Credit | Aircraft and Ships | ||||||||||||||||||||||
Goods or services category | ||||||||||||||||||||||||||||
Sales of goods | ¥ | 5,512 | ¥ | 1,446 | ¥ | 161,106 | ¥ | 1,688 | ¥ | 0 | ¥ | 0 | ¥ | 0 | ||||||||||||||
Real estate sales | 0 | 59,110 | 0 | 0 | 0 | 0 | 0 | |||||||||||||||||||||
Asset management and servicing | 160 | 3,117 | 12 | 0 | 0 | 145 | 15 | |||||||||||||||||||||
Automobile related services | 31,332 | 0 | 0 | 101 | 0 | 0 | 0 | |||||||||||||||||||||
Facilities operation | 0 | 13,004 | 0 | 0 | 0 | 0 | 0 | |||||||||||||||||||||
Environment and energy services | 1,561 | 0 | 44 | 61,166 | 0 | 0 | 0 | |||||||||||||||||||||
Real estate management and brokerage | 0 | 51,685 | 0 | 0 | 0 | 0 | 0 | |||||||||||||||||||||
Real estate contract work | 0 | 39,371 | 0 | 0 | 0 | 0 | 0 | |||||||||||||||||||||
Other | 25,877 | 717 | 13,630 | 432 | 1,002 | 2,822 | 3,157 | |||||||||||||||||||||
Total revenues from contracts with customers | 64,442 | 168,450 | 174,792 | 63,387 | 1,002 | 2,967 | 3,172 | |||||||||||||||||||||
Geographical location | ||||||||||||||||||||||||||||
Japan | 63,975 | 168,450 | 174,792 | 63,387 | 1,002 | 2,967 | 2,180 | |||||||||||||||||||||
The Americas | 0 | 0 | 0 | 0 | 0 | 0 | 0 | |||||||||||||||||||||
Other | 467 | 0 | 0 | 0 | 0 | 0 | 992 | |||||||||||||||||||||
Total revenues from contracts with customers | 64,442 | 168,450 | 174,792 | 63,387 | 1,002 | 2,967 | 3,172 | |||||||||||||||||||||
Other revenues * | 165,833 | 34,064 | 17,358 | 511 | 234,086 | 40,130 | 14,576 | |||||||||||||||||||||
Segment revenues/Total revenues | ¥ | 230,275 | ¥ | 202,514 | ¥ | 192,150 | ¥ | 63,898 | ¥ | 235,088 | ¥ | 43,097 | ¥ | 17,748 | ||||||||||||||
Millions of yen | ||||||||||||||||||||||||||||
Six months ended September 30, 2021 | ||||||||||||||||||||||||||||
Reportable segments | Corporate revenue and intersegment transactions | Total revenues | ||||||||||||||||||||||||||
ORIX USA | ORIX Europe | Asia and Australia | Total | |||||||||||||||||||||||||
Goods or services category | ||||||||||||||||||||||||||||
Sales of goods | ¥ | 1,066 | ¥ | 0 | ¥ | 28 | ¥ | 170,846 | ¥ | 632 | ¥ | 171,478 | ||||||||||||||||
Real estate sales | 67 | 0 | 0 | 59,177 | 0 | 59,177 | ||||||||||||||||||||||
Asset management and servicing | 7,806 | 99,238 | 0 | 110,493 | (31 | ) | 110,462 | |||||||||||||||||||||
Automobile related services | 0 | 0 | 6,371 | 37,804 | (6 | ) | 37,798 | |||||||||||||||||||||
Facilities operation | 0 | 0 | 0 | 13,004 | 308 | 13,312 | ||||||||||||||||||||||
Environment and energy services | 681 | 0 | 0 | 63,452 | (1,014 | ) | 62,438 | |||||||||||||||||||||
Real estate management and brokerage | 0 | 0 | 0 | 51,685 | (1,480 | ) | 50,205 | |||||||||||||||||||||
Real estate contract work | 0 | 0 | 0 | 39,371 | (108 | ) | 39,263 | |||||||||||||||||||||
Other | 1,302 | 38 | 396 | 49,373 | 1,605 | 50,978 | ||||||||||||||||||||||
Total revenues from contracts with customers | 10,922 | 99,276 | 6,795 | 595,205 | (94 | ) | 595,111 | |||||||||||||||||||||
Geographical location | ||||||||||||||||||||||||||||
Japan | 0 | 0 | 0 | 476,753 | (72 | ) | 476,681 | |||||||||||||||||||||
The Americas | 10,922 | 37,587 | 0 | 48,509 | 0 | 48,509 | ||||||||||||||||||||||
Other | 0 | 61,689 | 6,795 | 69,943 | (22 | ) | 69,921 | |||||||||||||||||||||
Total revenues from contracts with customers | 10,922 | 99,276 | 6,795 | 595,205 | (94 | ) | 595,111 | |||||||||||||||||||||
Other revenues * | 74,066 | 1,828 | 64,910 | 647,362 | (939 | ) | 646,423 | |||||||||||||||||||||
Segment revenues/Total revenues | ¥ | 84,988 | ¥ | 101,104 | ¥ | 71,705 | ¥ | 1,242,567 | ¥ | (1,033 | ) | ¥ | 1,241,534 | |||||||||||||||
Millions of yen | ||||||||||||||||||||||||||||
Three months ended September 30, 2020 | ||||||||||||||||||||||||||||
Reportable segments | ||||||||||||||||||||||||||||
Corporate Financial Services and Maintenance Leasing | Real Estate | PE Investment and Concession | Environment and Energy | Insurance | Banking and Credit | Aircraft and Ships | ||||||||||||||||||||||
Goods or services category | ||||||||||||||||||||||||||||
Sales of goods | ¥ | 2,269 | ¥ | 782 | ¥ | 61,382 | ¥ | 719 | ¥ | 0 | ¥ | 0 | ¥ | 0 | ||||||||||||||
Real estate sales | 0 | 18,035 | 0 | 0 | 0 | 0 | 0 | |||||||||||||||||||||
Asset management and servicing | 107 | 1,345 | 8 | 0 | 0 | 50 | 10 | |||||||||||||||||||||
Automobile related services | 14,465 | 0 | 0 | 60 | 0 | 0 | 0 | |||||||||||||||||||||
Facilities operation | 0 | 6,276 | 0 | 0 | 0 | 0 | 0 | |||||||||||||||||||||
Environment and energy services | 818 | 0 | 0 | 35,515 | 0 | 0 | 0 | |||||||||||||||||||||
Real estate management and brokerage | 0 | 25,660 | 0 | 0 | 0 | 0 | 0 | |||||||||||||||||||||
Real estate contract work | 0 | 18,722 | 0 | 0 | 0 | 0 | 0 | |||||||||||||||||||||
Other | 12,496 | 487 | 4,438 | 270 | 397 | 1,191 | 699 | |||||||||||||||||||||
Total revenues from contracts with customers | 30,155 | 71,307 | 65,828 | 36,564 | 397 | 1,241 | 709 | |||||||||||||||||||||
Geographical location | ||||||||||||||||||||||||||||
Japan | 29,976 | 71,307 | 65,828 | 33,402 | 397 | 1,241 | 292 | |||||||||||||||||||||
The Americas | 0 | 0 | 0 | 0 | 0 | 0 | 0 | |||||||||||||||||||||
Other | 179 | 0 | 0 | 3,162 | 0 | 0 | 417 | |||||||||||||||||||||
Total revenues from contracts with customers | 30,155 | 71,307 | 65,828 | 36,564 | 397 | 1,241 | 709 | |||||||||||||||||||||
Other revenues * | 76,917 | 17,320 | 2,225 | 345 | 118,285 | 19,756 | 6,620 | |||||||||||||||||||||
Segment revenues/Total revenues | ¥ | 107,072 | ¥ | 88,627 | ¥ | 68,053 | ¥ | 36,909 | ¥ | 118,682 | ¥ | 20,997 | ¥ | 7,329 | ||||||||||||||
Millions of yen | ||||||||||||||||||||||||||||
Three months ended September 30, 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 | ¥ | 623 | ¥ | 0 | ¥ | 4 | ¥ | 65,779 | ¥ | 240 | ¥ | 66,019 | ||||||||||||||||
Real estate sales | 234 | 0 | 0 | 18,269 | 0 | 18,269 | ||||||||||||||||||||||
Asset management and servicing | 3,208 | 35,238 | 0 | 39,966 | (27 | ) | 39,939 | |||||||||||||||||||||
Automobile related services | 0 | 0 | 2,788 | 17,313 | (1 | ) | 17,312 | |||||||||||||||||||||
Facilities operation | 0 | 0 | 0 | 6,276 | 138 | 6,414 | ||||||||||||||||||||||
Environment and energy services | 365 | 0 | 0 | 36,698 | (365 | ) | 36,333 | |||||||||||||||||||||
Real estate management and brokerage | 0 | 0 | 0 | 25,660 | (607 | ) | 25,053 | |||||||||||||||||||||
Real estate contract work | 0 | 0 | 0 | 18,722 | (95 | ) | 18,627 | |||||||||||||||||||||
Other | 716 | 37 | 8 | 20,739 | 409 | 21,148 | ||||||||||||||||||||||
Total revenues from contracts with customers | 5,146 | 35,275 | 2,800 | 249,422 | (308 | ) | 249,114 | |||||||||||||||||||||
Geographical location | ||||||||||||||||||||||||||||
Japan | 0 | 0 | 0 | 202,443 | (407 | ) | 202,036 | |||||||||||||||||||||
The Americas | 5,146 | 15,218 | 0 | 20,364 | 0 | 20,364 | ||||||||||||||||||||||
Other | 0 | 20,057 | 2,800 | 26,615 | 99 | 26,714 | ||||||||||||||||||||||
Total revenues from contracts with customers | 5,146 | 35,275 | 2,800 | 249,422 | (308 | ) | 249,114 | |||||||||||||||||||||
Other revenues * | 27,944 | 1,606 | 27,835 | 298,853 | (870 | ) | 297,983 | |||||||||||||||||||||
Segment revenues/Total revenues | ¥ | 33,090 | ¥ | 36,881 | ¥ | 30,635 | ¥ | 548,275 | ¥ | (1,178 | ) | ¥ | 547,097 | |||||||||||||||
Millions of yen | ||||||||||||||||||||||||||||
Three months ended September 30, 2021 | ||||||||||||||||||||||||||||
Reportable segments | ||||||||||||||||||||||||||||
Corporate Financial Services and Maintenance Leasing | Real Estate | PE Investment and Concession | Environment and Energy | Insurance | Banking and Credit | Aircraft and Ships | ||||||||||||||||||||||
Goods or services category | ||||||||||||||||||||||||||||
Sales of goods | ¥ | 2,251 | ¥ | 836 | ¥ | 76,664 | ¥ | 920 | ¥ | 0 | ¥ | 0 | ¥ | 0 | ||||||||||||||
Real estate sales | 0 | 29,864 | 0 | 0 | 0 | 0 | 0 | |||||||||||||||||||||
Asset management and servicing | 89 | 1,387 | 3 | 0 | 0 | 77 | 9 | |||||||||||||||||||||
Automobile related services | 14,897 | 0 | 0 | 51 | 0 | 0 | 0 | |||||||||||||||||||||
Facilities operation | 0 | 7,927 | 0 | 0 | 0 | 0 | 0 | |||||||||||||||||||||
Environment and energy services | 806 | 0 | 44 | 33,170 | 0 | 0 | 0 | |||||||||||||||||||||
Real estate management and brokerage | 0 | 26,217 | 0 | 0 | 0 | 0 | 0 | |||||||||||||||||||||
Real estate contract work | 0 | 22,567 | 0 | 0 | 0 | 0 | 0 | |||||||||||||||||||||
Other | 13,395 | 377 | 6,838 | 178 | 515 | 1,436 | 1,872 | |||||||||||||||||||||
Total revenues from contracts with customers | 31,438 | 89,175 | 83,549 | 34,319 | 515 | 1,513 | 1,881 | |||||||||||||||||||||
Geographical location | ||||||||||||||||||||||||||||
Japan | 31,273 | 89,175 | 83,549 | 34,319 | 515 | 1,513 | 1,432 | |||||||||||||||||||||
The Americas | 0 | 0 | 0 | 0 | 0 | 0 | 0 | |||||||||||||||||||||
Other | 165 | 0 | 0 | 0 | 0 | 0 | 449 | |||||||||||||||||||||
Total revenues from contracts with customers | 31,438 | 89,175 | 83,549 | 34,319 | 515 | 1,513 | 1,881 | |||||||||||||||||||||
Other revenues * | 89,045 | 16,577 | 8,977 | 250 | 125,392 | 18,758 | 7,404 | |||||||||||||||||||||
Segment revenues/Total revenues | ¥ | 120,483 | ¥ | 105,752 | ¥ | 92,526 | ¥ | 34,569 | ¥ | 125,907 | ¥ | 20,271 | ¥ | 9,285 | ||||||||||||||
Millions of yen | ||||||||||||||||||||||||||||
Three months ended September 30, 2021 | ||||||||||||||||||||||||||||
Reportable segments | Corporate revenue and intersegment transactions | Total revenues | ||||||||||||||||||||||||||
ORIX USA | ORIX Europe | Asia and Australia | Total | |||||||||||||||||||||||||
Goods or services category | ||||||||||||||||||||||||||||
Sales of goods | ¥ | 552 | ¥ | 0 | ¥ | 27 | ¥ | 81,250 | ¥ | 404 | ¥ | 81,654 | ||||||||||||||||
Real estate sales | 33 | 0 | 0 | 29,897 | 0 | 29,897 | ||||||||||||||||||||||
Asset management and servicing | 3,328 | 50,700 | 0 | 55,593 | (13 | ) | 55,580 | |||||||||||||||||||||
Automobile related services | 0 | 0 | 3,297 | 18,245 | (7 | ) | 18,238 | |||||||||||||||||||||
Facilities operation | 0 | 0 | 0 | 7,927 | 166 | 8,093 | ||||||||||||||||||||||
Environment and energy services | 424 | 0 | 0 | 34,444 | (573 | ) | 33,871 | |||||||||||||||||||||
Real estate management and brokerage | 0 | 0 | 0 | 26,217 | (1,094 | ) | 25,123 | |||||||||||||||||||||
Real estate contract work | 0 | 0 | 0 | 22,567 | (114 | ) | 22,453 | |||||||||||||||||||||
Other | 962 | 22 | 221 | 25,816 | 574 | 26,390 | ||||||||||||||||||||||
Total revenues from contracts with customers | 5,299 | 50,722 | 3,545 | 301,956 | (657 | ) | 301,299 | |||||||||||||||||||||
Geographical location | ||||||||||||||||||||||||||||
Japan | 0 | 0 | 0 | 241,776 | (647 | ) | 241,129 | |||||||||||||||||||||
The Americas | 5,299 | 19,116 | 0 | 24,415 | 0 | 24,415 | ||||||||||||||||||||||
Other | 0 | 31,606 | 3,545 | 35,765 | (10 | ) | 35,755 | |||||||||||||||||||||
Total revenues from contracts with customers | 5,299 | 50,722 | 3,545 | 301,956 | (657 | ) | 301,299 | |||||||||||||||||||||
Other revenues * | 31,995 | (74 | ) | 33,512 | 331,836 | (414 | ) | 331,422 | ||||||||||||||||||||
Segment revenues/Total revenues | ¥ | 37,294 | ¥ | 50,648 | ¥ | 37,057 | ¥ | 633,792 | ¥ | (1,071 | ) | ¥ | 632,721 | |||||||||||||||
* | 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. |
25. | Subsequent Events |