Cover Page
Cover Page | 6 Months Ended |
Sep. 30, 2023 | |
Document Information [Line Items] | |
Document Type | 6-K |
Amendment Flag | false |
Document Period End Date | Sep. 30, 2023 |
Document Fiscal Year Focus | 2024 |
Entity Registrant Name | ORIX Corporation |
Entity Central Index Key | 0001070304 |
Current Fiscal Year End Date | --03-31 |
Document Fiscal Period Focus | Q2 |
CONDENSED CONSOLIDATED BALANCE
CONDENSED CONSOLIDATED BALANCE SHEETS - JPY (¥) ¥ in Millions | Sep. 30, 2023 | Mar. 31, 2023 |
ASSETS | ||
Cash and Cash Equivalents | ¥ 915,107 | ¥ 1,231,860 |
Restricted Cash | 139,123 | 135,048 |
Net investment in Leases | 1,165,789 | 1,087,563 |
Installment Loans The amounts which are measured at fair value by electing the fair value option are as follows: March 31, 2023 ¥197,041 million September 30, 2023 ¥149,390 million | 3,946,693 | 3,877,602 |
Allowance for Credit Losses | (69,046) | (64,723) |
Investment in Operating Leases | 1,723,328 | 1,537,178 |
Investment in Securities The amounts which are measured at fair value by electing the fair value option are as follows: March 31, 2023 ¥22,874 million September 30, 2023 ¥26,848 million The amounts which are associated to available-for-sale debt securities are as follows: March 31, 2023 Amortized Cost ¥2,488,858 million Allowance for Credit Losses ¥(144) million September 30, 2023 Amortized Cost ¥2,709,258 million Allowance for Credit Losses ¥(468) million | 3,187,963 | 2,940,858 |
Property under Facility Operations | 635,070 | 620,994 |
Investment in Affiliates The amounts which are measured at fair value by electing the fair value option are as follows: March 31, 2023 ¥2,511 million September 30, 2023 ¥5,003 million | 1,109,253 | 1,000,704 |
Trade Notes, Accounts and Other Receivable | 373,780 | 441,803 |
Inventories | 222,906 | 169,021 |
Office Facilities | 252,669 | 253,649 |
Other Assets The amounts which are measured at fair value by electing the fair value option are as follows: March 31, 2023 ¥4,676 million September 30, 2023 ¥3,670 million | 2,192,585 | 2,057,828 |
Total Assets | 15,795,220 | 15,289,385 |
Liabilities: | ||
Short-Term Debt | 586,379 | 508,796 |
Deposits | 2,223,592 | 2,246,345 |
Trade Notes, Accounts and Other Payable | 329,843 | 366,851 |
Policy Liabilities and Policy Account Balances The amounts which are measured at fair value by electing the fair value option are as follows: March 31, 2023 ¥163,734 million September 30, 2023 ¥160,177 million | 1,783,074 | 1,832,057 |
Income Taxes: | ||
Current and Deferred Income Taxes | 487,945 | 454,262 |
Long-Term Debt | 5,448,244 | 5,209,723 |
Other Liabilities | 1,092,304 | 1,056,084 |
Total Liabilities | 11,951,381 | 11,674,118 |
Redeemable Noncontrolling Interests | 1,843 | 945 |
Commitments and Contingent Liabilities | ||
Equity: | ||
Common Stock | 221,111 | 221,111 |
Additional Paid-in Capital | 233,679 | 233,169 |
Retained Earnings | 3,132,339 | 3,054,448 |
Accumulated Other Comprehensive Income | 326,700 | 156,135 |
Treasury Stock, at Cost | (152,731) | (121,256) |
ORIX Corporation Shareholders' Equity | 3,761,098 | 3,543,607 |
Noncontrolling Interests | 80,898 | 70,715 |
Total Equity | 3,841,996 | 3,614,322 |
Total Liabilities and Equity | 15,795,220 | 15,289,385 |
Variable Interest Entity, Primary Beneficiary | ||
ASSETS | ||
Cash and Cash Equivalents | 4,558 | 3,544 |
Installment Loans (Net of Allowance for Credit Losses) | 197,747 | 214,118 |
Investment in Operating Leases | 104,115 | 65,314 |
Property under Facility Operations | 156,360 | 159,991 |
Investment in Affiliates The amounts which are measured at fair value by electing the fair value option are as follows: March 31, 2023 ¥2,511 million September 30, 2023 ¥5,003 million | 50,302 | 50,406 |
Other Assets The amounts which are measured at fair value by electing the fair value option are as follows: March 31, 2023 ¥4,676 million September 30, 2023 ¥3,670 million | 79,558 | 73,093 |
Total Assets | 592,640 | 566,466 |
Liabilities: | ||
Trade Notes, Accounts and Other Payable | 1,162 | 1,436 |
Income Taxes: | ||
Long-Term Debt | 374,324 | 349,528 |
Other Liabilities | 28,532 | 26,971 |
Total Liabilities | ¥ 404,018 | ¥ 377,935 |
CONDENSED CONSOLIDATED BALANC_2
CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) - JPY (¥) ¥ in Millions | Sep. 30, 2023 | Mar. 31, 2023 |
Installment Loans, fair value | ¥ 149,390 | ¥ 197,041 |
Investment in securities, measured at fair value | 26,848 | 22,874 |
Amortized Cost | 2,709,258 | 2,488,858 |
Available-for-sale debt securities, Allowance for credit losses | (468) | (144) |
Investment in Affiliates, measured at fair value | 5,003 | 2,511 |
Other assets, measured at fair value | 3,670 | 4,676 |
Policy liabilities and Policy Account Balances | ¥ 160,177 | ¥ 163,734 |
CONDENSED CONSOLIDATED STATEMEN
CONDENSED CONSOLIDATED STATEMENTS OF INCOME - JPY (¥) ¥ in Millions | 3 Months Ended | 6 Months Ended | ||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | |
Revenues: | ||||
Total revenues | ¥ 682,761 | ¥ 707,003 | ¥ 1,359,735 | ¥ 1,364,816 |
Expenses: | ||||
Interest expense | 47,810 | 29,575 | 90,891 | 51,473 |
Costs of operating leases | 91,269 | 82,953 | 176,894 | 164,841 |
Life insurance costs | 102,377 | 119,698 | 222,097 | 220,715 |
Costs of goods and real estate sold | 59,968 | 119,779 | 124,795 | 232,209 |
Services expense | 140,050 | 145,237 | 267,177 | 267,774 |
Other (income) and expense | (1,031) | 5,211 | 2,503 | 6,941 |
Selling, general and administrative expenses | 155,479 | 135,872 | 302,265 | 267,954 |
Provision for credit losses | 5,604 | 1,426 | 8,524 | 1,674 |
Write-downs of long-lived assets | 452 | 145 | 538 | 253 |
Write-downs of securities | 0 | 38 | 16 | 71 |
Total expenses | 601,978 | 639,934 | 1,195,700 | 1,213,905 |
Operating Income | 80,783 | 67,069 | 164,035 | 150,911 |
Equity in Net Income of Affiliates | 11,619 | 8,005 | 16,804 | 6,624 |
Gains on Sales of Subsidiaries and Affiliates and Liquidation Losses, net | 2,673 | 5,486 | 3,628 | 8,589 |
Income before Income Taxes | 95,075 | 80,560 | 184,467 | 166,124 |
Provision for Income Taxes | 28,592 | 18,767 | 53,827 | 39,981 |
Net Income | 66,483 | 61,793 | 130,640 | 126,143 |
Net Income Attributable to the Noncontrolling Interests | 1,325 | 1,395 | 2,502 | 3,821 |
Net Income Attributable to the Redeemable Noncontrolling Interests | 24 | 12 | 38 | 12 |
Net Income Attributable to ORIX Corporation Shareholders | ¥ 65,134 | ¥ 60,386 | ¥ 128,100 | ¥ 122,310 |
Basic: | ||||
Net Income Attributable to ORIX Corporation Shareholders | ¥ 56.05 | ¥ 51 | ¥ 109.92 | ¥ 102.96 |
Diluted: | ||||
Net Income Attributable to ORIX Corporation Shareholders | ¥ 55.96 | ¥ 50.93 | ¥ 109.76 | ¥ 102.85 |
Finance revenues | ||||
Revenues: | ||||
Total revenues | ¥ 85,889 | ¥ 79,308 | ¥ 170,937 | ¥ 153,151 |
Gains (Losses) on investment securities and dividends | ||||
Revenues: | ||||
Total revenues | 3,023 | 4,894 | 11,334 | (746) |
Operating leases | ||||
Revenues: | ||||
Total revenues | 137,949 | 122,945 | 259,949 | 249,144 |
Life insurance premiums and related investment income | ||||
Revenues: | ||||
Total revenues | 133,220 | 136,934 | 285,738 | 263,211 |
Sales of goods and real estate | ||||
Revenues: | ||||
Total revenues | 82,140 | 133,722 | 173,800 | 265,020 |
Services income | ||||
Revenues: | ||||
Total revenues | ¥ 240,540 | ¥ 229,200 | ¥ 457,977 | ¥ 435,036 |
CONDENSED CONSOLIDATED STATEM_2
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - JPY (¥) ¥ in Millions | 3 Months Ended | 6 Months Ended | ||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | |
Statement of Comprehensive Income [Abstract] | ||||
Net Income | ¥ 66,483 | ¥ 61,793 | ¥ 130,640 | ¥ 126,143 |
Other comprehensive income (loss), net of tax: | ||||
Net change of unrealized gains (losses) on investment in securities | (99,262) | (62,494) | (100,412) | (143,867) |
Impact of changes in policy liability discount rate | 106,057 | 82,515 | 110,576 | 159,366 |
Net change of debt valuation adjustments | (79) | 76 | (123) | 60 |
Net change of defined benefit pension plans | (236) | (151) | (89) | (316) |
Net change of foreign currency translation adjustments | 64,265 | 70,976 | 163,583 | 185,095 |
Net change of unrealized gains on derivative instruments | 4,394 | 7,600 | 2,408 | 18,531 |
Total other comprehensive income | 75,139 | 98,522 | 175,943 | 218,869 |
Comprehensive Income | 141,622 | 160,315 | 306,583 | 345,012 |
Comprehensive Income Attributable to the Noncontrolling Interests | 2,617 | 3,615 | 7,553 | 13,181 |
Comprehensive Income Attributable to the Redeemable Noncontrolling Interests | 88 | 62 | 200 | 100 |
Comprehensive Income Attributable to ORIX Corporation Shareholders | ¥ 138,917 | ¥ 156,638 | ¥ 298,830 | ¥ 331,731 |
CONDENSED CONSOLIDATED STATEM_3
CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY - JPY (¥) ¥ in Millions | Total | Common Stock | Additional Paid-in Capital | Retained Earnings | Accumulated Other Comprehensive Income (Loss) | Treasury Stock | Total ORIX Corporation Shareholders' Equity | Noncontrolling Interests |
Beginning Balance at Mar. 31, 2022 | ¥ 3,414,178 | ¥ 221,111 | ¥ 260,479 | ¥ 2,914,558 | ¥ 21,495 | ¥ (113,447) | ¥ 3,304,196 | ¥ 109,982 |
Contribution to subsidiaries | 1,722 | 0 | 1,722 | |||||
Transaction with noncontrolling interests | (3,435) | (14) | (14) | (3,421) | ||||
Comprehensive income, net of tax: | ||||||||
Net income | 126,131 | 122,310 | 122,310 | 3,821 | ||||
Other comprehensive income (loss) | ||||||||
Net change of unrealized gains (losses) on investment in securities | (143,867) | (143,867) | (143,867) | 0 | ||||
Impact of changes in policy liability discount rate | 159,366 | 159,366 | 159,366 | 0 | ||||
Net change of debt valuation adjustments | 60 | 60 | 60 | 0 | ||||
Net change of defined benefit pension plans | (316) | (318) | (318) | 2 | ||||
Net change of foreign currency translation adjustments | 185,007 | 177,121 | 177,121 | 7,886 | ||||
Net change of unrealized gains (losses) on derivative instruments | 18,531 | 17,059 | 17,059 | 1,472 | ||||
Total other comprehensive income | 218,781 | 209,421 | 9,360 | |||||
Total comprehensive income | 344,912 | 331,731 | 13,181 | |||||
Cash dividends | (70,759) | (55,704) | (55,704) | (15,055) | ||||
Acquisition of treasury stock | (33,151) | (33,151) | (33,151) | 0 | ||||
Disposal of treasury stock | (13) | (29) | 16 | (13) | 0 | |||
Other, net | 444 | 444 | 444 | 0 | ||||
Ending Balance at Sep. 30, 2022 | 3,653,898 | 221,111 | 260,880 | 2,981,164 | 230,916 | (146,582) | 3,547,489 | 106,409 |
Beginning Balance at Jun. 30, 2022 | 3,523,175 | 221,111 | 260,653 | 2,920,778 | 134,664 | (123,790) | 3,413,416 | 109,759 |
Contribution to subsidiaries | 1,250 | 0 | 1,250 | |||||
Transaction with noncontrolling interests | (1,242) | 0 | (1,242) | |||||
Comprehensive income, net of tax: | ||||||||
Net income | 61,781 | 60,386 | 60,386 | 1,395 | ||||
Other comprehensive income (loss) | ||||||||
Net change of unrealized gains (losses) on investment in securities | (62,494) | (62,494) | (62,494) | 0 | ||||
Impact of changes in policy liability discount rate | 82,515 | 82,515 | 82,515 | 0 | ||||
Net change of debt valuation adjustments | 76 | 76 | 76 | 0 | ||||
Net change of defined benefit pension plans | (151) | (151) | (151) | 0 | ||||
Net change of foreign currency translation adjustments | 70,926 | 69,445 | 69,445 | 1,481 | ||||
Net change of unrealized gains (losses) on derivative instruments | 7,600 | 6,861 | 6,861 | 739 | ||||
Total other comprehensive income | 98,472 | 96,252 | 2,220 | |||||
Total comprehensive income | 160,253 | 156,638 | 3,615 | |||||
Cash dividends | (6,973) | 0 | (6,973) | |||||
Acquisition of treasury stock | (22,808) | (22,808) | (22,808) | 0 | ||||
Disposal of treasury stock | (13) | (29) | 16 | (13) | 0 | |||
Other, net | 256 | 256 | 256 | 0 | ||||
Ending Balance at Sep. 30, 2022 | 3,653,898 | 221,111 | 260,880 | 2,981,164 | 230,916 | (146,582) | 3,547,489 | 106,409 |
Beginning Balance at Mar. 31, 2023 | 3,614,322 | 221,111 | 233,169 | 3,054,448 | 156,135 | (121,256) | 3,543,607 | 70,715 |
Contribution to subsidiaries | 2,946 | 0 | 2,946 | |||||
Transaction with noncontrolling interests | 957 | 84 | (165) | (81) | 1,038 | |||
Comprehensive income, net of tax: | ||||||||
Net income | 130,602 | 128,100 | 128,100 | 2,502 | ||||
Other comprehensive income (loss) | ||||||||
Net change of unrealized gains (losses) on investment in securities | (100,411) | (100,411) | (100,411) | 0 | ||||
Impact of changes in policy liability discount rate | 110,576 | 110,576 | 110,576 | 0 | ||||
Net change of debt valuation adjustments | (123) | (123) | (123) | 0 | ||||
Net change of defined benefit pension plans | (89) | (89) | (89) | 0 | ||||
Net change of foreign currency translation adjustments | 163,420 | 158,229 | 158,229 | 5,191 | ||||
Net change of unrealized gains (losses) on derivative instruments | 2,408 | 2,548 | 2,548 | (140) | ||||
Total other comprehensive income | 175,781 | 170,730 | 5,051 | |||||
Total comprehensive income | 306,383 | 298,830 | 7,553 | |||||
Cash dividends | (51,563) | (50,209) | (50,209) | (1,354) | ||||
Acquisition of treasury stock | (31,474) | (31,474) | (31,474) | 0 | ||||
Other, net | 425 | 426 | (1) | 425 | 0 | |||
Ending Balance at Sep. 30, 2023 | 3,841,996 | 221,111 | 233,679 | 3,132,339 | 326,700 | (152,731) | 3,761,098 | 80,898 |
Beginning Balance at Jun. 30, 2023 | 3,722,041 | 221,111 | 233,535 | 3,067,206 | 252,917 | (131,463) | 3,643,306 | 78,735 |
Contribution to subsidiaries | 625 | 0 | 625 | |||||
Transaction with noncontrolling interests | (53) | (70) | (70) | 17 | ||||
Comprehensive income, net of tax: | ||||||||
Net income | 66,459 | 65,134 | 65,134 | 1,325 | ||||
Other comprehensive income (loss) | ||||||||
Net change of unrealized gains (losses) on investment in securities | (99,271) | (99,271) | (99,271) | 0 | ||||
Impact of changes in policy liability discount rate | 106,057 | 106,057 | 106,057 | 0 | ||||
Net change of debt valuation adjustments | (79) | (79) | (79) | 0 | ||||
Net change of defined benefit pension plans | (236) | (235) | (235) | (1) | ||||
Net change of foreign currency translation adjustments | 64,210 | 62,980 | 62,980 | 1,230 | ||||
Net change of unrealized gains (losses) on derivative instruments | 4,394 | 4,331 | 4,331 | 63 | ||||
Total other comprehensive income | 75,075 | 73,783 | 1,292 | |||||
Total comprehensive income | 141,534 | 138,917 | 2,617 | |||||
Cash dividends | (1,096) | 0 | (1,096) | |||||
Acquisition of treasury stock | (21,268) | (21,268) | (21,268) | 0 | ||||
Other, net | 213 | 214 | (1) | 213 | 0 | |||
Ending Balance at Sep. 30, 2023 | ¥ 3,841,996 | ¥ 221,111 | ¥ 233,679 | ¥ 3,132,339 | ¥ 326,700 | ¥ (152,731) | ¥ 3,761,098 | ¥ 80,898 |
CONDENSED CONSOLIDATED STATEM_4
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - JPY (¥) ¥ in Millions | 6 Months Ended | |
Sep. 30, 2023 | Sep. 30, 2022 | |
Cash Flows from Operating Activities: | ||
Net income | ¥ 130,640 | ¥ 126,143 |
Adjustments to reconcile net income to net cash provided by operating activities: | ||
Depreciation and amortization | 178,502 | 160,513 |
Principal payments received under net investment in leases | 235,228 | 246,557 |
Provision for credit losses | 8,524 | 1,674 |
Equity in net income of affiliates (excluding interest on loans) | (16,520) | (5,777) |
Gains on sales of subsidiaries and affiliates and liquidation losses, net | (3,628) | (8,589) |
Gains on sales of securities other than trading | (3,703) | (6,476) |
Gains on sales of operating lease assets | (27,792) | (31,577) |
Write-downs of long-lived assets | 538 | 253 |
Write-downs of securities | 16 | 71 |
Decrease in trading securities | 2,324 | 30,377 |
Increase in inventories | (52,653) | (13,502) |
Decrease in trade notes, accounts and other receivable | 21,880 | 19,260 |
Decrease in trade notes, accounts and other payable | (36,073) | (35,647) |
Increase in policy liabilities and policy account balances | 100,338 | 90,670 |
Other, net | 53,409 | (311,048) |
Net cash provided by operating activities | 591,030 | 262,902 |
Cash Flows from Investing Activities: | ||
Purchases of lease equipment | (620,344) | (443,345) |
Installment loans made to customers | (659,240) | (589,094) |
Principal collected on installment loans | 623,770 | 664,246 |
Proceeds from sales of operating lease assets | 114,989 | 142,067 |
Investment in affiliates, net | (27,328) | (18,340) |
Proceeds from sales of investment in affiliates | 10,179 | 17,766 |
Purchases of available-for-sale debt securities | (238,062) | (299,368) |
Proceeds from sales of available-for-sale debt securities | 89,928 | 156,589 |
Proceeds from redemption of available-for-sale debt securities | 20,694 | 26,160 |
Purchases of equity securities other than trading | (124,599) | (39,144) |
Proceeds from sales of equity securities other than trading | 6,614 | 31,752 |
Purchases of property under facility operations | (37,368) | (34,678) |
Acquisitions of subsidiaries, net of cash acquired | (12,966) | (30,980) |
Sales of subsidiaries, net of cash disposed | 5,543 | (993) |
Other, net | (11,686) | (23,201) |
Net cash used in investing activities | (859,876) | (440,563) |
Cash Flows from Financing Activities: | ||
Net increase (decrease) in debt with maturities of three months or less | 40,454 | (14,943) |
Proceeds from debt with maturities longer than three months | 484,586 | 873,820 |
Repayment of debt with maturities longer than three months | (471,333) | (619,926) |
Net decrease in deposits due to customers | (23,631) | (25,343) |
Cash dividends paid to ORIX Corporation shareholders | (50,209) | (55,704) |
Acquisition of treasury stock | (31,474) | (33,151) |
Contribution from noncontrolling interests | 1,834 | 2,164 |
Purchases of shares of subsidiaries from noncontrolling interests | (150) | (1,273) |
Net decrease in call money | (20,000) | (15,000) |
Other, net | (737) | (14,602) |
Net cash provided by (used in) financing activities | (70,660) | 96,042 |
Effect of Exchange Rate Changes on Cash, Cash Equivalents and Restricted Cash | 26,828 | 35,828 |
Net decrease in Cash, Cash Equivalents and Restricted Cash | (312,678) | (45,791) |
Cash, Cash Equivalents and Restricted Cash at Beginning of Period | 1,366,908 | 1,091,812 |
Cash, Cash Equivalents and Restricted Cash at End of Period | ¥ 1,054,230 | ¥ 1,046,021 |
CONDENSED CONSOLIDATED STATEM_5
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Parenthetical) - JPY (¥) ¥ in Millions | Sep. 30, 2023 | Sep. 30, 2022 |
Statement of Cash Flows [Abstract] | ||
Cash and Cash Equivalents | ¥ 915,107 | ¥ 925,965 |
Restricted Cash | 139,123 | 120,056 |
Cash, Cash Equivalents and Restricted Cash | ¥ 1,054,230 | ¥ 1,046,021 |
Overview of Accounting Principl
Overview of Accounting Principles Utilized | 6 Months Ended |
Sep. 30, 2023 | |
Accounting Policies [Abstract] | |
Overview of Accounting Principles Utilized | 1. Overview of Accounting Principles Utilized In preparing the accompanying consolidated financial statements, ORIX Corporation (the “Company”) and its subsidiaries have complied with generally accepted accounting principles in the United States (“U.S. GAAP”). These statements include all adjustments (consisting of normal recurring accruals) that we considered necessary to present a fair statement of our results of operations, financial position and cash flows. The results reported in these consolidated financial statements should not be regarded as necessarily indicative of results that may be expected for the entire year. These consolidated financial statements should be read in conjunction with the financial statements and notes thereto included in our March 31, 2023 consolidated financial statements on Form 20-F. Since the Company listed on the New York Stock Exchange in September 1998, the Company has filed the annual report (Form 20-F) Significant differences between U.S. GAAP and generally accepted accounting principles in Japan (“Japanese GAAP”) are as follows: (a) Initial direct costs Under U.S. GAAP, initial direct costs of sales-type leases and direct financing leases are mainly being deferred and amortized as a yield adjustment over the life of the related lease using the interest method. Initial direct costs of operating leases are being deferred and amortized on a straight-line basis over the life of the related lease. Initial direct costs of loans are mainly being deferred and amortized over the term of the related loans using the interest method. Under Japanese GAAP, those initial direct costs are recognized as expenses when they are incurred. (b) Allowance for credit losses Under U.S. GAAP, the allowance for credit losses to financial assets not individually evaluated is accounted for estimating all credit losses expected to occur in future over the remaining life. And for the credit losses over the remaining life resulting from off-balance Under Japanese GAAP, the allowance for loan losses to financial receivables, etc. not individually evaluated is accounted for based on the prior charge-off (c) Operating leases Under U.S. GAAP, revenues from operating leases are recognized on a straight-line basis over the contract terms. Operating lease assets are depreciated over their estimated useful lives mainly on a straight-line basis. Japanese GAAP allows for operating lease assets to be depreciated using mainly either a declining-balance basis or a straight-line basis. (d) Accounting for life insurance operations Under U.S. GAAP, certain costs related directly to the successful acquisition of new (or renewal of) insurance contracts are deferred and amortized over the expected period of the policies on a constant-level basis. Under Japanese GAAP, such costs are recorded as expenses currently in earnings in each accounting period. In addition, under U.S. GAAP, policy liabilities for future policy benefits are measured using the net level premium method based on actuarial estimates of the amount of future policyholder benefits. The discount rate is calculated by applying the discount rate as of the valuation date, and assumptions are reviewed at least annually except for the expense assumptions. Changes in the liabilities for future policy benefits resulting from changes of cash flow assumptions are recognized in earnings. Changes in the liabilities for future policy benefits resulting from changes of discount rate assumptions are recognized in other comprehensive income (loss), net of applicable income tax. Under Japanese GAAP, these are calculated by the methodology which relevant authorities accept. (e) Accounting for goodwill and other intangible assets in business combinations Under U.S. GAAP, goodwill and indefinite-lived intangible assets are not amortized, but assessed for impairment at least annually. Additionally, if events or changes in circumstances indicate that the asset might be impaired, the Company and its subsidiaries test for impairment when such events or changes occur. Under Japanese GAAP, goodwill is amortized over an appropriate period up to 20 years. (f) Accounting for pension plans Under U.S. GAAP, the net actuarial gain (loss) is amortized using the corridor approach. Under Japanese GAAP, the net actuarial gain (loss) is fully amortized over a certain term within the average remaining service period of employees. (g) Partial sale of the parent’s ownership interest in subsidiaries Under U.S. GAAP, in a transaction that results in the loss of control, the gain or loss recognized in income includes the realized gain or loss related to the portion of ownership interest sold and the gain or loss on the remeasurement to fair value of the interest retained. Under Japanese GAAP, in a transaction that results in the loss of control, only the realized gain or loss related to the portion of ownership interest sold is recognized in income and the gain or loss on the remeasurement to fair value of the interest retained is not recognized. (h) Consolidated statements of cash flows Classification in the statements of cash flows under U.S. GAAP differs from that under Japanese GAAP. As significant differences, purchase of lease equipment, proceeds from sales of operating lease assets, installment loans made to customers and principal collected on installment loans (excluding issues and collections of loans held for sale) are included in “Cash Flows from Investing Activities” under U.S. GAAP while they are classified as “Cash Flows from Operating Activities” under Japanese GAAP. Under U.S. GAAP, in addition, restricted cash is required to be added to the balance of cash and cash equivalents. (i) Transfer of financial assets Under U.S. GAAP, an entity is required to perform analysis to determine whether or not to consolidate trusts or special purpose companies, collectively called special purpose entities (“SPEs”) for securitization under the VIE’s consolidation rules. If it is determined from the analysis that the enterprise transferred financial assets in a securitization transaction to SPEs that need to be consolidated, the transaction is not accounted for as a sale. In addition, if the transferor transfers a portion of financial assets, the transaction is not accounted for as a sale but accounted for as a secured borrowing unless each interest held by the transferor and transferee meets the definition of a participating interest and the transfer of a portion of financial assets meets criteria for derecognition of transferred financial assets. Under Japanese GAAP, SPEs that meet certain conditions may be considered not to be a subsidiary of the transferor. Therefore, if an enterprise transfers financial assets to these types of SPEs in a securitization transaction, the transferee SPEs are not required to be consolidated, and the enterprise accounts for the transaction as a sale and recognizes a gain or loss on the sale into earnings when control over the transferred assets is surrendered. In addition, if the transferor transfers a portion of financial assets, the enterprise accounts for the transaction as a sale and recognizes a gain or loss on the sale into earnings when the transfer of a portion of financial assets meets criteria for derecognition of transferred financial assets. (j) Investment in securities Under U.S. GAAP, unrealized gains and losses from all equity securities are generally recognized in income. In addition, credit losses on available-for-sale available-for-sale Under Japanese GAAP, such unrealized gains and losses from securities other than trading or held-to-maturity (k) Fair value option Under U.S. GAAP, an entity is permitted to carry certain eligible financial assets and liabilities at fair value and to recognize changes in that item’s fair value in earnings through the election of the fair value option. The portion of the total change in the fair value of the financial liability that results from a change in the instrument-specific credit risk is to be recognized in other comprehensive income (loss), net of applicable income taxes. Under Japanese GAAP, there is no accounting standard for fair value option. (l) Lessee’s lease Under U.S. GAAP, right-of-use Under Japanese GAAP, operating leases from the lessee’s lease transaction are off-balance |
Significant Accounting and Repo
Significant Accounting and Reporting Policies | 6 Months Ended |
Sep. 30, 2023 | |
Accounting Policies [Abstract] | |
Significant Accounting and Reporting Policies | 2. Significant Accounting and Reporting Policies (a) Principles of consolidation The consolidated financial statements include the accounts of the Company and all of its subsidiaries. VIEs, for which the Company and its subsidiaries are the primary beneficiaries, are also included in the consolidated financial statements. In a transaction that results in the loss of control, the gain or loss recognized in income includes the realized gain or loss related to the portion of ownership interest sold and the gain or loss on the remeasurement to fair value of the interest retained. On the other hand, additional acquisition of the parent’s ownership interest in subsidiaries and partial sale of such interest where the parent continues to retain control of the subsidiary are accounted for as equity transactions. Investments in affiliates, of which the Company has 20% – 50% ownership or has the ability to exercise significant influence, are accounted for by using the equity method except for those for which the fair value option has been elected. When the Company holds majority voting interests of an entity but noncontrolling shareholders hold substantive participating rights to make decisions on activities that occur over the ordinary course of the business, such an investment is recognized as an affiliate. Investments in affiliates are recorded at cost plus/minus the Company and its subsidiaries’ portion of equity in undistributed earnings. If the value of an investment has declined and is judged to be other-than-temporary, the investment is written down to its fair value. When an affiliate issues stocks, which price per share is more or less than the Company and its subsidiaries’ average carrying amount per share, to unrelated third parties, the Company and its subsidiaries adjust the carrying amount of its investment in the affiliate and recognize the gain or loss in the consolidated statements of income in the year in which the change in ownership interest occurs. A certain overseas subsidiary consolidates subsidiaries determined as investment companies under ASC 946 (“Financial Services – Investment Companies”). Investments held by the investment company subsidiaries are carried at fair value with changes in fair value recognized in earnings. A lag period of up to three months is used on a consistent basis for recognizing the results of certain subsidiaries and affiliates. All significant intercompany accounts and transactions have been eliminated in consolidation. (b) Use of estimates The preparation of consolidated financial statements in conformity with generally accepted accounting principles requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. The Company has identified ten areas where it believes assumptions and estimates are particularly critical to the financial statements. The Company makes estimates and assumptions to the selection of valuation techniques and determination of assumptions used in fair value measurements, the determination and periodic reassessment of the unguaranteed residual value for finance leases and operating leases, the determination and reassessment of insurance policy liabilities and deferred policy acquisition costs, the determination of the allowance for credit losses (including the allowance for off-balance (c) Foreign currencies translation The Company and its subsidiaries maintain their accounting records in their functional currency. Transactions in foreign currencies are recorded in the entity’s functional currency based on the prevailing exchange rates on the transaction date. Monetary assets and liabilities in foreign currencies are recorded in the entity’s functional currency based on the prevailing exchange rates at the end of each reporting period. The financial statements of overseas subsidiaries and affiliates are translated into Japanese yen by applying the exchange rates in effect at the end of each reporting period to all assets and liabilities. Income and expenses are translated at the average rates of exchange prevailing during the fiscal year. The currencies in which the operations of the overseas subsidiaries and affiliates are conducted are regarded as the functional currencies of these companies. Foreign currency translation adjustments reflected in other comprehensive income (loss), net of applicable income taxes, arise from the translation of foreign currency financial statements into Japanese yen. (d) Revenue recognition The Company and its subsidiaries recognize revenues from only contracts with customers, such as sales of goods and real estate, and services income, revenues are recognized to depict the transfer of promised goods or services to customers in the amounts that reflect the consideration to which the entity expects to be entitled in exchange for those goods or services. Revenues are recognized net of discount, incentives and estimated sales returns. In case that the Company and its subsidiaries receive payment from customers before satisfying performance obligations, the amounts are recognized as contract liabilities. In transactions that involve third parties, if the Company and its subsidiaries control the goods or services before they are transferred to the customers, revenue is recognized on gross amount as the principal. Excluding the aforementioned policy, the policies as specifically described hereinafter are applied for each of revenue items. Finance Revenues (1) Revenues from finance leases Lessor leases consist of leases for various equipment types, including office equipment, industrial machinery, transportation equipment and real estates. Net investment in leases includes sales-type leases and direct financing leases which are full-payout leases. Leases not qualifying as sales-type leases or direct financing leases are accounted for as operating leases. Interest income on net investment in leases is recognized over the life of each respective lease using the interest method. When lease payment is variable, it is accounted for as income in profit or loss in the period when the changes in facts and circumstances on which the variable payment is based occur. When providing leasing services, the Company and its subsidiaries simultaneously conduct supplementary businesses, such as handling taxes and paying insurance on leased assets on behalf of lessees. The repayment of lessor costs received from lessees are recognized in revenues from finance leases and those underlying costs are recognized in other (income) and expense. The estimated unguaranteed residual value represents estimated proceeds from the disposition of equipment at the time the lease is terminated. Estimates of residual values are determined based on market values of used equipment, estimates of when and the extent to which equipment will become obsolete and actual recovery being experienced for similar used equipment. Initial direct costs of sales-type leases and direct financing leases are being deferred and amortized as a yield adjustment over the life of the related lease by using interest method. The unamortized balance of initial direct costs of sales-type leases and direct financing leases is reflected as a component of net investment in leases. (2) Revenues from installment loans Interest income on installment loans is recognized on an accrual basis. Certain direct loan origination costs, net of origination fees, are being deferred and amortized over the contractual term of the loan as an adjustment of the related loan’s yield using the interest method. Interest payments received on loans other than purchased loans are recorded as interest income unless the collection of the remaining investment is doubtful at which time payments received are recorded as reductions of principal. For purchased loans, although the acquired assets may remain loans in legal form, collections on these loans often do not reflect the normal historical experience of collecting delinquent accounts, and the need to tailor individual collateral-realization strategies often makes it difficult to reliably estimate the amount, timing, or nature of collections. Accordingly, the Company and its subsidiaries use the cost recovery method of income recognition for such purchased loans. (3) Revenues from financial guarantees At the inception of a guarantee, fair value for the guarantee is recognized as a liability in the consolidated balance sheets. The Company and its subsidiaries recognize revenue mainly over the term of guarantee by a systematic and rational amortization method as the Company and the subsidiaries are released from the risk of the obligation. (4) Non-accrual In common with all classes, for net investment in leases and installment loans, past-due past-due past-due past-due past-due past-due past-due non-accrual non-accrual Operating leases — In providing leasing services, the Company and its subsidiaries simultaneously conduct supplementary businesses, such as handling taxes and paying insurance on leased assets on behalf of lessees. The compensations for those lessor costs received from lessees are recognized in operating lease revenues and those costs are recognized in costs of operating leases. Investment in operating leases is recorded at cost less accumulated depreciation, which was ¥865,942 million and ¥918,100 million as of March 31, 2023 and September 30, 2023, respectively. In addition, operating lease assets are depreciated over their estimated useful lives mainly on a straight-line basis. Depreciation expenses are included in costs of operating leases. Gains or losses arising from dispositions of operating lease assets are included in operating lease revenues. Estimates of residual values are based on market values of used equipment, estimates of when and the extent to which equipment will become obsolete and actual recovery being experienced for similar used equipment. Initial direct costs of operating leases are being deferred and amortized as a straight-line basis over the life of the related lease. The unamortized balance of initial direct costs is reflected as investment in operating leases. (e) Insurance and reinsurance transactions Premium income from life insurance policies, net of premiums on reinsurance ceded, is recognized as earned premiums when due. Life insurance benefits are recorded as expenses when they are incurred. The policies are classified as long-duration contracts and mainly consist of whole life, term life, endowments, medical insurance and individual annuity insurance contracts. The calculation of liabilities for future policy benefits other than individual annuities is computed using the same contract groupings (also referred to as cohorts) by policy year, currency, payment method (full term payment or limited payment) and product category and the liabilities for future policy benefits are computed using the net level premium method based on expected future policy benefit payments. A liability is recorded for the present value of expected future policy insurance benefits to be paid and certain related costs, less the present value of expected future net premium to be earned, at the time the premium revenue recognized. For limited payment contracts, the excess of gross premiums received over net premium is recorded as a deferred profit liability. The liabilities for future policy benefits are measured using assumptions such as mortality, morbidity, lapse, expense and discount rates. These assumptions are determined based on historical experience, industry data and other factors. The Company and its subsidiaries review and update future cash flow assumptions at least annually except for expense assumptions. The Company and its subsidiaries elected to lock in and not to update expense assumptions after expense assumptions are determined based on the most recent actual results at the time of contract issuance. When assumptions are updated, the net premium ratios for calculating the liabilities for future policy benefits are also updated. The Company and its subsidiaries review and update its future cash flow assumptions at least annually except for expense assumptions, and update the net premium ratios for calculating the liabilities for future policy benefits by cohort, reflecting historical actual cash flows. The Company and its subsidiaries remeasure the liabilities for future policy benefits using the updated assumptions as of the beginning of the quarterly reporting period in which the assumptions are updated and record the change from the remeasurement as gains or losses in life insurance costs in the consolidated statements of income. For periods subsequent to the remeasurement, the Company and its subsidiaries calculate the liabilities for future policy benefits using updated net premium ratios. If net premiums exceed gross premiums, the liabilities for future policy benefits are increased and the excess is recognized immediately in earnings through life insurance costs in the consolidated statement of income. The Company and its subsidiaries use a yield curve based on the yields on single-A rated fixed-income instruments as upper-medium grade fixed-income instrument yields with durations similar to the liabilities for future policy benefits to determine discount rate assumptions. The yields on single-A rated fixed-income instruments are referenced in the index provided by a third-party pricing vendor. The discount rate assumptions are updated quarterly and are used for remeasurement of the liability at the reporting date. Changes in the liabilities for future policy benefits resulting from updates of discount rate assumptions are recognized in other comprehensive income (loss), net of applicable income tax. For periods beyond the observable period of the referenced index, the discount rate yield curve beyond the observable period of the referenced index is interpolated to the ultimate forward rate using the Smith-Wilson method. The insurance contracts sold by the subsidiary include variable annuity, variable life and fixed annuity insurance contracts. The subsidiary manages investment assets on behalf of variable annuity and variable life policyholders, which consist of equity securities and are included in investment in securities in the consolidated balance sheets. These investment assets are measured at fair value with realized and unrealized gains or losses recognized in life insurance premiums and related investment income in the consolidated statements of income. The subsidiary elected the fair value option for the entire variable annuity and variable life insurance contracts with changes in the fair value recognized in life insurance costs. The subsidiary provides minimum guarantees to variable annuity and variable life policyholders under which it is exposed to the risk of compensating losses incurred by the policyholders to the extent contractually required. To mitigate the risk, a portion of the minimum guaranteed risk related to variable annuity and variable life insurance contracts is ceded to reinsurance companies and the remaining risk is economically hedged by entering into derivative contracts. The reinsurance contracts do not relieve the subsidiary from the obligation as the primary obligor to compensate certain losses incurred by the policyholders, and the default of the reinsurance companies may impose additional losses on the subsidiary. Certain subsidiaries have elected the fair value option for certain reinsurance contracts relating to variable annuity and variable life insurance contracts, which are included in other assets in the consolidated balance sheets. Policy liabilities and policy account balances for fixed annuity insurance contracts are measured based on the single-premiums plus interest based on expected rate and fair value adjustments relating to the acquisition of the subsidiary, less withdrawals, expenses and other charges. The credited interest is recorded in life insurance costs in the consolidated statements of income. Certain costs related directly to the successful acquisition of new or renewal insurance contracts are deferred. Deferred policy acquisition costs consist primarily of agent commissions, except for policy maintenance costs, and underwriting expenses. For amortization of deferred policy acquisition costs, insurance contracts are grouped by contract year, currency, payment method (full term payment or limited payment) and product category, using the same contract groupings for the calculation of the liabilities for future policy benefits. Deferred policy acquisition costs are amortized at constant-level basis for each cohort over the expected term of the policies, and the amortization is recorded in life insurance costs in the consolidated statements of income. For all cohorts, the number of policies in force for the amortization of deferred policy acquisition costs is projected using mortality and lapse rates estimated based on historical experience, industry data and other factors, which are consistent with those assumptions used for calculating the liabilities for future policy benefits. When mortality and lapse rates are updated, the effects on the amortization of deferred policy acquisition costs are derived by updating the projected number of policies in force and recognized prospectively over the expected term of the policies. (f) Allowance for credit losses The allowance for credit losses estimates all credit losses expected to occur in future over the remaining life of net investment in leases, financial assets measured at amortized cost, such as installment loans, held-to-maturity Developing the allowance for credit losses is subject to numerous estimates and judgments. In evaluating the appropriateness of the allowance, management considers various factors, including the business characteristics and financial conditions of the obligors, prior charge-off The Company and its subsidiaries estimate the allowance for credit losses by using various methods according to these estimates and judgments. When certain financial assets have similar risk characteristics to other financial assets, these financial assets are collectively evaluated as a pool. On the contrary, when financial assets do not have similar risk characteristics to other financial assets, the financial assets are evaluated individually. The Company and its subsidiaries select the most appropriate calculation method based on available information, such as the nature and related risk characteristics on financial assets, the prior charge-off The Company and its subsidiaries charge off doubtful receivables when the likelihood of any future collection is believed to be minimal considering debtors’ creditworthiness and the liquidation status of collateral, etc. In addition, if the entity has a present contractual obligation to extend the credit and the obligation is not unconditionally cancelable by the entity, credit losses related the loan commitments of card loans and installment loans and financial guarantees are in the scope of the allowance for credit losses. For the loan commitments of card loans and installment loans, credit losses are recognized on the loan commitments for the portion expected to be drawn. For financial guarantees, the allowance is recognized for the contingent obligation which generates credit risk exposures. These allowance for off-balance off-balance (g) Impairment of long-lived assets The Company and its subsidiaries perform a recoverability test for long-lived assets to be held and used in operations, including tangible assets and intangible assets being depreciated or amortized, consisting primarily of office buildings, condominiums, aircraft, ships, mega solar facilities and other properties under facility operations, whenever events or changes in circumstances indicated that the assets might be impaired. The assets are considered not recoverable when the undiscounted future cash flows estimated to be generated by those assets are less than the carrying amount of those assets. The carrying amount of assets not recoverable is reduced to fair value if lower than the carrying amount. The Company and its subsidiaries determine the fair value using appraisals prepared by independent third party appraisers or our own staff of qualified appraisers, and others based on recent transactions involving sales of similar assets or other valuation techniques such as discounted cash flows methodologies using future cash flows estimated to be generated from operation of the existing assets or completion of development projects, as appropriate. (h) Investment in securities Equity securities are generally reported at fair value with unrealized gains and losses included in income. Equity securities without readily determinable fair values are recorded at fair value at its cost minus impairment, if any, plus or minus changes resulting from observable price changes under the election of the measurement alternative, except for investments which are valued at net asset value per share. Equity securities elected to apply the measurement alternative are written down to its fair value with losses included in income if a qualitative assessment indicates that the investment is impaired and the fair value of the investment is less than its carrying value. In addition, investments included in equity securities that are accounted for under the equity method are recorded at fair value with unrealized gains and losses included in income if certain subsidiaries elect the fair value option. Trading debt securities are reported at fair value with unrealized gains and losses included in income. Available-for-sale For available-for-sale non-credit Held-to-maturity Held-to-maturity (i) Income taxes The Company, in general, determines its provision for income taxes for quarterly periods by applying the current estimate of the effective tax rate for the full fiscal year to the actual year-to-date At the fiscal year end, income taxes are accounted for under the asset and liability method. Deferred tax assets and liabilities are recognized for the future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases, and for tax loss carryforwards. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the year in which those temporary differences are expected to be recovered or settled. The effect on deferred tax assets and liabilities of a change in tax rate is recognized in income in the period that includes the enactment date. The Company and its subsidiaries release to earnings stranded income tax effects in accumulated other comprehensive income (loss) resulting from changes in tax laws or rates or changes in judgment about realization of a valuation allowance on a specific identification basis when the individual items are completely sold or terminated. A valuation allowance is recognized if, based on the weight of available evidence, it is “more likely than not” that some portion or all of the deferred tax asset will not be realized. The effective income tax rates for the six months ended September 30, 2022 and 2023 were approximately 24.1% and 29.2%, respectively. These rates are approximately 23.3% and 30.1% for the three months ended September 30, 2022 and 2023, respectively. For the six and three months ended September 30, 2022 and 2023, the Company and its subsidiaries in Japan were subject to a National Corporate tax of approximately 24%, an Inhabitant tax of approximately 4% and a deductible Enterprise tax of approximately 4%, which in the aggregate result in a statutory income tax rate of approximately 31.5%. The effective income tax rate is different from the statutory tax rate primarily because of certain nondeductible expenses for tax purposes, non-taxable The Company and its subsidiaries file tax returns in Japan and certain foreign tax jurisdictions and recognize the financial statement effects of a tax position taken or expected to be taken in a tax return when it is more likely than not, based on the technical merits, that the position will be sustained upon tax examination, including resolution of any related appeals or litigation processes, and measure tax positions that meet the recognition threshold at the largest amount of tax benefit that is greater than 50 percent likely to be realized upon settlement with the taxing authority. The Company and its subsidiaries present an unrecognized tax benefit as either a reduction of a deferred tax asset or a liability, based on the intended method of settlement. The Company and its subsidiaries classify penalties and interest expense related to income taxes as part of provision for income taxes in the consolidated statements of income. (j) Securitized assets The Company and its subsidiaries have securitized and sold to investors various financial assets such as lease receivables and loan receivables. In the securitization process, the assets to be securitized are sold to SPEs that issue asset-backed beneficial interests and securities to the investors. SPEs used in securitization transactions are consolidated if the Company and its subsidiaries are the primary beneficiary of the SPEs, and the transfers of the financial assets to those consolidated SPEs are not accounted for as sales. Assets held by consolidated SPEs continue to be accounted for as lease receivables or loan receivables, as they were before the transfer, and asset-backed beneficial interests and securities issued to the investors are accounted for as debt. When the Company and its subsidiaries have transferred financial assets to a transferee that is not subject to consolidation, the Company and its subsidiaries account for the transfer as a sale if control over the transferred assets is surrendered. The Company and certain subsidiaries originate and sell loans into the secondary market, while retaining the obligation to service those loans. In addition, a certain subsidiary undertakes obligations to service loans originated by others. The subsidiary recognizes servicing assets if it expects the benefit of servicing to more than adequately compensate it for performing the servicing or recognizes servicing liabilities if it expects the benefit of servicing to less than adequately compensate it. These servicing assets and liabilities are initially recognized at fair value and subsequently accounted for using the amortization method whereby the assets and liabilities are amortized in proportion to and over the period of estimated net servicing income or net servicing loss. On a quarterly basis, servicing assets and liabilities are evaluated for impairment or increased obligations. The fair value of servicing assets and liabilities is estimated using an internal valuation model, or by obtaining an opinion of value from an independent third-party vendor. Both methods are based on calculating the present value of estimated future net servicing cash flows, taking into consideration discount rates, prepayment rates and servicing costs. The internal valuation model is validated at least semiannually through third-party valuations. (k) Derivative financial instruments The Company and its subsidiaries recognize all derivatives on the consolidated balance sheets at fair value. The accounting treatment of subsequent changes in the fair value depends on their use, and whether they qualify as effective “hedges” for accounting purposes. Derivatives for the purpose of trading or economic hedge that are not qualified for hedge accounting are adjusted to fair value through the consolidated statements of income. If derivatives are qualified for hedge accounting, then depending on its nature, changes in its fair value will be either offset against changes in the fair value of hedged assets or liabilities through the consolidated statements of income, or recorded in other comprehensive income (loss), net of applicable income taxes. If a derivative is held as a hedge of the variability of fair value related to a recognized asset or liability or an unrecognized firm commitment (“fair value” hedge), changes in the fair value of the derivative are recorded in earnings along with the changes in the fair value of the hedged item. If a derivative is held as a hedge of the variability of cash flows related to a forecasted transaction or a recognized asset or liability (“cash flow” hedge), changes in the fair value of the derivative are recorded in other comprehensive income (loss), net of applicable income taxes, until earnings are affected by the variability in cash flows of the designated hedged item. If a derivative is held as a hedge of a net investment in a foreign operation, changes in the fair value of the derivative are recorded in the foreign currency translation adjustments account within other comprehensive income (loss), net of applicable income taxes. The Company and its subsidiaries select either the amortization approach or the fair value approach, depending on the type of hedging activity, for the initial value of the component excluded from the assessment of effectiveness, and recognize it through the consolidated statements of income. When the amortization approach is adopted, the change in fair value is recognized in earnings using a systematic and rational method over the life of the hedging instrument and then any difference between the change in fair value and the amount recognized in earnings is recognized in other comprehensive income (loss), net of applicable income taxes. When the fair value approach is adopted, the change in the fair value is immediately recognized through the consolidated statements of income. For all hedging relationships that are designated and qualified for hedge accounting, at the inception of the hedge, the Company and its subsidiaries formally document the details of the hedging relationship and the hedging activity. The Company and its subsidiaries formally assess, both at the hedge’s inception and on an ongoing basis, the effectiveness of the hedge relationship. The Company and its subsidiaries cease hedge accounting prospectively when the derivative no longer qualifies for hedge accounting. (l) Pension plans The Company and certain subsidiaries have contributory and non-contributory The Company and its subsidiaries also recognize the funded status of pension plans, measured as the difference between the fair value of plan assets and the benefit obligation, on the consolidated balance sheets. Changes in that funded status are recognized in the year in which the changes occur through other comprehensive income (loss), net of applicable income taxes. (m) Stock-based compensation In principle, the Company and its subsidiaries measure stock-based compensation expense as consideration for services provided by employees based on the fair value on the grant date. The costs are recognized over the requisite service period. (n) Cash and cash equivalents Cash and cash equivalents include cash on hand, deposits placed with banks and short-term highly liquid investments with original maturities of three months or less. (o) Installment loans Certain loans, for which the Company and its subsidiaries have the intent and ability to sell to outside parties in the foreseeable future, are considered held for sale and are carried at the lower of cost or market value determined on an individual basis, except loans held for sale for which the fair value option was elected. A subsidiary elected the fair value option on its loans held for sale. The subsidiary enters into forward sale agreements to offset the change in the fair value of loans held for sale, and the election of the fair value option allows the subsidiary to recognize both the change in the fair value of the loans and the change in the fair value of the forward sale agreements due to changes in interest rates in the same accounting period. Loans held for sale are included in installment loans, and the outstanding balances of these loans as of March 31, 2023 and September 30, 2023 were ¥201,355 million and ¥158,990 million, respectively. There were ¥197,041 million and ¥149,390 million of loans held for sale as of March 31, 2023 and September 30, 2023, respectively, measured at fair value by electing the fair value option. (p) Property under facility operations Property under facility |
Fair Value Measurements
Fair Value Measurements | 6 Months Ended |
Sep. 30, 2023 | |
Fair Value Disclosures [Abstract] | |
Fair Value Measurements | 3. Fair Value Measurements The Company and its subsidiaries classify and prioritize inputs used in valuation techniques to measure fair value into the following three levels: Level 1 — Inputs of quoted prices (unadjusted) in active markets for identical assets or liabilities that the reporting entity has the ability to access at the measurement date. Level 2 — Inputs other than quoted prices included within Level 1 that are observable for the assets or liabilities, either directly or indirectly. Level 3 — Unobservable inputs for the assets or liabilities. The Company and its subsidiaries differentiate between those assets and liabilities required to be carried at fair value at every reporting period (“recurring”) and those assets and liabilities that are only required to be adjusted to fair value under certain circumstances (“nonrecurring”). The Company and its subsidiaries mainly measure certain loans held for sale, trading debt securities, available-for-sale The following tables present recorded amounts of major financial assets and liabilities measured at fair value on a recurring basis as of March 31, 2023 and September 30, 2023: March 31, 2023 Millions of yen Total Carrying Value in Consolidated Balance Sheets Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Assets: Loans held for sale*1 ¥ 197,041 ¥ 0 ¥ 23,192 ¥ 173,849 Trading debt securities 2,179 0 2,179 0 Available-for-sale 2,234,608 4,334 1,986,672 243,602 Japanese and foreign government bond securities*2 801,295 3,004 798,291 0 Japanese prefectural and foreign municipal bond securities 369,246 0 365,915 3,331 Corporate debt securities*3 784,388 1,330 778,321 4,737 CMBS and RMBS in the Americas 43,173 0 43,173 0 Other asset-backed securities and debt securities 236,506 0 972 235,534 Equity securities*4*5 379,236 105,646 133,027 140,563 Certain investment in affiliates*6 2,511 0 0 2,511 Derivative assets: 72,398 203 65,377 6,818 Interest rate swap agreements 22,798 0 22,798 0 Options held/written and other 30,487 0 23,669 6,818 Futures, foreign exchange contracts 17,785 203 17,582 0 Foreign currency swap agreements 1,325 0 1,325 0 Credit derivatives held 3 0 3 0 Netting*7 (22,052 ) 0 0 0 Net derivative assets 50,346 0 0 0 Other assets: 4,676 0 0 4,676 Reinsurance recoverables*8 4,676 0 0 4,676 Total ¥ 2,892,649 ¥ 110,183 ¥ 2,210,447 ¥ 572,019 Liabilities: Derivative liabilities: ¥ 71,366 ¥ 1,484 ¥ 55,240 ¥ 14,642 Interest rate swap agreements 3,319 0 3,319 0 Options held/written and other 28,423 0 13,781 14,642 Futures, foreign exchange contracts 37,195 1,484 35,711 0 Foreign currency swap agreements 2,426 0 2,426 0 Credit derivatives written 3 0 3 0 Netting*7 (22,052 ) 0 0 0 Net derivative Liabilities 49,314 0 0 0 Policy Liabilities and Policy Account Balances: 163,734 0 0 163,734 Variable annuity and variable life insurance contracts*9 163,734 0 0 163,734 Total ¥ 235,100 ¥ 1,484 ¥ 55,240 ¥ 178,376 September 30, 2023 Millions of yen Total Carrying Value in Consolidated Balance Sheets Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Assets: Loans held for sale*1 ¥ 149,390 ¥ 0 ¥ 22,001 ¥ 127,389 Trading debt securities 2,259 0 2,259 0 Available-for-sale 2,318,317 5,282 2,030,880 282,155 Japanese and foreign government bond securities*2 811,807 3,571 808,236 0 Japanese prefectural and foreign municipal bond securities 369,811 0 364,786 5,025 Corporate debt securities*3 802,809 1,711 795,698 5,400 CMBS and RMBS in the Americas 68,193 0 61,118 7,075 Other asset-backed securities and debt securities 265,697 0 1,042 264,655 Equity securities*4*5 410,199 116,421 133,647 160,131 Certain investment in affiliates*6 5,003 0 0 5,003 Derivative assets: 100,941 1,055 91,119 8,767 Interest rate swap agreements 26,942 0 26,942 0 Options held/written and other 33,441 0 24,674 8,767 Futures, foreign exchange contracts 40,059 1,055 39,004 0 Foreign currency swap agreements 491 0 491 0 Credit derivatives held 8 0 8 0 Netting*7 (44,593 ) 0 0 0 Net derivative assets 56,348 0 0 0 Other assets: 3,670 0 0 3,670 Reinsurance recoverables*8 3,670 0 0 3,670 Total ¥ 2,989,779 ¥ 122,758 ¥ 2,279,906 ¥ 587,115 Liabilities: Derivative liabilities: ¥ 100,544 ¥ 180 ¥ 87,383 ¥ 12,981 Interest rate swap agreements 3,177 0 3,177 0 Options held/written and other 30,704 0 17,723 12,981 Futures, foreign exchange contracts 59,826 180 59,646 0 Foreign currency swap agreements 6,831 0 6,831 0 Credit derivatives written 6 0 6 0 Netting*7 (44,593 ) 0 0 0 Net derivative Liabilities 55,951 0 0 0 Policy Liabilities and Policy Account Balances: 160,177 0 0 160,177 Variable annuity and variable life insurance contracts*9 160,177 0 0 160,177 Total ¥ 260,721 ¥ 180 ¥ 87,383 ¥ 173,158 *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 ¥ 3,508 a 353 s million. There were no loans that are 90 days or more past due or, in non-accrual status as of March 31, 2023. The amounts of aggregate unpaid principal balance and aggregate fair value of loans that are 90 days or more past due or, in non-accrual status as of September 30, 2023, were ¥6,911 million and ¥6,667 million, respectively, and the amount of the aggregate fair value was less than the amount of aggregate unpaid principal balance by ¥244 million. *2 A certain subsidiary elected the fair value option for investments in foreign government bond securities included in available-for-sale debt securities. Included in “Gains on investment securities and dividends” in the consolidated statements of income were losses of es of *3 A certain subsidiary elected the fair value option for investments in foreign corporate debt securities included in available-for-sale es *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 ¥546 million and ¥819 million from the change in the fair value of those investments for the six months ended September 30, 2022 and 2023, 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 ¥6 million and ¥367 million from the change in the fair value of those investments for the three months ended September 30, 2022 and 2023, respectively. The amounts of aggregate fair value elected the fair value option were ¥16,032 million and ¥19,401 million as of March 31, 2023 and September 30, 2023, respectively. *5 The amounts of investment funds measured at net asset value per share which are not included in the above tables were ¥51,263 million and ¥68,018 million as of March 31, 2023 and September 30, 2023, respectively. *6 A certain subsidiary elected the fair value option for certain investment in affiliates. No gains or losses were recognized in earnings from the change in the fair value of those investments for the six months ended September 30, 2022 and 2023, respectively. No *7 It represents the amount offset under counterparty netting of derivative assets and liabilities. *8 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 ¥4,676 million and ¥3,670 million as of March 31, 2023 and September 30, 2023, 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, 2022 and 2023, see Note 17 “ Income and Expenses Relating to *9 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 ¥163,734 million and ¥160,177 million as of March 31, 2023 and September 30, 2023, 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, 2022 and 2023, see Note 17 “ Income and Expenses Relating to The following tables present the reconciliation of financial assets and liabilities (net) measured at fair value on a recurring basis using significant unobservable inputs (Level 3) for the six months ended September 30, 2022 and 2023: Six months ended September 30, 2022 Millions of yen Balance at April 1, 2022 Gains or losses (realized/unrealized) Purchases *3 Sales Settlements *4 Transfers in and/ or out of Level 3 (net) Balance at September 30, 2022 Change in unrealized gains or losses included in earnings for assets and liabilities still held at September 30, 2022 *1 Change in unrealized gains or losses included in other assets and liabilities still held at September 30, 2022 *2 Included in earnings *1 Included in other comprehensive income *2 Total Available-for-sale ¥ 141,060 ¥ 10,011 ¥ 5,711 ¥ 15,722 ¥ 47,361 ¥ (5,678 ) ¥ (3,460 ) ¥ 0 ¥ 195,005 ¥ 9,995 ¥ 6,090 Japanese prefectural and foreign municipal bond securities 3,053 0 559 559 0 0 0 0 3,612 0 559 Corporate debt securities 697 0 (1 ) (1 ) 0 0 (346 ) 0 350 0 (0 ) Other asset-backed securities and debt securities 137,310 10,011 5,153 15,164 47,361 (5,678 ) (3,114 ) 0 191,043 9,995 5,531 Equity securities 112,972 3,874 19,692 23,566 2,500 (7,144 ) (1,522 ) 0 130,372 3,155 19,688 Investment funds, and others 112,972 3,874 19,692 23,566 2,500 (7,144 ) (1,522 ) 0 130,372 3,155 19,688 Derivative assets and liabilities (net) (3,772 ) (18,486 ) (2,581 ) (21,067 ) 0 0 0 0 (24,839 ) (18,486 ) (2,581 ) Options held/written and other (3,772 ) (18,486 ) (2,581 ) (21,067 ) 0 0 0 0 (24,839 ) (18,486 ) (2,581 ) Other asset 5,214 121 0 121 632 0 (265 ) 0 5,702 121 0 Reinsurance recoverables *5 5,214 121 0 121 632 0 (265 ) 0 5,702 121 0 Policy Liabilities and Policy Account Balances 198,905 11,679 83 11,762 0 0 (16,966 ) 0 170,177 11,679 83 Variable annuity and variable life insurance contracts *6 198,905 11,679 83 11,762 0 0 (16,966 ) 0 170,177 11,679 83 Six months ended September 30, 2023 Millions of yen Balance at April 1, 2023 Gains or losses (realized/unrealized) Purchases *3 Sales Settlements *4 Transfers in and/ or out of Level 3 (net) Balance at September 30, 2023 Change in unrealized gains or losses included in earnings for assets and liabilities still held at September 30, 2023 *1 Change in unrealized gains or losses included in other assets and liabilities still held at September 30, 2023 *2 Included in earnings *1 Included in other comprehensive income *2 Total Loans held for sale ¥ 173,849 ¥ 339 ¥ 18,249 ¥ 18,588 ¥ 3,132 ¥ (58,350 ) ¥ (9,830 ) ¥ 0 ¥ 127,389 ¥ 140 ¥ 18,249 Available-for-sale 243,602 12,527 13,684 26,211 21,976 (3,651 ) (7,256 ) 1,273 282,155 11,956 14,095 Japanese prefectural and foreign municipal bond securities 3,331 (80 ) 501 421 0 0 0 1,273 5,025 (80 ) 472 Corporate debt securities 4,737 719 (0 ) 719 14 0 (70 ) 0 5,400 539 (0 ) CMBS and RMBS in the Americas 0 0 196 196 6,879 0 0 0 7,075 0 0 Other asset-backed securities and debt securities 235,534 11,888 12,987 24,875 15,083 (3,651 ) (7,186 ) 0 264,655 11,497 13,623 Equity securities 140,563 2,383 17,036 19,419 1,060 (401 ) (510 ) 0 160,131 2,175 17,037 Investment funds, and others 140,563 2,383 17,036 19,419 1,060 (401 ) (510 ) 0 160,131 2,175 17,037 Certain investment in affiliates 2,511 0 363 363 2,282 0 (153 ) 0 5,003 0 363 Derivative assets and liabilities (net) (7,824 ) 4,229 (619 ) 3,610 0 0 0 0 (4,214 ) 4,229 (619 ) Options held/written and other (7,824 ) 4,229 (619 ) 3,610 0 0 0 0 (4,214 ) 4,229 (619 ) Other asset 4,676 (1,409 ) 0 (1,409 ) 500 0 (97 ) 0 3,670 (1,409 ) 0 Reinsurance recoverables *5 4,676 (1,409 ) 0 (1,409 ) 500 0 (97 ) 0 3,670 (1,409 ) 0 Policy Liabilities and Policy Account Balances 163,734 (10,121 ) (170 ) (10,291 ) 0 0 (13,848 ) 0 160,177 (10,121 ) (170 ) Variable annuity and variable life insurance contracts *6 163,734 (10,121 ) (170 ) (10,291 ) 0 0 (13,848 ) 0 160,177 (10,121 ) (170 ) *1 Principally, gains and losses from loans held for sale are included in “Finance revenues”, available-for-sale debt securities are included in “Gains on investment securities and dividends”, “Write-downs of securities” or “Life insurance premiums and related investment income”; equity securities are included in “Gains on investment securities and dividends” and “Life insurance premiums and related investment income” and derivative assets and liabilities (net) are included in “Other (income) and expense” respectively. Additionally, for available-for-sale debt securities, amortization of interest recognized in finance revenues is included in these columns. *2 Unrealized gains and losses from loans held for sale are included in “Net change of foreign currency translation adjustments”, 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. For a reconciliation of the total amount of policyholder account balances and the balances of market risk benefits related to variable annuity and variable life insurance contracts during year ended March 31, 2023 and for the six months ended September 30, 2023, see Note 18 “Long-Durations Insurance Contracts Relating to Life Insurance Operations.” In the six months ended September 30, 2022, there were no transfers in or out of Level 3. In the six months ended September 30, 2023, foreign municipal bond securities totaling ¥1,273 mi l The following tables present the reconciliation of financial assets and liabilities (net) measured at fair value on a recurring basis using significant unobservable inputs (Level 3) for the three months ended September 30, 2022 and 2023: Three months ended September 30, 2022 Millions of yen Balance at June 30, Gains or losses (realized/unrealized) Purchases *3 Sales Settlements *4 Transfers in and/ or out of Level 3 (net) Balance at Change in unrealized gains or losses included in earnings for assets and liabilities still held at September 30, Change in unrealized gains or losses included in other assets and liabilities still held at September 30, Included in earnings *1 Included in other comprehensive income *2 Total Available-for-sale ¥ 176,919 ¥ 4,393 ¥ 2,401 ¥ 6,794 ¥ 13,190 ¥ 0 ¥ (1,898 ) ¥ 0 ¥ 195,005 ¥ 4,391 ¥ 2,558 Japanese prefectural and foreign municipal bond securities 3,409 0 203 203 0 0 0 0 3,612 0 203 Corporate debt securities 625 0 (0 ) (0 ) 0 0 (275 ) 0 350 0 0 Other asset-backed securities and debt securities 172,885 4,393 2,198 6,591 13,190 0 (1,623 ) 0 191,043 4,391 2,355 Equity securities 124,735 2,539 6,881 9,420 621 (4,040 ) (364 ) 0 130,372 2,336 6,880 Investment funds, and others 124,735 2,539 6,881 9,420 621 (4,040 ) (364 ) 0 130,372 2,336 6,880 Derivative assets and liabilities (net) (17,781 ) (5,681 ) (1,377 ) (7,058 ) 0 0 0 0 (24,839 ) (5,681 ) (1,377 ) Options held/written and other (17,781 ) (5,681 ) (1,377 ) (7,058 ) 0 0 0 0 (24,839 ) (5,681 ) (1,377 ) Other asset 5,732 (216 ) 0 (216 ) 321 0 (135 ) 0 5,702 (216 ) 0 Reinsurance recoverables *5 5,732 (216 ) 0 (216 ) 321 0 (135 ) 0 5,702 (216 ) 0 Policy Liabilities and Policy Account Balances 180,791 2,204 106 2,310 0 0 (8,304 ) 0 170,177 2,204 106 Variable annuity and variable life insurance contracts *6 180,791 2,204 106 2,310 0 0 (8,304 ) 0 170,177 2,204 106 Three months ended September 30, 2023 Millions of yen Balance at June 30, Gains or losses (realized/unrealized) Purchases *3 Sales Settlements *4 Transfers Balance at Change in Change in Included in earnings *1 Included in other comprehensive income *2 Total Loans held for sale ¥ 173,281 ¥ 168 ¥ 4,064 ¥ 4,232 ¥ 1,235 ¥ (50,752 ) ¥ (607 ) ¥ 0 ¥ 127,389 ¥ 162 ¥ 4,064 Available-for-sale 268,397 4,166 5,869 10,035 12,830 (2,900 ) (6,207 ) 0 282,155 3,694 5,894 Japanese prefectural and foreign municipal bond securities 4,871 0 154 154 0 0 0 0 5,025 0 125 Corporate debt securities 5,152 249 0 249 0 0 (1 ) 0 5,400 156 0 CMBS and RMBS in the Americas 0 0 196 196 6,879 0 0 0 7,075 0 0 Other asset-backed securities and debt securities 258,374 3,917 5,519 9,436 5,951 (2,900 ) (6,206 ) 0 264,655 3,538 5,769 Equity securities 154,246 868 4,956 5,824 823 (401 ) (361 ) 0 160,131 874 4,936 Investment funds, and others 154,246 868 4,956 5,824 823 (401 ) (361 ) 0 160,131 874 4,936 Certain investment in affiliates 2,727 0 147 147 2,282 0 (153 ) 0 5,003 0 147 Derivative assets and liabilities (net) (4,716 ) 632 (130 ) 502 0 0 0 0 (4,214 ) 632 (130 ) Options held/written and other (4,716 ) 632 (130 ) 502 0 0 0 0 (4,214 ) 632 (130 ) Other asset 3,876 (410 ) 0 (410 ) 250 0 (46 ) 0 3,670 (410 ) 0 Reinsurance recoverables *5 3,876 (410 ) 0 (410 ) 250 0 (46 ) 0 3,670 (410 ) 0 Policy Liabilities and Policy Account Balances 170,568 3,028 (110 ) 2,918 0 0 (7,473 ) 0 160,177 3,028 (110 ) Variable annuity and variable life insurance contracts *6 170,568 3,028 (110 ) 2,918 0 0 (7,473 ) 0 160,177 3,028 (110 ) *1 Principally, gains and losses from loans held for sale are included in “Finance revenues”, available-for-sale debt securities are included in “Gains on investment securities and dividends”, “Write-downs of securities” or “Life insurance premiums and related investment income”; equity securities are included in “Gains on investment securities and dividends” and “Life insurance premiums and related investment income” and derivative assets and liabilities (net) are included in “Other (income) and expense” respectively. Additionally, for available-for-sale debt securities, amortization of interest recognized in finance revenues is included in these columns. *2 Unrealized gains and losses from loans held for sale are included in “Net change of foreign currency translation adjustments”, unrealized gains and losses from available-for-sale *3 Increases resulting from an acquisition of a subsidiary and insurance contracts ceded to reinsurance companies are included. *4 Decreases resulting from the receipts of reimbursements for benefits, and decreases resulting from insurance payouts to variable annuity and variable life policyholders due to death, surrender and maturity of the investment period are included. *5 “Included in earnings” in the above table includes changes in the fair value of reinsurance contracts recorded in “Life insurance costs” and reinsurance premiums, net of reinsurance benefits received, recorded in “Life insurance premiums and related investment income.” *6 “Included in earnings” in the above table is recorded in “Life insurance costs” and includes changes in the fair value of policy liabilities and policy account balances resulting from gains or losses on the underlying investment assets managed on behalf of variable annuity and variable life policyholders, and the changes in the minimum guarantee risks relating to variable annuity and variable life insurance contracts as well as insurance costs recognized for insurance and annuity payouts as a result of insured events. There were no transfers in or out of Level 3 in the three months ended September 30, 2022 and 2023. The following tables present recorded amounts of assets measured at fair value on a nonrecurring basis during year ended March 31, 2023 and the six months ended September 30, 2023. These assets are measured at fair value on a nonrecurring basis mainly to recognize impairment: Year ended March 31, 2023 Millions of yen Total Carrying Value in Consolidated Balance Sheets Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Assets: Loans held for sale ¥ 1,139 ¥ 0 ¥ 1,139 ¥ 0 Real estate collateral-dependent loans (net of allowance for credit losses) 5,970 0 0 5,970 Investment in operating leases, property under facility operations, office facilities and other assets 4,568 0 31 4,537 Certain equity securities 11,794 0 11,794 0 Certain investment in affiliates 4,013 3,587 0 426 ¥ 27,484 ¥ 3,587 ¥ 12,964 ¥ 10,933 Six months ended September 30, 2023 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 ¥ 10,542 ¥ 0 ¥ 10,451 ¥ 91 Real estate collateral-dependent loans (net of allowance for credit losses) 3,725 0 0 3,725 Investment in operating leases and property under facility operations 480 0 0 480 Certain equity securities 12,493 0 12,493 0 ¥ 27,240 ¥ 0 ¥ 22,944 ¥ 4,296 The following is a description of the main valuation methodologies used for assets and liabilities measured at fair value. Loans held for sale Certain loans, which the Company and its subsidiaries have the intent and ability to sell to outside parties in the foreseeable future, are considered held-for-sale. Real estate collateral-dependent loans The allowance for credit losses for large balance non-homogeneous The Company and its subsidiaries determine the fair value of the real estate collateral of real estate collateral-dependent loans using appraisals prepared by independent third party appraisers or our own staff of qualified appraisers based on recent transactions involving sales of similar assets or other valuation techniques such as discounted cash flows methodologies using future cash flows estimated to be generated from operation of the existing assets or completion of development projects, as appropriate. The Company and its subsidiaries generally obtain a new appraisal once a fiscal year. In addition, the Company and its subsidiaries periodically monitor circumstances of the real estate collateral and then obtain a new appraisal in situations involving a significant change in economic and/or physical conditions, which may materially affect the fair value of the collateral. Real estate collateral-dependent loans whose fair values are estimated using appraisals of the underlying collateral based on these valuation techniques are classified as Level 3 because such appraisals involve unobservable inputs. These unobservable inputs contain discount rates and cap rates as well as future cash flows estimated to be generated from real estate collateral. An increase (decrease) in the discount rate or cap rate and a decrease (increase) in the estimated future cash flows would result in a decrease (increase) in the fair value of real estate collateral-dependent loans. Investment in operating leases, property under facility operations, office facilities and other assets, and land and buildings undeveloped or under construction Investment in operating leases measured at fair value is mostly real estate. The Company and its subsidiaries determine the fair value of investment in operating leases, property under facility operations, office facilities and other assets, and land and buildings undeveloped or under construction using appraisals prepared by independent third party appraisers or the Company’s own staff of qualified appraisers, and others based on recent transactions involving sales of similar assets or other valuation techniques such as discounted cash flow methodologies using future cash flows estimated to be generated from operation of the existing assets or completion of development projects, as appropriate. The Company and its subsidiaries classified these assets as Level 3 because such appraisals involve unobservable inputs. These unobservable inputs contain discount rates as well as future cash flows estimated to be generated from the assets or projects. An increase (decrease) in the discount rate and a decrease (increase) in the estimated future cash flows would result in a decrease (increase) in the fair value of investment in operating leases and property under facility operations and land and buildings undeveloped or under construction. Movable properties owned by a certain subsidiary are classified as Level 2, because fair value measurement is based on observable inputs other than quoted prices included within Level 1, such as prices for similar assets. Trading debt securities and available-for-sale If active market prices are available, fair value measurement is based on quoted active market prices and, accordingly, these securities are classified as Level 1. If active market prices are not available, fair value measurement is based on observable inputs other than quoted prices included within Level 1, such as prices for similar assets and accordingly these securities are classified as Level 2. If market prices are not available and there are no observable inputs, then fair value is estimated by using valuation models such as discounted cash flow methodologies and broker quotes. Such securities are classified as Level 3, as the valuation models and broker quotes are based on inputs that are unobservable in the market. If fair value is based on broker quotes, the Company and its subsidiaries check the validity of received prices based on comparison to prices of other similar assets and market data such as relevant benchmark indices. The Company and its subsidiaries classified CMBS and RMBS in the Americas and other asset-backed securities as Level 2 if the inputs such as trading price and/or bid price are observable. The Company and its subsidiaries classified CMBS and RMBS in the Americas and other asset-backed securities as Level 3 if the Company and subsidiaries evaluate the fair value based on the unobservable inputs. In determining whether the inputs are observable or unobservable, the Company and its subsidiaries evaluate various factors such as the lack of recent transactions, price quotations that are not based on current information or vary substantially over time or among market makers, a significant increase in implied risk premium, a wide bid-ask principal-to-principal Equity securities and investment in affiliates If active market prices are available, fair value measurement is based on quoted active market prices and, accordingly, these securities are classified as Level 1. If active market prices are not available, fair value measurement is based on observable inputs other than quoted prices included within Level 1, such as prices for similar assets and accordingly these securities are classified as Level 2. In addition, a certain Americas subsidiary measures its investments held by the investment companies which are owned by the subsidiary at fair value. These investment funds, certain equity securities and certain investment in affiliates are classified as Level 3, because fair value measurement is based on the combination of discounted cash flow methodologies and market multiple valuation methods, or broker quotes. Discounted cash flow methodologies use future cash flows to be generated from investees, weighted average cost of capital (WACC) and others. Market multiple valuation methods use earnings before interest, taxes, depreciation and amortization (EBITDA) multiples based on actual and projected cash flows, comparable peer companies, and comparable precedent transactions and others. Furthermore, certain subsidiaries elected the fair value option for investments in some funds. These investment funds for which the fair value option is elected are classified as level 3, because the subsidiaries measure their fair value using discounting to net asset value based on inputs that are unobservable in the market, or broker quotes. A certain subsidiary elected the fair value option for certain investment in affiliates. These investment in affiliates are classified as Level 3, because fair value measurement is based on discounted cash flow methodologies. Derivatives For exchange-traded derivatives, fair value is based on quoted market prices, and accordingly, classified as Level 1. For non-exchange Reinsurance recoverables Certain subsidiaries have elected the fair value option for certain reinsurance contracts related to variable annuity and variable life insurance contracts to partially offset the changes in fair value recognized in earnings of the policy liabilities and policy account balances attributable to the changes in the minimum guarantee risks of the variable annuity and variable life insurance contracts. These reinsurance contracts for which the fair value option is elected are classified as Level 3 because the subsidiaries measure their fair value using discounted cash flow methodologies based on inputs that are unobservable in the market. Variable annuity and variable life insurance contracts A certain subsidiary has elected the fair value option for the entire variable annuity and variable life insurance contracts held in order to match earnings recognized for changes in fair value of policy liabilities and policy account balances with the earnings recognized for gains or losses from the investment assets managed on behalf of variable annuity and variable life policyholders, derivative contracts and changes in fair value of reinsurance contracts. The changes in fair value of the variable annuity and variable life insurance contracts are linked to the fair value of the investment in securities managed on behalf of variable annuity and variable life policyholders. These securities consist mainly of equity securities traded in the market. In addition, variable annuity and variable life insurance contracts are exposed to the minimum guarantee risk, and the subsidiary adjusts the fair value of the underlying investments by incorporating changes in fair value of the minimum guarantee risk in the evaluation of the fair value of the entire variable annuity and variable life insurance contracts. The variable annuity and variable life insurance contracts for which the fair value option is elected are classified as Level 3 because the subsidiary measures the fair value using discounted cash flow methodologies based on inputs that are unobservable in the market. Reporting units including goodwill Certain reporting units including goodwill are classified as level 3, because fair value measurement is based on discounted cash flow methodologies and business enterprise value multiples methodologies using inputs that are unobservable in the market. Discounted cash flow methodologies use future cash flows to be generated, weighted average cost of capital (WACC) and others. Business enterprise value multiples methodologies use earnings before interest, taxes, depreciation and amortization (EBITDA) multiples based on comparable peer companies, comparable precedent transactions and others. Intangible assets acquired in business combinations Certain intangible assets acquired in business combinations are classified as level 3, because fair value measurement is based on discounted cash flow methodologies using inputs that are unobservable in the market. Discounted cash flow methodologies use future cash flows, weighted average cost of capital (WACC) and others. Information about Le |
Acquisitions and Divestitures
Acquisitions and Divestitures | 6 Months Ended |
Sep. 30, 2023 | |
Business Combinations [Abstract] | |
Acquisitions and Divestitures | 4. Acquisitions and Divestitures (1) DHC Corporation acquisition On November 11, 2022, in an effort to expand ORIX Group’s network in the healthcare business, the Company executed a share purchase agreement with Mr. Yoshiaki Yoshida, a major shareholder of DHC Corporation (hereinafter, “DHC”), and reached a basic agreement to acquire the shares of DHC. On January 31, 2023, as the date of the business combination, the Company acquired the total number of issued shares of DHC and DHC became a wholly owned subsidiary of the Company. The total cost of the acquisition consideration is ¥300,000 million, which is paid in cash. Transaction costs of ¥3,435 million were included in selling, general and administrative expenses in the Company’s consolidated statements of income for the year ended March 31, 2022 and 2023. The Company allocated the acquisition consideration to DHC’s respective assets acquired and liabilities assumed, and recorded the identified assets and liabilities based on their fair values at the acquisition date by the acquisition method of accounting in accordance with ASC 805 (“Business Combinations”). The following table provides preliminary fair value amounts allocated to assets acquired and liabilities assumed from DHC. The acquisition occurred during the three months ended March 31, 2023, and purchase price allocation has not yet been finalized as of November 13, 2023. In particular, the final fair value measurements for certain acquired intangible assets have not yet been completed, which could result in a change in the amount of the intangible assets. This change is not expected to have a significant effect on the Company’s consolidated statement of income. Millions of yen Fair value amounts of assets, liabilities Cash and Cash Equivalents ¥ 101,254 Property under Facility Operations 18,498 Trade Notes, Accounts and Other Receivable 11,117 Inventories 19,097 Office Facilities 17,763 Other Assets and other 199,415 Total Assets 367,144 Short-Term Debt 5,000 Trade Notes, Accounts and Other Payable 13,748 Current and Deferred Income Taxes 29,752 Other Liabilities 18,292 Total Liabilities 66,792 Noncontrolling interests 353 Net ¥ 300,000 Goodwill and other intangible assets that were identified in connection with the acquisition are included in other assets in the above table and the Company’s consolidated balance sheet as of September 30, 2023. The amounts of preliminary fair value of goodwill and identifiable intangible assets at the time of acquisition were ¥99,906 million and ¥95,513 million, respectively. Goodwill is measured as an excess of consideration transferred over the net assets acquired recognized at fair value. The Company calculated the amount of goodwill based on estimates of fair value of assets acquired and liabilities assumed. The goodwill represents the future growth of ORIX Group from new revenue streams arising from the consolidation of DHC and synergies with the existing Company’s assets and businesses. The goodwill is not deductible for income tax purposes. The goodwill and other intangible assets recorded in connection with this acquisition are included in PE Investment and Concession segment. Other intangible assets recognized in this acquisition consist of the following: Millions of yen Years Acquired intangibles Weighted-average Intangible assets that have indefinite useful lives: Trade names ¥ 68,800 — Subtotal 68,800 Intangibles subject to amortization: License 15,500 15 Customer relationships 11,213 16 Subtotal 26,713 Total ¥ 95,513 The following unaudited supplemental pro forma financial information presents the combined results of operations of the Company and its subsidiaries as though the acquisition had occurred as of April 1, 2021, the beginning of the fiscal year ended March 31, 2022: Millions of yen Six months ended Total revenues ¥ 1,410,833 Net Income 131,971 The unaudited supplemental pro forma financial information is based on estimates and assumptions, that the Company believes are reasonable and should not be taken as indicative of what the Company’s consolidated financial results would have been had the acquisition been completed on that date. (2) Other Acquisitions There were no other individually material acquisitions during the year ended March 31, 2023 or the six months ended September 30, 2023. (3) Divestitures Gains on sales of subsidiaries and affiliates and liquidation losses, net for the six months ended September 30, 2022 and 2023 amounted to ¥8,589 million and ¥3,628 million, respectively. Gains on sales of subsidiaries and affiliates and liquidation losses, net for the six months ended September 30, 2022 mainly consisted of ¥137 million in Real Estate segment, ¥4,048 million in ORIX USA segment and ¥4,420 million in Asia and Australia segment. Gains on sales of subsidiaries and affiliates and liquidation losses, net for the six months ended September 30, 2023 mainly consisted of ¥229 million in En v Gains on sales of subsidiaries and affiliates and liquidation losses, net for the three months ended September 30, 2022 and 2023 amounted to ¥5,486 million and ¥2,673 million, respectively. Gains on sales of subsidiaries and affiliates and liquidation losses, net for the three months ended September 30, 2022 mainly consisted of ¥137 million in Real Estate segment, ¥3,299 million in ORIX USA segment and ¥2,066 million in Asia and Australia segment. Gains on sales of subsidiaries and affiliates and liquidation losses, net for the three months ended September 30, 2023 mainly consisted of ¥111 million in ORIX USA segment and ¥2,502 million in ORIX Europe segment. |
Revenues from Contracts with Cu
Revenues from Contracts with Customers | 6 Months Ended |
Sep. 30, 2023 | |
Revenue from Contract with Customer [Abstract] | |
Revenues from Contracts with Customers | 5. Revenues from Contracts with Customers The following table provides information about revenues from contracts with customers, and other sources of revenue for the six and three months ended September 30, 2022 and 2023 are as follows: Millions of yen Millions of yen Six months ended September 30, 2022 Six months ended September 30, 2023 Revenues from contracts with customers ¥ 693,599 ¥ 618,730 Other revenues * 671,217 741,005 Total revenues ¥ 1,364,816 ¥ 1,359,735 Millions of yen Millions of yen Three months ended September 30, 2022 Three months ended September 30, 2023 Revenues from contracts with customers ¥ 359,235 ¥ 315,993 Other revenues * 347,768 366,768 Total revenues ¥ 707,003 ¥ 682,761 * Other revenues are not considered to be within the scope of revenue from contracts with customers, such as life insurance premiums and related investment income, operating leases, finance revenues that include interest income, and others. The Company and its subsidiaries recognize revenues when control of the promised goods or services is transferred to our customers, in the amounts that reflect the consideration we expect to receive in exchange for those goods or services. Revenues are recognized net of discounts, incentives and estimated sales returns. Amount to be collected for third party is deducted from revenues. The Company and its subsidiaries evaluate whether we are principal or agent on distinctive goods or services. When a revenue transaction involves a third party, if the Company and its subsidiaries control the goods or services before they are transferred to customers, revenue is recognized on gross amount as the principal. There is no significant variability in considerations included in revenues, except for the performance fees regarding asset management business hereinafter, and there is no significant financing component in considerations on transactions. For further information about breakdowns of revenues disaggregated by goods or services category and geographical location by segment, see Note 25 “Segment Information.” Revenue recognition criteria on each goods or services category are mainly as follows: Sales of goods The Company and its subsidiaries sell various goods such as cosmetics, health foods, medical equipment, business management software and other to customers. Revenues from sales of goods are recognized when there is a transfer of control of the product to customers. The Company and its subsidiaries determine transfer of control based on when the products are shipped or delivered to customers, or inspected by customers. Real estate sales Certain subsidiaries are involved in condominium business. Revenues from sales of detached houses and residential condominiums are recognized when the real estate is delivered to customers. Asset management and servicing Certain subsidiaries offer customers investment management services for their financial assets, asset management as well as maintenance and administrative services for their real estate properties. Furthermore, the Company and its subsidiaries perform servicing on behalf of customers. Revenues from asset management and servicing primarily include management fees, servicing fees, and performance fees. Management and servicing fees are recognized over the contract period with customers, since the customers simultaneously receive and consume all of the benefits provided by the subsidiaries as the subsidiaries perform. Management fees are calculated based on the predetermined percentages of the market value of the assets under management or net assets of the investment funds in accordance with contract terms. Servicing fees are calculated based on the predetermined percentages of the amount in assets under management in accordance with contract terms. Fees based on the performance of the assets under management are recognized when the performance obligations are satisfied, to the extent that it is probable that a significant reversal in the amount of cumulative revenue recognized will not occur when the uncertainty associated with the variable consideration is subsequently resolved. The performance fee is estimated by using the most likely amount method, in accordance with contract terms. Servicing fees related to financial assets that the Company and its subsidiaries had originated and transferred to investors, are not in the scope of revenue from contracts with customers. These fees are accounted for servicing assets under which the benefits of servicing are expected to more than adequately compensate for performing the servicing, or servicing liabilities under which the benefits of servicing are not expected to adequately compensate for performing the servicing. Automobile related services Certain subsidiaries mainly provide automobile maintenance services to customers, as automobile related services. In the service, since customers simultaneously receive and consume all of the benefits provided by the subsidiaries as the subsidiaries perform, revenues are recognized over the contract period with customers. For measurement of progress, the cost incurred is used, because that reasonably describes transfer of control of services to customers. The subsidiaries receive payments from customers before satisfying performance obligations, and the amounts are reported in other liabilities on the consolidated balance sheets as contract liabilities. Facilities operation The Company and its subsidiaries are running hotels, Japanese inns, training facilities, a multipurpose dome and other facilities. Revenues from these operations are recognized over the customers’ usage period of the facilities, since customers simultaneously receive and consume all of the benefits provided by the Company and its subsidiaries as the Company and its subsidiaries perform. The value transferred to customers is directly measured based on the usage period. With respect to operation of a multipurpose dome, a certain subsidiary receives payments from customers before satisfying performance obligations, and the amounts are reported in other liabilities on the consolidated balance sheets as contract liabilities. Gains on sale of property under facility operations included in services income are not within the scope of revenue from contracts with customers because these gains refer to transfers of non-financial Environment and energy services The Company and its subsidiaries offer services that provide electric power to business operators’ factories, office buildings and other facilities. Revenues from electric power supply by purchasing electricity or running power plants are recognized over the contracted distribution period with customers, since customers simultaneously receive and consume all of the benefits provided by the Company and its subsidiaries as the Company and its subsidiaries perform. The value transferred to customers is directly measured based on electricity usage by customers. Furthermore, certain subsidiaries are running waste processing facilities. Revenues from resources and waste processing business are primarily recognized over the service contract period with customers, since customers simultaneously receive and consume all of the benefits provided by the subsidiaries as the subsidiaries perform. The value transferred to customers is directly measured based on the amount of resources and waste to be processed. Real estate management and brokerage The Company and its subsidiaries mainly offer management of condominiums, office buildings, facilities and others, to customers, as real estate management and brokerage business. Since customers simultaneously receive and consume all of the benefits provided by the Company and its subsidiaries as the Company and its subsidiaries perform, revenues from these services are recognized over the contract period with customers. Direct measurement of the value transferred to customers based on time elapsed, is used as method of measuring progress. The Company and its subsidiaries receive payments from customers before satisfying performance obligations, and the amounts are reported in other liabilities on the consolidated balance sheets as contract liabilities. Real estate contract work Certain subsidiaries offer repair and contract work for condominiums, office buildings, facilities and others, to customers. The work is held on the real estate where customers own or rent, and the subsidiaries’ performance creates the asset that the customers’ control as the asset is created or enhanced. Additionally, the performance does not create an asset with an alternative use to the subsidiaries, and the subsidiaries have a substantial enforceable right to payment for performance completed to date so that revenues are recognized over the contract work period. For measurement of progress, the cost incurred is used, because that reasonably describes transfer of control of services to customers. The subsidiaries recognize a part of its performance obligations that it performs as contract assets, and the amounts are reported under other assets on the consolidated balance sheet. Furthermore, the subsidiaries receive payments from customers before satisfying performance obligations, and the amounts are reported in other liabilities on the consolidated balance sheets as contract liabilities. Other The Company and its subsidiaries have been developing a variety of businesses. Main revenue streams are as follows: Maintenance services of software, measurement equipment and other: Certain subsidiaries offer information system hardware, software maintenance services and support, and maintenance of measurement equipment to customers. Revenues from these services are recognized over the contract period with customers, since customers simultaneously receive and consume all of the benefits provided by the subsidiaries as the subsidiaries perform. For measurement of progress, the cost incurred is used, because that reasonably describes transfer of control of services to customers. The subsidiaries receive payments from customers before satisfying performance obligations, and the amounts are reported in other liabilities on the consolidated balance sheets as contract liabilities. Fee business: The Company and its subsidiaries are involved in insurance policy referrals and other agency business. Commission revenues from these businesses are primarily recognized when the contract between our customers and their client is signed. The following table provides information about balances from contracts with customers as of March 31, 2023 and September 30, 2023. Millions of yen March 31, 2023 September 30, 2023 Trade Notes, Accounts and Other Receivable ¥ 223,635 ¥ 192,888 Contract assets (Included in Other Assets) 13,403 16,127 Contract liabilities (Included in Other Liabilities) 34,338 29,172 For the six and three months ended September 30, 2022 and 2023, there were no significant changes in contract assets and contract liabilities. For the six months ended September 30, 2022 and 2023, revenues amounting to ¥21,319 million and ¥23,672 million were included in contract liabilities as of the beginning of each fiscal year, respectively. For the three months ended September 30, 2022 and 2023, revenues amounting to ¥3,627 million and ¥4,866 million were included in contract liabilities as of the beginning of each fiscal year, respectively. As of September 30, 2023, transaction price allocated to the performance obligations that are unsatisfied (or partially unsatisfied) is mainly related to automobile related services, real estate sales and amounted to ¥184,254 million. Remaining term for the obligations ranges up to 17 years. Furthermore, automobile related services primarily constitute the performance obligations that are unsatisfied (or partially unsatisfied) will be recognized as revenue over the next 10 years. The Company and its subsidiaries applied practical expedients in the disclosure, and performance obligations for contracts that have an original expected duration of one year or less and contracts under which the value transferred to a customer is directly measured and recognized as revenue by the amount it has a right to invoice to the customer are not included. The transaction price allocated to unsatisfied performance obligations does not include the estimate of material variable consideration. |
Leases
Leases | 6 Months Ended |
Sep. 30, 2023 | |
Leases [Abstract] | |
Leases | 6. Leases Lessor Lease income for the six and three months ended September 30, 2022 and 2023 are as follows: Millions of yen Six months ended September 30, 2022 Six months ended September 30, 2023 Lease income—net investment in leases Interest income ¥ 39,936 ¥ 43,325 Other 1,147 1,649 Lease income—operating leases 249,144 259,949 Total lease income ¥ 290,227 ¥ 304,923 * Gains from the disposition of real estate under operating leases included in operating lease revenues were ¥12,487 million and ¥10,066 million, and gains from the disposition of operating lease assets other than real estate included in operating lease revenues were ¥19,090 million and ¥17,726 million, for the six months ended September 30, 2022 and 2023, respectively. Millions of yen Three months ended September 30, 2022 Three months ended September 30, 2023 Lease income—net investment in leases Interest income ¥ 20,256 ¥ 21,938 Other 614 732 Lease income—operating leases 122,945 137,949 Total lease income ¥ 143,815 ¥ 160,619 * Gains from the disposition of real estate under operating leases included in operating lease revenues were ¥2,766 million and ¥8,837 million, and gains from the disposition of operating lease assets other than real estate included in operating lease revenues were ¥9,320 million and ¥10,165 million, for the three months ended September 30, 2022 and 2023, respectively. Lease income from net investment in leases is included in finance revenues in the consolidated statements of income. Gains and losses from the disposition of net investment in leases were not material for the six and three months ended September 30, 2022 and 2023. |
Credit Quality of Financial Ass
Credit Quality of Financial Assets and the Allowance for Credit Losses | 6 Months Ended |
Sep. 30, 2023 | |
Credit Loss [Abstract] | |
Credit Quality of Financial Assets and the Allowance for Credit Losses | 7. Credit Quality of Financial Assets and the Allowance for Credit Losses The Company and its subsidiaries provide the following information disaggregated by portfolio segment and class of financial assets. Allowance for credit losses Credit quality of financial assets • Credit quality indicators • Past-due • Non-accrual Information about modifications of financing receivables made to debtors experiencing financial difficulty A portfolio segment is defined as the level at which an entity develops and documents a systematic methodology to determine its allowance for credit losses. The Company and its subsidiaries classify our portfolio segments by instruments of loans, net investment in leases and other financial assets measured at amortized cost. Classes of financial assets are determined based on the initial measurement attribute, risk characteristics of the financing receivables and the method for monitoring and assessing obligors’ credit risk and are defined as the level of detail necessary for a financial statement user to understand the risks inherent in the financial assets. Classes of financial assets generally are a disaggregation of a portfolio segment, and the Company and its subsidiaries disaggregate our portfolio segments into classes by regions, instruments or industries of our debtors. The following table provides information about the allowance for credit losses for installment loans, net investment in leases and other financial assets measured at amortized cost as of March 31, 2023, and for the six and three months ended September 30, 2022 and 2023: Six months ended September 30, 2022 Millions of yen Beginning Provision Allowance during the Charge-offs *4 Recoveries Other *5 Ending Collective Individual Allowance for credit losses: Installment loans to consumer borrowers: Real estate loans Japan ¥ 5,716 ¥ (0 ) ¥ 0 ¥ (82 ) ¥ 13 ¥ 1 ¥ 5,648 ¥ 5,153 ¥ 495 Overseas 455 (2 ) 0 0 0 3 456 456 0 Card loans Japan 10,019 228 0 (265 ) 4 0 9,986 9,357 629 Other Japan 5,204 2,152 0 (865 ) 4 0 6,495 4,167 2,328 Overseas 1,105 286 0 (206 ) 0 137 1,322 1,187 135 Installment loans to corporate borrowers: Non-recourse Japan 81 1 0 0 0 0 82 82 0 The Americas 2,691 (944 ) 0 0 0 122 1,869 857 1,012 Real estate companies Japan 617 (21 ) 0 0 13 1 610 489 121 Overseas 735 (98 ) 0 (14 ) 0 57 680 680 0 Commercial, industrial companies Japan 1,337 256 0 (277 ) 7 0 1,323 475 848 Overseas 18,296 114 0 (1,825 ) 310 3,144 20,039 16,169 3,870 Purchased loans *1 1,575 (242 ) 2,095 (2,309 ) 56 12 1,187 563 624 Net investment in leases: 16,303 582 0 (1,430 ) 25 760 16,240 12,030 4,210 Subtotal 64,134 2,312 2,095 (7,273 ) 432 4,237 65,937 51,665 14,272 Other financial assets measured 7,282 157 0 (4,567 ) 15 334 3,221 629 2,592 Total ¥ 71,416 ¥ 2,469 ¥ 2,095 ¥ (11,840 ) ¥ 447 ¥ 4,571 ¥ 69,158 ¥ 52,294 ¥ 16,864 Three months ended September 30, 2022 Millions of yen Beginning Provision Allowance during the Charge-offs *4 Recoveries Other *5 Ending Collective Individual Allowance for credit losses: Installment loans to consumer borrowers: Real estate loans Japan ¥ 5,725 ¥ (80 ) ¥ 0 ¥ (3 ) ¥ 5 ¥ 1 ¥ 5,648 ¥ 5,153 ¥ 495 Overseas 471 1 0 0 0 (16 ) 456 456 0 Card loans Japan 9,933 209 0 (158 ) 2 0 9,986 9,357 629 Other Japan 5,915 1,038 0 (460 ) 2 0 6,495 4,167 2,328 Overseas 1,164 242 0 (140 ) 0 56 1,322 1,187 135 Installment loans to corporate borrowers: Non-recourse Japan 65 17 0 0 0 0 82 82 0 The Americas 2,235 (218 ) 0 0 0 (148 ) 1,869 857 1,012 Real estate companies Japan 600 4 0 0 5 1 610 489 121 Overseas 630 54 0 (14 ) 0 10 680 680 0 Commercial, industrial companies Japan 1,206 220 0 (107 ) 4 0 1,323 475 848 Overseas 18,720 78 0 (190 ) 281 1,150 20,039 16,169 3,870 Purchased loans *1 1,546 (214 ) 2,067 (2,261 ) 56 (7 ) 1,187 563 624 Net investment in leases: 16,665 123 0 (650 ) 18 84 16,240 12,030 4,210 Subtotal 64,875 1,474 2,067 (3,983 ) 373 1,131 65,937 51,665 14,272 Other financial assets measured at amortized cost *2 2,976 161 0 (31 ) (12 ) 127 3,221 629 2,592 Total ¥ 67,851 ¥ 1,635 ¥ 2,067 ¥ (4,014 ) ¥ 361 ¥ 1,258 ¥ 69,158 ¥ 52,294 ¥ 16,864 March 31, 2023 Millions of yen Ending Collective Individual Allowance for credit losses: Installment loans to consumer borrowers: Real estate loans Japan ¥ 4,092 ¥ 3,644 ¥ 448 Overseas 446 446 0 Card loans Japan 9,022 8,329 693 Other Japan 7,759 5,337 2,422 Overseas 1,889 1,467 422 Installment loans to corporate borrowers: Non-recourse Japan 253 253 0 The Americas 1,494 560 934 Real estate companies Japan 777 663 114 Overseas 1,007 1,007 0 Commercial, industrial companies Japan 1,152 477 675 Overseas 19,132 16,455 2,677 Purchased loans *1 1,148 541 607 Net investment in leases: 15,719 12,032 3,687 Subtotal 63,890 51,211 12,679 Other financial assets measured at amortized cost *2 1,482 548 934 Total ¥ 65,372 ¥ 51,759 ¥ 13,613 Six months ended September 30, 2023 Millions of yen Beginning Provision Allowance Charge-offs *4 Recoveries Other *5 Ending Collective Individual Allowance for credit losses: Installment loans to consumer borrowers: Real estate loans Japan ¥ 4,092 ¥ (50 ) ¥ 0 ¥ (144 ) ¥ 84 ¥ 1 ¥ 3,983 ¥ 3,613 ¥ 370 Overseas 446 118 0 0 1 41 606 575 31 Card loans Japan 9,022 753 0 (450 ) 8 0 9,333 8,611 722 Other Japan 7,759 2,970 0 (1,806 ) 3 1 8,927 6,487 2,440 Overseas 1,889 1,370 0 (1,124 ) 163 238 2,536 1,896 640 Installment loans to corporate borrowers: Non-recourse Japan 253 (27 ) 0 0 0 0 226 226 0 The Americas 1,494 197 0 0 0 192 1,883 837 1,046 Real estate companies Japan 777 23 0 (4 ) 13 0 809 705 104 Overseas 1,007 (68 ) 0 0 0 82 1,021 1,021 0 Commercial, industrial companies Japan 1,152 (29 ) 0 (23 ) 4 0 1,104 615 489 Overseas 19,132 434 0 (2,131 ) 101 2,107 19,643 16,288 3,355 Purchased loans *1 1,148 69 7,580 (7,612 ) 1 12 1,198 511 687 Net investment in leases: 15,719 1,717 0 (1,234 ) 17 590 16,809 12,366 4,443 Subtotal 63,890 7,477 7,580 (14,528 ) 395 3,264 68,078 53,751 14,327 Other financial assets measured at amortized cost *2 1,482 254 0 (178 ) 5 227 1,790 702 1,088 Total ¥ 65,372 ¥ 7,731 ¥ 7,580 ¥ (14,706 ) ¥ 400 ¥ 3,491 ¥ 69,868 ¥ 54,453 ¥ 15,415 Three months ended September 30, 2023 Millions of yen Beginning Provision Allowance Charge-offs *4 Recoveries Other *5 Ending Collective Individual Allowance for credit losses: Installment loans to consumer borrowers: Real estate loans Japan ¥ 4,003 ¥ 30 ¥ 0 ¥ (88 ) ¥ 38 ¥ 0 ¥ 3,983 ¥ 3,613 ¥ 370 Overseas 532 65 0 0 1 8 606 575 31 Card loans Japan 9,102 433 0 (206 ) 4 0 9,333 8,611 722 Other Japan 8,487 1,369 0 (930 ) 1 0 8,927 6,487 2,440 Overseas 2,153 884 0 (630 ) 82 47 2,536 1,896 640 Installment loans to corporate borrowers: Non-recourse Japan 262 (36 ) 0 0 0 0 226 226 0 The Americas 1,727 98 0 0 0 58 1,883 837 1,046 Real estate companies Japan 788 15 0 0 5 1 809 705 104 Overseas 1,044 (37 ) 0 0 0 14 1,021 1,021 0 Commercial, industrial companies Japan 976 128 0 (1 ) 2 (1 ) 1,104 615 489 Overseas 18,929 1,411 0 (1,337 ) 101 539 19,643 16,288 3,355 Purchased loans *1 1,189 36 7,261 (7,288 ) 0 0 1,198 511 687 Net investment in leases: 16,388 942 0 (609 ) 0 88 16,809 12,366 4,443 Subtotal 65,580 5,338 7,261 (11,089 ) 234 754 68,078 53,751 14,327 Other financial assets measured at amortized cost *2 1,655 113 0 (136 ) 5 153 1,790 702 1,088 Total ¥ 67,235 ¥ 5,451 ¥ 7,261 ¥ (11,225 ) ¥ 239 ¥ 907 ¥ 69,868 ¥ 54,453 ¥ 15,415 Notes: 1 Loans held for sale and policy loan receivables of an insurance entity are not in the 2 Held-to-maturity held-to-maturity non-accrual held-to-maturity *1 Purchased loans represent loans with evidence of deterioration of credit quality since origination and for which it is probable at acquisition that collection of all contractually required payments from the debtors is unlikely. *2 The allowance for other financial assets measured at amortized cost includes the allowance for credit losses on financing receivables, such as loans to affiliates and accounts receivable. Other financial assets measured at amortized cost are mainly “Trade notes, accounts and other receivables”, and loans to affiliates included in “Investment in affiliates” on the consolidated balance sheets. *3 “Provision for credit losses” in the consolidated statements of income amounted to provisions of ¥1,674 million and ¥8,524 million during the six months ended September 30, 2022 and 2023, provisions of ¥1,426 million and ¥5,604 million during the three months ended September 30, 2022 and 2023, respectively. “Allowance for credit losses” on the consolidated balance sheets amounted to ¥64,723 million and ¥69,046 million as of March 31, 2023 and September 30, 2023, respectively. The reconciliation between the above table and the amounts reported on the consolidated financial statements during the six and three months ended September 30, 2022 and 2023, and as of March 31, 2023 and September 30, 2023 are as follows: Millions of yen Six months Three months March 31, Six months Three months September 30, Provision for Provision for Allowance for Provision for Provision for Allowance for Net investment in leases ¥ 582 ¥ 123 ¥ 15,719 ¥ 1,717 ¥ 942 ¥ 16,809 Installment loans 1,730 1,351 48,171 5,760 4,396 51,269 Subtotal in the above table 2,312 1,474 63,890 7,477 5,338 68,078 Other financial assets measured at amortized cost 157 161 1,482 254 113 1,790 Total in the above table 2,469 1,635 65,372 7,731 5,451 69,868 Off-balance (868 ) (225 ) — 591 171 — Available-for-sale (5 ) 0 — 292 0 — Less: Loans to affiliates *3(c) 78 16 (649 ) (90 ) (18 ) (822 ) Amount reported on the consolidated financial statements ¥ 1,674 ¥ 1,426 ¥ 64,723 ¥ 8,524 ¥ 5,604 ¥ 69,046 *3(a) The allowance for off-balance *3(b) The allowance for available-for-sale *3(c) The provision for credit losses on loans to affiliates were a reversal of ¥78 million and a provision of ¥90 million during the six months ended September 30, 2022 and 2023, a reversal of ¥16 million and a provision of ¥18 million during the three months ended September 30, 2022 and 2023, respectively, and the amounts are recorded in “Equity in net income (loss) of affiliates” in the consolidated statements of income. The allowance for credit losses on loans to affiliates were ¥649 million and ¥822 million as of March 31, 2023 and September 30, 2023, respectively, and the amounts are recorded as a reduction in “Investments in affiliates” on the consolidated balance sheets. *4 Included in Charge-off *5 Other mainly includes foreign currency translation adjustments and increases or decreases in allowance due to consolidation or deconsolidation of subsidiaries. The following table provides information about purchased loans which were acquired for the six and three months ended September 30, 2022 and 2023: Six months ended September 30, 2022 Six months ended September 30, 2023 Purchase price ¥ 1,940 ¥ 1,281 Allowance for credit losses at acquisition date 2,095 7,580 Discount or premium attributable to other factors 226 125 Par value ¥ 4,261 ¥ 8,986 Millions of yen Three months ended September 30, 2022 Three months ended September 30, 2023 Purchase price ¥ 1,537 ¥ 1,031 Allowance for credit losses at acquisition date 2,067 7,261 Discount or premium attributable to other factors 208 100 Par value ¥ 3,812 ¥ 8,392 The Company and its subsidiaries estimate an allowance for credit losses for all credit losses expected to occur in future over the remaining life of financial assets, and recognize the allowance adequately based on management judgement. In developing the allowance for credit losses, the Company and its subsidiaries consider, among other things, the following factors in collective assessment and individual assessment by each portfolio: • business characteristics and financial conditions of obligors; • prior charge-off • current delinquencies and delinquency trends; • value of underlying collateral and guarantees; and • current economic and business conditions and expected outlook in future. The Company and its subsidiaries manage credit risk using various indicators specific to the region, industry, and types of assets, in accordance with the group risk management policy. For credit transactions, the basic group policy is to obtain sufficient collateral and guarantees, and to diversify industries and borrowers, and the Company and its subsidiaries comprehensively evaluate and monitor the financial condition and cash flows of borrowers, underlying collateral and guarantees, and profitability. The Company and its subsidiaries also manage exposure to potentially high-risk markets by establishing appropriate credit limits through portfolio analysis. Due to the diversity of assets and risk indicators held by the Company and its subsidiaries, the Company and its subsidiaries monitor the credit quality indicators as performing and non-performing non-performing past-due non-performing When certain performing financial assets mainly have similar risk characteristics to other financial assets, the performing financial assets are collectively evaluated as a pool. On the contrary, when financial assets do not have similar risk characteristics to other financial assets, the financial assets are evaluated individually. Loans to consumer borrowers Loans to consumer borrowers mainly consist of real estate loans and card loans. The credit quality of real estate loans is affected by the cash flows derived from the property and its collateral value. The credit quality of card loans is affected by the repayment ability of customers such as customer credit standing or payment history. The Company and its subsidiaries use these factors to estimate the allowance for credit losses because they are reflected in the probability of default and loss given default in each portfolio. Loans to corporate borrowers Loans to corporate borrowers are classified into non-recourse non-recourse The credit quality of non-recourse Loans other than non-recourse The credit quality of real estate companies is affected by mainly Japanese and Americas real estate markets and trends. The credit quality of commercial, industrial and other companies, which consist of various industries, is affected mainly by broader financial and economic conditions and trends in Japan, the Americas and Asian countries. The allowance for credit losses for loans to corporate borrowers is estimated by considering, among others, debtors’ situation, as well as economic conditions and trends in its industries, the value of underlying collateral and guarantees, and probability of default and loss given default. Net investment in leases Net investment in leases consists of leases of various equipment types, including office equipment, industrial machinery, transportation equipment and real estate properties. The allowance for credit losses for net investment in leases is estimated based on the value of the underlying leased assets, debtors’ situation, economic conditions and trends in its industries, and probability of default and loss given default. In common with portfolio segments, the forecasted future economic indicators correlated with the prior charge-off charge-off On the other hand, for periods beyond which the Company and its subsidiaries are able to make or obtain reasonable and supportable forecasts of future economic indicators of the entire life of the financial asset, expected credit losses are estimated for the remaining life mainly using an appropriate reversion approach, mainly immediate reversion to historical credit loss information. There have been no significant changes during the six months ended September 30, 2023 to methodologies and economic indicators used to estimate the allowance for Credit Losses. When non-performing non-performing In the individual assessment the allowance for credit losses is estimated individually based on the present value of expected future cash flows, the observable market price or the fair value of the collateral securing the financing receivables if the financing receivables are collateral-dependent. The collateral-dependent financing receivables are defined as the finance receivables, which a debtor would be in financial difficulty and the collection significantly depend on the collateral. These financing receivables are mainly non-recourse For non-recourse For purchased loans, their collection may decrease due to a decline in the real estate collateral value and debtors’ creditworthiness. Thus, the changes in these risks affect the amount of the allowance for credit losses. In common with all portfolio segments, the Company and its subsidiaries charge off doubtful receivables when the likelihood of any future collection is believed to be minimal, mainly based upon an evaluation of the relevant debtors’ creditworthiness and the liquidation status of collateral. The following table provides information about the origination years of financial assets as of March 31, 2023. Card loans to consumer borrowers with a revolving repayment feature that cannot be classified into the origination year are excluded from the table. March 31, 2023 Millions of yen Portfolio segment Origination year (years ended March 31) Total Class Credit Quality 2023 2022 2021 2020 2019 Prior Consumer borrowers: Performing ¥ 300,198 ¥ 200,041 ¥ 281,872 ¥ 360,726 ¥ 293,297 ¥ 656,584 ¥ 2,092,718 Non-Performing 10,896 5,259 3,140 2,257 1,078 12,324 ¥ 34,954 Real estate loans Performing 266,663 190,076 279,690 359,321 292,388 655,811 ¥ 2,043,949 Non-Performing 17 81 378 474 239 11,821 ¥ 13,010 Other* Performing 33,535 9,965 2,182 1,405 909 773 ¥ 48,769 Non-Performing 10,879 5,178 2,762 1,783 839 503 ¥ 21,944 Corporate borrowers: Performing 427,902 346,629 127,984 171,314 103,628 139,503 ¥ 1,316,960 Non-Performing 257 793 5,485 4,959 4,624 24,008 ¥ 40,126 Non-recourse Japan Performing 65,874 17,831 6,699 22,384 4,158 7,553 ¥ 124,499 The Americas Performing 2,901 706 5,217 15,153 10,595 834 ¥ 35,406 Non-Performing 0 0 0 0 0 3,248 ¥ 3,248 Other than non-recourse Real estate companies in Japan Performing 124,452 43,210 30,996 27,022 22,251 46,222 ¥ 294,153 Non-Performing 0 230 0 913 9 923 ¥ 2,075 Real estate companies in overseas Performing 34,508 12,639 9,091 6,998 1,627 1,165 ¥ 66,028 Non-Performing 0 0 741 0 813 12,063 ¥ 13,617 Commercial, industrial and other companies in Japan Performing 76,764 27,327 16,743 17,003 8,383 12,878 ¥ 159,098 Non-Performing 125 80 431 264 133 399 ¥ 1,432 Commercial, industrial and other companies in overseas Performing 123,403 244,916 59,238 82,754 56,614 70,851 ¥ 637,776 Non-Performing 132 483 4,313 3,782 3,669 7,375 ¥ 19,754 Purchased loans: Performing 26 396 0 21 406 10,385 ¥ 11,234 Non-Performing 0 0 0 0 0 1,021 ¥ 1,021 Net investment in leases: Performing 440,421 257,871 139,306 103,726 53,604 75,794 ¥ 1,070,722 Non-Performing 2,757 3,228 1,806 2,042 1,720 5,288 ¥ 16,841 Japan Performing 193,297 136,285 99,739 80,542 44,853 72,295 ¥ 627,011 Non-Performing 212 660 658 798 811 1,970 ¥ 5,109 Overseas Performing 247,124 121,586 39,567 23,184 8,751 3,499 ¥ 443,711 Non-Performing 2,545 2,568 1,148 1,244 909 3,318 ¥ 11,732 Other financial assets measured at amortized cost Performing 3,197 0 2,089 282 0 21,301 ¥ 26,869 Non-Performing 0 298 0 0 368 0 ¥ 666 Total (excluding revolving repayment card loans) Performing ¥ 1,171,744 ¥ 804,937 ¥ 551,251 ¥ 636,069 ¥ 450,935 ¥ 903,567 ¥ 4,518,503 Non-Performing ¥ 13,910 ¥ 9,578 ¥ 10,431 ¥ 9,258 ¥ 7,790 ¥ 42,641 ¥ 93,608 The following table provides information about the origination years of financial assets as of September 30, 2023 and the gross write-offs, corresponding to each class of financial assets by origination year, recorded during the six months ended September 30, 2023. Card loans to consumer borrowers with a revolving repayment feature that cannot be classified into the origination year are excluded from the table. September 30, 2023 Millions of yen Portfolio segment Origination year (years ended March 31) Total Class Credit Quality 2024 2023 2022 2021 2020 Prior Consumer borrowers: Performing ¥ 187,132 ¥ 228,270 ¥ 186,944 ¥ 268,576 ¥ 349,046 ¥ 865,427 ¥ 2,085,395 Non-Performing 6,438 9,147 4,076 2,918 1,803 13,357 ¥ 37,739 Gross write-offs 136 1,770 736 154 103 175 ¥ 3,074 Real estate loans Performing 167,178 201,748 179,433 267,260 348,336 864,500 ¥ 2,028,455 Non-Performing 4 53 254 792 479 12,551 ¥ 14,133 Gross write-offs 0 0 0 0 0 144 ¥ 144 Other* Performing 19,954 26,522 7,511 1,316 710 927 ¥ 56,940 Non-Performing 6,434 9,094 3,822 2,126 1,324 806 ¥ 23,606 Gross write-offs 136 1,770 736 154 103 31 ¥ 2,930 Corporate borrowers: Performing 309,556 302,774 320,807 109,252 160,645 218,685 ¥ 1,421,719 Non-Performing 87 478 9,344 5,509 7,843 26,594 ¥ 49,855 Gross write-offs 101 4 225 73 112 1,643 ¥ 2,158 Non-recourse Japan Performing 25,529 30,596 11,504 6,707 22,058 7,291 ¥ 103,685 Gross write-offs 0 0 0 0 0 0 ¥ 0 The Americas Performing 0 5,734 1,800 147 19,679 12,365 ¥ 39,725 Non-Performing 0 69 0 0 0 3,556 ¥ 3,625 Gross write-offs 0 0 0 0 0 0 ¥ 0 Other than non-recourse loans Real estate companies in Japan Performing 78,728 89,599 36,194 26,002 25,098 62,824 ¥318,445 Non-Performing 0 3 0 0 834 873 ¥1,710 Gross write-offs 0 0 0 0 4 0 ¥4 Real estate companies in overseas Performing 1,907 18,799 11,665 3,604 4,644 3,946 ¥44,565 Non-Performing 0 18 543 508 1,750 12,441 ¥15,260 Gross write-offs 0 0 0 0 0 0 ¥0 Commercial, industrial and other companies in Japan Performing 139,480 48,159 22,640 14,258 12,861 17,647 ¥ 255,045 Non-Performing 0 121 76 208 196 448 ¥ 1,049 Gross write-offs 0 1 0 0 22 0 ¥ 23 Commercial, industrial and other companies in overseas Performing 63,912 109,887 237,004 58,534 76,305 114,612 ¥ 660,254 Non-Performing 87 267 8,725 4,793 5,063 9,276 ¥ 28,211 Gross write-offs 101 3 225 73 86 1,643 ¥ 2,131 Purchased loans: Performing 0 27 596 199 69 9,390 ¥ 10,281 Non-Performing 0 0 0 0 12 1,109 ¥ 1,121 Gross write-offs 0 409 226 29 206 6,742 ¥ 7,612 Net investment in leases: Performing 282,112 372,170 207,953 108,800 78,472 95,566 ¥ 1,145,073 Non-Performing 3,028 4,475 3,346 1,676 1,745 6,446 ¥ 20,716 Gross write-offs 0 7 409 234 139 445 ¥ 1,234 Japan Performing 115,467 165,315 118,882 83,911 62,476 88,499 ¥ 634,550 Non-Performing 24 380 764 720 742 2,253 ¥ 4,883 Gross write-offs 0 5 36 52 80 327 ¥ 500 Overseas Performing 166,645 206,855 89,071 24,889 15,996 7,067 ¥ 510,523 Non-Performing 3,004 4,095 2,582 956 1,003 4,193 ¥ 15,833 Gross write-offs 0 2 373 182 59 118 ¥ 734 Other financial assets measured at amortized cost Performing 3,341 3,185 0 1,862 288 19,912 ¥ 28,588 Non-Performing 0 0 332 0 0 1,410 ¥ 1,742 Gross write-offs 0 0 0 0 0 0 ¥ 0 Total (excluding revolving repayment card loans) Performing ¥ 782,141 ¥ 906,426 ¥ 716,300 ¥ 488,689 ¥ 588,520 ¥ 1,208,980 ¥ 4,691,056 Non-Performing 9,553 14,100 17,098 10,103 11,403 48,916 ¥ 111,173 Gross write-offs 237 2,190 1,596 490 560 9,005 ¥ 14,078 Note: Loans held for sale, policy loan receivables of an insurance entity and financing receivables, such as accounts receivable are not included in the table above. * Other in loans to consumer borrowers includes claims receivable arising from payments on guarantee of consumer loans. For further information, see Note 24 “Commitments, Guarantees and Contingent Liabilities.” The information about card loans to consumer borrowers with a revolving repayment feature that cannot be classified into the origination year as of March 31, 2023 is as follows: March 31, 2023 Millions of yen Portfolio segment Revolving repayment Modification of Total—revolving Total— origination year (excluding revolving repayment card Total— financial assets Credit quality Consumer borrowers: Performing ¥ 166,392 ¥ 0 ¥ 166,392 ¥ 4,518,503 ¥ 4,684,895 Non-Performing 1,588 3,655 5,243 93,608 ¥ 98,851 The information about card loans to consumer borrowers with a revolving repayment feature that cannot be classified into the origination year as of September 30, 2023 and the gross write-offs, corresponding to card loans, recorded during the six months ended September 30, 2023 is as follows: September 30, 2023 Millions of yen Portfolio segment Revolving repayment Modification of Total—revolving Total— origination year (excluding revolving repayment card Total— financial assets Credit quality Consumer borrowers: Performing ¥ 167,209 ¥ 0 ¥ 167,209 ¥ 4,691,056 ¥ 4,858,265 Non-Performing 2,076 3,857 5,933 111,173 ¥ 117,106 Gross write-offs 375 75 450 14,078 ¥ 14,528 Of non-performing past-due non-performing The following table provides information about the past-due March 31, 2023 Millions of yen Past-due Portfolio segment Class 30-89 past-due 90 days or more past-due Total past-due Total financing receivables Consumer borrowers ¥ 4,574 ¥ 10,047 ¥ 14,621 ¥ 2,299,307 Real estate loans 1,739 2,181 3,920 2,056,959 Card loans 514 1,364 1,878 171,635 Other 2,321 6,502 8,823 70,713 Corporate borrowers 5,628 21,363 26,991 1,357,086 Non-recourse Japan 0 0 0 124,499 The Americas 0 1,494 1,494 38,654 Other than Non-recourse Real estate companies in Japan 159 219 378 296,228 Real estate companies in overseas 1,412 13,618 15,030 79,645 Commercial, industrial and other companies in Japan 1,366 1,118 2,484 160,530 Commercial, industrial and other companies in overseas 2,691 4,914 7,605 657,530 Net investment in leases 9,181 15,583 24,764 1,087,563 Japan 2,648 4,431 7,079 632,120 Overseas 6,533 11,152 17,685 455,443 Total ¥ 19,383 ¥ 46,993 ¥ 66,376 ¥ 4,743,956 September 30, 2023 Millions of yen Past-due Portfolio segment Class 30-89 past-due 90 days or more past-due Total past-due Total financing receivables Consumer borrowers ¥ 5,350 ¥ 12,875 ¥ 18,225 ¥ 2,296,276 Real estate loans 1,433 2,772 4,205 2,042,588 Card loans 557 1,938 2,495 173,142 Other 3,360 8,165 11,525 80,546 Corporate borrowers 6,183 30,419 36,602 1,471,574 Non-recourse Japan 0 0 0 103,685 The Americas 0 1,661 1,661 43,350 Other than Non-recourse Real estate companies in Japan 235 206 441 320,155 Real estate companies in overseas 1,000 15,260 16,260 59,825 Commercial, industrial and other companies in Japan 1,748 822 2,570 256,094 Commercial, industrial and other companies in overseas 3,200 12,470 15,670 688,465 Net investment in leases 14,961 19,742 34,703 1,165,789 Japan 2,967 4,385 7,352 639,433 Overseas 11,994 15,357 27,351 526,356 Total ¥ 26,494 ¥ 63,036 ¥ 89,530 ¥ 4,933,639 Note: Loans held for sale, policy loans receivable of an insurance entity and purchased loans are not included in the table above. In common with all classes, the Company and its subsidiaries consider financial assets as past-due past-due past-due past-due The following table provides information about non-accrual March 31, 2023 Millions of yen Beginning balance Ending balance Interest income Balance not Non-accrual Installment loans to consumer borrowers: Real estate loans Japan ¥ 1,824 ¥ 1,693 ¥ 235 ¥ 41 Overseas 475 547 0 0 Card loans Japan 503 1,367 28 0 Other Japan 2,391 5,429 170 10 Overseas 519 1,105 0 0 Installment loans to corporate borrowers: Non-recourse The Americas 8,787 3,248 0 0 Real estate companies Japan 351 219 51 13 Overseas 20,879 12,804 0 0 Commercial, industrial companies and other Japan 1,267 1,118 71 190 Overseas 18,634 20,470 0 2,113 Net investment in leases 17,771 16,627 0 0 Total ¥ 73,401 ¥ 64,627 ¥ 555 ¥ 2,367 September 30, 2023 Millions of yen Beginning balance Ending balance Interest income Balance not Non-accrual Installment loans to consumer borrowers: Real estate loans Japan ¥ 1,693 ¥ 1,899 ¥ 126 ¥ 194 Overseas 547 941 0 7 Card loans Japan 1,367 1,938 16 0 Other Japan 5,429 6,746 101 8 Overseas 1,105 1,423 0 4 Installment loans to corporate borrowers: Non-recourse The Americas 3,248 3,556 0 0 Real estate companies Japan 219 206 23 8 Overseas 12,804 21,927 0 0 Commercial, industrial companies and other Japan 1,118 822 18 158 Overseas 20,470 27,936 0 2,368 Net investment in leases 16,627 20,879 0 0 Total ¥ 64,627 ¥ 88,273 ¥ 284 ¥ 2,747 The Company and its subsidiaries suspend accruing interest on past-due past-due non-accrual non-accrual The following table provides information about troubled debt restructurings of financing receivables that occurred during the six and three months ended September 30, 2022: Six months ended September 30, 2022 Millions of yen Portfolio segment Class Pre-modification outstanding recorded investment Post-modification outstanding recorded investment Consumer borrowers ¥ 3,979 ¥ 3,175 Real estate loans 5 3 Card loans 713 619 Other 3,261 2,553 Corporate borrowers 8,213 8,212 Other than Non-recourse Commercial, industrial and other companies in overseas 8,213 8,212 Total ¥ 12,192 ¥ 11,387 Three months ended September 30, 2022 Millions of yen Portfolio segment Class Pre-modification outstanding recorded investment Post-modification outstanding recorded investment Consumer borrowers ¥ 1,938 ¥ 1,527 Real estate loans 5 3 Card loans 332 284 Other 1,601 1,240 Corporate borrowers 2,582 2,582 Other than Non-recourse Commercial, industrial and other companies in overseas 2,582 2,582 Total ¥ 4,520 ¥ 4,109 A troubled debt restructuring is defined as a restructuring of a financing receivable in which the creditor grants a concession to the debtor for economic or other reasons related to the debtor’s financial difficulties. The Company and its subsidiaries offer various types of concessions to our debtors to protect as much of the investment as possible in troubled debt restructurings. For the debtors of all financing receivables, the Company and its subsidiaries offer concessions including an extension of the maturity date at an interest rate lower than the current market rate for a debt with similar risk characteristics. In addition, for the debtors of all financing receivables other than non-recourse In common with all portfolio segments, financing receivables modified as troubled debt restructurings are recognized as impaired and are individually evaluated for allowance for credit losses. In most cases, these financing receivables have already been considered impaired and individually evaluated for allowance for credit losses prior to the restructurings. However, as a result of the restructuring, the Company and its subsidiaries may recognize additional allowance for credit losses for the restructured receivables. For six months ended September 30, 2022, while there are financial assets for which the payments were deferred other than those in the troubled debt restructuring stated above due to the spread of COVID-19, The following table provides information about financing receivables modified as troubled debt restructurings within the previous 12 months from September 30, 2022 and for which there was a payment default during the six and three months ended September 30, 2022: Six months ended September 30, 2022 Millions of yen Portfolio segment Class Recorded investment Consumer borrowers ¥ 395 Card loans 7 Other 388 Corporate borrowers 1,671 Other than Non-recourse Commercial, industrial and other companies in overseas 1,671 Total ¥ 2,066 Three months ended September 30, 2022 Millions of yen Portfolio segment Class Recorded investment Consumer borrowers ¥ 208 Card loans 3 Other 205 Corporate borrowers 1,671 Other than Non-recourse Commercial, industrial and other companies in overseas 1,671 Total ¥ 1,879 The Company and its subsidiaries consider financing receivables whose terms have been modified in a restructuring as defaulted receivables when principal or interest is past-due In common with all portfolio segments, the Company and its subsidiaries suspend accruing interest and may recognize additional allowance for credit losses as necessary for the defaulted financing receivables. The following table provides information about modifications of financing receivables made to debtors experiencing financial difficulty that occurred during the six and three months ended September 30, 2023: Six months ended September 30, 2023 Millions of yen Portfolio segment Interest rate reduction Term extension Principal forgiveness Class Amortized % of total Amortized % of total Amortized % of total Consumer borrowers ¥ 245 0.0 ¥ 2,354 0.1 ¥ 45 0.0 Real estate loans 3 0.0 1 0.0 1 0.0 Card loans 222 0.1 1 0.0 41 0.0 Other 20 0.0 2,352 2.9 3 0.0 Corporate borrowers 0 0 862 0.1 58 0.0 Other than Non-recourse 0 0 862 0.1 58 0.0 Real estate companies in Japan 0 0 35 0.0 0 0 Commercial, industrial and other companies in Japan 0 0 542 0.2 0 0 Commercial, industrial and other companies in overseas 0 0 285 0.0 58 0.0 Net investment in leases 0 0 0 0 0 0.0 Overseas 0 0 0 0 0 0.0 Total ¥ 245 0.0 ¥ 3,216 0.1 ¥ 103 0.0 Six months ended September 30, 2023 Millions of yen Portfolio segment Combination - interest rate Combination - interest rate Combinat |
Investment in Securities
Investment in Securities | 6 Months Ended |
Sep. 30, 2023 | |
Investments Schedule [Abstract] | |
Investment in Securities | 8. Investment in Securities Investment in securities as of March 31, 2023 and September 30, 2023 consists of the following: Millions of yen March 31, 2023 September 30, 2023 Equity securities * ¥ 589,312 ¥ 751,872 Trading debt securities 2,179 2,259 Available-for-sale 2,234,608 2,318,317 Held-to-maturity 114,759 115,515 Total ¥ 2,940,858 ¥ 3,187,963 * The amount of assets under management of variable annuity and variable life insurance contracts included in equity securities were ¥151,445 million and ¥151,281 million as of March 31, 2023 and September 30, 2023, respectively. The amount of investment funds that are accounted for under the equity method included in equity securities were ¥90,993 million and ¥196,899 million as of March 31, 2023 and September 30, 2023, respectively. The amount of investment funds elected the fair value option included in equity securities were ¥16,032 million and ¥19,401 million as of March 31, 2023 and September 30, 2023, respectively. Gains and losses realized from the sale of equity securities and net unrealized holding gains (losses) on equity securities are included in gains on investment securities and dividends, life insurance premiums and related investment income, and write-downs of securities. For further information, see Note 17 “Income and Expenses Relating to Life Insurance Operations.” Net unrealized holding gains (losses) on equity securities held as of September 30, 2022 were losses of ¥15,645 million and ¥949 million for the six and three months ended September 30, 2022, respectively. Net unrealized holding gains (losses) on equity securities held as of September 30, 2023 were gains of ¥24,322 million and ¥1,178 million for the six and three months ended September 30, 2023, respectively, which did not include net unrealized holding gains (losses) on both investment funds above mentioned. Equity securities include non-marketable Millions of yen March 31, 2023 Six months ended Three months ended Carrying Accumulated Accumulated Impairments Upward Impairments Upward Equity securities measured using the measurement alternative ¥ 67,820 ¥ (14,062 ) ¥ 1,742 ¥ (368 ) ¥ 896 ¥ (278 ) ¥ 27 Millions of yen September 30, 2023 Six months ended Three months ended Carrying Accumulated Accumulated Impairments Upward Impairments Upward Equity securities measured using the measurement alternative ¥ 76,756 ¥ (14,126 ) ¥ 1,947 ¥ (90 ) ¥ 956 ¥ (3 ) ¥ 832 Gains and losses realized from the sale of trading debt securities and net unrealized holding gains (losses) on trading debt securities are included in gains on investment securities and dividends. Net unrealized holding gains (losses) on trading debt securities held as of September 30, 2022 were gains of ¥198 million and ¥104 million, respectively, for the six and three months ended September 30, 2022. Net unrealized holding gains (losses) on trading debt securities held as of September 30, 2023 were losses of ¥28 million and ¥23 million, respectively, for the six and three months ended September 30, 2023. Certain subsidiaries elected the fair value option for certain investments in investment funds included in equity securities whose net asset values do not represent the fair value of investments due to the illiquid nature of these investments. The subsidiaries manage these investments on a fair value basis and the election of the fair value option enables the subsidiaries to reflect more appropriate assumptions to measure the fair value of these investments. As of March 31, 2023 and September 30, 2023, these investments were fair valued at ¥16,032 million and ¥19,401 million, respectively. A certain subsidiary elected the fair value option for investments in foreign government bond securities included in available-for-sale A certain subsidiary elected the fair value option for investments in foreign corporate debt securities included in available-for-sale The amortized cost basis amounts, gross unrealized holding gains, gross unrealized holding losses and fair values of available-for-sale held-to-maturity March 31, 2023 Millions of yen Amortized cost Allowance Gross unrealized gains Gross unrealized losses Fair value Available-for-sale Japanese and foreign government bond securities ¥ 962,969 ¥ 0 ¥ 2,863 ¥ (164,537 ) ¥ 801,295 Japanese prefectural and foreign municipal bond securities 389,150 (144 ) 1,146 (20,906 ) 369,246 Corporate debt securities 851,525 0 6,270 (73,407 ) 784,388 CMBS and RMBS in the Americas 45,292 0 62 (2,181 ) 43,173 Other asset-backed securities and debt securities 239,922 0 5,735 (9,151 ) 236,506 2,488,858 (144 ) 16,076 (270,182 ) 2,234,608 Held-to-maturity Japanese government bond securities and other 114,759 0 14,919 0 129,678 ¥ 2,603,617 ¥ (144 ) ¥ 30,995 ¥ (270,182 ) ¥ 2,364,286 September 30, 2023 Millions of yen Amortized cost Allowance Gross unrealized gains Gross unrealized losses Fair value Available-for-sale Japanese and foreign government bond securities ¥ 1,073,621 ¥ 0 ¥ 962 ¥ (262,776 ) ¥ 811,807 Japanese prefectural and foreign municipal bond securities 404,890 (246 ) 390 (35,223 ) 369,811 Corporate debt securities 892,807 0 8,971 (98,969 ) 802,809 CMBS and RMBS in the Americas 70,307 0 198 (2,312 ) 68,193 Other asset-backed securities and debt securities 267,633 (222 ) 5,456 (7,170 ) 265,697 2,709,258 (468 ) 15,977 (406,450 ) 2,318,317 Held-to-maturity Japanese government bond securities and other 115,515 0 10,098 (1,493 ) 124,120 ¥ 2,824,773 ¥ (468 ) ¥ 26,075 ¥ (407,943 ) ¥ 2,442,437 The following table presents rollforwards of the allowance for credit losses for the six months ended September 30, 2022 and 2023, respectively: Millions of yen Six months ended September 30, 2022 Foreign municipal bond Japanese other asset- Total Beginning ¥ 132 ¥ 21 ¥ 153 Additional increases (decreases) to the allowance for credit losses on AFS debt securities that had an allowance recorded in a previous period, net 0 (5 ) (5 ) Increase (Decrease) from the effects of changes in foreign exchange rates 24 0 24 Ending ¥ 156 ¥ 16 ¥ 172 Millions of yen Six months ended September 30, 2023 Foreign municipal bond Foreign other asset- Total Beginning ¥ 144 ¥ 0 ¥ 144 Additions to the allowance for credit losses on available-for-sale debt securities for which credit losses were not previously recorded 80 212 292 Increase (Decrease) from the effects of changes in foreign exchange rates 22 10 32 Ending ¥ 246 ¥ 222 ¥ 468 The following table presents rollforwards of the allowance for credit losses for the three months ended September 30, 2022 and 2023, respectively: Millions of yen Three months ended September 30, 2022 Foreign municipal bond Japanese other asset- Total Beginning ¥ 147 ¥ 16 ¥ 163 Increase (Decrease) from the effects of changes in foreign exchange rates 9 0 9 Ending ¥ 156 ¥ 16 ¥ 172 Millions of yen Three months ended September 30, 2023 Foreign municipal bond Foreign other asset- Total Beginning ¥ 238 ¥ 216 ¥ 454 Increase (Decrease) from the effects of changes in foreign exchange rates 8 6 14 Ending ¥ 246 ¥ 222 ¥ 468 The following tables provide information about available-for-sale March 31, 2023 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 ¥ 2,588 ¥ (207 ) ¥ 662,897 ¥ (164,330 ) ¥ 665,485 ¥ (164,537 ) Japanese prefectural and foreign municipal bond securities 97,721 (1,508 ) 194,280 (19,542 ) 292,001 (21,050 ) Corporate debt securities 191,669 (6,570 ) 401,994 (66,837 ) 593,663 (73,407 ) CMBS and RMBS in the Americas 16,691 (672 ) 23,653 (1,509 ) 40,344 (2,181 ) Other asset-backed securities and debt securities 63,958 (2,300 ) 88,503 (6,851 ) 152,461 (9,151 ) ¥ 372,627 ¥ (11,257 ) ¥ 1,371,327 ¥ (259,069 ) ¥ 1,743,954 ¥ (270,326 ) September 30, 2023 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 ¥ 149,069 ¥ (13,479 ) ¥ 628,120 ¥ (249,297 ) ¥ 777,189 ¥ (262,776 ) Japanese prefectural and foreign municipal bond securities 107,381 (3,827 ) 231,641 (31,642 ) 339,022 (35,469 ) Corporate debt securities 158,052 (3,540 ) 475,625 (95,429 ) 633,677 (98,969 ) CMBS and RMBS in the Americas 7,409 (34 ) 35,761 (2,278 ) 43,170 (2,312 ) Other asset-backed securities and debt securities 2,856 (231 ) 145,796 (7,107 ) 148,652 (7,338 ) ¥ 424,767 ¥ (21,111 ) ¥ 1,516,943 ¥ (385,753 ) ¥ 1,941,710 ¥ (406,864 ) The following table provides information about available-for-sale March 31, 2023 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 ¥ 2,588 ¥ (207 ) ¥ 662,897 ¥ (164,330 ) ¥ 665,485 ¥ (164,537 ) Japanese prefectural and foreign municipal bond securities 97,721 (1,508 ) 190,805 (19,398 ) 288,526 (20,906 ) Corporate debt securities 191,669 (6,570 ) 401,994 (66,837 ) 593,663 (73,407 ) CMBS and RMBS in the Americas 16,691 (672 ) 23,653 (1,509 ) 40,344 (2,181 ) Other asset-backed securities and debt securities 63,958 (2,300 ) 88,503 (6,851 ) 152,461 (9,151 ) ¥ 372,627 ¥ (11,257 ) ¥ 1,367,852 ¥ (258,925 ) ¥ 1,740,479 ¥ (270,182 ) September 30, 2023 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 ¥ 149,069 ¥ (13,479 ) ¥ 628,120 ¥ (249,297 ) ¥ 777,189 ¥ (262,776 ) Japanese prefectural and foreign municipal bond securities 106,003 (3,743 ) 227,748 (31,480 ) 333,751 (35,223 ) Corporate debt securities 158,052 (3,540 ) 475,625 (95,429 ) 633,677 (98,969 ) CMBS and RMBS in the Americas 7,409 (34 ) 35,761 (2,278 ) 43,170 (2,312 ) Other asset-backed securities and debt securities 2,856 (231 ) 145,267 (6,939 ) 148,123 (7,170 ) ¥ 423,389 ¥ (21,027 ) ¥ 1,512,521 ¥ (385,423 ) ¥ 1,935,910 ¥ (406,450 ) The number of investment securities that were in an unrealized loss position as of March 31, 2023 and September 30, 2023 were 1,208 and 1,273, respectively. The gross unrealized losses on these debt securities are attributable to a number of factors including changes in interest rates, credit spreads and market trends. As of March 31, 2023 and September 30, 2023, the amount of accrued revenues on available-for-sale For available-for-sale non-credit written-off Reversals of credit losses related to available-for-sale available-for-sale available-for-sale Unrealized losses on available-for-sale available-for-sale There were no available-for-sale |
Transfer of Financial Assets
Transfer of Financial Assets | 6 Months Ended |
Sep. 30, 2023 | |
Transfers and Servicing [Abstract] | |
Transfer of Financial Assets | 9. Transfer of Financial Assets The Company and its subsidiaries have securitized and transferred financial assets such as installment loans (commercial mortgage loans, housing loans and other). In the securitization process, these financial assets are transferred to SPEs that issue beneficial interests of the securitization trusts and securities backed by the financial assets to investors. The cash flows collected from these assets transferred to the SPEs are then used to repay these asset-backed beneficial interests and securities. As the transferred assets are isolated from the Company and its subsidiaries, the investors and the SPEs have no recourse to other assets of the Company and its subsidiaries in cases where the debtors or the issuers of the transferred financial assets fail to perform under the original terms of those financial assets. The Company and its subsidiaries often have continuing involvement with transferred financial assets by retaining the servicing arrangements and the interests in the SPEs in the form of the beneficial interest of the securitization trusts. Those interests that continue to be held include interests in the transferred assets and are often subordinate to other tranche(s) of the securitization. Those beneficial interests that continue to be held by the Company and its subsidiaries are subject to credit risk, interest rate risk and prepayment risk on the securitized financial assets. With regards to these subordinated interests that the Company and its subsidiaries retain, they are subordinated to the senior investments and are exposed to different credit and prepayment risks, since they first absorb the risk of the decline in the cash flows from the financial assets transferred to the SPEs for defaults and prepayment of the transferred assets. If there is any excess cash remaining in the SPEs after payment to investors in the securitization of the contractual rate of returns, most of such excess cash is distributed to the Company and its subsidiaries for payments of the subordinated interests. SPEs used in securitization transactions have been consolidated if the Company and its subsidiaries are the primary beneficiary of the SPEs. When the Company and its subsidiaries have transferred financial assets to a transferee that is not subject to consolidation, the Company and its subsidiaries account for the transfer as a sale if control over the transferred assets is surrendered. For the six months ended September 30, 2022 and 2023, the amount of installment loans that has been derecognized due to new securitization and transfer of loans were ¥512,156 million and ¥471,119 million, respectively. For the six months ended September 30, 2022 and 2023, gains (losses) from the securitization and transfer of loans were ¥11,156 million and ¥9,215 million, respectively, which is included in finance revenues in the consolidated statements of income. For the three months ended September 30, 2022 and 2023, the amount of installment loans that has been derecognized due to new securitization and transfer of loans were ¥285,760 million and ¥256,753 million, respectively. For the three months ended September 30, 2022 and 2023, gains (losses) from the securitization and transfer of loans were ¥5,744 million and ¥4,613 million, respectively, which is included in finance revenues in the consolidated statements of income. A certain subsidiary originates and sells loans into the secondary market while retaining the obligation to service those loans. In addition, the subsidiary undertakes obligations to service loans originated by others. The servicing assets related to those servicing activities are included in other assets in the consolidated balance sheets and roll-forwards of the amount of the servicing assets for the six and three months ended September 30, 2022 and 2023 are as follows: Millions of yen Six months ended September 30, 2022 Six months ended September 30, 2023 Three months ended September 30, 2022 Three months ended September 30, 2023 Beginning balance ¥ 70,254 ¥ 72,265 ¥ 77,199 ¥ 78,392 Increase mainly from loans sold with servicing retained 5,426 4,788 2,546 2,336 Decrease mainly from amortization (8,146 ) (5,227 ) (4,079 ) (2,704 ) Increase from the effects of changes in foreign exchange rates 12,656 8,670 4,524 2,472 Ending balance ¥ 80,190 ¥ 80,496 ¥ 80,190 ¥ 80,496 The fair value of the servicing assets as of March 31, 2023 and September 30, 2023 are as follows: Millions of yen March 31, 2023 September 30, 2023 Beginning balance ¥ 83,732 ¥ 101,375 Ending balance ¥ 101,375 ¥ 114,501 |
Variable Interest Entities
Variable Interest Entities | 6 Months Ended |
Sep. 30, 2023 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Variable Interest Entities | 10. Variable Interest Entities The Company and its subsidiaries use SPEs in the ordinary course of business. These SPEs are not always controlled by voting rights, and there are cases where voting rights do not exist for these SPEs. The Company and its subsidiaries determine a variable interest entity (hereinafter, “VIE”) among those SPEs when (a) the total equity investment at risk is not sufficient to permit the entity to finance its activities without additional subordinated financial support provided by any parties, including the equity holders or (b) as a group, the holders of the equity investment at risk do not have (1) the ability to make decisions about an entity’s activities that most significantly impact the entity’s economic performance through voting rights or similar rights, (2) the obligation to absorb the expected losses of the entity or (3) the right to receive the expected residual returns of the entity. The Company and its subsidiaries perform a qualitative analysis to identify the primary beneficiary of VIEs. An enterprise that has both of the following characteristics is considered to be the primary beneficiary and therefore results in the consolidation of the VIE: • the power to direct the activities of a VIE that most significantly impact the entity’s economic performance; and • the obligation to absorb losses of the entity that could potentially be significant to the VIE or the right to receive benefits from the entity that could potentially be significant to the VIE. All facts and circumstances are taken into consideration when determining whether the Company and its subsidiaries have variable interests that would deem it the primary beneficiary and therefore require consolidation of the VIE. The Company and its subsidiaries make ongoing reassessment of whether they are the primary beneficiaries of a VIE. The following are the factors that the Company and its subsidiaries are considering in a qualitative assessment: • which activities most significantly impact the economic performance of the VIE and who has the power to direct such activities; • characteristics of the Company and its subsidiaries’ variable interest or interests and other involvements (including involvement of related parties and de facto agents); • involvement of other variable interest holders; and • the entity’s purpose and design, including the risks that the entity was designed to create and pass through to its variable interest holders. The Company and its subsidiaries generally consider the following types of involvement to be significant when determining the primary beneficiary: • designing the structuring of a transaction; • providing an equity investment and debt financing; • being the investment manager, asset manager or servicer and receiving variable fees; and • providing liquidity and other financial support. The Company and its subsidiaries do not have the power to direct activities of a VIE that most significantly impact the VIE’s economic performance if that power is shared among multiple unrelated parties, and accordingly do not consolidate such VIE. Information about VIEs (consolidated and non-consolidated) 1. Consolidated VIEs March 31, 2023 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 1,907 1 0 0 (c) VIEs for acquisition of real estate for the Company and its subsidiaries’ real estate-related business 55,456 13,060 15,596 0 (d) VIEs for corporate rehabilitation support business 664 7 0 0 (e) VIEs for investment in securities 180,569 399 0 62,340 (f) VIEs for securitizing financial assets such as finance lease receivable and loan receivable 224,949 155,706 224,949 0 (g) VIEs for securitization of loan receivable originated by third parties 548 1,106 548 0 (h) VIEs for power generation projects 258,396 164,813 187,892 38,099 (i) Other VIEs 168,574 63,864 137,481 0 Total ¥ 891,063 ¥ 398,956 ¥ 566,466 ¥ 100,439 September 30, 2023 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 1,838 1 0 0 (c) VIEs for acquisition of real estate for the Company and its subsidiaries’ real estate-related business 51,898 10,797 15,807 0 (d) VIEs for corporate rehabilitation support business 629 5 0 0 (e) VIEs for investment in securities 212,497 119 0 74,846 (f) VIEs for securitizing financial assets such as finance lease receivable and loan receivable 210,438 161,681 210,438 0 (g) VIEs for securitization of loan receivable originated by third parties 523 1,036 523 0 (h) VIEs for power generation projects 246,629 158,116 189,744 38,099 (i) Other VIEs 208,467 86,653 176,128 0 Total ¥ 932,919 ¥ 418,408 ¥ 592,640 ¥ 112,945 *1 The assets of most VIEs are used only to repay the liabilities of the VIEs, and the creditors of the liabilities of most VIEs have no recourse to other assets of the Company and its subsidiaries. *2 The assets are pledged as collateral by VIE for financing of the VIE. *3 This item represents remaining balance of commitments that could require the Company and its subsidiaries to provide investments or loans to the VIE. 2. Non-consolidated March 31, 2023 Millions of yen Carrying amount of the variable interests in Maximum exposure to loss * Types of VIEs Total assets Non-recourse Investments (a) VIEs for liquidating customer assets ¥ 8,247 ¥ 0 ¥ 991 ¥ 991 (b) VIEs for acquisition of real estate and real estate development projects for customers 648,468 10,721 8,805 20,526 (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 10,887,430 0 98,742 173,314 (f) VIEs for securitizing financial assets such as finance lease receivable and loan receivable 0 0 0 0 (g) VIEs for securitization of loan receivable originated by third parties 901,544 0 10,475 10,475 (h) VIEs for power generation projects 16,138 0 3,691 4,491 (i) Other VIEs 1,726,717 3,333 28,835 43,405 Total ¥ 14,188,544 ¥ 14,054 ¥ 151,539 ¥ 253,202 September 30, 2023 Millions of yen Carrying amount of the variable interests in the Company and its subsidiaries Maximum exposure to loss * Types of VIEs Total assets Non-recourse Investments (a) VIEs for liquidating customer assets ¥ 8,225 ¥ 0 ¥ 991 ¥ 991 (b) VIEs for acquisition of real estate and real estate development projects for customers 890,013 18,201 9,434 28,765 (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 15,008,420 0 217,074 309,082 (f) VIEs for securitizing financial assets such as finance lease receivable and loan receivable 0 0 0 0 (g) VIEs for securitization of loan receivable originated by third parties 1,225,527 0 10,958 10,958 (h) VIEs for power generation projects 15,872 0 2,436 4,486 (i) Other VIEs 2,116,606 3,733 35,185 55,548 Total ¥ 19,264,663 ¥ 21,934 ¥ 276,078 ¥ 409,830 * Maximum exposure to loss includes remaining balance of commitments that could require the Company and its subsidiaries to provide investments or loans to the VIE. (a) VIEs for liquidating customer assets The Company and its subsidiaries may use VIEs in structuring financing for customers to liquidate specific customer assets. The VIEs are typically used to provide a structure that is bankruptcy remote with respect to the customer and the use of VIE structure is requested by such customer. Such VIEs typically acquire assets to be liquidated from the customer, borrow non-recourse non-recourse With respect to variable interests of non-consolidated non-recourse (b) VIEs for acquisition of real estate and real estate development projects for customers Customers and the Company and its subsidiaries are involved with VIEs formed to acquire real estate and/or develop real estate projects. In each case, a customer establishes and makes an equity investment in a VIE that is designed to be bankruptcy remote from the customer. The VIEs acquire real estate and/or develop real estate projects. The Company and its subsidiaries provide non-recourse In the Company’s consolidated balance sheets, assets of consolidated VIEs are mainly included in cash and cash equivalents and investment in affiliates. With respect to variable interests of non-consolidated non-recourse non-consolidated (c) VIEs for acquisition of real estate for the Company and its subsidiaries’ real estate-related business The Company and its subsidiaries establish VIEs and acquire real estate to borrow non-recourse The Company and its subsidiaries consolidate such VIEs even though the Company and its subsidiaries may not have voting rights if substantially all of such VIEs’ subordinated interests are issued to the Company and its subsidiaries, and therefore the VIEs are controlled by and for the benefit of the Company and its subsidiaries. In the Company’s consolidated balance sheets, assets of the consolidated VIEs are mainly included in cash and cash equivalents, restricted cash, investment in operating leases, investment in securities, property under facility operations and other assets, and liabilities of those consolidated VIEs are mainly included in short-term debt, long-term debt and other liabilities. (d) VIEs for corporate rehabilitation support business Financial institutions, the Company and its subsidiaries are involved with VIEs established for the corporate rehabilitation support business. VIEs receive the funds from investors including the financial institutions, the Company and the subsidiary, and purchase loan receivables due from borrowers which have financial problems, but are deemed to have the potential to recover in the future. The servicing operations for the VIEs are conducted by the subsidiary. The Company and its subsidiaries consolidated such VIEs since the Company and its subsidiaries have the majority of the investment share of such VIEs, and have the power to direct the activities of the VIEs that most significantly impact the entities’ economic performance through the servicing operations. In the Company’s consolidated balance sheets, assets of the consolidated VIEs are mainly included in installment loans, and liabilities of those consolidated VIEs are mainly included in other liabilities. (e) VIEs for investment in securities The Company and its subsidiaries have interests in VIEs that are investment funds and mainly invest in equity and debt securities. Such VIEs are managed by certain subsidiaries or fund management companies that are independent of the Company and its subsidiaries. Certain subsidiaries consolidated certain such VIEs since the subsidiaries have the majority of the investment share of them, and have the power to direct the activities of those VIEs that most significantly impact the entities’ economic performance through involvement with the design of the VIEs or other means. In the Company’s consolidated balance sheets, assets of the consolidated VIEs are mainly included in investment in securities and investment in affiliates, and liabilities of those consolidated VIEs are mainly included in other liabilities. The Company and certain subsidiaries have commitment agreements by which the Company and the subsidiaries may be required to make additional investment or execute loans in certain such consolidated VIEs. Variable interests of non-consolidated non-consolidated (f) VIEs for securitizing financial assets such as finance lease receivable and loan receivable The Company and its subsidiaries use VIEs to securitize financial assets such as loan receivables. In the securitization process, these financial assets are transferred to SPEs, and the SPEs issue beneficial interests or securities backed by the transferred financial assets to investors. After the securitization, the Company and its subsidiaries continue to hold a subordinated part of the securities and act as a servicer. The Company and its subsidiaries consolidated such VIEs since the Company and its subsidiaries have the power to direct the activities that most significantly impact the entity’s economic performance by designing the securitization scheme and conducting servicing activities, and have a responsibility to absorb losses of the VIEs that could potentially be significant to the entities by retaining the subordinated part of the securities. In the Company’s consolidated balance sheets, assets of the consolidated VIEs are mainly included in restricted cash and installment loans, and liabilities of those consolidated VIEs are mainly included in long-term debt. Variable interests of non-consolidated (g) VIEs for securitization of loan receivable originated by third parties The Company and its subsidiaries invest in CMBS, RMBS and other asset-backed securities originated by third parties. In some cases of such securitization, certain subsidiaries hold the subordinated portion and the subsidiaries act as a special-servicer of the securitization transaction. As the special servicer, the subsidiaries have rights to dispose of real estate collateral related to the securitized commercial mortgage loans. The subsidiaries consolidate certain of these VIEs when the subsidiaries have the power to direct the activities of the VIEs that most significantly impact the entities’ economic performance through its role as special-servicer, including the right to dispose of the collateral, and have a responsibility to absorb losses of the VIEs that could potentially be significant to the entities by holding the subordinated part of the securities. In the Company’s consolidated balance sheets, assets of the consolidated VIEs are mainly included in installment loans, and liabilities of those consolidated VIEs are mainly included in long-term debt. Variable interests of non-consolidated (h) VIEs for power generation projects The Company and its subsidiaries may use VIEs in power generation projects. VIEs receive the funds from the Company and its subsidiaries, construct solar power stations and coal-biomass co-fired In the Company’s consolidated balance sheets, assets of the consolidated VIEs are mainly included in cash and cash equivalents, restricted cash, property under facility operations and other assets, and liabilities of those consolidated VIEs are mainly included in long-term debt, and other liabilities. The Company and certain subsidiaries have commitment agreements by which the Company and the subsidiaries may be required to make additional investment or execute loans in certain such consolidated VIEs. Variable interests of non-consolidated non-consolidated (i) Other VIEs The Company and its subsidiaries are involved with other types of VIEs for various purposes. Consolidated and non-consolidated In Japan, certain subsidiaries provide investment products to their customers that employ a contractual mechanism known as a kumiai, which in part result in the subsidiaries forming a type of SPEs. As a way to finance the purchase of aircraft or other large-ticket items to be leased to third parties, the Company and its subsidiaries arrange and market kumiai products to investors, who invest a portion of the funds necessary into the kumiai structure. The remainder of the purchase funds is borrowed by the kumiai structure in the form of a non-recourse The Company may use VIEs for financing. The Company transfers its own held assets to SPEs, which borrow non-recourse In the Company’s consolidated balance sheets, assets of the consolidated VIEs are mainly included in investment in operating leases, investment in affiliates, office facilities and other assets, and liabilities of those consolidated VIEs are mainly included in long-term debt and other liabilities. With respect to variable interests of non-consolidated non-recourse non-consolidated |
Investment in Affiliates
Investment in Affiliates | 6 Months Ended |
Sep. 30, 2023 | |
Investments in and Advances to Affiliates [Abstract] | |
Investment in Affiliates | 11. Investment in Affiliates Investment in affiliates at March 31, 2023 and September 30, 2023 consists of the following: Millions of yen March 31, 2023 September 30, 2023 Shares* ¥ 973,929 ¥ 1,079,983 Loans and others 26,775 29,270 ¥ 1,000,704 ¥ 1,109,253 * There were certain investees measured at fair value by electing the fair value option, primarily to reduce volatility in the equity in net income (loss) of the investees arising from the difference in the measurement basis of their assets and liabilities. The shares in these investees amounted to million as of March 31, 2023 and September 30, 2023, respectively. |
Redeemable Noncontrolling Inter
Redeemable Noncontrolling Interests | 6 Months Ended |
Sep. 30, 2023 | |
Noncontrolling Interest [Abstract] | |
Redeemable Noncontrolling Interests | 12. Redeemable Noncontrolling Interests Changes in redeemable noncontrolling interests for the six months ended September 30, 2022 and 2023 are as follows: Millions of yen Six months ended September 30, 2022 Six months ended September 30, 2023 Beginning balance ¥ 0 ¥ 945 Transaction with noncontrolling interests 865 834 Comprehensive income Net income 12 38 Other comprehensive income (losses) Net unrealized gains (losses) on investment in debt securities 0 (1 ) Net change of foreign currency translation adjustments 88 163 Total other comprehensive income 88 162 Comprehensive income 100 200 Dividends 0 (136 ) Ending balance ¥ 965 ¥ 1,843 |
Accumulated Other Comprehensive
Accumulated Other Comprehensive Income (Loss) | 6 Months Ended |
Sep. 30, 2023 | |
Equity [Abstract] | |
Accumulated Other Comprehensive Income (Loss) | 13. Accumulated Other Comprehensive Income (Loss) Changes in each component of accumulated other comprehensive income (loss) attributable to ORIX Corporation Shareholders for the six months ended September 30, 2022 and 2023, are as follows: Six months ended September 30, 2022 Millions of yen Net unrealized gains (losses) on investment in securities Impact of Debt Defined benefit pension Foreign currency translation adjustments Net unrealized gains (losses) on derivative instruments Accumulated other comprehensive income (loss) Balance at March 31, 2022 ¥ (72,892 ) ¥ 37,535 ¥ 221 ¥ (8,072 ) ¥ 61,914 ¥ 2,788 ¥ 21,494 Net unrealized gains (losses) on investment in (142,995 ) (142,995 ) Reclassification adjustment included in (872 ) (872 ) Impact of changes in policy liability discount (61,736) 159,366 159,366 Debt valuation adjustments, net of tax of 66 66 Reclassification adjustment included in (6 ) (6 ) Defined benefit pension plans, net of tax of (225 ) (225 ) Reclassification adjustment included in (91 ) (91 ) Foreign currency translation adjustments, net 184,993 184,993 Reclassification adjustment included in 102 102 Net unrealized gains (losses) on derivative 17,082 17,082 Reclassification adjustment included in 1,449 1,449 Total other comprehensive income (loss) (143,867 ) 159,366 60 (316 ) 185,095 18,531 218,869 Less: Other Comprehensive Income 0 0 0 2 7,886 1,472 9,360 Less: Other Comprehensive Income 0 0 0 0 88 0 88 Balance at September 30, 2022 * ¥ (216,759 ) ¥ 196,901 ¥ 281 ¥ (8,390 ) ¥ 239,035 ¥ 19,847 ¥ 230,915 *1 As of March 31, 2022, the amount of i i *2 As of September 30, 2022, there were no net unrealized gains (losses) on investment in securities related to available-for-sale Six months ended September 30, 2023 Millions of yen Net unrealized gains (losses) on investment in securities Impact of Debt Defined benefit pension Foreign currency translation adjustments Net unrealized gains (losses) on derivative instruments Accumulated other comprehensive income (loss) Balance at March 31, 2023 *1 ¥ (183,034 ) ¥ 164,516 ¥ 275 ¥ (3,617 ) ¥ 155,912 ¥ 22,083 ¥156,135 Net unrealized gains (losses) on investment in securities, net of tax of ¥35,524 million (96,984 ) (96,984 ) Reclassification adjustment included in net income, net of tax of ¥1,211 million (3,428 ) (3,428 ) Impact of changes in policy liability discount rate, net of tax of ¥(38,745) million 110,576 110,576 Debt valuation adjustments, net of tax of ¥43 million (114 ) (114 ) Reclassification adjustment included in net income, net of tax of ¥3 million (9 ) (9 ) Defined benefit pension plans, net of tax of ¥(19) million 51 51 Reclassification adjustment included in net income, net of tax of ¥52 million (140 ) (140 ) Foreign currency translation adjustments, net of tax of ¥22,732 million 158,400 158,400 Reclassification adjustment included in net income, net of tax of ¥(2,328) million 5,183 5,183 Net unrealized gains (losses) on derivative instruments, net of tax of ¥(2,072) million 6,623 6,623 Reclassification adjustment included in net income, net of tax of ¥1,289 million (4,215 ) (4,215 ) Total other comprehensive income (loss) (100,412 ) 110,576 (123 ) (89 ) 163,583 2,408 175,943 Transaction with noncontrolling interests 0 0 0 0 11 (176 ) (165 ) Less: Other Comprehensive Income (loss) Attributable to the Noncontrolling Interests 0 0 0 0 5,191 (140 ) 5,051 Less: Other Comprehensive Income Attributable to the Redeemable Noncontrolling Interests (1 ) 0 0 0 163 0 162 Balance at September 30, 2023 *2 ¥ (283,445 ) ¥ 275,092 ¥ 152 ¥ (3,706) ¥ 314,152 ¥ 24,455 ¥326,700 *1 As of March 31, 2023, the amount of i i *2 As of September 30, 2023, net unrealized gains (losses) on investment in securities contained ¥(128) million (net of tax of ¥21 million ) of net unrealized gains (losses) on investment in securities related to available-for-sale Changes in each component of accumulated other comprehensive income (loss) attributable to ORIX Corporation Shareholders for the three months ended September 30, 2022 and 2023, are as follows: Three months ended September 30, 2022 Millions of yen Net unrealized gains (losses) on investment in securities Impact of Debt Defined benefit pension Foreign currency translation adjustments Net unrealized gains (losses) on derivative instruments Accumulated other comprehensive income (loss) Balance at June 30, 2022 *1 ¥ (154,265 ) ¥ 114,386 ¥ 205 ¥ (8,239 ) ¥ 169,590 ¥ 12,986 ¥ 134,663 Net unrealized gains (losses) on investment in (62,396 ) (62,396 ) Reclassification adjustment included in net income, net of tax of ¥10 million (98 ) (98 ) Impact of changes in policy liability discount rate, net of tax of ¥(31,968) million 82,515 82,515 Debt valuation adjustments, net of tax of ¥(31) million 80 80 Reclassification adjustment included in net income, net of tax of ¥1 million (4 ) (4 ) Defined benefit pension plans, net of tax of ¥45 million (105 ) (105 ) Reclassification adjustment included in net income, net of tax of ¥17 million (46 ) (46 ) Foreign currency translation adjustments, net of tax of ¥3,827 million 70,964 70,964 Reclassification adjustment included in net income, net of tax of ¥(3) million 12 12 Net unrealized gains (losses) on derivative instruments, net of tax of ¥(3,069) million 8,763 8,763 Reclassification adjustment included in net income, net of tax of ¥399 million (1,163 ) (1,163 ) Total other comprehensive income (loss) (62,494 ) 82,515 76 (151 ) 70,976 7,600 98,522 Less: Other Comprehensive Income Attributable to the Noncontrolling Interests 0 0 0 0 1,481 739 2,220 Less: Other Comprehensive Income Attributable to the Redeemable Noncontrolling Interests 0 0 0 0 50 0 50 Balance at September 30, 2022 *2 ¥ (216,759 ) ¥ 196,901 ¥ 281 ¥ (8,390 ) ¥ 239,035 ¥ 19,847 ¥ 230,915 *1 As of June 30, 2022, the amount of i i *2 As of September 30, 2022, there were no net unrealized gains (losses) on investment in securities related to available-for-sale Three months ended September 30, 2023 Millions of yen Net unrealized Impact of Debt Defined benefit pension Foreign currency translation adjustments Net unrealized gains (losses) on derivative instruments Accumulated Balance at June 30, 2023 ¥ (184,174 ) ¥ 169,035 ¥ 231 ¥ (3,471 ) ¥ 251,172 ¥ 20,124 ¥ 252,917 Net unrealized gains (losses) on investment in securities, net of tax of ¥36,198 million (98,165 ) (98,165 ) Reclassification adjustment included in net income, net of tax of ¥353 million (1,097 ) (1,097 ) Impact of changes in policy liability discount rate, net of tax of ¥(36,613) million 106,057 106,057 Debt valuation adjustments, net of tax of ¥30 million (75 ) (75 ) Reclassification adjustment included in net income, net of tax of ¥0 million (4 ) (4 ) Defined benefit pension plans, net of tax of ¥59 million (171 ) (171 ) Reclassification adjustment included in net income, net of tax of ¥25 million (65 ) (65 ) Foreign currency translation adjustments, net of tax of ¥39 million 62,008 62,008 Reclassification adjustment included in net income, net of tax of ¥(1,014) million 2,257 2,257 Net unrealized gains (losses) on derivative instruments, net of tax of ¥93 million 3,783 3,783 Reclassification adjustment included in net income, net of tax of ¥(169) million 611 611 Total other comprehensive income (loss) (99,262 ) 106,057 (79 ) (236 ) 64,265 4,394 75,139 Less: Other Comprehensive Income (loss) Attributable to the Noncontrolling Interests 0 0 0 (1 ) 1,230 63 1,292 Less: Other Comprehensive Income Attributable to the Redeemable Noncontrolling Interests 9 0 0 0 55 0 64 Balance at September 30, 2023 * ¥ (283,445 ) ¥ 275,092 ¥ 152 ¥ (3,706 ) ¥ 314,152 ¥ 24,455 ¥ 326,700 * As of September 30, 2023, net unrealized gains (losses) on investment in securities contained ¥(128) million (net of tax of ¥21 million ) of net unrealized gains (losses) on investment in securities related to available-for-sale Amounts reclassified to net income from accumulated other comprehensive income (loss) in the six months ended September 30, 2022 and 2023 are as follows: Six months ended September 30, 2022 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 ¥ 17 Gains on investment securities and dividends Sales of debt securities 811 Life insurance premiums and related investment income Amortization of debt securities 162 Finance revenues Amortization of debt securities 174 Life insurance premiums and related investment income 1,164 Total before income tax (292 ) Income tax (expense) or benefit ¥ 872 Net of tax Debt valuation adjustments Fulfillment of policy liabilities and amortization of policy account balances ¥ 8 Life insurance costs 8 Total before income tax (2 ) Income tax (expense) or benefit ¥ 6 Net of tax Defined benefit pension plans Amortization of prior service credit ¥ 170 See Note 16 “Pension Plans” Amortization of net actuarial loss (45 ) See Note 16 “Pension Plans” Amortization of transition obligation (1 ) See Note 16 “Pension Plans” 124 Total before income tax (33 ) Income tax (expense) or benefit ¥ 91 Net of tax Foreign currency translation adjustments Foreign exchange contracts ¥ (1,653 ) Gains on sales of subsidiaries and affiliates and liquidation losses, net/Interest expense/Other (income) and expense Sales or liquidation 1,539 Gains on sales of subsidiaries and affiliates and liquidation losses, net (114 ) Total before income tax 12 Income tax (expense) or benefit ¥ (102 ) Net of tax Net unrealized gains (losses) on derivative instruments Interest rate swap agreements ¥ (157 ) Interest expense Foreign exchange contracts (164 ) Interest expense/Other (income) and expense Foreign currency swap agreements (1,564 ) Interest expense/Other (income) and expense (1,885 ) Total before income tax 436 Income tax (expense) or benefit ¥ (1,449 ) Net of tax Six months ended September 30, 2023 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 ¥ 131 Gains on investment securities and dividends Sales of debt securities 2,305 Life insurance premiums and related investment income Amortization of debt securities 313 Finance revenues Amortization of debt securities 1,890 Life insurance premiums and related investment income 4,639 Total before income tax (1,211 ) Income tax (expense) or benefit ¥ 3,428 Net of tax Debt valuation adjustments Fulfillment of policy liabilities and amortization of policy account balances ¥ 12 Life insurance costs 12 Total before income tax (3 ) Income tax (expense) or benefit ¥ 9 Net of tax Defined benefit pension plans Amortization of prior service credit ¥ 225 See Note 16 “Pension Plans” Amortization of net actuarial loss (32 ) See Note 16 “Pension Plans” Amortization of transition obligation (1 ) See Note 16 “Pension Plans” 192 Total before income tax (52 ) Income tax (expense) or benefit ¥ 140 Net of tax Foreign currency translation adjustments Foreign exchange contracts ¥ (7,636 ) Gains on sales of subsidiaries and affiliates and liquidation Sales or liquidation 125 Gains on sales of subsidiaries and affiliates and liquidation (7,511 ) Total before income tax 2,328 Income tax (expense) or benefit ¥ (5,183 ) Net of tax Net unrealized gains (losses) on derivative instruments Interest rate swap agreements ¥ (30 ) Interest expense Foreign currency swap agreements 5,534 Interest expense/Other (income) and expense 5,504 Total before income tax (1,289 ) Income tax (expense) or benefit ¥4,215 Net of tax Amounts reclassified to net income from accumulated other comprehensive income (loss) in the three months ended September 30, 2022 and 2023 are as follows: Three months ended September 30, 2022 Details about accumulated other comprehensive income components Reclassification net income Millions of yen Consolidated statements of income caption Net unrealized gains (losses) on investment in securities Sales of debt securities ¥ 1 Gains on investment securities and dividends Sales of debt securities (143 ) Life insurance premiums and related investment income Amortization of debt securities 50 Finance revenues Amortization of debt securities 200 Life insurance premiums and related investment income 108 Total before income tax (10 ) Income tax (expense) or benefit ¥ 98 Net of tax Debt valuation adjustments Fulfillment of policy liabilities and amortization of policy account balances ¥ 5 Life insurance costs 5 Total before income tax (1 ) Income tax (expense) or benefit ¥ 4 Net of tax Defined benefit pension plans Amortization of prior service credit ¥ 86 See Note 16 “Pension Plans” Amortization of net actuarial loss (22 ) See Note 16 “Pension Plans” Amortization of transition obligation (1 ) See Note 16 “Pension Plans” 63 Total before income tax (17 ) Income tax (expense) or benefit ¥ 46 Net of tax Foreign currency translation adjustments Foreign exchange contracts ¥ (1,171 ) Gains on sales of subsidiaries and affiliates and liquidation Sales or liquidation 1,156 Gains on sales of subsidiaries and affiliates and liquidation (15 ) Total before income tax 3 Income tax (expense) or benefit ¥ (12 ) Net of tax Net unrealized gains (losses) on derivative instruments Interest rate swap agreements ¥ 63 Interest expense Foreign exchange contracts (84 ) Interest expense/Other (income) and expense Foreign currency swap agreements 1,583 Interest expense/Other (income) and expense 1,562 Total before income tax (399 ) Income tax (expense) or benefit ¥ 1,163 Net of tax Three months ended September 30, 2023 Details about accumulated other comprehensive income components Reclassification net income Millions of yen Consolidated statements of income caption Net unrealized gains (losses) on investment in securities Sales of debt securities ¥ 42 Gains on investment securities and dividends Sales of debt securities 269 Life insurance premiums and related investment income Amortization of debt securities 110 Finance revenues Amortization of debt securities 1,029 Life insurance premiums and related investment income 1,450 Total before income tax (353 ) Income tax (expense) or benefit ¥ 1,097 Net of tax Debt valuation adjustments Fulfillment of policy liabilities and amortization of policy account balances ¥ 4 Life insurance costs 4 Total before income tax 0 Income tax (expense) or benefit ¥ 4 Net of tax Defined benefit pension plans Amortization of prior service credit ¥ 111 See Note 16 “Pension Plans” Amortization of net actuarial loss (20 ) See Note 16 “Pension Plans” Amortization of transition obligation (1 ) See Note 16 “Pension Plans” 90 Total before income tax (25 ) Income tax (expense) or benefit ¥ 65 Net of tax Foreign currency translation adjustments Foreign exchange contracts ¥ (3,316 ) Interest expense Sales or liquidation ¥ 45 Gains on sales of subsidiaries and affiliates and liquidation (3,271 ) Total before income tax 1,014 Income tax (expense) or benefit ¥ (2,257 ) Net of tax Net unrealized gains (losses) on derivative instruments Interest rate swap agreements ¥ 7 Interest expense Foreign currency swap agreements (787 ) Interest expense/Other (income) and expense (780 ) Total before income tax 169 Income tax (expense) or benefit ¥ (611 ) Net of tax |
ORIX Corporation Shareholders'
ORIX Corporation Shareholders' Equity | 6 Months Ended |
Sep. 30, 2023 | |
Stockholders' Equity Note [Abstract] | |
ORIX Corporation Shareholders' Equity | 14. ORIX Corporation Shareholders’ Equity Information about ORIX Corporation Shareholders’ Equity for the six months ended September 30, 2022 and 2023 are as follows: (1) Dividend payments Six months ended September 30, 2022 Six months ended September 30, 2023 Resolution The board of directors on May 18, 2022 The board of directors on May 17, 2023 Type of shares Common stock Common stock Total dividends paid ¥55,704 million ¥50,209 million Dividend per share ¥46.60 ¥42.80 Date of record for dividend March 31, 2022 March 31, 2023 Effective date for dividend June 3, 2022 June 5, 2023 Dividend resource Retained earnings Retained earnings Total dividends paid by resolution of the board of directors on May 18, 2022 include ¥91 million of dividends paid to the Board Incentive Plan Trust for the six months ended September 30, 2022. Total dividends paid by resolution of the board of directors on May 17, 2023 include ¥120 million of dividends paid to the Board Incentive Plan Trust for the six months ended September 30, 2023. (2) Applicable dividends for which the date of record was in the six months ended September 30, 2022 and 2023, and for which the effective date was after September 30, 2022 and 2023 Six months ended September 30, 2022 Six months ended September 30, 2023 Resolution The board of directors on November 7, 2022 The board of directors on November 1, 2023 Type of shares Common stock Common stock Total dividends paid ¥50,586 million ¥49,691 million Dividend per share ¥42.80 ¥42.80 Date of record for dividend September 30, 2022 September 30, 2023 Effective date for dividend December 6, 2022 December 7, 2023 Dividend resource Retained earnings Retained earnings Total dividends to be paid by resolution of the board of directors on November 7, 2022 include ¥122 million of dividends to be paid to the Board Incentive Plan Trust for the six months ended September 30, 2022. Total dividends to be paid by resolution of the board of directors on November 1 |
Selling, General and Administra
Selling, General and Administrative Expenses | 6 Months Ended |
Sep. 30, 2023 | |
Text Block [Abstract] | |
Selling, General and Administrative Expenses | 15. Selling, General and Administrative Expenses Selling, general and administrative expenses for the six months ended September 30, 2022 and 2023 are as follows: Millions of yen Six months ended September 30, 2022 Six months ended September 30, 2023 Personnel expenses ¥ 154,100 ¥ 171,183 Selling expenses 41,251 50,807 Administrative expenses 68,253 75,881 Depreciation of office facilities 4,350 4,394 Total ¥ 267,954 ¥ 302,265 Selling, general and administrative expenses for the three months ended September 30, 2022 and 2023 are as follows: Millions of yen Three months ended September 30, 2022 Three months ended September 30, 2023 Personnel expenses ¥ 77,513 ¥ 84,762 Selling expenses 21,725 28,281 Administrative expenses 34,456 40,167 Depreciation of office facilities 2,178 2,269 Total ¥ 135,872 ¥ 155,479 |
Pension Plans
Pension Plans | 6 Months Ended |
Sep. 30, 2023 | |
Retirement Benefits [Abstract] | |
Pension Plans | 16. Pension Plans The Company and certain subsidiaries have contributory and non-contributory lump-sum The Company and certain subsidiaries’ funding policy is to contribute annually the amounts actuarially determined. Assets of the plans are invested primarily in debt securities and marketable equity securities. Net periodic pension cost for the six months ended September 30, 2022 and 2023 consists of the following: Millions of yen Six months ended September 30, 2022 Six months ended September 30, 2023 Japanese plans: Service cost ¥ 2,825 ¥ 2,760 Interest cost 347 601 Expected return on plan assets (1,362 ) (1,352 ) Amortization of prior service credit (13 ) (42 ) Amortization of net actuarial loss 38 31 Net periodic pension cost ¥ 1,835 ¥ 1,998 Millions of yen Six months ended September 30, 2022 Six months ended September 30, 2023 Overseas plans: Service cost ¥ 1,813 ¥ 1,436 Interest cost 1,010 1,470 Expected return on plan assets (2,348 ) (3,101 ) Amortization of prior service credit (157 ) (183 ) Amortization of net actuarial loss 7 1 Amortization of transition obligation 1 1 Net periodic pension cost ¥ 326 ¥ (376 ) Note: Net periodic pension cost is charged in personnel expenses, which is included in selling, general and administrative expenses in the consolidated statements of income. Net periodic pension cost for the three months ended September 30, 2022 and 2023 consists of the following: Millions of yen Three months ended September 30, 2022 Three months ended September 30, 2023 Japanese plans: Service cost ¥ 1,413 ¥ 1,389 Interest cost 174 301 Expected return on plan assets (681 ) (677 ) Amortization of prior service credit (7 ) (21 ) Amortization of net actuarial loss 19 20 Net periodic pension cost ¥ 918 ¥ 1,012 Millions of yen Three months ended September 30, 2022 Three months ended September 30, 2023 Overseas plans: Service cost ¥ 908 ¥ 711 Interest cost 508 582 Expected return on plan assets (1,180 ) (1,594 ) Amortization of prior service credit (79 ) (90 ) Amortization of net actuarial loss 3 0 Amortization of transition obligation 1 1 Net periodic pension cost ¥ 161 ¥ (390 ) Note: Net periodic pension cost is charged in personnel expenses, which is included in selling, general and administrative expenses in the consolidated statements of income. |
Income and Expenses Relating to
Income and Expenses Relating to Life Insurance Operations | 6 Months Ended |
Sep. 30, 2023 | |
Insurance [Abstract] | |
Income and Expenses Relating to Life Insurance Operations | 17. Income and Expenses Relating to Life Insurance Operations Life insurance premiums and related investment income for the six and three months ended September 30, 2022 and 2023 consist of the following: Millions of yen Six months ended September 30, 2022 Six months ended September 30, 2023 Life insurance premiums ¥ 220,762 ¥ 222,783 Life insurance related investment income* 42,449 62,955 ¥ 263,211 ¥ * Life insurance related investment income for the six months ended September 30, 2022 and 2023 include net unrealized holding a loss of ¥9,465 million and a gain of ¥18,115 million on equity securities held as of September 30, 2022 and 2023, respectively. Millions of yen Three months ended September 30, 2022 Three months ended September 30, 2023 Life insurance premiums ¥ 117,752 ¥ 117,474 Life insurance related investment income* 19,182 15,746 ¥ 136,934 ¥ * Life insurance related investment income for the three months ended September 30, 2022 and 2023 include net unrealized holding a loss of ¥1,222 million and a gain of ¥55 million on equity securities held as of September 30, 2022 and 2023, respectively. Life insurance premiums include reinsurance benefits, net of reinsurance premiums. For the six and three months ended September 30, 2022 and 2023, reinsurance benefits and reinsurance premiums included in life insurance premiums are as follows: Millions of yen Six months ended September 30, 2022 Six months ended September 30, 2023 Reinsurance benefits ¥ 657 ¥ Reinsurance premiums (2,390 ) (2,373 ) Millions of yen Three months ended September 30, 2022 Three months ended September 30, 2023 Reinsurance benefits ¥ 344 ¥ 666 Reinsurance premiums (1,199 ) (1,203 ) Life insurance premiums and related investment income include net realized and unrealized gains or losses from investment assets under management on behalf of variable annuity and variable life policyholders, and net gains or losses from derivative contracts, which consist of gains or losses from futures and foreign exchange contracts, entered to economically hedge a portion of the minimum guarantee risk relating to variable annuity and variable life insurance contracts. In addition, the fair value option was elected for the entire variable annuity and variable life insurance contracts to offset earnings recognized for gains or losses from the investment assets managed on behalf of variable annuity and variable life policyholders, derivative contracts and the changes in the fair value of reinsurance contracts. Life insurance costs include the net amount of the changes in fair value of the variable annuity and variable life insurance contracts for which the fair value option was elected and insurance costs recognized for insurance and annuity payouts as a result of insured events. Certain subsidiaries have elected the fair value option for certain reinsurance contracts to partially offset the changes in fair value recognized in earnings of the policy liabilities and policy account balances attributable to the changes in the minimum guarantee risks of the variable annuity and variable life insurance contracts, and the changes in the fair value of the reinsurance contracts were recorded in life insurance costs. The portion of the total change in the fair value of variable annuity and variable life insurance contracts that results from a change in the instrument-specific credit risk is recognized in other comprehensive income (loss), net of applicable income taxes. The above mentioned gains or losses relating to variable annuity and variable life insurance contracts for the six and three months ended September 30, 2022 and 2023 are mainly as follows: Millions of yen Six months ended September 30, 2022 Six months ended September 30, 2023 Life insurance premiums and related investment income : Net realized and unrealized gains or losses from investment assets ¥ (11,820 ) ¥ 15,512 Net gains or losses from derivative contracts : 252 (1,971 ) Futures 852 (1,557 ) Foreign exchange contracts (600 ) (414 ) Life insurance costs : Changes in the fair value of the policy liabilities and policy account balances ¥ (28,645 ) ¥ (3,727 ) Insurance costs recognized for insurance and annuity payouts as a result of insured events 16,966 13,848 Changes in the fair value of the reinsurance contracts (488 ) 1,006 Millions of yen Three months ended September 30, 2022 Three months ended September 30, 2023 Life insurance premiums and related investment income : Net realized and unrealized gains or losses from investment assets ¥ (1,259 ) ¥ (1,590 ) Net gains or losses from derivative contracts : (1 ) (242 ) Futures 173 (150 ) Foreign exchange contracts (174 ) (92 ) Life insurance costs : Changes in the fair value of the policy liabilities and policy account balances ¥ (10,508 ) ¥ (10,501 ) Insurance costs recognized for insurance and annuity payouts as a result of insured events 8,304 7,473 Changes in the fair value of the reinsurance contracts 30 206 |
Long-Duration Insurance Contrac
Long-Duration Insurance Contracts Relating to Life Insurance Operations | 6 Months Ended |
Sep. 30, 2023 | |
Insurance [Abstract] | |
Long-Duration Insurance Contracts Relating to Life Insurance Operations | 18. Long-Duration The Company and its subsidiaries adopted the modified retrospective transition approach to the liability for future policy benefits and deferred policy acquisition costs based on the balance as of April 1, 2021, the transition date, in accordance with Accounting Standards Update 2018-12 The following table presents the effect on the liability for future policy benefits (including deferred profit liabilities) as of the transition date, using the modified retrospective transition approach. Millions of yen Yen-denominated (First Sector) Yen-denominated (Third Sector) Foreign currency Total Balance at March 31, 2021 ¥ 610,877 ¥ 493,558 ¥ 48,259 ¥ 1,152,694 Effect of change in discount rates* 22,686 52,967 (46,716 ) 28,937 Balance at April 1, 2021 ¥ 633,563 ¥ 546,525 ¥ 1,543 ¥ 1,181,631 * The impact on the liability for future policy benefits is due to the difference in the discount rates used before and after the adoption of LDTI. The following tables present balances of and changes in the liability for future policy benefits as of and for the fiscal year ended March 31, 2022. Millions of yen March 31, 2022 Present value of expected net premiums Yen-denominated (First Sector) Yen-denominated (Third Sector) Foreign currency Balance at April 1, 2021 ¥ 909,868 ¥ 1,377,265 ¥ 366,081 Beginning balance at original discount rate 843,892 1,261,182 355,835 Effect of changes in cash flow assumptions 21,353 28,690 662 Effect of actual variances from expected experience 2,351 1,414 (209 ) Adjusted beginning balance 867,596 1,291,286 356,288 Issuances 82,105 86,304 77,532 Interests 12,490 19,412 9,263 Net premium earned (96,605 ) (114,874 ) (49,290 ) Actual variances from cash flow assumptions (299 ) (652 ) (8 ) Derecognition 7,285 3,901 2,610 Effect of changes in foreign exchange rate 0 0 41,684 Ending balance at original discount rate 872,572 1,285,377 438,079 Effect of changes in discount rates 54,338 95,576 (15,326 ) Balance at March 31, 2022 ¥ 926,910 ¥ 1,380,953 ¥ 422,753 Millions of yen March 31, 2022 Present value of expected future policy benefits Yen-denominated (First Sector) Yen-denominated (Third Sector) Foreign currency Balance at April 1, 2021 ¥ 1,526,258 ¥ 1,877,906 ¥ 366,081 Beginning balance at original discount rate 1,437,596 1,708,857 402,552 Effect of changes in cash flow assumptions 22,525 29,515 626 Adjusted beginning balance 1,460,121 1,738,372 403,178 Issuances 82,105 86,304 77,532 Interests 23,867 27,677 11,125 Insurance claims paid (42,897 ) (65,052 ) (1,631 ) Actual variances from cash flow assumptions (12,698 ) (6,083 ) (329 ) Derecognition 24,520 12,773 2,533 Effect of changes in foreign exchange rate 0 0 51,096 Ending balance at original discount rate 1,535,018 1,793,991 543,504 Effect of changes in discount rates 56,250 128,012 (106,040 ) Balance at March 31, 2022 ¥ 1,591,268 ¥ 1,922,003 ¥ 437,464 Net liability for future policy benefits ¥ 664,358 ¥ 541,050 ¥ 14,711 Deferred profit liabilities 26,173 54,801 7,573 Subtotal 690,531 595,851 22,284 Less: Reinsurance recoverable 210 0 0 The liability for future policy benefits, after reinsurance recoverable ¥ 690,321 ¥ 595,851 ¥ 22,284 The following table provides the breakdown of the policy liabilities and policy account balances recorded in the consolidated balance sheets as of March 31, 2022: Millions of yen March 31, 2022 Yen-denominated ¥ 690,321 Yen-denominated 595,851 Foreign currency denominated insurance 22,284 Subtotal 1,308,456 Policy account balances for variable annuity and variable life insurance contracts and market risk benefits 198,905 Fixed annuities and annuitization benefits 193,322 Others* 212,015 Total ¥ 1,912,698 * Others include unearned premiums and liabilities for unpaid claims. The following tables present balances of and changes in the liability for future policy benefits as of and for the fiscal year ended March 31, 2023 and for the six months ended September 30, 2023. Millions of yen March 31, 2023 September 30, 2023 Present value of expected net premiums Yen-denominated (First Sector) Yen-denominated (Third Sector) Foreign Yen-denominated (First Sector) Yen-denominated (Third Sector) Foreign Beginning balance ¥ 926,910 ¥ 1,380,953 ¥ 422,753 ¥ 894,537 ¥ 1,389,063 ¥ 374,951 Beginning balance at original discount rate 872,573 1,285,377 438,079 865,333 1,338,398 409,847 Effect of changes in cash flow assumptions 125 48,389 (6,975 ) 0 0 0 Effect of actual variances from expected experience 2,495 22,851 (1,957 ) 0 0 0 Adjusted beginning balance 875,193 1,356,617 429,147 865,333 1,338,398 409,847 Issuances 76,519 83,982 22,660 30,127 28,481 22,366 Interests 11,715 18,762 10,966 5,513 9,360 5,782 Net premium earned (101,554 ) (117,670 ) (60,198 ) (46,315 ) (59,561 ) (33,580 ) Actual variances from cash flow assumptions (385 ) (710 ) (1,274 ) (237 ) (439 ) (656 ) Derecognition 3,845 (2,583 ) (33,441 ) 3,091 (1,957 ) (14,744 ) Effect of changes in foreign exchange rate 0 0 41,987 0 0 49,340 Ending balance at original discount rate 865,333 1,338,398 409,847 857,512 1,314,282 438,355 Effect of changes in discount rates 29,204 50,665 (34,896 ) 12,008 13,733 (50,253 ) Ending balance ¥ 894,537 ¥ 1,389,063 ¥ 374,951 ¥ 869,520 ¥ 1,328,015 ¥ 388,102 Millions of yen March 31, 2023 September 30, 2023 Present value of expected future policy Yen-denominated (First Sector) Yen-denominated (Third Sector) Foreign Yen-denominated (First Sector) Yen-denominated (Third Sector) Foreign Beginning balance ¥ 1,591,268 ¥ 1,922,003 ¥ 437,464 ¥ 1,571,886 ¥ 1,918,462 ¥ 387,073 Beginning balance at original discount rate 1,535,018 1,793,991 543,504 1,598,009 1,887,744 573,616 Effect of changes in cash flow assumptions 1,506 53,098 (6,296 ) 0 0 0 Adjusted beginning balance 1,536,524 1,847,089 537,208 1,598,009 1,887,744 573,616 Issuances 76,519 83,982 22,660 30,127 28,481 22,366 Interests 24,023 27,839 14,552 11,996 14,123 8,163 Insurance claims paid (45,075 ) (96,364 ) (13,370 ) (24,340 ) (35,369 ) (7,666 ) Actual variances from cash flow assumptions (12,376 ) 20,178 9,002 (7,436 ) (3,485 ) 4,416 Derecognition 18,394 5,020 (47,189 ) 10,943 1,328 (21,716 ) Effect of changes in foreign exchange rate 0 0 50,753 0 0 70,615 Ending balance rate 1,598,009 1,887,744 573,616 1,619,299 1,892,822 649,794 Effect of changes in discount rates (26,123 ) 30,718 (186,543 ) (94,265 ) (53,678 ) (252,809 ) Ending balance ¥ 1,571,886 ¥ 1,918,462 ¥ 387,073 ¥ 1,525,034 ¥ 1,839,144 ¥ 396,985 Net liability for future policy benefits ¥ 677,349 ¥ 529,399 ¥ 12,122 ¥ 655,514 ¥ 511,129 ¥ 8,883 Deferred profit liabilities 35,770 61,668 15,578 39,815 66,255 22,595 Subtotal 713,119 591,067 27,700 695,329 577,384 31,478 Less: Reinsurance recoverable 215 0 0 132 0 0 The liability for future policy benefits, after reinsurance recoverable ¥ 712,904 ¥ 591,067 ¥ 27,700 ¥ 695,197 ¥ 577,384 ¥ 31,478 The following tables provide the breakdown of the policy liabilities and policy account balances recorded in the consolidated balance sheets as of March 31, 2023 and September 30, 2023: Millions of yen March 31, 2023 September 30, 2023 Yen-denominated ¥ 712,904 ¥ 695,197 Yen-denominated 591,067 577,384 Foreign currency denominated insurance 27,700 31,478 Subtotal 1,331,671 1,304,059 Policy account balances for variable annuity and variable life insurance contracts and market risk benefits 163,734 160,177 Fixed annuities and annuitization benefits 158,952 149,544 Others* 177,700 169,294 Total ¥ 1,832,057 ¥ 1,783,074 * Others include unearned premiums and liabilities for unpaid claims. The amount of undiscounted and discounted expected future gross premiums and expected future policy benefits and expenses as of March 31, 2023 and September 30, 2023 are as follows: Millions of yen March 31, 2023 September 30, 2023 Undiscounted Discounted Undiscounted Discounted Yen-denominated Expected future gross premiums ¥ 1,538,107 ¥ 1,429,503 ¥ 1,522,501 ¥ 1,389,250 Expected future policy benefits and expenses 2,291,205 1,571,887 2,316,478 1,525,033 Yen-denominated Expected future gross premiums 2,695,239 2,388,386 2,649,324 2,287,047 Expected future policy benefits and expenses 2,578,630 1,918,462 2,582,806 1,839,144 Foreign currency denominated insurance Expected future gross premiums 626,411 492,588 687,445 519,357 Expected future policy benefits and expenses 1,097,567 387,073 1,262,953 396,985 For the fiscal year ended March 31, 2023 and the six months ended September 30, 2023, the effects of net premium exceeding gross premiums in certain cohorts are immaterial in earnings for the respective periods. The amounts of gross premiums and interest expense recognized in the consolidated statement of income for the six and three months ended September 30, 2022 and 2023 are as follows: Millions of yen Six months ended Six months ended September 30, 2023 Gross premiums Interest expense Gross premiums Interest expense Yen-denominated ¥ 73,383 ¥ 6,047 ¥ 74,702 ¥ 6,484 Yen-denominated 103,314 4,465 102,734 4,763 Foreign currency denominated insurance 43,473 1,624 44,288 2,381 Total ¥ 220,170 ¥ 12,136 ¥ 221,724 ¥ 13,628 Millions of yen Three months ended Three months ended September 30, 2023 Gross premiums Interest expense Gross premiums Interest expense Yen-denominated ¥ 37,775 ¥ 3,049 ¥ 38,306 ¥ 3,263 Yen-denominated 51,906 2,258 51,362 2,406 Foreign currency denominated insurance 27,763 882 27,251 1,267 Total ¥ 117,444 ¥ 6,189 ¥ 116,919 ¥ 6,936 The weighted average discount rates for the liability for future policy benefits as of March 31, 2023 and September 30, 2023 are as follows: Weighted average rate March 31, 2023 September 30, 2023 Yen-denominated Weighted average of the original discount rates 1.6 % 1.6 % Weighted average of the current discount rates 1.9 2.1 Yen-denominated Weighted average of the original discount rates 1.7 1.7 Weighted average of the current discount rates 1.8 2.0 Foreign currency denominated insurance Weighted average of the original discount rates 2.9 3.0 Weighted average of the current discount rates 5.2 6.0 The weighted average duration of the liability for future policy benefit as of March 31, 2023 and September 30, 2023 are as follows: Years March 31, 2023 September 30, 2023 Yen-denominated 37.9 37.1 Yen-denominated 36.8 35.8 Foreign currency denominated insurance 40.7 38.6 Assumptions for calculating the liability for future policy benefits include assumptions related to mortality, morbidity, lapse rates and discount rates. The Company and its subsidiaries recognized actual variances from expected experience and updated the assumptions during the fiscal year ended March 31, 2023 as follows. For the six months ended September 30, 2023, the Company and its subsidiaries continued to use the same assumptions. • Yen-denominated The Company and its subsidiaries reviewed actual experience during the fiscal year ended March 31, 2023. As a result, the Company and its subsidiaries updated expected mortality and lapse rates due to the lower-than-expected mortality and lapse rates. • Yen-denominated The Company and its subsidiaries reviewed actual experience during the fiscal year ended March 31, 2023. As a result, the Company and its subsidiaries updated expected mortality and lapse rates due to the higher-than-expected mortality and the lower-than-expected lapse rate. The actual morbidity was higher than expected due to the impact of a significant amount of hospitalization benefits for deemed hospitalization caused by COVID-19. COVID-19 • Foreign currency denominated insurance The Company and its subsidiaries reviewed actual experience during the fiscal year ended March 31, 2023. As a result, the Company and its subsidiaries updated expected mortality and lapse rates due to lower-than-expected mortality and higher-than-expected lapse rate. The market data underlying the discount rate was updated quarterly for both the fiscal year ended March 31, 2023 and for the six months ended September 30, 2023. For the effect of the changes in assumptions on expected net premiums and expected future policy benefits, see “Effect of changes in cash flow assumptions” and “Effect of changes in discount rates” in the tables that represent balances of and changes in the liability for future policy benefits. The following tables present balances of and changes in the deferred policy acquisition costs as of and for the fiscal year ended March 31, 2023 and for the six months ended September 30, 2023: Millions of yen March 31, 2023 September 30, 2023 Yen-denominated (First Sector) Yen-denominated (Third Sector) Foreign Total Yen-denominated (First Sector) Yen-denominated (Third Sector) Foreign Total Beginning balance ¥ 74,676 ¥ 159,041 ¥ 35,243 ¥ 268,960 ¥ 77,957 ¥ 166,696 ¥ 42,726 ¥ 287,379 Capitalization 8,682 16,795 5,725 31,202 3,937 7,065 3,567 14,569 Amortization (5,401 ) (9,140 ) (1,779 ) (16,320 ) (2,917 ) (4,971 ) (1,091 ) (8,979 ) Effect of changes in foreign exchange rate 0 0 3,537 3,537 0 0 5,440 5,440 Ending balance ¥ 77,957 ¥ 166,696 ¥ 42,726 ¥ 287,379 ¥ 78,977 ¥ 168,790 ¥ 50,642 ¥ 298,409 Deferred policy acquisition costs are amortized over the expected term of the policies on a constant-level basis. The assumptions used for the amortization of deferred policy acquisition costs are consistent with the assumptions for the liability for future policy benefits. The underlying assumptions for deferred policy acquisition costs and the liability for future policy benefits are updated at the same time. In addition, deferred policy acquisition costs are included in other assets in the consolidated balance sheets. The following table presents policyholder account balances for fixed annuity and annuitization benefits by range of minimum guaranteed interest rates as of March 31, 2023 and September 30, 2023. Millions of yen March 31, 2023 September 30, 2023 Range of minimum guaranteed interest rates Minimum guarantees Minimum guarantees 0.00% – less than 1.50% ¥ 152,259 ¥ 142,567 1.50% – less than 2.50% 6,644 6,977 2.50% or more 49 0 Total ¥ 158,952 ¥ 149,544 There are no contracts with interest rates that exceed the minimum guaranteed interest rates. The following table provides information about fixed annuity and annuitization benefits for the fiscal year ended March 31, 2023 and for the six months ended September 30, 2023. Millions of yen March 31, 2023 September 30, 2023 Beginning balance ¥ 193,322 ¥ 158,952 Transfer in 17,223 5,540 Surrenders and partial surrenders (58 ) (25 ) Benefit payments and lump sum payments, etc. (50,956 ) (15,142 ) Policy charges (262 ) (113 ) Transfer out (409 ) (188 ) Interests 1,209 532 Others (1,117 ) (12 ) Ending balance ¥ 158,952 ¥ 149,544 March 31, 2023 September 30, 2023 Weighted average guaranteed interest rate (%) 0.7 0.7 Benefits in excess of policyholder account balances (Millions of yen) ¥ 1 ¥ 1 Cash surrender value (Millions of yen) 152,578 143,335 The following table provides information about policy account balances for variable annuity and variable life insurance contracts and market risk benefits as of and for the fiscal year ended March 31, 2023, and for the six months ended September 30, 2023: Millions of yen March 31, 2023 September 30, 2023 Beginning balance ¥ 198,905 ¥ 163,734 Effect of changes other than through net income and other comprehensive income (28,754 ) (13,848 ) Surrenders and withdrawals (4,083 ) (4,125 ) Transfer in (14,093 ) (4,257 ) Benefit payments (10,762 ) (5,435 ) Others 184 (31 ) Changes through net income (6,343 ) 10,121 Effect of changes in fair value of corresponding investment assets (2,347 ) 15,531 Fee income (3,938 ) (1,893 ) Effect of changes in fair value of market risk benefits (58 ) (3,517 ) Changes through other comprehensive income (74 ) 170 Effect of changes in the instrument-specific credit risk (74 ) 170 Ending balance ¥ 163,734 ¥ 160,177 Millions of yen March 31, 2023 September 30, 2023 Policyholder account balances ¥ 157,399 ¥ 157,190 Market risk benefits 6,335 2,987 Total ¥ 163,734 ¥ 160,177 |
Write-Downs of Long-Lived Asset
Write-Downs of Long-Lived Assets | 6 Months Ended |
Sep. 30, 2023 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Write-Downs of Long-Lived Assets | 19. Write-Downs of Long-Lived Assets The Company and its subsidiaries perform tests for recoverability on long-lived assets classified as held and used for which events or changes in circumstances indicated that the assets might be impaired. The Company and its subsidiaries consider an asset’s carrying amount as not recoverable when such carrying amount exceeds the undiscounted future cash flows estimated to result from the use and eventual disposition of the asset. The net carrying amount of assets not recoverable is reduced to fair value if lower than the carrying amount. As of March 31, 2023 and September 30, 2023, the long-lived assets classified as held for sale in the accompanying consolidated balance sheets are as follows. Millions of yen As of March 31, 2023 As of September 30, 2023 Investment in operating leases ¥ 13,104 ¥ 7,262 Property under facility operations 10 439 Office facilities 55 0 The long-lived assets classified as held for sale as of March 31, 2023 are included in Corporate Financial Services and Maintenance Leasing segment, Real Estate segment, Environment and Energy segment, Aircraft and Ships segment and ORIX USA segment. The long-lived assets classified as held for sale as of September 30, 2023 are included in Corporate Financial Services and Maintenance Leasing segment, Real Estate segment, Environment and Energy segment, Aircraft and Ships segment and ORIX USA segment. The Company and its subsidiaries determine the fair value using appraisals prepared by independent third party appraisers or our own staff of qualified appraisers, and others For the six months ended September 30, 2022 and 2023, the Company and its subsidiaries recognized impairment losses for the difference between carrying amounts and fair values in the amount of ¥253 million and ¥538 million, respectively, which are reflected as write-downs of long-lived assets. Breakdowns of these amounts are as follows. Six months ended September 30, 2022 Six months ended September 30, 2023 Amount (Millions of yen) The number of Amount (Millions of yen) The number of Write-downs of the assets held for sale: Condominiums ¥ 0 0 ¥ 0 1 Others* 56 — 8 — Total ¥ 56 — ¥ 8 — Six months ended September 30, 2022 Six months ended September 30, 2023 Amount (Millions of yen) The number of Amount (Millions of yen) The number of Write-downs due to decline in estimated future cash flows: Commercial facilities other than office buildings ¥ 51 2 ¥ 439 2 Condominiums 3 3 1 1 Others* 143 — 90 — Total ¥ 197 — ¥ 530 — * For “Others,” the number of properties is omitted. Losses of ¥174 million in Real Estate segment, ¥39 million in PE Investment and Concession segment, ¥39 million in Environment and Energy segment and ¥1 million in Asia and Australia segment were recorded for the six months ended September 30, 2022. Losses of ¥36 million in Corporate Financial Services and Maintenance Leasing segment, ¥440 million in Real Estate segment, ¥34 million in PE Investment and Concession segment and ¥28 million in Environment and Energy segment were recorded for the six months ended September 30, 2023. For the three months ended September 30, 2022 and 2023, the Company and its subsidiaries recognized impairment losses for the difference between carrying amounts and fair values in the amount of ¥145 million and ¥452 million, respectively, which are reflected as write-downs of long-lived assets. Breakdowns of these amounts are as follows. Three months ended September 30, 2022 Three months ended September 30, 2023 Amount (Millions of yen) The number of Amount (Millions of yen) The number of Write-downs of the assets held for sale: Others* ¥ 0 — ¥ 8 — Total ¥ 0 — ¥ 8 — Three months ended September 30, 2022 Three months ended September 30, 2023 Amount (Millions of yen) The number of Amount (Millions of yen) The number of Write-downs due to decline in estimated future cash flows: Commercial facilities other than office buildings ¥ 51 2 ¥ 365 1 Condominiums 0 0 1 1 Others* 94 — 78 — Total ¥ 145 — ¥ 444 — * For “Others,” the number of properties is omitted. Losses of ¥106 million in Real Estate segment, ¥39 million in PE Investment and Concession segment were recorded for the three months ended September 30, 2022. Losses of ¥36 million in Corporate Financial Services and Maintenance Leasing segment, ¥366 million in Real Estate segment, ¥22 million in PE Investment and Concession segment and ¥28 million in Environment and Energy segment were recorded for the three months ended September 30, 2023. |
Per Share Data
Per Share Data | 6 Months Ended |
Sep. 30, 2023 | |
Earnings Per Share [Abstract] | |
Per Share Data | 20. Per Share Data Reconciliation of the differences between basic and diluted earnings per share (EPS) in the six and three months ended September 30, 2022 and 2023 is as follows: During the six and three months ended September 30, 2022 and 2023, there was no stock compensation which was antidilutive. Millions of yen Six months ended September 30, 2022 Six months ended September 30, 2023 Net Income attributable to ORIX Corporation shareholders ¥ 122,310 ¥ 128,100 Millions of yen Three months ended September 30, 2022 Three months ended September 30, 2023 Net Income attributable to ORIX Corporation shareholders ¥ 60,386 ¥ 65,134 Thousands of Shares Six months ended September 30, 2022 Six months ended September 30, 2023 Weighted-average shares 1,187,885 1,165,400 Effect of dilutive securities— Stock compensation 1,365 1,708 Weighted-average shares for diluted EPS computation 1,189,250 1,167,108 Thousands of Shares Three months ended September 30, 2022 Three months ended September 30, 2023 Weighted-average shares 1,184,070 1,162,068 Effect of dilutive securities— Stock compensation 1,498 1,875 Weighted-average shares for diluted EPS computation 1,185,568 1,163,943 Yen Six months ended September 30, 2022 Six months ended September 30, 2023 Earnings per share for net income attributable to ORIX Corporation shareholders: Basic ¥ 102.96 ¥ 109.92 Diluted 102.85 109.76 Yen Three months ended September 30, 2022 Three months ended September 30, 2023 Earnings per share for net income attributable to ORIX Corporation shareholders: Basic ¥ 51.00 ¥ 56.05 Diluted 50.93 55.96 Notes: 1 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. (2,215,068 and 2,800,866 shares for the six months ended September 30, 2022 and 2023, 2,403,907 and 2,800,866 shares for the three months ended September 30, 2022 and 2023) 2. LDTI standard has been adopted since April 1, 2023, with the transition date of April 1, 2021, using the modified retrospective transition approach. For further information, see Note 2 “Significant Accounting and Reporting Policies (z) New accounting pronouncements.” |
Derivative Financial Instrument
Derivative Financial Instruments and Hedging | 6 Months Ended |
Sep. 30, 2023 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Derivative Financial Instruments and Hedging | 21. Derivative Financial Instruments and Hedging Risk management policy The Company and its subsidiaries manage interest rate risk through asset-liability management (“ALM”). The Company and its subsidiaries use derivative financial instruments to hedge interest rate risk and avoid changes in interest rates that could have a significant adverse effect on the Company’s results of operations. As a result of interest rate changes, the fair value and/or cash flow of interest sensitive assets and liabilities will fluctuate. However, such fluctuation will generally be offset by using derivative financial instruments as hedging instruments. Derivative financial instruments that the Company and its subsidiaries use as part of the interest risk management include interest rate swaps. The Company and its subsidiaries utilize foreign currency borrowings, foreign exchange contracts and foreign currency swap agreements to hedge exchange rate risk that are associated with certain transactions and investments denominated in foreign currencies. Similarly, overseas subsidiaries generally structure their liabilities to match the currency-denomination of assets in each region. A certain subsidiary holds futures and foreign exchange contracts for the purpose of economic hedges against minimum guarantee risk of variable annuity and variable life insurance contracts. By using derivative instruments, the Company and its subsidiaries are exposed to credit risk in the event of nonperformance by counterparties. The Company and its subsidiaries attempt to manage the credit risk by carefully evaluating the content of transactions and the quality of counterparties in advance and regularly monitoring the amount of notional principal, fair value, type of transaction and other factors pertaining to each counterparty. The Company and its subsidiaries have no derivative instruments with credit-risk-related contingent features as of March 31, 2023 and September 30, 2023. (a) Cash flow hedges The Company and its subsidiaries designate interest rate swap agreements, foreign currency swap agreements and foreign exchange contracts as cash flow hedges for variability of cash flows originating from floating rate borrowings and forecasted transactions and for exchange fluctuations. (b) Fair value hedges The Company and its subsidiaries use financial instruments designated as fair value hedges to hedge their exposure to interest rate risk and foreign currency exchange risk. A certain subsidiary designates foreign exchange contracts to minimize foreign currency exposures on bonds in foreign currencies in the insurance business. The subsidiary also uses interest rate swap agreements to hedge interest rate exposure of the fair values of bonds in foreign currencies in the insurance business. (c) Hedges of net investment in foreign operations The Company and its subsidiaries use foreign exchange contracts and borrowings and bonds denominated in foreign currencies to hedge the foreign currency exposure of the net investment in overseas subsidiaries and affiliates. (d) Derivatives not designated as hedging instruments The Company and its subsidiaries entered into interest rate swap agreements, futures and foreign exchange contracts for risk management purposes which are not qualified for hedge accounting. A certain subsidiary holds futures and foreign exchange contracts for the purpose of economic hedges against minimum guarantee risk of variable annuity and variable life insurance contracts. The effect of derivative instruments on the consolidated statements of income, pre-tax, (1) Cash flow hedges Millions of yen Gains (losses) recognized in other comprehensive income on derivative Gains (losses) reclassified from other comprehensive income (loss) into income Interest expense Other (income) and expense Interest rate swap agreements ¥ 22,506 ¥ 157 ¥ 0 Foreign exchange contracts (172 ) 17 147 Foreign currency swap agreements (545 ) 302 1,262 (2) Fair value hedges Millions of yen Gains (losses) recognized in income on derivative and other Gains (losses) recognized in income on hedged item Life insurance premiums Other (income) and Life insurance premiums Other (income) and Interest rate swap agreements ¥ 3,173 ¥ 0 ¥ (3,058 ) ¥ 0 Foreign exchange contracts (78,667 ) (449 ) 78,817 399 (3) Hedges of net investment in foreign operations Millions of yen Gains (losses) recognized in other comprehensive income on derivative and others Gains (losses) reclassified from other comprehensive income (loss) into income Gains on sales of Interest expense Other (income) and Foreign exchange contracts ¥ (24,595 ) ¥ 51 ¥ 1,956 ¥ (252 ) Borrowings and bonds in foreign currencies (122,739 ) 0 0 0 (4) Derivatives not designated as hedging instruments Millions of yen Gains (losses) recognized in income on derivative Life insurance premiums and Interest expense Other (income) and Interest rate swap agreements ¥ 0 ¥ 3 ¥ (139 ) Futures 852 0 (4,105 ) Foreign exchange contracts 34,472 1,950 51,589 Credit derivatives written 0 0 4 Options held/written and other 0 0 (886 ) * 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 six months ended September 30, 2022 (see Note 17 “Income and Expenses Relating to Life Insurance Operations”). The effect of derivative instruments on the consolidated statements of income, pre-tax, (1) Cash flow hedges Millions of yen Gains (losses) recognized in other comprehensive income on derivative Gains (losses) reclassified from other comprehensive income (loss) into income Interest expense Other (income) and expense Interest rate swap agreements ¥ 4,011 ¥ 30 ¥ 0 Foreign exchange contracts 170 0 0 Foreign currency swap agreements 5,352 1,001 (6,535 ) Options held/written and other (838 ) 0 0 (2) Fair value hedges Millions of yen Gains (losses) recognized in income on derivative and other Gains (losses) recognized in income on hedged item Life insurance premiums Other (income) and Life insurance premiums Other (income) and Interest rate swap agreements ¥ 371 ¥ 0 ¥ (227 ) ¥ 11 Foreign exchange contracts (55,247 ) (101 ) 55,301 48 (3) Hedges of net investment in foreign operations Millions of yen Gains (losses) recognized in other comprehensive income on derivative and others Gains (losses) reclassified from other comprehensive income (loss) into income Gains on sales of Interest expense Foreign exchange contracts ¥ (30,436 ) ¥ (69 ) ¥ 7,567 Borrowings and bonds in foreign currencies (84,367 ) 0 0 (4) Derivatives not designated as hedging instruments Millions of yen Gains (losses) recognized in income on derivative Life insurance premiums and Interest expense Other (income) and Interest rate swap agreements ¥ 0 ¥ 2 ¥ (8 ) Futures (1,557 ) 0 (685 ) Foreign exchange contracts 30,067 1,513 5,077 Credit derivatives held/written 0 0 8 Options held/written and other 0 0 (878 ) * Futures and foreign exchange contracts in the above table include gains (losses) arising from futures and foreign exchange contracts to economically hedge the minimum guarantee risk of variable annuity and variable life insurance contracts for the six months ended September 30, 2023 (see Note 17 “Income and Expenses Relating to Life Insurance Operations”). The effect of derivative instruments on the consolidated statements of income, pre-tax, (1) Cash flow hedges Millions of yen Gains (losses) recognized in other comprehensive income on derivative Gains (losses) reclassified from other comprehensive income (loss) into income Interest expense Other (income) and expense Interest rate swap agreements ¥ 10,230 ¥ (63 ) ¥ 0 Foreign exchange contracts (186 ) (155 ) 239 Foreign currency swap agreements 1,788 180 (1,763 ) (2) Fair value hedges Millions of yen Gains (losses) recognized in income on derivative and other Gains (losses) recognized in income on hedged item Life insurance premiums Other (income) and Life insurance premiums Other (income) and Interest rate swap agreements ¥ 1,305 ¥ 0 ¥ (1,309 ) ¥ 0 Foreign exchange contracts (29,199 ) (314 ) 29,275 218 (3) Hedges of net investment in foreign operations Millions of yen Gains (losses) recognized in other comprehensive income on derivative and others Gains (losses) reclassified from other comprehensive income (loss) into income Gains on sales of Interest expense Foreign exchange contracts ¥ (2,042 ) ¥ (5 ) ¥ 1,166 Borrowings and bonds in foreign currencies (42,929 ) 0 0 (4) Derivatives not designated as hedging instruments Millions of yen Gains (losses) recognized in income on derivative Life insurance premiums and Interest expense Other (income) and Interest rate swap agreements ¥ 0 ¥ 2 ¥ (70 ) Futures 173 0 (1,424 ) Foreign exchange contracts 13,332 1,696 14,519 Credit derivatives written 0 0 4 Options held/written and other 0 0 (170 ) * 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, 2022 (see Note 17 “Income and Expenses Relating to Life Insurance Operations”). The effect of derivative instruments on the consolidated statements of income, pre-tax, (1) Cash flow hedges Millions of yen Gains (losses) recognized in other comprehensive income on derivative Gains (losses) reclassified from other comprehensive income (loss) into income Interest expense Other (income) and Interest rate swap agreements ¥ 5,389 ¥ (7 ) ¥ 0 Foreign exchange contracts (36 0 0 Foreign currency swap agreements (750 ) 604 183 Options held/written and other (913 ) 0 0 (2) Fair value hedges Millions of yen Gains (losses) recognized in income on derivative and other Gains (losses) recognized in income on hedged item Life insurance premiums Other (income) and Life insurance premiums Other (income) and Interest rate swap agreements ¥ 79 ¥ 0 ¥ (76 ) ¥ 11 Foreign exchange contracts (13,560 ) 52 13,603 (35 ) (3) Hedges of net investment in foreign operations Millions of yen Gains (losses) recognized in other comprehensive income on derivative and others Gains (losses) reclassified from other comprehensive income (loss) into income Gains on sales of Interest expense Foreign exchange contracts ¥ (5,159 ) ¥ 0 ¥ 3,316 Borrowings and bonds in foreign currencies (21,284 ) 0 0 (4) Derivatives not designated as hedging instruments Millions of yen Gains (losses) recognized in income on derivative Life insurance premiums and Interest expense Other (income) and Interest rate swap agreements ¥ 0 ¥ 1 ¥ (6 Futures (150 ) 0 (1,095 Foreign exchange contracts 10,595 106 (5,102 ) Options held/written and other 0 0 (345 * Futures and foreign exchange contracts in the above table include gains (losses) arising from futures and foreign exchange contracts to economically hedge the minimum guarantee risk of variable annuity and variable life insurance contracts for the three months ended September 30, 2023 (see Note 17 “Income and Expenses Relating to Life Insurance Operations”). The effect of the components excluded from the assessment of hedge effectiveness on the consolidated statements of income, pre-tax, Fair value hedges Millions of yen Gains (losses) recognized in income Life insurance premiums and related Interest expense Other (income) and expense Foreign exchange contracts ¥ (1,474 ) ¥ 14 ¥ 0 Options held/written and other 0 0 27 The effect of the components excluded from the assessment of hedge effectiveness on the consolidated statements of income, pre-tax, Fair value hedges Millions of yen Gains (losses) recognized in income Life insurance premiums and related Interest expense Other (income) and expense Foreign exchange contracts ¥ (2,155 ) ¥ 7 ¥ 0 Options held/written and other 0 0 14 The carrying amount of hedged assets and liabilities recognized in balance sheets in fair value hedges and the cumulative amount of fair value hedging adjustments included in the carrying amount (excluding the effect of changes in foreign exchange rates) at March 31, 2023 is as follows. Assets as hedged items in fair value hedges Liabilities as hedged items in fair value hedges Millions of yen Millions of yen Consolidated balance sheets location Carrying amount The cumulative Consolidated balance sheets location Carrying amount The cumulative Investment in Securities ¥ 470,204 ¥ (1,107 ) — ¥ 0 ¥ 0 Installment Loans 13,969 (1 ) — 0 0 The effect of the components excluded from the assessment of hedge effectiveness on the consolidated statements of income, pre-tax, Fair value hedges Millions of yen Gains (losses) recognized in income Life insurance premiums and related Interest expense Other (income) and expense Foreign exchange contracts ¥ (10,635 ) ¥ 17 ¥ 0 Options held/written and other 0 0 25 The effect of the components excluded from the assessment of hedge effectiveness on the consolidated statements of income, pre-tax, Fair value hedges Millions of yen Gains (losses) recognized in income Life insurance premiums and related Interest expense Other (income) and expense Foreign exchange contracts ¥ (6,578 ) ¥ 9 ¥ 0 Options held/written and other 0 0 10 The carrying amount of hedged assets and liabilities recognized in balance sheets in fair value hedges and the cumulative amount of fair value hedging adjustments included in the carrying amount (excluding the effect of changes in foreign exchange rates) at September 30, 2023 is as follows. Assets as hedged items in fair value hedges Liabilities as hedged items in fair value hedges Millions of yen Millions of yen Consolidated balance sheets location Carrying amount The cumulative Consolidated balance sheets location Carrying amount The cumulative Investment in Securities ¥ 506,514 ¥ (1,387 ) — ¥ 0 ¥ 0 Installment Loans 15,694 (1 ) — 0 0 Notional amounts of derivative instruments and other, fair values of derivative instruments and other before offsetting at March 31, 2023 and September 30, 2023 are as follows. March 31, 2023 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 ¥ 568,864 ¥ 22,798 Other Assets ¥ 3,311 Other Liabilities Options held/written and other 9,486 52 Other Assets 88 — Futures, foreign exchange contracts 933,988 2,735 Other Assets 26,217 Other Liabilities Foreign currency swap agreements 99,878 1,325 Other Assets 2,426 Other Liabilities Foreign currency long-term debt 748,396 0 — 0 — Derivatives not designated as hedging instruments: Interest rate swap agreements ¥ 464 ¥ 0 — ¥ 8 Other Liabilities Options held/written and other 632,211 30,435 Other Assets 28,335 Other Liabilities Futures, foreign exchange contracts * 788,361 15,050 Other Assets 10,978 Other Liabilities Credit derivatives held/written 1,098 3 Other Assets 3 Other Liabilities * The notional amounts of futures and foreign exchange contracts in the above table include futures contracts of ¥14,758 million and foreign exchange contracts of ¥5,554 million to economically hedge the minimum guarantee risk of variable annuity and variable life insurance contracts at March 31, 2023, respectively. Derivative assets in the above table include fair value of the futures and foreign exchange contracts before offsetting of ¥52 million and ¥12 million and derivative liabilities include fair value of the futures and foreign exchange contracts before offsetting of ¥200 million and ¥179 million at March 31, 2023, respectively. September 30, 2023 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 ¥ 603,623 ¥ 26,777 Other Assets ¥ 3,169 Other Liabilities Options held/written and other 14,541 44 Other Assets 886 Other Liabilities Futures, foreign exchange contracts 972,031 2,613 Other Assets 51,029 Other Liabilities Foreign currency swap agreements 107,406 491 Other Assets 6,831 Other Liabilities Foreign currency long-term debt 817,200 0 — 0 — Derivatives not designated as hedging instruments: Interest rate swap agreements ¥ 2,122 ¥ 165 Other Assets ¥ 8 Other Liabilities Options held/written and other 564,816 33,397 Other Assets 29,818 Other Liabilities Futures, foreign exchange contracts * 871,149 37,446 Other Assets 8,797 Other Liabilities Credit derivatives held/written 1,979 8 Other Assets 6 Other Liabilities * The notional amounts of futures and foreign exchange contracts in the above table include futures contracts of ¥10,229 million and foreign exchange contracts of ¥3,622 million to economically hedge the minimum guarantee risk of variable annuity and variable life insurance contracts at September 30, 2023, respectively. Derivative assets in the above table include fair value of the futures and foreign exchange contracts before offsetting of ¥144 million and ¥19 million and derivative liabilities include fair value of the futures and foreign exchange contracts before offsetting of ¥3 million and ¥168 million at September 30, 2023, respectively. The Company and its subsidiaries have contracted credit derivatives for the purpose of trading. Details of credit derivatives written as of March 31, 2023 and September 30, 2023 are as follows. March 31, 2023 Types of derivatives The events or circumstances to perform under the credit derivative Maximum potential Approximate of the credit derivative Fair value of the credit Millions of yen Millions of yen Credit default swap In case of credit event (bankruptcy, failure to pay, restructuring) occurring in underlying reference company * ¥ 1,000 Less than five years ¥ (3 ) * Underlying reference company’s credit ratings are A1 or better rated by rating agencies as of March 31, 2023. September 30, 2023 Types of derivatives The events or circumstances that would require the seller to perform under the credit derivative Maximum potential Approximate of the credit derivative Fair value of the credit Millions of yen Millions of yen Credit default swap In case of credit event (bankruptcy, failure to pay, restructuring) occurring in underlying reference company * ¥ 1,532 Less than six years ¥ (6 ) * Underlying reference company’s credit ratings are Baa3 or better rated by rating agencies as of September 30, 2023. |
Offsetting Assets and Liabiliti
Offsetting Assets and Liabilities | 6 Months Ended |
Sep. 30, 2023 | |
Text Block [Abstract] | |
Offsetting Assets and Liabilities | 22. Offsetting Assets and Liabilities The gross amounts recognized, gross amounts offset, and net amounts presented in the consolidated balance sheets regarding derivative assets and liabilities as of March 31, 2023 and September 30, 2023 are as follows. March 31, 2023 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 ¥ 72,398 ¥ (22,052 ) ¥ 50,346 ¥ 0 ¥ (4,973 ) ¥ 45,373 Total assets ¥ 72,398 ¥ (22,052 ) ¥ 50,346 ¥ 0 ¥ (4,973 ) ¥ 45,373 Derivative liabilities ¥ 71,366 ¥ (22,052 ) ¥ 49,314 ¥ (1,786 ) ¥ (509 ) ¥ 47,019 Total liabilities ¥ 71,366 ¥ (22,052 ) ¥ 49,314 ¥ (1,786 ) ¥ (509 ) ¥ 47,019 September 30, 2023 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 ¥ 100,941 ¥ (44,593 ) ¥ 56,348 ¥ 0 ¥ (2,107 ) ¥ 54,241 Total assets ¥ 100,941 ¥ (44,593 ) ¥ 56,348 ¥ 0 ¥ (2,107 ) ¥ 54,241 Derivative liabilities ¥ 100,544 ¥ (44,593 ) ¥ 55,951 ¥ (8,828 ) ¥ (3,167 ) ¥ 43,956 Total liabilities ¥ 100,544 ¥ (44,593 ) ¥ 55,951 ¥ (8,828 ) ¥ (3,167 ) ¥ 43,956 * The balances related to enforceable master netting agreements or similar agreements which were not offset in the consolidated balance sheets. |
Estimated Fair Value of Financi
Estimated Fair Value of Financial Instruments | 6 Months Ended |
Sep. 30, 2023 | |
Fair Value Disclosures [Abstract] | |
Estimated Fair Value of Financial Instruments | 23. Estimated Fair Value of Financial Instruments The following information is provided to help readers gain an understanding of the relationship between carrying amounts of financial instruments reported in the Company’s consolidated balance sheets and the related market or fair value. The disclosures do not include net investment in leases, investment in affiliates accounted for under the equity method, pension obligations and insurance contracts and reinsurance contracts except for those classified as investment contracts. March 31, 2023 Millions of yen Carrying amount Estimated fair value Level 1 Level 2 Level 3 Assets: Cash and cash equivalents ¥ 1,231,860 ¥ 1,231,860 ¥ 1,231,860 ¥ 0 ¥ 0 Restricted cash 135,048 135,048 135,048 0 0 Installment loans (net of allowance for credit losses) 3,829,431 3,807,987 0 128,249 3,679,738 Equity securities*1 379,236 379,236 105,646 133,027 140,563 Trading debt securities 2,179 2,179 0 2,179 0 Available-for-sale 2,234,608 2,234,608 4,334 1,986,672 243,602 Held-to-maturity 114,759 129,678 0 108,326 21,352 Certain investment in affiliates 2,511 2,511 0 0 2,511 Other Assets: Time deposits 4,374 4,374 0 4,374 0 Derivative assets*2 50,346 50,346 0 0 0 Reinsurance recoverables (Investment contracts) 5,301 5,009 0 0 5,009 Liabilities: Short-term debt ¥ 508,796 ¥ 508,796 ¥ 0 ¥ 508,796 ¥ 0 Deposits 2,086,340 2,087,035 0 2,087,035 0 Policy liabilities and Policy account balances (Investment contracts) 143,407 143,842 0 0 143,842 Long-term debt 5,209,723 5,164,112 0 1,667,119 3,496,993 Other Liabilities: Derivative liabilities 49,314 49,314 0 0 0 *1 The amount of ¥51,263 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.” September 30, 2023 Millions of yen Carrying amount Estimated fair value Level 1 Level 2 Level 3 Assets: Cash and cash equivalents ¥ 915,107 ¥ 915,107 ¥ 915,107 ¥ 0 ¥ 0 Restricted cash 139,123 139,123 139,123 0 0 Installment loans (net of allowance for credit losses) 3,895,424 3,877,262 0 136,985 3,740,277 Equity securities*1 410,199 410,199 116,421 133,647 160,131 Trading debt securities 2,259 2,259 0 2,259 0 Available-for-sale 2,318,317 2,318,317 5,282 2,030,880 282,155 Held-to-maturity 115,515 124,120 0 104,028 20,092 Certain investment in affiliates 5,003 5,003 0 0 5,003 Other Assets: Time deposits 4,600 4,600 0 4,600 0 Derivative assets*2 56,348 56,348 0 0 0 Reinsurance recoverables (Investment contracts) 4,943 4,566 0 0 4,566 Liabilities: Short-term debt ¥ 586,379 ¥ 586,379 ¥ 0 ¥ 586,379 ¥ 0 Deposits 2,051,992 2,052,118 0 2,052,118 0 Policy liabilities and Policy account balances (Investment contracts) 133,841 133,208 0 0 133,208 Long-term debt 5,448,244 5,388,098 0 1,815,990 3,572,108 Other Liabilities: Derivative liabilities 55,951 55,951 0 0 0 *1 The amount of ¥68,018 million of investment funds measured at net asset value per share is not included. *2 It represents the amount after offset under counterparty netting of derivative assets and liabilities. For the information of input level before netting, see Note 3 “Fair Value Measurements.” Input level of fair value measurement If active market prices are available, fair value measurement is based on quoted active market prices and classified as Level 1. If active market prices are not available, fair value measurement is based on observable inputs other than quoted prices included within Level 1 such as quoted market prices of similar assets and classified as Level 2. If market prices are not available and there are no observable inputs, then fair value is estimated by using valuation models including discounted cash flow methodologies, commonly used option-pricing models and broker quotes and classified as Level 3, as the valuation models and broker quotes are based on inputs that are unobservable in the market. |
Commitments, Guarantees and Con
Commitments, Guarantees and Contingent Liabilities | 6 Months Ended |
Sep. 30, 2023 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments, Guarantees and Contingent Liabilities | 24. Commitments, Guarantees and Contingent Liabilities Commitments Certain computer systems of the Company and certain subsidiaries have been operated and maintained under non-cancelable Millions of yen March 31, September 30, Within one year ¥ 5,846 ¥ 5,919 More than one year 8,353 8,511 Total ¥ 14,199 ¥ 14,430 The Company and certain subsidiaries have commitments to fund estimated construction costs and so forth to complete ongoing real estate development projects and other commitments, totaling ¥146,945 million and ¥119,923 million as of March 31, 2023 and September 30, 2023, respectively. The Company and certain subsidiaries have agreements to commit to execute loans for customers, and to invest in funds, as long as the agreed-upon terms are met. The total unused credit and capital amount available are ¥458,994 million and ¥493,570 million as of March 31, 2023 and September 30, 2023, respectively. Guarantees March 31, 2023 September 30, 2023 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 ¥ 479,406 ¥ 5,033 2029 ¥ 485,438 ¥ 4,729 2030 Transferred loans 436,069 2,185 2062 509,204 2,869 2062 Consumer loans 295,273 48,207 2034 301,470 49,420 2034 Real estate loans 18,193 2,031 2048 6,963 466 2048 Other 2,484 0 2036 13,481 1 2044 Total ¥ 1,231,425 ¥ 57,456 — ¥ 1,316,556 ¥ 57,485 — Guarantee of corporate loans: Payment or performance risk of the guarantees is considered based on the historical experience of credit events. There have been no significant changes in the payment or performance risk of the guarantees for the six months ended September 30, 2023. Guarantee of transferred loans: Under these programs, the subsidiary guarantees the performance of the loans transferred to Fannie Mae and Freddie Mac and has the payment or performance risk of the guarantees to absorb some of the losses when losses arise from the transferred loans. There were no significant changes in the payment or performance risk of these guarantees for the six months ended September 30, 2023. As of March 31, 2023 and September 30, 2023, the total outstanding principal amount of loans transferred under the Delegated Underwriting and Servicing program, for which the subsidiary guarantees to absorb some of the losses, were ¥2,175,722 million and ¥2,543,499 million, respectively. Guarantee of consumer loans: Payment or performance risk of the guarantees is considered based on the historical experience of credit events. There were no significant changes in the payment or performance risk of the guarantees for the six months ended September 30, 2023. Guarantee of real estate loans: Payment or performance risk of the guarantees is considered based on the historical experience of credit events. There were no significant changes in the payment or performance risk of the guarantees for the six months ended September 30, 2023. Other guarantees: Allowance for off-balance off-balance off-balance million, which was mainly due to the deterioration in macroeconomic forecasts in certain markets in the Americas compared with the previous year. Provision for credit losses in the consolidated statements of income for the three months ended September 30, 2022 included a reversal of million, which was mainly due to the deterioration in macroeconomic forecasts in certain markets in the Americas compared with the previous year. Contingencies— Collateral— Millions of yen March 31, 2023 September 30, 2023 Lease payments, loans and investment in operating leases ¥ 148,057 ¥ 170,355 Investment in securities 183,441 216,483 Property under facility operations 130,191 158,663 Other assets and other 110,159 131,602 Total ¥ 571,848 ¥ 677,103 As of March 31, 2023 and September 30, 2023, debt liabilities were secured by shares of subsidiaries, which were eliminated through consolidation adjustment, of ¥407,495 million and ¥367,973 million, respectively, and debt liabilities of affiliates were secured by investment in affiliates of ¥31,379 million and ¥31,407 million, respectively. As of March 31, 2023 and September 30, 2023, debt liabilities were secured by loans to subsidiaries, which were eliminated through consolidation adjustment, of ¥9,911 million and ¥9,530 million, respectively. In addition, ¥101,827 million and ¥166,216 million, respectively, were pledged primarily by investment in securities for collateral deposits and deposit for real estate transaction as of March 31, 2023 and September 30, 2023. Under loan agreements relating to short-term and long-term debt from commercial banks and certain insurance companies, the Company and certain subsidiaries are required to provide collateral against these debts at any time if requested by the lenders. The Company and the subsidiaries did not receive any such requests from the lenders as of September 30, 2023. |
Segment Information
Segment Information | 6 Months Ended |
Sep. 30, 2023 | |
Segment Reporting [Abstract] | |
Segment Information | 25. Segment Information Financial information about the operating segments reported below is available by segment and evaluated regularly by the chief operating decision maker to make decisions about resource allocations and assess performance. An overview of operations for each of the ten segments follows below. Corporate Financial Services and Maintenance Leasing : Finance and fee business; leasing and rental of automobiles, electronic measuring instruments and ICT-related Real Estate : Real estate development, rental and management; facility operations; real estate asset management PE Investment and Concession : Private equity investment; concession Environment and Energy : Domestic and overseas renewable energy; electric power retailing; ESCO services; sales of solar panels and battery energy storage system; recycling and waste management Insurance : Life insurance Banking and Credit : Banking; consumer finance Aircraft and Ships : Aircraft investment 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 Since April 1, 2023, segment profits have been calculated with a broadened scope of profit sharing for inter-segment collaboration. As a result, segment data for the three and six months ended September 30, 2022 has been retrospectively restated. LDTI standard has been adopted since April 1. 2023, with the transition date of April 1, 2021, using the modified retrospective transition approach. As a result of the adoption of LDTI, Insurance segment data for the previous fiscal year has been retrospectively restated. For further information, see Note 2 “Significant Accounting and Reporting Policies (z) New accounting pronouncements.” Financial information of the segments for the six months ended September 30, 2022 and 2023, and segment assets information as of March 31, 2023 and September 30, 2023 are as follows: Millions of yen Six months ended September 30, 2022 Six months ended September 30, 2023 March 31, 2023 September 30, Segment revenues Segment profits Segment revenues Segment profits Segment assets Segment assets Corporate Financial Services and Maintenance Leasing ¥ 211,427 ¥ 36,917 ¥ 220,247 ¥ 40,266 ¥ 1,514,070 ¥ 1,523,394 Real Estate 190,487 18,949 219,293 26,867 935,027 1,004,443 PE Investment and Concession 250,873 4,011 172,980 9,674 605,471 808,757 Environment and Energy 110,914 8,718 81,972 8,138 773,617 833,262 Insurance 265,870 14,785 288,586 37,038 2,050,412 2,105,725 Banking and Credit 40,944 15,215 42,727 16,471 2,698,747 2,705,802 Aircraft and Ships 28,496 10,649 29,229 10,415 742,890 907,147 ORIX USA 79,932 21,596 88,089 16,332 1,462,067 1,525,455 ORIX Europe 89,836 16,419 104,059 13,362 417,941 453,037 Asia and Australia 92,434 24,470 105,238 12,447 1,395,096 1,569,913 Total ¥ 1,361,213 ¥ 171,729 ¥ 1,352,420 ¥ 191,010 ¥ 12,595,338 ¥ 13,436,935 Financial information of the segments for the three months ended September 30, 2022 and 2023 are as follows: Millions of yen Three months ended September 30, 2022 Three months ended September 30, 2023 Segment revenues Segment profits Segment revenues Segment profits Corporate Financial Services and Maintenance Leasing ¥ 107,302 ¥ 20,367 ¥ 110,609 ¥ 20,405 Real Estate 93,622 7,006 112,912 16,906 PE Investment and Concession 129,095 1,757 86,908 4,017 Environment and Energy 64,113 5,196 44,856 5,123 Insurance 138,328 3,346 134,805 17,825 Banking and Credit 20,903 7,979 21,584 8,282 Aircraft and Ships 13,932 5,233 16,456 6,787 ORIX USA 44,350 15,557 44,725 6,614 ORIX Europe 46,139 7,118 52,478 9,139 Asia and Australia 47,433 11,684 53,784 4,405 Total ¥ 705,217 ¥ 85,243 ¥ 679,117 ¥ 99,503 The accounting policies of the segments are almost the same as those described in Note 2 “Significant Accounting and Reporting Policies” except for the treatment of income tax expenses, net income attributable to the noncontrolling interests, net income attributable to the redeemable noncontrolling interests. Net income attributable to noncontrolling interests and redeemable noncontrolling interests are not included in segment profits or losses because the management evaluates segments’ performance based on profits or losses (pre-tax) pre-tax Assets attributed to each segment are net investment in the leases, installment loans, investment in operating leases, investment in securities, property under facility operations, investment in affiliates, inventories, advances for finance lease and operating lease (included in other assets), advances for property under facility operations (included in other assets), goodwill, intangible assets acquired in business combinations (included in other assets) and servicing assets (included in other assets). This has resulted in the depreciation of office facilities being included in each segment’s profit or loss while the carrying amounts of corresponding assets are not allocated to each segment’s assets. However, the effect resulting from this allocation is not significant. The reconciliation of segment totals to consolidated financial statement amounts is as follows: Significant items to be reconciled are segment revenues, segment profits and segment assets. Other items do not have a significant difference between segment amounts and consolidated amounts. Millions of yen Six months ended Six months ended Segment revenues: Total revenues for segments ¥ 1,361,213 ¥ 1,352,420 Revenues related to corporate assets 12,652 15,569 Revenues from inter-segment transactions (9,049 ) (8,254 ) Total consolidated revenues ¥ 1,364,816 ¥ 1,359,735 Segment profits: Total profits for segments ¥ 171,729 ¥ 191,010 Corporate profits (losses) (10,175 ) (9,491 ) Net income attributable to the noncontrolling interests and net income attributable to the redeemable noncontrolling interests 4,570 2,948 Total consolidated income before income taxes ¥ 166,124 ¥ 184,467 Millions of yen Three months ended Three months ended Segment revenues: Total revenues for segments ¥ 705,217 ¥ 679,117 Revenues related to corporate assets 6,354 7,811 Revenues from inter-segment transactions (4,568 ) (4,167 ) Total consolidated revenues ¥ 707,003 ¥ 682,761 Segment profits: Total profits for segments ¥ 85,243 ¥ 99,503 Corporate profits (losses) (6,333 ) (5,903 ) Net income attributable to the noncontrolling interests and net income attributable to the redeemable noncontrolling interests 1,650 1,475 Total consolidated income before income taxes ¥ 80,560 ¥ 95,075 Millions of yen March 31, 2023 September 30, 2023 Segment assets: Total assets for segments ¥ 12,595,338 ¥ 13,436,935 Cash and cash equivalents, restricted cash 1,366,908 1,054,230 Allowance for credit losses (64,723 ) (69,046 ) Trade notes, accounts and other receivable 441,803 373,780 Other corporate assets 950,059 999,321 Total consolidated assets ¥ 15,289,385 ¥ 15,795,220 The following information represents geographical revenues and income before income taxes, which are attributed to geographic areas, based on the country location of the Company and its subsidiaries for the six months ended September 30, 2022 and 2023. For the six months ended September 30, 2022 Millions of yen Six months ended September 30, 2022 Japan The Americas *1 Other *2 Total Total Revenues ¥ 1,065,266 ¥ 109,392 ¥ 190,158 ¥ 1,364,816 Income before Income Taxes 87,212 24,916 53,996 166,124 For the six months ended September 30, 2023 Millions of yen Six months ended September 30, 2023 Japan The Americas *1 Other *2 Total Total Revenues ¥ 1,020,846 ¥ 127,510 ¥ 211,379 ¥ 1,359,735 Income before Income Taxes 129,856 20,516 34,095 184,467 The following information represents geographical revenues and income before income taxes, which are attributed to geographic areas, based on the country location of the Company and its subsidiaries for the three months ended September 30, 2022 and 2023. For the three months ended September 30, 2022 Millions of yen Three months ended September 30, 2022 Japan The Americas *1 Other *2 Total Total Revenues ¥ 549,794 ¥ 60,575 ¥ 96,634 ¥ 707,003 Income before Income Taxes 36,346 16,791 27,423 80,560 For the three months ended September 30, 2023 Millions of yen Three months ended September 30, 2023 Japan The Americas *1 Other *2 Total Total Revenues ¥ 509,496 ¥ 64,030 ¥ 109,235 ¥ 682,761 Income before Income Taxes 66,176 9,069 19,830 95,075 *1 Mainly the United States *2 Mainly Asia, Europe, Australasia and Middle East The following information represents disaggregation of revenues for revenues from contracts with customers, by goods and services category and geographical location for the six months ended September 30, 2022 and 2023. For the six months ended September 30, 2022 Millions of yen Six months ended September 30, 2022 Reportable segments Corporate Real Estate PE Environment Insurance Banking and Aircraft and Goods or services category Sales of goods ¥ 2,804 ¥ 1,446 ¥ 216,680 ¥ 1,832 ¥ 0 ¥ 0 ¥ 0 Real estate sales 0 39,064 0 0 0 0 0 Asset management and servicing 161 3,173 0 136 0 223 34 Automobile related services 30,919 0 0 151 0 0 0 Facilities operation 0 24,609 0 0 0 0 0 Environment and energy services 1,749 24 40 107,095 0 0 0 Real estate management and brokerage 0 50,103 0 0 0 0 0 Real estate contract work 0 40,912 0 0 0 0 0 Other 18,770 779 15,531 538 1,288 3,274 5,060 Total revenues from contracts with customers 54,403 160,110 232,251 109,752 1,288 3,497 5,094 Geographical location Japan 54,403 160,110 232,251 99,135 1,288 3,497 1,439 The Americas 0 0 0 0 0 0 0 Other 0 0 0 10,617 0 0 3,655 Total revenues from contracts with customers 54,403 160,110 232,251 109,752 1,288 3,497 5,094 Other revenues * 157,024 30,377 18,622 1,162 264,582 37,447 23,402 Segment revenues/Total revenues ¥ 211,427 ¥ 190,487 ¥ 250,873 ¥ 110,914 ¥ 265,870 ¥ 40,944 ¥ 28,496 Millions of yen Six months ended September 30, 2022 Reportable segments Corporate revenue and intersegment transactions Total revenues ORIX USA ORIX Europe Asia and Total Goods or services category Sales of goods ¥ 1,267 ¥ 0 ¥ 658 ¥ 224,687 ¥ 1,260 ¥ 225,947 Real estate sales 9 0 0 39,073 0 39,073 Asset management and servicing 10,226 98,373 0 112,326 (19 ) 112,307 Automobile related services 0 0 8,935 40,005 1 40,006 Facilities operation 0 0 0 24,609 388 24,997 Environment and energy services 914 0 0 109,822 (953 ) 108,869 Real estate management and brokerage 0 0 0 50,103 (750 ) 49,353 Real estate contract work 0 0 0 40,912 21 40,933 Other 2,793 41 1,069 49,143 2,971 52,114 Total revenues from contracts with customers 15,209 98,414 10,662 690,680 2,919 693,599 Geographical location Japan 0 0 0 552,123 3,257 555,380 The Americas 15,209 36,694 0 51,903 0 51,903 Other 0 61,720 10,662 86,654 (338 ) 86,316 Total revenues from contracts with customers 15,209 98,414 10,662 690,680 2,919 693,599 Other revenues * 64,723 (8,578 ) 81,772 670,533 684 671,217 Segment revenues/Total revenues ¥ 79,932 ¥ 89,836 ¥ 92,434 ¥ 1,361,213 ¥ 3,603 ¥ 1,364,816 For the six months ended September 30, 2023 Millions of yen Six months ended September 30, 2023 Reportable segments Corporate Real Estate PE Environment Insurance Banking and Aircraft and Goods or services category Sales of goods ¥ 2,135 ¥ 1,730 ¥ 114,149 ¥ 1,658 ¥ 0 ¥ 0 ¥ 97 Real estate sales 0 50,784 0 0 0 0 0 Asset management and servicing 145 4,858 0 92 0 294 28 Automobile related services 31,951 0 0 138 0 0 0 Facilities operation 0 37,754 0 0 0 0 0 Environment and energy services 1,598 25 38 78,964 0 0 0 Real estate management and brokerage 0 50,148 0 0 0 0 0 Real estate contract work 0 45,377 20,982 0 0 0 0 Other 18,727 841 17,108 368 1,416 2,817 2,971 Total revenues from contracts with customers 54,556 191,517 152,277 81,220 1,416 3,111 3,096 Geographical location Japan 54,556 191,517 152,277 67,497 1,416 3,111 1,006 The Americas 0 0 0 0 0 0 0 Other 0 0 0 13,723 0 0 2,090 Total revenues from contracts with customers 54,556 191,517 152,277 81,220 1,416 3,111 3,096 Other revenues * 165,691 27,776 20,703 752 287,170 39,616 26,133 Segment revenues/Total revenues ¥ 220,247 ¥ 219,293 ¥ 172,980 ¥ 81,972 ¥ 288,586 ¥ 42,727 ¥ 29,229 Millions of yen Six months ended September 30, 2023 Reportable segments Corporate revenue and intersegment transactions Total revenues ORIX USA ORIX Europe Asia and Total Goods or services category Sales of goods ¥ 226 ¥ 0 ¥ 153 ¥ 120,148 ¥ 2,863 ¥ 123,011 Real estate sales 5 0 0 50,789 0 50,789 Asset management and servicing 8,697 101,374 23 115,511 (119 ) 115,392 Automobile related services 0 0 11,158 43,247 2 43,249 Facilities operation 0 0 0 37,754 578 38,332 Environment and energy services 459 0 0 81,084 (896 ) 80,188 Real estate management and brokerage 0 0 0 50,148 (664 ) 49,484 Real estate contract work 0 0 0 66,359 23 66,382 Other 2,383 (42 ) 634 47,223 4,680 51,903 Total revenues from contracts with customers 11,770 101,332 11,968 612,263 6,467 618,730 Geographical location Japan 0 0 0 471,380 6,416 477,796 The Americas 11,770 38,402 0 50,172 0 50,172 Other 0 62,930 11,968 90,711 51 90,762 Total revenues from contracts with customers 11,770 101,332 11,968 612,263 6,467 618,730 Other revenues * 76,319 2,727 93,270 740,157 848 741,005 Segment revenues/Total revenues ¥ 88,089 ¥ 104,059 ¥ 105,238 ¥ 1,352,420 ¥ 7,315 ¥ 1,359,735 The following information represents disaggregation of revenues for revenues from contracts with customers, by goods and services category and geographical location for the three months ended September 30, 2022 and 2023. For the three months ended September 30, 2022 Millions of yen Three months ended September 30, 2022 Reportable segments Corporate Real Estate PE Environment Insurance Banking and Aircraft and Goods or services category Sales of goods ¥ 1,445 ¥ 781 ¥ 111,496 ¥ 1,107 ¥ 0 ¥ 0 ¥ 0 Real estate sales 0 17,387 0 0 0 0 0 Asset management and servicing 90 1,342 0 100 0 118 17 Automobile related services 15,145 0 0 64 0 0 0 Facilities operation 0 14,064 0 0 0 0 0 Environment and energy services 878 11 26 62,310 0 0 0 Real estate management and brokerage 0 25,185 0 0 0 0 0 Real estate contract work 0 22,816 0 0 0 0 0 Other 9,295 473 7,956 200 652 1,636 2,625 Total revenues from contracts with customers 26,853 82,059 119,478 63,781 652 1,754 2,642 Geographical location Japan 26,853 82,059 119,478 57,763 652 1,754 568 The Americas 0 0 0 0 0 0 0 Other 0 0 0 6,018 0 0 2,074 Total revenues from contracts with customers 26,853 82,059 119,478 63,781 652 1,754 2,642 Other revenues * 80,449 11,563 9,617 332 137,676 19,149 11,290 Segment revenues/Total revenues ¥ 107,302 ¥ 93,622 ¥ 129,095 ¥ 64,113 ¥ 138,328 ¥ 20,903 ¥ 13,932 Millions of yen Three months ended September 30, 2022 Reportable segments Corporate revenue and intersegment transactions Total revenues ORIX USA ORIX Europe Asia and Total Goods or services category Sales of goods ¥ 564 ¥ 0 ¥ 213 ¥ 115,606 ¥ 719 ¥ 116,325 Real estate sales 10 0 0 17,397 0 17,397 Asset management and servicing 4,607 48,586 0 54,860 (10 ) 54,850 Automobile related services 0 0 4,679 19,888 4 19,892 Facilities operation 0 0 0 14,064 173 14,237 Environment and energy services 510 0 0 63,735 (514 ) 63,221 Real estate management and brokerage 0 0 0 25,185 (352 ) 24,833 Real estate contract work 0 0 0 22,816 (31 ) 22,785 Other 763 23 805 24,428 1,267 25,695 Total revenues from contracts with customers 6,454 48,609 5,697 357,979 1,256 359,235 Geographical location Japan 0 0 0 289,127 1,384 290,511 The Americas 6,454 18,267 0 24,721 0 24,721 Other 0 30,342 5,697 44,131 (128 ) 44,003 Total revenues from contracts with customers 6,454 48,609 5,697 357,979 1,256 359,235 Other revenues * 37,896 (2,470 ) 41,736 347,238 530 347,768 Segment revenues/Total revenues ¥ 44,350 ¥ 46,139 ¥ 47,433 ¥ 705,217 ¥ 1,786 ¥ 707,003 For the three months ended September 30, 2023 Millions of yen Three months ended September 30, 2023 Reportable segments Corporate Real Estate PE Environment Insurance Banking and Aircraft and Goods or services category Sales of goods ¥ 935 ¥ 918 ¥ 58,736 ¥ 853 ¥ 0 ¥ 0 ¥ 62 Real estate sales 0 18,827 0 0 0 0 0 Asset management and servicing 84 2,748 0 53 0 152 14 Automobile related services 15,917 0 0 57 0 0 0 Facilities operation 0 20,693 0 0 0 0 0 Environment and energy services 775 12 25 43,360 0 0 0 Real estate management and brokerage 0 25,393 0 0 0 0 0 Real estate contract work 0 26,605 8,724 0 0 0 0 Other 9,815 552 8,700 158 752 1,457 1,498 Total revenues from contracts with customers 27,526 95,748 76,185 44,481 752 1,609 1,574 Geographical location Japan 27,526 95,748 76,185 37,484 752 1,609 570 The Americas 0 0 0 0 0 0 0 Other 0 0 0 6,997 0 0 1,004 Total revenues from contracts with customers 27,526 95,748 76,185 44,481 752 1,609 1,574 Other revenues * 83,083 17,164 10,723 375 134,053 19,975 14,882 Segment revenues/Total revenues ¥ 110,609 ¥ 112,912 ¥ 86,908 ¥ 44,856 ¥ 134,805 ¥ 21,584 ¥ 16,456 Millions of yen Three months ended September 30, 2023 Reportable segments Corporate revenue and intersegment transactions Total revenues ORIX USA ORIX Europe Asia and Total Goods or services category Sales of goods ¥ 192 ¥ 0 ¥ 10 ¥ 61,706 ¥ 1,602 ¥ 63,308 Real estate sales 5 0 0 18,832 0 18,832 Asset management and servicing 4,810 52,424 12 60,297 (59 ) 60,238 Automobile related services 0 0 5,769 21,743 1 21,744 Facilities operation 0 0 0 20,693 305 20,998 Environment and energy services 355 0 0 44,527 (406 ) 44,121 Real estate management and brokerage 0 0 0 25,393 (341 ) 25,052 Real estate contract work 0 0 0 35,329 34 35,363 Other 1,210 (88 ) 340 24,394 1,943 26,337 Total revenues from contracts with customers 6,572 52,336 6,131 312,914 3,079 315,993 Geographical location Japan 0 0 0 239,874 3,266 243,140 The Americas 6,572 20,135 0 26,707 0 26,707 Other 0 32,201 6,131 46,333 (187 ) 46,146 Total revenues from contracts with customers 6,572 52,336 6,131 312,914 3,079 315,993 Other revenues * 38,153 142 47,653 366,203 565 366,768 Segment revenues/Total revenues ¥ 44,725 ¥ 52,478 ¥ 53,784 ¥ 679,117 ¥ 3,644 ¥ 682,761 * Other revenues include revenues that are not in the scope of revenue from contracts with customers, such as life insurance premiums and related investment income, operating leases, finance revenues that include interest income, and others. |
Subsequent Events
Subsequent Events | 6 Months Ended |
Sep. 30, 2023 | |
Subsequent Events [Abstract] | |
Subsequent Events | 26. Subsequent Events There are no material subsequent events. |
Significant Accounting and Re_2
Significant Accounting and Reporting Policies (Policies) | 6 Months Ended |
Sep. 30, 2023 | |
Accounting Policies [Abstract] | |
Principles of consolidation | (a) Principles of consolidation The consolidated financial statements include the accounts of the Company and all of its subsidiaries. VIEs, for which the Company and its subsidiaries are the primary beneficiaries, are also included in the consolidated financial statements. In a transaction that results in the loss of control, the gain or loss recognized in income includes the realized gain or loss related to the portion of ownership interest sold and the gain or loss on the remeasurement to fair value of the interest retained. On the other hand, additional acquisition of the parent’s ownership interest in subsidiaries and partial sale of such interest where the parent continues to retain control of the subsidiary are accounted for as equity transactions. Investments in affiliates, of which the Company has 20% – 50% ownership or has the ability to exercise significant influence, are accounted for by using the equity method except for those for which the fair value option has been elected. When the Company holds majority voting interests of an entity but noncontrolling shareholders hold substantive participating rights to make decisions on activities that occur over the ordinary course of the business, such an investment is recognized as an affiliate. Investments in affiliates are recorded at cost plus/minus the Company and its subsidiaries’ portion of equity in undistributed earnings. If the value of an investment has declined and is judged to be other-than-temporary, the investment is written down to its fair value. When an affiliate issues stocks, which price per share is more or less than the Company and its subsidiaries’ average carrying amount per share, to unrelated third parties, the Company and its subsidiaries adjust the carrying amount of its investment in the affiliate and recognize the gain or loss in the consolidated statements of income in the year in which the change in ownership interest occurs. A certain overseas subsidiary consolidates subsidiaries determined as investment companies under ASC 946 (“Financial Services – Investment Companies”). Investments held by the investment company subsidiaries are carried at fair value with changes in fair value recognized in earnings. A lag period of up to three months is used on a consistent basis for recognizing the results of certain subsidiaries and affiliates. All significant intercompany accounts and transactions have been eliminated in consolidation. |
Use of estimates | (b) Use of estimates The preparation of consolidated financial statements in conformity with generally accepted accounting principles requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. The Company has identified ten areas where it believes assumptions and estimates are particularly critical to the financial statements. The Company makes estimates and assumptions to the selection of valuation techniques and determination of assumptions used in fair value measurements, the determination and periodic reassessment of the unguaranteed residual value for finance leases and operating leases, the determination and reassessment of insurance policy liabilities and deferred policy acquisition costs, the determination of the allowance for credit losses (including the allowance for off-balance |
Foreign currencies translation | (c) Foreign currencies translation The Company and its subsidiaries maintain their accounting records in their functional currency. Transactions in foreign currencies are recorded in the entity’s functional currency based on the prevailing exchange rates on the transaction date. Monetary assets and liabilities in foreign currencies are recorded in the entity’s functional currency based on the prevailing exchange rates at the end of each reporting period. The financial statements of overseas subsidiaries and affiliates are translated into Japanese yen by applying the exchange rates in effect at the end of each reporting period to all assets and liabilities. Income and expenses are translated at the average rates of exchange prevailing during the fiscal year. The currencies in which the operations of the overseas subsidiaries and affiliates are conducted are regarded as the functional currencies of these companies. Foreign currency translation adjustments reflected in other comprehensive income (loss), net of applicable income taxes, arise from the translation of foreign currency financial statements into Japanese yen. |
Revenue recognition | (d) Revenue recognition The Company and its subsidiaries recognize revenues from only contracts with customers, such as sales of goods and real estate, and services income, revenues are recognized to depict the transfer of promised goods or services to customers in the amounts that reflect the consideration to which the entity expects to be entitled in exchange for those goods or services. Revenues are recognized net of discount, incentives and estimated sales returns. In case that the Company and its subsidiaries receive payment from customers before satisfying performance obligations, the amounts are recognized as contract liabilities. In transactions that involve third parties, if the Company and its subsidiaries control the goods or services before they are transferred to the customers, revenue is recognized on gross amount as the principal. Excluding the aforementioned policy, the policies as specifically described hereinafter are applied for each of revenue items. Finance Revenues (1) Revenues from finance leases Lessor leases consist of leases for various equipment types, including office equipment, industrial machinery, transportation equipment and real estates. Net investment in leases includes sales-type leases and direct financing leases which are full-payout leases. Leases not qualifying as sales-type leases or direct financing leases are accounted for as operating leases. Interest income on net investment in leases is recognized over the life of each respective lease using the interest method. When lease payment is variable, it is accounted for as income in profit or loss in the period when the changes in facts and circumstances on which the variable payment is based occur. When providing leasing services, the Company and its subsidiaries simultaneously conduct supplementary businesses, such as handling taxes and paying insurance on leased assets on behalf of lessees. The repayment of lessor costs received from lessees are recognized in revenues from finance leases and those underlying costs are recognized in other (income) and expense. The estimated unguaranteed residual value represents estimated proceeds from the disposition of equipment at the time the lease is terminated. Estimates of residual values are determined based on market values of used equipment, estimates of when and the extent to which equipment will become obsolete and actual recovery being experienced for similar used equipment. Initial direct costs of sales-type leases and direct financing leases are being deferred and amortized as a yield adjustment over the life of the related lease by using interest method. The unamortized balance of initial direct costs of sales-type leases and direct financing leases is reflected as a component of net investment in leases. (2) Revenues from installment loans Interest income on installment loans is recognized on an accrual basis. Certain direct loan origination costs, net of origination fees, are being deferred and amortized over the contractual term of the loan as an adjustment of the related loan’s yield using the interest method. Interest payments received on loans other than purchased loans are recorded as interest income unless the collection of the remaining investment is doubtful at which time payments received are recorded as reductions of principal. For purchased loans, although the acquired assets may remain loans in legal form, collections on these loans often do not reflect the normal historical experience of collecting delinquent accounts, and the need to tailor individual collateral-realization strategies often makes it difficult to reliably estimate the amount, timing, or nature of collections. Accordingly, the Company and its subsidiaries use the cost recovery method of income recognition for such purchased loans. (3) Revenues from financial guarantees At the inception of a guarantee, fair value for the guarantee is recognized as a liability in the consolidated balance sheets. The Company and its subsidiaries recognize revenue mainly over the term of guarantee by a systematic and rational amortization method as the Company and the subsidiaries are released from the risk of the obligation. (4) Non-accrual In common with all classes, for net investment in leases and installment loans, past-due past-due past-due past-due past-due past-due past-due non-accrual non-accrual Operating leases — In providing leasing services, the Company and its subsidiaries simultaneously conduct supplementary businesses, such as handling taxes and paying insurance on leased assets on behalf of lessees. The compensations for those lessor costs received from lessees are recognized in operating lease revenues and those costs are recognized in costs of operating leases. Investment in operating leases is recorded at cost less accumulated depreciation, which was ¥865,942 million and ¥918,100 million as of March 31, 2023 and September 30, 2023, respectively. In addition, operating lease assets are depreciated over their estimated useful lives mainly on a straight-line basis. Depreciation expenses are included in costs of operating leases. Gains or losses arising from dispositions of operating lease assets are included in operating lease revenues. Estimates of residual values are based on market values of used equipment, estimates of when and the extent to which equipment will become obsolete and actual recovery being experienced for similar used equipment. Initial direct costs of operating leases are being deferred and amortized as a straight-line basis over the life of the related lease. The unamortized balance of initial direct costs is reflected as investment in operating leases. |
Insurance and reinsurance transactions | (e) Insurance and reinsurance transactions Premium income from life insurance policies, net of premiums on reinsurance ceded, is recognized as earned premiums when due. Life insurance benefits are recorded as expenses when they are incurred. The policies are classified as long-duration contracts and mainly consist of whole life, term life, endowments, medical insurance and individual annuity insurance contracts. The calculation of liabilities for future policy benefits other than individual annuities is computed using the same contract groupings (also referred to as cohorts) by policy year, currency, payment method (full term payment or limited payment) and product category and the liabilities for future policy benefits are computed using the net level premium method based on expected future policy benefit payments. A liability is recorded for the present value of expected future policy insurance benefits to be paid and certain related costs, less the present value of expected future net premium to be earned, at the time the premium revenue recognized. For limited payment contracts, the excess of gross premiums received over net premium is recorded as a deferred profit liability. The liabilities for future policy benefits are measured using assumptions such as mortality, morbidity, lapse, expense and discount rates. These assumptions are determined based on historical experience, industry data and other factors. The Company and its subsidiaries review and update future cash flow assumptions at least annually except for expense assumptions. The Company and its subsidiaries elected to lock in and not to update expense assumptions after expense assumptions are determined based on the most recent actual results at the time of contract issuance. When assumptions are updated, the net premium ratios for calculating the liabilities for future policy benefits are also updated. The Company and its subsidiaries review and update its future cash flow assumptions at least annually except for expense assumptions, and update the net premium ratios for calculating the liabilities for future policy benefits by cohort, reflecting historical actual cash flows. The Company and its subsidiaries remeasure the liabilities for future policy benefits using the updated assumptions as of the beginning of the quarterly reporting period in which the assumptions are updated and record the change from the remeasurement as gains or losses in life insurance costs in the consolidated statements of income. For periods subsequent to the remeasurement, the Company and its subsidiaries calculate the liabilities for future policy benefits using updated net premium ratios. If net premiums exceed gross premiums, the liabilities for future policy benefits are increased and the excess is recognized immediately in earnings through life insurance costs in the consolidated statement of income. The Company and its subsidiaries use a yield curve based on the yields on single-A rated fixed-income instruments as upper-medium grade fixed-income instrument yields with durations similar to the liabilities for future policy benefits to determine discount rate assumptions. The yields on single-A rated fixed-income instruments are referenced in the index provided by a third-party pricing vendor. The discount rate assumptions are updated quarterly and are used for remeasurement of the liability at the reporting date. Changes in the liabilities for future policy benefits resulting from updates of discount rate assumptions are recognized in other comprehensive income (loss), net of applicable income tax. For periods beyond the observable period of the referenced index, the discount rate yield curve beyond the observable period of the referenced index is interpolated to the ultimate forward rate using the Smith-Wilson method. The insurance contracts sold by the subsidiary include variable annuity, variable life and fixed annuity insurance contracts. The subsidiary manages investment assets on behalf of variable annuity and variable life policyholders, which consist of equity securities and are included in investment in securities in the consolidated balance sheets. These investment assets are measured at fair value with realized and unrealized gains or losses recognized in life insurance premiums and related investment income in the consolidated statements of income. The subsidiary elected the fair value option for the entire variable annuity and variable life insurance contracts with changes in the fair value recognized in life insurance costs. The subsidiary provides minimum guarantees to variable annuity and variable life policyholders under which it is exposed to the risk of compensating losses incurred by the policyholders to the extent contractually required. To mitigate the risk, a portion of the minimum guaranteed risk related to variable annuity and variable life insurance contracts is ceded to reinsurance companies and the remaining risk is economically hedged by entering into derivative contracts. The reinsurance contracts do not relieve the subsidiary from the obligation as the primary obligor to compensate certain losses incurred by the policyholders, and the default of the reinsurance companies may impose additional losses on the subsidiary. Certain subsidiaries have elected the fair value option for certain reinsurance contracts relating to variable annuity and variable life insurance contracts, which are included in other assets in the consolidated balance sheets. Policy liabilities and policy account balances for fixed annuity insurance contracts are measured based on the single-premiums plus interest based on expected rate and fair value adjustments relating to the acquisition of the subsidiary, less withdrawals, expenses and other charges. The credited interest is recorded in life insurance costs in the consolidated statements of income. Certain costs related directly to the successful acquisition of new or renewal insurance contracts are deferred. Deferred policy acquisition costs consist primarily of agent commissions, except for policy maintenance costs, and underwriting expenses. For amortization of deferred policy acquisition costs, insurance contracts are grouped by contract year, currency, payment method (full term payment or limited payment) and product category, using the same contract groupings for the calculation of the liabilities for future policy benefits. Deferred policy acquisition costs are amortized at constant-level basis for each cohort over the expected term of the policies, and the amortization is recorded in life insurance costs in the consolidated statements of income. For all cohorts, the number of policies in force for the amortization of deferred policy acquisition costs is projected using mortality and lapse rates estimated based on historical experience, industry data and other factors, which are consistent with those assumptions used for calculating the liabilities for future policy benefits. When mortality and lapse rates are updated, the effects on the amortization of deferred policy acquisition costs are derived by updating the projected number of policies in force and recognized prospectively over the expected term of the policies. |
Allowance for credit losses | (f) Allowance for credit losses The allowance for credit losses estimates all credit losses expected to occur in future over the remaining life of net investment in leases, financial assets measured at amortized cost, such as installment loans, held-to-maturity Developing the allowance for credit losses is subject to numerous estimates and judgments. In evaluating the appropriateness of the allowance, management considers various factors, including the business characteristics and financial conditions of the obligors, prior charge-off The Company and its subsidiaries estimate the allowance for credit losses by using various methods according to these estimates and judgments. When certain financial assets have similar risk characteristics to other financial assets, these financial assets are collectively evaluated as a pool. On the contrary, when financial assets do not have similar risk characteristics to other financial assets, the financial assets are evaluated individually. The Company and its subsidiaries select the most appropriate calculation method based on available information, such as the nature and related risk characteristics on financial assets, the prior charge-off The Company and its subsidiaries charge off doubtful receivables when the likelihood of any future collection is believed to be minimal considering debtors’ creditworthiness and the liquidation status of collateral, etc. In addition, if the entity has a present contractual obligation to extend the credit and the obligation is not unconditionally cancelable by the entity, credit losses related the loan commitments of card loans and installment loans and financial guarantees are in the scope of the allowance for credit losses. For the loan commitments of card loans and installment loans, credit losses are recognized on the loan commitments for the portion expected to be drawn. For financial guarantees, the allowance is recognized for the contingent obligation which generates credit risk exposures. These allowance for off-balance off-balance |
Impairment of long-lived assets | (g) Impairment of long-lived assets The Company and its subsidiaries perform a recoverability test for long-lived assets to be held and used in operations, including tangible assets and intangible assets being depreciated or amortized, consisting primarily of office buildings, condominiums, aircraft, ships, mega solar facilities and other properties under facility operations, whenever events or changes in circumstances indicated that the assets might be impaired. The assets are considered not recoverable when the undiscounted future cash flows estimated to be generated by those assets are less than the carrying amount of those assets. The carrying amount of assets not recoverable is reduced to fair value if lower than the carrying amount. The Company and its subsidiaries determine the fair value using appraisals prepared by independent third party appraisers or our own staff of qualified appraisers, and others based on recent transactions involving sales of similar assets or other valuation techniques such as discounted cash flows methodologies using future cash flows estimated to be generated from operation of the existing assets or completion of development projects, as appropriate. |
Investment in securities | (h) Investment in securities Equity securities are generally reported at fair value with unrealized gains and losses included in income. Equity securities without readily determinable fair values are recorded at fair value at its cost minus impairment, if any, plus or minus changes resulting from observable price changes under the election of the measurement alternative, except for investments which are valued at net asset value per share. Equity securities elected to apply the measurement alternative are written down to its fair value with losses included in income if a qualitative assessment indicates that the investment is impaired and the fair value of the investment is less than its carrying value. In addition, investments included in equity securities that are accounted for under the equity method are recorded at fair value with unrealized gains and losses included in income if certain subsidiaries elect the fair value option. Trading debt securities are reported at fair value with unrealized gains and losses included in income. Available-for-sale For available-for-sale non-credit Held-to-maturity Held-to-maturity |
Income taxes | (i) Income taxes The Company, in general, determines its provision for income taxes for quarterly periods by applying the current estimate of the effective tax rate for the full fiscal year to the actual year-to-date At the fiscal year end, income taxes are accounted for under the asset and liability method. Deferred tax assets and liabilities are recognized for the future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases, and for tax loss carryforwards. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the year in which those temporary differences are expected to be recovered or settled. The effect on deferred tax assets and liabilities of a change in tax rate is recognized in income in the period that includes the enactment date. The Company and its subsidiaries release to earnings stranded income tax effects in accumulated other comprehensive income (loss) resulting from changes in tax laws or rates or changes in judgment about realization of a valuation allowance on a specific identification basis when the individual items are completely sold or terminated. A valuation allowance is recognized if, based on the weight of available evidence, it is “more likely than not” that some portion or all of the deferred tax asset will not be realized. The effective income tax rates for the six months ended September 30, 2022 and 2023 were approximately 24.1% and 29.2%, respectively. These rates are approximately 23.3% and 30.1% for the three months ended September 30, 2022 and 2023, respectively. For the six and three months ended September 30, 2022 and 2023, the Company and its subsidiaries in Japan were subject to a National Corporate tax of approximately 24%, an Inhabitant tax of approximately 4% and a deductible Enterprise tax of approximately 4%, which in the aggregate result in a statutory income tax rate of approximately 31.5%. The effective income tax rate is different from the statutory tax rate primarily because of certain nondeductible expenses for tax purposes, non-taxable The Company and its subsidiaries file tax returns in Japan and certain foreign tax jurisdictions and recognize the financial statement effects of a tax position taken or expected to be taken in a tax return when it is more likely than not, based on the technical merits, that the position will be sustained upon tax examination, including resolution of any related appeals or litigation processes, and measure tax positions that meet the recognition threshold at the largest amount of tax benefit that is greater than 50 percent likely to be realized upon settlement with the taxing authority. The Company and its subsidiaries present an unrecognized tax benefit as either a reduction of a deferred tax asset or a liability, based on the intended method of settlement. The Company and its subsidiaries classify penalties and interest expense related to income taxes as part of provision for income taxes in the consolidated statements of income. |
Securitized assets | (j) Securitized assets The Company and its subsidiaries have securitized and sold to investors various financial assets such as lease receivables and loan receivables. In the securitization process, the assets to be securitized are sold to SPEs that issue asset-backed beneficial interests and securities to the investors. SPEs used in securitization transactions are consolidated if the Company and its subsidiaries are the primary beneficiary of the SPEs, and the transfers of the financial assets to those consolidated SPEs are not accounted for as sales. Assets held by consolidated SPEs continue to be accounted for as lease receivables or loan receivables, as they were before the transfer, and asset-backed beneficial interests and securities issued to the investors are accounted for as debt. When the Company and its subsidiaries have transferred financial assets to a transferee that is not subject to consolidation, the Company and its subsidiaries account for the transfer as a sale if control over the transferred assets is surrendered. The Company and certain subsidiaries originate and sell loans into the secondary market, while retaining the obligation to service those loans. In addition, a certain subsidiary undertakes obligations to service loans originated by others. The subsidiary recognizes servicing assets if it expects the benefit of servicing to more than adequately compensate it for performing the servicing or recognizes servicing liabilities if it expects the benefit of servicing to less than adequately compensate it. These servicing assets and liabilities are initially recognized at fair value and subsequently accounted for using the amortization method whereby the assets and liabilities are amortized in proportion to and over the period of estimated net servicing income or net servicing loss. On a quarterly basis, servicing assets and liabilities are evaluated for impairment or increased obligations. The fair value of servicing assets and liabilities is estimated using an internal valuation model, or by obtaining an opinion of value from an independent third-party vendor. Both methods are based on calculating the present value of estimated future net servicing cash flows, taking into consideration discount rates, prepayment rates and servicing costs. The internal valuation model is validated at least semiannually through third-party valuations. |
Derivative financial instruments | (k) Derivative financial instruments The Company and its subsidiaries recognize all derivatives on the consolidated balance sheets at fair value. The accounting treatment of subsequent changes in the fair value depends on their use, and whether they qualify as effective “hedges” for accounting purposes. Derivatives for the purpose of trading or economic hedge that are not qualified for hedge accounting are adjusted to fair value through the consolidated statements of income. If derivatives are qualified for hedge accounting, then depending on its nature, changes in its fair value will be either offset against changes in the fair value of hedged assets or liabilities through the consolidated statements of income, or recorded in other comprehensive income (loss), net of applicable income taxes. If a derivative is held as a hedge of the variability of fair value related to a recognized asset or liability or an unrecognized firm commitment (“fair value” hedge), changes in the fair value of the derivative are recorded in earnings along with the changes in the fair value of the hedged item. If a derivative is held as a hedge of the variability of cash flows related to a forecasted transaction or a recognized asset or liability (“cash flow” hedge), changes in the fair value of the derivative are recorded in other comprehensive income (loss), net of applicable income taxes, until earnings are affected by the variability in cash flows of the designated hedged item. If a derivative is held as a hedge of a net investment in a foreign operation, changes in the fair value of the derivative are recorded in the foreign currency translation adjustments account within other comprehensive income (loss), net of applicable income taxes. The Company and its subsidiaries select either the amortization approach or the fair value approach, depending on the type of hedging activity, for the initial value of the component excluded from the assessment of effectiveness, and recognize it through the consolidated statements of income. When the amortization approach is adopted, the change in fair value is recognized in earnings using a systematic and rational method over the life of the hedging instrument and then any difference between the change in fair value and the amount recognized in earnings is recognized in other comprehensive income (loss), net of applicable income taxes. When the fair value approach is adopted, the change in the fair value is immediately recognized through the consolidated statements of income. For all hedging relationships that are designated and qualified for hedge accounting, at the inception of the hedge, the Company and its subsidiaries formally document the details of the hedging relationship and the hedging activity. The Company and its subsidiaries formally assess, both at the hedge’s inception and on an ongoing basis, the effectiveness of the hedge relationship. The Company and its subsidiaries cease hedge accounting prospectively when the derivative no longer qualifies for hedge accounting. |
Pension plans | (l) Pension plans The Company and certain subsidiaries have contributory and non-contributory The Company and its subsidiaries also recognize the funded status of pension plans, measured as the difference between the fair value of plan assets and the benefit obligation, on the consolidated balance sheets. Changes in that funded status are recognized in the year in which the changes occur through other comprehensive income (loss), net of applicable income taxes. |
Stock-based compensation | (m) Stock-based compensation In principle, the Company and its subsidiaries measure stock-based compensation expense as consideration for services provided by employees based on the fair value on the grant date. The costs are recognized over the requisite service period. |
Cash and cash equivalents | (n) Cash and cash equivalents Cash and cash equivalents include cash on hand, deposits placed with banks and short-term highly liquid investments with original maturities of three months or less. |
Installment loans | (o) Installment loans Certain loans, for which the Company and its subsidiaries have the intent and ability to sell to outside parties in the foreseeable future, are considered held for sale and are carried at the lower of cost or market value determined on an individual basis, except loans held for sale for which the fair value option was elected. A subsidiary elected the fair value option on its loans held for sale. The subsidiary enters into forward sale agreements to offset the change in the fair value of loans held for sale, and the election of the fair value option allows the subsidiary to recognize both the change in the fair value of the loans and the change in the fair value of the forward sale agreements due to changes in interest rates in the same accounting period. Loans held for sale are included in installment loans, and the outstanding balances of these loans as of March 31, 2023 and September 30, 2023 were ¥201,355 million and ¥158,990 million, respectively. There were ¥197,041 million and ¥149,390 million of loans held for sale as of March 31, 2023 and September 30, 2023, respectively, measured at fair value by electing the fair value option. |
Property under facility operations | (p) Property under facility operations Property under facility operations consist primarily of operating facilities (including hotels and training facilities) and environmental assets (including mega solar facilities, wind power plants and coal-biomass co-fired |
Inventories | (q) Inventories Inventories consist primarily of residential condominiums under development, completed residential condominiums (including those waiting to be delivered to buyers under the contract for sale), and merchandise for sale. Residential condominiums under development are carried at cost less any impairment losses, and completed residential condominiums and merchandise for sale are stated at the lower of cost or fair value less cost to sell. The cost of inventories that are unique and not interchangeable is determined on the specific identification method and the cost of other inventories is principally determined on the average method. As of March 31, 2023 and September 30, 2023, residential condominiums under development were ¥74,621 million and ¥133,790 million, respectively, and completed residential condominiums and merchandise for sale were ¥94,400 million and ¥89,117 million, respectively. The Company and its subsidiaries recorded ¥508 million and ¥1,130 million of write-downs principally on completed residential condominiums and merchandise for sale for the six months ended September 30, 2022 and 2023, respectively, primarily resulting from a decrease in expected sales price. The amounts of such write-downs for the three months ended September 30, 2022 and 2023 were ¥21 million and ¥862 million, respectively. These write-downs were recorded in costs of goods and real estate sold and included in Real Estate segment and PE Investment and Concession segment. |
Office facilities | (r) Office facilities Office facilities are stated at cost less accumulated depreciation. Depreciation is calculated on a declining-balance basis or straight-line basis over the estimated useful lives of the assets. Accumulated depreciation was ¥74,507 million and ¥79,463 million as of March 31, 2023 and September 30, 2023, respectively. |
Right-of-use assets | (s) Right-of-use The Company and its subsidiaries record the Right-of-use ROU assets are consisted of the amount of the initial measurement of the lease liability and any lease payments made to the lessor at or before the commencement date and stated at cost less accumulated amortization. The initial measurement of the lease liability is at the present value of the lease payments not yet paid, discounted using the lessee’s incremental borrowing rate at lease commencement. ROU assets of finance leases are amortized mainly on a straight-line basis over the lease term. ROU assets of operating leases are amortized over the lease term by the fixed term operating cost minus the interest cost. Amortization of ROU assets of finance leases and operating leases expenses are included in costs of operating leases, services expense and selling, general and administrative expenses. |
Other assets | (t) Other assets Other assets consist primarily of goodwill and other intangible assets in acquisitions, reinsurance recoverables in relation to reinsurance contracts, deferred insurance policy acquisition costs which are amortized over the contract periods, leasehold deposits, advance payments made in relation to construction of real estate under operating leases and property under facility operations, prepaid benefit cost, prepaid expenses for property tax, maintenance fees and insurance premiums in relation to lease contracts, servicing assets, derivative assets, contract assets related to real estate contract works and deferred tax assets. |
Business combinations | (u) Business combinations The Company and its subsidiaries account for all business combinations using the acquisition method. The Company and its subsidiaries recognize intangible assets acquired in a business combination apart from goodwill if the intangible assets meet one of two criteria—either the contractual-legal criterion or the separately identifiable criterion. Goodwill is measured as an excess of the aggregate of consideration transferred and the fair value of noncontrolling interests over the net of the acquisition-date amounts of the identifiable assets acquired and the liabilities assumed in the business combination measured at fair value. The Company and its subsidiaries would recognize a bargain purchase gain when the amount of recognized net assets exceeds the sum of consideration transferred and the fair value of noncontrolling interests. In a business combination achieved in stages, the Company and its subsidiaries remeasure their previously held equity interest at their acquisition-date fair value and recognize the resulting gain or loss, if any, in earnings. |
Goodwill and other intangible assets | (v) Goodwill and other intangible assets The Company and its subsidiaries perform an impairment test for goodwill and any indefinite-lived intangible assets at least annually. Additionally, if events or changes in circumstances indicate that the asset might be impaired, the Company and its subsidiaries test for impairment whenever such events or changes occur. The Company and its subsidiaries have the option to perform a qualitative assessment to determine whether it is more likely than not that the fair value of a reporting unit is less than its carrying amount before we perform a quantitative goodwill impairment test. The Company and its subsidiaries perform the qualitative assessment for some goodwill but bypass the qualitative assessment and proceed directly to the quantitative impairment test for other goodwill. For the goodwill for which the qualitative assessment is performed, if, after assessing the totality of events or circumstances, the Company and/or its subsidiaries determine that it is not more likely than not that the fair value of a reporting unit is less than its carrying amount, then the Company and/or its subsidiaries do not perform the quantitative goodwill impairment test. However, if the Company and/or its subsidiaries conclude otherwise or determine to bypass the qualitative assessment, the Company and/or its subsidiaries proceed to perform the quantitative goodwill impairment test. The quantitative goodwill impairment test calculates the fair value of the reporting unit and compares the fair value with the carrying amount of the reporting unit. If the fair value of the reporting unit falls below its carrying amount, an impairment loss is recognized in an amount equal to the difference. The Company and its subsidiaries test the goodwill at the reporting unit which is either the same level as the operating segment or one level below the operating segment. The Company and its subsidiaries have the option to perform a qualitative assessment to determine whether it is more likely than not that an indefinite-lived intangible asset is impaired before we perform a quantitative impairment test. The Company and its subsidiaries perform the qualitative assessment for some indefinite-lived intangible assets but bypass the qualitative assessment and perform the quantitative impairment test for other indefinite-lived intangible assets. For those indefinite-lived intangible assets for which the qualitative assessment is performed, if, after assessing the totality of events and circumstances, the Company and/or its subsidiaries conclude that it is not more likely than not that the indefinite-lived intangible asset is impaired, then the Company and/or its subsidiaries do not perform the quantitative impairment test. However, if the Company and/or its subsidiaries conclude otherwise or determine to bypass the qualitative assessment, the Company and/or its subsidiaries calculate the fair value of the indefinite-lived intangible asset and perform the quantitative impairment test. We compare the fair value with the carrying amount of the indefinite-lived intangible asset. If the carrying amount of the indefinite-lived intangible asset exceeds its fair value, an impairment loss is recognized in an amount equal to that excess. Intangible assets with finite lives are amortized over their useful lives and tested for impairment. The Company and its subsidiaries perform a recoverability test for the intangible assets whenever events or changes in circumstances indicate that the assets might be impaired. The intangible assets are considered not recoverable when the undiscounted future cash flows estimated to be generated by those assets are less than the carrying amount of those assets, and the net carrying amount of assets not recoverable is reduced to fair value if lower than the carrying amount. The amount of goodwill was ¥627,683 million and ¥659,323 million as of March 31, 2023 and September 30, 2023, respectively. The amount of other intangible assets was ¥518,142 million and ¥545,893 million as of March 31, 2023 and September 30, 2023, respectively. |
Other Liabilities | (w) Other Liabilities Other liabilities include primarily lease liabilities recognized from the lessee’s lease transaction, accrued expenses related to interest and bonus, accrued benefit liability, advances received from lessees in relation to lease contracts, deposits received from real estate transaction, contract liabilities mainly related to automobile maintenance services and software services, and derivative liabilities and allowance for credit losses on off-balance |
Earnings per share | (x) Earnings per share Basic earnings per share is computed by dividing net income attributable to ORIX Corporation shareholders by the weighted average number of shares of outstanding common stock in each period. Diluted earnings per share is calculated by reflecting the potential dilution that could occur if securities or other contracts issuing common stock were exercised or converted into common stock. |
Redeemable noncontrolling interests | (y) Redeemable noncontrolling interests Noncontrolling interests in a certain subsidiary are redeemable interests which are subject to call and put rights upon certain equity holder events. As redemption of the noncontrolling interest is not solely in the control of the subsidiary, it is recorded between liabilities and equity on the consolidated balance sheets at its estimated redemption value. |
New accounting pronouncements | (z) New accounting pronouncements In August 2018, Accounting Standards Update 2018-12 million in deferred policy acquisition costs (included in other assets), a decrease of million in policy liabilities and policy account balances, an increase of million in impact of changes in policy liability discount rate (accumulated other comprehensive income (loss)), and an increase of million in retained earnings in the consolidated balance sheet, and a decrease of million in life insurance costs in the consolidated statement of income. These were due mainly to changes in the applicable discount rate resulting from fluctuation in interest rates (mainly an increase in US dollar interest rates), and a change in the amortization period of deferred policy acquisition costs. Furthermore, as of and for the fiscal year ended March 31, 2023, the effect of the adoption of these updates on the Company and its subsidiaries’ results of operations and financial position was an increase of million in deferred policy acquisition costs (included in other assets), a decrease of million in policy liabilities and policy account balances, an increase of million in impact of changes in policy liability discount rate (accumulated other comprehensive income (loss)), and an increase of million in retained earnings in the consolidated balance sheet, and a decrease of million in life insurance costs in the consolidated statement of income. These were due mainly to changes in the applicable discount rate resulting from fluctuation in interest rates (mainly an increase in US dollar interest rates), reversals of policy liabilities and policy account balances due to update net insurance premium rates (resulting from variances between actual and expected benefits paid), and changes in the amortization period of deferred policy acquisition costs. The Company and its subsidiaries expanded their disclosures in accordance with the adoption of LDTI, regarding long-duration contracts. For further information about the liabilities for future policy benefits as of the date of transition and the fiscal year ended March 31, 2022, see Note 18. “Long-Duration Insurance Contracts Relating to Life Insurance Operations”. In March 2020, Accounting Standards Update 2020-04 In March 2022, Accounting Standards Update 2022-02 326-20 In June 2022, Accounting Standards Update 2022-03 In September 2022, Accounting Standards Update 2022-04 405-50 In March 2023, Accounting Standards Update 2023-01 In March 2023, Accounting Standards Update 2023-02 low-income In August 2023, Accounting Standards Update 2023-05 (“Recognition and Initial Measurement”—Subtopic 805-60 (“Business Combinations—Joint Venture Formations”) was issued. This update clarifies the basis of accounting for joint ventures upon formation and requires a joint venture to recognize and initially measures its assets and liabilities at fair value on its formation date. This update also requires joint ventures to make disclosures related to their formation. This update does not amend the definition of a joint venture or the accounting by an equity method investor for its investment in a joint venture. This update is effective prospectively for all joint venture formations with a formation date on or after January 1, 2025. Early adoption is permitted. The Company and its subsidiaries will adopt this update on January 1, 2025. The Company and its subsidiaries are currently evaluating the effect that the adoption of this update will have on the Company and its subsidiaries’ results of operations or financial position. |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 6 Months Ended |
Sep. 30, 2023 | |
Fair Value Disclosures [Abstract] | |
Recorded Amounts of Major Financial Assets and Liabilities Measured at Fair Value on Recurring Basis | The following tables present recorded amounts of major financial assets and liabilities measured at fair value on a recurring basis as of March 31, 2023 and September 30, 2023: March 31, 2023 Millions of yen Total Carrying Value in Consolidated Balance Sheets Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Assets: Loans held for sale*1 ¥ 197,041 ¥ 0 ¥ 23,192 ¥ 173,849 Trading debt securities 2,179 0 2,179 0 Available-for-sale 2,234,608 4,334 1,986,672 243,602 Japanese and foreign government bond securities*2 801,295 3,004 798,291 0 Japanese prefectural and foreign municipal bond securities 369,246 0 365,915 3,331 Corporate debt securities*3 784,388 1,330 778,321 4,737 CMBS and RMBS in the Americas 43,173 0 43,173 0 Other asset-backed securities and debt securities 236,506 0 972 235,534 Equity securities*4*5 379,236 105,646 133,027 140,563 Certain investment in affiliates*6 2,511 0 0 2,511 Derivative assets: 72,398 203 65,377 6,818 Interest rate swap agreements 22,798 0 22,798 0 Options held/written and other 30,487 0 23,669 6,818 Futures, foreign exchange contracts 17,785 203 17,582 0 Foreign currency swap agreements 1,325 0 1,325 0 Credit derivatives held 3 0 3 0 Netting*7 (22,052 ) 0 0 0 Net derivative assets 50,346 0 0 0 Other assets: 4,676 0 0 4,676 Reinsurance recoverables*8 4,676 0 0 4,676 Total ¥ 2,892,649 ¥ 110,183 ¥ 2,210,447 ¥ 572,019 Liabilities: Derivative liabilities: ¥ 71,366 ¥ 1,484 ¥ 55,240 ¥ 14,642 Interest rate swap agreements 3,319 0 3,319 0 Options held/written and other 28,423 0 13,781 14,642 Futures, foreign exchange contracts 37,195 1,484 35,711 0 Foreign currency swap agreements 2,426 0 2,426 0 Credit derivatives written 3 0 3 0 Netting*7 (22,052 ) 0 0 0 Net derivative Liabilities 49,314 0 0 0 Policy Liabilities and Policy Account Balances: 163,734 0 0 163,734 Variable annuity and variable life insurance contracts*9 163,734 0 0 163,734 Total ¥ 235,100 ¥ 1,484 ¥ 55,240 ¥ 178,376 September 30, 2023 Millions of yen Total Carrying Value in Consolidated Balance Sheets Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Assets: Loans held for sale*1 ¥ 149,390 ¥ 0 ¥ 22,001 ¥ 127,389 Trading debt securities 2,259 0 2,259 0 Available-for-sale 2,318,317 5,282 2,030,880 282,155 Japanese and foreign government bond securities*2 811,807 3,571 808,236 0 Japanese prefectural and foreign municipal bond securities 369,811 0 364,786 5,025 Corporate debt securities*3 802,809 1,711 795,698 5,400 CMBS and RMBS in the Americas 68,193 0 61,118 7,075 Other asset-backed securities and debt securities 265,697 0 1,042 264,655 Equity securities*4*5 410,199 116,421 133,647 160,131 Certain investment in affiliates*6 5,003 0 0 5,003 Derivative assets: 100,941 1,055 91,119 8,767 Interest rate swap agreements 26,942 0 26,942 0 Options held/written and other 33,441 0 24,674 8,767 Futures, foreign exchange contracts 40,059 1,055 39,004 0 Foreign currency swap agreements 491 0 491 0 Credit derivatives held 8 0 8 0 Netting*7 (44,593 ) 0 0 0 Net derivative assets 56,348 0 0 0 Other assets: 3,670 0 0 3,670 Reinsurance recoverables*8 3,670 0 0 3,670 Total ¥ 2,989,779 ¥ 122,758 ¥ 2,279,906 ¥ 587,115 Liabilities: Derivative liabilities: ¥ 100,544 ¥ 180 ¥ 87,383 ¥ 12,981 Interest rate swap agreements 3,177 0 3,177 0 Options held/written and other 30,704 0 17,723 12,981 Futures, foreign exchange contracts 59,826 180 59,646 0 Foreign currency swap agreements 6,831 0 6,831 0 Credit derivatives written 6 0 6 0 Netting*7 (44,593 ) 0 0 0 Net derivative Liabilities 55,951 0 0 0 Policy Liabilities and Policy Account Balances: 160,177 0 0 160,177 Variable annuity and variable life insurance contracts*9 160,177 0 0 160,177 Total ¥ 260,721 ¥ 180 ¥ 87,383 ¥ 173,158 *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 ¥ 3,508 a 353 s million. There were no loans that are 90 days or more past due or, in non-accrual status as of March 31, 2023. The amounts of aggregate unpaid principal balance and aggregate fair value of loans that are 90 days or more past due or, in non-accrual status as of September 30, 2023, were ¥6,911 million and ¥6,667 million, respectively, and the amount of the aggregate fair value was less than the amount of aggregate unpaid principal balance by ¥244 million. *2 A certain subsidiary elected the fair value option for investments in foreign government bond securities included in available-for-sale debt securities. Included in “Gains on investment securities and dividends” in the consolidated statements of income were losses of es of *3 A certain subsidiary elected the fair value option for investments in foreign corporate debt securities included in available-for-sale es *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 ¥546 million and ¥819 million from the change in the fair value of those investments for the six months ended September 30, 2022 and 2023, 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 ¥6 million and ¥367 million from the change in the fair value of those investments for the three months ended September 30, 2022 and 2023, respectively. The amounts of aggregate fair value elected the fair value option were ¥16,032 million and ¥19,401 million as of March 31, 2023 and September 30, 2023, respectively. *5 The amounts of investment funds measured at net asset value per share which are not included in the above tables were ¥51,263 million and ¥68,018 million as of March 31, 2023 and September 30, 2023, respectively. *6 A certain subsidiary elected the fair value option for certain investment in affiliates. No gains or losses were recognized in earnings from the change in the fair value of those investments for the six months ended September 30, 2022 and 2023, respectively. No *7 It represents the amount offset under counterparty netting of derivative assets and liabilities. *8 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 ¥4,676 million and ¥3,670 million as of March 31, 2023 and September 30, 2023, 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, 2022 and 2023, see Note 17 “ Income and Expenses Relating to *9 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 ¥163,734 million and ¥160,177 million as of March 31, 2023 and September 30, 2023, 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, 2022 and 2023, see Note 17 “ Income and Expenses Relating to |
Reconciliation of Financial Assets and Liabilities (Net) Measured at Fair Value on Recurring Basis Using Significant Unobservable Input | The following tables present the reconciliation of financial assets and liabilities (net) measured at fair value on a recurring basis using significant unobservable inputs (Level 3) for the six months ended September 30, 2022 and 2023: Six months ended September 30, 2022 Millions of yen Balance at April 1, 2022 Gains or losses (realized/unrealized) Purchases *3 Sales Settlements *4 Transfers in and/ or out of Level 3 (net) Balance at September 30, 2022 Change in unrealized gains or losses included in earnings for assets and liabilities still held at September 30, 2022 *1 Change in unrealized gains or losses included in other assets and liabilities still held at September 30, 2022 *2 Included in earnings *1 Included in other comprehensive income *2 Total Available-for-sale ¥ 141,060 ¥ 10,011 ¥ 5,711 ¥ 15,722 ¥ 47,361 ¥ (5,678 ) ¥ (3,460 ) ¥ 0 ¥ 195,005 ¥ 9,995 ¥ 6,090 Japanese prefectural and foreign municipal bond securities 3,053 0 559 559 0 0 0 0 3,612 0 559 Corporate debt securities 697 0 (1 ) (1 ) 0 0 (346 ) 0 350 0 (0 ) Other asset-backed securities and debt securities 137,310 10,011 5,153 15,164 47,361 (5,678 ) (3,114 ) 0 191,043 9,995 5,531 Equity securities 112,972 3,874 19,692 23,566 2,500 (7,144 ) (1,522 ) 0 130,372 3,155 19,688 Investment funds, and others 112,972 3,874 19,692 23,566 2,500 (7,144 ) (1,522 ) 0 130,372 3,155 19,688 Derivative assets and liabilities (net) (3,772 ) (18,486 ) (2,581 ) (21,067 ) 0 0 0 0 (24,839 ) (18,486 ) (2,581 ) Options held/written and other (3,772 ) (18,486 ) (2,581 ) (21,067 ) 0 0 0 0 (24,839 ) (18,486 ) (2,581 ) Other asset 5,214 121 0 121 632 0 (265 ) 0 5,702 121 0 Reinsurance recoverables *5 5,214 121 0 121 632 0 (265 ) 0 5,702 121 0 Policy Liabilities and Policy Account Balances 198,905 11,679 83 11,762 0 0 (16,966 ) 0 170,177 11,679 83 Variable annuity and variable life insurance contracts *6 198,905 11,679 83 11,762 0 0 (16,966 ) 0 170,177 11,679 83 Six months ended September 30, 2023 Millions of yen Balance at April 1, 2023 Gains or losses (realized/unrealized) Purchases *3 Sales Settlements *4 Transfers in and/ or out of Level 3 (net) Balance at September 30, 2023 Change in unrealized gains or losses included in earnings for assets and liabilities still held at September 30, 2023 *1 Change in unrealized gains or losses included in other assets and liabilities still held at September 30, 2023 *2 Included in earnings *1 Included in other comprehensive income *2 Total Loans held for sale ¥ 173,849 ¥ 339 ¥ 18,249 ¥ 18,588 ¥ 3,132 ¥ (58,350 ) ¥ (9,830 ) ¥ 0 ¥ 127,389 ¥ 140 ¥ 18,249 Available-for-sale 243,602 12,527 13,684 26,211 21,976 (3,651 ) (7,256 ) 1,273 282,155 11,956 14,095 Japanese prefectural and foreign municipal bond securities 3,331 (80 ) 501 421 0 0 0 1,273 5,025 (80 ) 472 Corporate debt securities 4,737 719 (0 ) 719 14 0 (70 ) 0 5,400 539 (0 ) CMBS and RMBS in the Americas 0 0 196 196 6,879 0 0 0 7,075 0 0 Other asset-backed securities and debt securities 235,534 11,888 12,987 24,875 15,083 (3,651 ) (7,186 ) 0 264,655 11,497 13,623 Equity securities 140,563 2,383 17,036 19,419 1,060 (401 ) (510 ) 0 160,131 2,175 17,037 Investment funds, and others 140,563 2,383 17,036 19,419 1,060 (401 ) (510 ) 0 160,131 2,175 17,037 Certain investment in affiliates 2,511 0 363 363 2,282 0 (153 ) 0 5,003 0 363 Derivative assets and liabilities (net) (7,824 ) 4,229 (619 ) 3,610 0 0 0 0 (4,214 ) 4,229 (619 ) Options held/written and other (7,824 ) 4,229 (619 ) 3,610 0 0 0 0 (4,214 ) 4,229 (619 ) Other asset 4,676 (1,409 ) 0 (1,409 ) 500 0 (97 ) 0 3,670 (1,409 ) 0 Reinsurance recoverables *5 4,676 (1,409 ) 0 (1,409 ) 500 0 (97 ) 0 3,670 (1,409 ) 0 Policy Liabilities and Policy Account Balances 163,734 (10,121 ) (170 ) (10,291 ) 0 0 (13,848 ) 0 160,177 (10,121 ) (170 ) Variable annuity and variable life insurance contracts *6 163,734 (10,121 ) (170 ) (10,291 ) 0 0 (13,848 ) 0 160,177 (10,121 ) (170 ) *1 Principally, gains and losses from loans held for sale are included in “Finance revenues”, available-for-sale debt securities are included in “Gains on investment securities and dividends”, “Write-downs of securities” or “Life insurance premiums and related investment income”; equity securities are included in “Gains on investment securities and dividends” and “Life insurance premiums and related investment income” and derivative assets and liabilities (net) are included in “Other (income) and expense” respectively. Additionally, for available-for-sale debt securities, amortization of interest recognized in finance revenues is included in these columns. *2 Unrealized gains and losses from loans held for sale are included in “Net change of foreign currency translation adjustments”, 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. For a reconciliation of the total amount of policyholder account balances and the balances of market risk benefits related to variable annuity and variable life insurance contracts during year ended March 31, 2023 and for the six months ended September 30, 2023, see Note 18 “Long-Durations Insurance Contracts Relating to Life Insurance Operations.” In the six months ended September 30, 2022, there were no transfers in or out of Level 3. In the six months ended September 30, 2023, foreign municipal bond securities totaling ¥1,273 mi l The following tables present the reconciliation of financial assets and liabilities (net) measured at fair value on a recurring basis using significant unobservable inputs (Level 3) for the three months ended September 30, 2022 and 2023: Three months ended September 30, 2022 Millions of yen Balance at June 30, Gains or losses (realized/unrealized) Purchases *3 Sales Settlements *4 Transfers in and/ or out of Level 3 (net) Balance at Change in unrealized gains or losses included in earnings for assets and liabilities still held at September 30, Change in unrealized gains or losses included in other assets and liabilities still held at September 30, Included in earnings *1 Included in other comprehensive income *2 Total Available-for-sale ¥ 176,919 ¥ 4,393 ¥ 2,401 ¥ 6,794 ¥ 13,190 ¥ 0 ¥ (1,898 ) ¥ 0 ¥ 195,005 ¥ 4,391 ¥ 2,558 Japanese prefectural and foreign municipal bond securities 3,409 0 203 203 0 0 0 0 3,612 0 203 Corporate debt securities 625 0 (0 ) (0 ) 0 0 (275 ) 0 350 0 0 Other asset-backed securities and debt securities 172,885 4,393 2,198 6,591 13,190 0 (1,623 ) 0 191,043 4,391 2,355 Equity securities 124,735 2,539 6,881 9,420 621 (4,040 ) (364 ) 0 130,372 2,336 6,880 Investment funds, and others 124,735 2,539 6,881 9,420 621 (4,040 ) (364 ) 0 130,372 2,336 6,880 Derivative assets and liabilities (net) (17,781 ) (5,681 ) (1,377 ) (7,058 ) 0 0 0 0 (24,839 ) (5,681 ) (1,377 ) Options held/written and other (17,781 ) (5,681 ) (1,377 ) (7,058 ) 0 0 0 0 (24,839 ) (5,681 ) (1,377 ) Other asset 5,732 (216 ) 0 (216 ) 321 0 (135 ) 0 5,702 (216 ) 0 Reinsurance recoverables *5 5,732 (216 ) 0 (216 ) 321 0 (135 ) 0 5,702 (216 ) 0 Policy Liabilities and Policy Account Balances 180,791 2,204 106 2,310 0 0 (8,304 ) 0 170,177 2,204 106 Variable annuity and variable life insurance contracts *6 180,791 2,204 106 2,310 0 0 (8,304 ) 0 170,177 2,204 106 Three months ended September 30, 2023 Millions of yen Balance at June 30, Gains or losses (realized/unrealized) Purchases *3 Sales Settlements *4 Transfers Balance at Change in Change in Included in earnings *1 Included in other comprehensive income *2 Total Loans held for sale ¥ 173,281 ¥ 168 ¥ 4,064 ¥ 4,232 ¥ 1,235 ¥ (50,752 ) ¥ (607 ) ¥ 0 ¥ 127,389 ¥ 162 ¥ 4,064 Available-for-sale 268,397 4,166 5,869 10,035 12,830 (2,900 ) (6,207 ) 0 282,155 3,694 5,894 Japanese prefectural and foreign municipal bond securities 4,871 0 154 154 0 0 0 0 5,025 0 125 Corporate debt securities 5,152 249 0 249 0 0 (1 ) 0 5,400 156 0 CMBS and RMBS in the Americas 0 0 196 196 6,879 0 0 0 7,075 0 0 Other asset-backed securities and debt securities 258,374 3,917 5,519 9,436 5,951 (2,900 ) (6,206 ) 0 264,655 3,538 5,769 Equity securities 154,246 868 4,956 5,824 823 (401 ) (361 ) 0 160,131 874 4,936 Investment funds, and others 154,246 868 4,956 5,824 823 (401 ) (361 ) 0 160,131 874 4,936 Certain investment in affiliates 2,727 0 147 147 2,282 0 (153 ) 0 5,003 0 147 Derivative assets and liabilities (net) (4,716 ) 632 (130 ) 502 0 0 0 0 (4,214 ) 632 (130 ) Options held/written and other (4,716 ) 632 (130 ) 502 0 0 0 0 (4,214 ) 632 (130 ) Other asset 3,876 (410 ) 0 (410 ) 250 0 (46 ) 0 3,670 (410 ) 0 Reinsurance recoverables *5 3,876 (410 ) 0 (410 ) 250 0 (46 ) 0 3,670 (410 ) 0 Policy Liabilities and Policy Account Balances 170,568 3,028 (110 ) 2,918 0 0 (7,473 ) 0 160,177 3,028 (110 ) Variable annuity and variable life insurance contracts *6 170,568 3,028 (110 ) 2,918 0 0 (7,473 ) 0 160,177 3,028 (110 ) *1 Principally, gains and losses from loans held for sale are included in “Finance revenues”, available-for-sale debt securities are included in “Gains on investment securities and dividends”, “Write-downs of securities” or “Life insurance premiums and related investment income”; equity securities are included in “Gains on investment securities and dividends” and “Life insurance premiums and related investment income” and derivative assets and liabilities (net) are included in “Other (income) and expense” respectively. Additionally, for available-for-sale debt securities, amortization of interest recognized in finance revenues is included in these columns. *2 Unrealized gains and losses from loans held for sale are included in “Net change of foreign currency translation adjustments”, unrealized gains and losses from available-for-sale *3 Increases resulting from an acquisition of a subsidiary and insurance contracts ceded to reinsurance companies are included. *4 Decreases resulting from the receipts of reimbursements for benefits, and decreases resulting from insurance payouts to variable annuity and variable life policyholders due to death, surrender and maturity of the investment period are included. *5 “Included in earnings” in the above table includes changes in the fair value of reinsurance contracts recorded in “Life insurance costs” and reinsurance premiums, net of reinsurance benefits received, recorded in “Life insurance premiums and related investment income.” *6 “Included in earnings” in the above table is recorded in “Life insurance costs” and includes changes in the fair value of policy liabilities and policy account balances resulting from gains or losses on the underlying investment assets managed on behalf of variable annuity and variable life policyholders, and the changes in the minimum guarantee risks relating to variable annuity and variable life insurance contracts as well as insurance costs recognized for insurance and annuity payouts as a result of insured events. |
Recorded Amounts of Major Assets Measured at Fair Value on Nonrecurring Basis | The following tables present recorded amounts of assets measured at fair value on a nonrecurring basis during year ended March 31, 2023 and the six months ended September 30, 2023. These assets are measured at fair value on a nonrecurring basis mainly to recognize impairment: Year ended March 31, 2023 Millions of yen Total Carrying Value in Consolidated Balance Sheets Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Assets: Loans held for sale ¥ 1,139 ¥ 0 ¥ 1,139 ¥ 0 Real estate collateral-dependent loans (net of allowance for credit losses) 5,970 0 0 5,970 Investment in operating leases, property under facility operations, office facilities and other assets 4,568 0 31 4,537 Certain equity securities 11,794 0 11,794 0 Certain investment in affiliates 4,013 3,587 0 426 ¥ 27,484 ¥ 3,587 ¥ 12,964 ¥ 10,933 Six months ended September 30, 2023 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 ¥ 10,542 ¥ 0 ¥ 10,451 ¥ 91 Real estate collateral-dependent loans (net of allowance for credit losses) 3,725 0 0 3,725 Investment in operating leases and property under facility operations 480 0 0 480 Certain equity securities 12,493 0 12,493 0 ¥ 27,240 ¥ 0 ¥ 22,944 ¥ 4,296 |
Information about the valuation techniques and significant unobservable inputs used in the valuation of Level 3 assets and liabilities measured at fair value on a recurring basis | The following tables provide information about the valuation techniques and significant unobservable inputs used in March 31, 2023 Millions of yen Fair value Valuation technique(s) Significant unobservable inputs Range (Weighted average) Assets: Loans held for sale ¥ 173,849 Discounted cash flows Discount rate 8.0% – 10.0% (9.0 Available-for-sale Japanese prefectural and foreign municipal bond securities 3,331 Appraisals/Broker quotes — — Corporate debt securities 280 Discounted cash flows Discount rate 0.4% (0.4 4,457 Appraisals/Broker quotes — — Other asset-backed securities and debt securities 29,165 Discounted cash flows Discount rate 0.2% – 51.2% (8.9 Probability of default 1.9% (1.9 206,369 Appraisals/Broker quotes — — Equity securities: Investment funds 120,744 Discounted cash flows WACC 11.9% – 26.4% (17.2%) EV/Terminal EBITDA multiple 7.5x-12.0x (9.5x) Market multiples EV/Last twelve months EBITDA multiple 5.5x-8.7x (7.9x) EV/Forward EBITDA multiple 4.9x-8.9x (7.6x) EV/Precedent transaction last twelve months EBITDA multiple 7.5x-14.5x (10.0x) 19,819 Appraisals/Broker quotes — — Certain investment in affiliates 2,511 Discounted cash flows Discount rate 8.0% – 12.0% (10.0%) Derivative assets: Options held/written and other 6,818 Discounted cash flows Discount rate 12.0% – 32.0% (14.4%) Other assets: Reinsurance recoverables 4,676 Discounted cash flows Discount rate (0.4)% – 1.5% (0.4%) Mortality rate 0.0% – 100.0% (2.6%) Lapse rate 1.5% – 14.0% (5.0%) Annuitization rate (guaranteed minimum annuity benefit) 0.0% – 100.0% (100.0%) Total ¥ 572,019 Liabilities: Derivative liabilities: Options held/written and other ¥ 14,603 Discounted cash flows Discount rate 12.0% – 32.0% (14.4%) 39 Appraisals/Broker quotes — — Policy liabilities and Policy Account Balances: Variable annuity and variable life insurance contracts 163,734 Discounted cash flows Discount rate (0.4)% – 1.5% (0.4%) Mortality rate 0.0% – 100.0% (2.1%) Lapse rate 1.5% – 30.0% (5.9%) Annuitization rate (guaranteed minimum annuity benefit) 0.0% – 100.0% (68.8%) Total ¥ 178,376 September 30, 2023 Millions of yen Fair value Valuation technique(s) Significant unobservable inputs Range (Weighted Assets: Loans held for sale ¥ 127,389 Discounted cash flows Discount rate 8.8% – 13.5% (10.8%) Available-for-sale Japanese prefectural and foreign municipal bond securities 1,294 Discounted cash flows Discount rate 5.8% (5.8%) 3,731 Appraisals/Broker quotes — — Corporate debt securities 210 Discounted cash flows Discount rate 0.7% (0.7%) 5,190 Appraisals/Broker quotes — — CMBS and RMBS in the Americas 7,075 Appraisals/Broker quotes — — Other asset-backed securities and debt securities 33,377 Discounted cash flows Discount rate 0.1% – 51.2% (7.9%) Probability of default 1.9% (1.9%) 231,278 Appraisals/Broker quotes — — Equity securities: Investment funds 136,792 Discounted cash flows WACC 12.8% – 26.4% (17.2%) EV/Terminal EBITDA multiple 7.5x – 12.0x (9.5x) Market multiples EV/Last twelve months EBITDA multiple 6.5x – 9.3x (8.3x) EV/Forward EBITDA multiple 6.4x – 8.4x (7.7x) EV/Precedent transaction last twelve months EBITDA multiple 7.5x – 13.0x (9.9x) 23,339 Appraisals/Broker quotes — — Certain investment in affiliates 5,003 Discounted cash flows Discount rate 8.0% – 12.0% (9.2%) Derivative assets: Options held/written and other 8,767 Discounted cash flows Discount rate 12.0% – 33.0% (14.5%) Other assets: Reinsurance recoverables 3,670 Discounted cash flows Discount rate (0.3)% – 1.9% (0.5%) Mortality rate 0.0% – 100.0% (2.6%) Lapse rate 1.5% – 14.0% (4.9%) Annuitization rate (guaranteed minimum annuity benefit) 0.0% – 100.0% (100.0%) Total ¥ 587,115 Liabilities: Derivative liabilities: Options held/written and other ¥ 12,957 Discounted cash flows Discount rate 12.0% – 33.0% (14.5%) 24 Appraisals/Broker quotes — — Policy liabilities and Policy Account Balances: Variable annuity and variable life insurance contracts 160,177 Discounted cash flows Discount rate (0.3)% – 1.9% (0.5%) Mortality rate 0.0% – 100.0% (2.1%) Lapse rate 1.5% – 30.0% (5.9%) Annuitization rate (guaranteed minimum annuity benefit) 0.0% – 100.0% (67.4%) Total ¥ 173,158 |
Information about Valuation Techniques and Significant Unobservable Inputs Used in Valuation of Level Three Assets Measured at Fair Value on Nonrecurring Basis | The following tables provide in Year ended March 31, 2023 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) ¥ 1,351 Direct capitalization Capitalization rate 4.7% – 6.6% (5.5%) 4,619 Appraisals — — Investment in operating leases, property under facility operations, office facilities and other assets 3,257 Discounted cash flows Discount rate 0.5% – 5.8% (4.9%) 1,280 Appraisals — — Certain investment in affiliates 23 Discounted cash flows Discount rate 3.7% (3.7%) 403 Appraisals — — ¥ 10,933 Three months ended September 30, 2023 Millions of yen Fair value Valuation technique(s) Significant unobservable inputs Range (Weighted average) Assets: Loans held for sale ¥ 91 Discounted cash flows Discount rate 9.9% – 10.1% (10.0%) Real estate collateral-dependent loans (net of allowance for credit losses) 1,324 Direct capitalization Capitalization rate 4.9% – 6.6% (5.4%) 2,401 Appraisals — — Investment in operating leases and property under facility operations 50 Discounted cash flows Discount rate 13.0% (13.0%) 430 Appraisals — — ¥ 4,296 |
Acquisitions and Divestitures (
Acquisitions and Divestitures (Tables) | 6 Months Ended |
Sep. 30, 2023 | |
Business Combinations [Abstract] | |
Fair Value Amounts Allocated to Assets Acquired and Liabilities | The following table provides preliminary fair value amounts allocated to assets acquired and liabilities assumed from DHC. The acquisition occurred during the three months ended March 31, 2023, and purchase price allocation has not yet been finalized as of November 13, 2023. In particular, the final fair value measurements for certain acquired intangible assets have not yet been completed, which could result in a change in the amount of the intangible assets. This change is not expected to have a significant effect on the Company’s consolidated statement of income. Millions of yen Fair value amounts of assets, liabilities Cash and Cash Equivalents ¥ 101,254 Property under Facility Operations 18,498 Trade Notes, Accounts and Other Receivable 11,117 Inventories 19,097 Office Facilities 17,763 Other Assets and other 199,415 Total Assets 367,144 Short-Term Debt 5,000 Trade Notes, Accounts and Other Payable 13,748 Current and Deferred Income Taxes 29,752 Other Liabilities 18,292 Total Liabilities 66,792 Noncontrolling interests 353 Net ¥ 300,000 |
Other Intangible Assets Recognized in this Acquisition | Other intangible assets recognized in this acquisition consist of the following: Millions of yen Years Acquired intangibles Weighted-average Intangible assets that have indefinite useful lives: Trade names ¥ 68,800 — Subtotal 68,800 Intangibles subject to amortization: License 15,500 15 Customer relationships 11,213 16 Subtotal 26,713 Total ¥ 95,513 |
Operations of the Company and its Subsidiaries | The following unaudited supplemental pro forma financial information presents the combined results of operations of the Company and its subsidiaries as though the acquisition had occurred as of April 1, 2021, the beginning of the fiscal year ended March 31, 2022: Millions of yen Six months ended Total revenues ¥ 1,410,833 Net Income 131,971 |
Revenues from Contracts with _2
Revenues from Contracts with Customers (Tables) | 6 Months Ended |
Sep. 30, 2023 | |
Revenue from Contract with Customer [Abstract] | |
Summary of Revenue from Contract with Customers and Other Sources of Revenue | The following table provides information about revenues from contracts with customers, and other sources of revenue for the six and three months ended September 30, 2022 and 2023 are as follows: Millions of yen Millions of yen Six months ended September 30, 2022 Six months ended September 30, 2023 Revenues from contracts with customers ¥ 693,599 ¥ 618,730 Other revenues * 671,217 741,005 Total revenues ¥ 1,364,816 ¥ 1,359,735 Millions of yen Millions of yen Three months ended September 30, 2022 Three months ended September 30, 2023 Revenues from contracts with customers ¥ 359,235 ¥ 315,993 Other revenues * 347,768 366,768 Total revenues ¥ 707,003 ¥ 682,761 * Other revenues are not considered to be within the scope of revenue from contracts with customers, such as life insurance premiums and related investment income, operating leases, finance revenues that include interest income, and others. |
Summary of Balances from Contracts with Customers | The following table provides information about balances from contracts with customers as of March 31, 2023 and September 30, 2023. Millions of yen March 31, 2023 September 30, 2023 Trade Notes, Accounts and Other Receivable ¥ 223,635 ¥ 192,888 Contract assets (Included in Other Assets) 13,403 16,127 Contract liabilities (Included in Other Liabilities) 34,338 29,172 |
Leases (Tables)
Leases (Tables) | 6 Months Ended |
Sep. 30, 2023 | |
Leases [Abstract] | |
Lease Income | Lease income for the six and three months ended September 30, 2022 and 2023 are as follows: Millions of yen Six months ended September 30, 2022 Six months ended September 30, 2023 Lease income—net investment in leases Interest income ¥ 39,936 ¥ 43,325 Other 1,147 1,649 Lease income—operating leases 249,144 259,949 Total lease income ¥ 290,227 ¥ 304,923 * Gains from the disposition of real estate under operating leases included in operating lease revenues were ¥12,487 million and ¥10,066 million, and gains from the disposition of operating lease assets other than real estate included in operating lease revenues were ¥19,090 million and ¥17,726 million, for the six months ended September 30, 2022 and 2023, respectively. Millions of yen Three months ended September 30, 2022 Three months ended September 30, 2023 Lease income—net investment in leases Interest income ¥ 20,256 ¥ 21,938 Other 614 732 Lease income—operating leases 122,945 137,949 Total lease income ¥ 143,815 ¥ 160,619 * Gains from the disposition of real estate under operating leases included in operating lease revenues were ¥2,766 million and ¥8,837 million, and gains from the disposition of operating lease assets other than real estate included in operating lease revenues were ¥9,320 million and ¥10,165 million, for the three months ended September 30, 2022 and 2023, respectively. |
Credit Quality of Financial A_2
Credit Quality of Financial Assets and the Allowance for Credit Losses (Tables) | 6 Months Ended |
Sep. 30, 2023 | |
Credit Loss [Abstract] | |
Summary of allowance for credit losses for installment loans | The following table provides information about the allowance for credit losses for installment loans, net investment in leases and other financial assets measured at amortized cost as of March 31, 2023, and for the six and three months ended September 30, 2022 and 2023: Six months ended September 30, 2022 Millions of yen Beginning Provision Allowance during the Charge-offs *4 Recoveries Other *5 Ending Collective Individual Allowance for credit losses: Installment loans to consumer borrowers: Real estate loans Japan ¥ 5,716 ¥ (0 ) ¥ 0 ¥ (82 ) ¥ 13 ¥ 1 ¥ 5,648 ¥ 5,153 ¥ 495 Overseas 455 (2 ) 0 0 0 3 456 456 0 Card loans Japan 10,019 228 0 (265 ) 4 0 9,986 9,357 629 Other Japan 5,204 2,152 0 (865 ) 4 0 6,495 4,167 2,328 Overseas 1,105 286 0 (206 ) 0 137 1,322 1,187 135 Installment loans to corporate borrowers: Non-recourse Japan 81 1 0 0 0 0 82 82 0 The Americas 2,691 (944 ) 0 0 0 122 1,869 857 1,012 Real estate companies Japan 617 (21 ) 0 0 13 1 610 489 121 Overseas 735 (98 ) 0 (14 ) 0 57 680 680 0 Commercial, industrial companies Japan 1,337 256 0 (277 ) 7 0 1,323 475 848 Overseas 18,296 114 0 (1,825 ) 310 3,144 20,039 16,169 3,870 Purchased loans *1 1,575 (242 ) 2,095 (2,309 ) 56 12 1,187 563 624 Net investment in leases: 16,303 582 0 (1,430 ) 25 760 16,240 12,030 4,210 Subtotal 64,134 2,312 2,095 (7,273 ) 432 4,237 65,937 51,665 14,272 Other financial assets measured 7,282 157 0 (4,567 ) 15 334 3,221 629 2,592 Total ¥ 71,416 ¥ 2,469 ¥ 2,095 ¥ (11,840 ) ¥ 447 ¥ 4,571 ¥ 69,158 ¥ 52,294 ¥ 16,864 Three months ended September 30, 2022 Millions of yen Beginning Provision Allowance during the Charge-offs *4 Recoveries Other *5 Ending Collective Individual Allowance for credit losses: Installment loans to consumer borrowers: Real estate loans Japan ¥ 5,725 ¥ (80 ) ¥ 0 ¥ (3 ) ¥ 5 ¥ 1 ¥ 5,648 ¥ 5,153 ¥ 495 Overseas 471 1 0 0 0 (16 ) 456 456 0 Card loans Japan 9,933 209 0 (158 ) 2 0 9,986 9,357 629 Other Japan 5,915 1,038 0 (460 ) 2 0 6,495 4,167 2,328 Overseas 1,164 242 0 (140 ) 0 56 1,322 1,187 135 Installment loans to corporate borrowers: Non-recourse Japan 65 17 0 0 0 0 82 82 0 The Americas 2,235 (218 ) 0 0 0 (148 ) 1,869 857 1,012 Real estate companies Japan 600 4 0 0 5 1 610 489 121 Overseas 630 54 0 (14 ) 0 10 680 680 0 Commercial, industrial companies Japan 1,206 220 0 (107 ) 4 0 1,323 475 848 Overseas 18,720 78 0 (190 ) 281 1,150 20,039 16,169 3,870 Purchased loans *1 1,546 (214 ) 2,067 (2,261 ) 56 (7 ) 1,187 563 624 Net investment in leases: 16,665 123 0 (650 ) 18 84 16,240 12,030 4,210 Subtotal 64,875 1,474 2,067 (3,983 ) 373 1,131 65,937 51,665 14,272 Other financial assets measured at amortized cost *2 2,976 161 0 (31 ) (12 ) 127 3,221 629 2,592 Total ¥ 67,851 ¥ 1,635 ¥ 2,067 ¥ (4,014 ) ¥ 361 ¥ 1,258 ¥ 69,158 ¥ 52,294 ¥ 16,864 March 31, 2023 Millions of yen Ending Collective Individual Allowance for credit losses: Installment loans to consumer borrowers: Real estate loans Japan ¥ 4,092 ¥ 3,644 ¥ 448 Overseas 446 446 0 Card loans Japan 9,022 8,329 693 Other Japan 7,759 5,337 2,422 Overseas 1,889 1,467 422 Installment loans to corporate borrowers: Non-recourse Japan 253 253 0 The Americas 1,494 560 934 Real estate companies Japan 777 663 114 Overseas 1,007 1,007 0 Commercial, industrial companies Japan 1,152 477 675 Overseas 19,132 16,455 2,677 Purchased loans *1 1,148 541 607 Net investment in leases: 15,719 12,032 3,687 Subtotal 63,890 51,211 12,679 Other financial assets measured at amortized cost *2 1,482 548 934 Total ¥ 65,372 ¥ 51,759 ¥ 13,613 Six months ended September 30, 2023 Millions of yen Beginning Provision Allowance Charge-offs *4 Recoveries Other *5 Ending Collective Individual Allowance for credit losses: Installment loans to consumer borrowers: Real estate loans Japan ¥ 4,092 ¥ (50 ) ¥ 0 ¥ (144 ) ¥ 84 ¥ 1 ¥ 3,983 ¥ 3,613 ¥ 370 Overseas 446 118 0 0 1 41 606 575 31 Card loans Japan 9,022 753 0 (450 ) 8 0 9,333 8,611 722 Other Japan 7,759 2,970 0 (1,806 ) 3 1 8,927 6,487 2,440 Overseas 1,889 1,370 0 (1,124 ) 163 238 2,536 1,896 640 Installment loans to corporate borrowers: Non-recourse Japan 253 (27 ) 0 0 0 0 226 226 0 The Americas 1,494 197 0 0 0 192 1,883 837 1,046 Real estate companies Japan 777 23 0 (4 ) 13 0 809 705 104 Overseas 1,007 (68 ) 0 0 0 82 1,021 1,021 0 Commercial, industrial companies Japan 1,152 (29 ) 0 (23 ) 4 0 1,104 615 489 Overseas 19,132 434 0 (2,131 ) 101 2,107 19,643 16,288 3,355 Purchased loans *1 1,148 69 7,580 (7,612 ) 1 12 1,198 511 687 Net investment in leases: 15,719 1,717 0 (1,234 ) 17 590 16,809 12,366 4,443 Subtotal 63,890 7,477 7,580 (14,528 ) 395 3,264 68,078 53,751 14,327 Other financial assets measured at amortized cost *2 1,482 254 0 (178 ) 5 227 1,790 702 1,088 Total ¥ 65,372 ¥ 7,731 ¥ 7,580 ¥ (14,706 ) ¥ 400 ¥ 3,491 ¥ 69,868 ¥ 54,453 ¥ 15,415 Three months ended September 30, 2023 Millions of yen Beginning Provision Allowance Charge-offs *4 Recoveries Other *5 Ending Collective Individual Allowance for credit losses: Installment loans to consumer borrowers: Real estate loans Japan ¥ 4,003 ¥ 30 ¥ 0 ¥ (88 ) ¥ 38 ¥ 0 ¥ 3,983 ¥ 3,613 ¥ 370 Overseas 532 65 0 0 1 8 606 575 31 Card loans Japan 9,102 433 0 (206 ) 4 0 9,333 8,611 722 Other Japan 8,487 1,369 0 (930 ) 1 0 8,927 6,487 2,440 Overseas 2,153 884 0 (630 ) 82 47 2,536 1,896 640 Installment loans to corporate borrowers: Non-recourse Japan 262 (36 ) 0 0 0 0 226 226 0 The Americas 1,727 98 0 0 0 58 1,883 837 1,046 Real estate companies Japan 788 15 0 0 5 1 809 705 104 Overseas 1,044 (37 ) 0 0 0 14 1,021 1,021 0 Commercial, industrial companies Japan 976 128 0 (1 ) 2 (1 ) 1,104 615 489 Overseas 18,929 1,411 0 (1,337 ) 101 539 19,643 16,288 3,355 Purchased loans *1 1,189 36 7,261 (7,288 ) 0 0 1,198 511 687 Net investment in leases: 16,388 942 0 (609 ) 0 88 16,809 12,366 4,443 Subtotal 65,580 5,338 7,261 (11,089 ) 234 754 68,078 53,751 14,327 Other financial assets measured at amortized cost *2 1,655 113 0 (136 ) 5 153 1,790 702 1,088 Total ¥ 67,235 ¥ 5,451 ¥ 7,261 ¥ (11,225 ) ¥ 239 ¥ 907 ¥ 69,868 ¥ 54,453 ¥ 15,415 Notes: 1 Loans held for sale and policy loan receivables of an insurance entity are not in the 2 Held-to-maturity held-to-maturity non-accrual held-to-maturity *1 Purchased loans represent loans with evidence of deterioration of credit quality since origination and for which it is probable at acquisition that collection of all contractually required payments from the debtors is unlikely. *2 The allowance for other financial assets measured at amortized cost includes the allowance for credit losses on financing receivables, such as loans to affiliates and accounts receivable. Other financial assets measured at amortized cost are mainly “Trade notes, accounts and other receivables”, and loans to affiliates included in “Investment in affiliates” on the consolidated balance sheets. *3 “Provision for credit losses” in the consolidated statements of income amounted to provisions of ¥1,674 million and ¥8,524 million during the six months ended September 30, 2022 and 2023, provisions of ¥1,426 million and ¥5,604 million during the three months ended September 30, 2022 and 2023, respectively. “Allowance for credit losses” on the consolidated balance sheets amounted to ¥64,723 million and ¥69,046 million as of March 31, 2023 and September 30, 2023, respectively. The reconciliation between the above table and the amounts reported on the consolidated financial statements during the six and three months ended September 30, 2022 and 2023, and as of March 31, 2023 and September 30, 2023 are as follows: Millions of yen Six months Three months March 31, Six months Three months September 30, Provision for Provision for Allowance for Provision for Provision for Allowance for Net investment in leases ¥ 582 ¥ 123 ¥ 15,719 ¥ 1,717 ¥ 942 ¥ 16,809 Installment loans 1,730 1,351 48,171 5,760 4,396 51,269 Subtotal in the above table 2,312 1,474 63,890 7,477 5,338 68,078 Other financial assets measured at amortized cost 157 161 1,482 254 113 1,790 Total in the above table 2,469 1,635 65,372 7,731 5,451 69,868 Off-balance (868 ) (225 ) — 591 171 — Available-for-sale (5 ) 0 — 292 0 — Less: Loans to affiliates *3(c) 78 16 (649 ) (90 ) (18 ) (822 ) Amount reported on the consolidated financial statements ¥ 1,674 ¥ 1,426 ¥ 64,723 ¥ 8,524 ¥ 5,604 ¥ 69,046 *3(a) The allowance for off-balance *3(b) The allowance for available-for-sale *3(c) The provision for credit losses on loans to affiliates were a reversal of ¥78 million and a provision of ¥90 million during the six months ended September 30, 2022 and 2023, a reversal of ¥16 million and a provision of ¥18 million during the three months ended September 30, 2022 and 2023, respectively, and the amounts are recorded in “Equity in net income (loss) of affiliates” in the consolidated statements of income. The allowance for credit losses on loans to affiliates were ¥649 million and ¥822 million as of March 31, 2023 and September 30, 2023, respectively, and the amounts are recorded as a reduction in “Investments in affiliates” on the consolidated balance sheets. *4 Included in Charge-off *5 Other mainly includes foreign currency translation adjustments and increases or decreases in allowance due to consolidation or deconsolidation of subsidiaries. |
Summary of disclosure in tabular form of allowances for credit losses and provision for credit losses | Millions of yen Six months Three months March 31, Six months Three months September 30, Provision for Provision for Allowance for Provision for Provision for Allowance for Net investment in leases ¥ 582 ¥ 123 ¥ 15,719 ¥ 1,717 ¥ 942 ¥ 16,809 Installment loans 1,730 1,351 48,171 5,760 4,396 51,269 Subtotal in the above table 2,312 1,474 63,890 7,477 5,338 68,078 Other financial assets measured at amortized cost 157 161 1,482 254 113 1,790 Total in the above table 2,469 1,635 65,372 7,731 5,451 69,868 Off-balance (868 ) (225 ) — 591 171 — Available-for-sale (5 ) 0 — 292 0 — Less: Loans to affiliates *3(c) 78 16 (649 ) (90 ) (18 ) (822 ) Amount reported on the consolidated financial statements ¥ 1,674 ¥ 1,426 ¥ 64,723 ¥ 8,524 ¥ 5,604 ¥ 69,046 *3(a) The allowance for off-balance *3(b) The allowance for available-for-sale *3(c) The provision for credit losses on loans to affiliates were a reversal of ¥78 million and a provision of ¥90 million during the six months ended September 30, 2022 and 2023, a reversal of ¥16 million and a provision of ¥18 million during the three months ended September 30, 2022 and 2023, respectively, and the amounts are recorded in “Equity in net income (loss) of affiliates” in the consolidated statements of income. The allowance for credit losses on loans to affiliates were ¥649 million and ¥822 million as of March 31, 2023 and September 30, 2023, respectively, and the amounts are recorded as a reduction in “Investments in affiliates” on the consolidated balance sheets. |
Summary of purchased loans | The following table provides information about purchased loans which were acquired for the six and three months ended September 30, 2022 and 2023: Six months ended September 30, 2022 Six months ended September 30, 2023 Purchase price ¥ 1,940 ¥ 1,281 Allowance for credit losses at acquisition date 2,095 7,580 Discount or premium attributable to other factors 226 125 Par value ¥ 4,261 ¥ 8,986 Millions of yen Three months ended September 30, 2022 Three months ended September 30, 2023 Purchase price ¥ 1,537 ¥ 1,031 Allowance for credit losses at acquisition date 2,067 7,261 Discount or premium attributable to other factors 208 100 Par value ¥ 3,812 ¥ 8,392 |
Summary of origination years of financial assets | The following table provides information about the origination years of financial assets as of March 31, 2023. Card loans to consumer borrowers with a revolving repayment feature that cannot be classified into the origination year are excluded from the table. March 31, 2023 Millions of yen Portfolio segment Origination year (years ended March 31) Total Class Credit Quality 2023 2022 2021 2020 2019 Prior Consumer borrowers: Performing ¥ 300,198 ¥ 200,041 ¥ 281,872 ¥ 360,726 ¥ 293,297 ¥ 656,584 ¥ 2,092,718 Non-Performing 10,896 5,259 3,140 2,257 1,078 12,324 ¥ 34,954 Real estate loans Performing 266,663 190,076 279,690 359,321 292,388 655,811 ¥ 2,043,949 Non-Performing 17 81 378 474 239 11,821 ¥ 13,010 Other* Performing 33,535 9,965 2,182 1,405 909 773 ¥ 48,769 Non-Performing 10,879 5,178 2,762 1,783 839 503 ¥ 21,944 Corporate borrowers: Performing 427,902 346,629 127,984 171,314 103,628 139,503 ¥ 1,316,960 Non-Performing 257 793 5,485 4,959 4,624 24,008 ¥ 40,126 Non-recourse Japan Performing 65,874 17,831 6,699 22,384 4,158 7,553 ¥ 124,499 The Americas Performing 2,901 706 5,217 15,153 10,595 834 ¥ 35,406 Non-Performing 0 0 0 0 0 3,248 ¥ 3,248 Other than non-recourse Real estate companies in Japan Performing 124,452 43,210 30,996 27,022 22,251 46,222 ¥ 294,153 Non-Performing 0 230 0 913 9 923 ¥ 2,075 Real estate companies in overseas Performing 34,508 12,639 9,091 6,998 1,627 1,165 ¥ 66,028 Non-Performing 0 0 741 0 813 12,063 ¥ 13,617 Commercial, industrial and other companies in Japan Performing 76,764 27,327 16,743 17,003 8,383 12,878 ¥ 159,098 Non-Performing 125 80 431 264 133 399 ¥ 1,432 Commercial, industrial and other companies in overseas Performing 123,403 244,916 59,238 82,754 56,614 70,851 ¥ 637,776 Non-Performing 132 483 4,313 3,782 3,669 7,375 ¥ 19,754 Purchased loans: Performing 26 396 0 21 406 10,385 ¥ 11,234 Non-Performing 0 0 0 0 0 1,021 ¥ 1,021 Net investment in leases: Performing 440,421 257,871 139,306 103,726 53,604 75,794 ¥ 1,070,722 Non-Performing 2,757 3,228 1,806 2,042 1,720 5,288 ¥ 16,841 Japan Performing 193,297 136,285 99,739 80,542 44,853 72,295 ¥ 627,011 Non-Performing 212 660 658 798 811 1,970 ¥ 5,109 Overseas Performing 247,124 121,586 39,567 23,184 8,751 3,499 ¥ 443,711 Non-Performing 2,545 2,568 1,148 1,244 909 3,318 ¥ 11,732 Other financial assets measured at amortized cost Performing 3,197 0 2,089 282 0 21,301 ¥ 26,869 Non-Performing 0 298 0 0 368 0 ¥ 666 Total (excluding revolving repayment card loans) Performing ¥ 1,171,744 ¥ 804,937 ¥ 551,251 ¥ 636,069 ¥ 450,935 ¥ 903,567 ¥ 4,518,503 Non-Performing ¥ 13,910 ¥ 9,578 ¥ 10,431 ¥ 9,258 ¥ 7,790 ¥ 42,641 ¥ 93,608 The following table provides information about the origination years of financial assets as of September 30, 2023 and the gross write-offs, corresponding to each class of financial assets by origination year, recorded during the six months ended September 30, 2023. Card loans to consumer borrowers with a revolving repayment feature that cannot be classified into the origination year are excluded from the table. September 30, 2023 Millions of yen Portfolio segment Origination year (years ended March 31) Total Class Credit Quality 2024 2023 2022 2021 2020 Prior Consumer borrowers: Performing ¥ 187,132 ¥ 228,270 ¥ 186,944 ¥ 268,576 ¥ 349,046 ¥ 865,427 ¥ 2,085,395 Non-Performing 6,438 9,147 4,076 2,918 1,803 13,357 ¥ 37,739 Gross write-offs 136 1,770 736 154 103 175 ¥ 3,074 Real estate loans Performing 167,178 201,748 179,433 267,260 348,336 864,500 ¥ 2,028,455 Non-Performing 4 53 254 792 479 12,551 ¥ 14,133 Gross write-offs 0 0 0 0 0 144 ¥ 144 Other* Performing 19,954 26,522 7,511 1,316 710 927 ¥ 56,940 Non-Performing 6,434 9,094 3,822 2,126 1,324 806 ¥ 23,606 Gross write-offs 136 1,770 736 154 103 31 ¥ 2,930 Corporate borrowers: Performing 309,556 302,774 320,807 109,252 160,645 218,685 ¥ 1,421,719 Non-Performing 87 478 9,344 5,509 7,843 26,594 ¥ 49,855 Gross write-offs 101 4 225 73 112 1,643 ¥ 2,158 Non-recourse Japan Performing 25,529 30,596 11,504 6,707 22,058 7,291 ¥ 103,685 Gross write-offs 0 0 0 0 0 0 ¥ 0 The Americas Performing 0 5,734 1,800 147 19,679 12,365 ¥ 39,725 Non-Performing 0 69 0 0 0 3,556 ¥ 3,625 Gross write-offs 0 0 0 0 0 0 ¥ 0 Other than non-recourse loans Real estate companies in Japan Performing 78,728 89,599 36,194 26,002 25,098 62,824 ¥318,445 Non-Performing 0 3 0 0 834 873 ¥1,710 Gross write-offs 0 0 0 0 4 0 ¥4 Real estate companies in overseas Performing 1,907 18,799 11,665 3,604 4,644 3,946 ¥44,565 Non-Performing 0 18 543 508 1,750 12,441 ¥15,260 Gross write-offs 0 0 0 0 0 0 ¥0 Commercial, industrial and other companies in Japan Performing 139,480 48,159 22,640 14,258 12,861 17,647 ¥ 255,045 Non-Performing 0 121 76 208 196 448 ¥ 1,049 Gross write-offs 0 1 0 0 22 0 ¥ 23 Commercial, industrial and other companies in overseas Performing 63,912 109,887 237,004 58,534 76,305 114,612 ¥ 660,254 Non-Performing 87 267 8,725 4,793 5,063 9,276 ¥ 28,211 Gross write-offs 101 3 225 73 86 1,643 ¥ 2,131 Purchased loans: Performing 0 27 596 199 69 9,390 ¥ 10,281 Non-Performing 0 0 0 0 12 1,109 ¥ 1,121 Gross write-offs 0 409 226 29 206 6,742 ¥ 7,612 Net investment in leases: Performing 282,112 372,170 207,953 108,800 78,472 95,566 ¥ 1,145,073 Non-Performing 3,028 4,475 3,346 1,676 1,745 6,446 ¥ 20,716 Gross write-offs 0 7 409 234 139 445 ¥ 1,234 Japan Performing 115,467 165,315 118,882 83,911 62,476 88,499 ¥ 634,550 Non-Performing 24 380 764 720 742 2,253 ¥ 4,883 Gross write-offs 0 5 36 52 80 327 ¥ 500 Overseas Performing 166,645 206,855 89,071 24,889 15,996 7,067 ¥ 510,523 Non-Performing 3,004 4,095 2,582 956 1,003 4,193 ¥ 15,833 Gross write-offs 0 2 373 182 59 118 ¥ 734 Other financial assets measured at amortized cost Performing 3,341 3,185 0 1,862 288 19,912 ¥ 28,588 Non-Performing 0 0 332 0 0 1,410 ¥ 1,742 Gross write-offs 0 0 0 0 0 0 ¥ 0 Total (excluding revolving repayment card loans) Performing ¥ 782,141 ¥ 906,426 ¥ 716,300 ¥ 488,689 ¥ 588,520 ¥ 1,208,980 ¥ 4,691,056 Non-Performing 9,553 14,100 17,098 10,103 11,403 48,916 ¥ 111,173 Gross write-offs 237 2,190 1,596 490 560 9,005 ¥ 14,078 Note: Loans held for sale, policy loan receivables of an insurance entity and financing receivables, such as accounts receivable are not included in the table above. * Other in loans to consumer borrowers includes claims receivable arising from payments on guarantee of consumer loans. For further information, see Note 24 “Commitments, Guarantees and Contingent Liabilities.” |
Summary of revolving repayment card loans | The information about card loans to consumer borrowers with a revolving repayment feature that cannot be classified into the origination year as of March 31, 2023 is as follows: March 31, 2023 Millions of yen Portfolio segment Revolving repayment Modification of Total—revolving Total— origination year (excluding revolving repayment card Total— financial assets Credit quality Consumer borrowers: Performing ¥ 166,392 ¥ 0 ¥ 166,392 ¥ 4,518,503 ¥ 4,684,895 Non-Performing 1,588 3,655 5,243 93,608 ¥ 98,851 The information about card loans to consumer borrowers with a revolving repayment feature that cannot be classified into the origination year as of September 30, 2023 and the gross write-offs, corresponding to card loans, recorded during the six months ended September 30, 2023 is as follows: September 30, 2023 Millions of yen Portfolio segment Revolving repayment Modification of Total—revolving Total— origination year (excluding revolving repayment card Total— financial assets Credit quality Consumer borrowers: Performing ¥ 167,209 ¥ 0 ¥ 167,209 ¥ 4,691,056 ¥ 4,858,265 Non-Performing 2,076 3,857 5,933 111,173 ¥ 117,106 Gross write-offs 375 75 450 14,078 ¥ 14,528 |
Summary of past-due financial assets | The following table provides information about the past-due March 31, 2023 Millions of yen Past-due Portfolio segment Class 30-89 past-due 90 days or more past-due Total past-due Total financing receivables Consumer borrowers ¥ 4,574 ¥ 10,047 ¥ 14,621 ¥ 2,299,307 Real estate loans 1,739 2,181 3,920 2,056,959 Card loans 514 1,364 1,878 171,635 Other 2,321 6,502 8,823 70,713 Corporate borrowers 5,628 21,363 26,991 1,357,086 Non-recourse Japan 0 0 0 124,499 The Americas 0 1,494 1,494 38,654 Other than Non-recourse Real estate companies in Japan 159 219 378 296,228 Real estate companies in overseas 1,412 13,618 15,030 79,645 Commercial, industrial and other companies in Japan 1,366 1,118 2,484 160,530 Commercial, industrial and other companies in overseas 2,691 4,914 7,605 657,530 Net investment in leases 9,181 15,583 24,764 1,087,563 Japan 2,648 4,431 7,079 632,120 Overseas 6,533 11,152 17,685 455,443 Total ¥ 19,383 ¥ 46,993 ¥ 66,376 ¥ 4,743,956 September 30, 2023 Millions of yen Past-due Portfolio segment Class 30-89 past-due 90 days or more past-due Total past-due Total financing receivables Consumer borrowers ¥ 5,350 ¥ 12,875 ¥ 18,225 ¥ 2,296,276 Real estate loans 1,433 2,772 4,205 2,042,588 Card loans 557 1,938 2,495 173,142 Other 3,360 8,165 11,525 80,546 Corporate borrowers 6,183 30,419 36,602 1,471,574 Non-recourse Japan 0 0 0 103,685 The Americas 0 1,661 1,661 43,350 Other than Non-recourse Real estate companies in Japan 235 206 441 320,155 Real estate companies in overseas 1,000 15,260 16,260 59,825 Commercial, industrial and other companies in Japan 1,748 822 2,570 256,094 Commercial, industrial and other companies in overseas 3,200 12,470 15,670 688,465 Net investment in leases 14,961 19,742 34,703 1,165,789 Japan 2,967 4,385 7,352 639,433 Overseas 11,994 15,357 27,351 526,356 Total ¥ 26,494 ¥ 63,036 ¥ 89,530 ¥ 4,933,639 Note: Loans held for sale, policy loans receivable of an insurance entity and purchased loans are not included in the table above. |
Summary of non-accrual of financial assets | The following table provides information about non-accrual March 31, 2023 Millions of yen Beginning balance Ending balance Interest income Balance not Non-accrual Installment loans to consumer borrowers: Real estate loans Japan ¥ 1,824 ¥ 1,693 ¥ 235 ¥ 41 Overseas 475 547 0 0 Card loans Japan 503 1,367 28 0 Other Japan 2,391 5,429 170 10 Overseas 519 1,105 0 0 Installment loans to corporate borrowers: Non-recourse The Americas 8,787 3,248 0 0 Real estate companies Japan 351 219 51 13 Overseas 20,879 12,804 0 0 Commercial, industrial companies and other Japan 1,267 1,118 71 190 Overseas 18,634 20,470 0 2,113 Net investment in leases 17,771 16,627 0 0 Total ¥ 73,401 ¥ 64,627 ¥ 555 ¥ 2,367 September 30, 2023 Millions of yen Beginning balance Ending balance Interest income Balance not Non-accrual Installment loans to consumer borrowers: Real estate loans Japan ¥ 1,693 ¥ 1,899 ¥ 126 ¥ 194 Overseas 547 941 0 7 Card loans Japan 1,367 1,938 16 0 Other Japan 5,429 6,746 101 8 Overseas 1,105 1,423 0 4 Installment loans to corporate borrowers: Non-recourse The Americas 3,248 3,556 0 0 Real estate companies Japan 219 206 23 8 Overseas 12,804 21,927 0 0 Commercial, industrial companies and other Japan 1,118 822 18 158 Overseas 20,470 27,936 0 2,368 Net investment in leases 16,627 20,879 0 0 Total ¥ 64,627 ¥ 88,273 ¥ 284 ¥ 2,747 |
Summary of troubled debt restructurings of financing receivables | The following table provides information about troubled debt restructurings of financing receivables that occurred during the six and three months ended September 30, 2022: Six months ended September 30, 2022 Millions of yen Portfolio segment Class Pre-modification outstanding recorded investment Post-modification outstanding recorded investment Consumer borrowers ¥ 3,979 ¥ 3,175 Real estate loans 5 3 Card loans 713 619 Other 3,261 2,553 Corporate borrowers 8,213 8,212 Other than Non-recourse Commercial, industrial and other companies in overseas 8,213 8,212 Total ¥ 12,192 ¥ 11,387 Three months ended September 30, 2022 Millions of yen Portfolio segment Class Pre-modification outstanding recorded investment Post-modification outstanding recorded investment Consumer borrowers ¥ 1,938 ¥ 1,527 Real estate loans 5 3 Card loans 332 284 Other 1,601 1,240 Corporate borrowers 2,582 2,582 Other than Non-recourse Commercial, industrial and other companies in overseas 2,582 2,582 Total ¥ 4,520 ¥ 4,109 |
Summary of financing receivables modified as troubled debt restructurings | The following table provides information about financing receivables modified as troubled debt restructurings within the previous 12 months from September 30, 2022 and for which there was a payment default during the six and three months ended September 30, 2022: Six months ended September 30, 2022 Millions of yen Portfolio segment Class Recorded investment Consumer borrowers ¥ 395 Card loans 7 Other 388 Corporate borrowers 1,671 Other than Non-recourse Commercial, industrial and other companies in overseas 1,671 Total ¥ 2,066 Three months ended September 30, 2022 Millions of yen Portfolio segment Class Recorded investment Consumer borrowers ¥ 208 Card loans 3 Other 205 Corporate borrowers 1,671 Other than Non-recourse Commercial, industrial and other companies in overseas 1,671 Total ¥ 1,879 |
Summary of modifications of financing receivables | The following table provides information about modifications of financing receivables made to debtors experiencing financial difficulty that occurred during the six and three months ended September 30, 2023: Six months ended September 30, 2023 Millions of yen Portfolio segment Interest rate reduction Term extension Principal forgiveness Class Amortized % of total Amortized % of total Amortized % of total Consumer borrowers ¥ 245 0.0 ¥ 2,354 0.1 ¥ 45 0.0 Real estate loans 3 0.0 1 0.0 1 0.0 Card loans 222 0.1 1 0.0 41 0.0 Other 20 0.0 2,352 2.9 3 0.0 Corporate borrowers 0 0 862 0.1 58 0.0 Other than Non-recourse 0 0 862 0.1 58 0.0 Real estate companies in Japan 0 0 35 0.0 0 0 Commercial, industrial and other companies in Japan 0 0 542 0.2 0 0 Commercial, industrial and other companies in overseas 0 0 285 0.0 58 0.0 Net investment in leases 0 0 0 0 0 0.0 Overseas 0 0 0 0 0 0.0 Total ¥ 245 0.0 ¥ 3,216 0.1 ¥ 103 0.0 Six months ended September 30, 2023 Millions of yen Portfolio segment Combination - interest rate Combination - interest rate Combination - term Class Amortized % of total Amortized % of total Amortized % of total Consumer borrowers ¥ 14 0.0 ¥ 583 0.0 ¥ 264 0.0 Real estate loans 0 0 0 0 0 0 Card loans 0 0 563 0.3 0 0 Other 14 0.0 20 0.0 264 0.3 Corporate borrowers 0 0 0 0 0 0 Other than Non-recourse 0 0 0 0 0 0 Real estate companies in Japan 0 0 0 0 0 0 Commercial, industrial and other companies in Japan 0 0 0 0 0 0 Commercial, industrial and other companies in overseas 0 0 0 0 0 0 Net investment in leases 0 0 0 0 0 0 Overseas 0 0 0 0 0 0 Total ¥ 14 0.0 ¥ 583 0.0 ¥ 264 0.0 Three months ended September 30, 2023 Millions of yen Portfolio segment Interest rate reduction Term extension Principal forgiveness Class Amortized % of total Amortized % of total Amortized % of total Consumer borrowers ¥ 182 0.0 ¥ 1,236 0.1 ¥ 16 0.0 Real estate loans 0 0 1 0.0 1 0.0 Card loans 164 0.1 1 0.0 15 0.0 Other 18 0.0 1,234 1.5 0 0 Corporate borrowers 0 0 712 0.0 5 0.0 Other than Non-recourse 0 0 712 0.1 5 0.0 Real estate companies in Japan 0 0 0 0 0 0 Commercial, industrial and other companies in Japan 0 0 427 0.2 0 0 Commercial, industrial and other companies in overseas 0 0 285 0.0 5 0.0 Net investment in leases 0 0 0 0 0 0.0 Overseas 0 0 0 0 0 0.0 Total ¥ 182 0.0 ¥ 1,948 0.0 ¥ 21 0.0 Three months ended September 30, 2023 Millions of yen Portfolio segment Combination - interest rate Combination - interest rate Combination - term Class Amortized % of total Amortized % of total Amortized % of total Consumer borrowers ¥ 5 0.0 ¥ 247 0.0 ¥ 112 0.0 Real estate loans 0 0 0 0 0 0 Card loans 0 0 239 0.1 0 0 Other 5 0.0 8 0.0 112 0.1 Corporate borrowers 0 0 0 0 0 0 Other than Non-recourse 0 0 0 0 0 0 Real estate companies in Japan 0 0 0 0 0 0 Commercial, industrial and other companies in Japan 0 0 0 0 0 0 Commercial, industrial and other companies in overseas 0 0 0 0 0 0 Net investment in leases 0 0 0 0 0 0 Overseas 0 0 0 0 0 0 Total ¥ 5 0.0 ¥ 247 0.0 ¥ 112 0.0 The Company and its subsidiaries offer various types of concessions to the debtors to protect as much of the investment as possible in modifications of financing receivables made to debtors experiencing financial difficulty. For the debtors of all financing receivables, the Company and its subsidiaries offer concessions including an interest rate reduction and a term extension. In addition, for the debtors of all financing receivables other than non-recourse In common with all portfolio segments, financing receivables modified to debtors experiencing financial difficulty are recognized as impaired and are individually evaluated for allowance for credit losses, taking into account payment default and repayment status after modifications. In most cases, these financing receivables have already been considered impaired and individually evaluated for allowance for credit losses prior to the modifications. However, as a result of the modification, the Company and its subsidiaries may recognize additional allowance for credit losses for the modified receivables. |
Summary of financial effect of modifications of financing receivable | The following table provides information about the financial effect of the modifications of financing receivables made to debtors experiencing financial difficulty that occurred during the six and three months ended September 30, 2023: Six months ended September 30, 2023 Millions of yen Portfolio segment Financial effect Class Interest rate reduction Term extension Principal forgiveness Consumer borrowers Real estate loans Reduced weighted-average Added a weighted-average Reduced the amortized cost basis of the loans by ¥1 million. Card loans Reduced weighted-average contractual interest rate from 12.6% to 0.4%. Added a weighted-average Reduced the amortized cost basis of the loans by ¥92 million. Other Reduced weighted-average contractual interest rate from 14.2% to 2.5%. Added a weighted-average Reduced the amortized cost basis of the loans by ¥336 million. Corporate borrowers Other than Non-recourse — — — Real estate companies in Japan — Added a weighted-average — Commercial, industrial and other companies in Japan — Added a weighted-average — Commercial, industrial and other companies in overseas — Added a weighted-average Reduced the amortized cost basis of the loans by ¥108 million. Net investment in leases Overseas — — Reduced the amortized cost basis of the loans by ¥0 million. Three months ended September 30, 2023 Millions of yen Portfolio segment Financial effect Class Interest rate reduction Term extension Principal forgiveness Consumer borrowers Real estate loans — Added a weighted-average Reduced the amortized cost basis of the loans by ¥0 million. Card loans Reduced weighted-average Added a weighted-average Reduced the amortized cost basis of the loans by ¥40 million. Other Reduced weighted-average contractual interest rate from 12.4% to 1.8%. Added a weighted-average Reduced the amortized cost basis of the loans by ¥177 million. Corporate borrowers — — — Other than Non-recourse loans — — — Real estate companies in Japan — — — Commercial, industrial and other companies in Japan — Added a weighted-average — Commercial, industrial and other companies in overseas — Added a weighted-average Reduced the amortized cost basis of the loans by ¥3 million. Net investment in leases Overseas — — Reduced the amortized cost basis of the loans by ¥0 million. |
Summary of past due modifications of financing receivable | The following table provides information about the past-due September 30, 2023 Millions of yen Portfolio segment Current 30-89 days past-due 90 days or more past-due Class Consumer borrowers ¥ ¥ ¥ 0 Real estate loans 5 0 0 Card loans 823 4 0 Other 2,643 30 0 Corporate borrowers 613 0 307 Other than Non-recourse 613 0 307 Real estate companies in Japan 0 0 35 Commercial, industrial and other companies in Japan 285 0 257 Commercial, industrial and other companies in overseas 328 0 15 Net investment in leases 0 0 0 Overseas 0 0 0 Total ¥ 4,084 ¥ 34 ¥ 307 |
Investment in Securities (Table
Investment in Securities (Tables) | 6 Months Ended |
Sep. 30, 2023 | |
Investments Schedule [Abstract] | |
Summary of Investment in Securities | Investment in securities as of March 31, 2023 and September 30, 2023 consists of the following: Millions of yen March 31, 2023 September 30, 2023 Equity securities * ¥ 589,312 ¥ 751,872 Trading debt securities 2,179 2,259 Available-for-sale 2,234,608 2,318,317 Held-to-maturity 114,759 115,515 Total ¥ 2,940,858 ¥ 3,187,963 * The amount of assets under management of variable annuity and variable life insurance contracts included in equity securities were ¥151,445 million and ¥151,281 million as of March 31, 2023 and September 30, 2023, respectively. The amount of investment funds that are accounted for under the equity method included in equity securities were ¥90,993 million and ¥196,899 million as of March 31, 2023 and September 30, 2023, respectively. The amount of investment funds elected the fair value option included in equity securities were ¥16,032 million and ¥19,401 million as of March 31, 2023 and September 30, 2023, respectively. |
Summary of Impairment and Downward or Upward Adjustment Due to Changes of Observable Price | The following tables provide information about impairment and upward or downward adjustments resulting from observable price changes as of March 31, 2023 and September 30, 2023, and for the six and three months ended September 30, 2022 and 2023. Millions of yen March 31, 2023 Six months ended Three months ended Carrying Accumulated Accumulated Impairments Upward Impairments Upward Equity securities measured using the measurement alternative ¥ 67,820 ¥ (14,062 ) ¥ 1,742 ¥ (368 ) ¥ 896 ¥ (278 ) ¥ 27 Millions of yen September 30, 2023 Six months ended Three months ended Carrying Accumulated Accumulated Impairments Upward Impairments Upward Equity securities measured using the measurement alternative ¥ 76,756 ¥ (14,126 ) ¥ 1,947 ¥ (90 ) ¥ 956 ¥ (3 ) ¥ 832 |
Amortized Cost Basis Amounts, Gross Unrealized Holding Gains, Gross Unrealized Holding Losses and Fair Values of Available-for-Sale Securities and Held-to-Maturity Securities in Each Major Security Type | The amortized cost basis amounts, gross unrealized holding gains, gross unrealized holding losses and fair values of available-for-sale held-to-maturity March 31, 2023 Millions of yen Amortized cost Allowance Gross unrealized gains Gross unrealized losses Fair value Available-for-sale Japanese and foreign government bond securities ¥ 962,969 ¥ 0 ¥ 2,863 ¥ (164,537 ) ¥ 801,295 Japanese prefectural and foreign municipal bond securities 389,150 (144 ) 1,146 (20,906 ) 369,246 Corporate debt securities 851,525 0 6,270 (73,407 ) 784,388 CMBS and RMBS in the Americas 45,292 0 62 (2,181 ) 43,173 Other asset-backed securities and debt securities 239,922 0 5,735 (9,151 ) 236,506 2,488,858 (144 ) 16,076 (270,182 ) 2,234,608 Held-to-maturity Japanese government bond securities and other 114,759 0 14,919 0 129,678 ¥ 2,603,617 ¥ (144 ) ¥ 30,995 ¥ (270,182 ) ¥ 2,364,286 September 30, 2023 Millions of yen Amortized cost Allowance Gross unrealized gains Gross unrealized losses Fair value Available-for-sale Japanese and foreign government bond securities ¥ 1,073,621 ¥ 0 ¥ 962 ¥ (262,776 ) ¥ 811,807 Japanese prefectural and foreign municipal bond securities 404,890 (246 ) 390 (35,223 ) 369,811 Corporate debt securities 892,807 0 8,971 (98,969 ) 802,809 CMBS and RMBS in the Americas 70,307 0 198 (2,312 ) 68,193 Other asset-backed securities and debt securities 267,633 (222 ) 5,456 (7,170 ) 265,697 2,709,258 (468 ) 15,977 (406,450 ) 2,318,317 Held-to-maturity Japanese government bond securities and other 115,515 0 10,098 (1,493 ) 124,120 ¥ 2,824,773 ¥ (468 ) ¥ 26,075 ¥ (407,943 ) ¥ 2,442,437 |
Summary of rollforwards of allowance for credit losses | The following table presents rollforwards of the allowance for credit losses for the six months ended September 30, 2022 and 2023, respectively: Millions of yen Six months ended September 30, 2022 Foreign municipal bond Japanese other asset- Total Beginning ¥ 132 ¥ 21 ¥ 153 Additional increases (decreases) to the allowance for credit losses on AFS debt securities that had an allowance recorded in a previous period, net 0 (5 ) (5 ) Increase (Decrease) from the effects of changes in foreign exchange rates 24 0 24 Ending ¥ 156 ¥ 16 ¥ 172 Millions of yen Six months ended September 30, 2023 Foreign municipal bond Foreign other asset- Total Beginning ¥ 144 ¥ 0 ¥ 144 Additions to the allowance for credit losses on available-for-sale debt securities for which credit losses were not previously recorded 80 212 292 Increase (Decrease) from the effects of changes in foreign exchange rates 22 10 32 Ending ¥ 246 ¥ 222 ¥ 468 The following table presents rollforwards of the allowance for credit losses for the three months ended September 30, 2022 and 2023, respectively: Millions of yen Three months ended September 30, 2022 Foreign municipal bond Japanese other asset- Total Beginning ¥ 147 ¥ 16 ¥ 163 Increase (Decrease) from the effects of changes in foreign exchange rates 9 0 9 Ending ¥ 156 ¥ 16 ¥ 172 Millions of yen Three months ended September 30, 2023 Foreign municipal bond Foreign other asset- Total Beginning ¥ 238 ¥ 216 ¥ 454 Increase (Decrease) from the effects of changes in foreign exchange rates 8 6 14 Ending ¥ 246 ¥ 222 ¥ 468 |
Information about Available-for-Sale Securities with Gross Unrealized Losses and Length of Time Individual Securities Have Been in Continuous Unrealized Loss Position | The following tables provide information about available-for-sale March 31, 2023 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 ¥ 2,588 ¥ (207 ) ¥ 662,897 ¥ (164,330 ) ¥ 665,485 ¥ (164,537 ) Japanese prefectural and foreign municipal bond securities 97,721 (1,508 ) 194,280 (19,542 ) 292,001 (21,050 ) Corporate debt securities 191,669 (6,570 ) 401,994 (66,837 ) 593,663 (73,407 ) CMBS and RMBS in the Americas 16,691 (672 ) 23,653 (1,509 ) 40,344 (2,181 ) Other asset-backed securities and debt securities 63,958 (2,300 ) 88,503 (6,851 ) 152,461 (9,151 ) ¥ 372,627 ¥ (11,257 ) ¥ 1,371,327 ¥ (259,069 ) ¥ 1,743,954 ¥ (270,326 ) September 30, 2023 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 ¥ 149,069 ¥ (13,479 ) ¥ 628,120 ¥ (249,297 ) ¥ 777,189 ¥ (262,776 ) Japanese prefectural and foreign municipal bond securities 107,381 (3,827 ) 231,641 (31,642 ) 339,022 (35,469 ) Corporate debt securities 158,052 (3,540 ) 475,625 (95,429 ) 633,677 (98,969 ) CMBS and RMBS in the Americas 7,409 (34 ) 35,761 (2,278 ) 43,170 (2,312 ) Other asset-backed securities and debt securities 2,856 (231 ) 145,796 (7,107 ) 148,652 (7,338 ) ¥ 424,767 ¥ (21,111 ) ¥ 1,516,943 ¥ (385,753 ) ¥ 1,941,710 ¥ (406,864 ) The following table provides information about available-for-sale March 31, 2023 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 ¥ 2,588 ¥ (207 ) ¥ 662,897 ¥ (164,330 ) ¥ 665,485 ¥ (164,537 ) Japanese prefectural and foreign municipal bond securities 97,721 (1,508 ) 190,805 (19,398 ) 288,526 (20,906 ) Corporate debt securities 191,669 (6,570 ) 401,994 (66,837 ) 593,663 (73,407 ) CMBS and RMBS in the Americas 16,691 (672 ) 23,653 (1,509 ) 40,344 (2,181 ) Other asset-backed securities and debt securities 63,958 (2,300 ) 88,503 (6,851 ) 152,461 (9,151 ) ¥ 372,627 ¥ (11,257 ) ¥ 1,367,852 ¥ (258,925 ) ¥ 1,740,479 ¥ (270,182 ) September 30, 2023 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 ¥ 149,069 ¥ (13,479 ) ¥ 628,120 ¥ (249,297 ) ¥ 777,189 ¥ (262,776 ) Japanese prefectural and foreign municipal bond securities 106,003 (3,743 ) 227,748 (31,480 ) 333,751 (35,223 ) Corporate debt securities 158,052 (3,540 ) 475,625 (95,429 ) 633,677 (98,969 ) CMBS and RMBS in the Americas 7,409 (34 ) 35,761 (2,278 ) 43,170 (2,312 ) Other asset-backed securities and debt securities 2,856 (231 ) 145,267 (6,939 ) 148,123 (7,170 ) ¥ 423,389 ¥ (21,027 ) ¥ 1,512,521 ¥ (385,423 ) ¥ 1,935,910 ¥ (406,450 ) |
Transfer of Financial Assets (T
Transfer of Financial Assets (Tables) | 6 Months Ended |
Sep. 30, 2023 | |
Transfers and Servicing [Abstract] | |
Roll-Forwards of Amount of Servicing Assets | The servicing assets related to those servicing activities are included in other assets in the consolidated balance sheets and roll-forwards of the amount of the servicing assets for the six and three months ended September 30, 2022 and 2023 are as follows: Millions of yen Six months ended September 30, 2022 Six months ended September 30, 2023 Three months ended September 30, 2022 Three months ended September 30, 2023 Beginning balance ¥ 70,254 ¥ 72,265 ¥ 77,199 ¥ 78,392 Increase mainly from loans sold with servicing retained 5,426 4,788 2,546 2,336 Decrease mainly from amortization (8,146 ) (5,227 ) (4,079 ) (2,704 ) Increase from the effects of changes in foreign exchange rates 12,656 8,670 4,524 2,472 Ending balance ¥ 80,190 ¥ 80,496 ¥ 80,190 ¥ 80,496 |
Fair Value of Servicing Assets | The fair value of the servicing assets as of March 31, 2023 and September 30, 2023 are as follows: Millions of yen March 31, 2023 September 30, 2023 Beginning balance ¥ 83,732 ¥ 101,375 Ending balance ¥ 101,375 ¥ 114,501 |
Variable Interest Entities (Tab
Variable Interest Entities (Tables) | 6 Months Ended |
Sep. 30, 2023 | |
Variable Interest Entity, Primary Beneficiary | |
Information about Variable Interest Entities (Consolidated and Non-consolidated) | 1. Consolidated VIEs March 31, 2023 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 1,907 1 0 0 (c) VIEs for acquisition of real estate for the Company and its subsidiaries’ real estate-related business 55,456 13,060 15,596 0 (d) VIEs for corporate rehabilitation support business 664 7 0 0 (e) VIEs for investment in securities 180,569 399 0 62,340 (f) VIEs for securitizing financial assets such as finance lease receivable and loan receivable 224,949 155,706 224,949 0 (g) VIEs for securitization of loan receivable originated by third parties 548 1,106 548 0 (h) VIEs for power generation projects 258,396 164,813 187,892 38,099 (i) Other VIEs 168,574 63,864 137,481 0 Total ¥ 891,063 ¥ 398,956 ¥ 566,466 ¥ 100,439 September 30, 2023 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 1,838 1 0 0 (c) VIEs for acquisition of real estate for the Company and its subsidiaries’ real estate-related business 51,898 10,797 15,807 0 (d) VIEs for corporate rehabilitation support business 629 5 0 0 (e) VIEs for investment in securities 212,497 119 0 74,846 (f) VIEs for securitizing financial assets such as finance lease receivable and loan receivable 210,438 161,681 210,438 0 (g) VIEs for securitization of loan receivable originated by third parties 523 1,036 523 0 (h) VIEs for power generation projects 246,629 158,116 189,744 38,099 (i) Other VIEs 208,467 86,653 176,128 0 Total ¥ 932,919 ¥ 418,408 ¥ 592,640 ¥ 112,945 *1 The assets of most VIEs are used only to repay the liabilities of the VIEs, and the creditors of the liabilities of most VIEs have no recourse to other assets of the Company and its subsidiaries. *2 The assets are pledged as collateral by VIE for financing of the VIE. *3 This item represents remaining balance of commitments that could require the Company and its subsidiaries to provide investments or loans to the VIE. |
Variable Interest Entity, Not Primary Beneficiary | |
Information about Variable Interest Entities (Consolidated and Non-consolidated) | 2. Non-consolidated March 31, 2023 Millions of yen Carrying amount of the variable interests in Maximum exposure to loss * Types of VIEs Total assets Non-recourse Investments (a) VIEs for liquidating customer assets ¥ 8,247 ¥ 0 ¥ 991 ¥ 991 (b) VIEs for acquisition of real estate and real estate development projects for customers 648,468 10,721 8,805 20,526 (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 10,887,430 0 98,742 173,314 (f) VIEs for securitizing financial assets such as finance lease receivable and loan receivable 0 0 0 0 (g) VIEs for securitization of loan receivable originated by third parties 901,544 0 10,475 10,475 (h) VIEs for power generation projects 16,138 0 3,691 4,491 (i) Other VIEs 1,726,717 3,333 28,835 43,405 Total ¥ 14,188,544 ¥ 14,054 ¥ 151,539 ¥ 253,202 September 30, 2023 Millions of yen Carrying amount of the variable interests in the Company and its subsidiaries Maximum exposure to loss * Types of VIEs Total assets Non-recourse Investments (a) VIEs for liquidating customer assets ¥ 8,225 ¥ 0 ¥ 991 ¥ 991 (b) VIEs for acquisition of real estate and real estate development projects for customers 890,013 18,201 9,434 28,765 (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 15,008,420 0 217,074 309,082 (f) VIEs for securitizing financial assets such as finance lease receivable and loan receivable 0 0 0 0 (g) VIEs for securitization of loan receivable originated by third parties 1,225,527 0 10,958 10,958 (h) VIEs for power generation projects 15,872 0 2,436 4,486 (i) Other VIEs 2,116,606 3,733 35,185 55,548 Total ¥ 19,264,663 ¥ 21,934 ¥ 276,078 ¥ 409,830 * Maximum exposure to loss includes remaining balance of commitments that could require the Company and its subsidiaries to provide investments or loans to the VIE. |
Investment in Affiliates (Table
Investment in Affiliates (Tables) | 6 Months Ended |
Sep. 30, 2023 | |
Investments in and Advances to Affiliates [Abstract] | |
Summary of Investment in Affiliates | Investment in affiliates at March 31, 2023 and September 30, 2023 consists of the following: Millions of yen March 31, 2023 September 30, 2023 Shares* ¥ 973,929 ¥ 1,079,983 Loans and others 26,775 29,270 ¥ 1,000,704 ¥ 1,109,253 * There were certain investees measured at fair value by electing the fair value option, primarily to reduce volatility in the equity in net income (loss) of the investees arising from the difference in the measurement basis of their assets and liabilities. The shares in these investees amounted to million as of March 31, 2023 and September 30, 2023, respectively. |
Redeemable Noncontrolling Int_2
Redeemable Noncontrolling Interests (Tables) | 6 Months Ended |
Sep. 30, 2023 | |
Noncontrolling Interest [Abstract] | |
Changes in Redeemable Noncontrolling Interests | Changes in redeemable noncontrolling interests for the six months ended September 30, 2022 and 2023 are as follows: Millions of yen Six months ended September 30, 2022 Six months ended September 30, 2023 Beginning balance ¥ 0 ¥ 945 Transaction with noncontrolling interests 865 834 Comprehensive income Net income 12 38 Other comprehensive income (losses) Net unrealized gains (losses) on investment in debt securities 0 (1 ) Net change of foreign currency translation adjustments 88 163 Total other comprehensive income 88 162 Comprehensive income 100 200 Dividends 0 (136 ) Ending balance ¥ 965 ¥ 1,843 |
Accumulated Other Comprehensi_2
Accumulated Other Comprehensive Income (Loss) (Tables) | 6 Months Ended |
Sep. 30, 2023 | |
Equity [Abstract] | |
Changes in Components of Accumulated Other Comprehensive Income (Loss) | Changes in each component of accumulated other comprehensive income (loss) attributable to ORIX Corporation Shareholders for the six months ended September 30, 2022 and 2023, are as follows: Six months ended September 30, 2022 Millions of yen Net unrealized gains (losses) on investment in securities Impact of Debt Defined benefit pension Foreign currency translation adjustments Net unrealized gains (losses) on derivative instruments Accumulated other comprehensive income (loss) Balance at March 31, 2022 ¥ (72,892 ) ¥ 37,535 ¥ 221 ¥ (8,072 ) ¥ 61,914 ¥ 2,788 ¥ 21,494 Net unrealized gains (losses) on investment in (142,995 ) (142,995 ) Reclassification adjustment included in (872 ) (872 ) Impact of changes in policy liability discount (61,736) 159,366 159,366 Debt valuation adjustments, net of tax of 66 66 Reclassification adjustment included in (6 ) (6 ) Defined benefit pension plans, net of tax of (225 ) (225 ) Reclassification adjustment included in (91 ) (91 ) Foreign currency translation adjustments, net 184,993 184,993 Reclassification adjustment included in 102 102 Net unrealized gains (losses) on derivative 17,082 17,082 Reclassification adjustment included in 1,449 1,449 Total other comprehensive income (loss) (143,867 ) 159,366 60 (316 ) 185,095 18,531 218,869 Less: Other Comprehensive Income 0 0 0 2 7,886 1,472 9,360 Less: Other Comprehensive Income 0 0 0 0 88 0 88 Balance at September 30, 2022 * ¥ (216,759 ) ¥ 196,901 ¥ 281 ¥ (8,390 ) ¥ 239,035 ¥ 19,847 ¥ 230,915 *1 As of March 31, 2022, the amount of i i *2 As of September 30, 2022, there were no net unrealized gains (losses) on investment in securities related to available-for-sale Six months ended September 30, 2023 Millions of yen Net unrealized gains (losses) on investment in securities Impact of Debt Defined benefit pension Foreign currency translation adjustments Net unrealized gains (losses) on derivative instruments Accumulated other comprehensive income (loss) Balance at March 31, 2023 *1 ¥ (183,034 ) ¥ 164,516 ¥ 275 ¥ (3,617 ) ¥ 155,912 ¥ 22,083 ¥156,135 Net unrealized gains (losses) on investment in securities, net of tax of ¥35,524 million (96,984 ) (96,984 ) Reclassification adjustment included in net income, net of tax of ¥1,211 million (3,428 ) (3,428 ) Impact of changes in policy liability discount rate, net of tax of ¥(38,745) million 110,576 110,576 Debt valuation adjustments, net of tax of ¥43 million (114 ) (114 ) Reclassification adjustment included in net income, net of tax of ¥3 million (9 ) (9 ) Defined benefit pension plans, net of tax of ¥(19) million 51 51 Reclassification adjustment included in net income, net of tax of ¥52 million (140 ) (140 ) Foreign currency translation adjustments, net of tax of ¥22,732 million 158,400 158,400 Reclassification adjustment included in net income, net of tax of ¥(2,328) million 5,183 5,183 Net unrealized gains (losses) on derivative instruments, net of tax of ¥(2,072) million 6,623 6,623 Reclassification adjustment included in net income, net of tax of ¥1,289 million (4,215 ) (4,215 ) Total other comprehensive income (loss) (100,412 ) 110,576 (123 ) (89 ) 163,583 2,408 175,943 Transaction with noncontrolling interests 0 0 0 0 11 (176 ) (165 ) Less: Other Comprehensive Income (loss) Attributable to the Noncontrolling Interests 0 0 0 0 5,191 (140 ) 5,051 Less: Other Comprehensive Income Attributable to the Redeemable Noncontrolling Interests (1 ) 0 0 0 163 0 162 Balance at September 30, 2023 *2 ¥ (283,445 ) ¥ 275,092 ¥ 152 ¥ (3,706) ¥ 314,152 ¥ 24,455 ¥326,700 *1 As of March 31, 2023, the amount of i i *2 As of September 30, 2023, net unrealized gains (losses) on investment in securities contained ¥(128) million (net of tax of ¥21 million ) of net unrealized gains (losses) on investment in securities related to available-for-sale Changes in each component of accumulated other comprehensive income (loss) attributable to ORIX Corporation Shareholders for the three months ended September 30, 2022 and 2023, are as follows: Three months ended September 30, 2022 Millions of yen Net unrealized gains (losses) on investment in securities Impact of Debt Defined benefit pension Foreign currency translation adjustments Net unrealized gains (losses) on derivative instruments Accumulated other comprehensive income (loss) Balance at June 30, 2022 *1 ¥ (154,265 ) ¥ 114,386 ¥ 205 ¥ (8,239 ) ¥ 169,590 ¥ 12,986 ¥ 134,663 Net unrealized gains (losses) on investment in (62,396 ) (62,396 ) Reclassification adjustment included in net income, net of tax of ¥10 million (98 ) (98 ) Impact of changes in policy liability discount rate, net of tax of ¥(31,968) million 82,515 82,515 Debt valuation adjustments, net of tax of ¥(31) million 80 80 Reclassification adjustment included in net income, net of tax of ¥1 million (4 ) (4 ) Defined benefit pension plans, net of tax of ¥45 million (105 ) (105 ) Reclassification adjustment included in net income, net of tax of ¥17 million (46 ) (46 ) Foreign currency translation adjustments, net of tax of ¥3,827 million 70,964 70,964 Reclassification adjustment included in net income, net of tax of ¥(3) million 12 12 Net unrealized gains (losses) on derivative instruments, net of tax of ¥(3,069) million 8,763 8,763 Reclassification adjustment included in net income, net of tax of ¥399 million (1,163 ) (1,163 ) Total other comprehensive income (loss) (62,494 ) 82,515 76 (151 ) 70,976 7,600 98,522 Less: Other Comprehensive Income Attributable to the Noncontrolling Interests 0 0 0 0 1,481 739 2,220 Less: Other Comprehensive Income Attributable to the Redeemable Noncontrolling Interests 0 0 0 0 50 0 50 Balance at September 30, 2022 *2 ¥ (216,759 ) ¥ 196,901 ¥ 281 ¥ (8,390 ) ¥ 239,035 ¥ 19,847 ¥ 230,915 *1 As of June 30, 2022, the amount of i i *2 As of September 30, 2022, there were no net unrealized gains (losses) on investment in securities related to available-for-sale Three months ended September 30, 2023 Millions of yen Net unrealized Impact of Debt Defined benefit pension Foreign currency translation adjustments Net unrealized gains (losses) on derivative instruments Accumulated Balance at June 30, 2023 ¥ (184,174 ) ¥ 169,035 ¥ 231 ¥ (3,471 ) ¥ 251,172 ¥ 20,124 ¥ 252,917 Net unrealized gains (losses) on investment in securities, net of tax of ¥36,198 million (98,165 ) (98,165 ) Reclassification adjustment included in net income, net of tax of ¥353 million (1,097 ) (1,097 ) Impact of changes in policy liability discount rate, net of tax of ¥(36,613) million 106,057 106,057 Debt valuation adjustments, net of tax of ¥30 million (75 ) (75 ) Reclassification adjustment included in net income, net of tax of ¥0 million (4 ) (4 ) Defined benefit pension plans, net of tax of ¥59 million (171 ) (171 ) Reclassification adjustment included in net income, net of tax of ¥25 million (65 ) (65 ) Foreign currency translation adjustments, net of tax of ¥39 million 62,008 62,008 Reclassification adjustment included in net income, net of tax of ¥(1,014) million 2,257 2,257 Net unrealized gains (losses) on derivative instruments, net of tax of ¥93 million 3,783 3,783 Reclassification adjustment included in net income, net of tax of ¥(169) million 611 611 Total other comprehensive income (loss) (99,262 ) 106,057 (79 ) (236 ) 64,265 4,394 75,139 Less: Other Comprehensive Income (loss) Attributable to the Noncontrolling Interests 0 0 0 (1 ) 1,230 63 1,292 Less: Other Comprehensive Income Attributable to the Redeemable Noncontrolling Interests 9 0 0 0 55 0 64 Balance at September 30, 2023 * ¥ (283,445 ) ¥ 275,092 ¥ 152 ¥ (3,706 ) ¥ 314,152 ¥ 24,455 ¥ 326,700 * As of September 30, 2023, net unrealized gains (losses) on investment in securities contained ¥(128) million (net of tax of ¥21 million ) of net unrealized gains (losses) on investment in securities related to available-for-sale |
Amounts Reclassified to Net Income from Accumulated Other Comprehensive Income (loss) | Amounts reclassified to net income from accumulated other comprehensive income (loss) in the six months ended September 30, 2022 and 2023 are as follows: Six months ended September 30, 2022 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 ¥ 17 Gains on investment securities and dividends Sales of debt securities 811 Life insurance premiums and related investment income Amortization of debt securities 162 Finance revenues Amortization of debt securities 174 Life insurance premiums and related investment income 1,164 Total before income tax (292 ) Income tax (expense) or benefit ¥ 872 Net of tax Debt valuation adjustments Fulfillment of policy liabilities and amortization of policy account balances ¥ 8 Life insurance costs 8 Total before income tax (2 ) Income tax (expense) or benefit ¥ 6 Net of tax Defined benefit pension plans Amortization of prior service credit ¥ 170 See Note 16 “Pension Plans” Amortization of net actuarial loss (45 ) See Note 16 “Pension Plans” Amortization of transition obligation (1 ) See Note 16 “Pension Plans” 124 Total before income tax (33 ) Income tax (expense) or benefit ¥ 91 Net of tax Foreign currency translation adjustments Foreign exchange contracts ¥ (1,653 ) Gains on sales of subsidiaries and affiliates and liquidation losses, net/Interest expense/Other (income) and expense Sales or liquidation 1,539 Gains on sales of subsidiaries and affiliates and liquidation losses, net (114 ) Total before income tax 12 Income tax (expense) or benefit ¥ (102 ) Net of tax Net unrealized gains (losses) on derivative instruments Interest rate swap agreements ¥ (157 ) Interest expense Foreign exchange contracts (164 ) Interest expense/Other (income) and expense Foreign currency swap agreements (1,564 ) Interest expense/Other (income) and expense (1,885 ) Total before income tax 436 Income tax (expense) or benefit ¥ (1,449 ) Net of tax Six months ended September 30, 2023 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 ¥ 131 Gains on investment securities and dividends Sales of debt securities 2,305 Life insurance premiums and related investment income Amortization of debt securities 313 Finance revenues Amortization of debt securities 1,890 Life insurance premiums and related investment income 4,639 Total before income tax (1,211 ) Income tax (expense) or benefit ¥ 3,428 Net of tax Debt valuation adjustments Fulfillment of policy liabilities and amortization of policy account balances ¥ 12 Life insurance costs 12 Total before income tax (3 ) Income tax (expense) or benefit ¥ 9 Net of tax Defined benefit pension plans Amortization of prior service credit ¥ 225 See Note 16 “Pension Plans” Amortization of net actuarial loss (32 ) See Note 16 “Pension Plans” Amortization of transition obligation (1 ) See Note 16 “Pension Plans” 192 Total before income tax (52 ) Income tax (expense) or benefit ¥ 140 Net of tax Foreign currency translation adjustments Foreign exchange contracts ¥ (7,636 ) Gains on sales of subsidiaries and affiliates and liquidation Sales or liquidation 125 Gains on sales of subsidiaries and affiliates and liquidation (7,511 ) Total before income tax 2,328 Income tax (expense) or benefit ¥ (5,183 ) Net of tax Net unrealized gains (losses) on derivative instruments Interest rate swap agreements ¥ (30 ) Interest expense Foreign currency swap agreements 5,534 Interest expense/Other (income) and expense 5,504 Total before income tax (1,289 ) Income tax (expense) or benefit ¥4,215 Net of tax Amounts reclassified to net income from accumulated other comprehensive income (loss) in the three months ended September 30, 2022 and 2023 are as follows: Three months ended September 30, 2022 Details about accumulated other comprehensive income components Reclassification net income Millions of yen Consolidated statements of income caption Net unrealized gains (losses) on investment in securities Sales of debt securities ¥ 1 Gains on investment securities and dividends Sales of debt securities (143 ) Life insurance premiums and related investment income Amortization of debt securities 50 Finance revenues Amortization of debt securities 200 Life insurance premiums and related investment income 108 Total before income tax (10 ) Income tax (expense) or benefit ¥ 98 Net of tax Debt valuation adjustments Fulfillment of policy liabilities and amortization of policy account balances ¥ 5 Life insurance costs 5 Total before income tax (1 ) Income tax (expense) or benefit ¥ 4 Net of tax Defined benefit pension plans Amortization of prior service credit ¥ 86 See Note 16 “Pension Plans” Amortization of net actuarial loss (22 ) See Note 16 “Pension Plans” Amortization of transition obligation (1 ) See Note 16 “Pension Plans” 63 Total before income tax (17 ) Income tax (expense) or benefit ¥ 46 Net of tax Foreign currency translation adjustments Foreign exchange contracts ¥ (1,171 ) Gains on sales of subsidiaries and affiliates and liquidation Sales or liquidation 1,156 Gains on sales of subsidiaries and affiliates and liquidation (15 ) Total before income tax 3 Income tax (expense) or benefit ¥ (12 ) Net of tax Net unrealized gains (losses) on derivative instruments Interest rate swap agreements ¥ 63 Interest expense Foreign exchange contracts (84 ) Interest expense/Other (income) and expense Foreign currency swap agreements 1,583 Interest expense/Other (income) and expense 1,562 Total before income tax (399 ) Income tax (expense) or benefit ¥ 1,163 Net of tax Three months ended September 30, 2023 Details about accumulated other comprehensive income components Reclassification net income Millions of yen Consolidated statements of income caption Net unrealized gains (losses) on investment in securities Sales of debt securities ¥ 42 Gains on investment securities and dividends Sales of debt securities 269 Life insurance premiums and related investment income Amortization of debt securities 110 Finance revenues Amortization of debt securities 1,029 Life insurance premiums and related investment income 1,450 Total before income tax (353 ) Income tax (expense) or benefit ¥ 1,097 Net of tax Debt valuation adjustments Fulfillment of policy liabilities and amortization of policy account balances ¥ 4 Life insurance costs 4 Total before income tax 0 Income tax (expense) or benefit ¥ 4 Net of tax Defined benefit pension plans Amortization of prior service credit ¥ 111 See Note 16 “Pension Plans” Amortization of net actuarial loss (20 ) See Note 16 “Pension Plans” Amortization of transition obligation (1 ) See Note 16 “Pension Plans” 90 Total before income tax (25 ) Income tax (expense) or benefit ¥ 65 Net of tax Foreign currency translation adjustments Foreign exchange contracts ¥ (3,316 ) Interest expense Sales or liquidation ¥ 45 Gains on sales of subsidiaries and affiliates and liquidation (3,271 ) Total before income tax 1,014 Income tax (expense) or benefit ¥ (2,257 ) Net of tax Net unrealized gains (losses) on derivative instruments Interest rate swap agreements ¥ 7 Interest expense Foreign currency swap agreements (787 ) Interest expense/Other (income) and expense (780 ) Total before income tax 169 Income tax (expense) or benefit ¥ (611 ) Net of tax |
ORIX Corporation Shareholders_2
ORIX Corporation Shareholders' Equity (Tables) | 6 Months Ended |
Sep. 30, 2023 | |
Stockholders' Equity Note [Abstract] | |
Changes in Number of Shares Issued | Information about ORIX Corporation Shareholders’ Equity for the six months ended September 30, 2022 and 2023 are as follows: (1) Dividend payments Six months ended September 30, 2022 Six months ended September 30, 2023 Resolution The board of directors on May 18, 2022 The board of directors on May 17, 2023 Type of shares Common stock Common stock Total dividends paid ¥55,704 million ¥50,209 million Dividend per share ¥46.60 ¥42.80 Date of record for dividend March 31, 2022 March 31, 2023 Effective date for dividend June 3, 2022 June 5, 2023 Dividend resource Retained earnings Retained earnings (2) Applicable dividends for which the date of record was in the six months ended September 30, 2022 and 2023, and for which the effective date was after September 30, 2022 and 2023 Six months ended September 30, 2022 Six months ended September 30, 2023 Resolution The board of directors on November 7, 2022 The board of directors on November 1, 2023 Type of shares Common stock Common stock Total dividends paid ¥50,586 million ¥49,691 million Dividend per share ¥42.80 ¥42.80 Date of record for dividend September 30, 2022 September 30, 2023 Effective date for dividend December 6, 2022 December 7, 2023 Dividend resource Retained earnings Retained earnings |
Selling, General and Administ_2
Selling, General and Administrative Expenses (Tables) | 6 Months Ended |
Sep. 30, 2023 | |
Text Block [Abstract] | |
Summary of Selling, General and Administrative Expenses | Selling, general and administrative expenses for the six months ended September 30, 2022 and 2023 are as follows: Millions of yen Six months ended September 30, 2022 Six months ended September 30, 2023 Personnel expenses ¥ 154,100 ¥ 171,183 Selling expenses 41,251 50,807 Administrative expenses 68,253 75,881 Depreciation of office facilities 4,350 4,394 Total ¥ 267,954 ¥ 302,265 Selling, general and administrative expenses for the three months ended September 30, 2022 and 2023 are as follows: Millions of yen Three months ended September 30, 2022 Three months ended September 30, 2023 Personnel expenses ¥ 77,513 ¥ 84,762 Selling expenses 21,725 28,281 Administrative expenses 34,456 40,167 Depreciation of office facilities 2,178 2,269 Total ¥ 135,872 ¥ 155,479 |
Pension Plans (Tables)
Pension Plans (Tables) | 6 Months Ended |
Sep. 30, 2023 | |
Net Pension Cost of Defined Benefit Plans | Net periodic pension cost for the six months ended September 30, 2022 and 2023 consists of the following: Millions of yen Six months ended September 30, 2022 Six months ended September 30, 2023 Japanese plans: Service cost ¥ 2,825 ¥ 2,760 Interest cost 347 601 Expected return on plan assets (1,362 ) (1,352 ) Amortization of prior service credit (13 ) (42 ) Amortization of net actuarial loss 38 31 Net periodic pension cost ¥ 1,835 ¥ 1,998 Millions of yen Six months ended September 30, 2022 Six months ended September 30, 2023 Overseas plans: Service cost ¥ 1,813 ¥ 1,436 Interest cost 1,010 1,470 Expected return on plan assets (2,348 ) (3,101 ) Amortization of prior service credit (157 ) (183 ) Amortization of net actuarial loss 7 1 Amortization of transition obligation 1 1 Net periodic pension cost ¥ 326 ¥ (376 ) Note: Net periodic pension cost is charged in personnel expenses, which is included in selling, general and administrative expenses in the consolidated statements of income. Net periodic pension cost for the three months ended September 30, 2022 and 2023 consists of the following: Millions of yen Three months ended September 30, 2022 Three months ended September 30, 2023 Japanese plans: Service cost ¥ 1,413 ¥ 1,389 Interest cost 174 301 Expected return on plan assets (681 ) (677 ) Amortization of prior service credit (7 ) (21 ) Amortization of net actuarial loss 19 20 Net periodic pension cost ¥ 918 ¥ 1,012 Millions of yen Three months ended September 30, 2022 Three months ended September 30, 2023 Overseas plans: Service cost ¥ 908 ¥ 711 Interest cost 508 582 Expected return on plan assets (1,180 ) (1,594 ) Amortization of prior service credit (79 ) (90 ) Amortization of net actuarial loss 3 0 Amortization of transition obligation 1 1 Net periodic pension cost ¥ 161 ¥ (390 ) Note: Net periodic pension cost is charged in personnel expenses, which is included in selling, general and administrative expenses in the consolidated statements of income. |
Income and Expenses Relating _2
Income and Expenses Relating to Life Insurance Operations (Tables) | 6 Months Ended |
Sep. 30, 2023 | |
Insurance [Abstract] | |
Life Insurance Premiums and Related Investment Income | Life insurance premiums and related investment income for the six and three months ended September 30, 2022 and 2023 consist of the following: Millions of yen Six months ended September 30, 2022 Six months ended September 30, 2023 Life insurance premiums ¥ 220,762 ¥ 222,783 Life insurance related investment income* 42,449 62,955 ¥ 263,211 ¥ * Life insurance related investment income for the six months ended September 30, 2022 and 2023 include net unrealized holding a loss of ¥9,465 million and a gain of ¥18,115 million on equity securities held as of September 30, 2022 and 2023, respectively. Millions of yen Three months ended September 30, 2022 Three months ended September 30, 2023 Life insurance premiums ¥ 117,752 ¥ 117,474 Life insurance related investment income* 19,182 15,746 ¥ 136,934 ¥ * Life insurance related investment income for the three months ended September 30, 2022 and 2023 include net unrealized holding a loss of ¥1,222 million and a gain of ¥55 million on equity securities held as of September 30, 2022 and 2023, respectively. |
Reinsurance Benefits and Reinsurance Premiums Included in Life Insurance Premiums | Life insurance premiums include reinsurance benefits, net of reinsurance premiums. For the six and three months ended September 30, 2022 and 2023, reinsurance benefits and reinsurance premiums included in life insurance premiums are as follows: Millions of yen Six months ended September 30, 2022 Six months ended September 30, 2023 Reinsurance benefits ¥ 657 ¥ Reinsurance premiums (2,390 ) (2,373 ) Millions of yen Three months ended September 30, 2022 Three months ended September 30, 2023 Reinsurance benefits ¥ 344 ¥ 666 Reinsurance premiums (1,199 ) (1,203 ) |
Gains or Losses Relating to Variable Annuity and Variable Life Insurance Contracts | The above mentioned gains or losses relating to variable annuity and variable life insurance contracts for the six and three months ended September 30, 2022 and 2023 are mainly as follows: Millions of yen Six months ended September 30, 2022 Six months ended September 30, 2023 Life insurance premiums and related investment income : Net realized and unrealized gains or losses from investment assets ¥ (11,820 ) ¥ 15,512 Net gains or losses from derivative contracts : 252 (1,971 ) Futures 852 (1,557 ) Foreign exchange contracts (600 ) (414 ) Life insurance costs : Changes in the fair value of the policy liabilities and policy account balances ¥ (28,645 ) ¥ (3,727 ) Insurance costs recognized for insurance and annuity payouts as a result of insured events 16,966 13,848 Changes in the fair value of the reinsurance contracts (488 ) 1,006 Millions of yen Three months ended September 30, 2022 Three months ended September 30, 2023 Life insurance premiums and related investment income : Net realized and unrealized gains or losses from investment assets ¥ (1,259 ) ¥ (1,590 ) Net gains or losses from derivative contracts : (1 ) (242 ) Futures 173 (150 ) Foreign exchange contracts (174 ) (92 ) Life insurance costs : Changes in the fair value of the policy liabilities and policy account balances ¥ (10,508 ) ¥ (10,501 ) Insurance costs recognized for insurance and annuity payouts as a result of insured events 8,304 7,473 Changes in the fair value of the reinsurance contracts 30 206 |
Long-Duration Insurance Contr_2
Long-Duration Insurance Contracts Relating to Life Insurance Operations (Tables) | 6 Months Ended |
Sep. 30, 2023 | |
Insurance [Abstract] | |
Schedule of Liability For Future Policy Benefits Including Deferred Profit Liabilities | The following table presents the effect on the liability for future policy benefits (including deferred profit liabilities) as of the transition date, using the modified retrospective transition approach. Millions of yen Yen-denominated (First Sector) Yen-denominated (Third Sector) Foreign currency Total Balance at March 31, 2021 ¥ 610,877 ¥ 493,558 ¥ 48,259 ¥ 1,152,694 Effect of change in discount rates* 22,686 52,967 (46,716 ) 28,937 Balance at April 1, 2021 ¥ 633,563 ¥ 546,525 ¥ 1,543 ¥ 1,181,631 * The impact on the liability for future policy benefits is due to the difference in the discount rates used before and after the adoption of LDTI. |
Schedule of Reconciliation of Liability For Future Policy Benefits | The following tables present balances of and changes in the liability for future policy benefits as of and for the fiscal year ended March 31, 2022. Millions of yen March 31, 2022 Present value of expected net premiums Yen-denominated (First Sector) Yen-denominated (Third Sector) Foreign currency Balance at April 1, 2021 ¥ 909,868 ¥ 1,377,265 ¥ 366,081 Beginning balance at original discount rate 843,892 1,261,182 355,835 Effect of changes in cash flow assumptions 21,353 28,690 662 Effect of actual variances from expected experience 2,351 1,414 (209 ) Adjusted beginning balance 867,596 1,291,286 356,288 Issuances 82,105 86,304 77,532 Interests 12,490 19,412 9,263 Net premium earned (96,605 ) (114,874 ) (49,290 ) Actual variances from cash flow assumptions (299 ) (652 ) (8 ) Derecognition 7,285 3,901 2,610 Effect of changes in foreign exchange rate 0 0 41,684 Ending balance at original discount rate 872,572 1,285,377 438,079 Effect of changes in discount rates 54,338 95,576 (15,326 ) Balance at March 31, 2022 ¥ 926,910 ¥ 1,380,953 ¥ 422,753 Millions of yen March 31, 2022 Present value of expected future policy benefits Yen-denominated (First Sector) Yen-denominated (Third Sector) Foreign currency Balance at April 1, 2021 ¥ 1,526,258 ¥ 1,877,906 ¥ 366,081 Beginning balance at original discount rate 1,437,596 1,708,857 402,552 Effect of changes in cash flow assumptions 22,525 29,515 626 Adjusted beginning balance 1,460,121 1,738,372 403,178 Issuances 82,105 86,304 77,532 Interests 23,867 27,677 11,125 Insurance claims paid (42,897 ) (65,052 ) (1,631 ) Actual variances from cash flow assumptions (12,698 ) (6,083 ) (329 ) Derecognition 24,520 12,773 2,533 Effect of changes in foreign exchange rate 0 0 51,096 Ending balance at original discount rate 1,535,018 1,793,991 543,504 Effect of changes in discount rates 56,250 128,012 (106,040 ) Balance at March 31, 2022 ¥ 1,591,268 ¥ 1,922,003 ¥ 437,464 Net liability for future policy benefits ¥ 664,358 ¥ 541,050 ¥ 14,711 Deferred profit liabilities 26,173 54,801 7,573 Subtotal 690,531 595,851 22,284 Less: Reinsurance recoverable 210 0 0 The liability for future policy benefits, after reinsurance recoverable ¥ 690,321 ¥ 595,851 ¥ 22,284 The following tables present balances of and changes in the liability for future policy benefits as of and for the fiscal year ended March 31, 2023 and for the six months ended September 30, 2023. Millions of yen March 31, 2023 September 30, 2023 Present value of expected net premiums Yen-denominated (First Sector) Yen-denominated (Third Sector) Foreign Yen-denominated (First Sector) Yen-denominated (Third Sector) Foreign Beginning balance ¥ 926,910 ¥ 1,380,953 ¥ 422,753 ¥ 894,537 ¥ 1,389,063 ¥ 374,951 Beginning balance at original discount rate 872,573 1,285,377 438,079 865,333 1,338,398 409,847 Effect of changes in cash flow assumptions 125 48,389 (6,975 ) 0 0 0 Effect of actual variances from expected experience 2,495 22,851 (1,957 ) 0 0 0 Adjusted beginning balance 875,193 1,356,617 429,147 865,333 1,338,398 409,847 Issuances 76,519 83,982 22,660 30,127 28,481 22,366 Interests 11,715 18,762 10,966 5,513 9,360 5,782 Net premium earned (101,554 ) (117,670 ) (60,198 ) (46,315 ) (59,561 ) (33,580 ) Actual variances from cash flow assumptions (385 ) (710 ) (1,274 ) (237 ) (439 ) (656 ) Derecognition 3,845 (2,583 ) (33,441 ) 3,091 (1,957 ) (14,744 ) Effect of changes in foreign exchange rate 0 0 41,987 0 0 49,340 Ending balance at original discount rate 865,333 1,338,398 409,847 857,512 1,314,282 438,355 Effect of changes in discount rates 29,204 50,665 (34,896 ) 12,008 13,733 (50,253 ) Ending balance ¥ 894,537 ¥ 1,389,063 ¥ 374,951 ¥ 869,520 ¥ 1,328,015 ¥ 388,102 Millions of yen March 31, 2023 September 30, 2023 Present value of expected future policy Yen-denominated (First Sector) Yen-denominated (Third Sector) Foreign Yen-denominated (First Sector) Yen-denominated (Third Sector) Foreign Beginning balance ¥ 1,591,268 ¥ 1,922,003 ¥ 437,464 ¥ 1,571,886 ¥ 1,918,462 ¥ 387,073 Beginning balance at original discount rate 1,535,018 1,793,991 543,504 1,598,009 1,887,744 573,616 Effect of changes in cash flow assumptions 1,506 53,098 (6,296 ) 0 0 0 Adjusted beginning balance 1,536,524 1,847,089 537,208 1,598,009 1,887,744 573,616 Issuances 76,519 83,982 22,660 30,127 28,481 22,366 Interests 24,023 27,839 14,552 11,996 14,123 8,163 Insurance claims paid (45,075 ) (96,364 ) (13,370 ) (24,340 ) (35,369 ) (7,666 ) Actual variances from cash flow assumptions (12,376 ) 20,178 9,002 (7,436 ) (3,485 ) 4,416 Derecognition 18,394 5,020 (47,189 ) 10,943 1,328 (21,716 ) Effect of changes in foreign exchange rate 0 0 50,753 0 0 70,615 Ending balance rate 1,598,009 1,887,744 573,616 1,619,299 1,892,822 649,794 Effect of changes in discount rates (26,123 ) 30,718 (186,543 ) (94,265 ) (53,678 ) (252,809 ) Ending balance ¥ 1,571,886 ¥ 1,918,462 ¥ 387,073 ¥ 1,525,034 ¥ 1,839,144 ¥ 396,985 Net liability for future policy benefits ¥ 677,349 ¥ 529,399 ¥ 12,122 ¥ 655,514 ¥ 511,129 ¥ 8,883 Deferred profit liabilities 35,770 61,668 15,578 39,815 66,255 22,595 Subtotal 713,119 591,067 27,700 695,329 577,384 31,478 Less: Reinsurance recoverable 215 0 0 132 0 0 The liability for future policy benefits, after reinsurance recoverable ¥ 712,904 ¥ 591,067 ¥ 27,700 ¥ 695,197 ¥ 577,384 ¥ 31,478 |
Schedule of Policy Liabilities And Policy Account Balances In Statement of Financial Position | The following table provides the breakdown of the policy liabilities and policy account balances recorded in the consolidated balance sheets as of March 31, 2022: Millions of yen March 31, 2022 Yen-denominated ¥ 690,321 Yen-denominated 595,851 Foreign currency denominated insurance 22,284 Subtotal 1,308,456 Policy account balances for variable annuity and variable life insurance contracts and market risk benefits 198,905 Fixed annuities and annuitization benefits 193,322 Others* 212,015 Total ¥ 1,912,698 * Others include unearned premiums and liabilities for unpaid claims. The following tables provide the breakdown of the policy liabilities and policy account balances recorded in the consolidated balance sheets as of March 31, 2023 and September 30, 2023: Millions of yen March 31, 2023 September 30, 2023 Yen-denominated ¥ 712,904 ¥ 695,197 Yen-denominated 591,067 577,384 Foreign currency denominated insurance 27,700 31,478 Subtotal 1,331,671 1,304,059 Policy account balances for variable annuity and variable life insurance contracts and market risk benefits 163,734 160,177 Fixed annuities and annuitization benefits 158,952 149,544 Others* 177,700 169,294 Total ¥ 1,832,057 ¥ 1,783,074 * Others include unearned premiums and liabilities for unpaid claims. |
Schedule of Liability For Future Policy Benefit Expected Future Policy Benefit Undiscounted Before Reinsurance | The amount of undiscounted and discounted expected future gross premiums and expected future policy benefits and expenses as of March 31, 2023 and September 30, 2023 are as follows: Millions of yen March 31, 2023 September 30, 2023 Undiscounted Discounted Undiscounted Discounted Yen-denominated Expected future gross premiums ¥ 1,538,107 ¥ 1,429,503 ¥ 1,522,501 ¥ 1,389,250 Expected future policy benefits and expenses 2,291,205 1,571,887 2,316,478 1,525,033 Yen-denominated Expected future gross premiums 2,695,239 2,388,386 2,649,324 2,287,047 Expected future policy benefits and expenses 2,578,630 1,918,462 2,582,806 1,839,144 Foreign currency denominated insurance Expected future gross premiums 626,411 492,588 687,445 519,357 Expected future policy benefits and expenses 1,097,567 387,073 1,262,953 396,985 |
Schedule of Liability For Future Policy Benefit Gross Premiums And Interest Expense | The amounts of gross premiums and interest expense recognized in the consolidated statement of income for the six and three months ended September 30, 2022 and 2023 are as follows: Millions of yen Six months ended Six months ended September 30, 2023 Gross premiums Interest expense Gross premiums Interest expense Yen-denominated ¥ 73,383 ¥ 6,047 ¥ 74,702 ¥ 6,484 Yen-denominated 103,314 4,465 102,734 4,763 Foreign currency denominated insurance 43,473 1,624 44,288 2,381 Total ¥ 220,170 ¥ 12,136 ¥ 221,724 ¥ 13,628 Millions of yen Three months ended Three months ended September 30, 2023 Gross premiums Interest expense Gross premiums Interest expense Yen-denominated ¥ 37,775 ¥ 3,049 ¥ 38,306 ¥ 3,263 Yen-denominated 51,906 2,258 51,362 2,406 Foreign currency denominated insurance 27,763 882 27,251 1,267 Total ¥ 117,444 ¥ 6,189 ¥ 116,919 ¥ 6,936 |
Schedule of Liability For Future Policy Benefit, Weighted Average Discount Rates | The weighted average discount rates for the liability for future policy benefits as of March 31, 2023 and September 30, 2023 are as follows: Weighted average rate March 31, 2023 September 30, 2023 Yen-denominated Weighted average of the original discount rates 1.6 % 1.6 % Weighted average of the current discount rates 1.9 2.1 Yen-denominated Weighted average of the original discount rates 1.7 1.7 Weighted average of the current discount rates 1.8 2.0 Foreign currency denominated insurance Weighted average of the original discount rates 2.9 3.0 Weighted average of the current discount rates 5.2 6.0 |
Schedule of Liability For Future Policy Benefit, Weighted Average Duration | The weighted average duration of the liability for future policy benefit as of March 31, 2023 and September 30, 2023 are as follows: Years March 31, 2023 September 30, 2023 Yen-denominated 37.9 37.1 Yen-denominated 36.8 35.8 Foreign currency denominated insurance 40.7 38.6 |
Schedule of Deferred Policy Acquisition Costs | The following tables present balances of and changes in the deferred policy acquisition costs as of and for the fiscal year ended March 31, 2023 and for the six months ended September 30, 2023: Millions of yen March 31, 2023 September 30, 2023 Yen-denominated (First Sector) Yen-denominated (Third Sector) Foreign Total Yen-denominated (First Sector) Yen-denominated (Third Sector) Foreign Total Beginning balance ¥ 74,676 ¥ 159,041 ¥ 35,243 ¥ 268,960 ¥ 77,957 ¥ 166,696 ¥ 42,726 ¥ 287,379 Capitalization 8,682 16,795 5,725 31,202 3,937 7,065 3,567 14,569 Amortization (5,401 ) (9,140 ) (1,779 ) (16,320 ) (2,917 ) (4,971 ) (1,091 ) (8,979 ) Effect of changes in foreign exchange rate 0 0 3,537 3,537 0 0 5,440 5,440 Ending balance ¥ 77,957 ¥ 166,696 ¥ 42,726 ¥ 287,379 ¥ 78,977 ¥ 168,790 ¥ 50,642 ¥ 298,409 |
Schedule of Minimum Guaranteed Interest Rates | The following table presents policyholder account balances for fixed annuity and annuitization benefits by range of minimum guaranteed interest rates as of March 31, 2023 and September 30, 2023. Millions of yen March 31, 2023 September 30, 2023 Range of minimum guaranteed interest rates Minimum guarantees Minimum guarantees 0.00% – less than 1.50% ¥ 152,259 ¥ 142,567 1.50% – less than 2.50% 6,644 6,977 2.50% or more 49 0 Total ¥ 158,952 ¥ 149,544 |
Schedule of Balances of Policy Account | The following table provides information about fixed annuity and annuitization benefits for the fiscal year ended March 31, 2023 and for the six months ended September 30, 2023. Millions of yen March 31, 2023 September 30, 2023 Beginning balance ¥ 193,322 ¥ 158,952 Transfer in 17,223 5,540 Surrenders and partial surrenders (58 ) (25 ) Benefit payments and lump sum payments, etc. (50,956 ) (15,142 ) Policy charges (262 ) (113 ) Transfer out (409 ) (188 ) Interests 1,209 532 Others (1,117 ) (12 ) Ending balance ¥ 158,952 ¥ 149,544 March 31, 2023 September 30, 2023 Weighted average guaranteed interest rate (%) 0.7 0.7 Benefits in excess of policyholder account balances (Millions of yen) ¥ 1 ¥ 1 Cash surrender value (Millions of yen) 152,578 143,335 |
Schedule of Policy Account Balance And Market Risk Benefits | The following table provides information about policy account balances for variable annuity and variable life insurance contracts and market risk benefits as of and for the fiscal year ended March 31, 2023, and for the six months ended September 30, 2023: Millions of yen March 31, 2023 September 30, 2023 Beginning balance ¥ 198,905 ¥ 163,734 Effect of changes other than through net income and other comprehensive income (28,754 ) (13,848 ) Surrenders and withdrawals (4,083 ) (4,125 ) Transfer in (14,093 ) (4,257 ) Benefit payments (10,762 ) (5,435 ) Others 184 (31 ) Changes through net income (6,343 ) 10,121 Effect of changes in fair value of corresponding investment assets (2,347 ) 15,531 Fee income (3,938 ) (1,893 ) Effect of changes in fair value of market risk benefits (58 ) (3,517 ) Changes through other comprehensive income (74 ) 170 Effect of changes in the instrument-specific credit risk (74 ) 170 Ending balance ¥ 163,734 ¥ 160,177 Millions of yen March 31, 2023 September 30, 2023 Policyholder account balances ¥ 157,399 ¥ 157,190 Market risk benefits 6,335 2,987 Total ¥ 163,734 ¥ 160,177 |
Write-Downs of Long-Lived Ass_2
Write-Downs of Long-Lived Assets (Tables) | 6 Months Ended |
Sep. 30, 2023 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Long-Lived Assets Classified as Held for Sale | As of March 31, 2023 and September 30, 2023, the long-lived assets classified as held for sale in the accompanying consolidated balance sheets are as follows. Millions of yen As of March 31, 2023 As of September 30, 2023 Investment in operating leases ¥ 13,104 ¥ 7,262 Property under facility operations 10 439 Office facilities 55 0 |
Breakdowns of Recognized Impairment Losses for Difference between Carrying Amounts and Fair Values Reflected as Write-Downs of Long-Lived Assets | For the six months ended September 30, 2022 and 2023, the Company and its subsidiaries recognized impairment losses for the difference between carrying amounts and fair values in the amount of ¥253 million and ¥538 million, respectively, which are reflected as write-downs of long-lived assets. Breakdowns of these amounts are as follows. Six months ended September 30, 2022 Six months ended September 30, 2023 Amount (Millions of yen) The number of Amount (Millions of yen) The number of Write-downs of the assets held for sale: Condominiums ¥ 0 0 ¥ 0 1 Others* 56 — 8 — Total ¥ 56 — ¥ 8 — Six months ended September 30, 2022 Six months ended September 30, 2023 Amount (Millions of yen) The number of Amount (Millions of yen) The number of Write-downs due to decline in estimated future cash flows: Commercial facilities other than office buildings ¥ 51 2 ¥ 439 2 Condominiums 3 3 1 1 Others* 143 — 90 — Total ¥ 197 — ¥ 530 — * For “Others,” the number of properties is omitted. For the three months ended September 30, 2022 and 2023, the Company and its subsidiaries recognized impairment losses for the difference between carrying amounts and fair values in the amount of ¥145 million and ¥452 million, respectively, which are reflected as write-downs of long-lived assets. Breakdowns of these amounts are as follows. Three months ended September 30, 2022 Three months ended September 30, 2023 Amount (Millions of yen) The number of Amount (Millions of yen) The number of Write-downs of the assets held for sale: Others* ¥ 0 — ¥ 8 — Total ¥ 0 — ¥ 8 — Three months ended September 30, 2022 Three months ended September 30, 2023 Amount (Millions of yen) The number of Amount (Millions of yen) The number of Write-downs due to decline in estimated future cash flows: Commercial facilities other than office buildings ¥ 51 2 ¥ 365 1 Condominiums 0 0 1 1 Others* 94 — 78 — Total ¥ 145 — ¥ 444 — * For “Others,” the number of properties is omitted. |
Per Share Data (Tables)
Per Share Data (Tables) | 6 Months Ended |
Sep. 30, 2023 | |
Earnings Per Share [Abstract] | |
Reconciliation of Differences Between Basic and Diluted Earnings Per Share (EPS) | During the six and three months ended September 30, 2022 and 2023, there was no stock compensation which was antidilutive. Millions of yen Six months ended September 30, 2022 Six months ended September 30, 2023 Net Income attributable to ORIX Corporation shareholders ¥ 122,310 ¥ 128,100 Millions of yen Three months ended September 30, 2022 Three months ended September 30, 2023 Net Income attributable to ORIX Corporation shareholders ¥ 60,386 ¥ 65,134 Thousands of Shares Six months ended September 30, 2022 Six months ended September 30, 2023 Weighted-average shares 1,187,885 1,165,400 Effect of dilutive securities— Stock compensation 1,365 1,708 Weighted-average shares for diluted EPS computation 1,189,250 1,167,108 Thousands of Shares Three months ended September 30, 2022 Three months ended September 30, 2023 Weighted-average shares 1,184,070 1,162,068 Effect of dilutive securities— Stock compensation 1,498 1,875 Weighted-average shares for diluted EPS computation 1,185,568 1,163,943 Yen Six months ended September 30, 2022 Six months ended September 30, 2023 Earnings per share for net income attributable to ORIX Corporation shareholders: Basic ¥ 102.96 ¥ 109.92 Diluted 102.85 109.76 Yen Three months ended September 30, 2022 Three months ended September 30, 2023 Earnings per share for net income attributable to ORIX Corporation shareholders: Basic ¥ 51.00 ¥ 56.05 Diluted 50.93 55.96 Notes: 1 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. (2,215,068 and 2,800,866 shares for the six months ended September 30, 2022 and 2023, 2,403,907 and 2,800,866 shares for the three months ended September 30, 2022 and 2023) 2. LDTI standard has been adopted since April 1, 2023, with the transition date of April 1, 2021, using the modified retrospective transition approach. For further information, see Note 2 “Significant Accounting and Reporting Policies (z) New accounting pronouncements.” |
Derivative Financial Instrume_2
Derivative Financial Instruments and Hedging (Tables) | 6 Months Ended |
Sep. 30, 2023 | |
Derivative Instruments, Gain (Loss) [Line Items] | |
Schedule of Effect of Components Excluded From the Assessment of Hedge Effectiveness on the Consolidated Statements of Income | The effect of the components excluded from the assessment of hedge effectiveness on the consolidated statements of income, pre-tax, Fair value hedges Millions of yen Gains (losses) recognized in income Life insurance premiums and related Interest expense Other (income) and expense Foreign exchange contracts ¥ (1,474 ) ¥ 14 ¥ 0 Options held/written and other 0 0 27 The effect of the components excluded from the assessment of hedge effectiveness on the consolidated statements of income, pre-tax, Fair value hedges Millions of yen Gains (losses) recognized in income Life insurance premiums and related Interest expense Other (income) and expense Foreign exchange contracts ¥ (2,155 ) ¥ 7 ¥ 0 Options held/written and other 0 0 14 The carrying amount of hedged assets and liabilities recognized in balance sheets in fair value hedges and the cumulative amount of fair value hedging adjustments included in the carrying amount (excluding the effect of changes in foreign exchange rates) at March 31, 2023 is as follows. Assets as hedged items in fair value hedges Liabilities as hedged items in fair value hedges Millions of yen Millions of yen Consolidated balance sheets location Carrying amount The cumulative Consolidated balance sheets location Carrying amount The cumulative Investment in Securities ¥ 470,204 ¥ (1,107 ) — ¥ 0 ¥ 0 Installment Loans 13,969 (1 ) — 0 0 The effect of the components excluded from the assessment of hedge effectiveness on the consolidated statements of income, pre-tax, Fair value hedges Millions of yen Gains (losses) recognized in income Life insurance premiums and related Interest expense Other (income) and expense Foreign exchange contracts ¥ (10,635 ) ¥ 17 ¥ 0 Options held/written and other 0 0 25 The effect of the components excluded from the assessment of hedge effectiveness on the consolidated statements of income, pre-tax, Fair value hedges Millions of yen Gains (losses) recognized in income Life insurance premiums and related Interest expense Other (income) and expense Foreign exchange contracts ¥ (6,578 ) ¥ 9 ¥ 0 Options held/written and other 0 0 10 The carrying amount of hedged assets and liabilities recognized in balance sheets in fair value hedges and the cumulative amount of fair value hedging adjustments included in the carrying amount (excluding the effect of changes in foreign exchange rates) at September 30, 2023 is as follows. Assets as hedged items in fair value hedges Liabilities as hedged items in fair value hedges Millions of yen Millions of yen Consolidated balance sheets location Carrying amount The cumulative Consolidated balance sheets location Carrying amount The cumulative Investment in Securities ¥ 506,514 ¥ (1,387 ) — ¥ 0 ¥ 0 Installment Loans 15,694 (1 ) — 0 0 |
Notional Amounts of Derivative Instruments and Other, Fair Values of Derivative Instruments and Other before Offsetting | Notional amounts of derivative instruments and other, fair values of derivative instruments and other before offsetting at March 31, 2023 and September 30, 2023 are as follows. March 31, 2023 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 ¥ 568,864 ¥ 22,798 Other Assets ¥ 3,311 Other Liabilities Options held/written and other 9,486 52 Other Assets 88 — Futures, foreign exchange contracts 933,988 2,735 Other Assets 26,217 Other Liabilities Foreign currency swap agreements 99,878 1,325 Other Assets 2,426 Other Liabilities Foreign currency long-term debt 748,396 0 — 0 — Derivatives not designated as hedging instruments: Interest rate swap agreements ¥ 464 ¥ 0 — ¥ 8 Other Liabilities Options held/written and other 632,211 30,435 Other Assets 28,335 Other Liabilities Futures, foreign exchange contracts * 788,361 15,050 Other Assets 10,978 Other Liabilities Credit derivatives held/written 1,098 3 Other Assets 3 Other Liabilities * The notional amounts of futures and foreign exchange contracts in the above table include futures contracts of ¥14,758 million and foreign exchange contracts of ¥5,554 million to economically hedge the minimum guarantee risk of variable annuity and variable life insurance contracts at March 31, 2023, respectively. Derivative assets in the above table include fair value of the futures and foreign exchange contracts before offsetting of ¥52 million and ¥12 million and derivative liabilities include fair value of the futures and foreign exchange contracts before offsetting of ¥200 million and ¥179 million at March 31, 2023, respectively. September 30, 2023 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 ¥ 603,623 ¥ 26,777 Other Assets ¥ 3,169 Other Liabilities Options held/written and other 14,541 44 Other Assets 886 Other Liabilities Futures, foreign exchange contracts 972,031 2,613 Other Assets 51,029 Other Liabilities Foreign currency swap agreements 107,406 491 Other Assets 6,831 Other Liabilities Foreign currency long-term debt 817,200 0 — 0 — Derivatives not designated as hedging instruments: Interest rate swap agreements ¥ 2,122 ¥ 165 Other Assets ¥ 8 Other Liabilities Options held/written and other 564,816 33,397 Other Assets 29,818 Other Liabilities Futures, foreign exchange contracts * 871,149 37,446 Other Assets 8,797 Other Liabilities Credit derivatives held/written 1,979 8 Other Assets 6 Other Liabilities * The notional amounts of futures and foreign exchange contracts in the above table include futures contracts of ¥10,229 million and foreign exchange contracts of ¥3,622 million to economically hedge the minimum guarantee risk of variable annuity and variable life insurance contracts at September 30, 2023, respectively. Derivative assets in the above table include fair value of the futures and foreign exchange contracts before offsetting of ¥144 million and ¥19 million and derivative liabilities include fair value of the futures and foreign exchange contracts before offsetting of ¥3 million and ¥168 million at September 30, 2023, respectively. |
Credit Derivatives | The Company and its subsidiaries have contracted credit derivatives for the purpose of trading. Details of credit derivatives written as of March 31, 2023 and September 30, 2023 are as follows. March 31, 2023 Types of derivatives The events or circumstances to perform under the credit derivative Maximum potential Approximate of the credit derivative Fair value of the credit Millions of yen Millions of yen Credit default swap In case of credit event (bankruptcy, failure to pay, restructuring) occurring in underlying reference company * ¥ 1,000 Less than five years ¥ (3 ) * Underlying reference company’s credit ratings are A1 or better rated by rating agencies as of March 31, 2023. September 30, 2023 Types of derivatives The events or circumstances that would require the seller to perform under the credit derivative Maximum potential Approximate of the credit derivative Fair value of the credit Millions of yen Millions of yen Credit default swap In case of credit event (bankruptcy, failure to pay, restructuring) occurring in underlying reference company * ¥ 1,532 Less than six years ¥ (6 ) * Underlying reference company’s credit ratings are Baa3 or better rated by rating agencies as of September 30, 2023. |
Cash flow hedges | |
Derivative Instruments, Gain (Loss) [Line Items] | |
Effect of Derivative Instruments on Consolidated Statements of Income, Pre-tax | (1) Cash flow hedges Millions of yen Gains (losses) recognized in other comprehensive income on derivative Gains (losses) reclassified from other comprehensive income (loss) into income Interest expense Other (income) and expense Interest rate swap agreements ¥ 22,506 ¥ 157 ¥ 0 Foreign exchange contracts (172 ) 17 147 Foreign currency swap agreements (545 ) 302 1,262 (1) Cash flow hedges Millions of yen Gains (losses) recognized in other comprehensive income on derivative Gains (losses) reclassified from other comprehensive income (loss) into income Interest expense Other (income) and expense Interest rate swap agreements ¥ 4,011 ¥ 30 ¥ 0 Foreign exchange contracts 170 0 0 Foreign currency swap agreements 5,352 1,001 (6,535 ) Options held/written and other (838 ) 0 0 (1) Cash flow hedges Millions of yen Gains (losses) recognized in other comprehensive income on derivative Gains (losses) reclassified from other comprehensive income (loss) into income Interest expense Other (income) and expense Interest rate swap agreements ¥ 10,230 ¥ (63 ) ¥ 0 Foreign exchange contracts (186 ) (155 ) 239 Foreign currency swap agreements 1,788 180 (1,763 ) (1) Cash flow hedges Millions of yen Gains (losses) recognized in other comprehensive income on derivative Gains (losses) reclassified from other comprehensive income (loss) into income Interest expense Other (income) and Interest rate swap agreements ¥ 5,389 ¥ (7 ) ¥ 0 Foreign exchange contracts (36 0 0 Foreign currency swap agreements (750 ) 604 183 Options held/written and other (913 ) 0 0 |
Fair value hedges | |
Derivative Instruments, Gain (Loss) [Line Items] | |
Effect of Derivative Instruments on Consolidated Statements of Income, Pre-tax | (2) Fair value hedges Millions of yen Gains (losses) recognized in income on derivative and other Gains (losses) recognized in income on hedged item Life insurance premiums Other (income) and Life insurance premiums Other (income) and Interest rate swap agreements ¥ 3,173 ¥ 0 ¥ (3,058 ) ¥ 0 Foreign exchange contracts (78,667 ) (449 ) 78,817 399 (2) Fair value hedges Millions of yen Gains (losses) recognized in income on derivative and other Gains (losses) recognized in income on hedged item Life insurance premiums Other (income) and Life insurance premiums Other (income) and Interest rate swap agreements ¥ 371 ¥ 0 ¥ (227 ) ¥ 11 Foreign exchange contracts (55,247 ) (101 ) 55,301 48 (2) Fair value hedges Millions of yen Gains (losses) recognized in income on derivative and other Gains (losses) recognized in income on hedged item Life insurance premiums Other (income) and Life insurance premiums Other (income) and Interest rate swap agreements ¥ 1,305 ¥ 0 ¥ (1,309 ) ¥ 0 Foreign exchange contracts (29,199 ) (314 ) 29,275 218 (2) Fair value hedges Millions of yen Gains (losses) recognized in income on derivative and other Gains (losses) recognized in income on hedged item Life insurance premiums Other (income) and Life insurance premiums Other (income) and Interest rate swap agreements ¥ 79 ¥ 0 ¥ (76 ) ¥ 11 Foreign exchange contracts (13,560 ) 52 13,603 (35 ) |
Hedges of net investment in foreign operations | |
Derivative Instruments, Gain (Loss) [Line Items] | |
Effect of Derivative Instruments on Consolidated Statements of Income, Pre-tax | (3) Hedges of net investment in foreign operations Millions of yen Gains (losses) recognized in other comprehensive income on derivative and others Gains (losses) reclassified from other comprehensive income (loss) into income Gains on sales of Interest expense Other (income) and Foreign exchange contracts ¥ (24,595 ) ¥ 51 ¥ 1,956 ¥ (252 ) Borrowings and bonds in foreign currencies (122,739 ) 0 0 0 (3) Hedges of net investment in foreign operations Millions of yen Gains (losses) recognized in other comprehensive income on derivative and others Gains (losses) reclassified from other comprehensive income (loss) into income Gains on sales of Interest expense Foreign exchange contracts ¥ (30,436 ) ¥ (69 ) ¥ 7,567 Borrowings and bonds in foreign currencies (84,367 ) 0 0 (3) Hedges of net investment in foreign operations Millions of yen Gains (losses) recognized in other comprehensive income on derivative and others Gains (losses) reclassified from other comprehensive income (loss) into income Gains on sales of Interest expense Foreign exchange contracts ¥ (2,042 ) ¥ (5 ) ¥ 1,166 Borrowings and bonds in foreign currencies (42,929 ) 0 0 (3) Hedges of net investment in foreign operations Millions of yen Gains (losses) recognized in other comprehensive income on derivative and others Gains (losses) reclassified from other comprehensive income (loss) into income Gains on sales of Interest expense Foreign exchange contracts ¥ (5,159 ) ¥ 0 ¥ 3,316 Borrowings and bonds in foreign currencies (21,284 ) 0 0 |
Derivatives not designated as hedging instruments | |
Derivative Instruments, Gain (Loss) [Line Items] | |
Effect of Derivative Instruments on Consolidated Statements of Income, Pre-tax | (4) Derivatives not designated as hedging instruments Millions of yen Gains (losses) recognized in income on derivative Life insurance premiums and Interest expense Other (income) and Interest rate swap agreements ¥ 0 ¥ 3 ¥ (139 ) Futures 852 0 (4,105 ) Foreign exchange contracts 34,472 1,950 51,589 Credit derivatives written 0 0 4 Options held/written and other 0 0 (886 ) * 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 six months ended September 30, 2022 (see Note 17 “Income and Expenses Relating to Life Insurance Operations”). (4) Derivatives not designated as hedging instruments Millions of yen Gains (losses) recognized in income on derivative Life insurance premiums and Interest expense Other (income) and Interest rate swap agreements ¥ 0 ¥ 2 ¥ (8 ) Futures (1,557 ) 0 (685 ) Foreign exchange contracts 30,067 1,513 5,077 Credit derivatives held/written 0 0 8 Options held/written and other 0 0 (878 ) * Futures and foreign exchange contracts in the above table include gains (losses) arising from futures and foreign exchange contracts to economically hedge the minimum guarantee risk of variable annuity and variable life insurance contracts for the six months ended September 30, 2023 (see Note 17 “Income and Expenses Relating to Life Insurance Operations”). (4) Derivatives not designated as hedging instruments Millions of yen Gains (losses) recognized in income on derivative Life insurance premiums and Interest expense Other (income) and Interest rate swap agreements ¥ 0 ¥ 2 ¥ (70 ) Futures 173 0 (1,424 ) Foreign exchange contracts 13,332 1,696 14,519 Credit derivatives written 0 0 4 Options held/written and other 0 0 (170 ) * 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, 2022 (see Note 17 “Income and Expenses Relating to Life Insurance Operations”). (4) Derivatives not designated as hedging instruments Millions of yen Gains (losses) recognized in income on derivative Life insurance premiums and Interest expense Other (income) and Interest rate swap agreements ¥ 0 ¥ 1 ¥ (6 Futures (150 ) 0 (1,095 Foreign exchange contracts 10,595 106 (5,102 ) Options held/written and other 0 0 (345 * Futures and foreign exchange contracts in the above table include gains (losses) arising from futures and foreign exchange contracts to economically hedge the minimum guarantee risk of variable annuity and variable life insurance contracts for the three months ended September 30, 2023 (see Note 17 “Income and Expenses Relating to Life Insurance Operations”). |
Offsetting Assets and Liabili_2
Offsetting Assets and Liabilities (Tables) | 6 Months Ended |
Sep. 30, 2023 | |
Text Block [Abstract] | |
Gross Amounts Recognized, Gross Amounts Offset, and Net Amounts Presented in Consolidated Balance Sheets Regarding to Derivative Assets and Liabilities and Other Assets and Liabilities | The gross amounts recognized, gross amounts offset, and net amounts presented in the consolidated balance sheets regarding derivative assets and liabilities as of March 31, 2023 and September 30, 2023 are as follows. March 31, 2023 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 ¥ 72,398 ¥ (22,052 ) ¥ 50,346 ¥ 0 ¥ (4,973 ) ¥ 45,373 Total assets ¥ 72,398 ¥ (22,052 ) ¥ 50,346 ¥ 0 ¥ (4,973 ) ¥ 45,373 Derivative liabilities ¥ 71,366 ¥ (22,052 ) ¥ 49,314 ¥ (1,786 ) ¥ (509 ) ¥ 47,019 Total liabilities ¥ 71,366 ¥ (22,052 ) ¥ 49,314 ¥ (1,786 ) ¥ (509 ) ¥ 47,019 September 30, 2023 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 ¥ 100,941 ¥ (44,593 ) ¥ 56,348 ¥ 0 ¥ (2,107 ) ¥ 54,241 Total assets ¥ 100,941 ¥ (44,593 ) ¥ 56,348 ¥ 0 ¥ (2,107 ) ¥ 54,241 Derivative liabilities ¥ 100,544 ¥ (44,593 ) ¥ 55,951 ¥ (8,828 ) ¥ (3,167 ) ¥ 43,956 Total liabilities ¥ 100,544 ¥ (44,593 ) ¥ 55,951 ¥ (8,828 ) ¥ (3,167 ) ¥ 43,956 * The balances related to enforceable master netting agreements or similar agreements which were not offset in the consolidated balance sheets. |
Estimated Fair Value of Finan_2
Estimated Fair Value of Financial Instruments (Tables) | 6 Months Ended |
Sep. 30, 2023 | |
Fair Value Disclosures [Abstract] | |
Information about Carrying Amount of Financial Instruments Reported in Consolidated Balance Sheets and Related Market or Fair Value | The following information is provided to help readers gain an understanding of the relationship between carrying amounts of financial instruments reported in the Company’s consolidated balance sheets and the related market or fair value. The disclosures do not include net investment in leases, investment in affiliates accounted for under the equity method, pension obligations and insurance contracts and reinsurance contracts except for those classified as investment contracts. March 31, 2023 Millions of yen Carrying amount Estimated fair value Level 1 Level 2 Level 3 Assets: Cash and cash equivalents ¥ 1,231,860 ¥ 1,231,860 ¥ 1,231,860 ¥ 0 ¥ 0 Restricted cash 135,048 135,048 135,048 0 0 Installment loans (net of allowance for credit losses) 3,829,431 3,807,987 0 128,249 3,679,738 Equity securities*1 379,236 379,236 105,646 133,027 140,563 Trading debt securities 2,179 2,179 0 2,179 0 Available-for-sale 2,234,608 2,234,608 4,334 1,986,672 243,602 Held-to-maturity 114,759 129,678 0 108,326 21,352 Certain investment in affiliates 2,511 2,511 0 0 2,511 Other Assets: Time deposits 4,374 4,374 0 4,374 0 Derivative assets*2 50,346 50,346 0 0 0 Reinsurance recoverables (Investment contracts) 5,301 5,009 0 0 5,009 Liabilities: Short-term debt ¥ 508,796 ¥ 508,796 ¥ 0 ¥ 508,796 ¥ 0 Deposits 2,086,340 2,087,035 0 2,087,035 0 Policy liabilities and Policy account balances (Investment contracts) 143,407 143,842 0 0 143,842 Long-term debt 5,209,723 5,164,112 0 1,667,119 3,496,993 Other Liabilities: Derivative liabilities 49,314 49,314 0 0 0 *1 The amount of ¥51,263 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.” September 30, 2023 Millions of yen Carrying amount Estimated fair value Level 1 Level 2 Level 3 Assets: Cash and cash equivalents ¥ 915,107 ¥ 915,107 ¥ 915,107 ¥ 0 ¥ 0 Restricted cash 139,123 139,123 139,123 0 0 Installment loans (net of allowance for credit losses) 3,895,424 3,877,262 0 136,985 3,740,277 Equity securities*1 410,199 410,199 116,421 133,647 160,131 Trading debt securities 2,259 2,259 0 2,259 0 Available-for-sale 2,318,317 2,318,317 5,282 2,030,880 282,155 Held-to-maturity 115,515 124,120 0 104,028 20,092 Certain investment in affiliates 5,003 5,003 0 0 5,003 Other Assets: Time deposits 4,600 4,600 0 4,600 0 Derivative assets*2 56,348 56,348 0 0 0 Reinsurance recoverables (Investment contracts) 4,943 4,566 0 0 4,566 Liabilities: Short-term debt ¥ 586,379 ¥ 586,379 ¥ 0 ¥ 586,379 ¥ 0 Deposits 2,051,992 2,052,118 0 2,052,118 0 Policy liabilities and Policy account balances (Investment contracts) 133,841 133,208 0 0 133,208 Long-term debt 5,448,244 5,388,098 0 1,815,990 3,572,108 Other Liabilities: Derivative liabilities 55,951 55,951 0 0 0 *1 The amount of ¥68,018 million of investment funds measured at net asset value per share is not included. *2 It represents the amount after offset under counterparty netting of derivative assets and liabilities. For the information of input level before netting, see Note 3 “Fair Value Measurements.” |
Commitments, Guarantees and C_2
Commitments, Guarantees and Contingent Liabilities (Tables) | 6 Months Ended |
Sep. 30, 2023 | |
Commitments and Contingencies Disclosure [Abstract] | |
Amounts Due of Certain Computer Systems Operated and Maintained under Non-cancelable Contracts with Third-party Service Providers | As of March 31, 2023 and September 30, 2023, the amounts due are as follows: Millions of yen March 31, September 30, Within one year ¥ 5,846 ¥ 5,919 More than one year 8,353 8,511 Total ¥ 14,199 ¥ 14,430 |
Summary of Potential Future Payments, Book Value Recorded as Guarantee Liabilities of Guarantee Contracts Outstanding and Maturity of Longest Guarantee Contracts | The following table represents the summary of potential future payments, book value recorded as guarantee liabilities of the guarantee contracts outstanding and maturity of the longest guarantee contracts as of March 31, 2023 and September 30, 2023: March 31, 2023 September 30, 2023 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 ¥ 479,406 ¥ 5,033 2029 ¥ 485,438 ¥ 4,729 2030 Transferred loans 436,069 2,185 2062 509,204 2,869 2062 Consumer loans 295,273 48,207 2034 301,470 49,420 2034 Real estate loans 18,193 2,031 2048 6,963 466 2048 Other 2,484 0 2036 13,481 1 2044 Total ¥ 1,231,425 ¥ 57,456 — ¥ 1,316,556 ¥ 57,485 — |
Assets Provided as Collateral for Short-Term and Long-Term Debt Payables to Financial Institutions | Collateral— Millions of yen March 31, 2023 September 30, 2023 Lease payments, loans and investment in operating leases ¥ 148,057 ¥ 170,355 Investment in securities 183,441 216,483 Property under facility operations 130,191 158,663 Other assets and other 110,159 131,602 Total ¥ 571,848 ¥ 677,103 |
Segment Information (Tables)
Segment Information (Tables) | 6 Months Ended |
Sep. 30, 2023 | |
Segment Reporting [Abstract] | |
Financial Information of Segments | Financial information of the segments for the six months ended September 30, 2022 and 2023, and segment assets information as of March 31, 2023 and September 30, 2023 are as follows: Millions of yen Six months ended September 30, 2022 Six months ended September 30, 2023 March 31, 2023 September 30, Segment revenues Segment profits Segment revenues Segment profits Segment assets Segment assets Corporate Financial Services and Maintenance Leasing ¥ 211,427 ¥ 36,917 ¥ 220,247 ¥ 40,266 ¥ 1,514,070 ¥ 1,523,394 Real Estate 190,487 18,949 219,293 26,867 935,027 1,004,443 PE Investment and Concession 250,873 4,011 172,980 9,674 605,471 808,757 Environment and Energy 110,914 8,718 81,972 8,138 773,617 833,262 Insurance 265,870 14,785 288,586 37,038 2,050,412 2,105,725 Banking and Credit 40,944 15,215 42,727 16,471 2,698,747 2,705,802 Aircraft and Ships 28,496 10,649 29,229 10,415 742,890 907,147 ORIX USA 79,932 21,596 88,089 16,332 1,462,067 1,525,455 ORIX Europe 89,836 16,419 104,059 13,362 417,941 453,037 Asia and Australia 92,434 24,470 105,238 12,447 1,395,096 1,569,913 Total ¥ 1,361,213 ¥ 171,729 ¥ 1,352,420 ¥ 191,010 ¥ 12,595,338 ¥ 13,436,935 Financial information of the segments for the three months ended September 30, 2022 and 2023 are as follows: Millions of yen Three months ended September 30, 2022 Three months ended September 30, 2023 Segment revenues Segment profits Segment revenues Segment profits Corporate Financial Services and Maintenance Leasing ¥ 107,302 ¥ 20,367 ¥ 110,609 ¥ 20,405 Real Estate 93,622 7,006 112,912 16,906 PE Investment and Concession 129,095 1,757 86,908 4,017 Environment and Energy 64,113 5,196 44,856 5,123 Insurance 138,328 3,346 134,805 17,825 Banking and Credit 20,903 7,979 21,584 8,282 Aircraft and Ships 13,932 5,233 16,456 6,787 ORIX USA 44,350 15,557 44,725 6,614 ORIX Europe 46,139 7,118 52,478 9,139 Asia and Australia 47,433 11,684 53,784 4,405 Total ¥ 705,217 ¥ 85,243 ¥ 679,117 ¥ 99,503 |
Reconciliation of Segment Totals to Consolidated Financial Statement Amounts | The reconciliation of segment totals to consolidated financial statement amounts is as follows: Significant items to be reconciled are segment revenues, segment profits and segment assets. Other items do not have a significant difference between segment amounts and consolidated amounts. Millions of yen Six months ended Six months ended Segment revenues: Total revenues for segments ¥ 1,361,213 ¥ 1,352,420 Revenues related to corporate assets 12,652 15,569 Revenues from inter-segment transactions (9,049 ) (8,254 ) Total consolidated revenues ¥ 1,364,816 ¥ 1,359,735 Segment profits: Total profits for segments ¥ 171,729 ¥ 191,010 Corporate profits (losses) (10,175 ) (9,491 ) Net income attributable to the noncontrolling interests and net income attributable to the redeemable noncontrolling interests 4,570 2,948 Total consolidated income before income taxes ¥ 166,124 ¥ 184,467 Millions of yen Three months ended Three months ended Segment revenues: Total revenues for segments ¥ 705,217 ¥ 679,117 Revenues related to corporate assets 6,354 7,811 Revenues from inter-segment transactions (4,568 ) (4,167 ) Total consolidated revenues ¥ 707,003 ¥ 682,761 Segment profits: Total profits for segments ¥ 85,243 ¥ 99,503 Corporate profits (losses) (6,333 ) (5,903 ) Net income attributable to the noncontrolling interests and net income attributable to the redeemable noncontrolling interests 1,650 1,475 Total consolidated income before income taxes ¥ 80,560 ¥ 95,075 Millions of yen March 31, 2023 September 30, 2023 Segment assets: Total assets for segments ¥ 12,595,338 ¥ 13,436,935 Cash and cash equivalents, restricted cash 1,366,908 1,054,230 Allowance for credit losses (64,723 ) (69,046 ) Trade notes, accounts and other receivable 441,803 373,780 Other corporate assets 950,059 999,321 Total consolidated assets ¥ 15,289,385 ¥ 15,795,220 |
Geographical Revenues and Income before Income Taxes | The following information represents geographical revenues and income before income taxes, which are attributed to geographic areas, based on the country location of the Company and its subsidiaries for the six months ended September 30, 2022 and 2023. For the six months ended September 30, 2022 Millions of yen Six months ended September 30, 2022 Japan The Americas *1 Other *2 Total Total Revenues ¥ 1,065,266 ¥ 109,392 ¥ 190,158 ¥ 1,364,816 Income before Income Taxes 87,212 24,916 53,996 166,124 For the six months ended September 30, 2023 Millions of yen Six months ended September 30, 2023 Japan The Americas *1 Other *2 Total Total Revenues ¥ 1,020,846 ¥ 127,510 ¥ 211,379 ¥ 1,359,735 Income before Income Taxes 129,856 20,516 34,095 184,467 The following information represents geographical revenues and income before income taxes, which are attributed to geographic areas, based on the country location of the Company and its subsidiaries for the three months ended September 30, 2022 and 2023. For the three months ended September 30, 2022 Millions of yen Three months ended September 30, 2022 Japan The Americas *1 Other *2 Total Total Revenues ¥ 549,794 ¥ 60,575 ¥ 96,634 ¥ 707,003 Income before Income Taxes 36,346 16,791 27,423 80,560 For the three months ended September 30, 2023 Millions of yen Three months ended September 30, 2023 Japan The Americas *1 Other *2 Total Total Revenues ¥ 509,496 ¥ 64,030 ¥ 109,235 ¥ 682,761 Income before Income Taxes 66,176 9,069 19,830 95,075 *1 Mainly the United States *2 Mainly Asia, Europe, Australasia and Middle East |
Disaggregation of Revenues for Revenues From Contracts With Customers, by Goods and Services Category and Geographical Location | The following information represents disaggregation of revenues for revenues from contracts with customers, by goods and services category and geographical location for the six months ended September 30, 2022 and 2023. For the six months ended September 30, 2022 Millions of yen Six months ended September 30, 2022 Reportable segments Corporate Real Estate PE Environment Insurance Banking and Aircraft and Goods or services category Sales of goods ¥ 2,804 ¥ 1,446 ¥ 216,680 ¥ 1,832 ¥ 0 ¥ 0 ¥ 0 Real estate sales 0 39,064 0 0 0 0 0 Asset management and servicing 161 3,173 0 136 0 223 34 Automobile related services 30,919 0 0 151 0 0 0 Facilities operation 0 24,609 0 0 0 0 0 Environment and energy services 1,749 24 40 107,095 0 0 0 Real estate management and brokerage 0 50,103 0 0 0 0 0 Real estate contract work 0 40,912 0 0 0 0 0 Other 18,770 779 15,531 538 1,288 3,274 5,060 Total revenues from contracts with customers 54,403 160,110 232,251 109,752 1,288 3,497 5,094 Geographical location Japan 54,403 160,110 232,251 99,135 1,288 3,497 1,439 The Americas 0 0 0 0 0 0 0 Other 0 0 0 10,617 0 0 3,655 Total revenues from contracts with customers 54,403 160,110 232,251 109,752 1,288 3,497 5,094 Other revenues * 157,024 30,377 18,622 1,162 264,582 37,447 23,402 Segment revenues/Total revenues ¥ 211,427 ¥ 190,487 ¥ 250,873 ¥ 110,914 ¥ 265,870 ¥ 40,944 ¥ 28,496 Millions of yen Six months ended September 30, 2022 Reportable segments Corporate revenue and intersegment transactions Total revenues ORIX USA ORIX Europe Asia and Total Goods or services category Sales of goods ¥ 1,267 ¥ 0 ¥ 658 ¥ 224,687 ¥ 1,260 ¥ 225,947 Real estate sales 9 0 0 39,073 0 39,073 Asset management and servicing 10,226 98,373 0 112,326 (19 ) 112,307 Automobile related services 0 0 8,935 40,005 1 40,006 Facilities operation 0 0 0 24,609 388 24,997 Environment and energy services 914 0 0 109,822 (953 ) 108,869 Real estate management and brokerage 0 0 0 50,103 (750 ) 49,353 Real estate contract work 0 0 0 40,912 21 40,933 Other 2,793 41 1,069 49,143 2,971 52,114 Total revenues from contracts with customers 15,209 98,414 10,662 690,680 2,919 693,599 Geographical location Japan 0 0 0 552,123 3,257 555,380 The Americas 15,209 36,694 0 51,903 0 51,903 Other 0 61,720 10,662 86,654 (338 ) 86,316 Total revenues from contracts with customers 15,209 98,414 10,662 690,680 2,919 693,599 Other revenues * 64,723 (8,578 ) 81,772 670,533 684 671,217 Segment revenues/Total revenues ¥ 79,932 ¥ 89,836 ¥ 92,434 ¥ 1,361,213 ¥ 3,603 ¥ 1,364,816 For the six months ended September 30, 2023 Millions of yen Six months ended September 30, 2023 Reportable segments Corporate Real Estate PE Environment Insurance Banking and Aircraft and Goods or services category Sales of goods ¥ 2,135 ¥ 1,730 ¥ 114,149 ¥ 1,658 ¥ 0 ¥ 0 ¥ 97 Real estate sales 0 50,784 0 0 0 0 0 Asset management and servicing 145 4,858 0 92 0 294 28 Automobile related services 31,951 0 0 138 0 0 0 Facilities operation 0 37,754 0 0 0 0 0 Environment and energy services 1,598 25 38 78,964 0 0 0 Real estate management and brokerage 0 50,148 0 0 0 0 0 Real estate contract work 0 45,377 20,982 0 0 0 0 Other 18,727 841 17,108 368 1,416 2,817 2,971 Total revenues from contracts with customers 54,556 191,517 152,277 81,220 1,416 3,111 3,096 Geographical location Japan 54,556 191,517 152,277 67,497 1,416 3,111 1,006 The Americas 0 0 0 0 0 0 0 Other 0 0 0 13,723 0 0 2,090 Total revenues from contracts with customers 54,556 191,517 152,277 81,220 1,416 3,111 3,096 Other revenues * 165,691 27,776 20,703 752 287,170 39,616 26,133 Segment revenues/Total revenues ¥ 220,247 ¥ 219,293 ¥ 172,980 ¥ 81,972 ¥ 288,586 ¥ 42,727 ¥ 29,229 Millions of yen Six months ended September 30, 2023 Reportable segments Corporate revenue and intersegment transactions Total revenues ORIX USA ORIX Europe Asia and Total Goods or services category Sales of goods ¥ 226 ¥ 0 ¥ 153 ¥ 120,148 ¥ 2,863 ¥ 123,011 Real estate sales 5 0 0 50,789 0 50,789 Asset management and servicing 8,697 101,374 23 115,511 (119 ) 115,392 Automobile related services 0 0 11,158 43,247 2 43,249 Facilities operation 0 0 0 37,754 578 38,332 Environment and energy services 459 0 0 81,084 (896 ) 80,188 Real estate management and brokerage 0 0 0 50,148 (664 ) 49,484 Real estate contract work 0 0 0 66,359 23 66,382 Other 2,383 (42 ) 634 47,223 4,680 51,903 Total revenues from contracts with customers 11,770 101,332 11,968 612,263 6,467 618,730 Geographical location Japan 0 0 0 471,380 6,416 477,796 The Americas 11,770 38,402 0 50,172 0 50,172 Other 0 62,930 11,968 90,711 51 90,762 Total revenues from contracts with customers 11,770 101,332 11,968 612,263 6,467 618,730 Other revenues * 76,319 2,727 93,270 740,157 848 741,005 Segment revenues/Total revenues ¥ 88,089 ¥ 104,059 ¥ 105,238 ¥ 1,352,420 ¥ 7,315 ¥ 1,359,735 The following information represents disaggregation of revenues for revenues from contracts with customers, by goods and services category and geographical location for the three months ended September 30, 2022 and 2023. For the three months ended September 30, 2022 Millions of yen Three months ended September 30, 2022 Reportable segments Corporate Real Estate PE Environment Insurance Banking and Aircraft and Goods or services category Sales of goods ¥ 1,445 ¥ 781 ¥ 111,496 ¥ 1,107 ¥ 0 ¥ 0 ¥ 0 Real estate sales 0 17,387 0 0 0 0 0 Asset management and servicing 90 1,342 0 100 0 118 17 Automobile related services 15,145 0 0 64 0 0 0 Facilities operation 0 14,064 0 0 0 0 0 Environment and energy services 878 11 26 62,310 0 0 0 Real estate management and brokerage 0 25,185 0 0 0 0 0 Real estate contract work 0 22,816 0 0 0 0 0 Other 9,295 473 7,956 200 652 1,636 2,625 Total revenues from contracts with customers 26,853 82,059 119,478 63,781 652 1,754 2,642 Geographical location Japan 26,853 82,059 119,478 57,763 652 1,754 568 The Americas 0 0 0 0 0 0 0 Other 0 0 0 6,018 0 0 2,074 Total revenues from contracts with customers 26,853 82,059 119,478 63,781 652 1,754 2,642 Other revenues * 80,449 11,563 9,617 332 137,676 19,149 11,290 Segment revenues/Total revenues ¥ 107,302 ¥ 93,622 ¥ 129,095 ¥ 64,113 ¥ 138,328 ¥ 20,903 ¥ 13,932 Millions of yen Three months ended September 30, 2022 Reportable segments Corporate revenue and intersegment transactions Total revenues ORIX USA ORIX Europe Asia and Total Goods or services category Sales of goods ¥ 564 ¥ 0 ¥ 213 ¥ 115,606 ¥ 719 ¥ 116,325 Real estate sales 10 0 0 17,397 0 17,397 Asset management and servicing 4,607 48,586 0 54,860 (10 ) 54,850 Automobile related services 0 0 4,679 19,888 4 19,892 Facilities operation 0 0 0 14,064 173 14,237 Environment and energy services 510 0 0 63,735 (514 ) 63,221 Real estate management and brokerage 0 0 0 25,185 (352 ) 24,833 Real estate contract work 0 0 0 22,816 (31 ) 22,785 Other 763 23 805 24,428 1,267 25,695 Total revenues from contracts with customers 6,454 48,609 5,697 357,979 1,256 359,235 Geographical location Japan 0 0 0 289,127 1,384 290,511 The Americas 6,454 18,267 0 24,721 0 24,721 Other 0 30,342 5,697 44,131 (128 ) 44,003 Total revenues from contracts with customers 6,454 48,609 5,697 357,979 1,256 359,235 Other revenues * 37,896 (2,470 ) 41,736 347,238 530 347,768 Segment revenues/Total revenues ¥ 44,350 ¥ 46,139 ¥ 47,433 ¥ 705,217 ¥ 1,786 ¥ 707,003 For the three months ended September 30, 2023 Millions of yen Three months ended September 30, 2023 Reportable segments Corporate Real Estate PE Environment Insurance Banking and Aircraft and Goods or services category Sales of goods ¥ 935 ¥ 918 ¥ 58,736 ¥ 853 ¥ 0 ¥ 0 ¥ 62 Real estate sales 0 18,827 0 0 0 0 0 Asset management and servicing 84 2,748 0 53 0 152 14 Automobile related services 15,917 0 0 57 0 0 0 Facilities operation 0 20,693 0 0 0 0 0 Environment and energy services 775 12 25 43,360 0 0 0 Real estate management and brokerage 0 25,393 0 0 0 0 0 Real estate contract work 0 26,605 8,724 0 0 0 0 Other 9,815 552 8,700 158 752 1,457 1,498 Total revenues from contracts with customers 27,526 95,748 76,185 44,481 752 1,609 1,574 Geographical location Japan 27,526 95,748 76,185 37,484 752 1,609 570 The Americas 0 0 0 0 0 0 0 Other 0 0 0 6,997 0 0 1,004 Total revenues from contracts with customers 27,526 95,748 76,185 44,481 752 1,609 1,574 Other revenues * 83,083 17,164 10,723 375 134,053 19,975 14,882 Segment revenues/Total revenues ¥ 110,609 ¥ 112,912 ¥ 86,908 ¥ 44,856 ¥ 134,805 ¥ 21,584 ¥ 16,456 Millions of yen Three months ended September 30, 2023 Reportable segments Corporate revenue and intersegment transactions Total revenues ORIX USA ORIX Europe Asia and Total Goods or services category Sales of goods ¥ 192 ¥ 0 ¥ 10 ¥ 61,706 ¥ 1,602 ¥ 63,308 Real estate sales 5 0 0 18,832 0 18,832 Asset management and servicing 4,810 52,424 12 60,297 (59 ) 60,238 Automobile related services 0 0 5,769 21,743 1 21,744 Facilities operation 0 0 0 20,693 305 20,998 Environment and energy services 355 0 0 44,527 (406 ) 44,121 Real estate management and brokerage 0 0 0 25,393 (341 ) 25,052 Real estate contract work 0 0 0 35,329 34 35,363 Other 1,210 (88 ) 340 24,394 1,943 26,337 Total revenues from contracts with customers 6,572 52,336 6,131 312,914 3,079 315,993 Geographical location Japan 0 0 0 239,874 3,266 243,140 The Americas 6,572 20,135 0 26,707 0 26,707 Other 0 32,201 6,131 46,333 (187 ) 46,146 Total revenues from contracts with customers 6,572 52,336 6,131 312,914 3,079 315,993 Other revenues * 38,153 142 47,653 366,203 565 366,768 Segment revenues/Total revenues ¥ 44,725 ¥ 52,478 ¥ 53,784 ¥ 679,117 ¥ 3,644 ¥ 682,761 * Other revenues include revenues that are not in the scope of revenue from contracts with customers, such as life insurance premiums and related investment income, operating leases, finance revenues that include interest income, and others. |
Overview of Accounting Princi_2
Overview of Accounting Principles Utilized - Additional Information (Detail) | Sep. 30, 2023 |
Goodwill | Maximum | |
Significant Accounting Policies [Line Items] | |
Goodwill amortization period | 20 years |
Significant Accounting and Re_3
Significant Accounting and Reporting Policies - Additional Information (Detail) - JPY (¥) ¥ in Millions | 3 Months Ended | 6 Months Ended | 12 Months Ended | ||||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | Mar. 31, 2023 | Mar. 31, 2022 | Apr. 01, 2021 | |
Significant Accounting Policies [Line Items] | |||||||
A maximum lag period of recognizing the results of subsidiaries and affiliates | 3 months | ||||||
Effective tax rate | 30.10% | 23.30% | 29.20% | 24.10% | |||
National corporation tax | 24% | 24% | 24% | 24% | |||
Inhabitant tax | 4% | 4% | 4% | 4% | |||
Deductible enterprise tax | 4% | 4% | 4% | 4% | |||
Statutory income tax rate | 31.50% | 31.50% | 31.50% | 31.50% | |||
Loans held for sale in installment loans | ¥ 158,990 | ¥ 158,990 | ¥ 201,355 | ||||
Aggregate loan fair value | 149,390 | 149,390 | 197,041 | ||||
Residential condominiums under development | 133,790 | 133,790 | 74,621 | ||||
Finished goods | 89,117 | 89,117 | 94,400 | ||||
Write-down on residential condominiums under development | 862 | ¥ 21 | 1,130 | ¥ 508 | |||
Goodwill acquired | 659,323 | 659,323 | 627,683 | ||||
Other intangible assets | 545,893 | 545,893 | 518,142 | ||||
Increase (decrease) in policy liability and policy account balances | 1,783,074 | 1,783,074 | 1,832,057 | ||||
Increase (decrease) in impact of changes in policy liability discount rate | 326,700 | 326,700 | 156,135 | ||||
Increase (decrease) in other operating assets | 298,409 | 298,409 | 287,379 | ¥ 268,960 | |||
Increase (decrease) in life insurance costs | 102,377 | ¥ 119,698 | 222,097 | ¥ 220,715 | |||
Increase (decrease) in retained earnings | 3,132,339 | 3,132,339 | 3,054,448 | ||||
Accounting Standards Update 2018-12 | |||||||
Significant Accounting Policies [Line Items] | |||||||
Increase (decrease) in policy liability and policy account balances | (233,309) | (50,925) | ¥ 28,937 | ||||
Increase (decrease) in impact of changes in policy liability discount rate | 164,516 | 37,535 | ¥ (24,641) | ||||
Increase (decrease) in other operating assets | 23,194 | 10,012 | |||||
Increase (decrease) in life insurance costs | (25,010) | (4,571) | |||||
Increase (decrease) in retained earnings | 22,506 | ¥ 5,241 | |||||
Investment in operating leases | |||||||
Significant Accounting Policies [Line Items] | |||||||
Accumulated depreciation of Investment in operating leases | 918,100 | 918,100 | 865,942 | ||||
Property under Facility Operations | |||||||
Significant Accounting Policies [Line Items] | |||||||
Accumulated depreciation | 197,297 | 197,297 | 180,130 | ||||
Office Facilities | |||||||
Significant Accounting Policies [Line Items] | |||||||
Accumulated depreciation | ¥ 79,463 | ¥ 79,463 | ¥ 74,507 | ||||
Minimum | |||||||
Significant Accounting Policies [Line Items] | |||||||
Income tax settlement by tax authority | 50% |
Fair Value Measurements (Record
Fair Value Measurements (Recorded Amounts of Major Financial Assets and Liabilities Measured at Fair Value on Recurring Basis) (Detail) - JPY (¥) ¥ in Millions | Sep. 30, 2023 | Mar. 31, 2023 | |
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | |||
Loans held for sale | ¥ 149,390 | ¥ 197,041 | |
Trading debt securities | 2,259 | 2,179 | |
Available-for-sale debt securities | 2,318,317 | 2,234,608 | |
Certain investment in affiliates | 5,003 | 2,511 | |
Derivative assets, gross amounts recognized | 100,941 | 72,398 | |
Netting | (44,593) | (22,052) | |
Net derivative assets | ¥ 56,348 | ¥ 50,346 | |
Derivative Asset, Statement of Financial Position [Extensible Enumeration] | Assets | Assets | |
Other assets | ¥ 3,670 | ¥ 4,676 | |
Derivative liabilities, gross amounts recognized | 100,544 | 71,366 | |
Netting | (44,593) | (22,052) | |
Net derivative Liabilities | 55,951 | 49,314 | |
Policy liabilities and Policy Account Balances | 160,177 | 163,734 | |
Fair Value, Measurements, Recurring | |||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | |||
Loans held for sale | [1] | 149,390 | 197,041 |
Trading debt securities | 2,259 | 2,179 | |
Available-for-sale debt securities | 2,318,317 | 2,234,608 | |
Equity securities | [2],[3] | 410,199 | 379,236 |
Certain investment in affiliates | [4] | 5,003 | 2,511 |
Derivative assets, gross amounts recognized | 100,941 | 72,398 | |
Netting | [5] | (44,593) | (22,052) |
Net derivative assets | 56,348 | 50,346 | |
Other assets | 3,670 | 4,676 | |
Total financial assets | 2,989,779 | 2,892,649 | |
Derivative liabilities, gross amounts recognized | 100,544 | 71,366 | |
Netting | [5] | (44,593) | (22,052) |
Net derivative Liabilities | 55,951 | 49,314 | |
Policy liabilities and Policy Account Balances | 160,177 | 163,734 | |
Total financial liabilities | 260,721 | 235,100 | |
Interest rate swap agreements | Fair Value, Measurements, Recurring | |||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | |||
Derivative assets, gross amounts recognized | 26,942 | 22,798 | |
Derivative liabilities, gross amounts recognized | 3,177 | 3,319 | |
Options held/written and other | Fair Value, Measurements, Recurring | |||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | |||
Derivative assets, gross amounts recognized | 33,441 | 30,487 | |
Derivative liabilities, gross amounts recognized | 30,704 | 28,423 | |
Futures, foreign exchange contracts | Fair Value, Measurements, Recurring | |||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | |||
Derivative assets, gross amounts recognized | 40,059 | 17,785 | |
Derivative liabilities, gross amounts recognized | 59,826 | 37,195 | |
Foreign currency swap agreements | Fair Value, Measurements, Recurring | |||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | |||
Derivative assets, gross amounts recognized | 491 | 1,325 | |
Derivative liabilities, gross amounts recognized | 6,831 | 2,426 | |
Credit derivatives held | Fair Value, Measurements, Recurring | |||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | |||
Derivative assets, gross amounts recognized | 8 | 3 | |
Credit derivatives written | Fair Value, Measurements, Recurring | |||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | |||
Derivative liabilities, gross amounts recognized | 6 | 3 | |
Reinsurance recoverables | |||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | |||
Other assets | 3,670 | 4,676 | |
Reinsurance recoverables | Fair Value, Measurements, Recurring | |||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | |||
Other assets | [6] | 3,670 | 4,676 |
Variable Annuity and Variable Life Insurance Contracts | |||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | |||
Policy liabilities and Policy Account Balances | 160,177 | 163,734 | |
Variable Annuity and Variable Life Insurance Contracts | Fair Value, Measurements, Recurring | |||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | |||
Policy liabilities and Policy Account Balances | [7] | 160,177 | 163,734 |
Japanese and foreign government bond securities | |||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | |||
Available-for-sale debt securities | 811,807 | 801,295 | |
Japanese and foreign government bond securities | Fair Value, Measurements, Recurring | |||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | |||
Available-for-sale debt securities | [8] | 811,807 | 801,295 |
Japanese prefectural and foreign municipal bond securities | |||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | |||
Available-for-sale debt securities | 369,811 | 369,246 | |
Japanese prefectural and foreign municipal bond securities | Fair Value, Measurements, Recurring | |||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | |||
Available-for-sale debt securities | 369,811 | 369,246 | |
Corporate debt securities | |||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | |||
Available-for-sale debt securities | 802,809 | 784,388 | |
Corporate debt securities | Fair Value, Measurements, Recurring | |||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | |||
Available-for-sale debt securities | [9] | 802,809 | 784,388 |
CMBS and RMBS in the Americas | Fair Value, Measurements, Recurring | |||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | |||
Available-for-sale debt securities | 68,193 | 43,173 | |
Other asset-backed securities and debt securities | |||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | |||
Available-for-sale debt securities | 265,697 | 236,506 | |
Other asset-backed securities and debt securities | Fair Value, Measurements, Recurring | |||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | |||
Available-for-sale debt securities | 265,697 | 236,506 | |
Level 1 | |||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | |||
Trading debt securities | 0 | 0 | |
Available-for-sale debt securities | 5,282 | 4,334 | |
Certain investment in affiliates | 0 | 0 | |
Net derivative assets | [10] | 0 | 0 |
Net derivative Liabilities | [10] | 0 | 0 |
Level 1 | Fair Value, Measurements, Recurring | |||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | |||
Loans held for sale | [1] | 0 | 0 |
Trading debt securities | 0 | 0 | |
Available-for-sale debt securities | 5,282 | 4,334 | |
Equity securities | [2],[3] | 116,421 | 105,646 |
Certain investment in affiliates | [4] | 0 | 0 |
Derivative assets, gross amounts recognized | 1,055 | 203 | |
Netting | [5] | 0 | 0 |
Net derivative assets | 0 | 0 | |
Other assets | 0 | 0 | |
Total financial assets | 122,758 | 110,183 | |
Derivative liabilities, gross amounts recognized | 180 | 1,484 | |
Netting | [5] | 0 | 0 |
Net derivative Liabilities | 0 | 0 | |
Policy liabilities and Policy Account Balances | 0 | 0 | |
Total financial liabilities | 180 | 1,484 | |
Level 1 | Interest rate swap agreements | Fair Value, Measurements, Recurring | |||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | |||
Derivative assets, gross amounts recognized | 0 | 0 | |
Derivative liabilities, gross amounts recognized | 0 | 0 | |
Level 1 | Options held/written and other | Fair Value, Measurements, Recurring | |||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | |||
Derivative assets, gross amounts recognized | 0 | 0 | |
Derivative liabilities, gross amounts recognized | 0 | 0 | |
Level 1 | Futures, foreign exchange contracts | Fair Value, Measurements, Recurring | |||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | |||
Derivative assets, gross amounts recognized | 1,055 | 203 | |
Derivative liabilities, gross amounts recognized | 180 | 1,484 | |
Level 1 | Foreign currency swap agreements | Fair Value, Measurements, Recurring | |||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | |||
Derivative assets, gross amounts recognized | 0 | 0 | |
Derivative liabilities, gross amounts recognized | 0 | 0 | |
Level 1 | Credit derivatives held | Fair Value, Measurements, Recurring | |||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | |||
Derivative assets, gross amounts recognized | 0 | 0 | |
Level 1 | Credit derivatives written | Fair Value, Measurements, Recurring | |||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | |||
Derivative liabilities, gross amounts recognized | 0 | 0 | |
Level 1 | Reinsurance recoverables | Fair Value, Measurements, Recurring | |||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | |||
Other assets | [6] | 0 | 0 |
Level 1 | Variable Annuity and Variable Life Insurance Contracts | Fair Value, Measurements, Recurring | |||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | |||
Policy liabilities and Policy Account Balances | [7] | 0 | 0 |
Level 1 | Japanese and foreign government bond securities | Fair Value, Measurements, Recurring | |||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | |||
Available-for-sale debt securities | [8] | 3,571 | 3,004 |
Level 1 | Japanese prefectural and foreign municipal bond securities | Fair Value, Measurements, Recurring | |||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | |||
Available-for-sale debt securities | 0 | 0 | |
Level 1 | Corporate debt securities | Fair Value, Measurements, Recurring | |||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | |||
Available-for-sale debt securities | [9] | 1,711 | 1,330 |
Level 1 | CMBS and RMBS in the Americas | Fair Value, Measurements, Recurring | |||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | |||
Available-for-sale debt securities | 0 | 0 | |
Level 1 | Other asset-backed securities and debt securities | Fair Value, Measurements, Recurring | |||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | |||
Available-for-sale debt securities | 0 | 0 | |
Level 2 | |||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | |||
Trading debt securities | 2,259 | 2,179 | |
Available-for-sale debt securities | 2,030,880 | 1,986,672 | |
Certain investment in affiliates | 0 | 0 | |
Net derivative assets | [10] | 0 | 0 |
Net derivative Liabilities | [10] | 0 | 0 |
Level 2 | Fair Value, Measurements, Recurring | |||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | |||
Loans held for sale | [1] | 22,001 | 23,192 |
Trading debt securities | 2,259 | 2,179 | |
Available-for-sale debt securities | 2,030,880 | 1,986,672 | |
Equity securities | [2],[3] | 133,647 | 133,027 |
Certain investment in affiliates | [4] | 0 | 0 |
Derivative assets, gross amounts recognized | 91,119 | 65,377 | |
Netting | [5] | 0 | 0 |
Net derivative assets | 0 | 0 | |
Other assets | 0 | 0 | |
Total financial assets | 2,279,906 | 2,210,447 | |
Derivative liabilities, gross amounts recognized | 87,383 | 55,240 | |
Netting | [5] | 0 | 0 |
Net derivative Liabilities | 0 | 0 | |
Policy liabilities and Policy Account Balances | 0 | 0 | |
Total financial liabilities | 87,383 | 55,240 | |
Level 2 | Interest rate swap agreements | Fair Value, Measurements, Recurring | |||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | |||
Derivative assets, gross amounts recognized | 26,942 | 22,798 | |
Derivative liabilities, gross amounts recognized | 3,177 | 3,319 | |
Level 2 | Options held/written and other | Fair Value, Measurements, Recurring | |||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | |||
Derivative assets, gross amounts recognized | 24,674 | 23,669 | |
Derivative liabilities, gross amounts recognized | 17,723 | 13,781 | |
Level 2 | Futures, foreign exchange contracts | Fair Value, Measurements, Recurring | |||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | |||
Derivative assets, gross amounts recognized | 39,004 | 17,582 | |
Derivative liabilities, gross amounts recognized | 59,646 | 35,711 | |
Level 2 | Foreign currency swap agreements | Fair Value, Measurements, Recurring | |||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | |||
Derivative assets, gross amounts recognized | 491 | 1,325 | |
Derivative liabilities, gross amounts recognized | 6,831 | 2,426 | |
Level 2 | Credit derivatives held | Fair Value, Measurements, Recurring | |||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | |||
Derivative assets, gross amounts recognized | 8 | 3 | |
Level 2 | Credit derivatives written | Fair Value, Measurements, Recurring | |||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | |||
Derivative liabilities, gross amounts recognized | 6 | 3 | |
Level 2 | Reinsurance recoverables | Fair Value, Measurements, Recurring | |||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | |||
Other assets | [6] | 0 | 0 |
Level 2 | Variable Annuity and Variable Life Insurance Contracts | Fair Value, Measurements, Recurring | |||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | |||
Policy liabilities and Policy Account Balances | [7] | 0 | 0 |
Level 2 | Japanese and foreign government bond securities | Fair Value, Measurements, Recurring | |||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | |||
Available-for-sale debt securities | [8] | 808,236 | 798,291 |
Level 2 | Japanese prefectural and foreign municipal bond securities | Fair Value, Measurements, Recurring | |||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | |||
Available-for-sale debt securities | 364,786 | 365,915 | |
Level 2 | Corporate debt securities | Fair Value, Measurements, Recurring | |||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | |||
Available-for-sale debt securities | [9] | 795,698 | 778,321 |
Level 2 | CMBS and RMBS in the Americas | Fair Value, Measurements, Recurring | |||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | |||
Available-for-sale debt securities | 61,118 | 43,173 | |
Level 2 | Other asset-backed securities and debt securities | Fair Value, Measurements, Recurring | |||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | |||
Available-for-sale debt securities | 1,042 | 972 | |
Level 3 | |||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | |||
Trading debt securities | 0 | 0 | |
Available-for-sale debt securities | 282,155 | 243,602 | |
Certain investment in affiliates | 5,003 | 2,511 | |
Net derivative assets | [10] | 0 | 0 |
Net derivative Liabilities | [10] | 0 | 0 |
Level 3 | Fair Value, Measurements, Recurring | |||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | |||
Loans held for sale | [1] | 127,389 | 173,849 |
Trading debt securities | 0 | 0 | |
Available-for-sale debt securities | 282,155 | 243,602 | |
Equity securities | [2],[3] | 160,131 | 140,563 |
Certain investment in affiliates | [4] | 5,003 | 2,511 |
Derivative assets, gross amounts recognized | 8,767 | 6,818 | |
Netting | [5] | 0 | 0 |
Net derivative assets | 0 | 0 | |
Other assets | 3,670 | 4,676 | |
Total financial assets | 587,115 | 572,019 | |
Derivative liabilities, gross amounts recognized | 12,981 | 14,642 | |
Netting | [5] | 0 | 0 |
Net derivative Liabilities | 0 | 0 | |
Policy liabilities and Policy Account Balances | 160,177 | 163,734 | |
Total financial liabilities | 173,158 | 178,376 | |
Level 3 | Interest rate swap agreements | Fair Value, Measurements, Recurring | |||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | |||
Derivative assets, gross amounts recognized | 0 | 0 | |
Derivative liabilities, gross amounts recognized | 0 | 0 | |
Level 3 | Options held/written and other | Fair Value, Measurements, Recurring | |||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | |||
Derivative assets, gross amounts recognized | 8,767 | 6,818 | |
Derivative liabilities, gross amounts recognized | 12,981 | 14,642 | |
Level 3 | Futures, foreign exchange contracts | Fair Value, Measurements, Recurring | |||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | |||
Derivative assets, gross amounts recognized | 0 | 0 | |
Derivative liabilities, gross amounts recognized | 0 | 0 | |
Level 3 | Foreign currency swap agreements | Fair Value, Measurements, Recurring | |||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | |||
Derivative assets, gross amounts recognized | 0 | 0 | |
Derivative liabilities, gross amounts recognized | 0 | 0 | |
Level 3 | Credit derivatives held | Fair Value, Measurements, Recurring | |||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | |||
Derivative assets, gross amounts recognized | 0 | 0 | |
Level 3 | Credit derivatives written | Fair Value, Measurements, Recurring | |||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | |||
Derivative liabilities, gross amounts recognized | 0 | 0 | |
Level 3 | Reinsurance recoverables | Fair Value, Measurements, Recurring | |||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | |||
Other assets | [6] | 3,670 | 4,676 |
Level 3 | Variable Annuity and Variable Life Insurance Contracts | Fair Value, Measurements, Recurring | |||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | |||
Policy liabilities and Policy Account Balances | [7] | 160,177 | 163,734 |
Level 3 | Japanese and foreign government bond securities | Fair Value, Measurements, Recurring | |||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | |||
Available-for-sale debt securities | [8] | 0 | 0 |
Level 3 | Japanese prefectural and foreign municipal bond securities | Fair Value, Measurements, Recurring | |||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | |||
Available-for-sale debt securities | 5,025 | 3,331 | |
Level 3 | Corporate debt securities | Fair Value, Measurements, Recurring | |||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | |||
Available-for-sale debt securities | [9] | 5,400 | 4,737 |
Level 3 | CMBS and RMBS in the Americas | Fair Value, Measurements, Recurring | |||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | |||
Available-for-sale debt securities | 7,075 | 0 | |
Level 3 | Other asset-backed securities and debt securities | Fair Value, Measurements, Recurring | |||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | |||
Available-for-sale debt securities | ¥ 264,655 | ¥ 235,534 | |
[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 ¥3,508 million and a gain of ¥353 million from the change in the fair value of the loans for the six months ended September 30, 2022 and 2023, respectively. Included in “Other (income) and expense” in the consolidated statements of income were a gain of ¥191 million and a gain of ¥1,584 million from the change in the fair value of the loans for the three months ended September 30, 2022 and 2023, respectively. No gains or losses were recognized in earnings during the six months ended September 30, 2022 and 2023 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, 2023, were ¥199,674 million and ¥197,041 million, respectively, and the amount of the aggregate fair value was less than the amount of aggregate unpaid principal balance by ¥2,633 million. The amounts of aggregate unpaid principal balance and aggregate fair value of the loans held for sale as of September 30, 2023, were ¥151,043 million and ¥149,390 million, respectively, and the amount of the aggregate fair value was less than the amount of aggregate unpaid principal balance by ¥1,653 million. As of March 31, 2023 and September 30, 2023, there were no loans that are 90 days or more past due or, in non-accrual status.[2]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 ¥546 million and ¥819 million from the change in the fair value of those investments for the six months ended September 30, 2022 and 2023, 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 ¥6 million and ¥367 million from the change in the fair value of those investments for the three months ended September 30, 2022 and 2023, respectively. The amounts of aggregate fair value elected the fair value option were ¥16,032 million and ¥19,401 million as of March 31, 2023 and September 30, 2023, respectively.[3]The amounts of investment funds measured at net asset value per share which are not included in the above tables were ¥51,263 million and ¥68,018 million as of March 31, 2023 and September 30, 2023, respectively.[4]A certain subsidiary elected the fair value option for certain investment in affiliates. No gains or losses were recognized in earnings from the change in the fair value of those investments for the six months ended September 30, 2022 and 2023, respectively. The amounts of aggregate fair value elected the fair value option were ¥2,511 million and ¥5,003 million as of March 31, 2023 and September 30, 2023, respectively.[5]It represents the amount offset under counterparty netting of derivative assets and liabilities.[6]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 ¥4,676 million and ¥3,670 million as of March 31, 2023 and September 30, 2023, 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, 2022 and 2023, see Note 17 “Life Insurance Operations.”[7]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 ¥163,734 million and ¥160,177 million as of March 31, 2023 and September 30, 2023, 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, 2022 and 2023, see Note 17 “Life Insurance Operations.”[8]A certain subsidiary elected the fair value option for investments in foreign government bond securities included in available-for-sale debt securities. Included in “Gains on investment securities and dividends” in the consolidated statements of income were a loss of ¥21 million and a loss of ¥7 million from the change in the fair value of those investments for the six months ended September 30, 2022 and 2023, respectively. Included in “Gains on investment securities and dividends” in the consolidated statements of income were a loss of ¥13 million and a loss of ¥7 million from the change in the fair value of those investments for the three months ended September 30, 2022 and 2023, respectively. The amounts of aggregate fair value elected the fair value option were ¥237 million and ¥314 million as of March 31, 2023 and September 30, 2023, respectively.[9]A certain subsidiary elected the fair value option for investments in foreign corporate debt securities included in available-for-sale debt securities. Included in “Gains on investment securities and dividends” in the consolidated statements of income were a loss of ¥977 million and a loss of ¥48 million from the change in the fair value of those investments for the six months ended September 30, 2022 and 2023, respectively. Included in “Gains on investment securities and dividends” in the consolidated statements of income were losses of ¥325 million and ¥53 million from the change in the fair value of those investments for the three months ended September 30, 2022 and 2023, respectively. The amounts of aggregate fair value elected the fair value option were ¥6,605 million and ¥7,133 million as of March 31, 2023 and September 30, 2023, respectively.[10]It represents the amount after offset under counterparty netting of derivative assets and liabilities. For the information of input level before netting, see Note 3 “Fair Value Measurements.” |
Fair Value Measurements (Reco_2
Fair Value Measurements (Recorded Amounts of Major Financial Assets and Liabilities Measured at Fair Value on Recurring Basis) (Parenthetical) (Detail) - JPY (¥) ¥ in Millions | 3 Months Ended | 6 Months Ended | ||||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | Mar. 31, 2023 | ||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ||||||
Aggregate loan fair value | ¥ 149,390 | ¥ 149,390 | ¥ 197,041 | |||
Other assets | 3,670 | 3,670 | 4,676 | |||
Policy liabilities and Policy Account Balances | 160,177 | 160,177 | 163,734 | |||
Reinsurance recoverables | ||||||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ||||||
Other assets | 3,670 | 3,670 | 4,676 | |||
Variable Annuity and Variable Life Insurance Contracts | ||||||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ||||||
Policy liabilities and Policy Account Balances | 160,177 | 160,177 | 163,734 | |||
Fair Value, Measurements, Recurring | ||||||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ||||||
Aggregate loan fair value | [1] | 149,390 | 149,390 | 197,041 | ||
Other assets | 3,670 | 3,670 | 4,676 | |||
Policy liabilities and Policy Account Balances | 160,177 | 160,177 | 163,734 | |||
Fair Value, Measurements, Recurring | Reinsurance recoverables | ||||||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ||||||
Other assets | [2] | 3,670 | 3,670 | 4,676 | ||
Fair Value, Measurements, Recurring | Variable Annuity and Variable Life Insurance Contracts | ||||||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ||||||
Policy liabilities and Policy Account Balances | [3] | 160,177 | 160,177 | 163,734 | ||
Fair Value, Measurements, Recurring | Fair value option | ||||||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ||||||
Gains (losses) from changes in instrument-specific credit risk | 0 | ¥ 0 | 0 | ¥ 0 | ||
Fair Value, Measurements, Recurring | Loans Held-for-Sale | ||||||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ||||||
Gains (losses) from change in fair value | 1,584 | 191 | 353 | (3,508) | ||
Gains (losses) from changes in instrument-specific credit risk | 0 | 0 | ||||
Aggregate unpaid loan principal balance | 151,043 | 151,043 | 199,674 | |||
Aggregate loan fair value | 149,390 | 149,390 | 197,041 | |||
Amount by which aggregate fair value of loan was less than aggregate unpaid loan principal balance | 1,653 | 1,653 | 2,633 | |||
Fair Value, Measurements, Recurring | Japanese and foreign government bond securities | ||||||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ||||||
Gains (losses) from change in fair value | (7) | (13) | (7) | (21) | ||
Fair Value, Measurements, Recurring | Japanese and foreign government bond securities | Fair value option | ||||||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ||||||
Amounts aggregate fair value elected fair value option | 314 | 314 | 237 | |||
Fair Value, Measurements, Recurring | Corporate debt securities | ||||||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ||||||
Gains (losses) from change in fair value | (53) | (325) | (48) | (977) | ||
Fair Value, Measurements, Recurring | Corporate debt securities | Fair value option | ||||||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ||||||
Amounts aggregate fair value elected fair value option | 7,133 | 7,133 | 6,605 | |||
Fair Value, Measurements, Recurring | Equity securities | ||||||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ||||||
Gains (losses) from change in fair value | 367 | ¥ 6 | 819 | ¥ 546 | ||
Fair Value, Measurements, Recurring | Equity securities | Fair value option | ||||||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ||||||
Amounts aggregate fair value elected fair value option | 19,401 | 19,401 | 16,032 | |||
Amounts investment funds measured at net asset value per share are not included in above tables | 68,018 | 68,018 | 51,263 | |||
Fair Value, Measurements, Recurring | Investment In Affiliates | Fair value option | ||||||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ||||||
Amounts aggregate fair value elected fair value option | 5,003 | 5,003 | ¥ 2,511 | |||
Fair Value, Measurements, Recurring | Financing Receivables, Equal to Greater than 90 Days Past Due [Member] | ||||||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ||||||
Aggregate unpaid loan principal balance | 6,911 | 6,911 | ||||
Aggregate loan fair value | 6,667 | 6,667 | ||||
Amount by which aggregate fair value of loan was less than aggregate unpaid loan principal balance | ¥ 244 | ¥ 244 | ||||
[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 ¥3,508 million and a gain of ¥353 million from the change in the fair value of the loans for the six months ended September 30, 2022 and 2023, respectively. Included in “Other (income) and expense” in the consolidated statements of income were a gain of ¥191 million and a gain of ¥1,584 million from the change in the fair value of the loans for the three months ended September 30, 2022 and 2023, respectively. No gains or losses were recognized in earnings during the six months ended September 30, 2022 and 2023 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, 2023, were ¥199,674 million and ¥197,041 million, respectively, and the amount of the aggregate fair value was less than the amount of aggregate unpaid principal balance by ¥2,633 million. The amounts of aggregate unpaid principal balance and aggregate fair value of the loans held for sale as of September 30, 2023, were ¥151,043 million and ¥149,390 million, respectively, and the amount of the aggregate fair value was less than the amount of aggregate unpaid principal balance by ¥1,653 million. As of March 31, 2023 and September 30, 2023, there were no loans that are 90 days or more past due or, in non-accrual status.[2]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 ¥4,676 million and ¥3,670 million as of March 31, 2023 and September 30, 2023, 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, 2022 and 2023, see Note 17 “Life Insurance Operations.”[3]Certain subsidiaries elected the fair value option for the entire variable annuity and variable life insurance contracts held. The fair value of the variable annuity and variable life insurance contracts elected for the fair value option in policy liabilities and policy account balances were ¥163,734 million and ¥160,177 million as of March 31, 2023 and September 30, 2023, 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, 2022 and 2023, see Note 17 “Life Insurance Operations.” |
Fair Value Measurements (Reconc
Fair Value Measurements (Reconciliation of Financial Assets and Liabilities Measured at Fair Value on Recurring Basis Using Significant Unobservable Inputs) (Detail) - Fair Value, Measurements, Recurring - JPY (¥) ¥ in Millions | 3 Months Ended | 6 Months Ended | ||||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | |||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||||
Transfers in and/or out of Level 3 (net), asset | ¥ 0 | ¥ 0 | ¥ 0 | |||
Level 3 | Loans Held-for-Sale | ||||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||||
Beginning Balance, asset | 173,281 | ¥ 173,849 | ||||
Gains or losses (realized/ unrealized), included in earnings, asset | 168 | 339 | ||||
Gains or losses (realized/ unrealized), included in other comprehensive income, asset | 4,064 | 18,249 | ||||
Gains or losses (realized/ unrealized), asset, total | 4,232 | 18,588 | ||||
Purchases, asset | 1,235 | 3,132 | ||||
Sales, asset | (50,752) | (58,350) | ||||
Settlements, asset | (607) | (9,830) | ||||
Transfers in and/or out of Level 3 (net), asset | 0 | 0 | ||||
Ending Balance, asset | 127,389 | 127,389 | ||||
Change in unrealized gains or losses included in earnings for assets and liabilities still held at the end of period | 162 | 140 | ||||
Change in unrealized gains or losses included in other comprehensive income for assets and liabilities still held at the end of period | 4,064 | 18,249 | ||||
Level 3 | Available-for-sale debt securities | ||||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||||
Beginning Balance, asset | 268,397 | 176,919 | 243,602 | 141,060 | ||
Gains or losses (realized/ unrealized), included in earnings, asset | 4,166 | 4,393 | 12,527 | 10,011 | [1] | |
Gains or losses (realized/ unrealized), included in other comprehensive income, asset | 5,869 | 2,401 | 13,684 | 5,711 | [2] | |
Gains or losses (realized/ unrealized), asset, total | 10,035 | 6,794 | 26,211 | 15,722 | ||
Purchases, asset | 12,830 | 13,190 | 21,976 | 47,361 | [3] | |
Sales, asset | (2,900) | 0 | (3,651) | (5,678) | ||
Settlements, asset | (6,207) | (1,898) | (7,256) | (3,460) | [4] | |
Transfers in and/or out of Level 3 (net), asset | 0 | 0 | 1,273 | 0 | ||
Ending Balance, asset | 282,155 | 195,005 | 282,155 | 195,005 | ||
Change in unrealized gains or losses included in earnings for assets and liabilities still held at the end of period | 3,694 | 4,391 | 11,956 | 9,995 | [1] | |
Change in unrealized gains or losses included in other comprehensive income for assets and liabilities still held at the end of period | 5,894 | 2,558 | 14,095 | 6,090 | [2] | |
Level 3 | Available-for-sale debt securities | Japanese prefectural and foreign municipal bond securities | ||||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||||
Beginning Balance, asset | 4,871 | 3,409 | 3,331 | 3,053 | ||
Gains or losses (realized/ unrealized), included in earnings, asset | 0 | 0 | (80) | 0 | [1] | |
Gains or losses (realized/ unrealized), included in other comprehensive income, asset | 154 | 203 | 501 | 559 | [2] | |
Gains or losses (realized/ unrealized), asset, total | 154 | 203 | 421 | 559 | ||
Purchases, asset | 0 | 0 | 0 | 0 | [3] | |
Sales, asset | 0 | 0 | 0 | 0 | ||
Settlements, asset | 0 | 0 | 0 | 0 | [4] | |
Transfers in and/or out of Level 3 (net), asset | 0 | 0 | 1,273 | 0 | ||
Ending Balance, asset | 5,025 | 3,612 | 5,025 | 3,612 | ||
Change in unrealized gains or losses included in earnings for assets and liabilities still held at the end of period | 0 | 0 | (80) | 0 | [1] | |
Change in unrealized gains or losses included in other comprehensive income for assets and liabilities still held at the end of period | 125 | 203 | 472 | 559 | [2] | |
Level 3 | Available-for-sale debt securities | Corporate debt securities | ||||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||||
Beginning Balance, asset | 5,152 | 625 | 4,737 | 697 | ||
Gains or losses (realized/ unrealized), included in earnings, asset | 249 | 0 | 719 | 0 | [1] | |
Gains or losses (realized/ unrealized), included in other comprehensive income, asset | 0 | 0 | 0 | (1) | [2] | |
Gains or losses (realized/ unrealized), asset, total | 249 | 0 | 719 | (1) | ||
Purchases, asset | 0 | 0 | 14 | 0 | [3] | |
Sales, asset | 0 | 0 | 0 | 0 | ||
Settlements, asset | (1) | (275) | (70) | (346) | [4] | |
Transfers in and/or out of Level 3 (net), asset | 0 | 0 | 0 | 0 | ||
Ending Balance, asset | 5,400 | 350 | 5,400 | 350 | ||
Change in unrealized gains or losses included in earnings for assets and liabilities still held at the end of period | 156 | 0 | 539 | 0 | [1] | |
Change in unrealized gains or losses included in other comprehensive income for assets and liabilities still held at the end of period | 0 | 0 | 0 | 0 | [2] | |
Level 3 | Available-for-sale debt securities | CMBS and RMBS in the Americas | ||||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||||
Beginning Balance, asset | 0 | 0 | ||||
Gains or losses (realized/ unrealized), included in earnings, asset | 0 | 0 | ||||
Gains or losses (realized/ unrealized), included in other comprehensive income, asset | 196 | 196 | ||||
Gains or losses (realized/ unrealized), asset, total | 196 | 196 | ||||
Purchases, asset | 6,879 | 6,879 | ||||
Sales, asset | 0 | 0 | ||||
Settlements, asset | 0 | 0 | ||||
Transfers in and/or out of Level 3 (net), asset | 0 | 0 | ||||
Ending Balance, asset | 7,075 | 7,075 | ||||
Change in unrealized gains or losses included in earnings for assets and liabilities still held at the end of period | 0 | 0 | ||||
Change in unrealized gains or losses included in other comprehensive income for assets and liabilities still held at the end of period | 0 | 0 | ||||
Level 3 | Available-for-sale debt securities | Other asset-backed securities and debt securities | ||||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||||
Beginning Balance, asset | 258,374 | 172,885 | 235,534 | 137,310 | ||
Gains or losses (realized/ unrealized), included in earnings, asset | 3,917 | 4,393 | 11,888 | 10,011 | [1] | |
Gains or losses (realized/ unrealized), included in other comprehensive income, asset | 5,519 | 2,198 | 12,987 | 5,153 | [2] | |
Gains or losses (realized/ unrealized), asset, total | 9,436 | 6,591 | 24,875 | 15,164 | ||
Purchases, asset | 5,951 | 13,190 | 15,083 | 47,361 | [3] | |
Sales, asset | (2,900) | 0 | (3,651) | (5,678) | ||
Settlements, asset | (6,206) | (1,623) | (7,186) | (3,114) | [4] | |
Transfers in and/or out of Level 3 (net), asset | 0 | 0 | 0 | 0 | ||
Ending Balance, asset | 264,655 | 191,043 | 264,655 | 191,043 | ||
Change in unrealized gains or losses included in earnings for assets and liabilities still held at the end of period | 3,538 | 4,391 | 11,497 | 9,995 | [1] | |
Change in unrealized gains or losses included in other comprehensive income for assets and liabilities still held at the end of period | 5,769 | 2,355 | 13,623 | 5,531 | [2] | |
Level 3 | Equity securities | ||||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||||
Beginning Balance, asset | 154,246 | 124,735 | 140,563 | 112,972 | ||
Gains or losses (realized/ unrealized), included in earnings, asset | 868 | 2,539 | 2,383 | 3,874 | [1] | |
Gains or losses (realized/ unrealized), included in other comprehensive income, asset | 4,956 | 6,881 | 17,036 | 19,692 | [2] | |
Gains or losses (realized/ unrealized), asset, total | 5,824 | 9,420 | 19,419 | 23,566 | ||
Purchases, asset | 823 | 621 | 1,060 | 2,500 | [3] | |
Sales, asset | (401) | (4,040) | (401) | (7,144) | ||
Settlements, asset | (361) | (364) | (510) | (1,522) | [4] | |
Transfers in and/or out of Level 3 (net), asset | 0 | 0 | 0 | 0 | ||
Ending Balance, asset | 160,131 | 130,372 | 160,131 | 130,372 | ||
Change in unrealized gains or losses included in earnings for assets and liabilities still held at the end of period | 874 | 2,336 | 2,175 | 3,155 | [1] | |
Change in unrealized gains or losses included in other comprehensive income for assets and liabilities still held at the end of period | 4,936 | 6,880 | 17,037 | 19,688 | [2] | |
Level 3 | Equity securities | Investment funds, and others | ||||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||||
Beginning Balance, asset | 154,246 | 124,735 | 140,563 | 112,972 | ||
Gains or losses (realized/ unrealized), included in earnings, asset | 868 | 2,539 | 2,383 | 3,874 | [1] | |
Gains or losses (realized/ unrealized), included in other comprehensive income, asset | 4,956 | 6,881 | 17,036 | 19,692 | [2] | |
Gains or losses (realized/ unrealized), asset, total | 5,824 | 9,420 | 19,419 | 23,566 | ||
Purchases, asset | 823 | 621 | 1,060 | 2,500 | [3] | |
Sales, asset | (401) | (4,040) | (401) | (7,144) | ||
Settlements, asset | (361) | (364) | (510) | (1,522) | [4] | |
Transfers in and/or out of Level 3 (net), asset | 0 | 0 | 0 | 0 | ||
Ending Balance, asset | 160,131 | 130,372 | 160,131 | 130,372 | ||
Change in unrealized gains or losses included in earnings for assets and liabilities still held at the end of period | 874 | 2,336 | 2,175 | 3,155 | [1] | |
Change in unrealized gains or losses included in other comprehensive income for assets and liabilities still held at the end of period | 4,936 | 6,880 | 17,037 | 19,688 | [2] | |
Level 3 | Certain investment in affiliates | ||||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||||
Beginning Balance, asset | 2,727 | 2,511 | ||||
Gains or losses (realized/ unrealized), included in earnings, asset | 0 | 0 | ||||
Gains or losses (realized/ unrealized), included in other comprehensive income, asset | 147 | 363 | ||||
Gains or losses (realized/ unrealized), asset, total | 147 | 363 | ||||
Purchases, asset | 2,282 | 2,282 | ||||
Sales, asset | 0 | 0 | ||||
Settlements, asset | (153) | (153) | ||||
Transfers in and/or out of Level 3 (net), asset | 0 | 0 | ||||
Ending Balance, asset | 5,003 | 5,003 | ||||
Change in unrealized gains or losses included in earnings for assets and liabilities still held at the end of period | 0 | 0 | ||||
Change in unrealized gains or losses included in other comprehensive income for assets and liabilities still held at the end of period | 147 | 363 | ||||
Level 3 | Derivative assets and liabilities (net) | ||||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||||
Beginning Balance, asset | (4,716) | (17,781) | (7,824) | (3,772) | ||
Gains or losses (realized/ unrealized), included in earnings, asset | 632 | (5,681) | 4,229 | (18,486) | [1] | |
Gains or losses (realized/ unrealized), included in other comprehensive income, asset | (130) | (1,377) | (619) | (2,581) | [2] | |
Gains or losses (realized/ unrealized), asset, total | 502 | (7,058) | 3,610 | (21,067) | ||
Purchases, asset | 0 | 0 | 0 | 0 | [3] | |
Sales, asset | 0 | 0 | 0 | 0 | ||
Settlements, asset | 0 | 0 | 0 | 0 | [4] | |
Transfers in and/or out of Level 3 (net), asset | 0 | 0 | 0 | 0 | ||
Ending Balance, asset | (4,214) | (24,839) | (4,214) | (24,839) | ||
Change in unrealized gains or losses included in earnings for assets and liabilities still held at the end of period | 632 | (5,681) | 4,229 | (18,486) | [1] | |
Change in unrealized gains or losses included in other comprehensive income for assets and liabilities still held at the end of period | (130) | (1,377) | (619) | (2,581) | [2] | |
Level 3 | Derivative assets and liabilities (net) | Options held/written and other | ||||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||||
Beginning Balance, asset | (4,716) | (17,781) | (7,824) | (3,772) | ||
Gains or losses (realized/ unrealized), included in earnings, asset | 632 | (5,681) | 4,229 | (18,486) | [1] | |
Gains or losses (realized/ unrealized), included in other comprehensive income, asset | (130) | (1,377) | (619) | (2,581) | [2] | |
Gains or losses (realized/ unrealized), asset, total | 502 | (7,058) | 3,610 | (21,067) | ||
Purchases, asset | 0 | 0 | 0 | 0 | [3] | |
Sales, asset | 0 | 0 | 0 | 0 | ||
Settlements, asset | 0 | 0 | 0 | 0 | [4] | |
Transfers in and/or out of Level 3 (net), asset | 0 | 0 | 0 | 0 | ||
Ending Balance, asset | (4,214) | (24,839) | (4,214) | (24,839) | ||
Change in unrealized gains or losses included in earnings for assets and liabilities still held at the end of period | 632 | (5,681) | 4,229 | (18,486) | [1] | |
Change in unrealized gains or losses included in other comprehensive income for assets and liabilities still held at the end of period | (130) | (1,377) | (619) | (2,581) | [2] | |
Level 3 | Other assets | ||||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||||
Beginning Balance, asset | 3,876 | 5,732 | 4,676 | 5,214 | ||
Gains or losses (realized/ unrealized), included in earnings, asset | (410) | (216) | (1,409) | 121 | [1] | |
Gains or losses (realized/ unrealized), included in other comprehensive income, asset | 0 | 0 | 0 | 0 | [2] | |
Gains or losses (realized/ unrealized), asset, total | (410) | (216) | (1,409) | 121 | ||
Purchases, asset | 250 | 321 | 500 | 632 | [3] | |
Sales, asset | 0 | 0 | 0 | 0 | ||
Settlements, asset | (46) | (135) | (97) | (265) | [4] | |
Transfers in and/or out of Level 3 (net), asset | 0 | 0 | 0 | 0 | ||
Ending Balance, asset | 3,670 | 5,702 | 3,670 | 5,702 | ||
Change in unrealized gains or losses included in earnings for assets and liabilities still held at the end of period | (410) | (216) | (1,409) | 121 | [1] | |
Change in unrealized gains or losses included in other comprehensive income for assets and liabilities still held at the end of period | 0 | 0 | 0 | 0 | [2] | |
Level 3 | Other assets | Reinsurance recoverables | ||||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||||
Beginning Balance, asset | 3,876 | 5,732 | 4,676 | 5,214 | [5] | |
Gains or losses (realized/ unrealized), included in earnings, asset | (410) | (216) | (1,409) | 121 | [1],[5] | |
Gains or losses (realized/ unrealized), included in other comprehensive income, asset | 0 | 0 | 0 | 0 | [2],[5] | |
Gains or losses (realized/ unrealized), asset, total | (410) | (216) | (1,409) | 121 | [5] | |
Purchases, asset | 250 | 321 | 500 | 632 | [3],[5] | |
Sales, asset | 0 | 0 | 0 | 0 | ||
Settlements, asset | (46) | (135) | (97) | (265) | [4],[5] | |
Transfers in and/or out of Level 3 (net), asset | 0 | 0 | 0 | 0 | [5] | |
Ending Balance, asset | 3,670 | 5,702 | [5] | 3,670 | 5,702 | [5] |
Change in unrealized gains or losses included in earnings for assets and liabilities still held at the end of period | (410) | (216) | (1,409) | 121 | [1],[5] | |
Change in unrealized gains or losses included in other comprehensive income for assets and liabilities still held at the end of period | 0 | 0 | 0 | 0 | [2],[5] | |
Level 3 | Policy liabilities and policy account balances | ||||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||||
Beginning Balance, liability | 170,568 | 180,791 | 163,734 | 198,905 | ||
Gains or losses (realized/ unrealized), included in earnings, liability | 3,028 | 2,204 | (10,121) | 11,679 | [1] | |
Gains or losses (realized/ unrealized), included in other comprehensive income, liability | (110) | 106 | (170) | 83 | [2] | |
Gains or losses (realized/ unrealized), liability, total | 2,918 | 2,310 | (10,291) | 11,762 | ||
Purchases, liability | 0 | 0 | 0 | 0 | [3] | |
Sales, liability | 0 | 0 | 0 | 0 | ||
Settlements, liability | (7,473) | (8,304) | (13,848) | (16,966) | [4] | |
Transfers in and/or out of Level 3 (net), liability | 0 | 0 | 0 | 0 | ||
Ending Balance, liability | 160,177 | 170,177 | 160,177 | 170,177 | ||
Change in unrealized gains or losses included in earnings for assets and liabilities still held at the end of period | 3,028 | 2,204 | (10,121) | 11,679 | [1] | |
Change in unrealized gains or losses included in other comprehensive income for assets and liabilities still held at the end of period | (110) | 106 | (170) | 83 | [2] | |
Level 3 | Policy liabilities and policy account balances | Variable annuity and variable life insurance contracts | ||||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||||
Beginning Balance, liability | 170,568 | 180,791 | 163,734 | 198,905 | [6] | |
Gains or losses (realized/ unrealized), included in earnings, liability | 3,028 | 2,204 | (10,121) | 11,679 | [1],[6] | |
Gains or losses (realized/ unrealized), included in other comprehensive income, liability | (110) | 106 | (170) | 83 | [2],[6] | |
Gains or losses (realized/ unrealized), liability, total | 2,918 | 2,310 | (10,291) | 11,762 | [6] | |
Purchases, liability | 0 | 0 | 0 | 0 | [3],[6] | |
Sales, liability | 0 | 0 | 0 | 0 | ||
Settlements, liability | (7,473) | (8,304) | (13,848) | (16,966) | [4],[6] | |
Transfers in and/or out of Level 3 (net), liability | 0 | 0 | 0 | 0 | [6] | |
Ending Balance, liability | 160,177 | 170,177 | [6] | 160,177 | 170,177 | [6] |
Change in unrealized gains or losses included in earnings for assets and liabilities still held at the end of period | 3,028 | 2,204 | (10,121) | 11,679 | [1],[6] | |
Change in unrealized gains or losses included in other comprehensive income for assets and liabilities still held at the end of period | ¥ (110) | ¥ 106 | ¥ (170) | ¥ 83 | [2],[6] | |
[1]Principally, gains and losses from loans held for sale are included in “Revenues from interest on loans”, available-for-sale debt securities are included in “Gains on investment securities and dividends”, “Write-downs of securities” or “Life insurance premiums and related investment income”; equity securities are included in “Gains on investment securities and dividends” and “Life insurance premiums and related investment income” and derivative assets and liabilities (net) are included in “Other (income) and expense” respectively. Additionally, for available-for-sale debt securities, amortization of interest recognized in finance revenues is included in these columns.[2]Unrealized gains and losses from loans held for sale are included in “Net change of foreign currency translation adjustments”, unrealized gains and losses from available-for-sale debt securities are included in “Net change of unrealized gains (losses) on investment in securities” and “Net change of foreign currency translation adjustments”, unrealized gains and losses from equity securities, certain investment in affiliates, and derivative assets and liabilities (net) are included mainly in “Net change of foreign currency translation adjustments”, unrealized gains and losses from policy liabilities and policy account balances are included in “Net change of debt valuation adjustments.”[3]Increases resulting from an acquisition of a subsidiary and insurance contracts ceded to reinsurance companies are included.[4]Decreases resulting from the receipts of reimbursements for benefits, and decreases resulting from insurance payouts to variable annuity and variable life policyholders due to death, surrender and maturity of the investment period are included.[5]“Included in earnings” in the above table 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. |
Fair Value Measurements - Addit
Fair Value Measurements - Additional Information (Detail) - Fair Value, Measurements, Recurring - JPY (¥) ¥ in Millions | 3 Months Ended | 6 Months Ended | ||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | |
Fair Value Asset And Liabilities Measured On Recurring Basis [Line Items] | ||||
Transfers in or out of Level 3 | ¥ 0 | ¥ 0 | ¥ 0 | |
Foreign municipal bond securities | ||||
Fair Value Asset And Liabilities Measured On Recurring Basis [Line Items] | ||||
Transferred from level 2 to level 3 | ¥ 1,273 |
Fair Value Measurements (Reco_3
Fair Value Measurements (Recorded Amounts of Major Assets Measured at Fair Value on Nonrecurring Basis) (Detail) - JPY (¥) ¥ in Millions | Sep. 30, 2023 | Mar. 31, 2023 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Loans held for sale | ¥ 149,390 | ¥ 197,041 |
Certain investment in affiliates | 5,003 | 2,511 |
Level 1 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Certain investment in affiliates | 0 | 0 |
Level 2 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Certain investment in affiliates | 0 | 0 |
Level 3 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Certain investment in affiliates | 5,003 | 2,511 |
Fair Value, Measurements, Nonrecurring | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Loans held for sale | 10,542 | 1,139 |
Real estate collateral-dependent loans (net of allowance for credit losses) | 3,725 | 5,970 |
Investment in operating leases, property under facility operations, office facilities and other assets | 4,568 | |
Investment in operating leases and property under facility operations | 480 | |
Certain equity securities | 12,493 | 11,794 |
Certain investment in affiliates | 4,013 | |
Assets measured at fair value on a nonrecurring basis | 27,240 | 27,484 |
Fair Value, Measurements, Nonrecurring | Level 1 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Loans held for sale | 0 | 0 |
Real estate collateral-dependent loans (net of allowance for credit losses) | 0 | 0 |
Investment in operating leases, property under facility operations, office facilities and other assets | 0 | |
Investment in operating leases and property under facility operations | 0 | |
Certain equity securities | 0 | 0 |
Certain investment in affiliates | 3,587 | |
Assets measured at fair value on a nonrecurring basis | 0 | 3,587 |
Fair Value, Measurements, Nonrecurring | Level 2 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Loans held for sale | 10,451 | 1,139 |
Real estate collateral-dependent loans (net of allowance for credit losses) | 0 | 0 |
Investment in operating leases, property under facility operations, office facilities and other assets | 31 | |
Investment in operating leases and property under facility operations | 0 | |
Certain equity securities | 12,493 | 11,794 |
Certain investment in affiliates | 0 | |
Assets measured at fair value on a nonrecurring basis | 22,944 | 12,964 |
Fair Value, Measurements, Nonrecurring | Level 3 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Loans held for sale | 91 | 0 |
Real estate collateral-dependent loans (net of allowance for credit losses) | 3,725 | 5,970 |
Investment in operating leases, property under facility operations, office facilities and other assets | 4,537 | |
Investment in operating leases and property under facility operations | 480 | |
Certain equity securities | 0 | 0 |
Certain investment in affiliates | 426 | |
Assets measured at fair value on a nonrecurring basis | ¥ 4,296 | ¥ 10,933 |
Fair Value Measurements (Inform
Fair Value Measurements (Information about Valuation Techniques and Significant Unobservable Inputs Used in Valuation of Level Three Assets and Liabilities Measured at Fair Value on Recurring Basis) (Detail) ¥ in Millions | Sep. 30, 2023 JPY (¥) | Mar. 31, 2023 JPY (¥) | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Loans held for sale | ¥ 149,390 | ¥ 197,041 | |||
Available-for-sale debt securities | 2,318,317 | 2,234,608 | |||
Equity securities | [1] | 751,872 | 589,312 | ||
Certain investment in affiliates | 5,003 | 2,511 | |||
Derivative assets | 56,348 | 50,346 | |||
Other assets | 3,670 | 4,676 | |||
Derivative Liability | 55,951 | 49,314 | |||
Policy liabilities and Policy Account Balances | 160,177 | 163,734 | |||
Reinsurance recoverables | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Other assets | 3,670 | 4,676 | |||
Variable Annuity and Variable Life Insurance Contracts | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Policy liabilities and Policy Account Balances | 160,177 | 163,734 | |||
Japanese prefectural and foreign municipal bond securities | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Available-for-sale debt securities | 369,811 | 369,246 | |||
Corporate debt securities | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Available-for-sale debt securities | 802,809 | 784,388 | |||
CMBS and RMBS in the Americas | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Available-for-sale debt securities | 68,193 | 43,173 | |||
Other asset-backed securities and debt securities | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Available-for-sale debt securities | 265,697 | 236,506 | |||
Level 3 | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Available-for-sale debt securities | 282,155 | 243,602 | |||
Equity securities | 160,131 | [2] | 140,563 | [3] | |
Certain investment in affiliates | 5,003 | 2,511 | |||
Derivative assets | [4] | 0 | 0 | ||
Derivative Liability | [4] | 0 | 0 | ||
Fair Value, Measurements, Recurring | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Loans held for sale | [5] | 149,390 | 197,041 | ||
Available-for-sale debt securities | 2,318,317 | 2,234,608 | |||
Certain investment in affiliates | [6] | 5,003 | 2,511 | ||
Derivative assets | 56,348 | 50,346 | |||
Other assets | 3,670 | 4,676 | |||
Total | 2,989,779 | 2,892,649 | |||
Derivative Liability | 55,951 | 49,314 | |||
Policy liabilities and Policy Account Balances | 160,177 | 163,734 | |||
Total financial liabilities | 260,721 | 235,100 | |||
Fair Value, Measurements, Recurring | Reinsurance recoverables | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Other assets | [7] | 3,670 | 4,676 | ||
Fair Value, Measurements, Recurring | Variable Annuity and Variable Life Insurance Contracts | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Policy liabilities and Policy Account Balances | [8] | 160,177 | 163,734 | ||
Fair Value, Measurements, Recurring | Japanese prefectural and foreign municipal bond securities | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Available-for-sale debt securities | 369,811 | 369,246 | |||
Fair Value, Measurements, Recurring | Corporate debt securities | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Available-for-sale debt securities | [9] | 802,809 | 784,388 | ||
Fair Value, Measurements, Recurring | Other asset-backed securities and debt securities | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Available-for-sale debt securities | 265,697 | 236,506 | |||
Fair Value, Measurements, Recurring | Level 3 | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Loans held for sale | [5] | 127,389 | 173,849 | ||
Available-for-sale debt securities | 282,155 | 243,602 | |||
Certain investment in affiliates | [6] | 5,003 | 2,511 | ||
Derivative assets | 0 | 0 | |||
Other assets | 3,670 | 4,676 | |||
Total | 587,115 | 572,019 | |||
Derivative Liability | 0 | 0 | |||
Policy liabilities and Policy Account Balances | 160,177 | 163,734 | |||
Total financial liabilities | 173,158 | 178,376 | |||
Fair Value, Measurements, Recurring | Level 3 | Discounted cash flows | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Certain investment in affiliates | 5,003 | 2,511 | |||
Fair Value, Measurements, Recurring | Level 3 | Discount rate | Discounted cash flows | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Loans held for sale | 127,389 | 173,849 | |||
Fair Value, Measurements, Recurring | Level 3 | Reinsurance recoverables | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Other assets | [7] | 3,670 | 4,676 | ||
Fair Value, Measurements, Recurring | Level 3 | Reinsurance recoverables | Discounted cash flows | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Other assets | 3,670 | 4,676 | |||
Fair Value, Measurements, Recurring | Level 3 | Variable Annuity and Variable Life Insurance Contracts | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Policy liabilities and Policy Account Balances | [8] | 160,177 | 163,734 | ||
Fair Value, Measurements, Recurring | Level 3 | Variable Annuity and Variable Life Insurance Contracts | Discounted cash flows | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Policy liabilities and Policy Account Balances | 160,177 | 163,734 | |||
Fair Value, Measurements, Recurring | Level 3 | Japanese prefectural and foreign municipal bond securities | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Available-for-sale debt securities | 5,025 | 3,331 | |||
Fair Value, Measurements, Recurring | Level 3 | Japanese prefectural and foreign municipal bond securities | Discounted cash flows | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Available-for-sale debt securities | 1,294 | ||||
Fair Value, Measurements, Recurring | Level 3 | Japanese prefectural and foreign municipal bond securities | Appraisals/Broker quotes | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Available-for-sale debt securities | ¥ 3,731 | 3,331 | |||
Fair Value, Measurements, Recurring | Level 3 | Japanese prefectural and foreign municipal bond securities | Discount rate | Discounted cash flows | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Significant unobservable inputs, Available-for-sale debt securities | 0.058 | ||||
Fair Value, Measurements, Recurring | Level 3 | Corporate debt securities | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Available-for-sale debt securities | [9] | ¥ 5,400 | 4,737 | ||
Fair Value, Measurements, Recurring | Level 3 | Corporate debt securities | Discounted cash flows | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Available-for-sale debt securities | 210 | 280 | |||
Fair Value, Measurements, Recurring | Level 3 | Corporate debt securities | Appraisals/Broker quotes | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Available-for-sale debt securities | ¥ 5,190 | ¥ 4,457 | |||
Fair Value, Measurements, Recurring | Level 3 | Corporate debt securities | Discount rate | Discounted cash flows | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Significant unobservable inputs, Available-for-sale debt securities | 0.007 | 0.004 | |||
Fair Value, Measurements, Recurring | Level 3 | CMBS and RMBS in the Americas | Appraisals/Broker quotes | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Available-for-sale debt securities | ¥ 7,075 | ||||
Fair Value, Measurements, Recurring | Level 3 | Other asset-backed securities and debt securities | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Available-for-sale debt securities | 264,655 | ¥ 235,534 | |||
Fair Value, Measurements, Recurring | Level 3 | Other asset-backed securities and debt securities | Discounted cash flows | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Available-for-sale debt securities | 33,377 | 29,165 | |||
Fair Value, Measurements, Recurring | Level 3 | Other asset-backed securities and debt securities | Appraisals/Broker quotes | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Available-for-sale debt securities | ¥ 231,278 | ¥ 206,369 | |||
Fair Value, Measurements, Recurring | Level 3 | Other asset-backed securities and debt securities | Probability of default | Discounted cash flows | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Significant unobservable inputs, Available-for-sale debt securities | 0.019 | 0.019 | |||
Fair Value, Measurements, Recurring | Level 3 | Investment funds | Appraisals/Broker quotes | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Equity securities | ¥ 23,339 | ¥ 19,819 | |||
Fair Value, Measurements, Recurring | Level 3 | Investment funds | WACC | Discounted cash flows | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Equity securities | 136,792 | 120,744 | |||
Fair Value, Measurements, Recurring | Level 3 | Options held/written and other | Discounted cash flows | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Derivative assets | 8,767 | 6,818 | |||
Derivative Liability | 12,957 | 14,603 | |||
Fair Value, Measurements, Recurring | Level 3 | Options held/written and other | Appraisals/Broker quotes | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Derivative Liability | ¥ 24 | ¥ 39 | |||
Fair Value, Measurements, Recurring | Level 3 | Minimum | Discount rate | Discounted cash flows | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Significant unobservable inputs, Certain investment in affiliates | 0.08 | 0.08 | |||
Fair Value, Measurements, Recurring | Level 3 | Minimum | Discount rate | Discounted cash flows | Loans held for sale | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Significant unobservable inputs, Loans held for sale | 0.088 | 0.08 | |||
Fair Value, Measurements, Recurring | Level 3 | Minimum | Reinsurance recoverables | Discount rate | Discounted cash flows | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Significant unobservable inputs, Other assets | (0.003) | (0.004) | |||
Fair Value, Measurements, Recurring | Level 3 | Minimum | Reinsurance recoverables | Mortality Rate | Discounted cash flows | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Significant unobservable inputs, Other assets | 0 | 0 | |||
Fair Value, Measurements, Recurring | Level 3 | Minimum | Reinsurance recoverables | Lapse Rate | Discounted cash flows | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Significant unobservable inputs, Other assets | 0.015 | 0.015 | |||
Fair Value, Measurements, Recurring | Level 3 | Minimum | Reinsurance recoverables | Annuitization Rate | Discounted cash flows | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Significant unobservable inputs, Other assets | 0 | 0 | |||
Fair Value, Measurements, Recurring | Level 3 | Minimum | Variable Annuity and Variable Life Insurance Contracts | Discount rate | Discounted cash flows | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Significant unobservable inputs, Policy liabilities and Policy Account Balances | (0.003) | (0.004) | |||
Fair Value, Measurements, Recurring | Level 3 | Minimum | Variable Annuity and Variable Life Insurance Contracts | Mortality Rate | Discounted cash flows | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Significant unobservable inputs, Policy liabilities and Policy Account Balances | 0 | 0 | |||
Fair Value, Measurements, Recurring | Level 3 | Minimum | Variable Annuity and Variable Life Insurance Contracts | Lapse Rate | Discounted cash flows | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Significant unobservable inputs, Policy liabilities and Policy Account Balances | 0.015 | 0.015 | |||
Fair Value, Measurements, Recurring | Level 3 | Minimum | Variable Annuity and Variable Life Insurance Contracts | Annuitization Rate | Discounted cash flows | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Significant unobservable inputs, Policy liabilities and Policy Account Balances | 0 | 0 | |||
Fair Value, Measurements, Recurring | Level 3 | Minimum | Other asset-backed securities and debt securities | Discount rate | Discounted cash flows | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Significant unobservable inputs, Available-for-sale debt securities | 0.001 | 0.002 | |||
Fair Value, Measurements, Recurring | Level 3 | Minimum | Investment funds | WACC | Discounted cash flows | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Significant unobservable inputs. Equity securities | 0.128 | 0.119 | |||
Fair Value, Measurements, Recurring | Level 3 | Minimum | Investment funds | EV/Terminal EBITDA multiple | Discounted cash flows | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Significant unobservable inputs. Equity securities | 7.5 | 7.5 | |||
Fair Value, Measurements, Recurring | Level 3 | Minimum | Investment funds | EV/Last twelve months EBITDA multiple | Market Multiples | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Significant unobservable inputs. Equity securities | 6.5 | 5.5 | |||
Fair Value, Measurements, Recurring | Level 3 | Minimum | Investment funds | EV/Forward EBITDA multiple | Market Multiples | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Significant unobservable inputs. Equity securities | 6.4 | 4.9 | |||
Fair Value, Measurements, Recurring | Level 3 | Minimum | Investment funds | EV/Precedent transaction last twelve months EBITDA multiple | Market Multiples | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Significant unobservable inputs. Equity securities | 7.5 | 7.5 | |||
Fair Value, Measurements, Recurring | Level 3 | Minimum | Options held/written and other | Discount rate | Discounted cash flows | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Significant unobservable inputs, Derivative assets | 0.12 | 0.12 | |||
Significant unobservable inputs, Derivative liabilities | 0.12 | 0.12 | |||
Fair Value, Measurements, Recurring | Level 3 | Maximum | Discount rate | Discounted cash flows | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Significant unobservable inputs, Certain investment in affiliates | 0.12 | 0.12 | |||
Fair Value, Measurements, Recurring | Level 3 | Maximum | Discount rate | Discounted cash flows | Loans held for sale | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Significant unobservable inputs, Loans held for sale | 0.135 | 0.10 | |||
Fair Value, Measurements, Recurring | Level 3 | Maximum | Reinsurance recoverables | Discount rate | Discounted cash flows | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Significant unobservable inputs, Other assets | 0.019 | 0.015 | |||
Fair Value, Measurements, Recurring | Level 3 | Maximum | Reinsurance recoverables | Mortality Rate | Discounted cash flows | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Significant unobservable inputs, Other assets | 1 | 1 | |||
Fair Value, Measurements, Recurring | Level 3 | Maximum | Reinsurance recoverables | Lapse Rate | Discounted cash flows | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Significant unobservable inputs, Other assets | 0.14 | 0.14 | |||
Fair Value, Measurements, Recurring | Level 3 | Maximum | Reinsurance recoverables | Annuitization Rate | Discounted cash flows | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Significant unobservable inputs, Other assets | 1 | 1 | |||
Fair Value, Measurements, Recurring | Level 3 | Maximum | Variable Annuity and Variable Life Insurance Contracts | Discount rate | Discounted cash flows | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Significant unobservable inputs, Policy liabilities and Policy Account Balances | 0.019 | 0.015 | |||
Fair Value, Measurements, Recurring | Level 3 | Maximum | Variable Annuity and Variable Life Insurance Contracts | Mortality Rate | Discounted cash flows | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Significant unobservable inputs, Policy liabilities and Policy Account Balances | 1 | 1 | |||
Fair Value, Measurements, Recurring | Level 3 | Maximum | Variable Annuity and Variable Life Insurance Contracts | Lapse Rate | Discounted cash flows | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Significant unobservable inputs, Policy liabilities and Policy Account Balances | 0.30 | 0.30 | |||
Fair Value, Measurements, Recurring | Level 3 | Maximum | Variable Annuity and Variable Life Insurance Contracts | Annuitization Rate | Discounted cash flows | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Significant unobservable inputs, Policy liabilities and Policy Account Balances | 1 | 1 | |||
Fair Value, Measurements, Recurring | Level 3 | Maximum | Other asset-backed securities and debt securities | Discount rate | Discounted cash flows | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Significant unobservable inputs, Available-for-sale debt securities | 0.512 | 0.512 | |||
Fair Value, Measurements, Recurring | Level 3 | Maximum | Investment funds | WACC | Discounted cash flows | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Significant unobservable inputs. Equity securities | 0.264 | 0.264 | |||
Fair Value, Measurements, Recurring | Level 3 | Maximum | Investment funds | EV/Terminal EBITDA multiple | Discounted cash flows | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Significant unobservable inputs. Equity securities | 12 | 12 | |||
Fair Value, Measurements, Recurring | Level 3 | Maximum | Investment funds | EV/Last twelve months EBITDA multiple | Market Multiples | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Significant unobservable inputs. Equity securities | 9.3 | 8.7 | |||
Fair Value, Measurements, Recurring | Level 3 | Maximum | Investment funds | EV/Forward EBITDA multiple | Market Multiples | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Significant unobservable inputs. Equity securities | 8.4 | 8.9 | |||
Fair Value, Measurements, Recurring | Level 3 | Maximum | Investment funds | EV/Precedent transaction last twelve months EBITDA multiple | Market Multiples | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Significant unobservable inputs. Equity securities | 13 | 14.5 | |||
Fair Value, Measurements, Recurring | Level 3 | Maximum | Options held/written and other | Discount rate | Discounted cash flows | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Significant unobservable inputs, Derivative assets | 0.33 | 0.32 | |||
Significant unobservable inputs, Derivative liabilities | 0.33 | 0.32 | |||
Fair Value, Measurements, Recurring | Level 3 | Weighted Average | Discount rate | Discounted cash flows | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Significant unobservable inputs, Certain investment in affiliates | 0.092 | 0.10 | |||
Fair Value, Measurements, Recurring | Level 3 | Weighted Average | Discount rate | Discounted cash flows | Loans held for sale | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Significant unobservable inputs, Loans held for sale | 0.108 | 0.09 | |||
Fair Value, Measurements, Recurring | Level 3 | Weighted Average | Reinsurance recoverables | Discount rate | Discounted cash flows | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Significant unobservable inputs, Other assets | 0.005 | 0.004 | |||
Fair Value, Measurements, Recurring | Level 3 | Weighted Average | Reinsurance recoverables | Mortality Rate | Discounted cash flows | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Significant unobservable inputs, Other assets | 0.026 | 0.026 | |||
Fair Value, Measurements, Recurring | Level 3 | Weighted Average | Reinsurance recoverables | Lapse Rate | Discounted cash flows | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Significant unobservable inputs, Other assets | 0.049 | 0.05 | |||
Fair Value, Measurements, Recurring | Level 3 | Weighted Average | Reinsurance recoverables | Annuitization Rate | Discounted cash flows | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Significant unobservable inputs, Other assets | 1 | 1 | |||
Fair Value, Measurements, Recurring | Level 3 | Weighted Average | Variable Annuity and Variable Life Insurance Contracts | Discount rate | Discounted cash flows | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Significant unobservable inputs, Policy liabilities and Policy Account Balances | 0.005 | 0.004 | |||
Fair Value, Measurements, Recurring | Level 3 | Weighted Average | Variable Annuity and Variable Life Insurance Contracts | Mortality Rate | Discounted cash flows | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Significant unobservable inputs, Policy liabilities and Policy Account Balances | 0.021 | 0.021 | |||
Fair Value, Measurements, Recurring | Level 3 | Weighted Average | Variable Annuity and Variable Life Insurance Contracts | Lapse Rate | Discounted cash flows | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Significant unobservable inputs, Policy liabilities and Policy Account Balances | 0.059 | 0.059 | |||
Fair Value, Measurements, Recurring | Level 3 | Weighted Average | Variable Annuity and Variable Life Insurance Contracts | Annuitization Rate | Discounted cash flows | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Significant unobservable inputs, Policy liabilities and Policy Account Balances | 0.674 | 0.688 | |||
Fair Value, Measurements, Recurring | Level 3 | Weighted Average | Japanese prefectural and foreign municipal bond securities | Discount rate | Discounted cash flows | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Significant unobservable inputs, Available-for-sale debt securities | 0.058 | ||||
Fair Value, Measurements, Recurring | Level 3 | Weighted Average | Corporate debt securities | Discount rate | Discounted cash flows | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Significant unobservable inputs, Available-for-sale debt securities | 0.007 | 0.004 | |||
Fair Value, Measurements, Recurring | Level 3 | Weighted Average | Other asset-backed securities and debt securities | Discount rate | Discounted cash flows | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Significant unobservable inputs, Available-for-sale debt securities | 0.079 | 0.089 | |||
Fair Value, Measurements, Recurring | Level 3 | Weighted Average | Other asset-backed securities and debt securities | Probability of default | Discounted cash flows | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Significant unobservable inputs, Available-for-sale debt securities | 0.019 | 0.019 | |||
Fair Value, Measurements, Recurring | Level 3 | Weighted Average | Investment funds | WACC | Discounted cash flows | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Significant unobservable inputs. Equity securities | 0.172 | 0.172 | |||
Fair Value, Measurements, Recurring | Level 3 | Weighted Average | Investment funds | EV/Terminal EBITDA multiple | Discounted cash flows | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Significant unobservable inputs. Equity securities | 9.5 | 9.5 | |||
Fair Value, Measurements, Recurring | Level 3 | Weighted Average | Investment funds | EV/Last twelve months EBITDA multiple | Market Multiples | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Significant unobservable inputs. Equity securities | 8.3 | 7.9 | |||
Fair Value, Measurements, Recurring | Level 3 | Weighted Average | Investment funds | EV/Forward EBITDA multiple | Market Multiples | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Significant unobservable inputs. Equity securities | 7.7 | 7.6 | |||
Fair Value, Measurements, Recurring | Level 3 | Weighted Average | Investment funds | EV/Precedent transaction last twelve months EBITDA multiple | Market Multiples | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Significant unobservable inputs. Equity securities | 9.9 | 10 | |||
Fair Value, Measurements, Recurring | Level 3 | Weighted Average | Options held/written and other | Discount rate | Discounted cash flows | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Significant unobservable inputs, Derivative assets | 0.145 | 0.144 | |||
Significant unobservable inputs, Derivative liabilities | 0.145 | 0.144 | |||
[1]The amount of assets under management of variable annuity and variable life insurance contracts included in equity securities were ¥151,445 million and ¥151,281 million as of March 31, 2023 and September 30, 2023, respectively. The amount of investment funds that are accounted for under the equity method included in equity securities were ¥90,993 million and ¥196,899 million as of March 31, 2023 and September 30, 2023, respectively. The amount of investment funds elected the fair value option included in equity securities were ¥16,032 million and ¥19,401 million as of March 31, 2023 and September 30, 2023, respectively.[2]The amount of ¥68,018 million of investment funds measured at net asset value per share is not included.[3]The amount of ¥51,263 million of investment funds measured at net asset value per share is not included.[4]It represents the amount after offset under counterparty netting of derivative assets and liabilities. For the information of input level before netting, see Note 3 “Fair Value Measurements.”[5]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 ¥3,508 million and a gain of ¥353 million from the change in the fair value of the loans for the six months ended September 30, 2022 and 2023, respectively. Included in “Other (income) and expense” in the consolidated statements of income were a gain of ¥191 million and a gain of ¥1,584 million from the change in the fair value of the loans for the three months ended September 30, 2022 and 2023, respectively. No gains or losses were recognized in earnings during the six months ended September 30, 2022 and 2023 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, 2023, were ¥199,674 million and ¥197,041 million, respectively, and the amount of the aggregate fair value was less than the amount of aggregate unpaid principal balance by ¥2,633 million. The amounts of aggregate unpaid principal balance and aggregate fair value of the loans held for sale as of September 30, 2023, were ¥151,043 million and ¥149,390 million, respectively, and the amount of the aggregate fair value was less than the amount of aggregate unpaid principal balance by ¥1,653 million. As of March 31, 2023 and September 30, 2023, there were no loans that are 90 days or more past due or, in non-accrual status.[6]A certain subsidiary elected the fair value option for certain investment in affiliates. No gains or losses were recognized in earnings from the change in the fair value of those investments for the six months ended September 30, 2022 and 2023, respectively. The amounts of aggregate fair value elected the fair value option were ¥2,511 million and ¥5,003 million as of March 31, 2023 and September 30, 2023, respectively.[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 ¥4,676 million and ¥3,670 million as of March 31, 2023 and September 30, 2023, 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, 2022 and 2023, 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 ¥163,734 million and ¥160,177 million as of March 31, 2023 and September 30, 2023, 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, 2022 and 2023, see Note 17 “Life Insurance Operations.”[9]A certain subsidiary elected the fair value option for investments in foreign corporate debt securities included in available-for-sale debt securities. Included in “Gains on investment securities and dividends” in the consolidated statements of income were a loss of ¥977 million and a loss of ¥48 million from the change in the fair value of those investments for the six months ended September 30, 2022 and 2023, respectively. Included in “Gains on investment securities and dividends” in the consolidated statements of income were losses of ¥325 million and ¥53 million from the change in the fair value of those investments for the three months ended September 30, 2022 and 2023, respectively. The amounts of aggregate fair value elected the fair value option were ¥6,605 million and ¥7,133 million as of March 31, 2023 and September 30, 2023, respectively. |
Fair Value Measurements (Info_2
Fair Value Measurements (Information about Valuation Techniques and Significant Unobservable Inputs Used in Valuation of Level Three Assets Measured at Fair Value on Nonrecurring Basis) (Detail) ¥ in Millions | Sep. 30, 2023 JPY (¥) | Mar. 31, 2023 JPY (¥) |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Loans held for sale | ¥ 149,390 | ¥ 197,041 |
Certain investment in affiliates | 5,003 | 2,511 |
Level 3 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Certain investment in affiliates | 5,003 | 2,511 |
Fair Value, Measurements, Nonrecurring | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Loans held for sale | 10,542 | 1,139 |
Real estate collateral-dependent loans (net of allowance for credit losses) | 3,725 | 5,970 |
Investment in operating leases, property under facility operations, office facilities and other assets | 4,568 | |
Investment in operating leases and property under facility operations | 480 | |
Certain investment in affiliates | 4,013 | |
Assets, Fair Value Disclosure | 27,240 | 27,484 |
Fair Value, Measurements, Nonrecurring | Level 3 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Loans held for sale | 91 | 0 |
Real estate collateral-dependent loans (net of allowance for credit losses) | 3,725 | 5,970 |
Investment in operating leases, property under facility operations, office facilities and other assets | 4,537 | |
Investment in operating leases and property under facility operations | 480 | |
Certain investment in affiliates | 426 | |
Assets, Fair Value Disclosure | 4,296 | 10,933 |
Fair Value, Measurements, Nonrecurring | Loans Held-for-Sale | Level 3 | Discounted cash flows | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Loans held for sale | ¥ 91 | |
Fair Value, Measurements, Nonrecurring | Loans Held-for-Sale | Level 3 | Minimum | Discounted cash flows | Discount rate | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Range Discount Rate | 0.099 | |
Fair Value, Measurements, Nonrecurring | Loans Held-for-Sale | Level 3 | Maximum | Discounted cash flows | Discount rate | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Range Discount Rate | 0.101 | |
Fair Value, Measurements, Nonrecurring | Loans Held-for-Sale | Level 3 | Weighted Average | Discounted cash flows | Discount rate | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Range Discount Rate | 0.10 | |
Fair Value, Measurements, Nonrecurring | Real Estate Collateral Dependent Loans | Level 3 | Direct capitalization | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Real estate collateral-dependent loans (net of allowance for credit losses) | ¥ 1,324 | 1,351 |
Fair Value, Measurements, Nonrecurring | Real Estate Collateral Dependent Loans | Level 3 | Appraisals | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Real estate collateral-dependent loans (net of allowance for credit losses) | ¥ 2,401 | ¥ 4,619 |
Fair Value, Measurements, Nonrecurring | Real Estate Collateral Dependent Loans | Level 3 | Minimum | Direct capitalization | Capitalization rate | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Significant unobservable inputs, Real estate collateral-dependent loans (net of allowance for credit losses) | 0.049 | 0.047 |
Fair Value, Measurements, Nonrecurring | Real Estate Collateral Dependent Loans | Level 3 | Maximum | Direct capitalization | Capitalization rate | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Significant unobservable inputs, Real estate collateral-dependent loans (net of allowance for credit losses) | 0.066 | 0.066 |
Fair Value, Measurements, Nonrecurring | Real Estate Collateral Dependent Loans | Level 3 | Weighted Average | Direct capitalization | Capitalization rate | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Significant unobservable inputs, Real estate collateral-dependent loans (net of allowance for credit losses) | 0.054 | 0.055 |
Fair Value, Measurements, Nonrecurring | Investment in operating leases and property under facility operations | Level 3 | Discounted cash flows | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investment in operating leases and property under facility operations | ¥ 50 | |
Fair Value, Measurements, Nonrecurring | Investment in operating leases and property under facility operations | Level 3 | Appraisals | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investment in operating leases and property under facility operations | ¥ 430 | |
Fair Value, Measurements, Nonrecurring | Investment in operating leases, property under facility operations, office facilities and other assets | Level 3 | Discounted cash flows | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investment in operating leases, property under facility operations, office facilities and other assets | ¥ 3,257 | |
Fair Value, Measurements, Nonrecurring | Investment in operating leases, property under facility operations, office facilities and other assets | Level 3 | Appraisals | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investment in operating leases, property under facility operations, office facilities and other assets | ¥ 1,280 | |
Fair Value, Measurements, Nonrecurring | Investment in operating leases, property under facility operations, office facilities and other assets | Level 3 | Minimum | Discounted cash flows | Discount rate | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Significant unobservable inputs, Investment in operating leases, property under facility operations, office facilities and other assets | 0.005 | |
Fair Value, Measurements, Nonrecurring | Investment in operating leases, property under facility operations, office facilities and other assets | Level 3 | Maximum | Discounted cash flows | Discount rate | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Significant unobservable inputs, Investment in operating leases, property under facility operations, office facilities and other assets | 0.058 | |
Fair Value, Measurements, Nonrecurring | Investment in operating leases, property under facility operations, office facilities and other assets | Level 3 | Weighted Average | Discounted cash flows | Discount rate | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Significant unobservable inputs, Investment in operating leases, property under facility operations, office facilities and other assets | 0.049 | |
Fair Value, Measurements, Nonrecurring | Certain Investment in Affiliates | Level 3 | Discounted cash flows | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Certain investment in affiliates | ¥ 23 | |
Fair Value, Measurements, Nonrecurring | Certain Investment in Affiliates | Level 3 | Discounted cash flows | Discount rate | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Significant unobservable inputs, Certain investment in affiliates | 0.037 | |
Fair Value, Measurements, Nonrecurring | Certain Investment in Affiliates | Level 3 | Appraisals | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Certain investment in affiliates | ¥ 403 | |
Fair Value, Measurements, Nonrecurring | Certain Investment in Affiliates | Level 3 | Weighted Average | Discounted cash flows | Discount rate | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Significant unobservable inputs, Certain investment in affiliates | 0.037 | |
Fair Value, Measurements, Nonrecurring | Investment in operating leases and property under facility operations | Level 3 | Discounted cash flows | Discount rate | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Significant unobservable inputs, Investment in operating leases and property under facility operations | 0.13 | |
Fair Value, Measurements, Nonrecurring | Investment in operating leases and property under facility operations | Level 3 | Weighted Average | Discounted cash flows | Discount rate | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Significant unobservable inputs, Investment in operating leases and property under facility operations | 0.13 |
Acquisitions and Divestitures -
Acquisitions and Divestitures - Additional Information (Detail) - JPY (¥) ¥ in Millions | 3 Months Ended | 6 Months Ended | ||||
Jan. 31, 2023 | Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | Mar. 31, 2023 | |
Business Acquisition [Line Items] | ||||||
Goodwill acquired | ¥ 659,323 | ¥ 659,323 | ¥ 627,683 | |||
Gains on Sales of Subsidiaries and Affiliates and Liquidation Losses, net | 2,673 | ¥ 5,486 | 3,628 | ¥ 8,589 | ||
Real Estate Segment | ||||||
Business Acquisition [Line Items] | ||||||
Gains on Sales of Subsidiaries and Affiliates and Liquidation Losses, net | 137 | 137 | ||||
ORIX USA | ||||||
Business Acquisition [Line Items] | ||||||
Gains on Sales of Subsidiaries and Affiliates and Liquidation Losses, net | 111 | 3,299 | 929 | 4,048 | ||
Asia and Australia | ||||||
Business Acquisition [Line Items] | ||||||
Gains on Sales of Subsidiaries and Affiliates and Liquidation Losses, net | ¥ 2,066 | ¥ 4,420 | ||||
Environmental and Energy | ||||||
Business Acquisition [Line Items] | ||||||
Gains on Sales of Subsidiaries and Affiliates and Liquidation Losses, net | 229 | |||||
ORIX Europe | ||||||
Business Acquisition [Line Items] | ||||||
Gains on Sales of Subsidiaries and Affiliates and Liquidation Losses, net | 2,502 | 2,502 | ||||
DHC Corporation | ||||||
Business Acquisition [Line Items] | ||||||
Acquisitions consideration, cost of acquired entity paid in cash | 300,000 | |||||
Goodwill acquired | 99,906 | 99,906 | ||||
Acquired intangible assets other than goodwill | ¥ 95,513 | 95,513 | ||||
Business acquisition, effective date of Acquisition | Jan. 31, 2023 | |||||
DHC Corporation | Selling, General and Administrative Expenses | ||||||
Business Acquisition [Line Items] | ||||||
Business Acquisition, Transaction Costs | ¥ 3,435 |
Acquisitions and Divestitures_2
Acquisitions and Divestitures - Fair Value Amounts Allocated to Assets Acquired and Liabilities (Detail) - DHC Corporation ¥ in Millions | Sep. 30, 2023 JPY (¥) |
Business Acquisition [Line Items] | |
Cash and Cash Equivalents | ¥ 101,254 |
Property under Facility Operations | 18,498 |
Trade Notes, Accounts and Other Receivable | 11,117 |
Inventories | 19,097 |
Office Facilities | 17,763 |
Other Assets and other | 199,415 |
Total Assets | 367,144 |
Short-Term Debt | 5,000 |
Trade Notes, Accounts and Other Payable | 13,748 |
Current and Deferred Income Taxes | 29,752 |
Other Liabilities | 18,292 |
Total Liabilities | 66,792 |
Noncontrolling interests | 353 |
Net | ¥ 300,000 |
Acquisitions and Divestitures_3
Acquisitions and Divestitures - Other Intangible Assets Recognized in Acquisition (Detail) - DHC Corporation ¥ in Millions | 6 Months Ended |
Sep. 30, 2023 JPY (¥) | |
Business Acquisition [Line Items] | |
Intangible assets that have indefinite useful lives | ¥ 68,800 |
Intangibles subject to amortization | 26,713 |
Acquired intangibles recorded at fair value | 95,513 |
License | |
Business Acquisition [Line Items] | |
Intangibles subject to amortization | ¥ 15,500 |
Weighted average amortization period | 15 years |
Customer Relationships | |
Business Acquisition [Line Items] | |
Intangibles subject to amortization | ¥ 11,213 |
Weighted average amortization period | 16 years |
Trade Names | |
Business Acquisition [Line Items] | |
Intangible assets that have indefinite useful lives | ¥ 68,800 |
Acquisitions and Divestitures_4
Acquisitions and Divestitures - Operations of the Company and its Subsidiaries (Detail) ¥ in Millions | 6 Months Ended |
Sep. 30, 2022 JPY (¥) | |
Business Acquisition, Pro Forma Information [Abstract] | |
Total revenues | ¥ 1,410,833 |
Net Income | ¥ 131,971 |
Revenues from Contracts with _3
Revenues from Contracts with Customers - Summary of Revenues from Contracts with Customers, and Other Sources of Revenue (Detail) - JPY (¥) ¥ in Millions | 3 Months Ended | 6 Months Ended | |||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | ||
Revenue From Contract With Customers [Line Items] | |||||
Revenues from contracts with customers | ¥ 315,993 | ¥ 359,235 | ¥ 618,730 | ¥ 693,599 | |
Other revenues | [1] | 366,768 | 347,768 | 741,005 | 671,217 |
Total revenues | ¥ 682,761 | ¥ 707,003 | ¥ 1,359,735 | ¥ 1,364,816 | |
[1]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. |
Revenues from Contracts with _4
Revenues from Contracts with Customers - Balances from Contracts with Customers in Fee Business (Detail) - JPY (¥) ¥ in Millions | Sep. 30, 2023 | Mar. 31, 2023 |
Contract with Customer, Asset and Liability [Abstract] | ||
Trade Notes, Accounts and Other Receivable | ¥ 192,888 | ¥ 223,635 |
Contract assets (Included in Other Assets) | 16,127 | 13,403 |
Contract liabilities (Included in Other Liabilities) | ¥ 29,172 | ¥ 34,338 |
Revenues from Contracts with _5
Revenues from Contracts with Customers - Additional Information (Detail) - JPY (¥) ¥ in Millions | 3 Months Ended | 6 Months Ended | ||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | |
Revenue From Contract With Customers [Line Items] | ||||
Revenues included in contract liabilities | ¥ 4,866 | ¥ 3,627 | ¥ 23,672 | ¥ 21,319 |
Revenue remaining performance obligation | ¥ 184,254 | ¥ 184,254 | ||
Automobile Services | Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2022-04-01 | ||||
Revenue From Contract With Customers [Line Items] | ||||
Revenue remaining performance obligation expected timing of satisfaction period | 10 years | 10 years | ||
Maximum | ||||
Revenue From Contract With Customers [Line Items] | ||||
Revenue remaining performance obligation expected timing of satisfaction, period | Remaining term for the obligations ranges up to 17 years. |
Leases - Lessor_ Lease Income (
Leases - Lessor: Lease Income (Detail) - JPY (¥) ¥ in Millions | 3 Months Ended | 6 Months Ended | ||||||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | |||||
Lease income—net investment in leases | ||||||||
Interest income | ¥ 21,938 | ¥ 20,256 | ¥ 43,325 | ¥ 39,936 | ||||
Other | 732 | 614 | 1,649 | 1,147 | ||||
Lease income—operating leases | 137,949 | [1] | 122,945 | [1] | 259,949 | [2] | 249,144 | [2] |
Total lease income | ¥ 160,619 | ¥ 143,815 | ¥ 304,923 | ¥ 290,227 | ||||
Operating Lease, Lease Income, Statement of Income or Comprehensive Income [Extensible Enumeration] | Revenues | Revenues | Revenues | Revenues | ||||
[1]Gains from the disposition of real estate under operating leases included in operating lease revenues were ¥2,766 million and ¥8,837 million, and gains from the disposition of operating lease assets other than real estate included in operating lease revenues were ¥9,320 million and ¥10,165 million, for the three months ended September 30, 2022 and 2023, respectively.[2]Gains from the disposition of real estate under operating leases included in operating lease revenues were ¥12,487 million and ¥10,066 million, and gains from the disposition of operating lease assets other than real estate included in operating lease revenues were ¥19,090 million and ¥17,726 million, for the six months ended September 30, 2022 and 2023, respectively. |
Lease Income (Operating Lease)
Lease Income (Operating Lease) (Parenthetical) (Detail) - JPY (¥) ¥ in Millions | 3 Months Ended | 6 Months Ended | ||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | |
Lessor, Lease, Description [Line Items] | ||||
Gains on sales of operating lease assets | ¥ 27,792 | ¥ 31,577 | ||
Real Estate Asset | ||||
Lessor, Lease, Description [Line Items] | ||||
Gains on sales of operating lease assets | ¥ 8,837 | ¥ 2,766 | 10,066 | 12,487 |
Operating Lease Assets Other than Real Estate | ||||
Lessor, Lease, Description [Line Items] | ||||
Gains on sales of operating lease assets | ¥ 10,165 | ¥ 9,320 | ¥ 17,726 | ¥ 19,090 |
Credit Quality of Financial A_3
Credit Quality of Financial Assets and the Allowance for Credit Losses - Summary of Allowance for Credit Losses for Installment Loans (Detail) - JPY (¥) ¥ in Millions | 3 Months Ended | 6 Months Ended | |||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | Mar. 31, 2023 | |
Financing Receivable, Allowance for Credit Losses [Line Items] | |||||
Beginning balance | ¥ 67,235 | ¥ 67,851 | ¥ 65,372 | ¥ 71,416 | |
Provision (Reversal) | 5,451 | 1,635 | 7,731 | 2,469 | |
Allowance of purchased loans during the reporting period | 7,261 | 2,067 | 7,580 | 2,095 | |
Charge-offs | (11,225) | (4,014) | (14,706) | (11,840) | |
Recoveries | 239 | 361 | 400 | 447 | |
Other | 907 | 1,258 | 3,491 | 4,571 | |
Ending balance | 69,868 | 69,158 | 69,868 | 69,158 | |
Collective (pool) assessment | 54,453 | 52,294 | 54,453 | 52,294 | ¥ 51,759 |
Individual assessment | 15,415 | 16,864 | 15,415 | 16,864 | 13,613 |
Net investment in leases | |||||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||||
Beginning balance | 16,388 | 16,665 | 15,719 | 16,303 | |
Provision (Reversal) | 942 | 123 | 1,717 | 582 | |
Allowance of purchased loans during the reporting period | 0 | 0 | 0 | 0 | |
Charge-offs | (609) | (650) | (1,234) | (1,430) | |
Recoveries | 0 | 18 | 17 | 25 | |
Other | 88 | 84 | 590 | 760 | |
Ending balance | 16,809 | 16,240 | 16,809 | 16,240 | |
Collective (pool) assessment | 12,366 | 12,030 | 12,366 | 12,030 | 12,032 |
Individual assessment | 4,443 | 4,210 | 4,443 | 4,210 | 3,687 |
Installment loans and net investment in leases | |||||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||||
Beginning balance | 65,580 | 64,875 | 63,890 | 64,134 | |
Provision (Reversal) | 5,338 | 1,474 | 7,477 | 2,312 | |
Allowance of purchased loans during the reporting period | 7,261 | 2,067 | 7,580 | 2,095 | |
Charge-offs | (11,089) | (3,983) | (14,528) | (7,273) | |
Recoveries | 234 | 373 | 395 | 432 | |
Other | 754 | 1,131 | 3,264 | 4,237 | |
Ending balance | 68,078 | 65,937 | 68,078 | 65,937 | |
Collective (pool) assessment | 53,751 | 51,665 | 53,751 | 51,665 | 51,211 |
Individual assessment | 14,327 | 14,272 | 14,327 | 14,272 | 12,679 |
Other financial assets measured at amortized cost | |||||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||||
Beginning balance | 1,655 | 2,976 | 1,482 | 7,282 | |
Provision (Reversal) | 113 | 161 | 254 | 157 | |
Allowance of purchased loans during the reporting period | 0 | 0 | 0 | 0 | |
Charge-offs | (136) | (31) | (178) | (4,567) | |
Recoveries | 5 | 5 | 15 | ||
Recoveries | (12) | ||||
Other | 153 | 127 | 227 | 334 | |
Ending balance | 1,790 | 3,221 | 1,790 | 3,221 | |
Collective (pool) assessment | 702 | 629 | 702 | 629 | 548 |
Individual assessment | 1,088 | 2,592 | 1,088 | 2,592 | 934 |
Consumer | Real estate loans | Japan | |||||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||||
Beginning balance | 4,003 | 5,725 | 4,092 | 5,716 | |
Provision (Reversal) | 30 | (80) | (50) | 0 | |
Allowance of purchased loans during the reporting period | 0 | 0 | 0 | 0 | |
Charge-offs | (88) | (3) | (144) | (82) | |
Recoveries | 38 | 5 | 84 | 13 | |
Other | 0 | 1 | 1 | 1 | |
Ending balance | 3,983 | 5,648 | 3,983 | 5,648 | |
Collective (pool) assessment | 3,613 | 5,153 | 3,613 | 5,153 | 3,644 |
Individual assessment | 370 | 495 | 370 | 495 | 448 |
Consumer | Real estate loans | Overseas | |||||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||||
Beginning balance | 532 | 471 | 446 | 455 | |
Provision (Reversal) | 65 | 1 | 118 | (2) | |
Allowance of purchased loans during the reporting period | 0 | 0 | 0 | 0 | |
Charge-offs | 0 | 0 | 0 | 0 | |
Recoveries | 1 | 0 | 1 | 0 | |
Other | 8 | (16) | 41 | 3 | |
Ending balance | 606 | 456 | 606 | 456 | |
Collective (pool) assessment | 575 | 456 | 575 | 456 | 446 |
Individual assessment | 31 | 0 | 31 | 0 | 0 |
Consumer | Card loans | Japan | |||||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||||
Beginning balance | 9,102 | 9,933 | 9,022 | 10,019 | |
Provision (Reversal) | 433 | 209 | 753 | 228 | |
Allowance of purchased loans during the reporting period | 0 | 0 | 0 | 0 | |
Charge-offs | (206) | (158) | (450) | (265) | |
Recoveries | 4 | 2 | 8 | 4 | |
Other | 0 | 0 | 0 | 0 | |
Ending balance | 9,333 | 9,986 | 9,333 | 9,986 | |
Collective (pool) assessment | 8,611 | 9,357 | 8,611 | 9,357 | 8,329 |
Individual assessment | 722 | 629 | 722 | 629 | 693 |
Consumer | Other | Japan | |||||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||||
Beginning balance | 8,487 | 5,915 | 7,759 | 5,204 | |
Provision (Reversal) | 1,369 | 1,038 | 2,970 | 2,152 | |
Allowance of purchased loans during the reporting period | 0 | 0 | 0 | 0 | |
Charge-offs | (930) | (460) | (1,806) | (865) | |
Recoveries | 1 | 2 | 3 | 4 | |
Other | 0 | 0 | 1 | 0 | |
Ending balance | 8,927 | 6,495 | 8,927 | 6,495 | |
Collective (pool) assessment | 6,487 | 4,167 | 6,487 | 4,167 | 5,337 |
Individual assessment | 2,440 | 2,328 | 2,440 | 2,328 | 2,422 |
Consumer | Other | Overseas | |||||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||||
Beginning balance | 2,153 | 1,164 | 1,889 | 1,105 | |
Provision (Reversal) | 884 | 242 | 1,370 | 286 | |
Allowance of purchased loans during the reporting period | 0 | 0 | 0 | 0 | |
Charge-offs | (630) | (140) | (1,124) | (206) | |
Recoveries | 82 | 0 | 163 | 0 | |
Other | 47 | 56 | 238 | 137 | |
Ending balance | 2,536 | 1,322 | 2,536 | 1,322 | |
Collective (pool) assessment | 1,896 | 1,187 | 1,896 | 1,187 | 1,467 |
Individual assessment | 640 | 135 | 640 | 135 | 422 |
Corporate | Non-recourse Loans | Japan | |||||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||||
Beginning balance | 262 | 65 | 253 | 81 | |
Provision (Reversal) | (36) | 17 | (27) | 1 | |
Allowance of purchased loans during the reporting period | 0 | 0 | 0 | 0 | |
Charge-offs | 0 | 0 | 0 | 0 | |
Recoveries | 0 | 0 | 0 | 0 | |
Other | 0 | 0 | 0 | 0 | |
Ending balance | 226 | 82 | 226 | 82 | |
Collective (pool) assessment | 226 | 82 | 226 | 82 | 253 |
Individual assessment | 0 | 0 | 0 | 0 | 0 |
Corporate | Non-recourse Loans | The Americas | |||||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||||
Beginning balance | 1,727 | 2,235 | 1,494 | 2,691 | |
Provision (Reversal) | 98 | (218) | 197 | (944) | |
Allowance of purchased loans during the reporting period | 0 | 0 | 0 | 0 | |
Charge-offs | 0 | 0 | 0 | 0 | |
Recoveries | 0 | 0 | 0 | 0 | |
Other | 58 | (148) | 192 | 122 | |
Ending balance | 1,883 | 1,869 | 1,883 | 1,869 | |
Collective (pool) assessment | 837 | 857 | 837 | 857 | 560 |
Individual assessment | 1,046 | 1,012 | 1,046 | 1,012 | 934 |
Corporate | Corporate Real Estate Companies Loans | Japan | |||||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||||
Beginning balance | 788 | 600 | 777 | 617 | |
Provision (Reversal) | 15 | 4 | 23 | (21) | |
Allowance of purchased loans during the reporting period | 0 | 0 | 0 | 0 | |
Charge-offs | 0 | 0 | (4) | 0 | |
Recoveries | 5 | 5 | 13 | 13 | |
Other | 1 | 1 | 0 | 1 | |
Ending balance | 809 | 610 | 809 | 610 | |
Collective (pool) assessment | 705 | 489 | 705 | 489 | 663 |
Individual assessment | 104 | 121 | 104 | 121 | 114 |
Corporate | Corporate Real Estate Companies Loans | Overseas | |||||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||||
Beginning balance | 1,044 | 630 | 1,007 | 735 | |
Provision (Reversal) | (37) | 54 | (68) | (98) | |
Allowance of purchased loans during the reporting period | 0 | 0 | 0 | 0 | |
Charge-offs | 0 | (14) | 0 | (14) | |
Recoveries | 0 | 0 | 0 | 0 | |
Other | 14 | 10 | 82 | 57 | |
Ending balance | 1,021 | 680 | 1,021 | 680 | |
Collective (pool) assessment | 1,021 | 680 | 1,021 | 680 | 1,007 |
Individual assessment | 0 | 0 | 0 | 0 | 0 |
Corporate | Corporate Commercial, industrial and other companies | Japan | |||||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||||
Beginning balance | 976 | 1,206 | 1,152 | 1,337 | |
Provision (Reversal) | 128 | 220 | (29) | 256 | |
Allowance of purchased loans during the reporting period | 0 | 0 | 0 | 0 | |
Charge-offs | (1) | (107) | (23) | (277) | |
Recoveries | 2 | 4 | 4 | 7 | |
Other | (1) | 0 | 0 | 0 | |
Ending balance | 1,104 | 1,323 | 1,104 | 1,323 | |
Collective (pool) assessment | 615 | 475 | 615 | 475 | 477 |
Individual assessment | 489 | 848 | 489 | 848 | 675 |
Corporate | Corporate Commercial, industrial and other companies | Overseas | |||||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||||
Beginning balance | 18,929 | 18,720 | 19,132 | 18,296 | |
Provision (Reversal) | 1,411 | 78 | 434 | 114 | |
Allowance of purchased loans during the reporting period | 0 | 0 | 0 | 0 | |
Charge-offs | (1,337) | (190) | (2,131) | (1,825) | |
Recoveries | 101 | 281 | 101 | 310 | |
Other | 539 | 1,150 | 2,107 | 3,144 | |
Ending balance | 19,643 | 20,039 | 19,643 | 20,039 | |
Collective (pool) assessment | 16,288 | 16,169 | 16,288 | 16,169 | 16,455 |
Individual assessment | 3,355 | 3,870 | 3,355 | 3,870 | 2,677 |
Purchased loans | |||||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||||
Beginning balance | 1,189 | 1,546 | 1,148 | 1,575 | |
Provision (Reversal) | 36 | (214) | 69 | (242) | |
Allowance of purchased loans during the reporting period | 7,261 | 2,067 | 7,580 | 2,095 | |
Charge-offs | (7,288) | (2,261) | (7,612) | (2,309) | |
Recoveries | 0 | 56 | 1 | 56 | |
Other | 0 | (7) | 12 | 12 | |
Ending balance | 1,198 | 1,187 | 1,198 | 1,187 | |
Collective (pool) assessment | 511 | 563 | 511 | 563 | 541 |
Individual assessment | ¥ 687 | ¥ 624 | ¥ 687 | ¥ 624 | ¥ 607 |
Credit Quality of Financial A_4
Credit Quality of Financial Assets and the Allowance for Credit Losses - Summary of Allowance for Credit Losses for Installment Loans (Detail) (Parenthetical) - JPY (¥) ¥ in Millions | 3 Months Ended | 6 Months Ended | |||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | Mar. 31, 2023 | |
Financing Receivable, Allowance for Credit Losses [Line Items] | |||||
Provision for Credit Losses | ¥ 5,604 | ¥ 1,426 | ¥ 8,524 | ¥ 1,674 | |
Allowance for Credit Losses | 69,046 | 69,046 | ¥ 64,723 | ||
Total charge-offs | 11,225 | 4,014 | 14,706 | 11,840 | |
Purchased loans | |||||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||||
Total charge-offs | 7,288 | 2,261 | 7,612 | 2,309 | |
Purchased loans | Financial asset acquired with credit deterioration | |||||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||||
Total charge-offs | ¥ 7,261 | ¥ 2,067 | ¥ 7,580 | ¥ 2,095 |
Credit Quality of Financial A_5
Credit Quality of Financial Assets and the Allowance for Credit Losses - Summary of Disclosure In Tabular Form Of Allowances For Credit Losses And Provision For Credit Losses (Detail) - JPY (¥) ¥ in Millions | 3 Months Ended | 6 Months Ended | 12 Months Ended | |||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | Mar. 31, 2023 | ||
Disclosure in Tabular Form of Allowances for Credit Losses and Provision for Credit Losses [Abstract] | ||||||
Net investment in leases, provision for credit loss | ¥ 942 | ¥ 123 | ¥ 1,717 | ¥ 582 | ||
Installment loans, provision for credit loss | 4,396 | 1,351 | 5,760 | 1,730 | ||
Subtotal in the above table, provision for credit loss | 5,338 | 1,474 | 7,477 | 2,312 | ||
Other financial assets measured at amortized cost, provision for credit loss | 113 | 161 | 254 | 157 | ||
Total in the above table, provision for credit loss | 5,451 | 1,635 | 7,731 | 2,469 | ||
Off-balance sheet credit exposures, provision for credit loss | [1] | 171 | (225) | 591 | (868) | |
Available-for-sale debt securities, provision for credit loss | [2] | 0 | 0 | 292 | (5) | |
Less: Loans to affiliates, provision for credit loss | [3] | (18) | 16 | (90) | 78 | |
Amount reported on the consolidated financial statements, provision for credit loss | ¥ 5,604 | ¥ 1,426 | 8,524 | ¥ 1,674 | ||
Net investment in lease, allowance for credit loss | 16,809 | ¥ 15,719 | ||||
Allowance for credit loss, Installment loans | 51,269 | 48,171 | ||||
Subtotal in the above table, allowance for credit loss | 68,078 | 63,890 | ||||
Other financial assets measured at amortized cost, allowance for credit loss | 1,790 | 1,482 | ||||
Total in the above table, allowance for credit loss | 69,868 | 65,372 | ||||
Less: Loans to affiliates, allowance for credit loss | [3] | (822) | (649) | |||
Amount reported on the consolidated financial statements, allowances for credit loss | ¥ 69,046 | ¥ 64,723 | ||||
[1]The allowance for off-balance sheet credit exposure were ¥17,843 million and ¥18,783 million as of March 31, 2023 and September 30, 2023, respectively, and the amounts are recorded in “Other liabilities” on the consolidated balance sheets. For further information, see Note 24 “Commitments, Guarantees and Contingent Liabilities.”[2]The allowance for available-for-sale debt securities were ¥144 million and ¥468 million as of March 31, 2023 and September 30, 2023, respectively, and the amounts are recorded as a reduction in “Investments in securities” on the consolidated balance sheets. For further information, see Note 8 “Investment in Securities.”[3]The provision for credit losses on loans to affiliates were a reversal of ¥78 million and a provision of ¥90 million during the six months ended September 30, 2022 and 2023, a reversal of ¥16 million and a provision of ¥18 million during the three months ended September 30, 2022 and 2023, respectively, and the amounts are recorded in “Equity in net income (loss) of affiliates” in the consolidated statements of income. The allowance for credit losses on loans to affiliates were ¥649 million and ¥822 million as of March 31, 2023 and September 30, 2023, respectively, and the amounts are recorded as a reduction in “Investments in affiliates” on the consolidated balance sheets. |
Credit Quality of Financial A_6
Credit Quality of Financial Assets and the Allowance for Credit Losses - Summary of Disclosure In Tabular Form Of Allowances For Credit Losses And Provision For Credit Losses (Detail) (Parenthetical) - JPY (¥) ¥ in Millions | 3 Months Ended | 6 Months Ended | ||||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | Mar. 31, 2023 | ||
Allowance for available-for-sale debt securities | ¥ 468 | ¥ 468 | ¥ 144 | |||
Provision for credit losses on loans to affiliates | [1] | 18 | ¥ (16) | 90 | ¥ (78) | |
Allowance for credit loss on loans to affiliates | 822 | 822 | 649 | |||
Other liabilities | ||||||
Allowance for credit losses on off balance sheet exposures | ¥ 18,783 | ¥ 18,783 | ¥ 17,843 | |||
[1]The provision for credit losses on loans to affiliates were a reversal of ¥78 million and a provision of ¥90 million during the six months ended September 30, 2022 and 2023, a reversal of ¥16 million and a provision of ¥18 million during the three months ended September 30, 2022 and 2023, respectively, and the amounts are recorded in “Equity in net income (loss) of affiliates” in the consolidated statements of income. The allowance for credit losses on loans to affiliates were ¥649 million and ¥822 million as of March 31, 2023 and September 30, 2023, respectively, and the amounts are recorded as a reduction in “Investments in affiliates” on the consolidated balance sheets. |
Credit Quality of Financial A_7
Credit Quality of Financial Assets and the Allowance for Credit Losses - Summary of Purchased Loans (Detail) - JPY (¥) ¥ in Millions | 3 Months Ended | 6 Months Ended | ||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | |
Credit Loss [Abstract] | ||||
Purchase price | ¥ 1,031 | ¥ 1,537 | ¥ 1,281 | ¥ 1,940 |
Allowance for credit losses at acquisition date | 7,261 | 2,067 | 7,580 | 2,095 |
Discount or premium attributable to other factors | 100 | 208 | 125 | 226 |
Par value | ¥ 8,392 | ¥ 3,812 | ¥ 8,986 | ¥ 4,261 |
Credit Quality of Financial A_8
Credit Quality of Financial Assets and the Allowance for Credit Losses - Summary of Origination Years of Financial Assets (Detail) - JPY (¥) ¥ in Millions | 6 Months Ended | ||
Sep. 30, 2023 | Mar. 31, 2023 | ||
Financing Receivable, Recorded Investment [Line Items] | |||
Current fiscal year (Gross write-offs) | ¥ 237 | ||
One year ago (Gross write-offs) | 2,190 | ||
Two years ago (Gross write-offs) | 1,596 | ||
Three years ago (Gross write-offs) | 490 | ||
Four years ago (Gross write-offs) | 560 | ||
Prior (Gross write-offs) | 9,005 | ||
Total financing receivables | 4,933,639 | ¥ 4,743,956 | |
Total financing receivables (Gross write-offs) | 14,078 | ||
Performing | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Current fiscal year | 782,141 | 1,171,744 | |
One year ago | 906,426 | 804,937 | |
Two years ago | 716,300 | 551,251 | |
Three years ago | 488,689 | 636,069 | |
Four years ago | 588,520 | 450,935 | |
Prior | 1,208,980 | 903,567 | |
Total financing receivables | 4,691,056 | 4,518,503 | |
Non-Performing | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Current fiscal year | 9,553 | 13,910 | |
One year ago | 14,100 | 9,578 | |
Two years ago | 17,098 | 10,431 | |
Three years ago | 10,103 | 9,258 | |
Four years ago | 11,403 | 7,790 | |
Prior | 48,916 | 42,641 | |
Total financing receivables | 111,173 | 93,608 | |
Consumer borrowers | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Current fiscal year (Gross write-offs) | 136 | ||
One year ago (Gross write-offs) | 1,770 | ||
Two years ago (Gross write-offs) | 736 | ||
Three years ago (Gross write-offs) | 154 | ||
Four years ago (Gross write-offs) | 103 | ||
Prior (Gross write-offs) | 175 | ||
Total financing receivables | 2,296,276 | 2,299,307 | |
Total financing receivables (Gross write-offs) | 3,074 | ||
Consumer borrowers | Consumer - Real Estate Loans | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Current fiscal year (Gross write-offs) | 0 | ||
One year ago (Gross write-offs) | 0 | ||
Two years ago (Gross write-offs) | 0 | ||
Three years ago (Gross write-offs) | 0 | ||
Four years ago (Gross write-offs) | 0 | ||
Prior (Gross write-offs) | 144 | ||
Total financing receivables | 2,042,588 | 2,056,959 | |
Total financing receivables (Gross write-offs) | 144 | ||
Consumer borrowers | Other loans | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Current fiscal year (Gross write-offs) | [1] | 136 | |
One year ago (Gross write-offs) | [1] | 1,770 | |
Two years ago (Gross write-offs) | [1] | 736 | |
Three years ago (Gross write-offs) | [1] | 154 | |
Four years ago (Gross write-offs) | [1] | 103 | |
Prior (Gross write-offs) | [1] | 31 | |
Total financing receivables | 80,546 | 70,713 | |
Total financing receivables (Gross write-offs) | [1] | 2,930 | |
Consumer borrowers | Performing | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Current fiscal year | 187,132 | 300,198 | |
One year ago | 228,270 | 200,041 | |
Two years ago | 186,944 | 281,872 | |
Three years ago | 268,576 | 360,726 | |
Four years ago | 349,046 | 293,297 | |
Prior | 865,427 | 656,584 | |
Total financing receivables | 2,085,395 | 2,092,718 | |
Consumer borrowers | Performing | Consumer - Real Estate Loans | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Current fiscal year | 167,178 | 266,663 | |
One year ago | 201,748 | 190,076 | |
Two years ago | 179,433 | 279,690 | |
Three years ago | 267,260 | 359,321 | |
Four years ago | 348,336 | 292,388 | |
Prior | 864,500 | 655,811 | |
Total financing receivables | 2,028,455 | 2,043,949 | |
Consumer borrowers | Performing | Other loans | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Current fiscal year | [1] | 19,954 | 33,535 |
One year ago | [1] | 26,522 | 9,965 |
Two years ago | [1] | 7,511 | 2,182 |
Three years ago | [1] | 1,316 | 1,405 |
Four years ago | [1] | 710 | 909 |
Prior | [1] | 927 | 773 |
Total financing receivables | [1] | 56,940 | 48,769 |
Consumer borrowers | Non-Performing | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Current fiscal year | 6,438 | 10,896 | |
One year ago | 9,147 | 5,259 | |
Two years ago | 4,076 | 3,140 | |
Three years ago | 2,918 | 2,257 | |
Four years ago | 1,803 | 1,078 | |
Prior | 13,357 | 12,324 | |
Total financing receivables | 37,739 | 34,954 | |
Consumer borrowers | Non-Performing | Consumer - Real Estate Loans | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Current fiscal year | 4 | 17 | |
One year ago | 53 | 81 | |
Two years ago | 254 | 378 | |
Three years ago | 792 | 474 | |
Four years ago | 479 | 239 | |
Prior | 12,551 | 11,821 | |
Total financing receivables | 14,133 | 13,010 | |
Consumer borrowers | Non-Performing | Other loans | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Current fiscal year | [1] | 6,434 | 10,879 |
One year ago | [1] | 9,094 | 5,178 |
Two years ago | [1] | 3,822 | 2,762 |
Three years ago | [1] | 2,126 | 1,783 |
Four years ago | [1] | 1,324 | 839 |
Prior | [1] | 806 | 503 |
Total financing receivables | [1] | 23,606 | 21,944 |
Corporate borrowers | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Current fiscal year (Gross write-offs) | 101 | ||
One year ago (Gross write-offs) | 4 | ||
Two years ago (Gross write-offs) | 225 | ||
Three years ago (Gross write-offs) | 73 | ||
Four years ago (Gross write-offs) | 112 | ||
Prior (Gross write-offs) | 1,643 | ||
Total financing receivables | 1,471,574 | 1,357,086 | |
Total financing receivables (Gross write-offs) | 2,158 | ||
Corporate borrowers | Non-recourse Loans | Japan | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Current fiscal year (Gross write-offs) | 0 | ||
One year ago (Gross write-offs) | 0 | ||
Two years ago (Gross write-offs) | 0 | ||
Three years ago (Gross write-offs) | 0 | ||
Four years ago (Gross write-offs) | 0 | ||
Prior (Gross write-offs) | 0 | ||
Total financing receivables | 103,685 | 124,499 | |
Total financing receivables (Gross write-offs) | 0 | ||
Corporate borrowers | Non-recourse Loans | The Americas | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Current fiscal year (Gross write-offs) | 0 | ||
One year ago (Gross write-offs) | 0 | ||
Two years ago (Gross write-offs) | 0 | ||
Three years ago (Gross write-offs) | 0 | ||
Four years ago (Gross write-offs) | 0 | ||
Prior (Gross write-offs) | 0 | ||
Total financing receivables | 43,350 | 38,654 | |
Total financing receivables (Gross write-offs) | 0 | ||
Corporate borrowers | Real estate companies in Japan | Japan | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Current fiscal year (Gross write-offs) | 0 | ||
One year ago (Gross write-offs) | 0 | ||
Two years ago (Gross write-offs) | 0 | ||
Three years ago (Gross write-offs) | 0 | ||
Four years ago (Gross write-offs) | 4 | ||
Prior (Gross write-offs) | 0 | ||
Total financing receivables | 320,155 | 296,228 | |
Total financing receivables (Gross write-offs) | 4 | ||
Corporate borrowers | Real estate companies in overseas | Overseas | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Current fiscal year (Gross write-offs) | 0 | ||
One year ago (Gross write-offs) | 0 | ||
Two years ago (Gross write-offs) | 0 | ||
Three years ago (Gross write-offs) | 0 | ||
Four years ago (Gross write-offs) | 0 | ||
Prior (Gross write-offs) | 0 | ||
Total financing receivables | 59,825 | 79,645 | |
Total financing receivables (Gross write-offs) | 0 | ||
Corporate borrowers | Commercial, industrial and other companies in Japan | Japan | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Current fiscal year (Gross write-offs) | 0 | ||
One year ago (Gross write-offs) | 1 | ||
Two years ago (Gross write-offs) | 0 | ||
Three years ago (Gross write-offs) | 0 | ||
Four years ago (Gross write-offs) | 22 | ||
Prior (Gross write-offs) | 0 | ||
Total financing receivables | 256,094 | 160,530 | |
Total financing receivables (Gross write-offs) | 23 | ||
Corporate borrowers | Commercial, industrial and other companies in overseas | Overseas | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Current fiscal year (Gross write-offs) | 101 | ||
One year ago (Gross write-offs) | 3 | ||
Two years ago (Gross write-offs) | 225 | ||
Three years ago (Gross write-offs) | 73 | ||
Four years ago (Gross write-offs) | 86 | ||
Prior (Gross write-offs) | 1,643 | ||
Total financing receivables | 688,465 | 657,530 | |
Total financing receivables (Gross write-offs) | 2,131 | ||
Corporate borrowers | Performing | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Current fiscal year | 309,556 | 427,902 | |
One year ago | 302,774 | 346,629 | |
Two years ago | 320,807 | 127,984 | |
Three years ago | 109,252 | 171,314 | |
Four years ago | 160,645 | 103,628 | |
Prior | 218,685 | 139,503 | |
Total financing receivables | 1,421,719 | 1,316,960 | |
Corporate borrowers | Performing | Non-recourse Loans | Japan | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Current fiscal year | 25,529 | 65,874 | |
One year ago | 30,596 | 17,831 | |
Two years ago | 11,504 | 6,699 | |
Three years ago | 6,707 | 22,384 | |
Four years ago | 22,058 | 4,158 | |
Prior | 7,291 | 7,553 | |
Total financing receivables | 103,685 | 124,499 | |
Corporate borrowers | Performing | Non-recourse Loans | The Americas | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Current fiscal year | 0 | 2,901 | |
One year ago | 5,734 | 706 | |
Two years ago | 1,800 | 5,217 | |
Three years ago | 147 | 15,153 | |
Four years ago | 19,679 | 10,595 | |
Prior | 12,365 | 834 | |
Total financing receivables | 39,725 | 35,406 | |
Corporate borrowers | Performing | Real estate companies in Japan | Japan | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Current fiscal year | 78,728 | 124,452 | |
One year ago | 89,599 | 43,210 | |
Two years ago | 36,194 | 30,996 | |
Three years ago | 26,002 | 27,022 | |
Four years ago | 25,098 | 22,251 | |
Prior | 62,824 | 46,222 | |
Total financing receivables | 318,445 | 294,153 | |
Corporate borrowers | Performing | Real estate companies in overseas | Overseas | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Current fiscal year | 1,907 | 34,508 | |
One year ago | 18,799 | 12,639 | |
Two years ago | 11,665 | 9,091 | |
Three years ago | 3,604 | 6,998 | |
Four years ago | 4,644 | 1,627 | |
Prior | 3,946 | 1,165 | |
Total financing receivables | 44,565 | 66,028 | |
Corporate borrowers | Performing | Commercial, industrial and other companies in Japan | Japan | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Current fiscal year | 139,480 | 76,764 | |
One year ago | 48,159 | 27,327 | |
Two years ago | 22,640 | 16,743 | |
Three years ago | 14,258 | 17,003 | |
Four years ago | 12,861 | 8,383 | |
Prior | 17,647 | 12,878 | |
Total financing receivables | 255,045 | 159,098 | |
Corporate borrowers | Performing | Commercial, industrial and other companies in overseas | Overseas | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Current fiscal year | 63,912 | 123,403 | |
One year ago | 109,887 | 244,916 | |
Two years ago | 237,004 | 59,238 | |
Three years ago | 58,534 | 82,754 | |
Four years ago | 76,305 | 56,614 | |
Prior | 114,612 | 70,851 | |
Total financing receivables | 660,254 | 637,776 | |
Corporate borrowers | Non-Performing | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Current fiscal year | 87 | 257 | |
One year ago | 478 | 793 | |
Two years ago | 9,344 | 5,485 | |
Three years ago | 5,509 | 4,959 | |
Four years ago | 7,843 | 4,624 | |
Prior | 26,594 | 24,008 | |
Total financing receivables | 49,855 | 40,126 | |
Corporate borrowers | Non-Performing | Non-recourse Loans | The Americas | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Current fiscal year | 0 | 0 | |
One year ago | 69 | 0 | |
Two years ago | 0 | 0 | |
Three years ago | 0 | 0 | |
Four years ago | 0 | 0 | |
Prior | 3,556 | 3,248 | |
Total financing receivables | 3,625 | 3,248 | |
Corporate borrowers | Non-Performing | Real estate companies in Japan | Japan | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Current fiscal year | 0 | 0 | |
One year ago | 3 | 230 | |
Two years ago | 0 | 0 | |
Three years ago | 0 | 913 | |
Four years ago | 834 | 9 | |
Prior | 873 | 923 | |
Total financing receivables | 1,710 | 2,075 | |
Corporate borrowers | Non-Performing | Real estate companies in overseas | Overseas | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Current fiscal year | 0 | 0 | |
One year ago | 18 | 0 | |
Two years ago | 543 | 741 | |
Three years ago | 508 | 0 | |
Four years ago | 1,750 | 813 | |
Prior | 12,441 | 12,063 | |
Total financing receivables | 15,260 | 13,617 | |
Corporate borrowers | Non-Performing | Commercial, industrial and other companies in Japan | Japan | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Current fiscal year | 0 | 125 | |
One year ago | 121 | 80 | |
Two years ago | 76 | 431 | |
Three years ago | 208 | 264 | |
Four years ago | 196 | 133 | |
Prior | 448 | 399 | |
Total financing receivables | 1,049 | 1,432 | |
Corporate borrowers | Non-Performing | Commercial, industrial and other companies in overseas | Overseas | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Current fiscal year | 87 | 132 | |
One year ago | 267 | 483 | |
Two years ago | 8,725 | 4,313 | |
Three years ago | 4,793 | 3,782 | |
Four years ago | 5,063 | 3,669 | |
Prior | 9,276 | 7,375 | |
Total financing receivables | 28,211 | 19,754 | |
Purchased loans | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Current fiscal year (Gross write-offs) | 0 | ||
One year ago (Gross write-offs) | 409 | ||
Two years ago (Gross write-offs) | 226 | ||
Three years ago (Gross write-offs) | 29 | ||
Four years ago (Gross write-offs) | 206 | ||
Prior (Gross write-offs) | 6,742 | ||
Total financing receivables (Gross write-offs) | 7,612 | ||
Purchased loans | Performing | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Current fiscal year | 0 | 26 | |
One year ago | 27 | 396 | |
Two years ago | 596 | 0 | |
Three years ago | 199 | 21 | |
Four years ago | 69 | 406 | |
Prior | 9,390 | 10,385 | |
Total financing receivables | 10,281 | 11,234 | |
Purchased loans | Non-Performing | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Current fiscal year | 0 | 0 | |
One year ago | 0 | 0 | |
Two years ago | 0 | 0 | |
Three years ago | 0 | 0 | |
Four years ago | 12 | 0 | |
Prior | 1,109 | 1,021 | |
Total financing receivables | 1,121 | 1,021 | |
Net investment in leases | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Current fiscal year (Gross write-offs) | 0 | ||
One year ago (Gross write-offs) | 7 | ||
Two years ago (Gross write-offs) | 409 | ||
Three years ago (Gross write-offs) | 234 | ||
Four years ago (Gross write-offs) | 139 | ||
Prior (Gross write-offs) | 445 | ||
Total financing receivables | 1,165,789 | 1,087,563 | |
Total financing receivables (Gross write-offs) | 1,234 | ||
Net investment in leases | Japan | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Current fiscal year (Gross write-offs) | 0 | ||
One year ago (Gross write-offs) | 5 | ||
Two years ago (Gross write-offs) | 36 | ||
Three years ago (Gross write-offs) | 52 | ||
Four years ago (Gross write-offs) | 80 | ||
Prior (Gross write-offs) | 327 | ||
Total financing receivables | 639,433 | 632,120 | |
Total financing receivables (Gross write-offs) | 500 | ||
Net investment in leases | Overseas | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Current fiscal year (Gross write-offs) | 0 | ||
One year ago (Gross write-offs) | 2 | ||
Two years ago (Gross write-offs) | 373 | ||
Three years ago (Gross write-offs) | 182 | ||
Four years ago (Gross write-offs) | 59 | ||
Prior (Gross write-offs) | 118 | ||
Total financing receivables | 526,356 | 455,443 | |
Total financing receivables (Gross write-offs) | 734 | ||
Net investment in leases | Performing | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Current fiscal year | 282,112 | 440,421 | |
One year ago | 372,170 | 257,871 | |
Two years ago | 207,953 | 139,306 | |
Three years ago | 108,800 | 103,726 | |
Four years ago | 78,472 | 53,604 | |
Prior | 95,566 | 75,794 | |
Total financing receivables | 1,145,073 | 1,070,722 | |
Net investment in leases | Performing | Japan | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Current fiscal year | 115,467 | 193,297 | |
One year ago | 165,315 | 136,285 | |
Two years ago | 118,882 | 99,739 | |
Three years ago | 83,911 | 80,542 | |
Four years ago | 62,476 | 44,853 | |
Prior | 88,499 | 72,295 | |
Total financing receivables | 634,550 | 627,011 | |
Net investment in leases | Performing | Overseas | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Current fiscal year | 166,645 | 247,124 | |
One year ago | 206,855 | 121,586 | |
Two years ago | 89,071 | 39,567 | |
Three years ago | 24,889 | 23,184 | |
Four years ago | 15,996 | 8,751 | |
Prior | 7,067 | 3,499 | |
Total financing receivables | 510,523 | 443,711 | |
Net investment in leases | Non-Performing | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Current fiscal year | 3,028 | 2,757 | |
One year ago | 4,475 | 3,228 | |
Two years ago | 3,346 | 1,806 | |
Three years ago | 1,676 | 2,042 | |
Four years ago | 1,745 | 1,720 | |
Prior | 6,446 | 5,288 | |
Total financing receivables | 20,716 | 16,841 | |
Net investment in leases | Non-Performing | Japan | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Current fiscal year | 24 | 212 | |
One year ago | 380 | 660 | |
Two years ago | 764 | 658 | |
Three years ago | 720 | 798 | |
Four years ago | 742 | 811 | |
Prior | 2,253 | 1,970 | |
Total financing receivables | 4,883 | 5,109 | |
Net investment in leases | Non-Performing | Overseas | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Current fiscal year | 3,004 | 2,545 | |
One year ago | 4,095 | 2,568 | |
Two years ago | 2,582 | 1,148 | |
Three years ago | 956 | 1,244 | |
Four years ago | 1,003 | 909 | |
Prior | 4,193 | 3,318 | |
Total financing receivables | 15,833 | 11,732 | |
Other financial assets measured at amortized cost | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Current fiscal year (Gross write-offs) | 0 | ||
One year ago (Gross write-offs) | 0 | ||
Two years ago (Gross write-offs) | 0 | ||
Three years ago (Gross write-offs) | 0 | ||
Four years ago (Gross write-offs) | 0 | ||
Prior (Gross write-offs) | 0 | ||
Total financing receivables (Gross write-offs) | 0 | ||
Other financial assets measured at amortized cost | Performing | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Current fiscal year | 3,341 | 3,197 | |
One year ago | 3,185 | 0 | |
Two years ago | 0 | 2,089 | |
Three years ago | 1,862 | 282 | |
Four years ago | 288 | 0 | |
Prior | 19,912 | 21,301 | |
Total financing receivables | 28,588 | 26,869 | |
Other financial assets measured at amortized cost | Non-Performing | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Current fiscal year | 0 | 0 | |
One year ago | 0 | 298 | |
Two years ago | 332 | 0 | |
Three years ago | 0 | 0 | |
Four years ago | 0 | 368 | |
Prior | 1,410 | 0 | |
Total financing receivables | ¥ 1,742 | ¥ 666 | |
[1]Other in loans to consumer borrowers includes claims receivable arising from payments on guarantee of consumer loans. For further information, see Note 24 “Commitments, Guarantees and Contingent Liabilities.” |
Credit Quality of Financial A_9
Credit Quality of Financial Assets and the Allowance for Credit Losses - Summary of Revolving Repayment Card Loans (Detail) - JPY (¥) ¥ in Millions | Sep. 30, 2023 | Mar. 31, 2023 |
Details Of Financial Assets Including Revolving Repayment Card Loans [Line Items] | ||
Revolving repayment card loans (Gross write-offs) | ¥ 375 | |
Modification of collection condition by relief of contract condition (Gross write-offs) | 75 | |
Total—revolving repayment card loans (Gross write-offs) | 450 | |
Total— origination year (excluding revolving repayment card loans) (Gross write-offs) | 14,078 | |
Total— financial assets measured at amortized cost (Gross write-offs) | 14,528 | |
Performing | ||
Details Of Financial Assets Including Revolving Repayment Card Loans [Line Items] | ||
Revolving repayment card loans | 167,209 | ¥ 166,392 |
Modification of collection condition by relief of contract condition | 0 | 0 |
Total—revolving repayment card loans | 167,209 | 166,392 |
Total— origination year (excluding revolving repayment card loans) | 4,691,056 | 4,518,503 |
Total— financial assets measured at amortized cost | 4,858,265 | 4,684,895 |
Non-Performing | ||
Details Of Financial Assets Including Revolving Repayment Card Loans [Line Items] | ||
Revolving repayment card loans | 2,076 | 1,588 |
Modification of collection condition by relief of contract condition | 3,857 | 3,655 |
Total—revolving repayment card loans | 5,933 | 5,243 |
Total— origination year (excluding revolving repayment card loans) | 111,173 | 93,608 |
Total— financial assets measured at amortized cost | ¥ 117,106 | ¥ 98,851 |
Credit Quality of Financial _10
Credit Quality of Financial Assets and the Allowance for Credit Losses - Summary of Past-Due Financial Assets (Detail) - JPY (¥) ¥ in Millions | Sep. 30, 2023 | Mar. 31, 2023 |
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total financing receivables | ¥ 4,933,639 | ¥ 4,743,956 |
Past-due financial assets | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total financing receivables | 89,530 | 66,376 |
30 To 89 Days Past Due | Past-due financial assets | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total financing receivables | 26,494 | 19,383 |
90 Days or More Past Due | Past-due financial assets | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total financing receivables | 63,036 | 46,993 |
Consumer borrowers | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total financing receivables | 2,296,276 | 2,299,307 |
Consumer borrowers | Past-due financial assets | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total financing receivables | 18,225 | 14,621 |
Consumer borrowers | 30 To 89 Days Past Due | Past-due financial assets | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total financing receivables | 5,350 | 4,574 |
Consumer borrowers | 90 Days or More Past Due | Past-due financial assets | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total financing receivables | 12,875 | 10,047 |
Consumer borrowers | Consumer - Real Estate Loans | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total financing receivables | 2,042,588 | 2,056,959 |
Consumer borrowers | Consumer - Real Estate Loans | Past-due financial assets | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total financing receivables | 4,205 | 3,920 |
Consumer borrowers | Consumer - Real Estate Loans | 30 To 89 Days Past Due | Past-due financial assets | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total financing receivables | 1,433 | 1,739 |
Consumer borrowers | Consumer - Real Estate Loans | 90 Days or More Past Due | Past-due financial assets | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total financing receivables | 2,772 | 2,181 |
Consumer borrowers | Consumer-Card loans | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total financing receivables | 173,142 | 171,635 |
Consumer borrowers | Consumer-Card loans | Past-due financial assets | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total financing receivables | 2,495 | 1,878 |
Consumer borrowers | Consumer-Card loans | 30 To 89 Days Past Due | Past-due financial assets | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total financing receivables | 557 | 514 |
Consumer borrowers | Consumer-Card loans | 90 Days or More Past Due | Past-due financial assets | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total financing receivables | 1,938 | 1,364 |
Consumer borrowers | Consumer - Other | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total financing receivables | 80,546 | 70,713 |
Consumer borrowers | Consumer - Other | Past-due financial assets | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total financing receivables | 11,525 | 8,823 |
Consumer borrowers | Consumer - Other | 30 To 89 Days Past Due | Past-due financial assets | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total financing receivables | 3,360 | 2,321 |
Consumer borrowers | Consumer - Other | 90 Days or More Past Due | Past-due financial assets | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total financing receivables | 8,165 | 6,502 |
Corporate borrowers | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total financing receivables | 1,471,574 | 1,357,086 |
Corporate borrowers | Past-due financial assets | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total financing receivables | 36,602 | 26,991 |
Corporate borrowers | 30 To 89 Days Past Due | Past-due financial assets | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total financing receivables | 6,183 | 5,628 |
Corporate borrowers | 90 Days or More Past Due | Past-due financial assets | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total financing receivables | 30,419 | 21,363 |
Corporate borrowers | Non-recourse Loans | Japan | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total financing receivables | 103,685 | 124,499 |
Corporate borrowers | Non-recourse Loans | Japan | Past-due financial assets | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total financing receivables | 0 | 0 |
Corporate borrowers | Non-recourse Loans | The Americas | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total financing receivables | 43,350 | 38,654 |
Corporate borrowers | Non-recourse Loans | The Americas | Past-due financial assets | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total financing receivables | 1,661 | 1,494 |
Corporate borrowers | Non-recourse Loans | 30 To 89 Days Past Due | Japan | Past-due financial assets | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total financing receivables | 0 | 0 |
Corporate borrowers | Non-recourse Loans | 30 To 89 Days Past Due | The Americas | Past-due financial assets | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total financing receivables | 0 | 0 |
Corporate borrowers | Non-recourse Loans | 90 Days or More Past Due | Japan | Past-due financial assets | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total financing receivables | 0 | 0 |
Corporate borrowers | Non-recourse Loans | 90 Days or More Past Due | The Americas | Past-due financial assets | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total financing receivables | 1,661 | 1,494 |
Corporate borrowers | Real estate companies in Japan | Japan | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total financing receivables | 320,155 | 296,228 |
Corporate borrowers | Real estate companies in Japan | Japan | Past-due financial assets | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total financing receivables | 441 | 378 |
Corporate borrowers | Real estate companies in Japan | 30 To 89 Days Past Due | Japan | Past-due financial assets | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total financing receivables | 235 | 159 |
Corporate borrowers | Real estate companies in Japan | 90 Days or More Past Due | Japan | Past-due financial assets | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total financing receivables | 206 | 219 |
Corporate borrowers | Real estate companies in overseas | Overseas | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total financing receivables | 59,825 | 79,645 |
Corporate borrowers | Real estate companies in overseas | Overseas | Past-due financial assets | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total financing receivables | 16,260 | 15,030 |
Corporate borrowers | Real estate companies in overseas | 30 To 89 Days Past Due | Overseas | Past-due financial assets | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total financing receivables | 1,000 | 1,412 |
Corporate borrowers | Real estate companies in overseas | 90 Days or More Past Due | Overseas | Past-due financial assets | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total financing receivables | 15,260 | 13,618 |
Corporate borrowers | Commercial, industrial and other companies in Japan | Japan | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total financing receivables | 256,094 | 160,530 |
Corporate borrowers | Commercial, industrial and other companies in Japan | Japan | Past-due financial assets | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total financing receivables | 2,570 | 2,484 |
Corporate borrowers | Commercial, industrial and other companies in Japan | 30 To 89 Days Past Due | Japan | Past-due financial assets | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total financing receivables | 1,748 | 1,366 |
Corporate borrowers | Commercial, industrial and other companies in Japan | 90 Days or More Past Due | Japan | Past-due financial assets | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total financing receivables | 822 | 1,118 |
Corporate borrowers | Commercial, industrial and other companies in overseas | Overseas | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total financing receivables | 688,465 | 657,530 |
Corporate borrowers | Commercial, industrial and other companies in overseas | Overseas | Past-due financial assets | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total financing receivables | 15,670 | 7,605 |
Corporate borrowers | Commercial, industrial and other companies in overseas | 30 To 89 Days Past Due | Overseas | Past-due financial assets | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total financing receivables | 3,200 | 2,691 |
Corporate borrowers | Commercial, industrial and other companies in overseas | 90 Days or More Past Due | Overseas | Past-due financial assets | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total financing receivables | 12,470 | 4,914 |
Net investment in leases | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total financing receivables | 1,165,789 | 1,087,563 |
Net investment in leases | Past-due financial assets | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total financing receivables | 34,703 | 24,764 |
Net investment in leases | Japan | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total financing receivables | 639,433 | 632,120 |
Net investment in leases | Japan | Past-due financial assets | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total financing receivables | 7,352 | 7,079 |
Net investment in leases | Overseas | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total financing receivables | 526,356 | 455,443 |
Net investment in leases | Overseas | Past-due financial assets | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total financing receivables | 27,351 | 17,685 |
Net investment in leases | 30 To 89 Days Past Due | Past-due financial assets | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total financing receivables | 14,961 | 9,181 |
Net investment in leases | 30 To 89 Days Past Due | Japan | Past-due financial assets | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total financing receivables | 2,967 | 2,648 |
Net investment in leases | 30 To 89 Days Past Due | Overseas | Past-due financial assets | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total financing receivables | 11,994 | 6,533 |
Net investment in leases | 90 Days or More Past Due | Past-due financial assets | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total financing receivables | 19,742 | 15,583 |
Net investment in leases | 90 Days or More Past Due | Japan | Past-due financial assets | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total financing receivables | 4,385 | 4,431 |
Net investment in leases | 90 Days or More Past Due | Overseas | Past-due financial assets | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total financing receivables | ¥ 15,357 | ¥ 11,152 |
Credit Quality of Financial _11
Credit Quality of Financial Assets and the Allowance for Credit Losses - Summary of Non-Accrual of Financial Assets (Detail) - JPY (¥) ¥ in Millions | 6 Months Ended | 12 Months Ended |
Sep. 30, 2023 | Mar. 31, 2023 | |
Dislcosure Detail Of Non Accrual Of Financial Assets [Line Items] | ||
Beginning balance | ¥ 64,627 | ¥ 73,401 |
Ending balance | 88,273 | 64,627 |
Interest income recognized during the reporting period | 284 | 555 |
Balance not associated allowance for credit losses among financial assets measured at amortized cost, which is suspending recognition of income | 2,747 | 2,367 |
Consumer borrowers | Japan Real Estate Loans | ||
Dislcosure Detail Of Non Accrual Of Financial Assets [Line Items] | ||
Beginning balance | 1,693 | 1,824 |
Ending balance | 1,899 | 1,693 |
Interest income recognized during the reporting period | 126 | 235 |
Balance not associated allowance for credit losses among financial assets measured at amortized cost, which is suspending recognition of income | 194 | 41 |
Consumer borrowers | Overseas Real Estate Loans | ||
Dislcosure Detail Of Non Accrual Of Financial Assets [Line Items] | ||
Beginning balance | 547 | 475 |
Ending balance | 941 | 547 |
Interest income recognized during the reporting period | 0 | 0 |
Balance not associated allowance for credit losses among financial assets measured at amortized cost, which is suspending recognition of income | 7 | 0 |
Consumer borrowers | Japan Card Loans | ||
Dislcosure Detail Of Non Accrual Of Financial Assets [Line Items] | ||
Beginning balance | 1,367 | 503 |
Ending balance | 1,938 | 1,367 |
Interest income recognized during the reporting period | 16 | 28 |
Balance not associated allowance for credit losses among financial assets measured at amortized cost, which is suspending recognition of income | 0 | 0 |
Consumer borrowers | Japan Other | ||
Dislcosure Detail Of Non Accrual Of Financial Assets [Line Items] | ||
Beginning balance | 5,429 | 2,391 |
Ending balance | 6,746 | 5,429 |
Interest income recognized during the reporting period | 101 | 170 |
Balance not associated allowance for credit losses among financial assets measured at amortized cost, which is suspending recognition of income | 8 | 10 |
Consumer borrowers | Overseas Other | ||
Dislcosure Detail Of Non Accrual Of Financial Assets [Line Items] | ||
Beginning balance | 1,105 | 519 |
Ending balance | 1,423 | 1,105 |
Interest income recognized during the reporting period | 0 | 0 |
Balance not associated allowance for credit losses among financial assets measured at amortized cost, which is suspending recognition of income | 4 | 0 |
Corporate borrowers | Overseas Non Recourse Loans | ||
Dislcosure Detail Of Non Accrual Of Financial Assets [Line Items] | ||
Beginning balance | 3,248 | 8,787 |
Ending balance | 3,556 | 3,248 |
Interest income recognized during the reporting period | 0 | 0 |
Balance not associated allowance for credit losses among financial assets measured at amortized cost, which is suspending recognition of income | 0 | 0 |
Corporate borrowers | Japan real estate companies | ||
Dislcosure Detail Of Non Accrual Of Financial Assets [Line Items] | ||
Beginning balance | 219 | 351 |
Ending balance | 206 | 219 |
Interest income recognized during the reporting period | 23 | 51 |
Balance not associated allowance for credit losses among financial assets measured at amortized cost, which is suspending recognition of income | 8 | 13 |
Corporate borrowers | Overseas real estate companies | ||
Dislcosure Detail Of Non Accrual Of Financial Assets [Line Items] | ||
Beginning balance | 12,804 | 20,879 |
Ending balance | 21,927 | 12,804 |
Interest income recognized during the reporting period | 0 | 0 |
Balance not associated allowance for credit losses among financial assets measured at amortized cost, which is suspending recognition of income | 0 | 0 |
Corporate borrowers | Japan commercial, industrial companies | ||
Dislcosure Detail Of Non Accrual Of Financial Assets [Line Items] | ||
Beginning balance | 1,118 | 1,267 |
Ending balance | 822 | 1,118 |
Interest income recognized during the reporting period | 18 | 71 |
Balance not associated allowance for credit losses among financial assets measured at amortized cost, which is suspending recognition of income | 158 | 190 |
Corporate borrowers | Overseas commercial, industrial companies and other | ||
Dislcosure Detail Of Non Accrual Of Financial Assets [Line Items] | ||
Beginning balance | 20,470 | 18,634 |
Ending balance | 27,936 | 20,470 |
Interest income recognized during the reporting period | 0 | 0 |
Balance not associated allowance for credit losses among financial assets measured at amortized cost, which is suspending recognition of income | 2,368 | 2,113 |
Net investment in leases | ||
Dislcosure Detail Of Non Accrual Of Financial Assets [Line Items] | ||
Beginning balance | 16,627 | 17,771 |
Ending balance | 20,879 | 16,627 |
Interest income recognized during the reporting period | 0 | 0 |
Balance not associated allowance for credit losses among financial assets measured at amortized cost, which is suspending recognition of income | ¥ 0 | ¥ 0 |
Credit Quality of Financial _12
Credit Quality of Financial Assets and the Allowance for Credit Losses - Summary of Troubled Debt Restructurings of Financing Receivables (Detail) - JPY (¥) ¥ in Millions | 3 Months Ended | 6 Months Ended |
Sep. 30, 2022 | Sep. 30, 2022 | |
Financing Receivable, Modifications [Line Items] | ||
Pre-modification outstanding recorded investment | ¥ 4,520 | ¥ 12,192 |
Post-modification outstanding recorded investment | 4,109 | 11,387 |
Consumer borrowers | ||
Financing Receivable, Modifications [Line Items] | ||
Pre-modification outstanding recorded investment | 1,938 | 3,979 |
Post-modification outstanding recorded investment | 1,527 | 3,175 |
Consumer borrowers | Consumer - Real Estate Loans | ||
Financing Receivable, Modifications [Line Items] | ||
Pre-modification outstanding recorded investment | 5 | 5 |
Post-modification outstanding recorded investment | 3 | 3 |
Consumer borrowers | Consumer-Card loans | ||
Financing Receivable, Modifications [Line Items] | ||
Pre-modification outstanding recorded investment | 332 | 713 |
Post-modification outstanding recorded investment | 284 | 619 |
Consumer borrowers | Consumer - Other | ||
Financing Receivable, Modifications [Line Items] | ||
Pre-modification outstanding recorded investment | 1,601 | 3,261 |
Post-modification outstanding recorded investment | 1,240 | 2,553 |
Corporate borrowers | ||
Financing Receivable, Modifications [Line Items] | ||
Pre-modification outstanding recorded investment | 2,582 | 8,213 |
Post-modification outstanding recorded investment | 2,582 | 8,212 |
Corporate borrowers | Commercial, industrial and other companies in overseas | Overseas | ||
Financing Receivable, Modifications [Line Items] | ||
Pre-modification outstanding recorded investment | 2,582 | 8,213 |
Post-modification outstanding recorded investment | ¥ 2,582 | ¥ 8,212 |
Credit Quality of Financial _13
Credit Quality of Financial Assets and the Allowance for Credit Losses - Summary of Financing Receivables Modified as Troubled Debt Restructurings (Detail) - JPY (¥) ¥ in Millions | 3 Months Ended | 6 Months Ended |
Sep. 30, 2022 | Sep. 30, 2022 | |
Financing Receivable, Modifications [Line Items] | ||
Recorded investment | ¥ 1,879 | ¥ 2,066 |
Consumer borrowers | ||
Financing Receivable, Modifications [Line Items] | ||
Recorded investment | 208 | 395 |
Consumer borrowers | Consumer-Card loans | ||
Financing Receivable, Modifications [Line Items] | ||
Recorded investment | 3 | 7 |
Consumer borrowers | Consumer - Other | ||
Financing Receivable, Modifications [Line Items] | ||
Recorded investment | 205 | 388 |
Corporate borrowers | ||
Financing Receivable, Modifications [Line Items] | ||
Recorded investment | 1,671 | 1,671 |
Corporate borrowers | Other than non-recourse loans | Commercial, industrial and other companies in overseas | ||
Financing Receivable, Modifications [Line Items] | ||
Recorded investment | ¥ 1,671 | ¥ 1,671 |
Credit Quality of Financial _14
Credit Quality of Financial Assets and the Allowance for Credit Losses - Summary of Modifications of Financing Receivables (Detail) - JPY (¥) ¥ in Millions | 3 Months Ended | 6 Months Ended | ||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | |
Financing Receivable, Modifications [Line Items] | ||||
Amortized cost basis | ¥ 4,109 | ¥ 11,387 | ||
Consumer borrowers | ||||
Financing Receivable, Modifications [Line Items] | ||||
Amortized cost basis | 1,527 | 3,175 | ||
Consumer borrowers | Card loans | ||||
Financing Receivable, Modifications [Line Items] | ||||
Amortized cost basis | 284 | 619 | ||
Consumer borrowers | Other | ||||
Financing Receivable, Modifications [Line Items] | ||||
Amortized cost basis | ¥ 1,240 | ¥ 2,553 | ||
Interest rate reduction | ||||
Financing Receivable, Modifications [Line Items] | ||||
Amortized cost basis | ¥ 182 | ¥ 245 | ||
% of total class of financing receivable | 0% | 0% | ||
Interest rate reduction | Consumer borrowers | ||||
Financing Receivable, Modifications [Line Items] | ||||
Amortized cost basis | ¥ 182 | ¥ 245 | ||
% of total class of financing receivable | 0% | 0% | ||
Interest rate reduction | Consumer borrowers | Real estate loans | ||||
Financing Receivable, Modifications [Line Items] | ||||
Amortized cost basis | ¥ 0 | ¥ 3 | ||
% of total class of financing receivable | 0% | 0% | ||
Interest rate reduction | Consumer borrowers | Card loans | ||||
Financing Receivable, Modifications [Line Items] | ||||
Amortized cost basis | ¥ 164 | ¥ 222 | ||
% of total class of financing receivable | 0.10% | 0.10% | ||
Interest rate reduction | Consumer borrowers | Other | ||||
Financing Receivable, Modifications [Line Items] | ||||
Amortized cost basis | ¥ 18 | ¥ 20 | ||
% of total class of financing receivable | 0% | 0% | ||
Interest rate reduction | Corporate borrowers | ||||
Financing Receivable, Modifications [Line Items] | ||||
Amortized cost basis | ¥ 0 | ¥ 0 | ||
% of total class of financing receivable | 0% | 0% | ||
Interest rate reduction | Corporate borrowers | Other than Non-recourse loans | ||||
Financing Receivable, Modifications [Line Items] | ||||
Amortized cost basis | ¥ 0 | ¥ 0 | ||
% of total class of financing receivable | 0% | 0% | ||
Interest rate reduction | Corporate borrowers | Other than Non-recourse loans | Real estate companies in Japan | ||||
Financing Receivable, Modifications [Line Items] | ||||
Amortized cost basis | ¥ 0 | ¥ 0 | ||
% of total class of financing receivable | 0% | 0% | ||
Interest rate reduction | Corporate borrowers | Other than Non-recourse loans | Commercial, industrial and other companies in Japan | ||||
Financing Receivable, Modifications [Line Items] | ||||
Amortized cost basis | ¥ 0 | ¥ 0 | ||
% of total class of financing receivable | 0% | 0% | ||
Interest rate reduction | Corporate borrowers | Other than Non-recourse loans | Commercial, industrial and other companies in overseas | ||||
Financing Receivable, Modifications [Line Items] | ||||
Amortized cost basis | ¥ 0 | ¥ 0 | ||
% of total class of financing receivable | 0% | 0% | ||
Interest rate reduction | Net investment in leases | ||||
Financing Receivable, Modifications [Line Items] | ||||
Amortized cost basis | ¥ 0 | ¥ 0 | ||
% of total class of financing receivable | 0% | 0% | ||
Interest rate reduction | Net investment in leases | Overseas | ||||
Financing Receivable, Modifications [Line Items] | ||||
Amortized cost basis | ¥ 0 | ¥ 0 | ||
% of total class of financing receivable | 0% | 0% | ||
Term extension | ||||
Financing Receivable, Modifications [Line Items] | ||||
Amortized cost basis | ¥ 1,948 | ¥ 3,216 | ||
% of total class of financing receivable | 0% | 0.10% | ||
Term extension | Consumer borrowers | ||||
Financing Receivable, Modifications [Line Items] | ||||
Amortized cost basis | ¥ 1,236 | ¥ 2,354 | ||
% of total class of financing receivable | 0.10% | 0.10% | ||
Term extension | Consumer borrowers | Real estate loans | ||||
Financing Receivable, Modifications [Line Items] | ||||
Amortized cost basis | ¥ 1 | ¥ 1 | ||
% of total class of financing receivable | 0% | 0% | ||
Term extension | Consumer borrowers | Card loans | ||||
Financing Receivable, Modifications [Line Items] | ||||
Amortized cost basis | ¥ 1 | ¥ 1 | ||
% of total class of financing receivable | 0% | 0% | ||
Term extension | Consumer borrowers | Other | ||||
Financing Receivable, Modifications [Line Items] | ||||
Amortized cost basis | ¥ 1,234 | ¥ 2,352 | ||
% of total class of financing receivable | 1.50% | 2.90% | ||
Term extension | Corporate borrowers | ||||
Financing Receivable, Modifications [Line Items] | ||||
Amortized cost basis | ¥ 712 | ¥ 862 | ||
% of total class of financing receivable | 0% | 0.10% | ||
Term extension | Corporate borrowers | Other than Non-recourse loans | ||||
Financing Receivable, Modifications [Line Items] | ||||
Amortized cost basis | ¥ 712 | ¥ 862 | ||
% of total class of financing receivable | 0.10% | 0.10% | ||
Term extension | Corporate borrowers | Other than Non-recourse loans | Real estate companies in Japan | ||||
Financing Receivable, Modifications [Line Items] | ||||
Amortized cost basis | ¥ 0 | ¥ 35 | ||
% of total class of financing receivable | 0% | 0% | ||
Term extension | Corporate borrowers | Other than Non-recourse loans | Commercial, industrial and other companies in Japan | ||||
Financing Receivable, Modifications [Line Items] | ||||
Amortized cost basis | ¥ 427 | ¥ 542 | ||
% of total class of financing receivable | 0.20% | 0.20% | ||
Term extension | Corporate borrowers | Other than Non-recourse loans | Commercial, industrial and other companies in overseas | ||||
Financing Receivable, Modifications [Line Items] | ||||
Amortized cost basis | ¥ 285 | ¥ 285 | ||
% of total class of financing receivable | 0% | 0% | ||
Term extension | Net investment in leases | ||||
Financing Receivable, Modifications [Line Items] | ||||
Amortized cost basis | ¥ 0 | ¥ 0 | ||
% of total class of financing receivable | 0% | 0% | ||
Term extension | Net investment in leases | Overseas | ||||
Financing Receivable, Modifications [Line Items] | ||||
Amortized cost basis | ¥ 0 | ¥ 0 | ||
% of total class of financing receivable | 0% | 0% | ||
Principal forgiveness | ||||
Financing Receivable, Modifications [Line Items] | ||||
Amortized cost basis | ¥ 21 | ¥ 103 | ||
% of total class of financing receivable | 0% | 0% | ||
Principal forgiveness | Consumer borrowers | ||||
Financing Receivable, Modifications [Line Items] | ||||
Amortized cost basis | ¥ 16 | ¥ 45 | ||
% of total class of financing receivable | 0% | 0% | ||
Principal forgiveness | Consumer borrowers | Real estate loans | ||||
Financing Receivable, Modifications [Line Items] | ||||
Amortized cost basis | ¥ 1 | ¥ 1 | ||
% of total class of financing receivable | 0% | 0% | ||
Principal forgiveness | Consumer borrowers | Card loans | ||||
Financing Receivable, Modifications [Line Items] | ||||
Amortized cost basis | ¥ 15 | ¥ 41 | ||
% of total class of financing receivable | 0% | 0% | ||
Principal forgiveness | Consumer borrowers | Other | ||||
Financing Receivable, Modifications [Line Items] | ||||
Amortized cost basis | ¥ 0 | ¥ 3 | ||
% of total class of financing receivable | 0% | 0% | ||
Principal forgiveness | Corporate borrowers | ||||
Financing Receivable, Modifications [Line Items] | ||||
Amortized cost basis | ¥ 5 | ¥ 58 | ||
% of total class of financing receivable | 0% | 0% | ||
Principal forgiveness | Corporate borrowers | Other than Non-recourse loans | ||||
Financing Receivable, Modifications [Line Items] | ||||
Amortized cost basis | ¥ 5 | ¥ 58 | ||
% of total class of financing receivable | 0% | 0% | ||
Principal forgiveness | Corporate borrowers | Other than Non-recourse loans | Real estate companies in Japan | ||||
Financing Receivable, Modifications [Line Items] | ||||
Amortized cost basis | ¥ 0 | ¥ 0 | ||
% of total class of financing receivable | 0% | 0% | ||
Principal forgiveness | Corporate borrowers | Other than Non-recourse loans | Commercial, industrial and other companies in Japan | ||||
Financing Receivable, Modifications [Line Items] | ||||
Amortized cost basis | ¥ 0 | ¥ 0 | ||
% of total class of financing receivable | 0% | 0% | ||
Principal forgiveness | Corporate borrowers | Other than Non-recourse loans | Commercial, industrial and other companies in overseas | ||||
Financing Receivable, Modifications [Line Items] | ||||
Amortized cost basis | ¥ 5 | ¥ 58 | ||
% of total class of financing receivable | 0% | 0% | ||
Principal forgiveness | Net investment in leases | ||||
Financing Receivable, Modifications [Line Items] | ||||
Amortized cost basis | ¥ 0 | ¥ 0 | ||
% of total class of financing receivable | 0% | 0% | ||
Principal forgiveness | Net investment in leases | Overseas | ||||
Financing Receivable, Modifications [Line Items] | ||||
Amortized cost basis | ¥ 0 | ¥ 0 | ||
% of total class of financing receivable | 0% | 0% | ||
Combination - interest rate reduction and term extension | ||||
Financing Receivable, Modifications [Line Items] | ||||
Amortized cost basis | ¥ 5 | ¥ 14 | ||
% of total class of financing receivable | 0% | 0% | ||
Combination - interest rate reduction and term extension | Consumer borrowers | ||||
Financing Receivable, Modifications [Line Items] | ||||
Amortized cost basis | ¥ 5 | ¥ 14 | ||
% of total class of financing receivable | 0% | 0% | ||
Combination - interest rate reduction and term extension | Consumer borrowers | Real estate loans | ||||
Financing Receivable, Modifications [Line Items] | ||||
Amortized cost basis | ¥ 0 | ¥ 0 | ||
% of total class of financing receivable | 0% | 0% | ||
Combination - interest rate reduction and term extension | Consumer borrowers | Card loans | ||||
Financing Receivable, Modifications [Line Items] | ||||
Amortized cost basis | ¥ 0 | ¥ 0 | ||
% of total class of financing receivable | 0% | 0% | ||
Combination - interest rate reduction and term extension | Consumer borrowers | Other | ||||
Financing Receivable, Modifications [Line Items] | ||||
Amortized cost basis | ¥ 5 | ¥ 14 | ||
% of total class of financing receivable | 0% | 0% | ||
Combination - interest rate reduction and term extension | Corporate borrowers | ||||
Financing Receivable, Modifications [Line Items] | ||||
Amortized cost basis | ¥ 0 | ¥ 0 | ||
% of total class of financing receivable | 0% | 0% | ||
Combination - interest rate reduction and term extension | Corporate borrowers | Other than Non-recourse loans | ||||
Financing Receivable, Modifications [Line Items] | ||||
Amortized cost basis | ¥ 0 | ¥ 0 | ||
% of total class of financing receivable | 0% | 0% | ||
Combination - interest rate reduction and term extension | Corporate borrowers | Other than Non-recourse loans | Real estate companies in Japan | ||||
Financing Receivable, Modifications [Line Items] | ||||
Amortized cost basis | ¥ 0 | ¥ 0 | ||
% of total class of financing receivable | 0% | 0% | ||
Combination - interest rate reduction and term extension | Corporate borrowers | Other than Non-recourse loans | Commercial, industrial and other companies in Japan | ||||
Financing Receivable, Modifications [Line Items] | ||||
Amortized cost basis | ¥ 0 | ¥ 0 | ||
% of total class of financing receivable | 0% | 0% | ||
Combination - interest rate reduction and term extension | Corporate borrowers | Other than Non-recourse loans | Commercial, industrial and other companies in overseas | ||||
Financing Receivable, Modifications [Line Items] | ||||
Amortized cost basis | ¥ 0 | ¥ 0 | ||
% of total class of financing receivable | 0% | 0% | ||
Combination - interest rate reduction and term extension | Net investment in leases | ||||
Financing Receivable, Modifications [Line Items] | ||||
Amortized cost basis | ¥ 0 | ¥ 0 | ||
% of total class of financing receivable | 0% | 0% | ||
Combination - interest rate reduction and term extension | Net investment in leases | Overseas | ||||
Financing Receivable, Modifications [Line Items] | ||||
Amortized cost basis | ¥ 0 | ¥ 0 | ||
% of total class of financing receivable | 0% | 0% | ||
Combination - interest rate reduction and principal forgiveness | ||||
Financing Receivable, Modifications [Line Items] | ||||
Amortized cost basis | ¥ 247 | ¥ 583 | ||
% of total class of financing receivable | 0% | 0% | ||
Combination - interest rate reduction and principal forgiveness | Consumer borrowers | ||||
Financing Receivable, Modifications [Line Items] | ||||
Amortized cost basis | ¥ 247 | ¥ 583 | ||
% of total class of financing receivable | 0% | 0% | ||
Combination - interest rate reduction and principal forgiveness | Consumer borrowers | Real estate loans | ||||
Financing Receivable, Modifications [Line Items] | ||||
Amortized cost basis | ¥ 0 | ¥ 0 | ||
% of total class of financing receivable | 0% | 0% | ||
Combination - interest rate reduction and principal forgiveness | Consumer borrowers | Card loans | ||||
Financing Receivable, Modifications [Line Items] | ||||
Amortized cost basis | ¥ 239 | ¥ 563 | ||
% of total class of financing receivable | 0.10% | 0.30% | ||
Combination - interest rate reduction and principal forgiveness | Consumer borrowers | Other | ||||
Financing Receivable, Modifications [Line Items] | ||||
Amortized cost basis | ¥ 8 | ¥ 20 | ||
% of total class of financing receivable | 0% | 0% | ||
Combination - interest rate reduction and principal forgiveness | Corporate borrowers | ||||
Financing Receivable, Modifications [Line Items] | ||||
Amortized cost basis | ¥ 0 | ¥ 0 | ||
% of total class of financing receivable | 0% | 0% | ||
Combination - interest rate reduction and principal forgiveness | Corporate borrowers | Other than Non-recourse loans | ||||
Financing Receivable, Modifications [Line Items] | ||||
Amortized cost basis | ¥ 0 | ¥ 0 | ||
% of total class of financing receivable | 0% | 0% | ||
Combination - interest rate reduction and principal forgiveness | Corporate borrowers | Other than Non-recourse loans | Real estate companies in Japan | ||||
Financing Receivable, Modifications [Line Items] | ||||
Amortized cost basis | ¥ 0 | ¥ 0 | ||
% of total class of financing receivable | 0% | 0% | ||
Combination - interest rate reduction and principal forgiveness | Corporate borrowers | Other than Non-recourse loans | Commercial, industrial and other companies in Japan | ||||
Financing Receivable, Modifications [Line Items] | ||||
Amortized cost basis | ¥ 0 | ¥ 0 | ||
% of total class of financing receivable | 0% | 0% | ||
Combination - interest rate reduction and principal forgiveness | Corporate borrowers | Other than Non-recourse loans | Commercial, industrial and other companies in overseas | ||||
Financing Receivable, Modifications [Line Items] | ||||
Amortized cost basis | ¥ 0 | ¥ 0 | ||
% of total class of financing receivable | 0% | 0% | ||
Combination - interest rate reduction and principal forgiveness | Net investment in leases | ||||
Financing Receivable, Modifications [Line Items] | ||||
Amortized cost basis | ¥ 0 | ¥ 0 | ||
% of total class of financing receivable | 0% | 0% | ||
Combination - interest rate reduction and principal forgiveness | Net investment in leases | Overseas | ||||
Financing Receivable, Modifications [Line Items] | ||||
Amortized cost basis | ¥ 0 | ¥ 0 | ||
% of total class of financing receivable | 0% | 0% | ||
Combination - term extension and principal forgiveness | ||||
Financing Receivable, Modifications [Line Items] | ||||
Amortized cost basis | ¥ 112 | ¥ 264 | ||
% of total class of financing receivable | 0% | 0% | ||
Combination - term extension and principal forgiveness | Consumer borrowers | ||||
Financing Receivable, Modifications [Line Items] | ||||
Amortized cost basis | ¥ 112 | ¥ 264 | ||
% of total class of financing receivable | 0% | 0% | ||
Combination - term extension and principal forgiveness | Consumer borrowers | Real estate loans | ||||
Financing Receivable, Modifications [Line Items] | ||||
Amortized cost basis | ¥ 0 | ¥ 0 | ||
% of total class of financing receivable | 0% | 0% | ||
Combination - term extension and principal forgiveness | Consumer borrowers | Card loans | ||||
Financing Receivable, Modifications [Line Items] | ||||
Amortized cost basis | ¥ 0 | ¥ 0 | ||
% of total class of financing receivable | 0% | 0% | ||
Combination - term extension and principal forgiveness | Consumer borrowers | Other | ||||
Financing Receivable, Modifications [Line Items] | ||||
Amortized cost basis | ¥ 112 | ¥ 264 | ||
% of total class of financing receivable | 0.10% | 0.30% | ||
Combination - term extension and principal forgiveness | Corporate borrowers | ||||
Financing Receivable, Modifications [Line Items] | ||||
Amortized cost basis | ¥ 0 | ¥ 0 | ||
% of total class of financing receivable | 0% | 0% | ||
Combination - term extension and principal forgiveness | Corporate borrowers | Other than Non-recourse loans | ||||
Financing Receivable, Modifications [Line Items] | ||||
Amortized cost basis | ¥ 0 | ¥ 0 | ||
% of total class of financing receivable | 0% | 0% | ||
Combination - term extension and principal forgiveness | Corporate borrowers | Other than Non-recourse loans | Real estate companies in Japan | ||||
Financing Receivable, Modifications [Line Items] | ||||
Amortized cost basis | ¥ 0 | ¥ 0 | ||
% of total class of financing receivable | 0% | 0% | ||
Combination - term extension and principal forgiveness | Corporate borrowers | Other than Non-recourse loans | Commercial, industrial and other companies in Japan | ||||
Financing Receivable, Modifications [Line Items] | ||||
Amortized cost basis | ¥ 0 | ¥ 0 | ||
% of total class of financing receivable | 0% | 0% | ||
Combination - term extension and principal forgiveness | Corporate borrowers | Other than Non-recourse loans | Commercial, industrial and other companies in overseas | ||||
Financing Receivable, Modifications [Line Items] | ||||
Amortized cost basis | ¥ 0 | ¥ 0 | ||
% of total class of financing receivable | 0% | 0% | ||
Combination - term extension and principal forgiveness | Net investment in leases | ||||
Financing Receivable, Modifications [Line Items] | ||||
Amortized cost basis | ¥ 0 | ¥ 0 | ||
% of total class of financing receivable | 0% | 0% | ||
Combination - term extension and principal forgiveness | Net investment in leases | Overseas | ||||
Financing Receivable, Modifications [Line Items] | ||||
Amortized cost basis | ¥ 0 | ¥ 0 | ||
% of total class of financing receivable | 0% | 0% |
Credit Quality of Financial _15
Credit Quality of Financial Assets and the Allowance for Credit Losses - Summary of Financial Effect of Modifications of Financing Receivable (Detail) - JPY (¥) ¥ in Millions | 3 Months Ended | 6 Months Ended |
Sep. 30, 2023 | Sep. 30, 2023 | |
Interest rate reduction | Consumer borrowers | Real estate loans | ||
Financing Receivable, Modifications [Line Items] | ||
Interest rate reduction, Minimum limit | 3.90% | |
Interest rate reduction, Maximum limit | 0% | |
Interest rate reduction | Consumer borrowers | Card loans | ||
Financing Receivable, Modifications [Line Items] | ||
Interest rate reduction, Minimum limit | 12.70% | 12.60% |
Interest rate reduction, Maximum limit | 0.40% | 0.40% |
Interest rate reduction | Consumer borrowers | Other | ||
Financing Receivable, Modifications [Line Items] | ||
Interest rate reduction, Minimum limit | 12.40% | 14.20% |
Interest rate reduction, Maximum limit | 1.80% | 2.50% |
Term extension | Consumer borrowers | Real estate loans | ||
Financing Receivable, Modifications [Line Items] | ||
Term extension | 1 year | 1 year |
Term extension | Consumer borrowers | Card loans | ||
Financing Receivable, Modifications [Line Items] | ||
Term extension | 6 years 7 months 6 days | 6 years 7 months 6 days |
Term extension | Consumer borrowers | Other | ||
Financing Receivable, Modifications [Line Items] | ||
Term extension | 4 years 10 months 24 days | 4 years 9 months 18 days |
Term extension | Corporate borrowers | Real estate companies in Japan | Japan | ||
Financing Receivable, Modifications [Line Items] | ||
Term extension | 6 months | |
Term extension | Corporate borrowers | Commercial, industrial and other companies in Japan | Japan | ||
Financing Receivable, Modifications [Line Items] | ||
Term extension | 6 months | 7 months 6 days |
Term extension | Corporate borrowers | Commercial, industrial and other companies in overseas | Overseas | ||
Financing Receivable, Modifications [Line Items] | ||
Term extension | 4 years 8 months 12 days | 4 years 8 months 12 days |
Principal forgiveness | Consumer borrowers | Real estate loans | ||
Financing Receivable, Modifications [Line Items] | ||
Principal forgiveness | ¥ 0 | ¥ 1 |
Principal forgiveness | Consumer borrowers | Card loans | ||
Financing Receivable, Modifications [Line Items] | ||
Principal forgiveness | 40 | 92 |
Principal forgiveness | Consumer borrowers | Other | ||
Financing Receivable, Modifications [Line Items] | ||
Principal forgiveness | 177 | 336 |
Principal forgiveness | Corporate borrowers | Commercial, industrial and other companies in overseas | Overseas | ||
Financing Receivable, Modifications [Line Items] | ||
Principal forgiveness | 3 | 108 |
Principal forgiveness | Net investment in leases | Overseas | ||
Financing Receivable, Modifications [Line Items] | ||
Principal forgiveness | ¥ 0 | ¥ 0 |
Credit Quality of Financial _16
Credit Quality of Financial Assets and the Allowance for Credit Losses - Summary of Past Due Modifications of Financing Receivable (Detail) - JPY (¥) ¥ in Millions | 3 Months Ended | 6 Months Ended | |
Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | |
Financing Receivable, Modified, Subsequent Default [Line Items] | |||
Financing Receivable, Modified | ¥ 1,879 | ¥ 2,066 | |
Consumer borrowers | |||
Financing Receivable, Modified, Subsequent Default [Line Items] | |||
Financing Receivable, Modified | 208 | 395 | |
Consumer borrowers | Card loans | |||
Financing Receivable, Modified, Subsequent Default [Line Items] | |||
Financing Receivable, Modified | 3 | 7 | |
Consumer borrowers | Other | |||
Financing Receivable, Modified, Subsequent Default [Line Items] | |||
Financing Receivable, Modified | ¥ 205 | ¥ 388 | |
Current | |||
Financing Receivable, Modified, Subsequent Default [Line Items] | |||
Financing Receivable, Modified | ¥ 4,084 | ||
Current | Consumer borrowers | |||
Financing Receivable, Modified, Subsequent Default [Line Items] | |||
Financing Receivable, Modified | 3,471 | ||
Current | Consumer borrowers | Real estate loans | |||
Financing Receivable, Modified, Subsequent Default [Line Items] | |||
Financing Receivable, Modified | 5 | ||
Current | Consumer borrowers | Card loans | |||
Financing Receivable, Modified, Subsequent Default [Line Items] | |||
Financing Receivable, Modified | 823 | ||
Current | Consumer borrowers | Other | |||
Financing Receivable, Modified, Subsequent Default [Line Items] | |||
Financing Receivable, Modified | 2,643 | ||
Current | Corporate borrowers | |||
Financing Receivable, Modified, Subsequent Default [Line Items] | |||
Financing Receivable, Modified | 613 | ||
Current | Corporate borrowers | Other than Non-recourse loans | |||
Financing Receivable, Modified, Subsequent Default [Line Items] | |||
Financing Receivable, Modified | 613 | ||
Current | Corporate borrowers | Real estate companies in Japan | Japan | |||
Financing Receivable, Modified, Subsequent Default [Line Items] | |||
Financing Receivable, Modified | 0 | ||
Current | Corporate borrowers | Commercial, industrial and other companies in Japan | Japan | |||
Financing Receivable, Modified, Subsequent Default [Line Items] | |||
Financing Receivable, Modified | 285 | ||
Current | Corporate borrowers | Commercial, industrial and other companies in overseas | Overseas | |||
Financing Receivable, Modified, Subsequent Default [Line Items] | |||
Financing Receivable, Modified | 328 | ||
Current | Net investment in leases | |||
Financing Receivable, Modified, Subsequent Default [Line Items] | |||
Financing Receivable, Modified | 0 | ||
Current | Net investment in leases | Overseas | |||
Financing Receivable, Modified, Subsequent Default [Line Items] | |||
Financing Receivable, Modified | 0 | ||
30-89 days past-due | |||
Financing Receivable, Modified, Subsequent Default [Line Items] | |||
Financing Receivable, Modified | 34 | ||
30-89 days past-due | Consumer borrowers | |||
Financing Receivable, Modified, Subsequent Default [Line Items] | |||
Financing Receivable, Modified | 34 | ||
30-89 days past-due | Consumer borrowers | Real estate loans | |||
Financing Receivable, Modified, Subsequent Default [Line Items] | |||
Financing Receivable, Modified | 0 | ||
30-89 days past-due | Consumer borrowers | Card loans | |||
Financing Receivable, Modified, Subsequent Default [Line Items] | |||
Financing Receivable, Modified | 4 | ||
30-89 days past-due | Consumer borrowers | Other | |||
Financing Receivable, Modified, Subsequent Default [Line Items] | |||
Financing Receivable, Modified | 30 | ||
30-89 days past-due | Corporate borrowers | |||
Financing Receivable, Modified, Subsequent Default [Line Items] | |||
Financing Receivable, Modified | 0 | ||
30-89 days past-due | Corporate borrowers | Other than Non-recourse loans | |||
Financing Receivable, Modified, Subsequent Default [Line Items] | |||
Financing Receivable, Modified | 0 | ||
30-89 days past-due | Corporate borrowers | Real estate companies in Japan | Japan | |||
Financing Receivable, Modified, Subsequent Default [Line Items] | |||
Financing Receivable, Modified | 0 | ||
30-89 days past-due | Corporate borrowers | Commercial, industrial and other companies in Japan | Japan | |||
Financing Receivable, Modified, Subsequent Default [Line Items] | |||
Financing Receivable, Modified | 0 | ||
30-89 days past-due | Corporate borrowers | Commercial, industrial and other companies in overseas | Overseas | |||
Financing Receivable, Modified, Subsequent Default [Line Items] | |||
Financing Receivable, Modified | 0 | ||
30-89 days past-due | Net investment in leases | |||
Financing Receivable, Modified, Subsequent Default [Line Items] | |||
Financing Receivable, Modified | 0 | ||
30-89 days past-due | Net investment in leases | Overseas | |||
Financing Receivable, Modified, Subsequent Default [Line Items] | |||
Financing Receivable, Modified | 0 | ||
90 days or more past-due | |||
Financing Receivable, Modified, Subsequent Default [Line Items] | |||
Financing Receivable, Modified | 307 | ||
90 days or more past-due | Consumer borrowers | |||
Financing Receivable, Modified, Subsequent Default [Line Items] | |||
Financing Receivable, Modified | 0 | ||
90 days or more past-due | Consumer borrowers | Real estate loans | |||
Financing Receivable, Modified, Subsequent Default [Line Items] | |||
Financing Receivable, Modified | 0 | ||
90 days or more past-due | Consumer borrowers | Card loans | |||
Financing Receivable, Modified, Subsequent Default [Line Items] | |||
Financing Receivable, Modified | 0 | ||
90 days or more past-due | Consumer borrowers | Other | |||
Financing Receivable, Modified, Subsequent Default [Line Items] | |||
Financing Receivable, Modified | 0 | ||
90 days or more past-due | Corporate borrowers | |||
Financing Receivable, Modified, Subsequent Default [Line Items] | |||
Financing Receivable, Modified | 307 | ||
90 days or more past-due | Corporate borrowers | Other than Non-recourse loans | |||
Financing Receivable, Modified, Subsequent Default [Line Items] | |||
Financing Receivable, Modified | 307 | ||
90 days or more past-due | Corporate borrowers | Real estate companies in Japan | Japan | |||
Financing Receivable, Modified, Subsequent Default [Line Items] | |||
Financing Receivable, Modified | 35 | ||
90 days or more past-due | Corporate borrowers | Commercial, industrial and other companies in Japan | Japan | |||
Financing Receivable, Modified, Subsequent Default [Line Items] | |||
Financing Receivable, Modified | 257 | ||
90 days or more past-due | Corporate borrowers | Commercial, industrial and other companies in overseas | Overseas | |||
Financing Receivable, Modified, Subsequent Default [Line Items] | |||
Financing Receivable, Modified | 15 | ||
90 days or more past-due | Net investment in leases | |||
Financing Receivable, Modified, Subsequent Default [Line Items] | |||
Financing Receivable, Modified | 0 | ||
90 days or more past-due | Net investment in leases | Overseas | |||
Financing Receivable, Modified, Subsequent Default [Line Items] | |||
Financing Receivable, Modified | ¥ 0 |
Credit Quality of Financial _17
Credit Quality of Financial Assets and the Allowance for Credit Losses - Additional Information (Detail) - JPY (¥) ¥ in Millions | Sep. 30, 2023 | Mar. 31, 2023 |
Loans for which real estate is received as collateral | Instalment loans | ||
Financing Receivable, Modifications [Line Items] | ||
Mortgage loans in process of foreclosure | ¥ 59 | ¥ 57 |
Investment in Securities (Summa
Investment in Securities (Summary of Investment in Securities) (Detail) - JPY (¥) ¥ in Millions | Sep. 30, 2023 | Mar. 31, 2023 | |
Equity securities | [1] | ¥ 751,872 | ¥ 589,312 |
Trading debt securities | 2,259 | 2,179 | |
Available-for-sale debt securities | 2,318,317 | 2,234,608 | |
Held-to-maturity debt securities | 115,515 | 114,759 | |
Total | ¥ 3,187,963 | ¥ 2,940,858 | |
[1]The amount of assets under management of variable annuity and variable life insurance contracts included in equity securities were ¥151,445 million and ¥151,281 million as of March 31, 2023 and September 30, 2023, respectively. The amount of investment funds that are accounted for under the equity method included in equity securities were ¥90,993 million and ¥196,899 million as of March 31, 2023 and September 30, 2023, respectively. The amount of investment funds elected the fair value option included in equity securities were ¥16,032 million and ¥19,401 million as of March 31, 2023 and September 30, 2023, respectively. |
Investment in Securities (Sum_2
Investment in Securities (Summary of Investment in Securities) (Parenthetical) (Detail) - JPY (¥) ¥ in Millions | Sep. 30, 2023 | Mar. 31, 2023 | |
Schedule of Investments [Line Items] | |||
Equity securities | ¥ 26,848 | ¥ 22,874 | |
Equity securities | [1] | 751,872 | 589,312 |
Investment Funds Elected for Fair Value Option | |||
Schedule of Investments [Line Items] | |||
Equity securities | 19,401 | 16,032 | |
Variable Annuity and Variable Life Insurance Contracts | |||
Schedule of Investments [Line Items] | |||
Equity securities | 151,281 | 151,445 | |
Investment funds that are accounted for under the equity method | |||
Schedule of Investments [Line Items] | |||
Equity securities | ¥ 196,899 | ¥ 90,993 | |
[1]The amount of assets under management of variable annuity and variable life insurance contracts included in equity securities were ¥151,445 million and ¥151,281 million as of March 31, 2023 and September 30, 2023, respectively. The amount of investment funds that are accounted for under the equity method included in equity securities were ¥90,993 million and ¥196,899 million as of March 31, 2023 and September 30, 2023, respectively. The amount of investment funds elected the fair value option included in equity securities were ¥16,032 million and ¥19,401 million as of March 31, 2023 and September 30, 2023, respectively. |
Investment in Securities - Addi
Investment in Securities - Additional Information (Detail) ¥ in Millions | 3 Months Ended | 6 Months Ended | |||
Sep. 30, 2023 JPY (¥) Investment | Sep. 30, 2022 JPY (¥) | Sep. 30, 2023 JPY (¥) Investment | Sep. 30, 2022 JPY (¥) | Mar. 31, 2023 JPY (¥) Investment | |
Schedule of Investments [Line Items] | |||||
Net unrealized holding gains (losses) on trading securities | ¥ 1,178 | ¥ (949) | ¥ 24,322 | ¥ (15,645) | |
Investment funds fair value | ¥ 26,848 | ¥ 26,848 | ¥ 22,874 | ||
Number of investment securities in an unrealized loss position | Investment | 1,273 | 1,273 | 1,208 | ||
Debt securities available-for-sale accrued interest, after allowance for credit loss | ¥ 12,918 | ¥ 12,918 | ¥ 10,781 | ||
Accrued Interest Receivables | |||||
Schedule of Investments [Line Items] | |||||
Allowance for credit loss of accrued interest | 0 | 0 | 0 | ||
Equity securities | |||||
Schedule of Investments [Line Items] | |||||
Investment funds fair value | 19,401 | 19,401 | 16,032 | ||
Trading Debt Securities | |||||
Schedule of Investments [Line Items] | |||||
Net unrealized holding gains (losses) on trading debt securities | (23) | 104 | (28) | 198 | |
Available-for-sale securities | |||||
Schedule of Investments [Line Items] | |||||
Debt Securities, Available-for-Sale, Purchased credit deterioration financial assets | 0 | ¥ 0 | 0 | ¥ 0 | |
Available-for-sale securities | Foreign Government Bond Securities | |||||
Schedule of Investments [Line Items] | |||||
Investment funds fair value | 314 | 314 | 237 | ||
Available-for-sale securities | Foreign Corporate Debt Securities | |||||
Schedule of Investments [Line Items] | |||||
Investment funds fair value | ¥ 7,133 | ¥ 7,133 | ¥ 6,605 |
Investment in Securities (Infor
Investment in Securities (Information About Impairment and Upward or Downward Adjustments Resulting From Observable Price Changes) (Detail) - Equity security - JPY (¥) ¥ in Millions | 3 Months Ended | 6 Months Ended | |||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | Mar. 31, 2023 | |
Schedule Of Gain Loss On Investments Held At Cost Balance Sheet and Income Statement Reported Amounts Summary [Line Items] | |||||
Carrying value | ¥ 76,756 | ¥ 76,756 | ¥ 67,820 | ||
Accumulated impairments and downward adjustments | (14,126) | (14,126) | (14,062) | ||
Accumulated upward adjustments | 1,947 | 1,947 | ¥ 1,742 | ||
Impairments and downward adjustments | (3) | ¥ (278) | (90) | ¥ (368) | |
Upward adjustments | ¥ 832 | ¥ 27 | ¥ 956 | ¥ 896 |
Investment in Securities (Amort
Investment in Securities (Amortized Cost Basis Amounts, Gross Unrealized Holding Gains, Gross Unrealized Holding Losses and Fair Values of Available-for-Sale Securities and Held-to-Maturity Securities in Each Major Security Type) (Detail) - JPY (¥) ¥ in Millions | Sep. 30, 2023 | Mar. 31, 2023 |
Schedule of Investments [Line Items] | ||
Available-for-sale debt securities, Amortized cost | ¥ 2,709,258 | ¥ 2,488,858 |
Available-for-sale debt securities, Allowance for credit losses | (468) | (144) |
Available-for-sale debt securities, Gross unrealized gains | 15,977 | 16,076 |
Available-for-sale debt securities, Gross unrealized losses | (406,450) | (270,182) |
Available-for-sale debt securities, Fair value | 2,318,317 | 2,234,608 |
Held-to-maturity securities, Amortized cost | 115,515 | 114,759 |
Total amortized cost | 2,824,773 | 2,603,617 |
Total allowance for credit losses | (468) | (144) |
Total gross unrealized gains | 26,075 | 30,995 |
Total gross unrealized losses | (407,943) | (270,182) |
Total fair values | 2,442,437 | 2,364,286 |
Japanese and foreign government bond securities | ||
Schedule of Investments [Line Items] | ||
Available-for-sale debt securities, Amortized cost | 1,073,621 | 962,969 |
Available-for-sale debt securities, Allowance for credit losses | 0 | 0 |
Available-for-sale debt securities, Gross unrealized gains | 962 | 2,863 |
Available-for-sale debt securities, Gross unrealized losses | (262,776) | (164,537) |
Available-for-sale debt securities, Fair value | 811,807 | 801,295 |
Japanese prefectural and foreign municipal bond securities | ||
Schedule of Investments [Line Items] | ||
Available-for-sale debt securities, Amortized cost | 404,890 | 389,150 |
Available-for-sale debt securities, Allowance for credit losses | (246) | (144) |
Available-for-sale debt securities, Gross unrealized gains | 390 | 1,146 |
Available-for-sale debt securities, Gross unrealized losses | (35,223) | (20,906) |
Available-for-sale debt securities, Fair value | 369,811 | 369,246 |
Corporate debt securities | ||
Schedule of Investments [Line Items] | ||
Available-for-sale debt securities, Amortized cost | 892,807 | 851,525 |
Available-for-sale debt securities, Allowance for credit losses | 0 | 0 |
Available-for-sale debt securities, Gross unrealized gains | 8,971 | 6,270 |
Available-for-sale debt securities, Gross unrealized losses | (98,969) | (73,407) |
Available-for-sale debt securities, Fair value | 802,809 | 784,388 |
CMBS and RMBS in the Americas | ||
Schedule of Investments [Line Items] | ||
Available-for-sale debt securities, Amortized cost | 70,307 | 45,292 |
Available-for-sale debt securities, Allowance for credit losses | 0 | 0 |
Available-for-sale debt securities, Gross unrealized gains | 198 | 62 |
Available-for-sale debt securities, Gross unrealized losses | (2,312) | (2,181) |
Available-for-sale debt securities, Fair value | 68,193 | 43,173 |
Other asset-backed securities and debt securities | ||
Schedule of Investments [Line Items] | ||
Available-for-sale debt securities, Amortized cost | 267,633 | 239,922 |
Available-for-sale debt securities, Allowance for credit losses | (222) | 0 |
Available-for-sale debt securities, Gross unrealized gains | 5,456 | 5,735 |
Available-for-sale debt securities, Gross unrealized losses | (7,170) | (9,151) |
Available-for-sale debt securities, Fair value | 265,697 | 236,506 |
Japanese government bond securities and other | ||
Schedule of Investments [Line Items] | ||
Held-to-maturity securities, Amortized cost | 115,515 | 114,759 |
Held-to-maturity securities, Allowance for credit losses | 0 | 0 |
Held-to-maturity securities, Gross unrealized gains | 10,098 | 14,919 |
Held-to-maturity securities, Gross unrealized losses | (1,493) | 0 |
Held-to-maturity securities, Fair value | ¥ 124,120 | ¥ 129,678 |
Investment in Securities (Sum_3
Investment in Securities (Summary of Roll-forwards of Allowance for Credit Losses) (Detail) - JPY (¥) ¥ in Millions | 3 Months Ended | 6 Months Ended | ||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | |
Accounts And Financing Receivable For Credit Losses [Line Items] | ||||
Beginning | ¥ 454 | ¥ 163 | ¥ 144 | ¥ 153 |
Additions to the allowance for credit losses on available-for-sale debt securities for which credit losses were not previously recorded | 292 | |||
Additional increases (decreases) to the allowance for credit losses on AFS debt securities that had an allowance recorded in a previous period, net | (5) | |||
Increase (Decrease) from the effects of changes in foreign exchange rates | 14 | 9 | 32 | 24 |
Ending | 468 | 172 | 468 | 172 |
Foreign municipal bond securities | ||||
Accounts And Financing Receivable For Credit Losses [Line Items] | ||||
Beginning | 238 | 147 | 144 | 132 |
Additions to the allowance for credit losses on available-for-sale debt securities for which credit losses were not previously recorded | 80 | |||
Additional increases (decreases) to the allowance for credit losses on AFS debt securities that had an allowance recorded in a previous period, net | 0 | |||
Increase (Decrease) from the effects of changes in foreign exchange rates | 8 | 9 | 22 | 24 |
Ending | 246 | 156 | 246 | 156 |
Japanese other asset- backed securities and debt securities | ||||
Accounts And Financing Receivable For Credit Losses [Line Items] | ||||
Beginning | 16 | 21 | ||
Additional increases (decreases) to the allowance for credit losses on AFS debt securities that had an allowance recorded in a previous period, net | (5) | |||
Increase (Decrease) from the effects of changes in foreign exchange rates | 0 | 0 | ||
Ending | ¥ 16 | ¥ 16 | ||
Foreign other asset- backed securities and debt securities | ||||
Accounts And Financing Receivable For Credit Losses [Line Items] | ||||
Beginning | 216 | 0 | ||
Additions to the allowance for credit losses on available-for-sale debt securities for which credit losses were not previously recorded | 212 | |||
Increase (Decrease) from the effects of changes in foreign exchange rates | 6 | 10 | ||
Ending | ¥ 222 | ¥ 222 |
Investment in Securities (Inf_2
Investment in Securities (Information about Available-for-Sale and Held-to-Maturity Securities with Gross Unrealized Losses and Length of Time that Individual Securities Have Been in Continuous Unrealized Loss Position) (Detail) - JPY (¥) ¥ in Millions | Sep. 30, 2023 | Mar. 31, 2023 |
Japanese and foreign government bond securities | ||
Investments, Unrealized Loss Position [Line Items] | ||
Available-for-sale debt Securities, Less than 12 months Fair value | ¥ 149,069 | ¥ 2,588 |
Available-for-sale debt Securities, Less than 12 months Gross unrealized losses | (13,479) | (207) |
Available-for-sale debt Securities, 12 months or more Fair value | 628,120 | 662,897 |
Available-for-sale debt Securities, 12 months or more Gross unrealized losses | (249,297) | (164,330) |
Available-for-sale debt Securities, Total Fair value | 777,189 | 665,485 |
Available-for-sale debt Securities, Total Gross unrealized losses | (262,776) | (164,537) |
Japanese and foreign government bond securities | Allowance for credit losses not recorded | ||
Investments, Unrealized Loss Position [Line Items] | ||
Available-for-sale debt Securities, Less than 12 months Fair value | 149,069 | 2,588 |
Available-for-sale debt Securities, Less than 12 months Gross unrealized losses | (13,479) | (207) |
Available-for-sale debt Securities, 12 months or more Fair value | 628,120 | 662,897 |
Available-for-sale debt Securities, 12 months or more Gross unrealized losses | (249,297) | (164,330) |
Available-for-sale debt Securities, Total Fair value | 777,189 | 665,485 |
Available-for-sale debt Securities, Total Gross unrealized losses | (262,776) | (164,537) |
Japanese prefectural and foreign municipal bond securities | ||
Investments, Unrealized Loss Position [Line Items] | ||
Available-for-sale debt Securities, Less than 12 months Fair value | 107,381 | 97,721 |
Available-for-sale debt Securities, Less than 12 months Gross unrealized losses | (3,827) | (1,508) |
Available-for-sale debt Securities, 12 months or more Fair value | 231,641 | 194,280 |
Available-for-sale debt Securities, 12 months or more Gross unrealized losses | (31,642) | (19,542) |
Available-for-sale debt Securities, Total Fair value | 339,022 | 292,001 |
Available-for-sale debt Securities, Total Gross unrealized losses | (35,469) | (21,050) |
Japanese prefectural and foreign municipal bond securities | Allowance for credit losses not recorded | ||
Investments, Unrealized Loss Position [Line Items] | ||
Available-for-sale debt Securities, Less than 12 months Fair value | 106,003 | 97,721 |
Available-for-sale debt Securities, Less than 12 months Gross unrealized losses | (3,743) | (1,508) |
Available-for-sale debt Securities, 12 months or more Fair value | 227,748 | 190,805 |
Available-for-sale debt Securities, 12 months or more Gross unrealized losses | (31,480) | (19,398) |
Available-for-sale debt Securities, Total Fair value | 333,751 | 288,526 |
Available-for-sale debt Securities, Total Gross unrealized losses | (35,223) | (20,906) |
Corporate debt securities | ||
Investments, Unrealized Loss Position [Line Items] | ||
Available-for-sale debt Securities, Less than 12 months Fair value | 158,052 | 191,669 |
Available-for-sale debt Securities, Less than 12 months Gross unrealized losses | (3,540) | (6,570) |
Available-for-sale debt Securities, 12 months or more Fair value | 475,625 | 401,994 |
Available-for-sale debt Securities, 12 months or more Gross unrealized losses | (95,429) | (66,837) |
Available-for-sale debt Securities, Total Fair value | 633,677 | 593,663 |
Available-for-sale debt Securities, Total Gross unrealized losses | (98,969) | (73,407) |
Corporate debt securities | Allowance for credit losses not recorded | ||
Investments, Unrealized Loss Position [Line Items] | ||
Available-for-sale debt Securities, Less than 12 months Fair value | 158,052 | 191,669 |
Available-for-sale debt Securities, Less than 12 months Gross unrealized losses | (3,540) | (6,570) |
Available-for-sale debt Securities, 12 months or more Fair value | 475,625 | 401,994 |
Available-for-sale debt Securities, 12 months or more Gross unrealized losses | (95,429) | (66,837) |
Available-for-sale debt Securities, Total Fair value | 633,677 | 593,663 |
Available-for-sale debt Securities, Total Gross unrealized losses | (98,969) | (73,407) |
CMBS and RMBS in the Americas | ||
Investments, Unrealized Loss Position [Line Items] | ||
Available-for-sale debt Securities, Less than 12 months Fair value | 7,409 | 16,691 |
Available-for-sale debt Securities, Less than 12 months Gross unrealized losses | (34) | (672) |
Available-for-sale debt Securities, 12 months or more Fair value | 35,761 | 23,653 |
Available-for-sale debt Securities, 12 months or more Gross unrealized losses | (2,278) | (1,509) |
Available-for-sale debt Securities, Total Fair value | 43,170 | 40,344 |
Available-for-sale debt Securities, Total Gross unrealized losses | (2,312) | (2,181) |
CMBS and RMBS in the Americas | Allowance for credit losses not recorded | ||
Investments, Unrealized Loss Position [Line Items] | ||
Available-for-sale debt Securities, Less than 12 months Fair value | 7,409 | 16,691 |
Available-for-sale debt Securities, Less than 12 months Gross unrealized losses | (34) | (672) |
Available-for-sale debt Securities, 12 months or more Fair value | 35,761 | 23,653 |
Available-for-sale debt Securities, 12 months or more Gross unrealized losses | (2,278) | (1,509) |
Available-for-sale debt Securities, Total Fair value | 43,170 | 40,344 |
Available-for-sale debt Securities, Total Gross unrealized losses | (2,312) | (2,181) |
Other asset-backed securities and debt securities | ||
Investments, Unrealized Loss Position [Line Items] | ||
Available-for-sale debt Securities, Less than 12 months Fair value | 2,856 | 63,958 |
Available-for-sale debt Securities, Less than 12 months Gross unrealized losses | (231) | (2,300) |
Available-for-sale debt Securities, 12 months or more Fair value | 145,796 | 88,503 |
Available-for-sale debt Securities, 12 months or more Gross unrealized losses | (7,107) | (6,851) |
Available-for-sale debt Securities, Total Fair value | 148,652 | 152,461 |
Available-for-sale debt Securities, Total Gross unrealized losses | (7,338) | (9,151) |
Other asset-backed securities and debt securities | Allowance for credit losses not recorded | ||
Investments, Unrealized Loss Position [Line Items] | ||
Available-for-sale debt Securities, Less than 12 months Fair value | 2,856 | 63,958 |
Available-for-sale debt Securities, Less than 12 months Gross unrealized losses | (231) | (2,300) |
Available-for-sale debt Securities, 12 months or more Fair value | 145,267 | 88,503 |
Available-for-sale debt Securities, 12 months or more Gross unrealized losses | (6,939) | (6,851) |
Available-for-sale debt Securities, Total Fair value | 148,123 | 152,461 |
Available-for-sale debt Securities, Total Gross unrealized losses | (7,170) | (9,151) |
Available-for-sale debt securities | ||
Investments, Unrealized Loss Position [Line Items] | ||
Available-for-sale debt Securities, Less than 12 months Fair value | 424,767 | 372,627 |
Available-for-sale debt Securities, Less than 12 months Gross unrealized losses | (21,111) | (11,257) |
Available-for-sale debt Securities, 12 months or more Fair value | 1,516,943 | 1,371,327 |
Available-for-sale debt Securities, 12 months or more Gross unrealized losses | (385,753) | (259,069) |
Available-for-sale debt Securities, Total Fair value | 1,941,710 | 1,743,954 |
Available-for-sale debt Securities, Total Gross unrealized losses | (406,864) | (270,326) |
Available-for-sale debt securities | Allowance for credit losses not recorded | ||
Investments, Unrealized Loss Position [Line Items] | ||
Available-for-sale debt Securities, Less than 12 months Fair value | 423,389 | 372,627 |
Available-for-sale debt Securities, Less than 12 months Gross unrealized losses | (21,027) | (11,257) |
Available-for-sale debt Securities, 12 months or more Fair value | 1,512,521 | 1,367,852 |
Available-for-sale debt Securities, 12 months or more Gross unrealized losses | (385,423) | (258,925) |
Available-for-sale debt Securities, Total Fair value | 1,935,910 | 1,740,479 |
Available-for-sale debt Securities, Total Gross unrealized losses | ¥ (406,450) | ¥ (270,182) |
Transfer of Financial Assets -
Transfer of Financial Assets - Additional Information (Detail) - JPY (¥) ¥ in Millions | 3 Months Ended | 6 Months Ended | ||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | |
Transfer of Financial Assets Accounted for as Sales [Line Items] | ||||
Installment loans | ¥ 256,753 | ¥ 285,760 | ¥ 471,119 | ¥ 512,156 |
Gain (losses) on sale from securitization and loan sales | ¥ 4,613 | ¥ 5,744 | ¥ 9,215 | ¥ 11,156 |
Transfer of Financial Assets _2
Transfer of Financial Assets - Roll-Forwards of Amount of Servicing Assets (Detail) - JPY (¥) ¥ in Millions | 3 Months Ended | 6 Months Ended | ||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | |
Transfers and Servicing [Abstract] | ||||
Beginning balance | ¥ 78,392 | ¥ 77,199 | ¥ 72,265 | ¥ 70,254 |
Increase mainly from loans sold with servicing retained | 2,336 | 2,546 | 4,788 | 5,426 |
Decrease mainly from amortization | (2,704) | (4,079) | (5,227) | (8,146) |
Increase from the effects of changes in foreign exchange rates | 2,472 | 4,524 | 8,670 | 12,656 |
Ending balance | ¥ 80,496 | ¥ 80,190 | ¥ 80,496 | ¥ 80,190 |
Transfer of Financial Assets _3
Transfer of Financial Assets - Fair Value of Servicing Assets (Detail) - JPY (¥) ¥ in Millions | Sep. 30, 2023 | Mar. 31, 2023 |
Transfers and Servicing [Abstract] | ||
Beginning balance | ¥ 101,375 | ¥ 83,732 |
Ending balance | ¥ 114,501 | ¥ 101,375 |
Variable Interest Entities (Inf
Variable Interest Entities (Information about Consolidated VIEs) (Detail) - JPY (¥) ¥ in Millions | Sep. 30, 2023 | Mar. 31, 2023 | |
Variable Interest Entity [Line Items] | |||
Total assets | ¥ 15,795,220 | ¥ 15,289,385 | |
Total Liabilities | 11,951,381 | 11,674,118 | |
Variable Interest Entity, Primary Beneficiary | |||
Variable Interest Entity [Line Items] | |||
Total assets | 592,640 | 566,466 | |
Total Liabilities | 404,018 | 377,935 | |
Variable Interest Entity, Primary Beneficiary | Consolidated VIEs | |||
Variable Interest Entity [Line Items] | |||
Total assets | [1] | 932,919 | 891,063 |
Total Liabilities | [1] | 418,408 | 398,956 |
Assets which are pledged as collateral | [2] | 592,640 | 566,466 |
Commitments | [3] | 112,945 | 100,439 |
Liquidating customer assets | Variable Interest Entity, Primary Beneficiary | Consolidated VIEs | |||
Variable Interest Entity [Line Items] | |||
Total assets | [1] | 0 | 0 |
Total Liabilities | [1] | 0 | 0 |
Assets which are pledged as collateral | [2] | 0 | 0 |
Commitments | [3] | 0 | 0 |
Acquisition of real estate and real estate development projects for customers | Variable Interest Entity, Primary Beneficiary | Consolidated VIEs | |||
Variable Interest Entity [Line Items] | |||
Total assets | [1] | 1,838 | 1,907 |
Total Liabilities | [1] | 1 | 1 |
Assets which are pledged as collateral | [2] | 0 | 0 |
Commitments | [3] | 0 | 0 |
Acquisition of real estate for the Company and its subsidiaries' real estate-related business | Variable Interest Entity, Primary Beneficiary | Consolidated VIEs | |||
Variable Interest Entity [Line Items] | |||
Total assets | [1] | 51,898 | 55,456 |
Total Liabilities | [1] | 10,797 | 13,060 |
Assets which are pledged as collateral | [2] | 15,807 | 15,596 |
Commitments | [3] | 0 | 0 |
Corporate rehabilitation support business | Variable Interest Entity, Primary Beneficiary | Consolidated VIEs | |||
Variable Interest Entity [Line Items] | |||
Total assets | [1] | 629 | 664 |
Total Liabilities | [1] | 5 | 7 |
Assets which are pledged as collateral | [2] | 0 | 0 |
Commitments | [3] | 0 | 0 |
Investment in securities | Variable Interest Entity, Primary Beneficiary | Consolidated VIEs | |||
Variable Interest Entity [Line Items] | |||
Total assets | [1] | 212,497 | 180,569 |
Total Liabilities | [1] | 119 | 399 |
Assets which are pledged as collateral | [2] | 0 | 0 |
Commitments | [3] | 74,846 | 62,340 |
Securitizing financial assets such as finance lease receivable and loan receivable | Variable Interest Entity, Primary Beneficiary | Consolidated VIEs | |||
Variable Interest Entity [Line Items] | |||
Total assets | [1] | 210,438 | 224,949 |
Total Liabilities | [1] | 161,681 | 155,706 |
Assets which are pledged as collateral | [2] | 210,438 | 224,949 |
Commitments | [3] | 0 | 0 |
Securitization of loan receivable originated by third parties | Variable Interest Entity, Primary Beneficiary | Consolidated VIEs | |||
Variable Interest Entity [Line Items] | |||
Total assets | [1] | 523 | 548 |
Total Liabilities | [1] | 1,036 | 1,106 |
Assets which are pledged as collateral | [2] | 523 | 548 |
Commitments | [3] | 0 | 0 |
Power generation projects | Variable Interest Entity, Primary Beneficiary | Consolidated VIEs | |||
Variable Interest Entity [Line Items] | |||
Total assets | [1] | 246,629 | 258,396 |
Total Liabilities | [1] | 158,116 | 164,813 |
Assets which are pledged as collateral | [2] | 189,744 | 187,892 |
Commitments | [3] | 38,099 | 38,099 |
Other VIEs | Variable Interest Entity, Primary Beneficiary | Consolidated VIEs | |||
Variable Interest Entity [Line Items] | |||
Total assets | [1] | 208,467 | 168,574 |
Total Liabilities | [1] | 86,653 | 63,864 |
Assets which are pledged as collateral | [2] | 176,128 | 137,481 |
Commitments | [3] | ¥ 0 | ¥ 0 |
[1]The assets of most VIEs are used only to repay the liabilities of the VIEs, and the creditors of the liabilities of most VIEs have no recourse to other assets of the Company and its subsidiaries.[2]The assets are pledged as collateral by VIE for financing of the VIE.[3]This item represents remaining balance of commitments that could require the Company and its subsidiaries to provide investments or loans to the VIE. |
Variable Interest Entities (I_2
Variable Interest Entities (Information about Non-consolidated VIEs) (Detail) - JPY (¥) ¥ in Millions | Sep. 30, 2023 | Mar. 31, 2023 | |
Variable Interest Entity [Line Items] | |||
Total assets | ¥ 15,795,220 | ¥ 15,289,385 | |
Non Consolidated VIEs | |||
Variable Interest Entity [Line Items] | |||
Non-recourse loans | 21,934 | 14,054 | |
Investments | 276,078 | 151,539 | |
Maximum exposure to loss | [1] | 409,830 | 253,202 |
Non Consolidated VIEs | Variable Interest Entity, Not Primary Beneficiary | |||
Variable Interest Entity [Line Items] | |||
Total assets | 19,264,663 | 14,188,544 | |
Liquidating customer assets | Non Consolidated VIEs | |||
Variable Interest Entity [Line Items] | |||
Non-recourse loans | 0 | 0 | |
Investments | 991 | 991 | |
Maximum exposure to loss | [1] | 991 | 991 |
Liquidating customer assets | Non Consolidated VIEs | Variable Interest Entity, Not Primary Beneficiary | |||
Variable Interest Entity [Line Items] | |||
Total assets | 8,225 | 8,247 | |
Acquisition of real estate and real estate development projects for customers | Non Consolidated VIEs | |||
Variable Interest Entity [Line Items] | |||
Non-recourse loans | 18,201 | 10,721 | |
Investments | 9,434 | 8,805 | |
Maximum exposure to loss | [1] | 28,765 | 20,526 |
Acquisition of real estate and real estate development projects for customers | Non Consolidated VIEs | Variable Interest Entity, Not Primary Beneficiary | |||
Variable Interest Entity [Line Items] | |||
Total assets | 890,013 | 648,468 | |
Acquisition of real estate for the Company and its subsidiaries' real estate-related business | Non Consolidated VIEs | |||
Variable Interest Entity [Line Items] | |||
Non-recourse loans | 0 | 0 | |
Investments | 0 | 0 | |
Maximum exposure to loss | [1] | 0 | 0 |
Acquisition of real estate for the Company and its subsidiaries' real estate-related business | Non Consolidated VIEs | Variable Interest Entity, Not Primary Beneficiary | |||
Variable Interest Entity [Line Items] | |||
Total assets | 0 | 0 | |
Corporate rehabilitation support business | Non Consolidated VIEs | |||
Variable Interest Entity [Line Items] | |||
Non-recourse loans | 0 | 0 | |
Investments | 0 | 0 | |
Maximum exposure to loss | [1] | 0 | 0 |
Corporate rehabilitation support business | Non Consolidated VIEs | Variable Interest Entity, Not Primary Beneficiary | |||
Variable Interest Entity [Line Items] | |||
Total assets | 0 | 0 | |
Investment in securities | Non Consolidated VIEs | |||
Variable Interest Entity [Line Items] | |||
Non-recourse loans | 0 | 0 | |
Investments | 217,074 | 98,742 | |
Maximum exposure to loss | [1] | 309,082 | 173,314 |
Investment in securities | Non Consolidated VIEs | Variable Interest Entity, Not Primary Beneficiary | |||
Variable Interest Entity [Line Items] | |||
Total assets | 15,008,420 | 10,887,430 | |
Securitizing financial assets such as finance lease receivable and loan receivable | Non Consolidated VIEs | |||
Variable Interest Entity [Line Items] | |||
Non-recourse loans | 0 | 0 | |
Investments | 0 | 0 | |
Maximum exposure to loss | [1] | 0 | 0 |
Securitizing financial assets such as finance lease receivable and loan receivable | Non Consolidated VIEs | Variable Interest Entity, Not Primary Beneficiary | |||
Variable Interest Entity [Line Items] | |||
Total assets | 0 | 0 | |
Securitization of loan receivable originated by third parties | Non Consolidated VIEs | |||
Variable Interest Entity [Line Items] | |||
Non-recourse loans | 0 | 0 | |
Investments | 10,958 | 10,475 | |
Maximum exposure to loss | [1] | 10,958 | 10,475 |
Securitization of loan receivable originated by third parties | Non Consolidated VIEs | Variable Interest Entity, Not Primary Beneficiary | |||
Variable Interest Entity [Line Items] | |||
Total assets | 1,225,527 | 901,544 | |
Power generation projects | Non Consolidated VIEs | |||
Variable Interest Entity [Line Items] | |||
Non-recourse loans | 0 | 0 | |
Investments | 2,436 | 3,691 | |
Maximum exposure to loss | [1] | 4,486 | 4,491 |
Power generation projects | Non Consolidated VIEs | Variable Interest Entity, Not Primary Beneficiary | |||
Variable Interest Entity [Line Items] | |||
Total assets | 15,872 | 16,138 | |
Other VIEs | Non Consolidated VIEs | |||
Variable Interest Entity [Line Items] | |||
Non-recourse loans | 3,733 | 3,333 | |
Investments | 35,185 | 28,835 | |
Maximum exposure to loss | [1] | 55,548 | 43,405 |
Other VIEs | Non Consolidated VIEs | Variable Interest Entity, Not Primary Beneficiary | |||
Variable Interest Entity [Line Items] | |||
Total assets | ¥ 2,116,606 | ¥ 1,726,717 | |
[1]Maximum exposure to loss includes remaining balance of commitments that could require the Company and its subsidiaries to provide investments or loans to the VIE. |
Investment in Affiliates (Summa
Investment in Affiliates (Summary of Investment in Affiliates) (Detail) - JPY (¥) ¥ in Millions | Sep. 30, 2023 | Mar. 31, 2023 | |
Investments in and Advances to Affiliates, Schedule of Investments [Abstract] | |||
Shares | [1] | ¥ 1,079,983 | ¥ 973,929 |
Loans and others | 29,270 | 26,775 | |
Investment in Affiliates | ¥ 1,109,253 | ¥ 1,000,704 | |
[1]There were investees measured at fair value by electing the fair value option, primarily to reduce volatility in the equity in net income (loss) of the investees arising from the difference in the measurement basis of their assets and liabilities. The amount of shares include ¥2,511 million and ¥5,003 million in amounts invested in these investees as of March 31, 2023 and September 30, 2023. |
Investment in Affiliates (Sum_2
Investment in Affiliates (Summary of Investment in Affiliates) (Parenthetical) (Detail) - JPY (¥) ¥ in Millions | Sep. 30, 2023 | Mar. 31, 2023 |
Investments in and Advances to Affiliates, Schedule of Investments [Abstract] | ||
Investment in Affiliates, measured at fair value | ¥ 5,003 | ¥ 2,511 |
Redeemable Noncontrolling Int_3
Redeemable Noncontrolling Interests (Changes in Redeemable Noncontrolling Interests) (Detail) - JPY (¥) ¥ in Millions | 3 Months Ended | 6 Months Ended | ||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | |
Statement of Stockholders' Equity [Abstract] | ||||
Beginning Balance | ¥ 945 | ¥ 0 | ||
Transaction with noncontrolling interests | 834 | 865 | ||
Comprehensive income | ||||
Net income | 38 | 12 | ||
Other comprehensive income (losses) | ||||
Net unrealized gains (losses) on investment in debt securities | (1) | 0 | ||
Net change of foreign currency translation adjustments | 163 | 88 | ||
Total other comprehensive income | 162 | 88 | ||
Comprehensive income | ¥ 88 | ¥ 62 | 200 | 100 |
Dividends | (136) | 0 | ||
Ending Balance | ¥ 1,843 | ¥ 965 | ¥ 1,843 | ¥ 965 |
Accumulated Other Comprehensi_3
Accumulated Other Comprehensive Income (Loss) (Changes in Components of Accumulated Other Comprehensive Income (Loss)) (Detail) - JPY (¥) ¥ in Millions | 3 Months Ended | 6 Months Ended | ||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | |
Beginning Balance | ¥ 3,722,041 | ¥ 3,523,175 | ¥ 3,614,322 | ¥ 3,414,178 |
Total other comprehensive income (loss) | 75,139 | 98,522 | 175,943 | 218,869 |
Ending Balance | 3,841,996 | 3,653,898 | 3,841,996 | 3,653,898 |
Net unrealized gains (losses) on investment in securities | ||||
Beginning Balance | (184,174) | (154,265) | (183,034) | (72,892) |
Net unrealized gains (losses) | (98,165) | (62,396) | (96,984) | (142,995) |
Reclassification adjustment included in net income, net of tax | (1,097) | (98) | (3,428) | (872) |
Total other comprehensive income (loss) | (99,262) | (62,494) | (100,412) | (143,867) |
Transaction with noncontrolling interests | 0 | |||
Less: Other Comprehensive Income (loss) Attributable to the Noncontrolling Interests | 0 | 0 | 0 | 0 |
Less: Other Comprehensive Income (loss) Attributable to the Redeemable Noncontrolling Interests | 9 | 0 | (1) | 0 |
Ending Balance | (283,445) | (216,759) | (283,445) | (216,759) |
Impact of changes in policy liability discount rate | ||||
Beginning Balance | 169,035 | 114,386 | 164,516 | 37,535 |
Net unrealized gains (losses) | 106,057 | 82,515 | 110,576 | 159,366 |
Total other comprehensive income (loss) | 106,057 | 82,515 | 110,576 | 159,366 |
Transaction with noncontrolling interests | 0 | |||
Less: Other Comprehensive Income (loss) Attributable to the Noncontrolling Interests | 0 | 0 | 0 | 0 |
Less: Other Comprehensive Income (loss) Attributable to the Redeemable Noncontrolling Interests | 0 | 0 | 0 | 0 |
Ending Balance | 275,092 | 196,901 | 275,092 | 196,901 |
Debt valuation adjustments | ||||
Beginning Balance | 231 | 205 | 275 | 221 |
Net unrealized gains (losses) | (75) | 80 | (114) | 66 |
Reclassification adjustment included in net income, net of tax | (4) | (4) | (9) | (6) |
Total other comprehensive income (loss) | (79) | 76 | (123) | 60 |
Transaction with noncontrolling interests | 0 | |||
Less: Other Comprehensive Income (loss) Attributable to the Noncontrolling Interests | 0 | 0 | 0 | 0 |
Less: Other Comprehensive Income (loss) Attributable to the Redeemable Noncontrolling Interests | 0 | 0 | 0 | 0 |
Ending Balance | 152 | 281 | 152 | 281 |
Defined benefit pension plans | ||||
Beginning Balance | (3,471) | (8,239) | (3,617) | (8,072) |
Net unrealized gains (losses) | (171) | (105) | 51 | (225) |
Reclassification adjustment included in net income, net of tax | (65) | (46) | (140) | (91) |
Total other comprehensive income (loss) | (236) | (151) | (89) | (316) |
Transaction with noncontrolling interests | 0 | |||
Less: Other Comprehensive Income (loss) Attributable to the Noncontrolling Interests | (1) | 0 | 0 | 2 |
Less: Other Comprehensive Income (loss) Attributable to the Redeemable Noncontrolling Interests | 0 | 0 | 0 | 0 |
Ending Balance | (3,706) | (8,390) | (3,706) | (8,390) |
Foreign currency translation adjustments | ||||
Beginning Balance | 251,172 | 169,590 | 155,912 | 61,914 |
Net unrealized gains (losses) | 62,008 | 70,964 | 158,400 | 184,993 |
Reclassification adjustment included in net income, net of tax | 2,257 | 12 | 5,183 | 102 |
Total other comprehensive income (loss) | 64,265 | 70,976 | 163,583 | 185,095 |
Transaction with noncontrolling interests | 11 | |||
Less: Other Comprehensive Income (loss) Attributable to the Noncontrolling Interests | 1,230 | 1,481 | 5,191 | 7,886 |
Less: Other Comprehensive Income (loss) Attributable to the Redeemable Noncontrolling Interests | 55 | 50 | 163 | 88 |
Ending Balance | 314,152 | 239,035 | 314,152 | 239,035 |
Net unrealized gains (losses) on derivative instruments | ||||
Beginning Balance | 20,124 | 12,986 | 22,083 | 2,788 |
Net unrealized gains (losses) | 3,783 | 8,763 | 6,623 | 17,082 |
Reclassification adjustment included in net income, net of tax | 611 | (1,163) | (4,215) | 1,449 |
Total other comprehensive income (loss) | 4,394 | 7,600 | 2,408 | 18,531 |
Transaction with noncontrolling interests | (176) | |||
Less: Other Comprehensive Income (loss) Attributable to the Noncontrolling Interests | 63 | 739 | (140) | 1,472 |
Less: Other Comprehensive Income (loss) Attributable to the Redeemable Noncontrolling Interests | 0 | 0 | 0 | 0 |
Ending Balance | 24,455 | 19,847 | 24,455 | 19,847 |
Accumulated other comprehensive income (loss) | ||||
Beginning Balance | 252,917 | 134,664 | 156,135 | 21,495 |
Total other comprehensive income (loss) | 75,139 | 98,522 | 175,943 | 218,869 |
Transaction with noncontrolling interests | (165) | |||
Less: Other Comprehensive Income (loss) Attributable to the Noncontrolling Interests | 1,292 | 2,220 | 5,051 | 9,360 |
Less: Other Comprehensive Income (loss) Attributable to the Redeemable Noncontrolling Interests | 64 | 50 | 162 | 88 |
Ending Balance | ¥ 326,700 | ¥ 230,916 | ¥ 326,700 | ¥ 230,916 |
Accumulated Other Comprehensi_4
Accumulated Other Comprehensive Income (Loss) (Changes in Components of Accumulated Other Comprehensive Income (Loss)) (Parenthetical) (Detail) - JPY (¥) ¥ in Millions | 3 Months Ended | 6 Months Ended | |||||
Mar. 31, 2023 | Jun. 30, 2022 | Mar. 31, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | |
Other Comprehensive Income (Loss), Net of Tax | ¥ 75,139 | ¥ 98,522 | ¥ 175,943 | ¥ 218,869 | |||
Net Income (Loss), Including Portion Attributable to Noncontrolling Interest | 66,483 | 61,793 | 130,640 | 126,143 | |||
Income Tax Expense (Benefit) | 28,592 | 18,767 | 53,827 | 39,981 | |||
Net unrealized gains (losses) on investments, net of tax | (128) | 0 | (128) | 0 | |||
Net unrealized gains (losses) on investments | 21 | 21 | |||||
Cumulative Effect, Period of Adoption, Adjusted Balance | Effect of Modified Retrospective Application Accounting Standards Update 2018-12 | |||||||
Other Comprehensive Income (Loss), Net of Tax | ¥ (24,641) | ¥ (24,641) | ¥ (24,641) | ||||
Other Comprehensive Income (Loss), Tax | 4,296 | 4,296 | 4,296 | ||||
Net Income (Loss), Including Portion Attributable to Noncontrolling Interest | 189,157 | 139,027 | 62,176 | ||||
Income Tax Expense (Benefit) | ¥ (66,702) | ¥ (52,893) | ¥ (23,125) | ||||
Net unrealized gains (losses) on investment in securities | |||||||
Net unrealized gains (losses), tax | 36,198 | 23,591 | 35,524 | 54,025 | |||
Reclassification adjustment included in net income, tax | 353 | 10 | 1,211 | 292 | |||
Other Comprehensive Income (Loss), Net of Tax | (99,262) | (62,494) | (100,412) | (143,867) | |||
Impact of changes in policy liability discount rate | |||||||
Net unrealized gains (losses), tax | (36,613) | (31,968) | (38,745) | (61,736) | |||
Other Comprehensive Income (Loss), Net of Tax | 106,057 | 82,515 | 110,576 | 159,366 | |||
Debt valuation adjustments | |||||||
Net unrealized gains (losses), tax | 30 | (31) | 43 | (25) | |||
Reclassification adjustment included in net income, tax | 0 | 1 | 3 | 2 | |||
Other Comprehensive Income (Loss), Net of Tax | (79) | 76 | (123) | 60 | |||
Defined benefit pension plans | |||||||
Net unrealized gains (losses), tax | 59 | 45 | (19) | 81 | |||
Reclassification adjustment included in net income, tax | 25 | 17 | 52 | 33 | |||
Other Comprehensive Income (Loss), Net of Tax | (236) | (151) | (89) | (316) | |||
Foreign currency translation adjustments | |||||||
Net unrealized gains (losses), tax | 39 | 3,827 | 22,732 | 27,143 | |||
Reclassification adjustment included in net income, tax | (1,014) | (3) | (2,328) | (12) | |||
Other Comprehensive Income (Loss), Net of Tax | 64,265 | 70,976 | 163,583 | 185,095 | |||
Net unrealized gains (losses) on derivative instruments | |||||||
Net unrealized gains (losses), tax | 93 | (3,069) | (2,072) | (4,707) | |||
Reclassification adjustment included in net income, tax | ¥ (169) | ¥ 399 | ¥ 1,289 | ¥ (436) |
Accumulated Other Comprehensi_5
Accumulated Other Comprehensive Income (Loss) (Amounts Reclassified to Net Income from Accumulated Other Comprehensive Income (loss)) (Detail) - JPY (¥) ¥ in Millions | 3 Months Ended | 6 Months Ended | ||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | |
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ||||
Gains on sales of subsidiaries and affiliates and liquidation losses, net | ¥ 2,673 | ¥ 5,486 | ¥ 3,628 | ¥ 8,589 |
Life insurance costs | (102,377) | (119,698) | (222,097) | (220,715) |
Interest expense | (47,810) | (29,575) | (90,891) | (51,473) |
Income tax (expense) or benefit | (28,592) | (18,767) | (53,827) | (39,981) |
Net Income | 66,483 | 61,793 | 130,640 | 126,143 |
Reclassification adjustment included in net income | Net unrealized gains (losses) on investment in securities | ||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ||||
Total before income tax | 1,450 | 108 | 4,639 | 1,164 |
Income tax (expense) or benefit | (353) | (10) | (1,211) | (292) |
Net Income | 1,097 | 98 | 3,428 | 872 |
Reclassification adjustment included in net income | Net unrealized gains (losses) on investment in securities | Sales of debt securities | ||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ||||
Gains on investment securities and dividends | 42 | 1 | 131 | 17 |
Life insurance premiums and related investment income | 269 | (143) | 2,305 | 811 |
Reclassification adjustment included in net income | Net unrealized gains (losses) on investment in securities | Amortization of debt securities | ||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ||||
Finance revenues | 110 | 50 | 313 | 162 |
Life insurance premiums and related investment income | 1,029 | 200 | 1,890 | 174 |
Reclassification adjustment included in net income | Debt valuation adjustments | ||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ||||
Life insurance costs | 4 | 5 | 12 | 8 |
Total before income tax | 4 | 5 | 12 | 8 |
Income tax (expense) or benefit | 0 | (1) | (3) | (2) |
Net Income | 4 | 4 | 9 | 6 |
Reclassification adjustment included in net income | Defined benefit pension plans | ||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ||||
Amortization of prior service credit | 111 | 86 | 225 | 170 |
Amortization of net actuarial loss | (20) | (22) | (32) | (45) |
Amortization of transition obligation | (1) | (1) | (1) | (1) |
Total before income tax | 90 | 63 | 192 | 124 |
Income tax (expense) or benefit | (25) | (17) | (52) | (33) |
Net Income | 65 | 46 | 140 | 91 |
Reclassification adjustment included in net income | Foreign currency translation adjustments | ||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ||||
Gains on sales of subsidiaries and affiliates and liquidation losses, net | 45 | 1,156 | 125 | 1,539 |
Total before income tax | (3,271) | (15) | (7,511) | (114) |
Income tax (expense) or benefit | 1,014 | 3 | 2,328 | 12 |
Net Income | (2,257) | (12) | (5,183) | (102) |
Reclassification adjustment included in net income | Foreign currency translation adjustments | Foreign exchange contracts | ||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ||||
Gains on sales of subsidiaries and affiliates and liquidation losses, net/Interest expense/Other (income) and expense | (3,316) | (1,171) | (7,636) | (1,653) |
Reclassification adjustment included in net income | Net unrealized gains (losses) on derivative instruments | ||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ||||
Total before income tax | (780) | 1,562 | 5,504 | (1,885) |
Income tax (expense) or benefit | 169 | (399) | (1,289) | 436 |
Net Income | (611) | 1,163 | 4,215 | (1,449) |
Reclassification adjustment included in net income | Net unrealized gains (losses) on derivative instruments | Interest rate swap agreements | ||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ||||
Interest expense | 7 | 63 | (30) | (157) |
Reclassification adjustment included in net income | Net unrealized gains (losses) on derivative instruments | Foreign exchange contracts | ||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ||||
Interest expense /Other (income) and expense | (84) | (164) | ||
Reclassification adjustment included in net income | Net unrealized gains (losses) on derivative instruments | Foreign currency swap agreements | ||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ||||
Interest expense /Other (income) and expense | ¥ (787) | ¥ 1,583 | ¥ 5,534 | ¥ (1,564) |
ORIX Corporation Shareholders_3
ORIX Corporation Shareholders' Equity (Information about Dividend Payments and Applicable Dividends) (Detail) - JPY (¥) ¥ / shares in Units, ¥ in Millions | 6 Months Ended | |
Sep. 30, 2023 | Sep. 30, 2022 | |
Dividends Payable [Line Items] | ||
Resolution | The board of directors on May 17, 2023 | The board of directors on May 18, 2022 |
Type of shares | Common stock | Common stock |
Total dividends paid | ¥ 50,209 | ¥ 55,704 |
Dividend per share | ¥ 42.8 | ¥ 46.6 |
Date of record for dividend | Mar. 31, 2023 | Mar. 31, 2022 |
Effective date for dividend | Jun. 05, 2023 | Jun. 03, 2022 |
Dividend resource | Retained earnings | Retained earnings |
Effective Date | ||
Dividends Payable [Line Items] | ||
Resolution | The board of directors on November 1, 2023 | The board of directors on November 7, 2022 |
Type of shares | Common stock | Common stock |
Total dividends paid | ¥ 49,691 | ¥ 50,586 |
Dividend per share | ¥ 42.8 | ¥ 42.8 |
Date of record for dividend | Sep. 30, 2023 | Sep. 30, 2022 |
Effective date for dividend | Dec. 07, 2023 | Dec. 06, 2022 |
Dividend resource | Retained earnings | Retained earnings |
ORIX Corporation Shareholders_4
ORIX Corporation Shareholders' Equity - Additional Information (Detail) - JPY (¥) ¥ in Millions | 6 Months Ended | |
Sep. 30, 2023 | Sep. 30, 2022 | |
Class of Stock [Line Items] | ||
Total dividends paid | ¥ 50,209 | ¥ 55,704 |
Officer's Compensation Board Incentive Plan | ||
Class of Stock [Line Items] | ||
Total dividends paid | 120 | 91 |
Effective Date | Officer's Compensation Board Incentive Plan | ||
Class of Stock [Line Items] | ||
Total dividends paid | ¥ 120 | ¥ 122 |
Selling, General and Administ_3
Selling, General and Administrative Expenses (Summary of Selling, General and Administrative Expenses) (Detail) - JPY (¥) ¥ in Millions | 3 Months Ended | 6 Months Ended | ||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | |
Selling, General and Administrative Expense [Abstract] | ||||
Personnel expenses | ¥ 84,762 | ¥ 77,513 | ¥ 171,183 | ¥ 154,100 |
Selling expenses | 28,281 | 21,725 | 50,807 | 41,251 |
Administrative expenses | 40,167 | 34,456 | 75,881 | 68,253 |
Depreciation of office facilities | 2,269 | 2,178 | 4,394 | 4,350 |
Total | ¥ 155,479 | ¥ 135,872 | ¥ 302,265 | ¥ 267,954 |
Pension Plans (Net Pension Cost
Pension Plans (Net Pension Cost of Defined Benefit Plans) (Detail) - JPY (¥) ¥ in Millions | 3 Months Ended | 6 Months Ended | ||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | |
Japan | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Service cost | ¥ 1,389 | ¥ 1,413 | ¥ 2,760 | ¥ 2,825 |
Interest cost | 301 | 174 | 601 | 347 |
Expected return on plan assets | (677) | (681) | (1,352) | (1,362) |
Amortization of prior service credit | (21) | (7) | (42) | (13) |
Amortization of net actuarial loss | 20 | 19 | 31 | 38 |
Net periodic pension cost | 1,012 | 918 | 1,998 | 1,835 |
Overseas plans | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Service cost | 711 | 908 | 1,436 | 1,813 |
Interest cost | 582 | 508 | 1,470 | 1,010 |
Expected return on plan assets | (1,594) | (1,180) | (3,101) | (2,348) |
Amortization of prior service credit | (90) | (79) | (183) | (157) |
Amortization of net actuarial loss | 0 | 3 | 1 | 7 |
Amortization of transition obligation | 1 | 1 | 1 | 1 |
Net periodic pension cost | ¥ (390) | ¥ 161 | ¥ (376) | ¥ 326 |
Income and Expenses Relating _3
Income and Expenses Relating to Life Insurance Operations - Life Insurance Premiums and Related Investment Income (Detail) - JPY (¥) ¥ in Millions | 3 Months Ended | 6 Months Ended | ||||||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | |||||
Net Investment Income [Line Items] | ||||||||
Total revenue | ¥ 682,761 | ¥ 707,003 | ¥ 1,359,735 | ¥ 1,364,816 | ||||
Life insurance premiums | ||||||||
Net Investment Income [Line Items] | ||||||||
Total revenue | 117,474 | 117,752 | 222,783 | 220,762 | ||||
Life insurance related investment income | ||||||||
Net Investment Income [Line Items] | ||||||||
Total revenue | 15,746 | [1] | 19,182 | [1] | 62,955 | [2] | 42,449 | [2] |
Life insurance premiums and related investment income | ||||||||
Net Investment Income [Line Items] | ||||||||
Total revenue | ¥ 133,220 | ¥ 136,934 | ¥ 285,738 | ¥ 263,211 | ||||
[1]Life insurance related investment income for the three months ended September 30, 2022 and 2023 include net unrealized holding a loss of ¥1,222 million and a gain of ¥55 million on equity securities held as of September 30, 2022 and 2023, respectively.[2]Life insurance related investment income for the six months ended September 30, 2022 and 2023 include net unrealized holding a loss of ¥9,465 million and a gain of ¥18,115 million on equity securities held as of September 30, 2022 and 2023, respectively. |
Income and Expenses Relating _4
Income and Expenses Relating to Life Insurance Operations - Life Insurance Premiums and Related Investment Income (Parenthetical) (Detail) - JPY (¥) ¥ in Millions | 3 Months Ended | 6 Months Ended | ||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | |
Net Investment Income [Line Items] | ||||
Trading Securities, Unrealized Holding Gain (Loss) | ¥ 1,178 | ¥ (949) | ¥ 24,322 | ¥ (15,645) |
Life insurance related investment income | ||||
Net Investment Income [Line Items] | ||||
Trading Securities, Unrealized Holding Gain (Loss) | ¥ 55 | ¥ (1,222) | ¥ 18,115 | ¥ (9,465) |
Income and Expenses Relating _5
Income and Expenses Relating to Life Insurance Operations - Reinsurance Benefits and Reinsurance Premiums Included in Life Insurance Premiums (Detail) - JPY (¥) ¥ in Millions | 3 Months Ended | 6 Months Ended | ||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | |
Insurance [Abstract] | ||||
Reinsurance benefits | ¥ 666 | ¥ 344 | ¥ 1,277 | ¥ 657 |
Reinsurance premiums | ¥ (1,203) | ¥ (1,199) | ¥ (2,373) | ¥ (2,390) |
Income and Expenses Relating _6
Income and Expenses Relating to Life Insurance Operations - Gains or Losses Relating to Variable Annuity and Variable Life Insurance Contracts (Detail) - JPY (¥) ¥ in Millions | 3 Months Ended | 6 Months Ended | ||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | |
Life insurance premiums and related investment income | ||||
Derivative, Gain (Loss), Statement of Income or Comprehensive Income [Extensible Enumeration] | Unrealized Gains Loss On Derivative Instruments | |||
Variable Annuity and Variable Life Insurance Contracts | ||||
Life insurance premiums and related investment income | ||||
Net realized and unrealized gains or losses from investment assets | ¥ (1,590) | ¥ (1,259) | ¥ 15,512 | ¥ (11,820) |
Net gains or losses from derivative contracts | (242) | (1) | (1,971) | 252 |
Life insurance costs | ||||
Changes in the fair value of the policy liabilities and policy account balances | (10,501) | (10,508) | (3,727) | (28,645) |
Insurance costs recognized for insurance and annuity payouts as a result of insured events | 7,473 | 8,304 | 13,848 | 16,966 |
Changes in the fair value of the reinsurance contracts | 206 | 30 | 1,006 | (488) |
Variable Annuity and Variable Life Insurance Contracts | Futures | ||||
Life insurance premiums and related investment income | ||||
Net gains or losses from derivative contracts | (150) | 173 | (1,557) | 852 |
Variable Annuity and Variable Life Insurance Contracts | Foreign exchange contracts | ||||
Life insurance premiums and related investment income | ||||
Net gains or losses from derivative contracts | ¥ (92) | ¥ (174) | ¥ (414) | ¥ (600) |
Long-Duration Insurance Contr_3
Long-Duration Insurance Contracts Relating to Life Insurance Operations - Schedule of Liability For Future Policy Benefits Including Deferred Profit Liabilities (Detail) - JPY (¥) ¥ in Millions | Sep. 30, 2023 | Mar. 31, 2023 | Mar. 31, 2022 | Apr. 01, 2021 |
Liability for Future Policy Benefit, Activity [Line Items] | ||||
Balance at March 31, 2021 | ¥ 1,152,694 | |||
Yen-denominated insurance (First Sector) | ||||
Liability for Future Policy Benefit, Activity [Line Items] | ||||
Balance at March 31, 2021 | 610,877 | |||
Balance at April 1, 2021 | ¥ 655,514 | ¥ 677,349 | ¥ 664,358 | |
Yen-denominated insurance (Third Sector) | ||||
Liability for Future Policy Benefit, Activity [Line Items] | ||||
Balance at March 31, 2021 | 493,558 | |||
Balance at April 1, 2021 | 511,129 | 529,399 | 541,050 | |
Foreign currency denominated insurance | ||||
Liability for Future Policy Benefit, Activity [Line Items] | ||||
Balance at March 31, 2021 | 48,259 | |||
Balance at April 1, 2021 | ¥ 8,883 | ¥ 12,122 | ¥ 14,711 | |
Cumulative Effect, Period of Adoption, Adjustment | ||||
Liability for Future Policy Benefit, Activity [Line Items] | ||||
Effect of change in discount rates | 28,937 | |||
Cumulative Effect, Period of Adoption, Adjustment | Yen-denominated insurance (First Sector) | ||||
Liability for Future Policy Benefit, Activity [Line Items] | ||||
Effect of change in discount rates | 22,686 | |||
Cumulative Effect, Period of Adoption, Adjustment | Yen-denominated insurance (Third Sector) | ||||
Liability for Future Policy Benefit, Activity [Line Items] | ||||
Effect of change in discount rates | 52,967 | |||
Cumulative Effect, Period of Adoption, Adjustment | Foreign currency denominated insurance | ||||
Liability for Future Policy Benefit, Activity [Line Items] | ||||
Effect of change in discount rates | (46,716) | |||
Cumulative Effect, Period of Adoption, Adjusted Balance | ||||
Liability for Future Policy Benefit, Activity [Line Items] | ||||
Balance at April 1, 2021 | 1,181,631 | |||
Cumulative Effect, Period of Adoption, Adjusted Balance | Yen-denominated insurance (First Sector) | ||||
Liability for Future Policy Benefit, Activity [Line Items] | ||||
Balance at April 1, 2021 | 633,563 | |||
Cumulative Effect, Period of Adoption, Adjusted Balance | Yen-denominated insurance (Third Sector) | ||||
Liability for Future Policy Benefit, Activity [Line Items] | ||||
Balance at April 1, 2021 | 546,525 | |||
Cumulative Effect, Period of Adoption, Adjusted Balance | Foreign currency denominated insurance | ||||
Liability for Future Policy Benefit, Activity [Line Items] | ||||
Balance at April 1, 2021 | ¥ 1,543 |
Long-Duration Insurance Contr_4
Long-Duration Insurance Contracts Relating to Life Insurance Operations - Schedule of Reconciliation of Liability For Future Policy Benefits (Detail) - JPY (¥) ¥ in Millions | 6 Months Ended | 12 Months Ended | |
Sep. 30, 2023 | Mar. 31, 2023 | Mar. 31, 2022 | |
Liability for Future Policy Benefit, Activity [Line Items] | |||
The liability for future policy benefits, after reinsurance recoverable | ¥ 1,304,059 | ¥ 1,331,671 | ¥ 1,308,456 |
Yen-denominated insurance (First Sector) | |||
Liability for Future Policy Benefit, Activity [Line Items] | |||
Balance at beginning of year | 894,537 | 926,910 | 909,868 |
Beginning balance at original discount rate | 865,333 | 872,572 | 843,892 |
Effect of changes in cash flow assumptions | 0 | 125 | 21,353 |
Effect of actual variances from expected experience | 0 | 2,495 | 2,351 |
Adjusted beginning balance | 865,333 | 875,193 | 867,596 |
Issuances | 30,127 | 76,519 | 82,105 |
Interests | 5,513 | 11,715 | 12,490 |
Net premium earned | (46,315) | (101,554) | (96,605) |
Actual variances from cash flow assumptions | (237) | (385) | (299) |
Derecognition | 3,091 | 3,845 | 7,285 |
Effect of changes in foreign exchange rate | 0 | 0 | 0 |
Ending balance at original discount rate | 857,512 | 865,333 | 872,572 |
Effect of changes in discount rates | 12,008 | 29,204 | 54,338 |
Ending balances | 869,520 | 894,537 | 926,910 |
Balances at beginning of year | 1,571,886 | 1,591,268 | 1,526,258 |
Beginning balance at original discount rate | 1,598,009 | 1,535,018 | 1,437,596 |
Effect of changes in cash flow assumptions | 0 | 1,506 | 22,525 |
Adjusted beginning balances | 1,598,009 | 1,536,524 | 1,460,121 |
Issuances | 30,127 | 76,519 | 82,105 |
Interests | 11,996 | 24,023 | 23,867 |
Insurance claims paid | (24,340) | (45,075) | (42,897) |
Actual variances from cash flow assumptions | (7,436) | (12,376) | (12,698) |
Derecognition | 10,943 | 18,394 | 24,520 |
Effect of changes in foreign exchange rate | 0 | 0 | 0 |
Ending balances at original discount rate | 1,619,299 | 1,598,009 | 1,535,018 |
Effect of changes in discount rates | (94,265) | (26,123) | 56,250 |
Ending balance | 1,525,034 | 1,571,886 | 1,591,268 |
Net liability for future policy benefits | 655,514 | 677,349 | 664,358 |
Deferred profit liabilities | 39,815 | 35,770 | 26,173 |
Subtotal | 695,329 | 713,119 | 690,531 |
Less: Reinsurance recoverable | 132 | 215 | 210 |
The liability for future policy benefits, after reinsurance recoverable | 695,197 | 712,904 | 690,321 |
Yen-denominated insurance (Third Sector) | |||
Liability for Future Policy Benefit, Activity [Line Items] | |||
Balance at beginning of year | 1,389,063 | 1,380,953 | 1,377,265 |
Beginning balance at original discount rate | 1,338,398 | 1,285,377 | 1,261,182 |
Effect of changes in cash flow assumptions | 0 | 48,389 | 28,690 |
Effect of actual variances from expected experience | 0 | 22,851 | 1,414 |
Adjusted beginning balance | 1,338,398 | 1,356,617 | 1,291,286 |
Issuances | 28,481 | 83,982 | 86,304 |
Interests | 9,360 | 18,762 | 19,412 |
Net premium earned | (59,561) | (117,670) | (114,874) |
Actual variances from cash flow assumptions | (439) | (710) | (652) |
Derecognition | (1,957) | (2,583) | 3,901 |
Effect of changes in foreign exchange rate | 0 | 0 | 0 |
Ending balance at original discount rate | 1,314,282 | 1,338,398 | 1,285,377 |
Effect of changes in discount rates | 13,733 | 50,665 | 95,576 |
Ending balances | 1,328,015 | 1,389,063 | 1,380,953 |
Balances at beginning of year | 1,918,462 | 1,922,003 | 1,877,906 |
Beginning balance at original discount rate | 1,887,744 | 1,793,991 | 1,708,857 |
Effect of changes in cash flow assumptions | 0 | 53,098 | 29,515 |
Adjusted beginning balances | 1,887,744 | 1,847,089 | 1,738,372 |
Issuances | 28,481 | 83,982 | 86,304 |
Interests | 14,123 | 27,839 | 27,677 |
Insurance claims paid | (35,369) | (96,364) | (65,052) |
Actual variances from cash flow assumptions | (3,485) | 20,178 | (6,083) |
Derecognition | 1,328 | 5,020 | 12,773 |
Effect of changes in foreign exchange rate | 0 | 0 | 0 |
Ending balances at original discount rate | 1,892,822 | 1,887,744 | 1,793,991 |
Effect of changes in discount rates | (53,678) | 30,718 | 128,012 |
Ending balance | 1,839,144 | 1,918,462 | 1,922,003 |
Net liability for future policy benefits | 511,129 | 529,399 | 541,050 |
Deferred profit liabilities | 66,255 | 61,668 | 54,801 |
Subtotal | 577,384 | 591,067 | 595,851 |
Less: Reinsurance recoverable | 0 | 0 | 0 |
The liability for future policy benefits, after reinsurance recoverable | 577,384 | 591,067 | 595,851 |
Foreign currency denominated insurance | |||
Liability for Future Policy Benefit, Activity [Line Items] | |||
Balance at beginning of year | 374,951 | 422,753 | 366,081 |
Beginning balance at original discount rate | 409,847 | 438,079 | 355,835 |
Effect of changes in cash flow assumptions | 0 | (6,975) | 662 |
Effect of actual variances from expected experience | 0 | (1,957) | (209) |
Adjusted beginning balance | 409,847 | 429,147 | 356,288 |
Issuances | 22,366 | 22,660 | 77,532 |
Interests | 5,782 | 10,966 | 9,263 |
Net premium earned | (33,580) | (60,198) | (49,290) |
Actual variances from cash flow assumptions | (656) | (1,274) | (8) |
Derecognition | (14,744) | (33,441) | 2,610 |
Effect of changes in foreign exchange rate | 49,340 | 41,987 | 41,684 |
Ending balance at original discount rate | 438,355 | 409,847 | 438,079 |
Effect of changes in discount rates | (50,253) | (34,896) | (15,326) |
Ending balances | 388,102 | 374,951 | 422,753 |
Balances at beginning of year | 387,073 | 437,464 | 366,081 |
Beginning balance at original discount rate | 573,616 | 543,504 | 402,552 |
Effect of changes in cash flow assumptions | 0 | (6,296) | 626 |
Adjusted beginning balances | 573,616 | 537,208 | 403,178 |
Issuances | 22,366 | 22,660 | 77,532 |
Interests | 8,163 | 14,552 | 11,125 |
Insurance claims paid | (7,666) | (13,370) | (1,631) |
Actual variances from cash flow assumptions | 4,416 | 9,002 | (329) |
Derecognition | (21,716) | (47,189) | 2,533 |
Effect of changes in foreign exchange rate | 70,615 | 50,753 | 51,096 |
Ending balances at original discount rate | 649,794 | 573,616 | 543,504 |
Effect of changes in discount rates | (252,809) | (186,543) | (106,040) |
Ending balance | 396,985 | 387,073 | 437,464 |
Net liability for future policy benefits | 8,883 | 12,122 | 14,711 |
Deferred profit liabilities | 22,595 | 15,578 | 7,573 |
Subtotal | 31,478 | 27,700 | 22,284 |
Less: Reinsurance recoverable | 0 | 0 | 0 |
The liability for future policy benefits, after reinsurance recoverable | ¥ 31,478 | ¥ 27,700 | ¥ 22,284 |
Long-Duration Insurance Contr_5
Long-Duration Insurance Contracts Relating to Life Insurance Operations - Schedule of Policy Liabilities And Policy Account Balances In Statement of Financial Position (Detail) - JPY (¥) ¥ in Millions | Sep. 30, 2023 | Mar. 31, 2023 | Mar. 31, 2022 |
Liability for Future Policy Benefit, Activity [Line Items] | |||
Subtotal | ¥ 1,304,059 | ¥ 1,331,671 | ¥ 1,308,456 |
Policy account balances for variable annuity and variable life insurance contracts and market risk benefits | 160,177 | 163,734 | 198,905 |
Fixed annuities and annuitization benefits | 149,544 | 158,952 | 193,322 |
Others | 169,294 | 177,700 | 212,015 |
Total | 1,783,074 | 1,832,057 | 1,912,698 |
Yen-denominated insurance (First Sector) | |||
Liability for Future Policy Benefit, Activity [Line Items] | |||
Subtotal | 695,197 | 712,904 | 690,321 |
Yen-denominated insurance (Third Sector) | |||
Liability for Future Policy Benefit, Activity [Line Items] | |||
Subtotal | 577,384 | 591,067 | 595,851 |
Foreign currency denominated insurance | |||
Liability for Future Policy Benefit, Activity [Line Items] | |||
Subtotal | ¥ 31,478 | ¥ 27,700 | ¥ 22,284 |
Long-Duration Insurance Contr_6
Long-Duration Insurance Contracts Relating to Life Insurance Operations - Schedule of Liability For Future Policy Benefit Expected Future Policy Benefit Undiscounted Before Reinsurance (Detail) - JPY (¥) ¥ in Millions | Sep. 30, 2023 | Mar. 31, 2023 |
Yen-denominated insurance (First Sector) | ||
Liability for Future Policy Benefit, Activity [Line Items] | ||
Expected future gross premiums - Undiscounted | ¥ 1,522,501 | ¥ 1,538,107 |
Expected future policy benefits and expenses - Undiscounted | 2,316,478 | 2,291,205 |
Expected future gross premiums - Discounted | 1,389,250 | 1,429,503 |
Expected future policy benefits and expenses - Discounted | 1,525,033 | 1,571,887 |
Yen-denominated insurance (Third Sector) | ||
Liability for Future Policy Benefit, Activity [Line Items] | ||
Expected future gross premiums - Undiscounted | 2,649,324 | 2,695,239 |
Expected future policy benefits and expenses - Undiscounted | 2,582,806 | 2,578,630 |
Expected future gross premiums - Discounted | 2,287,047 | 2,388,386 |
Expected future policy benefits and expenses - Discounted | 1,839,144 | 1,918,462 |
Foreign currency denominated insurance | ||
Liability for Future Policy Benefit, Activity [Line Items] | ||
Expected future gross premiums - Undiscounted | 687,445 | 626,411 |
Expected future policy benefits and expenses - Undiscounted | 1,262,953 | 1,097,567 |
Expected future gross premiums - Discounted | 519,357 | 492,588 |
Expected future policy benefits and expenses - Discounted | ¥ 396,985 | ¥ 387,073 |
Long-Duration Insurance Contr_7
Long-Duration Insurance Contracts Relating to Life Insurance Operations - Schedule of Liability For Future Policy Benefit Gross Premiums And Interest Expense (Detail) - JPY (¥) ¥ in Millions | 3 Months Ended | 6 Months Ended | ||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | |
Liability for Future Policy Benefit, Activity [Line Items] | ||||
Liability for Future Policy Benefit, Gross Premium Income | ¥ 116,919 | ¥ 117,444 | ¥ 221,724 | ¥ 220,170 |
Liability for Future Policy Benefit, Interest Expense | 6,936 | 6,189 | 13,628 | 12,136 |
Yen-denominated insurance (First Sector) | ||||
Liability for Future Policy Benefit, Activity [Line Items] | ||||
Liability for Future Policy Benefit, Gross Premium Income | 38,306 | 37,775 | 74,702 | 73,383 |
Liability for Future Policy Benefit, Interest Expense | 3,263 | 3,049 | 6,484 | 6,047 |
Yen-denominated insurance (Third Sector) | ||||
Liability for Future Policy Benefit, Activity [Line Items] | ||||
Liability for Future Policy Benefit, Gross Premium Income | 51,362 | 51,906 | 102,734 | 103,314 |
Liability for Future Policy Benefit, Interest Expense | 2,406 | 2,258 | 4,763 | 4,465 |
Foreign currency denominated insurance | ||||
Liability for Future Policy Benefit, Activity [Line Items] | ||||
Liability for Future Policy Benefit, Gross Premium Income | 27,251 | 27,763 | 44,288 | 43,473 |
Liability for Future Policy Benefit, Interest Expense | ¥ 1,267 | ¥ 882 | ¥ 2,381 | ¥ 1,624 |
Long-Duration Insurance Contr_8
Long-Duration Insurance Contracts Relating to Life Insurance Operations - Schedule of Liability For Future Policy Benefit, Weighted Average Discount Rates (Detail) | Sep. 30, 2023 | Mar. 31, 2023 |
Yen-denominated insurance (First Sector) | ||
Liability for Future Policy Benefit, Activity [Line Items] | ||
Weighted average of the original discount rates | 1.60% | 1.60% |
Weighted average of the current discount rates | 2.10% | 1.90% |
Yen-denominated insurance (Third Sector) | ||
Liability for Future Policy Benefit, Activity [Line Items] | ||
Weighted average of the original discount rates | 1.70% | 1.70% |
Weighted average of the current discount rates | 2% | 1.80% |
Foreign currency denominated insurance | ||
Liability for Future Policy Benefit, Activity [Line Items] | ||
Weighted average of the original discount rates | 3% | 2.90% |
Weighted average of the current discount rates | 6% | 5.20% |
Long-Duration Insurance Contr_9
Long-Duration Insurance Contracts Relating to Life Insurance Operations - Schedule of Liability For Future Policy Benefit, Weighted Average Duration (Detail) | Sep. 30, 2023 | Mar. 31, 2023 |
Yen-denominated insurance (First Sector) | ||
Liability for Future Policy Benefit, Activity [Line Items] | ||
Liability for future policy benefit weighted average duration | 37 years 1 month 6 days | 37 years 10 months 24 days |
Yen-denominated insurance (Third Sector) | ||
Liability for Future Policy Benefit, Activity [Line Items] | ||
Liability for future policy benefit weighted average duration | 35 years 9 months 18 days | 36 years 9 months 18 days |
Foreign currency denominated insurance | ||
Liability for Future Policy Benefit, Activity [Line Items] | ||
Liability for future policy benefit weighted average duration | 38 years 7 months 6 days | 40 years 8 months 12 days |
Long-Duration Insurance Cont_10
Long-Duration Insurance Contracts Relating to Life Insurance Operations - Schedule of Deferred Policy Acquisition Costs (Detail) - JPY (¥) ¥ in Millions | 6 Months Ended | 12 Months Ended |
Sep. 30, 2023 | Mar. 31, 2023 | |
Deferred Policy Acquisition Cost [Line Items] | ||
Beginning balance | ¥ 287,379 | ¥ 268,960 |
Capitalization | 14,569 | 31,202 |
Amortization | (8,979) | (16,320) |
Effect of changes in foreign exchange rate | 5,440 | 3,537 |
Ending balance | 298,409 | 287,379 |
Yen-denominated insurance (First Sector) | ||
Deferred Policy Acquisition Cost [Line Items] | ||
Beginning balance | 77,957 | 74,676 |
Capitalization | 3,937 | 8,682 |
Amortization | (2,917) | (5,401) |
Effect of changes in foreign exchange rate | 0 | 0 |
Ending balance | 78,977 | 77,957 |
Yen-denominated insurance (Third Sector) | ||
Deferred Policy Acquisition Cost [Line Items] | ||
Beginning balance | 166,696 | 159,041 |
Capitalization | 7,065 | 16,795 |
Amortization | (4,971) | (9,140) |
Effect of changes in foreign exchange rate | 0 | 0 |
Ending balance | 168,790 | 166,696 |
Foreign currency denominated insurance | ||
Deferred Policy Acquisition Cost [Line Items] | ||
Beginning balance | 42,726 | 35,243 |
Capitalization | 3,567 | 5,725 |
Amortization | (1,091) | (1,779) |
Effect of changes in foreign exchange rate | 5,440 | 3,537 |
Ending balance | ¥ 50,642 | ¥ 42,726 |
Long-Duration Insurance Cont_11
Long-Duration Insurance Contracts Relating to Life Insurance Operations - Schedule of Minimum Guaranteed Interest Rates (Detail) - Fixed Annuity - JPY (¥) ¥ in Millions | Sep. 30, 2023 | Mar. 31, 2023 |
Policyholder Account Balance, Guaranteed Minimum Crediting Rate [Line Items] | ||
Policy holder funds | ¥ 149,544 | ¥ 158,952 |
0.00% – less than 1.50% | ||
Policyholder Account Balance, Guaranteed Minimum Crediting Rate [Line Items] | ||
Policy holder funds | 142,567 | 152,259 |
1.50% – less than 2.50% | ||
Policyholder Account Balance, Guaranteed Minimum Crediting Rate [Line Items] | ||
Policy holder funds | 6,977 | 6,644 |
2.50% or more | ||
Policyholder Account Balance, Guaranteed Minimum Crediting Rate [Line Items] | ||
Policy holder funds | ¥ 0 | ¥ 49 |
Long-Duration Insurance Cont_12
Long-Duration Insurance Contracts Relating to Life Insurance Operations - Schedule of Minimum Guaranteed Interest Rates (Parenthetical) (Detail) - Fixed Annuity | Sep. 30, 2023 | Mar. 31, 2023 |
Minimum | 0.00% – less than 1.50% | ||
Policyholder Account Balance, Guaranteed Minimum Crediting Rate [Line Items] | ||
Policyholder account balance guaranteed minimum credit rating | 0% | 0% |
Minimum | 1.50% – less than 2.50% | ||
Policyholder Account Balance, Guaranteed Minimum Crediting Rate [Line Items] | ||
Policyholder account balance guaranteed minimum credit rating | 1.50% | 1.50% |
Minimum | 2.50% or more | ||
Policyholder Account Balance, Guaranteed Minimum Crediting Rate [Line Items] | ||
Policyholder account balance guaranteed minimum credit rating | 2.50% | 2.50% |
Maximum | 0.00% – less than 1.50% | ||
Policyholder Account Balance, Guaranteed Minimum Crediting Rate [Line Items] | ||
Policyholder account balance guaranteed minimum credit rating | 1.50% | 1.50% |
Maximum | 1.50% – less than 2.50% | ||
Policyholder Account Balance, Guaranteed Minimum Crediting Rate [Line Items] | ||
Policyholder account balance guaranteed minimum credit rating | 2.50% | 2.50% |
Long-Duration Insurance Cont_13
Long-Duration Insurance Contracts Relating to Life Insurance Operations - Schedule of Balances of Policy Account (Detail) - Fixed Annuity And Annuitization Benefits - JPY (¥) ¥ in Millions | 6 Months Ended | 12 Months Ended |
Sep. 30, 2023 | Mar. 31, 2023 | |
Policyholder Account Balance [Line Items] | ||
Beginning balance | ¥ 158,952 | ¥ 193,322 |
Transfer in | 5,540 | 17,223 |
Surrenders and partial surrenders | (25) | (58) |
Benefit payments and lump sum payments, etc | (15,142) | (50,956) |
Policy charges | (113) | (262) |
Transfer out | (188) | (409) |
Interests | 532 | 1,209 |
Others | (12) | (1,117) |
Ending balance | ¥ 149,544 | ¥ 158,952 |
Weighted average guaranteed interest rate (%) | 0.70% | 0.70% |
Benefits in excess of policyholder account balances (Millions of yen) | ¥ 1 | ¥ 1 |
Cash surrender value (Millions of yen) | ¥ 143,335 | ¥ 152,578 |
Long-Duration Insurance Cont_14
Long-Duration Insurance Contracts Relating to Life Insurance Operations - Schedule of Policy Account Balance And Market Risk Benefits (Detail) - Variable Annuity And Variable Life Insurance - JPY (¥) ¥ in Millions | 6 Months Ended | 12 Months Ended |
Sep. 30, 2023 | Mar. 31, 2023 | |
Policyholder Account Balance [Line Items] | ||
Beginning balance | ¥ 163,734 | ¥ 198,905 |
Effect of changes other than through net income and other comprehensive income | (13,848) | (28,754) |
Surrenders and withdrawals | (4,125) | (4,083) |
Transfer in | (4,257) | (14,093) |
Benefit payments | (5,435) | (10,762) |
Others | (31) | 184 |
Changes through net income | 10,121 | (6,343) |
Effect of changes in fair value of corresponding investment assets | 15,531 | (2,347) |
Fee income | (1,893) | (3,938) |
Effect of changes in fair value of market risk benefits | (3,517) | (58) |
Changes through other comprehensive income | 170 | (74) |
Effect of changes in the instrument-specific credit risk | 170 | (74) |
Ending balance | 160,177 | 163,734 |
Policyholder account balances | 157,190 | 157,399 |
Market risk benefits | 2,987 | 6,335 |
Total | ¥ 160,177 | ¥ 163,734 |
Write-Downs of Long-Lived Ass_3
Write-Downs of Long-Lived Assets - Long-Lived Assets and Liabilities Associated With Those Assets Classified as Held for Sale (Detail) - Discontinued Operations, Held-for-sale - Real estate properties and transportation equipment - JPY (¥) ¥ in Millions | Sep. 30, 2023 | Mar. 31, 2023 |
Long Lived Assets Held-for-sale [Line Items] | ||
Investment in operating leases | ¥ 7,262 | ¥ 13,104 |
Property under facility operations | 439 | 10 |
Office facilities | ¥ 0 | ¥ 55 |
Write-Downs of Long-Lived Ass_4
Write-Downs of Long-Lived Assets - Additional Information (Detail) - JPY (¥) ¥ in Millions | 3 Months Ended | 6 Months Ended | ||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | |
Property, Plant and Equipment [Abstract] | ||||
Write-downs of long-lived assets | ¥ 452 | ¥ 145 | ¥ 538 | ¥ 253 |
Real Estate | ||||
Property, Plant and Equipment [Abstract] | ||||
Write-downs of long-lived assets | 366 | 106 | 440 | 174 |
Corporate Financial Services and Maintenance Leasing | ||||
Property, Plant and Equipment [Abstract] | ||||
Write-downs of long-lived assets | 36 | 36 | ||
Environment and Energy | ||||
Property, Plant and Equipment [Abstract] | ||||
Write-downs of long-lived assets | 28 | 28 | 39 | |
PE Investment and Concession | ||||
Property, Plant and Equipment [Abstract] | ||||
Write-downs of long-lived assets | ¥ 22 | ¥ 39 | ¥ 34 | 39 |
Asia and Australia | ||||
Property, Plant and Equipment [Abstract] | ||||
Write-downs of long-lived assets | ¥ 1 |
Write-Downs of Long-Lived Ass_5
Write-Downs of Long-Lived Assets - Breakdowns of Recognized Impairment Losses for Difference between Carrying Amounts and Fair Values Reflected as Write-Downs of Long-Lived Assets (Detail) ¥ in Millions | 3 Months Ended | 6 Months Ended | |||
Sep. 30, 2023 JPY (¥) Property | Sep. 30, 2022 JPY (¥) Property | Sep. 30, 2023 JPY (¥) Property | Sep. 30, 2022 JPY (¥) Property | ||
Impaired Long-Lived Assets Held and Used [Line Items] | |||||
Write-downs of the assets held for sale, amount | ¥ 8 | ¥ 0 | ¥ 8 | ¥ 56 | |
Write-downs of the assets held for sale, number of properties | Property | 0 | ||||
Write-downs due to decline in estimated future cash flows, amount | ¥ 444 | 145 | ¥ 530 | ¥ 197 | |
Write-downs due to decline in estimated future cash flows, number of properties | Property | 0 | ||||
Commercial facilities other than office buildings | |||||
Impaired Long-Lived Assets Held and Used [Line Items] | |||||
Write-downs due to decline in estimated future cash flows, amount | ¥ 365 | ¥ 51 | ¥ 439 | ¥ 51 | |
Write-downs due to decline in estimated future cash flows, number of properties | Property | 1 | 2 | 2 | 2 | |
Condominiums | |||||
Impaired Long-Lived Assets Held and Used [Line Items] | |||||
Write-downs of the assets held for sale, amount | ¥ 0 | ¥ 0 | |||
Write-downs of the assets held for sale, number of properties | Property | 1 | 0 | |||
Write-downs due to decline in estimated future cash flows, amount | ¥ 1 | ¥ 0 | ¥ 1 | ¥ 3 | |
Write-downs due to decline in estimated future cash flows, number of properties | Property | 1 | 0 | 1 | 3 | |
Others | |||||
Impaired Long-Lived Assets Held and Used [Line Items] | |||||
Write-downs of the assets held for sale, amount | [1] | ¥ 8 | ¥ 0 | ¥ 8 | ¥ 56 |
Write-downs due to decline in estimated future cash flows, amount | [1] | ¥ 78 | ¥ 94 | ¥ 90 | ¥ 143 |
Write-downs due to decline in estimated future cash flows, number of properties | Property | [1] | 0 | |||
[1]For “Others,” the number of properties is omitted. |
Per Share Data - Additional Inf
Per Share Data - Additional Information (Detail) - shares | 3 Months Ended | 6 Months Ended | ||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | |
Officer's Compensation Board Incentive Plan | ||||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||||
Number of shares held for incentive plans, to be deducted in calculation of the weighted-average shares for EPS computation | 2,800,866 | 2,403,907 | 2,800,866 | 2,215,068 |
Stock Options | ||||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||||
Antidilutive shares excluded from calculation of diluted EPS | 0 | 0 | 0 | 0 |
Per Share Data (Reconciliation
Per Share Data (Reconciliation of Differences between Basic and Diluted Earnings Per Share) (Detail) - JPY (¥) ¥ / shares in Units, shares in Thousands, ¥ in Millions | 3 Months Ended | 6 Months Ended | ||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | |
Earnings Per Share [Abstract] | ||||
Net Income attributable to ORIX Corporation shareholders | ¥ 65,134 | ¥ 60,386 | ¥ 128,100 | ¥ 122,310 |
Weighted-average shares | 1,162,068 | 1,184,070 | 1,165,400 | 1,187,885 |
Effect of dilutive securities | ||||
Stock compensation | 1,875 | 1,498 | 1,708 | 1,365 |
Weighted-average shares for diluted EPS computation | 1,163,943 | 1,185,568 | 1,167,108 | 1,189,250 |
Earnings per share for net income attributable to ORIX Corporation shareholders: | ||||
Basic | ¥ 56.05 | ¥ 51 | ¥ 109.92 | ¥ 102.96 |
Diluted | ¥ 55.96 | ¥ 50.93 | ¥ 109.76 | ¥ 102.85 |
Derivative Financial Instrume_3
Derivative Financial Instruments and Hedging (Effect of Derivative Instruments on Consolidated Statements of Income, Pre-tax, Cash flow hedges) (Detail) - Derivatives designated as hedging instruments - Cash flow hedges - JPY (¥) ¥ in Millions | 3 Months Ended | 6 Months Ended | ||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | |
Interest rate swap agreements | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Gains (losses) recognized in other comprehensive income on derivative | ¥ 5,389 | ¥ 10,230 | ¥ 4,011 | ¥ 22,506 |
Interest rate swap agreements | Interest expense | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Gains (losses) reclassified from other comprehensive income (loss) into income | (7) | (63) | 30 | 157 |
Interest rate swap agreements | Other (income) and expense | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Gains (losses) reclassified from other comprehensive income (loss) into income | 0 | 0 | 0 | 0 |
Foreign exchange contracts | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Gains (losses) recognized in other comprehensive income on derivative | (36) | (186) | 170 | (172) |
Foreign exchange contracts | Interest expense | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Gains (losses) reclassified from other comprehensive income (loss) into income | 0 | (155) | 0 | 17 |
Foreign exchange contracts | Other (income) and expense | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Gains (losses) reclassified from other comprehensive income (loss) into income | 0 | 239 | 0 | 147 |
Foreign currency swap agreements | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Gains (losses) recognized in other comprehensive income on derivative | (750) | 1,788 | 5,352 | (545) |
Foreign currency swap agreements | Interest expense | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Gains (losses) reclassified from other comprehensive income (loss) into income | 604 | 180 | 1,001 | 302 |
Foreign currency swap agreements | Other (income) and expense | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Gains (losses) reclassified from other comprehensive income (loss) into income | 183 | ¥ (1,763) | (6,535) | ¥ 1,262 |
Options held/written and other | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Gains (losses) recognized in other comprehensive income on derivative | (913) | (838) | ||
Options held/written and other | Interest expense | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Gains (losses) reclassified from other comprehensive income (loss) into income | 0 | 0 | ||
Options held/written and other | Other (income) and expense | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Gains (losses) reclassified from other comprehensive income (loss) into income | ¥ 0 | ¥ 0 |
Derivative Financial Instrume_4
Derivative Financial Instruments and Hedging (Effect of Derivative Instruments on Consolidated Statements of Income, Pre-tax, Fair value hedges) (Detail) - Derivatives designated as hedging instruments - Fair value hedges - JPY (¥) ¥ in Millions | 3 Months Ended | 6 Months Ended | ||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | |
Interest rate swap agreements | Life insurance premiums and related investment income | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Gains (losses) recognized in income on derivative and other | ¥ 79 | ¥ 1,305 | ¥ 371 | ¥ 3,173 |
Gains (losses) recognized in income on hedged item | (76) | (1,309) | (227) | (3,058) |
Interest rate swap agreements | Other (income) and expense | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Gains (losses) recognized in income on derivative and other | 0 | 0 | 0 | 0 |
Gains (losses) recognized in income on hedged item | 11 | 0 | 11 | 0 |
Foreign exchange contracts | Life insurance premiums and related investment income | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Gains (losses) recognized in income on derivative and other | (13,560) | (29,199) | (55,247) | (78,667) |
Gains (losses) recognized in income on hedged item | 13,603 | 29,275 | 55,301 | 78,817 |
Foreign exchange contracts | Other (income) and expense | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Gains (losses) recognized in income on derivative and other | 52 | (314) | (101) | (449) |
Gains (losses) recognized in income on hedged item | ¥ (35) | ¥ 218 | ¥ 48 | ¥ 399 |
Derivative Financial Instrume_5
Derivative Financial Instruments and Hedging (Effect of Derivative Instruments on Consolidated Statements of Income, Pre-tax, Hedges of net investment in foreign operations) (Detail) - Hedges of net investment in foreign operations - Derivatives designated as hedging instruments - JPY (¥) ¥ in Millions | 3 Months Ended | 6 Months Ended | ||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | |
Borrowings and bonds in foreign currencies | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Gains (losses) recognized in other comprehensive income on derivative and others | ¥ (21,284) | ¥ (42,929) | ¥ (84,367) | ¥ (122,739) |
Foreign exchange contracts | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Gains (losses) recognized in other comprehensive income on derivative and others | (5,159) | (2,042) | (30,436) | (24,595) |
Gains on sales of subsidiaries and affiliates and liquidation losses, net | Borrowings and bonds in foreign currencies | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Gains (losses) reclassified from other comprehensive income (loss) into income | 0 | 0 | 0 | 0 |
Gains on sales of subsidiaries and affiliates and liquidation losses, net | Foreign exchange contracts | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Gains (losses) reclassified from other comprehensive income (loss) into income | 0 | (5) | (69) | 51 |
Interest expense | Borrowings and bonds in foreign currencies | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Gains (losses) reclassified from other comprehensive income (loss) into income | 0 | 0 | 0 | 0 |
Interest expense | Foreign exchange contracts | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Gains (losses) reclassified from other comprehensive income (loss) into income | ¥ 3,316 | ¥ 1,166 | ¥ 7,567 | 1,956 |
Other (income) and expense | Borrowings and bonds in foreign currencies | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Gains (losses) reclassified from other comprehensive income (loss) into income | 0 | |||
Other (income) and expense | Foreign exchange contracts | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Gains (losses) reclassified from other comprehensive income (loss) into income | ¥ (252) |
Derivative Financial Instrume_6
Derivative Financial Instruments and Hedging (Effect of Derivative Instruments on Consolidated Statements of Income, Pre-tax, Derivatives not designated as hedging instruments) (Detail) - Nondesignated - JPY (¥) ¥ in Millions | 3 Months Ended | 6 Months Ended | |||||||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | ||||||
Interest rate swap agreements | Life insurance premiums and related investment income | |||||||||
Derivative Instruments, Gain (Loss) [Line Items] | |||||||||
Gains (losses) recognized in income on derivative | ¥ 0 | [1] | ¥ 0 | [2] | ¥ 0 | [3] | ¥ 0 | [4] | |
Interest rate swap agreements | Interest expense | |||||||||
Derivative Instruments, Gain (Loss) [Line Items] | |||||||||
Gains (losses) recognized in income on derivative | 1 | 2 | 2 | 3 | |||||
Interest rate swap agreements | Other (income) and expense | |||||||||
Derivative Instruments, Gain (Loss) [Line Items] | |||||||||
Gains (losses) recognized in income on derivative | (6) | (70) | (8) | (139) | |||||
Futures | Life insurance premiums and related investment income | |||||||||
Derivative Instruments, Gain (Loss) [Line Items] | |||||||||
Gains (losses) recognized in income on derivative | (150) | [1] | 173 | [2] | (1,557) | [3] | 852 | [4] | |
Futures | Interest expense | |||||||||
Derivative Instruments, Gain (Loss) [Line Items] | |||||||||
Gains (losses) recognized in income on derivative | 0 | 0 | 0 | 0 | |||||
Futures | Other (income) and expense | |||||||||
Derivative Instruments, Gain (Loss) [Line Items] | |||||||||
Gains (losses) recognized in income on derivative | (1,095) | (1,424) | (685) | (4,105) | |||||
Foreign exchange contracts | Life insurance premiums and related investment income | |||||||||
Derivative Instruments, Gain (Loss) [Line Items] | |||||||||
Gains (losses) recognized in income on derivative | 10,595 | [1] | 13,332 | [2] | 30,067 | [3] | 34,472 | [4] | |
Foreign exchange contracts | Interest expense | |||||||||
Derivative Instruments, Gain (Loss) [Line Items] | |||||||||
Gains (losses) recognized in income on derivative | 106 | 1,696 | 1,513 | 1,950 | |||||
Foreign exchange contracts | Other (income) and expense | |||||||||
Derivative Instruments, Gain (Loss) [Line Items] | |||||||||
Gains (losses) recognized in income on derivative | (5,102) | 14,519 | 5,077 | 51,589 | |||||
Credit derivatives written | Life insurance premiums and related investment income | |||||||||
Derivative Instruments, Gain (Loss) [Line Items] | |||||||||
Gains (losses) recognized in income on derivative | 0 | [2] | 0 | [4] | |||||
Credit derivatives written | Interest expense | |||||||||
Derivative Instruments, Gain (Loss) [Line Items] | |||||||||
Gains (losses) recognized in income on derivative | 0 | 0 | |||||||
Credit derivatives written | Other (income) and expense | |||||||||
Derivative Instruments, Gain (Loss) [Line Items] | |||||||||
Gains (losses) recognized in income on derivative | 4 | 4 | |||||||
Credit derivatives held/written | Life insurance premiums and related investment income | |||||||||
Derivative Instruments, Gain (Loss) [Line Items] | |||||||||
Gains (losses) recognized in income on derivative | [3] | 0 | |||||||
Credit derivatives held/written | Interest expense | |||||||||
Derivative Instruments, Gain (Loss) [Line Items] | |||||||||
Gains (losses) recognized in income on derivative | 0 | ||||||||
Credit derivatives held/written | Other (income) and expense | |||||||||
Derivative Instruments, Gain (Loss) [Line Items] | |||||||||
Gains (losses) recognized in income on derivative | 8 | ||||||||
Options held/written and other | Life insurance premiums and related investment income | |||||||||
Derivative Instruments, Gain (Loss) [Line Items] | |||||||||
Gains (losses) recognized in income on derivative | 0 | [1] | 0 | [2] | 0 | [3] | 0 | [4] | |
Options held/written and other | Interest expense | |||||||||
Derivative Instruments, Gain (Loss) [Line Items] | |||||||||
Gains (losses) recognized in income on derivative | 0 | 0 | 0 | 0 | |||||
Options held/written and other | Other (income) and expense | |||||||||
Derivative Instruments, Gain (Loss) [Line Items] | |||||||||
Gains (losses) recognized in income on derivative | ¥ (345) | ¥ (170) | ¥ (878) | ¥ (886) | |||||
[1]Futures and foreign exchange contracts in the above table include gains (losses) arising from futures and foreign exchange contracts to economically hedge the minimum guarantee risk of variable annuity and variable life insurance contracts for the three months ended September 30, 2023 (see Note 17 “Income and Expenses Relating to Life Insurance Operations”).[2]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, 2022 (see Note 17 “Income and Expenses Relating to Life Insurance Operations”).[3]Futures and foreign exchange contracts in the above table include gains (losses) arising from futures and foreign exchange contracts to economically hedge the minimum guarantee risk of variable annuity and variable life insurance contracts for the six months ended September 30, 2023 (see Note 17 “Income and Expenses Relating to Life Insurance Operations”).[4]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 six months ended September 30, 2022 (see Note 17 “Income and Expenses Relating to Life Insurance Operations”). |
Derivative Financial Instrume_7
Derivative Financial Instruments and Hedging (Effect of Derivative Instruments on Consolidated Statements of Income, Pre-tax) (Detail) - Fair value hedges - JPY (¥) ¥ in Millions | 3 Months Ended | 6 Months Ended | ||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | |
Foreign exchange contracts | Life insurance premiums and related investment income | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Gains (losses) recognized in income | ¥ (6,578) | ¥ (2,155) | ¥ (10,635) | ¥ (1,474) |
Foreign exchange contracts | Interest expense | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Gains (losses) recognized in income | 9 | 7 | 17 | 14 |
Foreign exchange contracts | Other (income) and expense | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Gains (losses) recognized in income | 0 | 0 | 0 | 0 |
Options held/written and other | Life insurance premiums and related investment income | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Gains (losses) recognized in income | 0 | 0 | 0 | 0 |
Options held/written and other | Interest expense | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Gains (losses) recognized in income | 0 | 0 | 0 | 0 |
Options held/written and other | Other (income) and expense | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Gains (losses) recognized in income | ¥ 10 | ¥ 14 | ¥ 25 | ¥ 27 |
Derivative Financial Instrume_8
Derivative Financial Instruments and Hedging (Derivative instruments fair value hedge assets and liabilities) (Detail) - JPY (¥) ¥ in Millions | Sep. 30, 2023 | Mar. 31, 2023 |
Investment in Securities | ||
Carrying amount | ¥ 506,514 | ¥ 470,204 |
The cumulative amount of fair value hedging adjustments included in the carrying amount | (1,387) | (1,107) |
Carrying amount | 0 | 0 |
The cumulative amount of fair value hedging adjustments included in the carrying amount | 0 | 0 |
Installment Loans | ||
Carrying amount | 15,694 | 13,969 |
The cumulative amount of fair value hedging adjustments included in the carrying amount | (1) | (1) |
Carrying amount | 0 | 0 |
The cumulative amount of fair value hedging adjustments included in the carrying amount | ¥ 0 | ¥ 0 |
Derivative Financial Instrume_9
Derivative Financial Instruments and Hedging (Notional Amounts of Derivative Instruments and Other, Fair Values of Derivative Instruments and Other before Offsetting) (Detail) - JPY (¥) ¥ in Millions | Sep. 30, 2023 | Mar. 31, 2023 | ||
Derivatives, Fair Value [Line Items] | ||||
Derivative assets, Fair value | ¥ 100,941 | ¥ 72,398 | ||
Derivative liabilities, Fair value | 100,544 | 71,366 | ||
Interest rate swap agreements | Derivatives designated as hedging instruments and other | ||||
Derivatives, Fair Value [Line Items] | ||||
Notional amount | 603,623 | 568,864 | ||
Interest rate swap agreements | Derivatives designated as hedging instruments and other | Other assets | ||||
Derivatives, Fair Value [Line Items] | ||||
Derivative assets, Fair value | 26,777 | 22,798 | ||
Interest rate swap agreements | Derivatives designated as hedging instruments and other | Other liabilities | ||||
Derivatives, Fair Value [Line Items] | ||||
Derivative liabilities, Fair value | 3,169 | 3,311 | ||
Interest rate swap agreements | Derivatives not designated as hedging instruments | ||||
Derivatives, Fair Value [Line Items] | ||||
Notional amount | 2,122 | 464 | ||
Interest rate swap agreements | Derivatives not designated as hedging instruments | Other assets | ||||
Derivatives, Fair Value [Line Items] | ||||
Derivative assets, Fair value | 165 | 0 | ||
Interest rate swap agreements | Derivatives not designated as hedging instruments | Other liabilities | ||||
Derivatives, Fair Value [Line Items] | ||||
Derivative liabilities, Fair value | 8 | 8 | ||
Options held/written and other | Derivatives designated as hedging instruments and other | ||||
Derivatives, Fair Value [Line Items] | ||||
Notional amount | 14,541 | 9,486 | ||
Options held/written and other | Derivatives designated as hedging instruments and other | Other assets | ||||
Derivatives, Fair Value [Line Items] | ||||
Derivative assets, Fair value | 44 | 52 | ||
Options held/written and other | Derivatives designated as hedging instruments and other | Other liabilities | ||||
Derivatives, Fair Value [Line Items] | ||||
Derivative liabilities, Fair value | 886 | 88 | ||
Options held/written and other | Derivatives not designated as hedging instruments | ||||
Derivatives, Fair Value [Line Items] | ||||
Notional amount | 564,816 | 632,211 | ||
Options held/written and other | Derivatives not designated as hedging instruments | Other assets | ||||
Derivatives, Fair Value [Line Items] | ||||
Derivative assets, Fair value | 33,397 | 30,435 | ||
Options held/written and other | Derivatives not designated as hedging instruments | Other liabilities | ||||
Derivatives, Fair Value [Line Items] | ||||
Derivative liabilities, Fair value | 29,818 | 28,335 | ||
Futures, foreign exchange contracts | Derivatives designated as hedging instruments and other | ||||
Derivatives, Fair Value [Line Items] | ||||
Notional amount | 972,031 | 933,988 | ||
Futures, foreign exchange contracts | Derivatives designated as hedging instruments and other | Other assets | ||||
Derivatives, Fair Value [Line Items] | ||||
Derivative assets, Fair value | 2,613 | 2,735 | ||
Futures, foreign exchange contracts | Derivatives designated as hedging instruments and other | Other liabilities | ||||
Derivatives, Fair Value [Line Items] | ||||
Derivative liabilities, Fair value | 51,029 | 26,217 | ||
Futures, foreign exchange contracts | Derivatives not designated as hedging instruments | ||||
Derivatives, Fair Value [Line Items] | ||||
Notional amount | 871,149 | [1] | 788,361 | [2] |
Futures, foreign exchange contracts | Derivatives not designated as hedging instruments | Other assets | ||||
Derivatives, Fair Value [Line Items] | ||||
Derivative assets, Fair value | 37,446 | [1] | 15,050 | [2] |
Futures, foreign exchange contracts | Derivatives not designated as hedging instruments | Other liabilities | ||||
Derivatives, Fair Value [Line Items] | ||||
Derivative liabilities, Fair value | 8,797 | [1] | 10,978 | [2] |
Foreign currency swap agreements | Derivatives designated as hedging instruments and other | ||||
Derivatives, Fair Value [Line Items] | ||||
Notional amount | 107,406 | 99,878 | ||
Foreign currency swap agreements | Derivatives designated as hedging instruments and other | Other assets | ||||
Derivatives, Fair Value [Line Items] | ||||
Derivative assets, Fair value | 491 | 1,325 | ||
Foreign currency swap agreements | Derivatives designated as hedging instruments and other | Other liabilities | ||||
Derivatives, Fair Value [Line Items] | ||||
Derivative liabilities, Fair value | 6,831 | 2,426 | ||
Foreign currency long-term debt | Derivatives designated as hedging instruments and other | ||||
Derivatives, Fair Value [Line Items] | ||||
Notional amount | 817,200 | 748,396 | ||
Foreign currency long-term debt | Derivatives designated as hedging instruments and other | Other assets | ||||
Derivatives, Fair Value [Line Items] | ||||
Derivative assets, Fair value | 0 | 0 | ||
Foreign currency long-term debt | Derivatives designated as hedging instruments and other | Other liabilities | ||||
Derivatives, Fair Value [Line Items] | ||||
Derivative liabilities, Fair value | 0 | 0 | ||
Credit derivatives held/written | Derivatives not designated as hedging instruments | ||||
Derivatives, Fair Value [Line Items] | ||||
Notional amount | 1,979 | 1,098 | ||
Credit derivatives held/written | Derivatives not designated as hedging instruments | Other assets | ||||
Derivatives, Fair Value [Line Items] | ||||
Derivative assets, Fair value | 8 | 3 | ||
Credit derivatives held/written | Derivatives not designated as hedging instruments | Other liabilities | ||||
Derivatives, Fair Value [Line Items] | ||||
Derivative liabilities, Fair value | ¥ 6 | ¥ 3 | ||
[1]The notional amounts of futures and foreign exchange contracts in the above table include futures contracts of ¥10,229 million and foreign exchange contracts of ¥3,622 million to economically hedge the minimum guarantee risk of variable annuity and variable life insurance contracts at September 30, 2023, respectively. Derivative assets in the above table include fair value of the futures and foreign exchange contracts before offsetting of ¥144 million and ¥19 million and derivative liabilities include fair value of the futures and foreign exchange contracts before offsetting of ¥3 million and ¥168 million at September 30, 2023, respectively.[2]The notional amounts of futures and foreign exchange contracts in the above table include futures contracts of ¥14,758 million and foreign exchange contracts of ¥5,554 million to economically hedge the minimum guarantee risk of variable annuity and variable life insurance contracts at March 31, 2023, respectively. Derivative assets in the above table include fair value of the futures and foreign exchange contracts before offsetting of ¥52 million and ¥12 million and derivative liabilities include fair value of the futures and foreign exchange contracts before offsetting of ¥200 million and ¥179 million at March 31, 2023, respectively. |
Derivative Financial Instrum_10
Derivative Financial Instruments and Hedging (Notional Amounts of Derivative Instruments and Other, Fair Values of Derivative Instruments and Other before Offsetting) (Parenthetical) (Detail) - JPY (¥) ¥ in Millions | Sep. 30, 2023 | Mar. 31, 2023 |
Derivatives, Fair Value [Line Items] | ||
Derivative assets Fair value | ¥ 100,941 | ¥ 72,398 |
Derivative liabilities Fair value | 100,544 | 71,366 |
Futures | Variable Annuity and Variable Life Insurance Contracts | ||
Derivatives, Fair Value [Line Items] | ||
Notional amount | 10,229 | 14,758 |
Derivative assets Fair value | 144 | 52 |
Derivative liabilities Fair value | 3 | 200 |
Foreign exchange contracts | Variable Annuity and Variable Life Insurance Contracts | ||
Derivatives, Fair Value [Line Items] | ||
Notional amount | 3,622 | 5,554 |
Derivative assets Fair value | 19 | 12 |
Derivative liabilities Fair value | ¥ 168 | ¥ 179 |
Derivative Financial Instrum_11
Derivative Financial Instruments and Hedging (Credit Derivatives) (Detail) - Credit Default Swap - JPY (¥) ¥ in Millions | Sep. 30, 2023 | Mar. 31, 2023 |
Credit Derivatives [Line Items] | ||
Maximum potential amount of future payment under the credit derivative | ¥ 1,532 | ¥ 1,000 |
Fair value of the credit derivative | ¥ (6) | ¥ (3) |
Offsetting Assets and Liabili_3
Offsetting Assets and Liabilities (Gross Amounts Recognized, Gross Amounts Offset, and Net Amounts Presented in Consolidated Balance Sheets Regarding to Derivative Assets and Liabilities and Other Assets and Liabilities) (Detail) - JPY (¥) ¥ in Millions | Sep. 30, 2023 | Mar. 31, 2023 | |
Offsetting Asset and Liabilities [Line Items] | |||
Gross amounts recognized, assets | ¥ 100,941 | ¥ 72,398 | |
Gross amounts offset in the consolidated balance sheets, assets | (44,593) | (22,052) | |
Net amounts presented in the consolidated balance sheets, assets | 56,348 | 50,346 | |
Gross amounts not offset in the consolidated balance sheets, financial instruments, assets | [1] | 0 | 0 |
Gross amounts not offset in the consolidated balance sheets, collateral received/pledged, assets | [1] | (2,107) | (4,973) |
Net amount, assets | 54,241 | 45,373 | |
Gross amounts recognized, liabilities | 100,544 | 71,366 | |
Gross amounts offset in the consolidated balance sheets, liabilities | (44,593) | (22,052) | |
Net amounts presented in the consolidated balance sheets, liabilities | 55,951 | 49,314 | |
Gross amounts not offset in the consolidated balance sheets, financial instruments, liabilities | [1] | (8,828) | (1,786) |
Gross amounts not offset in the consolidated balance sheets, collateral received/pledged, liabilities | [1] | (3,167) | (509) |
Net amount, liabilities | 43,956 | 47,019 | |
Derivative liabilities | |||
Offsetting Asset and Liabilities [Line Items] | |||
Gross amounts recognized, liabilities | 100,544 | 71,366 | |
Gross amounts offset in the consolidated balance sheets, liabilities | (44,593) | (22,052) | |
Net amounts presented in the consolidated balance sheets, liabilities | 55,951 | 49,314 | |
Gross amounts not offset in the consolidated balance sheets, financial instruments, liabilities | [1] | (8,828) | (1,786) |
Gross amounts not offset in the consolidated balance sheets, collateral received/pledged, liabilities | [1] | (3,167) | (509) |
Net amount, liabilities | 43,956 | 47,019 | |
Derivative assets | |||
Offsetting Asset and Liabilities [Line Items] | |||
Gross amounts recognized, assets | 100,941 | 72,398 | |
Gross amounts offset in the consolidated balance sheets, assets | (44,593) | (22,052) | |
Net amounts presented in the consolidated balance sheets, assets | 56,348 | 50,346 | |
Gross amounts not offset in the consolidated balance sheets, financial instruments, assets | [1] | 0 | 0 |
Gross amounts not offset in the consolidated balance sheets, collateral received/pledged, assets | [1] | (2,107) | (4,973) |
Net amount, assets | ¥ 54,241 | ¥ 45,373 | |
[1]The balances related to enforceable master netting agreements or similar agreements which were not offset in the consolidated balance sheets. |
Estimated Fair Value of Finan_3
Estimated Fair Value of Financial Instruments (Information about Carrying Amount of Financial Instruments Reported in Consolidated Balance Sheets and Related Market or Fair Value) (Detail) - JPY (¥) ¥ in Millions | Sep. 30, 2023 | Mar. 31, 2023 | Sep. 30, 2022 | Mar. 31, 2022 | |||
Assets: | |||||||
Cash and cash equivalents | ¥ 915,107 | ¥ 1,231,860 | ¥ 925,965 | ||||
Restricted Cash | 139,123 | 135,048 | |||||
Equity securities | [1] | 751,872 | 589,312 | ||||
Trading debt securities | 2,259 | 2,179 | |||||
Available-for-sale debt securities | 2,318,317 | 2,234,608 | |||||
Held-to-maturity debt securities | 115,515 | 114,759 | |||||
Certain investment in affiliates | 5,003 | 2,511 | |||||
Other Assets: | |||||||
Derivative assets | 56,348 | 50,346 | |||||
Liabilities: | |||||||
Short-term debt | 586,379 | 508,796 | |||||
Deposits | 2,223,592 | 2,246,345 | |||||
Policy liabilities and Policy account balances (Investment contracts) | 1,783,074 | 1,832,057 | ¥ 1,912,698 | ||||
Long-term debt | 5,448,244 | 5,209,723 | |||||
Other Liabilities: | |||||||
Derivative liabilities | ¥ 55,951 | ¥ 49,314 | |||||
Derivative Liability, Statement of Financial Position [Extensible Enumeration] | Other Liabilities | Other Liabilities | |||||
Level 1 | |||||||
Assets: | |||||||
Cash and cash equivalents | ¥ 915,107 | ¥ 1,231,860 | |||||
Restricted Cash | 139,123 | 135,048 | |||||
Installment loans (net of allowance for credit losses) | 0 | 0 | |||||
Equity securities | 116,421 | [2] | 105,646 | [3] | |||
Trading debt securities | 0 | 0 | |||||
Available-for-sale debt securities | 5,282 | 4,334 | |||||
Held-to-maturity debt securities | 0 | 0 | |||||
Certain investment in affiliates | 0 | 0 | |||||
Other Assets: | |||||||
Time deposits | 0 | 0 | |||||
Derivative assets | [4] | 0 | 0 | ||||
Reinsurance recoverables (Investment contracts) | 0 | 0 | |||||
Liabilities: | |||||||
Short-term debt | 0 | 0 | |||||
Deposits | 0 | 0 | |||||
Policy liabilities and Policy account balances (Investment contracts) | 0 | 0 | |||||
Long-term debt | 0 | 0 | |||||
Other Liabilities: | |||||||
Derivative liabilities | [4] | 0 | 0 | ||||
Level 2 | |||||||
Assets: | |||||||
Cash and cash equivalents | 0 | 0 | |||||
Restricted Cash | 0 | 0 | |||||
Installment loans (net of allowance for credit losses) | 136,985 | 128,249 | |||||
Equity securities | 133,647 | [2] | 133,027 | [3] | |||
Trading debt securities | 2,259 | 2,179 | |||||
Available-for-sale debt securities | 2,030,880 | 1,986,672 | |||||
Held-to-maturity debt securities | 104,028 | 108,326 | |||||
Certain investment in affiliates | 0 | 0 | |||||
Other Assets: | |||||||
Time deposits | 4,600 | 4,374 | |||||
Derivative assets | [4] | 0 | 0 | ||||
Reinsurance recoverables (Investment contracts) | 0 | 0 | |||||
Liabilities: | |||||||
Short-term debt | 586,379 | 508,796 | |||||
Deposits | 2,052,118 | 2,087,035 | |||||
Policy liabilities and Policy account balances (Investment contracts) | 0 | 0 | |||||
Long-term debt | 1,815,990 | 1,667,119 | |||||
Other Liabilities: | |||||||
Derivative liabilities | [4] | 0 | 0 | ||||
Level 3 | |||||||
Assets: | |||||||
Cash and cash equivalents | 0 | 0 | |||||
Restricted Cash | 0 | 0 | |||||
Installment loans (net of allowance for credit losses) | 3,740,277 | 3,679,738 | |||||
Equity securities | 160,131 | [2] | 140,563 | [3] | |||
Trading debt securities | 0 | 0 | |||||
Available-for-sale debt securities | 282,155 | 243,602 | |||||
Held-to-maturity debt securities | 20,092 | 21,352 | |||||
Certain investment in affiliates | 5,003 | 2,511 | |||||
Other Assets: | |||||||
Time deposits | 0 | 0 | |||||
Derivative assets | [4] | 0 | 0 | ||||
Reinsurance recoverables (Investment contracts) | 4,566 | 5,009 | |||||
Liabilities: | |||||||
Short-term debt | 0 | 0 | |||||
Deposits | 0 | 0 | |||||
Policy liabilities and Policy account balances (Investment contracts) | 133,208 | 143,842 | |||||
Long-term debt | 3,572,108 | 3,496,993 | |||||
Other Liabilities: | |||||||
Derivative liabilities | [4] | 0 | 0 | ||||
Carrying amount | |||||||
Assets: | |||||||
Cash and cash equivalents | 915,107 | 1,231,860 | |||||
Restricted Cash | 139,123 | 135,048 | |||||
Installment loans (net of allowance for credit losses) | 3,895,424 | 3,829,431 | |||||
Equity securities | 410,199 | [2] | 379,236 | [3] | |||
Trading debt securities | 2,259 | 2,179 | |||||
Available-for-sale debt securities | 2,318,317 | 2,234,608 | |||||
Held-to-maturity debt securities | 115,515 | 114,759 | |||||
Certain investment in affiliates | 5,003 | 2,511 | |||||
Other Assets: | |||||||
Time deposits | 4,600 | 4,374 | |||||
Derivative assets | [4] | 56,348 | 50,346 | ||||
Reinsurance recoverables (Investment contracts) | 4,943 | 5,301 | |||||
Liabilities: | |||||||
Short-term debt | 586,379 | 508,796 | |||||
Deposits | 2,051,992 | 2,086,340 | |||||
Policy liabilities and Policy account balances (Investment contracts) | 133,841 | 143,407 | |||||
Long-term debt | 5,448,244 | 5,209,723 | |||||
Other Liabilities: | |||||||
Derivative liabilities | [4] | 55,951 | 49,314 | ||||
Estimated fair value | |||||||
Assets: | |||||||
Cash and cash equivalents | 915,107 | 1,231,860 | |||||
Restricted Cash | 139,123 | 135,048 | |||||
Installment loans (net of allowance for credit losses) | 3,877,262 | 3,807,987 | |||||
Equity securities | 410,199 | [2] | 379,236 | [3] | |||
Trading debt securities | 2,259 | 2,179 | |||||
Available-for-sale debt securities | 2,318,317 | 2,234,608 | |||||
Held-to-maturity debt securities | 124,120 | 129,678 | |||||
Certain investment in affiliates | 5,003 | 2,511 | |||||
Other Assets: | |||||||
Time deposits | 4,600 | 4,374 | |||||
Derivative assets | [4] | 56,348 | 50,346 | ||||
Reinsurance recoverables (Investment contracts) | 4,566 | 5,009 | |||||
Liabilities: | |||||||
Short-term debt | 586,379 | 508,796 | |||||
Deposits | 2,052,118 | 2,087,035 | |||||
Policy liabilities and Policy account balances (Investment contracts) | 133,208 | 143,842 | |||||
Long-term debt | 5,388,098 | 5,164,112 | |||||
Other Liabilities: | |||||||
Derivative liabilities | [4] | ¥ 55,951 | ¥ 49,314 | ||||
[1]The amount of assets under management of variable annuity and variable life insurance contracts included in equity securities were ¥151,445 million and ¥151,281 million as of March 31, 2023 and September 30, 2023, respectively. The amount of investment funds that are accounted for under the equity method included in equity securities were ¥90,993 million and ¥196,899 million as of March 31, 2023 and September 30, 2023, respectively. The amount of investment funds elected the fair value option included in equity securities were ¥16,032 million and ¥19,401 million as of March 31, 2023 and September 30, 2023, respectively.[2]The amount of ¥68,018 million of investment funds measured at net asset value per share is not included.[3]The amount of ¥51,263 million of investment funds measured at net asset value per share is not included.[4]It represents the amount after offset under counterparty netting of derivative assets and liabilities. For the information of input level before netting, see Note 3 “Fair Value Measurements.” |
Estimated Fair Value of Finan_4
Estimated Fair Value of Financial Instruments (Information about Carrying Amount of Financial Instruments Reported in Consolidated Balance Sheets and Related Market or Fair Value) (Parenthetical) (Detail) - JPY (¥) ¥ in Millions | Sep. 30, 2023 | Mar. 31, 2023 |
Estimated fair value | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Investment funds | ¥ 68,018 | ¥ 51,263 |
Commitments, Guarantees, and Co
Commitments, Guarantees, and Contingent Liabilities - Additional Information (Detail) - JPY (¥) ¥ in Millions | 3 Months Ended | 6 Months Ended | 12 Months Ended | ||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | Mar. 31, 2023 | |
Commitments and Contingencies Disclosure [Line Items] | |||||
Commitments for purchase of equipment to be leased at cost | ¥ 9,786 | ¥ 4,066 | |||
Payments for computer systems under non-cancelable contracts | ¥ 2,132 | ¥ 2,055 | 4,240 | ¥ 4,138 | |
Estimated construction costs | 119,923 | 119,923 | 146,945 | ||
Total unused credit and capital amount available | 493,570 | 493,570 | 458,994 | ||
Guarantee Obligations Maximum Exposure | 1,316,556 | 1,316,556 | 1,231,425 | ||
Guarantee Obligations Current Carrying Value | 57,485 | 57,485 | 57,456 | ||
Outstanding principal amount of loans transferred under Delegated Underwriting and Servicing program | 2,543,499 | 2,543,499 | 2,175,722 | ||
Provision for credit losses in the consolidated statements of income | 171 | ¥ (225) | 591 | ¥ (868) | |
Investment in securities pledged for primarily collateral deposits | 367,973 | 367,973 | 407,495 | ||
Investments In Subsidaries Pledged | 9,530 | 9,530 | 9,911 | ||
Other liabilities | |||||
Commitments and Contingencies Disclosure [Line Items] | |||||
Allowance for off-balance sheet credit exposure | 18,783 | 18,783 | 17,843 | ||
Secured By Share | |||||
Commitments and Contingencies Disclosure [Line Items] | |||||
Secured debt | 31,407 | 31,407 | 31,379 | ||
Secured Investments | |||||
Commitments and Contingencies Disclosure [Line Items] | |||||
Secured debt | 166,216 | 166,216 | 101,827 | ||
Corporate Loans | |||||
Commitments and Contingencies Disclosure [Line Items] | |||||
Guarantee Obligations Maximum Exposure | 485,438 | 485,438 | 479,406 | ||
Guarantee Obligations Current Carrying Value | 4,729 | 4,729 | 5,033 | ||
Performance Guarantee | Corporate Loans | |||||
Commitments and Contingencies Disclosure [Line Items] | |||||
Guarantee Obligations Maximum Exposure | 494,000 | 494,000 | 494,000 | ||
Guarantee Obligations Current Carrying Value | ¥ 2,188 | ¥ 2,188 | ¥ 2,309 |
Commitments, Guarantees and C_3
Commitments, Guarantees and Contingent Liabilities (Amounts Due of Certain Computer Systems Operated and Maintained under Non-cancelable Contracts with Third-party Service Providers) (Detail) - JPY (¥) ¥ in Millions | Sep. 30, 2023 | Mar. 31, 2023 |
Commitments and Contingencies Disclosure [Abstract] | ||
Within one year | ¥ 5,919 | ¥ 5,846 |
More than one year | 8,511 | 8,353 |
Total | ¥ 14,430 | ¥ 14,199 |
Commitments, Guarantees, and _2
Commitments, Guarantees, and Contingent Liabilities (Summary of Potential Future Payments, Book Value Recorded as Guarantee Liabilities of Guarantee Contracts Outstanding and Maturity of Longest Guarantee Contracts) (Detail) - JPY (¥) ¥ in Millions | 6 Months Ended | 12 Months Ended |
Sep. 30, 2023 | Mar. 31, 2023 | |
Guarantor Obligations [Line Items] | ||
Potential future payment | ¥ 1,316,556 | ¥ 1,231,425 |
Book value of guarantee liabilities | 57,485 | 57,456 |
Transferred loans | ||
Guarantor Obligations [Line Items] | ||
Potential future payment | 509,204 | 436,069 |
Book value of guarantee liabilities | ¥ 2,869 | ¥ 2,185 |
Maturity of the longest contract (Years) | 2062 | 2062 |
Consumer loans | ||
Guarantor Obligations [Line Items] | ||
Potential future payment | ¥ 301,470 | ¥ 295,273 |
Book value of guarantee liabilities | ¥ 49,420 | ¥ 48,207 |
Maturity of the longest contract (Years) | 2034 | 2034 |
Real estate loans | ||
Guarantor Obligations [Line Items] | ||
Potential future payment | ¥ 6,963 | ¥ 18,193 |
Book value of guarantee liabilities | ¥ 466 | ¥ 2,031 |
Maturity of the longest contract (Years) | 2048 | 2048 |
Other | ||
Guarantor Obligations [Line Items] | ||
Potential future payment | ¥ 13,481 | ¥ 2,484 |
Book value of guarantee liabilities | ¥ 1 | ¥ 0 |
Maturity of the longest contract (Years) | 2044 | 2036 |
Corporate loans | ||
Guarantor Obligations [Line Items] | ||
Potential future payment | ¥ 485,438 | ¥ 479,406 |
Book value of guarantee liabilities | ¥ 4,729 | ¥ 5,033 |
Maturity of the longest contract (Years) | 2030 | 2029 |
Commitments, Guarantees, and _3
Commitments, Guarantees, and Contingent Liabilities (Assets Provided as Collateral for Short-Term and Long-Term Debt Payables to Financial Institutions) (Detail) - JPY (¥) ¥ in Millions | Sep. 30, 2023 | Mar. 31, 2023 |
Commitments and Contingencies Disclosure [Line Items] | ||
Lease payments, loans and investment in operating leases | ¥ 4,933,639 | ¥ 4,743,956 |
Other assets and other | 2,192,585 | 2,057,828 |
Total Assets | 15,795,220 | 15,289,385 |
Asset Pledged as Collateral without Right | ||
Commitments and Contingencies Disclosure [Line Items] | ||
Lease payments, loans and investment in operating leases | 170,355 | 148,057 |
Investment in securities | 216,483 | 183,441 |
Property under facility operations | 158,663 | 130,191 |
Other assets and other | 131,602 | 110,159 |
Total Assets | ¥ 677,103 | ¥ 571,848 |
Segment Information (Financial
Segment Information (Financial Information of Segments) (Detail) - JPY (¥) ¥ in Millions | 3 Months Ended | 6 Months Ended | |||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | Mar. 31, 2023 | |
Segment Reporting Information [Line Items] | |||||
Revenues | ¥ 682,761 | ¥ 707,003 | ¥ 1,359,735 | ¥ 1,364,816 | |
Segment profits | 80,783 | 67,069 | 164,035 | 150,911 | |
Segment assets | 15,795,220 | 15,795,220 | ¥ 15,289,385 | ||
Operating Segment | |||||
Segment Reporting Information [Line Items] | |||||
Revenues | 679,117 | 705,217 | 1,352,420 | 1,361,213 | |
Segment profits | 99,503 | 85,243 | 191,010 | 171,729 | |
Segment assets | 13,436,935 | 13,436,935 | 12,595,338 | ||
Operating Segment | Corporate Financial Services and Maintenance Leasing | |||||
Segment Reporting Information [Line Items] | |||||
Revenues | 110,609 | 107,302 | 220,247 | 211,427 | |
Segment profits | 20,405 | 20,367 | 40,266 | 36,917 | |
Segment assets | 1,523,394 | 1,523,394 | 1,514,070 | ||
Operating Segment | Real Estate | |||||
Segment Reporting Information [Line Items] | |||||
Revenues | 112,912 | 93,622 | 219,293 | 190,487 | |
Segment profits | 16,906 | 7,006 | 26,867 | 18,949 | |
Segment assets | 1,004,443 | 1,004,443 | 935,027 | ||
Operating Segment | PE Investment And Concession | |||||
Segment Reporting Information [Line Items] | |||||
Revenues | 86,908 | 129,095 | 172,980 | 250,873 | |
Segment profits | 4,017 | 1,757 | 9,674 | 4,011 | |
Segment assets | 808,757 | 808,757 | 605,471 | ||
Operating Segment | Environment and Energy | |||||
Segment Reporting Information [Line Items] | |||||
Revenues | 44,856 | 64,113 | 81,972 | 110,914 | |
Segment profits | 5,123 | 5,196 | 8,138 | 8,718 | |
Segment assets | 833,262 | 833,262 | 773,617 | ||
Operating Segment | Insurance | |||||
Segment Reporting Information [Line Items] | |||||
Revenues | 134,805 | 138,328 | 288,586 | 265,870 | |
Segment profits | 17,825 | 3,346 | 37,038 | 14,785 | |
Segment assets | 2,105,725 | 2,105,725 | 2,050,412 | ||
Operating Segment | Banking and credit | |||||
Segment Reporting Information [Line Items] | |||||
Revenues | 21,584 | 20,903 | 42,727 | 40,944 | |
Segment profits | 8,282 | 7,979 | 16,471 | 15,215 | |
Segment assets | 2,705,802 | 2,705,802 | 2,698,747 | ||
Operating Segment | Aircraft and Ships | |||||
Segment Reporting Information [Line Items] | |||||
Revenues | 16,456 | 13,932 | 29,229 | 28,496 | |
Segment profits | 6,787 | 5,233 | 10,415 | 10,649 | |
Segment assets | 907,147 | 907,147 | 742,890 | ||
Operating Segment | ORIX USA | |||||
Segment Reporting Information [Line Items] | |||||
Revenues | 44,725 | 44,350 | 88,089 | 79,932 | |
Segment profits | 6,614 | 15,557 | 16,332 | 21,596 | |
Segment assets | 1,525,455 | 1,525,455 | 1,462,067 | ||
Operating Segment | ORIX Europe | |||||
Segment Reporting Information [Line Items] | |||||
Revenues | 52,478 | 46,139 | 104,059 | 89,836 | |
Segment profits | 9,139 | 7,118 | 13,362 | 16,419 | |
Segment assets | 453,037 | 453,037 | 417,941 | ||
Operating Segment | Asia and Australia | |||||
Segment Reporting Information [Line Items] | |||||
Revenues | 53,784 | 47,433 | 105,238 | 92,434 | |
Segment profits | 4,405 | ¥ 11,684 | 12,447 | ¥ 24,470 | |
Segment assets | ¥ 1,569,913 | ¥ 1,569,913 | ¥ 1,395,096 |
Segment Information (Reconcilia
Segment Information (Reconciliation of Segment Totals to Consolidated Financial Statement Amounts) (Detail) - JPY (¥) ¥ in Millions | 3 Months Ended | 6 Months Ended | |||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | Mar. 31, 2023 | |
Segment revenues: | |||||
Revenues | ¥ 682,761 | ¥ 707,003 | ¥ 1,359,735 | ¥ 1,364,816 | |
Segment profits: | |||||
Total profits for segments | 80,783 | 67,069 | 164,035 | 150,911 | |
Net income attributable to the noncontrolling interests and net income attributable to the redeemable noncontrolling interests | (38) | (12) | |||
Income before Income Taxes | 95,075 | 80,560 | 184,467 | 166,124 | |
Segment assets: | |||||
Trade notes, accounts and other receivable | 373,780 | 373,780 | ¥ 441,803 | ||
Other corporate assets | 2,192,585 | 2,192,585 | 2,057,828 | ||
Assets | 15,795,220 | 15,795,220 | 15,289,385 | ||
Operating Segment | |||||
Segment revenues: | |||||
Revenues | 679,117 | 705,217 | 1,352,420 | 1,361,213 | |
Segment profits: | |||||
Total profits for segments | 99,503 | 85,243 | 191,010 | 171,729 | |
Segment assets: | |||||
Assets | 13,436,935 | 13,436,935 | 12,595,338 | ||
Corporate, Non-Segment | |||||
Segment revenues: | |||||
Revenues | 7,811 | 6,354 | 15,569 | 12,652 | |
Segment profits: | |||||
Corporate profits (losses) | (5,903) | (6,333) | (9,491) | (10,175) | |
Net income attributable to the noncontrolling interests and net income attributable to the redeemable noncontrolling interests | 1,475 | 1,650 | 2,948 | 4,570 | |
Segment assets: | |||||
Cash and cash equivalents, restricted cash | 1,054,230 | 1,054,230 | 1,366,908 | ||
Allowance for credit losses | (69,046) | (69,046) | (64,723) | ||
Trade notes, accounts and other receivable | 373,780 | 373,780 | 441,803 | ||
Other corporate assets | 999,321 | 999,321 | ¥ 950,059 | ||
Inter-segment transactions | |||||
Segment revenues: | |||||
Revenues | ¥ (4,167) | ¥ (4,568) | ¥ (8,254) | ¥ (9,049) |
Segment Information (Geographic
Segment Information (Geographical Revenues and Income before Income Taxes) (Detail) - JPY (¥) ¥ in Millions | 3 Months Ended | 6 Months Ended | |||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | ||
Segment Reporting Information [Line Items] | |||||
Total Revenues | ¥ 682,761 | ¥ 707,003 | ¥ 1,359,735 | ¥ 1,364,816 | |
Income before Income Taxes | 95,075 | 80,560 | 184,467 | 166,124 | |
Japan | Reportable Geographical Components | |||||
Segment Reporting Information [Line Items] | |||||
Total Revenues | 509,496 | 549,794 | 1,020,846 | 1,065,266 | |
Income before Income Taxes | 66,176 | 36,346 | 129,856 | 87,212 | |
The Americas | Reportable Geographical Components | |||||
Segment Reporting Information [Line Items] | |||||
Total Revenues | [1] | 64,030 | 60,575 | 127,510 | 109,392 |
Income before Income Taxes | [1] | 9,069 | 16,791 | 20,516 | 24,916 |
Other Countries | Reportable Geographical Components | |||||
Segment Reporting Information [Line Items] | |||||
Total Revenues | [2] | 109,235 | 96,634 | 211,379 | 190,158 |
Income before Income Taxes | [2] | ¥ 19,830 | ¥ 27,423 | ¥ 34,095 | ¥ 53,996 |
[1]Mainly the United States[2]Mainly Asia, Europe, Australasia and Middle East |
Segment Information - Additiona
Segment Information - Additional Information (Detail) | 6 Months Ended |
Sep. 30, 2023 Segments | |
Segment Reporting Information [Line Items] | |
Number of operating segments | 10 |
Segment Information (Disaggrega
Segment Information (Disaggregation of Revenues for Revenues From Contracts With Customers, by Goods and Services Category and Geographical Location) (Detail) - JPY (¥) ¥ in Millions | 3 Months Ended | 6 Months Ended | |||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | ||
Segment Reporting Information [Line Items] | |||||
Revenues from contracts with customers | ¥ 315,993 | ¥ 359,235 | ¥ 618,730 | ¥ 693,599 | |
Other revenues | [1] | 366,768 | 347,768 | 741,005 | 671,217 |
Segment revenues /Total revenues | 682,761 | 707,003 | 1,359,735 | 1,364,816 | |
Sales of goods | |||||
Segment Reporting Information [Line Items] | |||||
Revenues from contracts with customers | 63,308 | 116,325 | 123,011 | 225,947 | |
Real estate sales | |||||
Segment Reporting Information [Line Items] | |||||
Revenues from contracts with customers | 18,832 | 17,397 | 50,789 | 39,073 | |
Asset Management and Servicing | |||||
Segment Reporting Information [Line Items] | |||||
Revenues from contracts with customers | 60,238 | 54,850 | 115,392 | 112,307 | |
Automobile related services | |||||
Segment Reporting Information [Line Items] | |||||
Revenues from contracts with customers | 21,744 | 19,892 | 43,249 | 40,006 | |
Facilities operation | |||||
Segment Reporting Information [Line Items] | |||||
Revenues from contracts with customers | 20,998 | 14,237 | 38,332 | 24,997 | |
Environment and energy services | |||||
Segment Reporting Information [Line Items] | |||||
Revenues from contracts with customers | 44,121 | 63,221 | 80,188 | 108,869 | |
Real estate management and brokerage | |||||
Segment Reporting Information [Line Items] | |||||
Revenues from contracts with customers | 25,052 | 24,833 | 49,484 | 49,353 | |
Real estate contract work | |||||
Segment Reporting Information [Line Items] | |||||
Revenues from contracts with customers | 35,363 | 22,785 | 66,382 | 40,933 | |
Other | |||||
Segment Reporting Information [Line Items] | |||||
Revenues from contracts with customers | 26,337 | 25,695 | 51,903 | 52,114 | |
Corporate revenue and intersegment transactions | |||||
Segment Reporting Information [Line Items] | |||||
Revenues from contracts with customers | 3,079 | 1,256 | 6,467 | 2,919 | |
Other revenues | [1] | 565 | 530 | 848 | 684 |
Segment revenues /Total revenues | 3,644 | 1,786 | 7,315 | 3,603 | |
Corporate revenue and intersegment transactions | Sales of goods | |||||
Segment Reporting Information [Line Items] | |||||
Revenues from contracts with customers | 1,602 | 719 | 2,863 | 1,260 | |
Corporate revenue and intersegment transactions | Real estate sales | |||||
Segment Reporting Information [Line Items] | |||||
Revenues from contracts with customers | 0 | 0 | 0 | 0 | |
Corporate revenue and intersegment transactions | Asset Management and Servicing | |||||
Segment Reporting Information [Line Items] | |||||
Revenues from contracts with customers | (59) | (10) | (119) | (19) | |
Corporate revenue and intersegment transactions | Automobile related services | |||||
Segment Reporting Information [Line Items] | |||||
Revenues from contracts with customers | 1 | 4 | 2 | 1 | |
Corporate revenue and intersegment transactions | Facilities operation | |||||
Segment Reporting Information [Line Items] | |||||
Revenues from contracts with customers | 305 | 173 | 578 | 388 | |
Corporate revenue and intersegment transactions | Environment and energy services | |||||
Segment Reporting Information [Line Items] | |||||
Revenues from contracts with customers | (406) | (514) | (896) | (953) | |
Corporate revenue and intersegment transactions | Real estate management and brokerage | |||||
Segment Reporting Information [Line Items] | |||||
Revenues from contracts with customers | (341) | (352) | (664) | (750) | |
Corporate revenue and intersegment transactions | Real estate contract work | |||||
Segment Reporting Information [Line Items] | |||||
Revenues from contracts with customers | 34 | (31) | 23 | 21 | |
Corporate revenue and intersegment transactions | Other | |||||
Segment Reporting Information [Line Items] | |||||
Revenues from contracts with customers | 1,943 | 1,267 | 4,680 | 2,971 | |
Japan | |||||
Segment Reporting Information [Line Items] | |||||
Revenues from contracts with customers | 243,140 | 290,511 | 477,796 | 555,380 | |
Japan | Corporate revenue and intersegment transactions | |||||
Segment Reporting Information [Line Items] | |||||
Revenues from contracts with customers | 3,266 | 1,384 | 6,416 | 3,257 | |
The Americas | |||||
Segment Reporting Information [Line Items] | |||||
Revenues from contracts with customers | 26,707 | 24,721 | 50,172 | 51,903 | |
The Americas | Corporate revenue and intersegment transactions | |||||
Segment Reporting Information [Line Items] | |||||
Revenues from contracts with customers | 0 | 0 | 0 | 0 | |
Other Countries | |||||
Segment Reporting Information [Line Items] | |||||
Revenues from contracts with customers | 46,146 | 44,003 | 90,762 | 86,316 | |
Other Countries | Corporate revenue and intersegment transactions | |||||
Segment Reporting Information [Line Items] | |||||
Revenues from contracts with customers | (187) | (128) | 51 | (338) | |
Operating Segment | |||||
Segment Reporting Information [Line Items] | |||||
Revenues from contracts with customers | 312,914 | 357,979 | 612,263 | 690,680 | |
Other revenues | [1] | 366,203 | 347,238 | 740,157 | 670,533 |
Segment revenues /Total revenues | 679,117 | 705,217 | 1,352,420 | 1,361,213 | |
Operating Segment | Sales of goods | |||||
Segment Reporting Information [Line Items] | |||||
Revenues from contracts with customers | 61,706 | 115,606 | 120,148 | 224,687 | |
Operating Segment | Real estate sales | |||||
Segment Reporting Information [Line Items] | |||||
Revenues from contracts with customers | 18,832 | 17,397 | 50,789 | 39,073 | |
Operating Segment | Asset Management and Servicing | |||||
Segment Reporting Information [Line Items] | |||||
Revenues from contracts with customers | 60,297 | 54,860 | 115,511 | 112,326 | |
Operating Segment | Automobile related services | |||||
Segment Reporting Information [Line Items] | |||||
Revenues from contracts with customers | 21,743 | 19,888 | 43,247 | 40,005 | |
Operating Segment | Facilities operation | |||||
Segment Reporting Information [Line Items] | |||||
Revenues from contracts with customers | 20,693 | 14,064 | 37,754 | 24,609 | |
Operating Segment | Environment and energy services | |||||
Segment Reporting Information [Line Items] | |||||
Revenues from contracts with customers | 44,527 | 63,735 | 81,084 | 109,822 | |
Operating Segment | Real estate management and brokerage | |||||
Segment Reporting Information [Line Items] | |||||
Revenues from contracts with customers | 25,393 | 25,185 | 50,148 | 50,103 | |
Operating Segment | Real estate contract work | |||||
Segment Reporting Information [Line Items] | |||||
Revenues from contracts with customers | 35,329 | 22,816 | 66,359 | 40,912 | |
Operating Segment | Other | |||||
Segment Reporting Information [Line Items] | |||||
Revenues from contracts with customers | 24,394 | 24,428 | 47,223 | 49,143 | |
Operating Segment | Corporate Financial Services and Maintenance Leasing | |||||
Segment Reporting Information [Line Items] | |||||
Revenues from contracts with customers | 27,526 | 26,853 | 54,556 | 54,403 | |
Other revenues | [1] | 83,083 | 80,449 | 165,691 | 157,024 |
Segment revenues /Total revenues | 110,609 | 107,302 | 220,247 | 211,427 | |
Operating Segment | Corporate Financial Services and Maintenance Leasing | Sales of goods | |||||
Segment Reporting Information [Line Items] | |||||
Revenues from contracts with customers | 935 | 1,445 | 2,135 | 2,804 | |
Operating Segment | Corporate Financial Services and Maintenance Leasing | Real estate sales | |||||
Segment Reporting Information [Line Items] | |||||
Revenues from contracts with customers | 0 | 0 | 0 | 0 | |
Operating Segment | Corporate Financial Services and Maintenance Leasing | Asset Management and Servicing | |||||
Segment Reporting Information [Line Items] | |||||
Revenues from contracts with customers | 84 | 90 | 145 | 161 | |
Operating Segment | Corporate Financial Services and Maintenance Leasing | Automobile related services | |||||
Segment Reporting Information [Line Items] | |||||
Revenues from contracts with customers | 15,917 | 15,145 | 31,951 | 30,919 | |
Operating Segment | Corporate Financial Services and Maintenance Leasing | Facilities operation | |||||
Segment Reporting Information [Line Items] | |||||
Revenues from contracts with customers | 0 | 0 | 0 | 0 | |
Operating Segment | Corporate Financial Services and Maintenance Leasing | Environment and energy services | |||||
Segment Reporting Information [Line Items] | |||||
Revenues from contracts with customers | 775 | 878 | 1,598 | 1,749 | |
Operating Segment | Corporate Financial Services and Maintenance Leasing | Real estate management and brokerage | |||||
Segment Reporting Information [Line Items] | |||||
Revenues from contracts with customers | 0 | 0 | 0 | 0 | |
Operating Segment | Corporate Financial Services and Maintenance Leasing | Real estate contract work | |||||
Segment Reporting Information [Line Items] | |||||
Revenues from contracts with customers | 0 | 0 | 0 | 0 | |
Operating Segment | Corporate Financial Services and Maintenance Leasing | Other | |||||
Segment Reporting Information [Line Items] | |||||
Revenues from contracts with customers | 9,815 | 9,295 | 18,727 | 18,770 | |
Operating Segment | Real Estate | |||||
Segment Reporting Information [Line Items] | |||||
Revenues from contracts with customers | 95,748 | 82,059 | 191,517 | 160,110 | |
Other revenues | [1] | 17,164 | 11,563 | 27,776 | 30,377 |
Segment revenues /Total revenues | 112,912 | 93,622 | 219,293 | 190,487 | |
Operating Segment | Real Estate | Sales of goods | |||||
Segment Reporting Information [Line Items] | |||||
Revenues from contracts with customers | 918 | 781 | 1,730 | 1,446 | |
Operating Segment | Real Estate | Real estate sales | |||||
Segment Reporting Information [Line Items] | |||||
Revenues from contracts with customers | 18,827 | 17,387 | 50,784 | 39,064 | |
Operating Segment | Real Estate | Asset Management and Servicing | |||||
Segment Reporting Information [Line Items] | |||||
Revenues from contracts with customers | 2,748 | 1,342 | 4,858 | 3,173 | |
Operating Segment | Real Estate | Automobile related services | |||||
Segment Reporting Information [Line Items] | |||||
Revenues from contracts with customers | 0 | 0 | 0 | 0 | |
Operating Segment | Real Estate | Facilities operation | |||||
Segment Reporting Information [Line Items] | |||||
Revenues from contracts with customers | 20,693 | 14,064 | 37,754 | 24,609 | |
Operating Segment | Real Estate | Environment and energy services | |||||
Segment Reporting Information [Line Items] | |||||
Revenues from contracts with customers | 12 | 11 | 25 | 24 | |
Operating Segment | Real Estate | Real estate management and brokerage | |||||
Segment Reporting Information [Line Items] | |||||
Revenues from contracts with customers | 25,393 | 25,185 | 50,148 | 50,103 | |
Operating Segment | Real Estate | Real estate contract work | |||||
Segment Reporting Information [Line Items] | |||||
Revenues from contracts with customers | 26,605 | 22,816 | 45,377 | 40,912 | |
Operating Segment | Real Estate | Other | |||||
Segment Reporting Information [Line Items] | |||||
Revenues from contracts with customers | 552 | 473 | 841 | 779 | |
Operating Segment | PE Investment and Concession | |||||
Segment Reporting Information [Line Items] | |||||
Revenues from contracts with customers | 76,185 | 119,478 | 152,277 | 232,251 | |
Other revenues | [1] | 10,723 | 9,617 | 20,703 | 18,622 |
Segment revenues /Total revenues | 86,908 | 129,095 | 172,980 | 250,873 | |
Operating Segment | PE Investment and Concession | Sales of goods | |||||
Segment Reporting Information [Line Items] | |||||
Revenues from contracts with customers | 58,736 | 111,496 | 114,149 | 216,680 | |
Operating Segment | PE Investment and Concession | Real estate sales | |||||
Segment Reporting Information [Line Items] | |||||
Revenues from contracts with customers | 0 | 0 | 0 | 0 | |
Operating Segment | PE Investment and Concession | Asset Management and Servicing | |||||
Segment Reporting Information [Line Items] | |||||
Revenues from contracts with customers | 0 | 0 | 0 | 0 | |
Operating Segment | PE Investment and Concession | Automobile related services | |||||
Segment Reporting Information [Line Items] | |||||
Revenues from contracts with customers | 0 | 0 | 0 | 0 | |
Operating Segment | PE Investment and Concession | Facilities operation | |||||
Segment Reporting Information [Line Items] | |||||
Revenues from contracts with customers | 0 | 0 | 0 | 0 | |
Operating Segment | PE Investment and Concession | Environment and energy services | |||||
Segment Reporting Information [Line Items] | |||||
Revenues from contracts with customers | 25 | 26 | 38 | 40 | |
Operating Segment | PE Investment and Concession | Real estate management and brokerage | |||||
Segment Reporting Information [Line Items] | |||||
Revenues from contracts with customers | 0 | 0 | 0 | 0 | |
Operating Segment | PE Investment and Concession | Real estate contract work | |||||
Segment Reporting Information [Line Items] | |||||
Revenues from contracts with customers | 8,724 | 0 | 20,982 | 0 | |
Operating Segment | PE Investment and Concession | Other | |||||
Segment Reporting Information [Line Items] | |||||
Revenues from contracts with customers | 8,700 | 7,956 | 17,108 | 15,531 | |
Operating Segment | Environment and Energy | |||||
Segment Reporting Information [Line Items] | |||||
Revenues from contracts with customers | 44,481 | 63,781 | 81,220 | 109,752 | |
Other revenues | [1] | 375 | 332 | 752 | 1,162 |
Segment revenues /Total revenues | 44,856 | 64,113 | 81,972 | 110,914 | |
Operating Segment | Environment and Energy | Sales of goods | |||||
Segment Reporting Information [Line Items] | |||||
Revenues from contracts with customers | 853 | 1,107 | 1,658 | 1,832 | |
Operating Segment | Environment and Energy | Real estate sales | |||||
Segment Reporting Information [Line Items] | |||||
Revenues from contracts with customers | 0 | 0 | 0 | 0 | |
Operating Segment | Environment and Energy | Asset Management and Servicing | |||||
Segment Reporting Information [Line Items] | |||||
Revenues from contracts with customers | 53 | 100 | 92 | 136 | |
Operating Segment | Environment and Energy | Automobile related services | |||||
Segment Reporting Information [Line Items] | |||||
Revenues from contracts with customers | 57 | 64 | 138 | 151 | |
Operating Segment | Environment and Energy | Facilities operation | |||||
Segment Reporting Information [Line Items] | |||||
Revenues from contracts with customers | 0 | 0 | 0 | 0 | |
Operating Segment | Environment and Energy | Environment and energy services | |||||
Segment Reporting Information [Line Items] | |||||
Revenues from contracts with customers | 43,360 | 62,310 | 78,964 | 107,095 | |
Operating Segment | Environment and Energy | Real estate management and brokerage | |||||
Segment Reporting Information [Line Items] | |||||
Revenues from contracts with customers | 0 | 0 | 0 | 0 | |
Operating Segment | Environment and Energy | Real estate contract work | |||||
Segment Reporting Information [Line Items] | |||||
Revenues from contracts with customers | 0 | 0 | 0 | 0 | |
Operating Segment | Environment and Energy | Other | |||||
Segment Reporting Information [Line Items] | |||||
Revenues from contracts with customers | 158 | 200 | 368 | 538 | |
Operating Segment | Insurance | |||||
Segment Reporting Information [Line Items] | |||||
Revenues from contracts with customers | 752 | 652 | 1,416 | 1,288 | |
Other revenues | [1] | 134,053 | 137,676 | 287,170 | 264,582 |
Segment revenues /Total revenues | 134,805 | 138,328 | 288,586 | 265,870 | |
Operating Segment | Insurance | Sales of goods | |||||
Segment Reporting Information [Line Items] | |||||
Revenues from contracts with customers | 0 | 0 | 0 | 0 | |
Operating Segment | Insurance | Real estate sales | |||||
Segment Reporting Information [Line Items] | |||||
Revenues from contracts with customers | 0 | 0 | 0 | 0 | |
Operating Segment | Insurance | Asset Management and Servicing | |||||
Segment Reporting Information [Line Items] | |||||
Revenues from contracts with customers | 0 | 0 | 0 | 0 | |
Operating Segment | Insurance | Automobile related services | |||||
Segment Reporting Information [Line Items] | |||||
Revenues from contracts with customers | 0 | 0 | 0 | 0 | |
Operating Segment | Insurance | Facilities operation | |||||
Segment Reporting Information [Line Items] | |||||
Revenues from contracts with customers | 0 | 0 | 0 | 0 | |
Operating Segment | Insurance | Environment and energy services | |||||
Segment Reporting Information [Line Items] | |||||
Revenues from contracts with customers | 0 | 0 | 0 | 0 | |
Operating Segment | Insurance | Real estate management and brokerage | |||||
Segment Reporting Information [Line Items] | |||||
Revenues from contracts with customers | 0 | 0 | 0 | 0 | |
Operating Segment | Insurance | Real estate contract work | |||||
Segment Reporting Information [Line Items] | |||||
Revenues from contracts with customers | 0 | 0 | 0 | 0 | |
Operating Segment | Insurance | Other | |||||
Segment Reporting Information [Line Items] | |||||
Revenues from contracts with customers | 752 | 652 | 1,416 | 1,288 | |
Operating Segment | Banking and Credit | |||||
Segment Reporting Information [Line Items] | |||||
Revenues from contracts with customers | 1,609 | 1,754 | 3,111 | 3,497 | |
Other revenues | [1] | 19,975 | 19,149 | 39,616 | 37,447 |
Segment revenues /Total revenues | 21,584 | 20,903 | 42,727 | 40,944 | |
Operating Segment | Banking and Credit | Sales of goods | |||||
Segment Reporting Information [Line Items] | |||||
Revenues from contracts with customers | 0 | 0 | 0 | 0 | |
Operating Segment | Banking and Credit | Real estate sales | |||||
Segment Reporting Information [Line Items] | |||||
Revenues from contracts with customers | 0 | 0 | 0 | 0 | |
Operating Segment | Banking and Credit | Asset Management and Servicing | |||||
Segment Reporting Information [Line Items] | |||||
Revenues from contracts with customers | 152 | 118 | 294 | 223 | |
Operating Segment | Banking and Credit | Automobile related services | |||||
Segment Reporting Information [Line Items] | |||||
Revenues from contracts with customers | 0 | 0 | 0 | 0 | |
Operating Segment | Banking and Credit | Facilities operation | |||||
Segment Reporting Information [Line Items] | |||||
Revenues from contracts with customers | 0 | 0 | 0 | 0 | |
Operating Segment | Banking and Credit | Environment and energy services | |||||
Segment Reporting Information [Line Items] | |||||
Revenues from contracts with customers | 0 | 0 | 0 | 0 | |
Operating Segment | Banking and Credit | Real estate management and brokerage | |||||
Segment Reporting Information [Line Items] | |||||
Revenues from contracts with customers | 0 | 0 | 0 | 0 | |
Operating Segment | Banking and Credit | Real estate contract work | |||||
Segment Reporting Information [Line Items] | |||||
Revenues from contracts with customers | 0 | 0 | 0 | 0 | |
Operating Segment | Banking and Credit | Other | |||||
Segment Reporting Information [Line Items] | |||||
Revenues from contracts with customers | 1,457 | 1,636 | 2,817 | 3,274 | |
Operating Segment | Aircraft and Ships | |||||
Segment Reporting Information [Line Items] | |||||
Revenues from contracts with customers | 1,574 | 2,642 | 3,096 | 5,094 | |
Other revenues | [1] | 14,882 | 11,290 | 26,133 | 23,402 |
Segment revenues /Total revenues | 16,456 | 13,932 | 29,229 | 28,496 | |
Operating Segment | Aircraft and Ships | Sales of goods | |||||
Segment Reporting Information [Line Items] | |||||
Revenues from contracts with customers | 62 | 0 | 97 | 0 | |
Operating Segment | Aircraft and Ships | Real estate sales | |||||
Segment Reporting Information [Line Items] | |||||
Revenues from contracts with customers | 0 | 0 | 0 | 0 | |
Operating Segment | Aircraft and Ships | Asset Management and Servicing | |||||
Segment Reporting Information [Line Items] | |||||
Revenues from contracts with customers | 14 | 17 | 28 | 34 | |
Operating Segment | Aircraft and Ships | Automobile related services | |||||
Segment Reporting Information [Line Items] | |||||
Revenues from contracts with customers | 0 | 0 | 0 | 0 | |
Operating Segment | Aircraft and Ships | Facilities operation | |||||
Segment Reporting Information [Line Items] | |||||
Revenues from contracts with customers | 0 | 0 | 0 | 0 | |
Operating Segment | Aircraft and Ships | Environment and energy services | |||||
Segment Reporting Information [Line Items] | |||||
Revenues from contracts with customers | 0 | 0 | 0 | 0 | |
Operating Segment | Aircraft and Ships | Real estate management and brokerage | |||||
Segment Reporting Information [Line Items] | |||||
Revenues from contracts with customers | 0 | 0 | 0 | 0 | |
Operating Segment | Aircraft and Ships | Real estate contract work | |||||
Segment Reporting Information [Line Items] | |||||
Revenues from contracts with customers | 0 | 0 | 0 | 0 | |
Operating Segment | Aircraft and Ships | Other | |||||
Segment Reporting Information [Line Items] | |||||
Revenues from contracts with customers | 1,498 | 2,625 | 2,971 | 5,060 | |
Operating Segment | ORIX USA | |||||
Segment Reporting Information [Line Items] | |||||
Revenues from contracts with customers | 6,572 | 6,454 | 11,770 | 15,209 | |
Other revenues | [1] | 38,153 | 37,896 | 76,319 | 64,723 |
Segment revenues /Total revenues | 44,725 | 44,350 | 88,089 | 79,932 | |
Operating Segment | ORIX USA | Sales of goods | |||||
Segment Reporting Information [Line Items] | |||||
Revenues from contracts with customers | 192 | 564 | 226 | 1,267 | |
Operating Segment | ORIX USA | Real estate sales | |||||
Segment Reporting Information [Line Items] | |||||
Revenues from contracts with customers | 5 | 10 | 5 | 9 | |
Operating Segment | ORIX USA | Asset Management and Servicing | |||||
Segment Reporting Information [Line Items] | |||||
Revenues from contracts with customers | 4,810 | 4,607 | 8,697 | 10,226 | |
Operating Segment | ORIX USA | Automobile related services | |||||
Segment Reporting Information [Line Items] | |||||
Revenues from contracts with customers | 0 | 0 | 0 | 0 | |
Operating Segment | ORIX USA | Facilities operation | |||||
Segment Reporting Information [Line Items] | |||||
Revenues from contracts with customers | 0 | 0 | 0 | 0 | |
Operating Segment | ORIX USA | Environment and energy services | |||||
Segment Reporting Information [Line Items] | |||||
Revenues from contracts with customers | 355 | 510 | 459 | 914 | |
Operating Segment | ORIX USA | Real estate management and brokerage | |||||
Segment Reporting Information [Line Items] | |||||
Revenues from contracts with customers | 0 | 0 | 0 | 0 | |
Operating Segment | ORIX USA | Real estate contract work | |||||
Segment Reporting Information [Line Items] | |||||
Revenues from contracts with customers | 0 | 0 | 0 | 0 | |
Operating Segment | ORIX USA | Other | |||||
Segment Reporting Information [Line Items] | |||||
Revenues from contracts with customers | 1,210 | 763 | 2,383 | 2,793 | |
Operating Segment | ORIX Europe | |||||
Segment Reporting Information [Line Items] | |||||
Revenues from contracts with customers | 52,336 | 48,609 | 101,332 | 98,414 | |
Other revenues | [1] | 142 | (2,470) | 2,727 | (8,578) |
Segment revenues /Total revenues | 52,478 | 46,139 | 104,059 | 89,836 | |
Operating Segment | ORIX Europe | Sales of goods | |||||
Segment Reporting Information [Line Items] | |||||
Revenues from contracts with customers | 0 | 0 | 0 | 0 | |
Operating Segment | ORIX Europe | Real estate sales | |||||
Segment Reporting Information [Line Items] | |||||
Revenues from contracts with customers | 0 | 0 | 0 | 0 | |
Operating Segment | ORIX Europe | Asset Management and Servicing | |||||
Segment Reporting Information [Line Items] | |||||
Revenues from contracts with customers | 52,424 | 48,586 | 101,374 | 98,373 | |
Operating Segment | ORIX Europe | Automobile related services | |||||
Segment Reporting Information [Line Items] | |||||
Revenues from contracts with customers | 0 | 0 | 0 | 0 | |
Operating Segment | ORIX Europe | Facilities operation | |||||
Segment Reporting Information [Line Items] | |||||
Revenues from contracts with customers | 0 | 0 | 0 | 0 | |
Operating Segment | ORIX Europe | Environment and energy services | |||||
Segment Reporting Information [Line Items] | |||||
Revenues from contracts with customers | 0 | 0 | 0 | 0 | |
Operating Segment | ORIX Europe | Real estate management and brokerage | |||||
Segment Reporting Information [Line Items] | |||||
Revenues from contracts with customers | 0 | 0 | 0 | 0 | |
Operating Segment | ORIX Europe | Real estate contract work | |||||
Segment Reporting Information [Line Items] | |||||
Revenues from contracts with customers | 0 | 0 | 0 | 0 | |
Operating Segment | ORIX Europe | Other | |||||
Segment Reporting Information [Line Items] | |||||
Revenues from contracts with customers | (88) | 23 | (42) | 41 | |
Operating Segment | Asia and Australia | |||||
Segment Reporting Information [Line Items] | |||||
Revenues from contracts with customers | 6,131 | 5,697 | 11,968 | 10,662 | |
Other revenues | [1] | 47,653 | 41,736 | 93,270 | 81,772 |
Segment revenues /Total revenues | 53,784 | 47,433 | 105,238 | 92,434 | |
Operating Segment | Asia and Australia | Sales of goods | |||||
Segment Reporting Information [Line Items] | |||||
Revenues from contracts with customers | 10 | 213 | 153 | 658 | |
Operating Segment | Asia and Australia | Real estate sales | |||||
Segment Reporting Information [Line Items] | |||||
Revenues from contracts with customers | 0 | 0 | 0 | 0 | |
Operating Segment | Asia and Australia | Asset Management and Servicing | |||||
Segment Reporting Information [Line Items] | |||||
Revenues from contracts with customers | 12 | 0 | 23 | 0 | |
Operating Segment | Asia and Australia | Automobile related services | |||||
Segment Reporting Information [Line Items] | |||||
Revenues from contracts with customers | 5,769 | 4,679 | 11,158 | 8,935 | |
Operating Segment | Asia and Australia | Facilities operation | |||||
Segment Reporting Information [Line Items] | |||||
Revenues from contracts with customers | 0 | 0 | 0 | 0 | |
Operating Segment | Asia and Australia | Environment and energy services | |||||
Segment Reporting Information [Line Items] | |||||
Revenues from contracts with customers | 0 | 0 | 0 | 0 | |
Operating Segment | Asia and Australia | Real estate management and brokerage | |||||
Segment Reporting Information [Line Items] | |||||
Revenues from contracts with customers | 0 | 0 | 0 | 0 | |
Operating Segment | Asia and Australia | Real estate contract work | |||||
Segment Reporting Information [Line Items] | |||||
Revenues from contracts with customers | 0 | 0 | 0 | 0 | |
Operating Segment | Asia and Australia | Other | |||||
Segment Reporting Information [Line Items] | |||||
Revenues from contracts with customers | 340 | 805 | 634 | 1,069 | |
Operating Segment | Japan | |||||
Segment Reporting Information [Line Items] | |||||
Revenues from contracts with customers | 239,874 | 289,127 | 471,380 | 552,123 | |
Operating Segment | Japan | Corporate Financial Services and Maintenance Leasing | |||||
Segment Reporting Information [Line Items] | |||||
Revenues from contracts with customers | 27,526 | 26,853 | 54,556 | 54,403 | |
Operating Segment | Japan | Real Estate | |||||
Segment Reporting Information [Line Items] | |||||
Revenues from contracts with customers | 95,748 | 82,059 | 191,517 | 160,110 | |
Operating Segment | Japan | PE Investment and Concession | |||||
Segment Reporting Information [Line Items] | |||||
Revenues from contracts with customers | 76,185 | 119,478 | 152,277 | 232,251 | |
Operating Segment | Japan | Environment and Energy | |||||
Segment Reporting Information [Line Items] | |||||
Revenues from contracts with customers | 37,484 | 57,763 | 67,497 | 99,135 | |
Operating Segment | Japan | Insurance | |||||
Segment Reporting Information [Line Items] | |||||
Revenues from contracts with customers | 752 | 652 | 1,416 | 1,288 | |
Operating Segment | Japan | Banking and Credit | |||||
Segment Reporting Information [Line Items] | |||||
Revenues from contracts with customers | 1,609 | 1,754 | 3,111 | 3,497 | |
Operating Segment | Japan | Aircraft and Ships | |||||
Segment Reporting Information [Line Items] | |||||
Revenues from contracts with customers | 570 | 568 | 1,006 | 1,439 | |
Operating Segment | Japan | ORIX USA | |||||
Segment Reporting Information [Line Items] | |||||
Revenues from contracts with customers | 0 | 0 | 0 | 0 | |
Operating Segment | Japan | ORIX Europe | |||||
Segment Reporting Information [Line Items] | |||||
Revenues from contracts with customers | 0 | 0 | 0 | 0 | |
Operating Segment | Japan | Asia and Australia | |||||
Segment Reporting Information [Line Items] | |||||
Revenues from contracts with customers | 0 | 0 | 0 | 0 | |
Operating Segment | The Americas | |||||
Segment Reporting Information [Line Items] | |||||
Revenues from contracts with customers | 26,707 | 24,721 | 50,172 | 51,903 | |
Operating Segment | The Americas | Corporate Financial Services and Maintenance Leasing | |||||
Segment Reporting Information [Line Items] | |||||
Revenues from contracts with customers | 0 | 0 | 0 | 0 | |
Operating Segment | The Americas | Real Estate | |||||
Segment Reporting Information [Line Items] | |||||
Revenues from contracts with customers | 0 | 0 | 0 | 0 | |
Operating Segment | The Americas | PE Investment and Concession | |||||
Segment Reporting Information [Line Items] | |||||
Revenues from contracts with customers | 0 | 0 | 0 | 0 | |
Operating Segment | The Americas | Environment and Energy | |||||
Segment Reporting Information [Line Items] | |||||
Revenues from contracts with customers | 0 | 0 | 0 | 0 | |
Operating Segment | The Americas | Insurance | |||||
Segment Reporting Information [Line Items] | |||||
Revenues from contracts with customers | 0 | 0 | 0 | 0 | |
Operating Segment | The Americas | Banking and Credit | |||||
Segment Reporting Information [Line Items] | |||||
Revenues from contracts with customers | 0 | 0 | 0 | 0 | |
Operating Segment | The Americas | Aircraft and Ships | |||||
Segment Reporting Information [Line Items] | |||||
Revenues from contracts with customers | 0 | 0 | 0 | 0 | |
Operating Segment | The Americas | ORIX USA | |||||
Segment Reporting Information [Line Items] | |||||
Revenues from contracts with customers | 6,572 | 6,454 | 11,770 | 15,209 | |
Operating Segment | The Americas | ORIX Europe | |||||
Segment Reporting Information [Line Items] | |||||
Revenues from contracts with customers | 20,135 | 18,267 | 38,402 | 36,694 | |
Operating Segment | The Americas | Asia and Australia | |||||
Segment Reporting Information [Line Items] | |||||
Revenues from contracts with customers | 0 | 0 | 0 | 0 | |
Operating Segment | Other Countries | |||||
Segment Reporting Information [Line Items] | |||||
Revenues from contracts with customers | 46,333 | 44,131 | 90,711 | 86,654 | |
Operating Segment | Other Countries | Corporate Financial Services and Maintenance Leasing | |||||
Segment Reporting Information [Line Items] | |||||
Revenues from contracts with customers | 0 | 0 | 0 | 0 | |
Operating Segment | Other Countries | Real Estate | |||||
Segment Reporting Information [Line Items] | |||||
Revenues from contracts with customers | 0 | 0 | 0 | 0 | |
Operating Segment | Other Countries | PE Investment and Concession | |||||
Segment Reporting Information [Line Items] | |||||
Revenues from contracts with customers | 0 | 0 | 0 | 0 | |
Operating Segment | Other Countries | Environment and Energy | |||||
Segment Reporting Information [Line Items] | |||||
Revenues from contracts with customers | 6,997 | 6,018 | 13,723 | 10,617 | |
Operating Segment | Other Countries | Insurance | |||||
Segment Reporting Information [Line Items] | |||||
Revenues from contracts with customers | 0 | 0 | 0 | 0 | |
Operating Segment | Other Countries | Banking and Credit | |||||
Segment Reporting Information [Line Items] | |||||
Revenues from contracts with customers | 0 | 0 | 0 | 0 | |
Operating Segment | Other Countries | Aircraft and Ships | |||||
Segment Reporting Information [Line Items] | |||||
Revenues from contracts with customers | 1,004 | 2,074 | 2,090 | 3,655 | |
Operating Segment | Other Countries | ORIX USA | |||||
Segment Reporting Information [Line Items] | |||||
Revenues from contracts with customers | 0 | 0 | 0 | 0 | |
Operating Segment | Other Countries | ORIX Europe | |||||
Segment Reporting Information [Line Items] | |||||
Revenues from contracts with customers | 32,201 | 30,342 | 62,930 | 61,720 | |
Operating Segment | Other Countries | Asia and Australia | |||||
Segment Reporting Information [Line Items] | |||||
Revenues from contracts with customers | ¥ 6,131 | ¥ 5,697 | ¥ 11,968 | ¥ 10,662 | |
[1]Other revenues include revenues that are not in the scope of revenue from contracts with customers, such as life insurance premiums and related investment income, operating leases, finance revenues that include interest income, and others. |