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As Of Filer Filing For·On·As Docs:Size Issuer Filing Agent 6/26/23 Orix Corp. 20-F 3/31/23 222:52M Donnelley … Solutions/FA |
Document/Exhibit Description Pages Size
1: 20-F Annual Report HTML 14.15M
2: EX-1.3 Share Handling Regulations HTML 110K
3: EX-8.1 List of Subsidiaries and Affiliates HTML 82K
5: EX-13.1 Certifications Required by Rule 13A-14 (B) or Rule HTML 69K
15D-14 (B) and Section 1350
4: EX-12.1 Certifications Required by Rule 13A-14 (A) or Rule HTML 79K
15D-14 (A)
6: EX-15.1 Consent of Independent Registered Public HTML 66K
Accounting Firm
12: R1 Cover Page HTML 147K
13: R2 Consolidated Balance Sheets HTML 197K
14: R3 Consolidated Balance Sheets (Parenthetical) HTML 92K
15: R4 Consolidated Statements of Income HTML 183K
16: R5 Consolidated Statements of Comprehensive Income HTML 110K
17: R6 Consolidated Statements of Changes in Equity HTML 191K
18: R7 Consolidated Statements of Cash Flows HTML 201K
19: R8 Significant Accounting and Reporting Policies HTML 157K
20: R9 Fair Value Measurements HTML 801K
21: R10 Acquisitions and Divestitures HTML 106K
22: R11 Revenues from Contracts with Customers HTML 128K
23: R12 Cash Flow Information HTML 84K
24: R13 Leases HTML 217K
25: R14 Installment Loans HTML 105K
26: R15 Credit Quality of Financial Assets and the HTML 862K
Allowance for Credit Losses
27: R16 Investment in Securities HTML 287K
28: R17 Transfer of Financial Assets HTML 90K
29: R18 Variable Interest Entities HTML 183K
30: R19 Investment in Affiliates HTML 88K
31: R20 Goodwill and Other Intangible Assets HTML 200K
32: R21 Short-Term and Long-Term Debt HTML 128K
33: R22 Deposits HTML 82K
34: R23 Income Taxes HTML 173K
35: R24 Pension Plans HTML 331K
36: R25 Redeemable Noncontrolling Interests HTML 85K
37: R26 Stock-Based Compensation HTML 74K
38: R27 Accumulated Other Comprehensive Income (Loss) HTML 274K
39: R28 ORIX Corporation Shareholders' Equity HTML 84K
40: R29 Gains on Investment Securities and Dividends HTML 78K
41: R30 Life Insurance Operations HTML 97K
42: R31 Write-Downs of Long-Lived Assets HTML 118K
43: R32 Per Share Data HTML 88K
44: R33 Derivative Financial Instruments and Hedging HTML 248K
45: R34 Offsetting Assets and Liabilities HTML 110K
46: R35 Significant Concentrations of Credit Risk HTML 72K
47: R36 Estimated Fair Value of Financial Instruments HTML 140K
48: R37 Commitments, Guarantees and Contingent Liabilities HTML 112K
49: R38 Segment Information HTML 601K
50: R39 Subsequent Events HTML 73K
51: R40 Schedule II.-Valuation and Qualifying Accounts and HTML 123K
Reserves
52: R41 Significant Accounting and Reporting Policies HTML 222K
(Policies)
53: R42 Fair Value Measurements (Tables) HTML 781K
54: R43 Acquisitions and Divestitures (Tables) HTML 100K
55: R44 Revenues from Contracts with Customers (Tables) HTML 112K
56: R45 Cash Flow Information (Tables) HTML 82K
57: R46 Leases (Tables) HTML 227K
58: R47 Installment Loans (Tables) HTML 103K
59: R48 Credit Quality of Financial Assets and the HTML 885K
Allowance for Credit Losses (Tables)
60: R49 Investment in Securities (Tables) HTML 283K
61: R50 Transfer of Financial Assets (Tables) HTML 83K
62: R51 Variable Interest Entities (Tables) HTML 159K
63: R52 Investment in Affiliates (Tables) HTML 88K
64: R53 Goodwill and Other Intangible Assets (Tables) HTML 199K
65: R54 Short-Term and Long-Term Debt (Tables) HTML 129K
66: R55 Deposits (Tables) HTML 82K
67: R56 Income Taxes (Tables) HTML 174K
68: R57 Pension Plans (Tables) HTML 341K
69: R58 Redeemable Noncontrolling Interests (Tables) HTML 84K
70: R59 Accumulated Other Comprehensive Income (Loss) HTML 274K
(Tables)
71: R60 ORIX Corporation Shareholders' Equity (Tables) HTML 76K
72: R61 Gains on Investment Securities and Dividends HTML 77K
(Tables)
73: R62 Life Insurance Operations (Tables) HTML 97K
74: R63 Write-Downs of Long-Lived Assets (Tables) HTML 118K
75: R64 Per Share Data (Tables) HTML 87K
76: R65 Derivative Financial Instruments and Hedging HTML 257K
(Tables)
77: R66 Offsetting Assets and Liabilities (Tables) HTML 111K
78: R67 Estimated Fair Value of Financial Instruments HTML 138K
(Tables)
79: R68 Commitments, Guarantees and Contingent Liabilities HTML 99K
(Tables)
80: R69 Segment Information (Tables) HTML 591K
81: R70 Significant Accounting and Reporting Policies - HTML 129K
Additional Information (Detail)
82: R71 Fair Value Measurements (Recorded Amounts of Major HTML 255K
Financial Assets and Liabilities Measured at Fair
Value on Recurring Basis) (Detail)
83: R72 Fair Value Measurements (Recorded Amounts of Major HTML 116K
Financial Assets and Liabilities Measured at Fair
Value on Recurring Basis) (Parenthetical) (Detail)
84: R73 Fair Value Measurements (Reconciliation of HTML 239K
Financial Assets and Liabilities Measured at Fair
Value on Recurring Basis Using Significant
Unobservable Inputs) (Detail)
85: R74 Fair Value Measurements - Additional Information HTML 82K
(Detail)
86: R75 Fair Value Measurements (Recorded Amounts of Major HTML 106K
Assets Measured at Fair Value on Nonrecurring
Basis) (Detail)
87: R76 Fair Value Measurements (Information about HTML 326K
Valuation Techniques and Significant Unobservable
Inputs Used in Valuation of Level Three Assets and
Liabilities Measured at Fair Value on Recurring
Basis) (Detail)
88: R77 Fair Value Measurements (Information about HTML 130K
Valuation Techniques and Significant Unobservable
Inputs Used in Valuation of Level Three Assets
Measured at Fair Value on Nonrecurring Basis)
(Detail)
89: R78 Acquisitions and Divestitures - Fair Value Amounts HTML 100K
Allocated to Assets Acquired and Liabilities
(Detail)
90: R79 Acquisitions and Divestitures - Other Intangible HTML 83K
Assets Recognized in Acquisition (Detail)
91: R80 Acquisitions and Divestitures - Operations of the HTML 72K
Company and its Subsidiaries (Detail)
92: R81 Acquisitions and Divestitures - Additional HTML 127K
Information (Detail)
93: R82 Revenues from Contracts with Customers - Summary HTML 108K
of Revenues from Contracts with Customers, and
Other Sources of Revenue (Detail)
94: R83 Revenues from Contracts with Customers - Summary HTML 93K
of Costs of Goods and Real Estate Sold and Service
Expense (Detail)
95: R84 Revenues from Contracts with Customers - Balances HTML 74K
from Contracts with Customers in Fee Business
(Detail)
96: R85 Revenues from Contracts with Customers - HTML 83K
Additional Information (Detail)
97: R86 Cash Flow Information - Summary of Cash, Cash HTML 77K
Equivalents and Restricted Cash (Detail)
98: R87 Cash Flow Information (Cash Payments) (Detail) HTML 72K
99: R88 Cash Flow Information - Additional Information HTML 75K
(Detail)
100: R89 Leases - Lessor: Lease Income (Detail) HTML 79K
101: R90 Lease Income (Operating Lease) (Parenthetical) HTML 74K
(Detail)
102: R91 Leases - Additional Information (Detail) HTML 70K
103: R92 Leases - Lessor: Net Investment in Leases (Detail) HTML 77K
104: R93 Leases - Lessor: Net Investment in Leases HTML 73K
(Parenthetical) (Detail)
105: R94 Leases - Lessor: Investment in Operating Leases HTML 94K
(Detail)
106: R95 Leases - Lessor: Depreciation and Various Expenses HTML 74K
Included in Costs of Operating Leases (Detail)
107: R96 Leases - Lessor: Amounts of Remaining Lease HTML 105K
Receivables of Net Investment in Leases and
Opearting Lease Contracts Due in Each of Next Five
Years and Thereafter (Detail)
108: R97 Leases - Lessee: Component of Lease Expense HTML 85K
(Detail)
109: R98 Leases - Lessee: Supplemental Cash Flow HTML 81K
Information (Detail)
110: R99 Leases - Lessee: Supplemental Balance Sheet HTML 105K
Information (Detail)
111: R100 Leases - Lessee: Amounts of Lease Liabilities Due HTML 107K
in Each of Next Five Years and Thereafter (Detail)
112: R101 Installment Loans (Composition of Installment HTML 102K
Loans By Domicile and Type of Borrower) (Detail)
113: R102 Installment Loans (Contractual Maturities of HTML 79K
Installment Loans Except Purchased Loans) (Detail)
114: R103 Installment Loans - Additional Information HTML 81K
(Detail)
115: R104 Credit Quality of Financial Assets and the HTML 224K
Allowance for Credit Losses - Summary of Allowance
for Credit Losses for Installment Loans (Detail)
116: R105 Credit Quality of Financial Assets and the HTML 84K
Allowance for Credit Losses - Summary of Allowance
for Credit Losses for Installment Loans (Detail)
(Parenthetical)
117: R106 Credit Quality of Financial Assets and the HTML 104K
Allowance for Credit Losses - Summary of
Disclosure In Tabular Form Of Allowances For
Credit Losses And Provision For Credit Losses
(Detail)
118: R107 Credit Quality of Financial Assets and the HTML 80K
Allowance for Credit Losses - Summary of
Disclosure In Tabular Form Of Allowances For
Credit Losses And Provision For Credit Losses
(Detail) (Parenthetical)
119: R108 Credit Quality of Financial Assets and the HTML 76K
Allowance for Credit Losses - Summary of Purchased
Loans (Detail)
120: R109 Credit Quality of Financial Assets and the HTML 235K
Allowance for Credit Losses - Summary of
Origination Years of Financial Assets (Detail)
121: R110 Credit Quality of Financial Assets and the HTML 83K
Allowance for Credit Losses - Summary of Revolving
Repayment Card Loans (Detail)
122: R111 Credit Quality of Financial Assets and the HTML 160K
Allowance for Credit Losses - Summary of Past-Due
Financial Assets (Detail)
123: R112 Credit Quality of Financial Assets and the HTML 118K
Allowance for Credit Losses - Summary of
Non-Accrual of Financial Assets (Detail)
124: R113 Credit Quality of Financial Assets and the HTML 100K
Allowance for Credit Losses - Summary of Troubled
Debt Restructurings of Financing Receivables
(Detail)
125: R114 Credit Quality of Financial Assets and the HTML 86K
Allowance for Credit Losses - Summary of Financing
Receivables Modified as Troubled Debt
Restructurings (Detail)
126: R115 Credit Quality of Financial Assets and the HTML 72K
Allowance for Credit Losses - Additional
Information (Detail)
127: R116 Investment in Securities (Summary of Investment in HTML 82K
Securities) (Detail)
128: R117 Investment in Securities (Summary of Investment in HTML 80K
Securities) (Parenthetical) (Detail)
129: R118 Investment in Securities - Additional Information HTML 105K
(Detail)
130: R119 Investment in Securities (Information About HTML 78K
Impairment and Upward or Downward Adjustments
Resulting From Observable Price Changes) (Detail)
131: R120 Investment in Securities (Amortized Cost Basis HTML 128K
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)
132: R121 Investment in Securities (Summary of Roll-forward HTML 87K
of Allowance for Credit Losses) (Detail)
133: R122 Investment in Securities (Summary of Roll-forward HTML 69K
of Allowance for Credit Losses) (Parenthetical)
(Detail)
134: R123 Investment in Securities (Information about HTML 130K
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)
135: R124 Investment in Securities (Summary of Contractual HTML 118K
Maturities of Available-for-Sale Debt Securities
and Held-to-Maturity Debt Securities) (Detail)
136: R125 Transfer of Financial Assets - Additional HTML 73K
Information (Detail)
137: R126 Transfer of Financial Assets - Roll-Forwards of HTML 77K
Amount of Servicing Assets (Detail)
138: R127 Transfer of Financial Assets - Fair Value of HTML 69K
Servicing Assets (Detail)
139: R128 Variable Interest Entities (Information about HTML 130K
Consolidated VIEs) (Detail)
140: R129 Variable Interest Entities (Information about HTML 131K
Non-consolidated VIEs) (Detail)
141: R130 Investment in Affiliates (Summary of Investment in HTML 74K
Affiliates) (Detail)
142: R131 Investment in Affiliates (Summary of Investment in HTML 70K
Affiliates) (Parenthetical) (Detail)
143: R132 Investment in Affiliates - Additional Information HTML 84K
(Detail)
144: R133 Investment in Affiliates (Combined and Condensed HTML 108K
Information Related to Affiliates Including the
Affiliates Elected the Fair Value Option) (Detail)
145: R134 Goodwill and Other Intangible Assets (Changes in HTML 136K
Goodwill by Reportable Segment) (Detail)
146: R135 Goodwill and Other Intangible Assets - Additional HTML 121K
Information (Detail)
147: R136 Goodwill and Other Intangible Assets (Other HTML 95K
Intangible Assets) (Detail)
148: R137 Short-Term and Long-Term Debt (Composition of HTML 82K
Short-Term Debt and Weighted Average Contract
Interest Rate on Short-Term Debt) (Detail)
149: R138 Short-Term and Long-Term Debt (Composition of HTML 98K
Long-Term Debt, Weighted Average Contract Interest
Rate on Long-Term Debt and Repayment Due Dates)
(Detail)
150: R139 Short-Term and Long-Term Debt (Repayment Schedule HTML 88K
for Next Five Years and Thereafter for Long-Term
Debt) (Detail)
151: R140 Short-Term and Long-Term Debt - Additional HTML 127K
Information (Detail)
152: R141 Short-Term and Long-Term Debt (Assets Provided as HTML 79K
Collateral for Short-Term and Long-Term Debt
Payables to Financial Institutions) (Detail)
153: R142 Deposits (Summary of Deposits) (Detail) HTML 73K
154: R143 Deposits - Additional Information (Detail) HTML 69K
155: R144 Deposits (Maturity Schedule of Time Deposits) HTML 82K
(Detail)
156: R145 Income Taxes (Income before Income Taxes and HTML 93K
Provision for Income Taxes) (Detail)
157: R146 Income Taxes - Additional Information (Detail) HTML 87K
158: R147 Income Taxes (Reconciliations of Differences HTML 99K
between Tax Provision Computed at Statutory Rate
and Consolidated Provision for Income Taxes)
(Detail)
159: R148 Income Taxes (Total Income Tax Expense Recognized) HTML 95K
(Detail)
160: R149 Income Taxes (Tax Effects of Temporary Differences HTML 124K
and Carryforwards Giving Rise to Deferred Tax
Assets and Liabilities) (Detail)
161: R150 Income Taxes (Captions of Net Deferred Tax Assets HTML 74K
and Liabilities Reflected in Consolidated Balance
Sheets) (Detail)
162: R151 Income Taxes (Expiry Schedule of Net Operating HTML 81K
Loss Carryforwards) (Detail)
163: R152 Pension Plans (Funded Status of Defined Benefit HTML 148K
Pension Plans) (Detail)
164: R153 Pension Plans (Defined Benefit Plan Amount HTML 83K
Recognized in Accumulated Other Comprehensive
Income (Loss), Pre-tax) (Detail)
165: R154 Pension Plans (Summary of Accumulated Benefit HTML 77K
Obligations and Fair Value of Plan Assets for
Pension Plans) (Detail)
166: R155 Pension Plans (Summary of Projected Benefit HTML 76K
Obligations and Fair Value of Plan Assets for
Pension Plans) (Detail)
167: R156 Pension Plans - Additional Information (Detail) HTML 94K
168: R157 Pension Plans (Net Pension Cost of Defined Benefit HTML 97K
Plans) (Detail)
169: R158 Pension Plans (Other Changes in Plan Assets and HTML 94K
Benefit Obligations Recognized in Other
Comprehensive Income (Loss) (Detail)
170: R159 Pension Plans (Significant Assumptions of Japan HTML 93K
and Overseas Pension Plans Used to Determine Plan
Amounts) (Detail)
171: R160 Pension Plans (Fair Value of Pension Plan Assets HTML 182K
by Asset Category) (Detail)
172: R161 Pension Plans (Fair Value of Pension Plan Assets HTML 83K
by Asset Category) (Parenthetical) (Detail)
173: R162 Pension Plans (Benefits Expected to be Paid) HTML 87K
(Detail)
174: R163 Redeemable Noncontrolling Interests (Changes in HTML 91K
Redeemable Noncontrolling Interests) (Detail)
175: R164 Stock-Based Compensation - Additional Information HTML 78K
(Detail)
176: R165 Accumulated Other Comprehensive Income (Loss) HTML 129K
(Changes in Components of Accumulated Other
Comprehensive Income (Loss)) (Detail)
177: R166 Accumulated Other Comprehensive Income (Loss) HTML 88K
(Changes in Components of Accumulated Other
Comprehensive Income (Loss)) (Parenthetical)
(Detail)
178: R167 Accumulated Other Comprehensive Income (Loss) HTML 149K
(Amounts Reclassified to Net Income from
Accumulated Other Comprehensive Income (Loss))
(Detail)
179: R168 ORIX Corporation Shareholders' Equity (Changes in HTML 73K
Number of Shares Issued) (Detail)
180: R169 ORIX Corporation Shareholders' Equity - Additional HTML 85K
Information (Detail)
181: R170 Gains on Investment Securities and Dividends - HTML 74K
Gains on Investment Securities and Dividends
(Detail)
182: R171 Life Insurance Operations - Life Insurance HTML 84K
Premiums and Related Investment Income (Detail)
183: R172 Life Insurance Operations - Life Insurance HTML 72K
Premiums and Related Investment Income
(Parenthetical) (Detail)
184: R173 Life Insurance Operations - Additional Information HTML 71K
(Detail)
185: R174 Life Insurance Operations - Reinsurance Benefits HTML 71K
and Reinsurance Premiums Included in Life
Insurance Premiums (Detail)
186: R175 Life Insurance Operations - Gains or Losses HTML 91K
Relating to Variable Annuity and Variable Life
Insurance Contracts (Detail)
187: R176 Write-Downs of Long-Lived Assets - Long-Lived HTML 83K
Assets and Liabilities Associated With Those
Assets Classified as Held for Sale (Detail)
188: R177 Write-Downs of Long-Lived Assets - Additional HTML 69K
Information (Detail)
189: R178 Write-Downs of Long-Lived Assets - Breakdowns of HTML 96K
Recognized Impairment Losses for Difference
between Carrying Amounts and Fair Values Reflected
as Write-Downs of Long-Lived Assets (Detail)
190: R179 Write-Downs of Long-Lived Assets - Breakdowns of HTML 84K
Recognized Impairment Losses for Difference
between Carrying Amounts and Fair Values Reflected
as Write-Downs of Long-Lived Assets
(Parenthetical) (Detail)
191: R180 Per Share Data - Additional Information (Detail) HTML 76K
192: R181 Per Share Data (Reconciliation of Differences HTML 104K
between Basic and Diluted Earnings Per Share)
(Detail)
193: R182 Derivative Financial Instruments and Hedging - HTML 74K
Additional Information (Detail)
194: R183 Derivative Financial Instruments and Hedging HTML 96K
(Effect of Derivative Instruments on Consolidated
Statements of Income, Pre-tax, Cash flow hedges)
(Detail)
195: R184 Derivative Financial Instruments and Hedging HTML 84K
(Effect of Derivative Instruments on Consolidated
Statements of Income, Pre-tax, Fair value hedges)
(Detail)
196: R185 Derivative Financial Instruments and Hedging HTML 89K
(Effect of Derivative Instruments on Consolidated
Statements of Income, Pre-tax, Hedges of net
investment in foreign operations) (Detail)
197: R186 Derivative Financial Instruments and Hedging HTML 113K
(Effect of Derivative Instruments on Consolidated
Statements of Income, Pre-tax, Derivatives not
designated as hedging instruments) (Detail)
198: R187 Derivative Financial Instruments and Hedging HTML 84K
(Effect of Derivative Instruments on Consolidated
Statements of Income, Pre-tax) (Detail)
199: R188 Derivative Financial Instruments and Hedging HTML 80K
(Derivative instruments fair value hedge assets
and liabilities) (Detail)
200: R189 Derivative Financial Instruments and Hedging HTML 126K
(Notional Amounts of Derivative Instruments and
Other, Fair Values of Derivative Instruments and
Other before Offsetting) (Detail)
201: R190 Derivative Financial Instruments and Hedging HTML 83K
(Notional Amounts of Derivative Instruments and
Other, Fair Values of Derivative Instruments and
Other before Offsetting) (Parenthetical) (Detail)
202: R191 Derivative Financial Instruments and Hedging HTML 73K
(Credit Derivatives) (Detail)
203: R192 Offsetting Assets and Liabilities (Gross Amounts HTML 114K
Recognized, Gross Amounts Offset, and Net Amounts
Presented in Consolidated Balance Sheets Regarding
to Derivative Assets and Liabilities and Other
Assets and Liabilities) (Detail)
204: R193 Significant Concentrations of Credit Risk - HTML 88K
Additional Information (Detail)
205: R194 Estimated Fair Value of Financial Instruments HTML 178K
(Information about Carrying Amount of Financial
Instruments Reported in Consolidated Balance
Sheets and Related Market or Fair Value) (Detail)
206: R195 Estimated Fair Value of Financial Instruments HTML 72K
(Information about Carrying Amount of Financial
Instruments Reported in Consolidated Balance
Sheets and Related Market or Fair Value)
(Parenthetical) (Detail)
207: R196 Commitments, Guarantees, and Contingent HTML 98K
Liabilities - Additional Information (Detail)
208: R197 Commitments, Guarantees and Contingent Liabilities HTML 80K
- Amounts Due of Certain Computer Systems Operated
and Maintained under Non-cancelable Contracts with
Third-party Service Providers (Detail)
209: R198 Commitments, Guarantees, and Contingent HTML 88K
Liabilities (Summary of Potential Future Payments,
Book Value Recorded as Guarantee Liabilities of
Guarantee Contracts Outstanding and Maturity of
Longest Guarantee Contracts) (Detail)
210: R199 Segment Information (Financial Information of HTML 210K
Segments) (Detail)
211: R200 Segment Information (Reconciliation of Segment HTML 120K
Totals to Consolidated Financial Statement
Amounts) (Detail)
212: R201 Segment Information (Geographical Revenues and HTML 91K
Income before Income Taxes) (Detail)
213: R202 Segment Information - Additional Information HTML 70K
(Detail)
214: R203 Segment Information (Disaggregation of Revenues HTML 349K
for Revenues From Contracts With Customers, by
Goods and Services Category and Geographical
Location) (Detail)
215: R204 Subsequent Events - Additional Information HTML 78K
(Detail)
216: R205 Schedule II.-Valuation and Qualifying Accounts and HTML 93K
Reserves (Detail)
217: R206 Schedule II.-Valuation and Qualifying Accounts and HTML 69K
Reserves (Parenthetical) (Detail)
220: XML IDEA XML File -- Filing Summary XML 471K
218: XML XBRL Instance -- d472674d20f_htm XML 19.14M
219: EXCEL IDEA Workbook of Financial Report Info XLSX 596K
8: EX-101.CAL XBRL Calculations -- ix-20230331_cal XML 536K
9: EX-101.DEF XBRL Definitions -- ix-20230331_def XML 2.75M
10: EX-101.LAB XBRL Labels -- ix-20230331_lab XML 3.79M
11: EX-101.PRE XBRL Presentations -- ix-20230331_pre XML 3.39M
7: EX-101.SCH XBRL Schema -- ix-20230331 XSD 679K
221: JSON XBRL Instance as JSON Data -- MetaLinks 1,203± 2.03M
222: ZIP XBRL Zipped Folder -- 0001193125-23-174371-xbrl Zip 1.51M
| ANNUAL REPORT |
| i ☐ | REGISTRATION STATEMENT PURSUANT TO SECTION 12(b) OR (g) OF THE SECURITIES EXCHANGE ACT OF 1934 |
| i ☒ | ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended i March 31, i 2023 / |
| i ☐ | TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
For the transition period |
| i ☐ | SHELL COMPANY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
Date of event requiring this shell company report: |
Title of each class |
Trading Symbols(s) |
Name of each exchange on which registered | ||||
(1) |
i American depository shares (the “ADSs”), each of which represents five shares | i IX | i New York Stock Exchange | |||
(2) |
i Common stock without par value (the “Shares”)* |
Page |
||||||
| ii | ||||||
| ii | ||||||
| PART I | 1 | |||||
Item 1. |
1 | |||||
Item 2. |
1 | |||||
Item 3. |
1 | |||||
Item 4. |
14 | |||||
Item 4A. |
33 | |||||
Item 5. |
34 | |||||
Item 6. |
124 | |||||
Item 7. |
153 | |||||
Item 8. |
155 | |||||
Item 9. |
156 | |||||
Item 10. |
156 | |||||
Item 11. |
171 | |||||
Item 12. |
174 | |||||
| 175 | ||||||
Item 13. |
175 | |||||
Item 14. |
175 | |||||
Item 15. |
175 | |||||
Item 16A. |
176 | |||||
Item 16B. |
176 | |||||
Item 16C. |
176 | |||||
Item 16D. |
177 | |||||
Item 16E. |
177 | |||||
Item 16F. |
178 | |||||
Item 16G. |
178 | |||||
Item 16H. |
179 | |||||
Item 16I. |
179 | |||||
| 180 | ||||||
Item 17. |
180 | |||||
Item 18. |
180 | |||||
Item 19. |
181 | |||||
| 182 | ||||||
F-1 |
||||||
Year ended March 31, |
||||||||||||||||||||
2020 |
2021 |
2022 |
2023 |
|||||||||||||||||
(Millions of yen) |
||||||||||||||||||||
Income statement data* 1 : |
||||||||||||||||||||
Total revenues* 2 |
¥ | 2,434,864 | ¥ | 2,280,329 | ¥ | 2,292,708 | ¥ | 2,520,365 | ¥ | 2,666,373 | ||||||||||
Total expenses |
2,105,426 | 2,010,648 | 2,033,894 | 2,218,282 | 2,352,385 | |||||||||||||||
Operating income |
329,438 | 269,681 | 258,814 | 302,083 | 313,988 | |||||||||||||||
Equity in Net Income (Loss) of Affiliates |
32,978 | 67,924 | 481 | 15,006 | 25,091 | |||||||||||||||
Gains on sales of subsidiaries and affiliates and liquidation losses, net |
33,314 | 74,001 | 23,300 | 187,787 | 26,915 | |||||||||||||||
Bargain purchase gain |
0 | 955 | 4,966 | 0 | 1,174 | |||||||||||||||
Income before income taxes |
395,730 | 412,561 | 287,561 | 504,876 | 367,168 | |||||||||||||||
Net Income |
327,039 | 306,724 | 196,814 | 317,612 | 279,668 | |||||||||||||||
Net income attributable to the noncontrolling interests |
2,890 | 3,640 | 4,453 | 5,477 | 6,561 | |||||||||||||||
Net income (loss) attributable to the redeemable noncontrolling interests |
404 | 384 | (23 | ) | 0 | 32 | ||||||||||||||
Net income attributable to ORIX Corporation shareholders |
323,745 | 302,700 | 192,384 | 312,135 | 273,075 | |||||||||||||||
As of March 31, |
||||||||||||||||||||
2020 |
2021 |
2022 |
2023 |
|||||||||||||||||
(Millions of yen, except number of shares) |
||||||||||||||||||||
Balance sheet data* 1 : |
||||||||||||||||||||
Investment in Direct Financing Leases* 3 |
¥ | 1,155,632 | ¥ | 0 | ¥ | 0 | ¥ | 0 | ¥ | 0 | ||||||||||
Net Investment in Leases* 3 |
0 | 1,080,964 | 1,029,518 | 1,057,973 | 1,087,563 | |||||||||||||||
Installment Loans* 3 |
3,277,670 | 3,740,486 | 3,670,784 | 3,862,604 | 3,877,602 | |||||||||||||||
Allowance for Doubtful Receivables on Finance Leases and Probable Loan Losses* 4 |
(58,011 | ) | (56,836 | ) | 0 | 0 | 0 | |||||||||||||
Allowance for Credit Losses* 4 |
0 | 0 | (78,945 | ) | (69,459 | ) | (64,723 | ) | ||||||||||||
Investment in Operating Leases |
1,335,959 | 1,400,001 | 1,408,189 | 1,463,202 | 1,537,178 | |||||||||||||||
Investment in Securities |
1,928,916 | 2,245,323 | 2,660,443 | 2,852,349 | 2,940,858 | |||||||||||||||
Property under Facility Operations |
441,632 | 562,485 | 491,855 | 561,846 | 620,994 | |||||||||||||||
Others |
4,093,119 | 4,095,105 | 4,381,238 | 4,542,157 | 5,266,719 | |||||||||||||||
Total Assets |
¥ | 12,174,917 | ¥ | 13,067,528 | ¥ | 13,563,082 | ¥ | 14,270,672 | ¥ | 15,266,191 | ||||||||||
Short-term Debt, Long-term Debt and Deposits |
¥ | 6,423,512 | ¥ | 6,847,889 | ¥ | 7,041,887 | ¥ | 7,142,843 | ¥ | 7,964,864 | ||||||||||
Policy Liabilities and Policy Account Balances |
1,521,355 | 1,591,475 | 1,822,422 | 1,963,623 | 2,065,366 | |||||||||||||||
Common Stock |
221,111 | 221,111 | 221,111 | 221,111 | 221,111 | |||||||||||||||
Additional Paid-in Capital |
257,625 | 257,638 | 259,361 | 260,479 | 233,169 | |||||||||||||||
ORIX Corporation Shareholders’ Equity |
2,897,074 | 2,993,608 | 3,028,456 | 3,261,419 | 3,356,585 | |||||||||||||||
Number of Issued Shares |
1,324,629,128 | 1,324,629,128 | 1,285,724,480 | 1,258,277,087 | 1,234,849,342 | |||||||||||||||
Number of Outstanding Shares* 5 |
1,279,961,352 | 1,254,471,656 | 1,217,338,316 | 1,193,399,778 | 1,170,305,869 | |||||||||||||||
As of and for the Year Ended March 31, |
||||||||||||||||||||
2020 |
2021 |
2022 |
2023 |
|||||||||||||||||
(Yen and dollars, except ratios and number of employees) |
||||||||||||||||||||
Key ratios (%)* 6 : |
||||||||||||||||||||
Return on ORIX Corporation shareholders’ equity (“ROE”) |
11.6 | 10.3 | 6.4 | 9.9 | 8.3 | |||||||||||||||
Return on assets (“ROA”) |
2.74 | 2.40 | 1.44 | 2.24 | 1.85 | |||||||||||||||
ORIX Corporation shareholders’ equity ratio |
23.8 | 22.9 | 22.3 | 22.9 | 22.0 | |||||||||||||||
Allowance/investment in direct financing leases and installment loans |
1.3 | 0 | 0 | 0 | 0 | |||||||||||||||
Allowance/net investment in leases and installment loans |
0 | 1.2 | 0 | 0 | 0 | |||||||||||||||
Allowance for credit losses/net investment in leases and installment loans |
0 | 0 | 1.7 | 1.4 | 1.3 | |||||||||||||||
Per share data and employees: |
||||||||||||||||||||
ORIX Corporation shareholders’ equity per share* 7 |
¥ | 2,263.41 | ¥ | 2,386.35 | ¥ | 2,487.77 | ¥ | 2,732.88 | ¥ | 2,868.13 | ||||||||||
Basic earnings per share for net income attributable to ORIX Corporation shareholders |
252.92 | 237.38 | 155.54 | 259.37 | 231.35 | |||||||||||||||
Diluted earnings per share for net income attributable to ORIX Corporation shareholders |
252.70 | 237.17 | 155.39 | 259.07 | 231.04 | |||||||||||||||
Dividends applicable to fiscal year per share |
76.00 | 76.00 | 78.00 | 85.60 | 85.60 | |||||||||||||||
Dividends applicable to fiscal year per share* 8 |
$ | 0.69 | $ | 0.71 | $ | 0.73 | $ | 0.70 | $ | 0.62 | ||||||||||
Number of employees |
32,411 | 31,233 | 33,153 | 32,235 | 34,737 | |||||||||||||||
| * 1 |
Accounting Standards Update 2016-02 (ASC 842 (“Leases”)) was adopted on April 1, 2019. |
| * 2 |
Consumption tax is excluded from the stated amount of total revenues. |
| * 3 |
The sum of assets considered 90 days or more past due and loans individually evaluated for impairment amounted to ¥86,046 million and ¥111,430 million as of March 31, 2019 and 2020, respectively. These sums included: (i) investment in direct financing leases considered 90 days or more past due of ¥14,807 million as of March 31, 2019, respectively, and net investment in leases considered 90 days or more |
past due of ¥15,346 million as of March 31, 2020, (ii) installment loans (excluding loans individually evaluated for impairment) considered 90 days or more past due of ¥12,412 million and ¥10,264 million as of March 31, 2019 and 2020, respectively, and (iii) installment loans individually evaluated for impairment of ¥58,827 million and ¥85,820 million as of March 31, 2019 and 2020, respectively. The sum of net investment in leases and installment loans considered non-performing amounted to ¥106,863 million, ¥104,539 million and ¥98,185 million as of March 31, 2021, 2022 and
2023, respectively. These sums included: (i) net investment in leases considered non-performing of ¥18,925 million, ¥19,224 million and ¥16,841 million as of March 31, 2021, 2022 and 2023, respectively, (ii) non-performing installment loans not individually assessed for credit losses of ¥28,181 million, ¥34,479 million and ¥33,706 million as of March 31, 2021, 2022 and 2023, respectively, and (iii) non-performing installment loans individually assessed for credit losses of ¥59,757 million, ¥50,836 million and ¥47,638 million as of March 31,
2021, 2022 and 2023, respectively. See “Item 5. Operating and Financial Review and Prospects—Results of Operations—Year Ended March 31, 2023 Compared to Year Ended March 31, 2022—Details of Operating Results—Revenues, New Business Volumes and Investments—Asset quality.” |
| * 4 |
Accounting Standards Update 2016-13 (“Measurement of Credit Losses on Financial Instruments”—ASC 326 (“Financial Instruments—Credit Losses”)) has been adopted since April 1, 2020, and the amounts of allowance for doubtful receivables on finance leases and probable loan losses have been reclassified to allowance for credit losses. For further information, see Note 1 of “Item 18. Financial Statements.” |
| * 5 |
The Company’s shares held through the Board Incentive Plan Trust, which was established in July 2014 to provide shares at the time of retirement as compensation, are included in the number of treasury stock and excluded from the number of outstanding shares. The Board Incentive Plan Trust held 1,823,993 shares, 1,476,828 shares, 2,154,248 shares, 1,963,282 shares and 2,800,866 shares as of March 31, 2019, 2020, 2021, 2022 and 2023, respectively. |
| * 6 |
Return on ORIX Corporation shareholders’ equity is the ratio of net income attributable to ORIX Corporation shareholders for the period to average ORIX Corporation shareholders’ equity based on fiscal year beginning and ending balances for the period. Return on assets is the ratio of net income attributable to ORIX Corporation shareholders for the period to average total assets based on fiscal year beginning and ending balances for the period. ORIX Corporation shareholders’ equity ratio is the ratio as of the period end of ORIX Corporation shareholders’ equity to total assets. Allowance/investment in direct financing leases and installment loans is the ratio as of the period end of the allowance for doubtful receivables on direct financing leases and probable loan losses to the sum of investment in direct financing leases and installment loans. Allowance/net investment in leases and installment loans is the ratio as of the
period end of the allowance for doubtful receivables on finance leases and probable loan losses to the sum of net investment in leases and installment loans. |
| * 7 |
ORIX Corporation shareholders’ equity per share is the amount derived by dividing ORIX Corporation shareholders’ equity by the number of outstanding shares. |
| * 8 |
The U.S. dollar amounts represent translations of the Japanese yen amounts using noon buying rates for Japanese yen per $1.00 in New York City for cable transfers in foreign currencies as certified for customs purposes by the Federal Reserve Bank of New York in effect on the respective dividend payment dates. |
As of March 31, |
||||||||||||||||
2022 |
2023 |
|||||||||||||||
Net income attributable to ORIX Corporation shareholders |
(Millions of yen | ) | 192,384 | 312,135 | 273,075 | |||||||||||
ROE (1) |
(%) | 6.4 | 9.9 | 8.3 | ||||||||||||
(1) |
ROE is the ratio of Net income attributable to ORIX Corporation shareholders for the period to average ORIX Corporation shareholders’ equity based on fiscal year beginning and ending balances. |
| (a) | Discussion of specific measures to achieve ESG-related key goals, |
| (b) | Discussion of any conflicts arising between short-term earnings and long-term growth, |
| (c) | Discussion of measures to reduce climate change risk following the TCFD (Task Force on Climate-related Financial Disclosures) framework, |
| (d) | Sharing of information on corporate sustainability developments both in Japan and overseas and |
| (e) | Discussion of matters to report to the Board of Directors. |
| (a) | Material issues and focus areas to reduce climate-change related risks. |
| i. | Set GHG emissions reduction goals. |
| ii. | Continue to contribute to the development of renewable energy investment and production. |
| iii. | Quantify and reduce our climate change-related risks and continue to implement TCFD recommendations. |
| iv. | Continue to promote a circular economy and reduce and appropriately manage waste. |
| v. | Formulate an exit strategy for existing exposure to high environmental risk business areas and create bright-line exclusion criteria in any new investing or lending. |
| vi. | Work with our stakeholders to promote a healthier environment through goods and services that help mitigate adverse environmental impacts. |
| (b) | Material issues and focus areas to reduce social risks, including human rights risk. |
| i. | Continue to strengthen our Sustainable Investing and Lending Policy, Code of Conduct, and risk management system to adequately cover new and emerging social risk areas. |
| ii. | Share a common and agreed respect for fundamental human rights with all of our stakeholders such as support for the UN Universal Declaration of Human Rights, worker health and safety, diversity, inclusion and non-discrimination. |
| iii. | Continue to improve employee satisfaction by respecting the diversity of our employees and creating an inclusive working environment that promotes flexible working styles and provides career development support, fair performance review and compensation schemes, and employee health support systems. |
| (c) | Material issues and focus areas to strengthen governance based on transparency, compliance, and integrity. |
| i. | Continue to strengthen the independence of the Board of Directors so that the Board may provide appropriate and effective oversight over the management’s business execution from an independent and objective perspective. |
| ii. | The Group CEO will be responsible for all execution matters including responding to these material issues under the oversight of the Board of Directors. |
| iii. | Emphasis on client satisfaction and developing and offering sustainable products and services. |
| iv. | Endeavour to gain and keep the trust of our clients in all of our business areas. |
| v. | Promote a strong culture of compliance with all applicable laws and regulations, including paying our fair share of taxes. |
| (a) | Physical Risks and Opportunities |
| (b) | Transition Risks and Opportunities |
Years ended March 31, |
||||||||||||
2022 |
2023 |
|||||||||||
(Millions of yen) |
||||||||||||
Corporate Financial Services and Maintenance Leasing |
¥ | 58,662 | ¥ | 239,802 | ¥ | 73,176 | ||||||
Real Estate |
24,353 | 31,990 | 51,523 | |||||||||
PE Investment and Concession |
3,431 | (11,682 | ) | 2,686 | ||||||||
Environment and Energy |
26,946 | 3,048 | 35,682 | |||||||||
Insurance |
54,615 | 53,290 | 37,980 | |||||||||
Banking and Credit |
47,685 | 41,498 | 37,610 | |||||||||
Aircraft and Ships |
4,924 | (2,319 | ) | 18,583 | ||||||||
ORIX USA |
39,419 | 75,235 | 49,021 | |||||||||
ORIX Europe |
39,063 | 49,334 | 40,675 | |||||||||
Asia and Australia |
12,179 | 51,165 | 34,319 | |||||||||
Total segment profits |
311,277 | 531,361 | 381,255 | |||||||||
Difference between segment total and consolidated amounts |
(23,716 | ) | (26,485 | ) | (14,087 | ) | ||||||
Total Consolidated Amounts |
¥ | 287,561 | ¥ | 504,876 | ¥ | 367,168 | ||||||
As of March 31, 2023 |
||||||||
Book Value (1) |
Land Space (2) |
|||||||
(Millions of yen) |
(Thousands of m²) |
|||||||
Office building (Tachikawa, Tokyo) |
¥ | 11,110 | 2 | |||||
Office building (Shiba, Minato-ku, Tokyo) |
31,017 | 2 | ||||||
Office building (Osaka, Osaka) |
9,292 | 2 | ||||||
Coal-biomass co-fired power plants (Kitakyushu, Fukuoka) |
15,394 | 37 | ||||||
Coal-biomass co-fired power plants (Soma, Fukushima) |
20,537 | 63 | ||||||
Solar power station (Tsu, Mie) |
11,525 | 1,193 | ||||||
Solar power station (Niigata, Niigata) |
11,330 | 251 | ||||||
Solar power station (Tomakomai, Hokkaido) |
9,685 | — | ||||||
Hotel (Beppu, Oita) (3) |
40,828 | 166 | ||||||
Hotel (Kanazawa, Ishikawa) |
9,888 | 2 | ||||||
(1) |
Right-of-use |
(2) |
Land space is provided only for those facilities where we own the land. |
(3) |
Book value of hotel (Beppu, Oita) includes advances for property under facility operations of ¥2,582 million. |
Fiscal 2024 | ||||||
Estimated investment amounts |
Expected methods of financing | |||||
(Millions of yen) |
||||||
Operating lease equipment and property |
¥ | 821,700 | Funds on hand, bank borrowings, etc. | |||
Power generation equipment |
84,053 | Funds on hand, bank borrowings, etc. | ||||
Total |
¥ | 905,753 | ||||
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Year ended March 31, |
Change |
|||||||||||||||
2022 |
2023 |
Amount |
Percent (%) |
|||||||||||||
(Millions of yen, except ratios, per Share data and percentages) |
||||||||||||||||
Total revenues |
¥ | 2,520,365 | ¥ | 2,666,373 | ¥ | 146,008 | 6 | |||||||||
Total expenses |
2,218,282 | 2,352,385 | 134,103 | 6 | ||||||||||||
Income before Income Taxes |
504,876 | 367,168 | (137,708 | ) | (27 | ) | ||||||||||
Net Income Attributable to ORIX Corporation Shareholders |
312,135 | 273,075 | (39,060 | ) | (13 | ) | ||||||||||
Earnings per Share (Basic) |
259.37 | 231.35 | (28.02 | ) | (11 | ) | ||||||||||
(Diluted) |
259.07 | 231.04 | (28.03 | ) | (11 | ) | ||||||||||
ROE*1 |
9.9 | 8.3 | (1.6 | ) | — | |||||||||||
ROA*2 |
2.24 | 1.85 | (0.39 | ) | — | |||||||||||
*1 |
ROE is the ratio of Net Income Attributable to ORIX Corporation Shareholders for the period to average ORIX Corporation Shareholders’ Equity based on fiscal year beginning and ending balances. |
*2 |
ROA is the ratio of Net Income Attributable to ORIX Corporation Shareholders for the period to average Total Assets based on fiscal year beginning and ending balances. |
As of March 31, |
Change |
|||||||||||||||
2022 |
2023 |
Amount |
Percent (%) |
|||||||||||||
(Millions of yen except ratios, per share and percentages) |
||||||||||||||||
Total Assets |
¥ | 14,270,672 | ¥ | 15,266,191 | ¥ | 995,519 | 7 | |||||||||
(Segment assets) |
11,999,584 | 12,595,338 | 595,754 | 5 | ||||||||||||
Total Liabilities |
10,899,271 | 11,837,946 | 938,675 | 9 | ||||||||||||
(Short-term and Long-term debt) |
4,866,685 | 5,718,519 | 851,834 | 18 | ||||||||||||
(Deposits) |
2,276,158 | 2,246,345 | (29,813 | ) | (1 | ) | ||||||||||
ORIX Corporation Shareholders’ Equity |
3,261,419 | 3,356,585 | 95,166 | 3 | ||||||||||||
ORIX Corporation Shareholders’ Equity per share |
2,732.88 | 2,868.13 | 135.25 | 5 | ||||||||||||
ORIX Corporation Shareholders’ Equity ratio * |
22.9 | % | 22.0 | % | (0.9 | )% | — | |||||||||
D/E ratio (Debt-to-equity |
1.5 | x | 1.7 | x | 0.2 | x | — | |||||||||
| * | ORIX Corporation Shareholders’ Equity ratio is the ratio as of the period end of ORIX Corporation Shareholder’s Equity to total assets. |
Year ended March 31, |
Change |
|||||||||||||||
2022 |
2023 |
Amount |
Percent (%) |
|||||||||||||
(Millions of yen, except percentage data) |
||||||||||||||||
Segment Revenues: |
||||||||||||||||
Corporate Financial Services and Maintenance Leasing |
¥ | 445,338 | ¥ | 429,907 | ¥ | (15,431 | ) | (3 | ) | |||||||
Real Estate |
390,688 | 418,736 | 28,048 | 7 | ||||||||||||
PE Investment and Concession |
385,739 | 376,405 | (9,334 | ) | (2 | ) | ||||||||||
Environment and Energy |
160,232 | 215,770 | 55,538 | 35 | ||||||||||||
Insurance |
486,704 | 499,487 | 12,783 | 3 | ||||||||||||
Banking and Credit |
84,821 | 84,286 | (535 | ) | (1 | ) | ||||||||||
Aircraft and Ships |
38,639 | 54,009 | 15,370 | 40 | ||||||||||||
ORIX USA |
161,344 | 189,045 | 27,701 | 17 | ||||||||||||
ORIX Europe |
221,112 | 206,486 | (14,626 | ) | (7 | ) | ||||||||||
Asia and Australia |
148,055 | 189,744 | 41,689 | 28 | ||||||||||||
Segment Total |
2,522,672 | 2,663,875 | 141,203 | 6 | ||||||||||||
Difference between Segment Total and Consolidated Amounts |
(2,307 | ) | 2,498 | 4,805 | — | |||||||||||
Consolidated Amounts |
¥ | 2,520,365 | ¥ | 2,666,373 | ¥ | 146,008 | 6 | |||||||||
Year ended March 31, |
Change |
|||||||||||||||
2022 |
2023 |
Amount |
Percent (%) |
|||||||||||||
(Millions of yen, except percentage data) |
||||||||||||||||
Segment Profits: |
||||||||||||||||
Corporate Financial Services and Maintenance Leasing |
¥ | 239,802 | ¥ | 73,176 | ¥ | (166,626 | ) | (69 | ) | |||||||
Real Estate |
31,990 | 51,523 | 19,533 | 61 | ||||||||||||
PE Investment and Concession |
(11,682 | ) | 2,686 | 14,368 | — | |||||||||||
Environment and Energy |
3,048 | 35,682 | 32,634 | — | ||||||||||||
Insurance |
53,290 | 37,980 | (15,310 | ) | (29 | ) | ||||||||||
Banking and Credit |
41,498 | 37,610 | (3,888 | ) | (9 | ) | ||||||||||
Aircraft and Ships |
(2,319 | ) | 18,583 | 20,902 | — | |||||||||||
ORIX USA |
75,235 | 49,021 | (26,214 | ) | (35 | ) | ||||||||||
ORIX Europe |
49,334 | 40,675 | (8,659 | ) | (18 | ) | ||||||||||
Asia and Australia |
51,165 | 34,319 | (16,846 | ) | (33 | ) | ||||||||||
Segment Total |
531,361 | 381,255 | (150,106 | ) | (28 | ) | ||||||||||
Difference between Segment Total and Consolidated Amounts |
(26,485 | ) | (14,087 | ) | 12,398 | — | ||||||||||
Consolidated Amounts |
¥ | 504,876 | ¥ | 367,168 | ¥ | (137,708 | ) | (27 | ) | |||||||
As of March 31, |
Change |
|||||||||||||||
2022 |
2023 |
Amount |
Percent (%) |
|||||||||||||
(Millions of yen, except percentage data) |
||||||||||||||||
Segment Assets: |
||||||||||||||||
Corporate Financial Services and Maintenance Leasing |
¥ | 1,516,795 | ¥ | 1,514,070 | ¥ | (2,725 | ) | (0 | ) | |||||||
Real Estate |
910,101 | 935,027 | 24,926 | 3 | ||||||||||||
PE Investment and Concession |
353,581 | 605,471 | 251,890 | 71 | ||||||||||||
Environment and Energy |
703,608 | 773,617 | 70,009 | 10 | ||||||||||||
Insurance |
2,072,145 | 2,050,412 | (21,733 | ) | (1 | ) | ||||||||||
Banking and Credit |
2,687,156 | 2,698,747 | 11,591 | 0 | ||||||||||||
Aircraft and Ships |
684,098 | 742,890 | 58,792 | 9 | ||||||||||||
ORIX USA |
1,364,142 | 1,462,067 | 97,925 | 7 | ||||||||||||
ORIX Europe |
401,869 | 417,941 | 16,072 | 4 | ||||||||||||
Asia and Australia |
1,306,089 | 1,395,096 | 89,007 | 7 | ||||||||||||
Segment Total |
11,999,584 | 12,595,338 | 595,754 | 5 | ||||||||||||
Difference between Segment Total and Consolidated Amounts |
2,271,088 | 2,670,853 | 399,765 | 18 | ||||||||||||
Consolidated Amounts |
¥ | 14,270,672 | ¥ | 15,266,191 | ¥ | 995,519 | 7 | |||||||||
Year ended March 31, |
Change |
|||||||||||||||
2022 |
2023 |
Amount |
Percent (%) |
|||||||||||||
(Millions of yen, except percentage data) |
||||||||||||||||
Finance revenues |
¥ | 57,580 | ¥ | 60,066 | ¥ | 2,486 | 4 | |||||||||
Gains on investment securities and dividends |
4,417 | (442 | ) | (4,859 | ) | — | ||||||||||
Operating leases |
254,956 | 258,385 | 3,429 | 1 | ||||||||||||
Sales of goods and real estate |
9,741 | 5,356 | (4,385 | ) | (45 | ) | ||||||||||
Services income |
118,644 | 106,542 | (12,102 | ) | (10 | ) | ||||||||||
Total Segment Revenues |
445,338 | 429,907 | (15,431 | ) | (3 | ) | ||||||||||
Interest expense |
5,783 | 6,375 | 592 | 10 | ||||||||||||
Costs of operating leases |
191,291 | 186,989 | (4,302 | ) | (2 | ) | ||||||||||
Costs of goods and real estate sold |
6,516 | 3,988 | (2,528 | ) | (39 | ) | ||||||||||
Services expense |
58,148 | 58,103 | (45 | ) | (0 | ) | ||||||||||
Selling, general and administrative expenses |
87,753 | 83,811 | (3,942 | ) | (4 | ) | ||||||||||
Provision for credit losses, and write-downs of long-lived assets and securities |
2,388 | 1,107 | (1,281 | ) | (54 | ) | ||||||||||
Other |
17,175 | 17,275 | 100 | 1 | ||||||||||||
Total Segment Expenses |
369,054 | 357,648 | (11,406 | ) | (3 | ) | ||||||||||
Segment Operating Income |
76,284 | 72,259 | (4,025 | ) | (5 | ) | ||||||||||
Equity in Net income (Loss) of Affiliates and others |
163,518 | 917 | (162,601 | ) | (99 | ) | ||||||||||
Segment Profits |
¥ | 239,802 | ¥ | 73,176 | ¥ | (166,626 | ) | (69 | ) | |||||||
As of March 31, |
Change |
|||||||||||||||
2022 |
2023 |
Amount |
Percent (%) |
|||||||||||||
(Millions of yen, except percentage data) |
||||||||||||||||
Net investment in leases |
¥ | 580,161 | ¥ | 566,010 | ¥ | (14,151 | ) | (2 | ) | |||||||
Installment loans |
325,482 | 333,922 | 8,440 | 3 | ||||||||||||
Investment in operating leases |
517,233 | 511,184 | (6,049 | ) | (1 | ) | ||||||||||
Investment in securities |
34,987 | 35,164 | 177 | 1 | ||||||||||||
Property under facility operations |
17,199 | 18,908 | 1,709 | 10 | ||||||||||||
Inventories |
594 | 1,104 | 510 | 86 | ||||||||||||
Advances for finance lease and operating lease |
1,800 | 1,566 | (234 | ) | (13 | ) | ||||||||||
Investment in affiliates |
16,929 | 16,961 | 32 | 0 | ||||||||||||
Goodwill, intangible assets acquired in business combinations |
22,410 | 29,251 | 6,841 | 31 | ||||||||||||
Total Segment Assets |
¥ | 1,516,795 | ¥ | 1,514,070 | ¥ | (2,725 | ) | (0 | ) | |||||||
Year ended March 31, |
Change |
|||||||||||||||
2022 |
2023 |
Amount |
Percent (%) |
|||||||||||||
(Millions of yen, except percentage data) |
||||||||||||||||
Finance revenues |
¥ | 5,602 | ¥ | 5,562 | ¥ | (40 | ) | (1 | ) | |||||||
Operating leases |
48,091 | 55,544 | 7,453 | 15 | ||||||||||||
Sales of goods and real estate |
97,138 | 96,030 | (1,108 | ) | (1 | ) | ||||||||||
Services income |
235,746 | 261,843 | 26,097 | 11 | ||||||||||||
Other |
4,111 | (243 | ) | (4,354 | ) | — | ||||||||||
Total Segment Revenues |
390,688 | 418,736 | 28,048 | 7 | ||||||||||||
Interest expense |
2,873 | 3,367 | 494 | 17 | ||||||||||||
Costs of operating leases |
25,006 | 24,895 | (111 | ) | (0 | ) | ||||||||||
Costs of goods and real estate sold |
79,612 | 80,586 | 974 | 1 | ||||||||||||
Services expense |
218,985 | 230,136 | 11,151 | 5 | ||||||||||||
Selling, general and administrative expenses |
34,677 | 36,643 | 1,966 | 6 | ||||||||||||
Provision for credit losses, and write-downs of long-lived assets and securities |
262 | 1,785 | 1,523 | 581 | ||||||||||||
Other |
(1,150 | ) | (627 | ) | 523 | — | ||||||||||
Total Segment Expenses |
360,265 | 376,785 | 16,520 | 5 | ||||||||||||
Segment Operating Income |
30,423 | 41,951 | 11,528 | 38 | ||||||||||||
Equity in Net income (Loss) of Affiliates and others |
1,567 | 9,572 | 8,005 | 511 | ||||||||||||
Segment Profits |
¥ | 31,990 | ¥ | 51,523 | ¥ | 19,533 | 61 | |||||||||
As of March 31, |
Change |
|||||||||||||||
2022 |
2023 |
Amount |
Percent (%) |
|||||||||||||
(Millions of yen, except percentage data) |
||||||||||||||||
Net investment in leases |
¥ | 62,498 | ¥ | 57,587 | ¥ | (4,911 | ) | (8 | ) | |||||||
Investment in operating leases |
300,460 | 302,698 | 2,238 | 1 | ||||||||||||
Investment in securities |
4,289 | 3,894 | (395 | ) | (9 | ) | ||||||||||
Property under facility operations |
155,750 | 170,425 | 14,675 | 9 | ||||||||||||
Inventories |
97,667 | 108,789 | 11,122 | 11 | ||||||||||||
Advances for finance lease and operating lease |
112,309 | 112,973 | 664 | 1 | ||||||||||||
Investment in affiliates |
113,178 | 117,040 | 3,862 | 3 | ||||||||||||
Advances for property under facility operations |
6,857 | 6,625 | (232 | ) | (3 | ) | ||||||||||
Goodwill, intangible assets acquired in business combinations |
57,093 | 54,996 | (2,097 | ) | (4 | ) | ||||||||||
Total Segment Assets |
¥ | 910,101 | ¥ | 935,027 | ¥ | 24,926 | 3 | |||||||||
Year ended March 31, |
Change |
|||||||||||||||
2022 |
2023 |
Amount |
Percent (%) |
|||||||||||||
(Millions of yen, except percentage data) |
||||||||||||||||
Finance revenues |
¥ | 237 | ¥ | 159 | ¥ | (78 | ) | (33 | ) | |||||||
Gains on investment securities and dividends |
2,555 | 1,298 | (1,257 | ) | (49 | ) | ||||||||||
Operating leases |
33,870 | 38,653 | 4,783 | 14 | ||||||||||||
Sales of goods and real estate |
320,104 | 280,361 | (39,743 | ) | (12 | ) | ||||||||||
Services income |
28,973 | 55,934 | 26,961 | 93 | ||||||||||||
Total Segment Revenues |
385,739 | 376,405 | (9,334 | ) | (2 | ) | ||||||||||
Interest expense |
2,547 | 2,376 | (171 | ) | (7 | ) | ||||||||||
Costs of operating leases |
23,643 | 24,900 | 1,257 | 5 | ||||||||||||
Costs of goods and real estate sold |
289,522 | 240,942 | (48,580 | ) | (17 | ) | ||||||||||
Services expense |
19,150 | 40,900 | 21,750 | 114 | ||||||||||||
Selling, general and administrative expenses |
52,742 | 56,449 | 3,707 | 7 | ||||||||||||
Provision for credit losses, and write-downs of long-lived assets and securities |
12,599 | 195 | (12,404 | ) | (98 | ) | ||||||||||
Other |
(11,844 | ) | 2,193 | 14,037 | — | |||||||||||
Total Segment Expenses |
388,359 | 367,955 | (20,404 | ) | (5 | ) | ||||||||||
Segment Operating Income |
(2,620 | ) | 8,450 | 11,070 | — | |||||||||||
Equity in Net income (Loss) of Affiliates and others |
(9,062 | ) | (5,764 | ) | 3,298 | — | ||||||||||
Segment Profits |
¥ | (11,682 | ) | ¥ | 2,686 | ¥ | 14,368 | — | ||||||||
As of March 31, |
Change |
|||||||||||||||
2022 |
2023 |
Amount |
Percent (%) |
|||||||||||||
(Millions of yen, except percentage data) |
||||||||||||||||
Net investment in leases |
¥ | 1,689 | ¥ | 1,616 | ¥ | (73 | ) | (4 | ) | |||||||
Investment in operating leases |
43,686 | 52,976 | 9,290 | 21 | ||||||||||||
Investment in securities |
12,129 | 42,401 | 30,272 | 250 | ||||||||||||
Property under facility operations |
40,725 | 51,978 | 11,253 | 28 | ||||||||||||
Inventories |
39,554 | 48,716 | 9,162 | 23 | ||||||||||||
Advances for finance lease and operating lease |
0 | 4 | 4 | — | ||||||||||||
Investment in affiliates |
43,498 | 36,678 | (6,820 | ) | (16 | ) | ||||||||||
Advances for property under facility operations |
1,323 | 2,354 | 1,031 | 78 | ||||||||||||
Goodwill, intangible assets acquired in business combinations |
170,977 | 368,748 | 197,771 | 116 | ||||||||||||
Total Segment Assets |
¥ | 353,581 | ¥ | 605,471 | ¥ | 251,890 | 71 | |||||||||
Year ended March 31, |
Change |
|||||||||||||||
2022 |
2023 |
Amount |
Percent (%) |
|||||||||||||
(Millions of yen, except percentage data) |
||||||||||||||||
Finance revenues |
¥ | 1,001 | ¥ | 1,230 | ¥ | 229 | 23 | |||||||||
Services income |
155,303 | 210,240 | 54,937 | 35 | ||||||||||||
Other |
3,928 | 4,300 | 372 | 9 | ||||||||||||
Total Segment Revenues |
160,232 | 215,770 | 55,538 | 35 | ||||||||||||
Interest expense |
5,365 | 12,276 | 6,911 | 129 | ||||||||||||
Services expense |
123,981 | 167,733 | 43,752 | 35 | ||||||||||||
Selling, general and administrative expenses |
12,814 | 16,276 | 3,462 | 27 | ||||||||||||
Provision for credit losses, and write-downs of long-lived assets and securities |
19,564 | 50 | (19,514 | ) | (100 | ) | ||||||||||
Other |
1,518 | 2,452 | 934 | 62 | ||||||||||||
Total Segment Expenses |
163,242 | 198,787 | 35,545 | 22 | ||||||||||||
Segment Operating Income |
(3,010 | ) | 16,983 | 19,993 | — | |||||||||||
Equity in Net income (Loss) of Affiliates and others |
6,058 | 18,699 | 12,641 | 209 | ||||||||||||
Segment Profits |
¥ | 3,048 | ¥ | 35,682 | ¥ | 32,634 | — | |||||||||
As of March 31, |
Change |
|||||||||||||||
2022 |
2023 |
Amount |
Percent (%) |
|||||||||||||
(Millions of yen, except percentage data) |
||||||||||||||||
Net investment in leases |
¥ | 7,910 | ¥ | 6,723 | ¥ | (1,187 | ) | (15 | ) | |||||||
Installment loans |
711 | 190 | (521 | ) | (73 | ) | ||||||||||
Investment in operating leases |
279 | 264 | (15 | ) | (5 | ) | ||||||||||
Investment in securities |
961 | 1,580 | 619 | 64 | ||||||||||||
Property under facility operations |
330,598 | 362,043 | 31,445 | 10 | ||||||||||||
Inventories |
356 | 9,825 | 9,469 | — | ||||||||||||
Advances for finance lease and operating lease |
6 | 1 | (5 | ) | (83 | ) | ||||||||||
Investment in affiliates |
204,260 | 190,384 | (13,876 | ) | (7 | ) | ||||||||||
Advances for property under facility operations |
57,520 | 88,493 | 30,973 | 54 | ||||||||||||
Goodwill, intangible assets acquired in business combinations |
101,007 | 114,114 | 13,107 | 13 | ||||||||||||
Total Segment Assets |
¥ | 703,608 | ¥ | 773,617 | ¥ | 70,009 | 10 | |||||||||
Year ended March 31, |
Change |
|||||||||||||||
2022 |
2023 |
Amount |
Percent (%) |
|||||||||||||
(Millions of yen, except percentage data) |
||||||||||||||||
Finance revenues |
¥ | 265 | ¥ | 300 | ¥ | 35 | 13 | |||||||||
Life insurance premiums and related investment income |
484,377 | 496,561 | 12,184 | 3 | ||||||||||||
Other |
2,062 | 2,626 | 564 | 27 | ||||||||||||
Total Segment Revenues |
486,704 | 499,487 | 12,783 | 3 | ||||||||||||
Interest expense |
551 | 365 | (186 | ) | (34 | ) | ||||||||||
Life insurance costs |
368,926 | 400,336 | 31,410 | 9 | ||||||||||||
Selling, general and administrative expenses |
63,731 | 60,815 | (2,916 | ) | (5 | ) | ||||||||||
Provision for credit losses, and write-downs of long-lived assets and securities |
(0 | ) | (1 | ) | (1 | ) | — | |||||||||
Other |
288 | (3 | ) | (291 | ) | — | ||||||||||
Total Segment Expenses |
433,496 | 461,512 | 28,016 | 6 | ||||||||||||
Segment Operating Income |
53,208 | 37,975 | (15,233 | ) | (29 | ) | ||||||||||
Equity in Net income (Loss) of Affiliates and others |
82 | 5 | (77 | ) | (94 | ) | ||||||||||
Segment Profits |
¥ | 53,290 | ¥ | 37,980 | ¥ | (15,310 | ) | (29 | ) | |||||||
As of March 31, |
Change |
|||||||||||||||
2022 |
2023 |
Amount |
Percent (%) |
|||||||||||||
(Millions of yen, except percentage data) |
||||||||||||||||
Installment loans |
¥ | 17,983 | ¥ | 18,109 | ¥ | 126 | 1 | |||||||||
Investment in operating leases |
28,296 | 27,467 | (829 | ) | (3 | ) | ||||||||||
Investment in securities |
2,021,134 | 2,000,150 | (20,984 | ) | (1 | ) | ||||||||||
Goodwill, intangible assets acquired in business combinations |
4,732 | 4,686 | (46 | ) | (1 | ) | ||||||||||
Total Segment Assets |
¥ | 2,072,145 | ¥ | 2,050,412 | ¥ | (21,733 | ) | (1 | ) | |||||||
Year ended March 31, |
Change |
|||||||||||||||
2022 |
2023 |
Amount |
Percent (%) |
|||||||||||||
(Millions of yen, except percentage data) |
||||||||||||||||
Finance revenues |
¥ | 76,190 | ¥ | 78,066 | ¥ | 1,876 | 2 | |||||||||
Gains on investment securities and dividends |
2,204 | (839 | ) | (3,043 | ) | — | ||||||||||
Services income |
6,427 | 7,059 | 632 | 10 | ||||||||||||
Total Segment Revenues |
84,821 | 84,286 | (535 | ) | (1 | ) | ||||||||||
Interest expense |
5,259 | 5,698 | 439 | 8 | ||||||||||||
Services expense |
6,726 | 7,229 | 503 | 7 | ||||||||||||
Selling, general and administrative expenses |
29,112 | 33,351 | 4,239 | 15 | ||||||||||||
Provision for credit losses, and write-downs of long-lived assets and securities |
2,395 | 716 | (1,679 | ) | (70 | ) | ||||||||||
Other |
(168 | ) | (318 | ) | (150 | ) | — | |||||||||
Total Segment Expenses |
43,324 | 46,676 | 3,352 | 8 | ||||||||||||
Segment Operating Income |
41,497 | 37,610 | (3,887 | ) | (9 | ) | ||||||||||
Equity in Net income (Loss) of Affiliates and others |
1 | 0 | (1 | ) | — | |||||||||||
Segment Profits |
¥ | 41,498 | ¥ | 37,610 | ¥ | (3,888 | ) | (9 | ) | |||||||
As of March 31, |
Change |
|||||||||||||||
2022 |
2023 |
Amount |
Percent (%) |
|||||||||||||
(Millions of yen, except percentage data) |
||||||||||||||||
Installment loans |
¥ | 2,397,532 | ¥ | 2,395,340 | ¥ | (2,192 | ) | (0 | ) | |||||||
Investment in securities |
277,786 | 291,627 | 13,841 | 5 | ||||||||||||
Inventories |
0 | 9 | 9 | — | ||||||||||||
Investment in affiliates |
67 | 0 | (67 | ) | — | |||||||||||
Goodwill, intangible assets acquired in business combinations |
11,771 | 11,771 | 0 | — | ||||||||||||
Total Segment Assets |
¥ | 2,687,156 | ¥ | 2,698,747 | ¥ | 11,591 | 0 | |||||||||
Year ended March 31, |
Change |
|||||||||||||||
2022 |
2023 |
Amount |
Percent (%) |
|||||||||||||
(Millions of yen, except percentage data) |
||||||||||||||||
Finance revenues |
¥ | 2,580 | ¥ | 6,660 | ¥ | 4,080 | 158 | |||||||||
Operating leases |
28,620 | 37,208 | 8,588 | 30 | ||||||||||||
Services income |
7,439 | 10,871 | 3,432 | 46 | ||||||||||||
Other |
0 | (730 | ) | (730 | ) | — | ||||||||||
Total Segment Revenues |
38,639 | 54,009 | 15,370 | 40 | ||||||||||||
Interest expense |
11,400 | 18,877 | 7,477 | 66 | ||||||||||||
Costs of operating leases |
17,965 | 16,898 | (1,067 | ) | (6 | ) | ||||||||||
Services expense |
865 | 2,103 | 1,238 | 143 | ||||||||||||
Selling, general and administrative expenses |
7,325 | 10,369 | 3,044 | 42 | ||||||||||||
Provision for credit losses, and write-downs of long-lived assets and securities |
2,331 | 1 | (2,330 | ) | (100 | ) | ||||||||||
Other |
(4,932 | ) | (3,377 | ) | 1,555 | — | ||||||||||
Total Segment Expenses |
34,954 | 44,871 | 9,917 | 28 | ||||||||||||
Segment Operating Income |
3,685 | 9,138 | 5,453 | 148 | ||||||||||||
Equity in Net income (Loss) of Affiliates and others |
(6,004 | ) | 9,445 | 15,449 | — | |||||||||||
Segment Profits |
¥ | (2,319 | ) | ¥ | 18,583 | ¥ | 20,902 | — | ||||||||
As of March 31, |
Change |
|||||||||||||||
2022 |
2023 |
Amount |
Percent (%) |
|||||||||||||
(Millions of yen, except percentage data) |
||||||||||||||||
Installment loans |
81,695 | 74,151 | (7,544 | ) | (9 | ) | ||||||||||
Investment in operating leases |
271,910 | 295,858 | 23,948 | 9 | ||||||||||||
Investment in securities |
0 | 5,800 | 5,800 | — | ||||||||||||
Inventories |
113 | 37 | (76 | ) | (67 | ) | ||||||||||
Investment in affiliates |
320,058 | 348,583 | 28,525 | 9 | ||||||||||||
Goodwill, intangible assets acquired in business combinations |
10,322 | 18,461 | 8,139 | 79 | ||||||||||||
Total Segment Assets |
¥ | 684,098 | ¥ | 742,890 | ¥ | 58,792 | 9 | |||||||||
Year ended March 31, |
Change |
|||||||||||||||
2022 |
2023 |
Amount |
Percent (%) |
|||||||||||||
(Millions of yen, except percentage data) |
||||||||||||||||
Finance revenues |
¥ | 90,708 | ¥ | 106,599 | ¥ | 15,891 | 18 | |||||||||
Gains on investment securities and dividends |
37,802 | 32,641 | (5,161 | ) | (14 | ) | ||||||||||
Services income |
29,699 | 47,345 | 17,646 | 59 | ||||||||||||
Other |
3,135 | 2,460 | (675 | ) | (22 | ) | ||||||||||
Total Segment Revenues |
161,344 | 189,045 | 27,701 | 17 | ||||||||||||
Interest expense |
17,140 | 43,643 | 26,503 | 155 | ||||||||||||
Services expense |
4,149 | 4,871 | 722 | 17 | ||||||||||||
Selling, general and administrative expenses |
79,404 | 85,515 | 6,111 | 8 | ||||||||||||
Provision for credit losses, and write-downs of long-lived assets and securities |
(88 | ) | 4,380 | 4,468 | — | |||||||||||
Other |
1,989 | 3,824 | 1,835 | 92 | ||||||||||||
Total Segment Expenses |
102,594 | 142,233 | 39,639 | 39 | ||||||||||||
Segment Operating Income |
58,750 | 46,812 | (11,938 | ) | (20 | ) | ||||||||||
Equity in Net income (Loss) of Affiliates and others |
16,485 | 2,209 | (14,276 | ) | (87 | ) | ||||||||||
Segment Profits |
¥ | 75,235 | ¥ | 49,021 | ¥ | (26,214 | ) | (35 | ) | |||||||
As of March 31, |
Change |
|||||||||||||||
2022 |
2023 |
Amount |
Percent (%) |
|||||||||||||
(Millions of yen, except percentage data) |
||||||||||||||||
Net investment in leases |
¥ | 475 | ¥ | 483 | ¥ | 8 | 2 | |||||||||
Installment loans |
717,183 | 743,091 | 25,908 | 4 | ||||||||||||
Investment in operating leases |
4,653 | 3,612 | (1,041 | ) | (22 | ) | ||||||||||
Investment in securities |
367,190 | 423,229 | 56,039 | 15 | ||||||||||||
Property under facility operations and servicing assets |
79,000 | 81,291 | 2,291 | 3 | ||||||||||||
Inventories |
685 | 142 | (543 | ) | (79 | ) | ||||||||||
Advances for finance lease and operating lease |
945 | 0 | (945 | ) | — | |||||||||||
Investment in affiliates |
45,337 | 52,408 | 7,071 | 16 | ||||||||||||
Goodwill, intangible assets acquired in business combinations |
148,674 | 157,811 | 9,137 | 6 | ||||||||||||
Total Segment Assets |
¥ | 1,364,142 | ¥ | 1,462,067 | ¥ | 97,925 | 7 | |||||||||
Year ended March 31, |
Change |
|||||||||||||||
2022 |
2023 |
Amount |
Percent (%) |
|||||||||||||
(Millions of yen, except percentage data) |
||||||||||||||||
Finance revenues |
¥ | 56 | ¥ | 812 | ¥ | 756 | — | |||||||||
Gains on investment securities and dividends |
1,849 | (2,155 | ) | (4,004 | ) | — | ||||||||||
Services income |
219,207 | 207,829 | (11,378 | ) | (5 | ) | ||||||||||
Total Segment Revenues |
221,112 | 206,486 | (14,626 | ) | (7 | ) | ||||||||||
Interest expense |
(647 | ) | 4,317 | 4,964 | — | |||||||||||
Services expense |
53,199 | 48,921 | (4,278 | ) | (8 | ) | ||||||||||
Selling, general and administrative expenses |
95,620 | 112,129 | 16,509 | 17 | ||||||||||||
Other |
23,115 | 609 | (22,506 | ) | (97 | ) | ||||||||||
Total Segment Expenses |
171,287 | 165,976 | (5,311 | ) | (3 | ) | ||||||||||
Segment Operating Income |
49,825 | 40,510 | (9,315 | ) | (19 | ) | ||||||||||
Equity in Net income (Loss) of Affiliates and others |
(491 | ) | 165 | 656 | — | |||||||||||
Segment Profits |
¥ | 49,334 | ¥ | 40,675 | ¥ | (8,659 | ) | (18 | ) | |||||||
As of March 31, |
Change |
|||||||||||||||
2022 |
2023 |
Amount |
Percent (%) |
|||||||||||||
(Millions of yen, except percentage data) |
||||||||||||||||
Investment in securities |
¥ | 82,770 | ¥ | 84,147 | ¥ | 1,377 | 2 | |||||||||
Investment in affiliates |
2,221 | 2,714 | 493 | 22 | ||||||||||||
Goodwill, intangible assets acquired in business combinations |
316,878 | 331,080 | 14,202 | 4 | ||||||||||||
Total Segment Assets |
¥ | 401,869 | ¥ | 417,941 | ¥ | 16,072 | 4 | |||||||||
Year ended March 31, |
Change |
|||||||||||||||
2022 |
2023 |
Amount |
Percent (%) |
|||||||||||||
(Millions of yen, except percentage data) |
||||||||||||||||
Finance revenues |
¥ | 47,166 | ¥ | 59,933 | ¥ | 12,767 | 27 | |||||||||
Gains on investment securities and dividends |
3,673 | 2,886 | (787 | ) | (21 | ) | ||||||||||
Operating leases |
82,004 | 104,614 | 22,610 | 28 | ||||||||||||
Services income |
14,635 | 20,613 | 5,978 | 41 | ||||||||||||
Other |
577 | 1,698 | 1,121 | 194 | ||||||||||||
Total Segment Revenues |
148,055 | 189,744 | 41,689 | 28 | ||||||||||||
Interest expense |
20,548 | 31,992 | 11,444 | 56 | ||||||||||||
Costs of operating leases |
61,595 | 78,950 | 17,355 | 28 | ||||||||||||
Services expense |
9,672 | 12,214 | 2,542 | 26 | ||||||||||||
Selling, general and administrative expenses |
29,711 | 37,844 | 8,133 | 27 | ||||||||||||
Provision for credit losses, and write-downs of long-lived assets and securities |
891 | 2,601 | 1,710 | 192 | ||||||||||||
Other |
(888 | ) | 1,820 | 2,708 | — | |||||||||||
Total Segment Expenses |
121,529 | 165,421 | 43,892 | 36 | ||||||||||||
Segment Operating Income |
26,526 | 24,323 | (2,203 | ) | (8 | ) | ||||||||||
Equity in Net income (Loss) of Affiliates and others |
24,639 | 9,996 | (14,643 | ) | (59 | ) | ||||||||||
Segment Profits |
¥ | 51,165 | ¥ | 34,319 | ¥ | (16,846 | ) | (33 | ) | |||||||
As of March 31, |
Change |
|||||||||||||||
2022 |
2023 |
Amount |
Percent (%) |
|||||||||||||
(Millions of yen, except percentage data) |
||||||||||||||||
Net investment in leases |
¥ | 405,043 | ¥ | 454,961 | ¥ | 49,918 | 12 | |||||||||
Installment loans |
321,994 | 312,788 | (9,206 | ) | (3 | ) | ||||||||||
Investment in operating leases |
286,214 | 329,549 | 43,335 | 15 | ||||||||||||
Investment in securities |
48,052 | 50,360 | 2,308 | 5 | ||||||||||||
Property under facility operations |
1,084 | 1,184 | 100 | 9 | ||||||||||||
Inventories |
483 | 202 | (281 | ) | (58 | ) | ||||||||||
Advances for finance lease and operating lease |
3,919 | 3,720 | (199 | ) | (5 | ) | ||||||||||
Investment in affiliates |
232,471 | 235,586 | 3,115 | 1 | ||||||||||||
Goodwill, intangible assets acquired in business combinations |
6,829 | 6,746 | (83 | ) | (1 | ) | ||||||||||
Total Segment Assets |
¥ | 1,306,089 | ¥ | 1,395,096 | ¥ | 89,007 | 7 | |||||||||
Year ended March 31, |
Change |
|||||||||||||||
2022 |
2023 |
Amount |
Percent (%) |
|||||||||||||
(Millions of yen, except percentage data) |
||||||||||||||||
Finance revenues: |
||||||||||||||||
Finance revenues |
¥ | 279,589 | ¥ | 317,612 | ¥ | 38,023 | 14 | |||||||||
As of and for the year ended March 31, |
Change |
|||||||||||||||
2022 |
2023 |
Amount |
Percent (%) |
|||||||||||||
(Millions of yen, except percentage data) |
||||||||||||||||
Net investment in leases: |
||||||||||||||||
New equipment acquisitions |
¥ | 464,150 | ¥ | 512,684 | ¥ | 48,534 | 10 | |||||||||
Japan |
210,773 | 205,011 | (5,762 | ) | (3 | ) | ||||||||||
Overseas |
253,377 | 307,673 | 54,296 | 21 | ||||||||||||
Net investment in leases |
1,057,973 | 1,087,563 | 29,590 | 3 | ||||||||||||
As of March 31, |
Change |
|||||||||||||||
2022 |
2023 |
Amount |
Percent (%) |
|||||||||||||
(Millions of yen, except percentage data) |
||||||||||||||||
Net investment in leases by category: |
||||||||||||||||
Transportation equipment |
¥ | 434,944 | ¥ | 451,936 | ¥ | 16,992 | 4 | |||||||||
Industrial equipment |
247,398 | 251,577 | 4,179 | 2 | ||||||||||||
Electronics |
112,871 | 107,428 | (5,443 | ) | (5 | ) | ||||||||||
Information-related and office equipment |
94,292 | 104,236 | 9,944 | 11 | ||||||||||||
Commercial services equipment |
46,941 | 47,243 | 302 | 1 | ||||||||||||
Other |
121,527 | 125,143 | 3,616 | 3 | ||||||||||||
Total |
¥ | 1,057,973 | ¥ | 1,087,563 | ¥ | 29,590 | 3 | |||||||||
As of and for the year ended March 31, |
Change |
|||||||||||||||
2022 |
2023 |
Amount |
Percent (%) |
|||||||||||||
(Millions of yen, except percentage data) |
||||||||||||||||
Installment loans: |
||||||||||||||||
New loans added |
¥ | 1,202,677 | ¥ | 1,268,865 | ¥ | 66,188 | 6 | |||||||||
Japan |
766,453 | 884,050 | 117,597 | 15 | ||||||||||||
Overseas |
436,224 | 384,815 | (51,409 | ) | (12 | ) | ||||||||||
Installment loans |
3,862,604 | 3,877,602 | 14,998 | 0 | ||||||||||||
| Note: | The balance of installment loans related to our life insurance operations is included in installment loans in our consolidated balance sheets; however, income and losses on these loans are recorded in life insurance premiums and related investment income in our consolidated statements of income. |
As of March 31, |
Change |
|||||||||||||||
2022 |
2023 |
Amount |
Percent (%) |
|||||||||||||
(Millions of yen, except percentage data) |
||||||||||||||||
Installment loans: |
||||||||||||||||
Consumer borrowers in Japan |
||||||||||||||||
Real estate loans |
¥ | 2,007,570 | ¥ | 1,949,865 | ¥ | (57,705 | ) | (3 | ) | |||||||
Card loans |
173,687 | 171,635 | (2,052 | ) | (1 | ) | ||||||||||
Other |
27,770 | 29,688 | 1,918 | 7 | ||||||||||||
Subtotal |
2,209,027 | 2,151,188 | (57,839 | ) | (3 | ) | ||||||||||
Corporate borrowers in Japan |
||||||||||||||||
Real estate companies |
278,607 | 296,228 | 17,621 | 6 | ||||||||||||
Non-recourse loans |
74,085 | 124,499 | 50,414 | 68 | ||||||||||||
Commercial, industrial and other companies |
168,607 | 165,951 | (2,656 | ) | (2 | ) | ||||||||||
Subtotal |
521,299 | 586,678 | 65,379 | 13 | ||||||||||||
Consumer borrowers in overseas |
||||||||||||||||
Real estate loans |
105,860 | 107,094 | 1,234 | 1 | ||||||||||||
Other |
30,136 | 43,054 | 12,918 | 43 | ||||||||||||
Subtotal |
135,996 | 150,148 | 14,152 | 10 | ||||||||||||
Corporate borrowers in overseas |
||||||||||||||||
Real estate companies |
273,789 | 277,839 | 4,050 | 1 | ||||||||||||
Non-recourse loans |
80,918 | 38,654 | (42,264 | ) | (52 | ) | ||||||||||
Commercial, industrial and other companies |
627,828 | 660,840 | 33,012 | 5 | ||||||||||||
Subtotal |
982,535 | 977,333 | (5,202 | ) | (1 | ) | ||||||||||
Purchased loans |
13,747 | 12,255 | (1,492 | ) | (11 | ) | ||||||||||
Total |
¥ | 3,862,604 | ¥ | 3,877,602 | ¥ | 14,998 | 0 | |||||||||
| * | 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. |
As of March 31, |
||||||||
2023 |
||||||||
(Millions of yen, except percentage data) |
||||||||
Non-performing net investment in leases and allowance for credit losses on net investment in leases: |
||||||||
Non-performing net investment in leases |
¥ | 19,224 | ¥ | 16,841 | ||||
Non-performing net investment in leases as a percentage of the balance of net investment in leases |
1.82 | % | 1.55 | % | ||||
Provision for credit losses as a percentage of the average balance of net investment in leases* |
0.15 | % | 0.16 | % | ||||
Allowance for credit losses on net investment in leases |
¥ | 16,303 | ¥ | 15,719 | ||||
Allowance for credit losses on net investment in leases as a percentage of the balance of net investment in leases |
1.54 | % | 1.45 | % | ||||
The ratio of charge-offs as a percentage of the average balance of net investment in leases* |
0.27 | % | 0.24 | % | ||||
| * | Average balances are calculated on the basis of fiscal year’s beginning balance and fiscal quarter-end balances. |
| • | lease receivables are generally diversified and the amount of realized loss on any particular contract is likely to be relatively small; and |
| • | all lease contracts are secured by collateral consisting of the underlying leased assets, and we can expect to recover at least a portion of the outstanding lease receivables by selling the collateral. |
As of March 31, |
||||||||
2023 |
||||||||
(Millions of yen, except percentage data) |
||||||||
Non-performing loans not individually assessed for credit losses and allowance for credit losses on installment loans not individually assessed for credit losses: |
||||||||
Non-performing loans not individually assessed for credit losses |
¥ | 34,479 | ¥ | 33,706 | ||||
Non-performing loans not individually assessed for credit losses as a percentage of the balance of installment loans not individually assessed for credit losses |
0.90 | % | 0.88 | % | ||||
Provision for credit losses as a percentage of the average balance of installment loans not individually assessed for credit losses* |
0.06 | % | 0.14 | % | ||||
Allowance for credit losses on installment loans not individually assessed for credit losses |
¥ | 36,618 | ¥ | 39,179 | ||||
Allowance for credit losses on installment loans not individually assessed for credit losses as a percentage of the balance of installment loans not individually assessed for credit losses |
0.96 | % | 1.02 | % | ||||
The ratio of charge-offs as a percentage of the average balance of loans not individually assessed for credit losses* |
0.33 | % | 0.10 | % | ||||
| * | Average balances are calculated on the basis of fiscal year’s beginning balance and fiscal quarter-end balances. |
As of March 31, |
||||||||
2023 |
||||||||
(Millions of yen) |
||||||||
Non-performing loans not individually assessed for credit losses: |
||||||||
Consumer borrowers in Japan |
||||||||
Real estate loans |
¥ | 1,361 | ¥ | 1,302 | ||||
Card loans |
671 | 1,588 | ||||||
Other |
3,179 | 6,312 | ||||||
Subtotal |
5,211 | 9,202 | ||||||
Corporate borrowers in Japan |
||||||||
Real estate companies |
101 | 53 | ||||||
Commercial, industrial and other companies |
529 | 191 | ||||||
Subtotal |
630 | 244 | ||||||
Consumer borrowers in overseas |
||||||||
Real estate loans |
345 | 316 | ||||||
Other |
235 | 331 | ||||||
Subtotal |
580 | 647 | ||||||
Corporate borrowers in overseas |
||||||||
Real estate companies |
20,879 | 13,617 | ||||||
Non-recourse loans |
2,187 | 2,314 | ||||||
Commercial, industrial and other companies |
4,992 | 7,682 | ||||||
Subtotal |
28,058 | 23,613 | ||||||
Total |
¥ | 34,479 | ¥ | 33,706 | ||||
As of March 31, |
||||||||
2023 |
||||||||
(Millions of yen) |
||||||||
Non-performing loans individually assessed for credit losses and allowance for credit losses on installment loans individually assessed for credit losses: |
||||||||
Non-performing installment loans individually assessed for credit losses |
¥ | 50,836 | ¥ | 47,638 | ||||
Allowance for credit losses on installment loans individually assessed for credit losses* |
11,213 | 8,992 | ||||||
| * | The allowance is individually evaluated based on the present value of expected future cash flows, the loan’s observable market price or the fair value of the collateral securing the loans if the loans are collateral dependent. |
As of March 31, |
||||||||
2023 |
||||||||
(Millions of yen) |
||||||||
Non-performing loans individually assessed for credit losses: |
||||||||
Consumer borrowers in Japan |
||||||||
Real estate loans |
¥ | 10,850 | ¥ | 11,161 | ||||
Card loans |
3,415 | 3,655 | ||||||
Other |
15,317 | 14,527 | ||||||
Subtotal |
29,582 | 29,343 | ||||||
Corporate borrowers in Japan |
||||||||
Real estate companies |
2,203 | 2,022 | ||||||
Commercial, industrial and other companies |
2,765 | 1,239 | ||||||
Subtotal |
4,968 | 3,261 | ||||||
Consumer borrowers in overseas |
||||||||
Real estate loans |
129 | 231 | ||||||
Other |
286 | 774 | ||||||
Subtotal |
415 | 1,005 | ||||||
Corporate borrowers in overseas |
||||||||
Non-recourse loans |
856 | 933 | ||||||
Commercial, industrial and other companies |
13,531 | 12,075 | ||||||
Subtotal |
14,387 | 13,008 | ||||||
Purchased loans |
1,484 | 1,021 | ||||||
Total |
¥ | 50,836 | ¥ | 47,638 | ||||
As of March 31, |
Change |
|||||||||||||||
2022 |
2023 |
Amount |
Percent (%) |
|||||||||||||
(Millions of yen, except percentage data) |
||||||||||||||||
Allowance for credit losses: |
||||||||||||||||
Beginning balance |
73,990 | 64,134 | (9,856 | ) | (13 | ) | ||||||||||
Net investment in leases |
16,522 | 16,303 | (219 | ) | (1 | ) | ||||||||||
Loans not individually assessed for credit losses |
44,064 | 36,618 | (7,446 | ) | (17 | ) | ||||||||||
Loans individually assessed for credit losses |
13,404 | 11,213 | (2,191 | ) | (16 | ) | ||||||||||
Provision (Reversal) *1 |
7,154 | 12,125 | 4,971 | 69 | ||||||||||||
Net investment in leases |
1,577 | 1,678 | 101 | 6 | ||||||||||||
Loans not individually assessed for credit losses |
2,222 | 5,381 | 3,159 | 142 | ||||||||||||
Loans individually assessed for credit losses |
3,355 | 5,066 | 1,711 | 51 | ||||||||||||
Charge-offs (net) |
(20,597 | ) | (14,345 | ) | 6,252 | (30 | ) | |||||||||
Net investment in leases |
(2,781 | ) | (2,610 | ) | 171 | (6 | ) | |||||||||
Loans not individually assessed for credit losses |
(12,314 | ) | (3,971 | ) | 8,343 | (68 | ) | |||||||||
Loans individually assessed for credit losses |
(5,502 | ) | (7,764 | ) | (2,262 | ) | 41 | |||||||||
Other *2 |
3,587 | 1,976 | (1,611 | ) | (45 | ) | ||||||||||
Net investment in leases |
985 | 348 | (637 | ) | (65 | ) | ||||||||||
Loans not individually assessed for credit losses |
2,646 | 1,151 | (1,495 | ) | (57 | ) | ||||||||||
Loans individually assessed for credit losses |
(44 | ) | 477 | 521 | — | |||||||||||
Ending balance |
64,134 | 63,890 | (244 | ) | (0 | ) | ||||||||||
Net investment in leases |
16,303 | 15,719 | (584 | ) | (4 | ) | ||||||||||
Loans not individually assessed for credit losses |
36,618 | 39,179 | 2,561 | 7 | ||||||||||||
Loans individually assessed for credit losses |
11,213 | 8,992 | (2,221 | ) | (20 | ) | ||||||||||
| *1 | “Provision for credit losses” in the consolidated statements of income amounted to ¥3,939 million and ¥7,756 million for fiscal 2022 and 2023, respectively, and the amounts include provision for credit losses on other than net investment in leases and installment loans. |
| *2 | Other mainly includes foreign currency translation adjustments and increases or decreases in allowance due to consolidation or deconsolidation of subsidiaries. |
As of March 31, |
Change |
|||||||||||||||
2022 |
2023 |
Amount |
Percent (%) |
|||||||||||||
(Millions of yen, except percentage data) |
||||||||||||||||
Provision for credit losses: |
||||||||||||||||
Net investment in leases |
¥ | 1,577 | ¥ | 1,678 | ¥ | 101 | 6 | |||||||||
Loans not individually assessed for credit losses |
2,222 | 5,381 | 3,159 | 142 | ||||||||||||
Loans individually assessed for credit losses |
3,355 | 5,066 | 1,711 | 51 | ||||||||||||
Subtotal |
7,154 | 12,125 | 4,971 | 69 | ||||||||||||
Off-balance sheet credit exposures |
(4,449 | ) | (4,542 | ) | (93 | ) | 2 | |||||||||
Available-for-sale |
21 | (21 | ) | (42 | ) | — | ||||||||||
Accounts receivable |
1,213 | 194 | (1,019 | ) | (84 | ) | ||||||||||
Total |
¥ | 3,939 | ¥ | 7,756 | ¥ | 3,817 | 97 | |||||||||
As of and for the year ended March 31, |
Change |
|||||||||||||||
2022 |
2023 |
Amount |
Percent (%) |
|||||||||||||
(Millions of yen, except percentage data) |
||||||||||||||||
Investment in securities: |
||||||||||||||||
New securities added |
¥ | 620,660 | ¥ | 583,399 | ¥ | (37,261 | ) | (6 | ) | |||||||
Japan |
509,164 | 489,222 | (19,942 | ) | (4 | ) | ||||||||||
Overseas |
111,496 | 94,177 | (17,319 | ) | (16 | ) | ||||||||||
Investment in securities |
2,852,349 | 2,940,858 | 88,509 | 3 | ||||||||||||
| Note: | The balance of investment in securities related to our life insurance operations is included in investment in securities in our consolidated balance sheets; however, income and losses on these investment in securities are recorded in life insurance premiums and related investment income in our consolidated statements of income. |
As of March 31, |
Change |
|||||||||||||||
2022 |
2023 |
Amount |
Percent (%) |
|||||||||||||
(Millions of yen, except percentage data) |
||||||||||||||||
Investment in securities by security type: |
||||||||||||||||
Equity securities |
¥ | 560,643 | ¥ | 589,312 | ¥ | 28,669 | 5 | |||||||||
Trading debt securities |
2,503 | 2,179 | (324 | ) | (13 | ) | ||||||||||
Available-for-sale |
2,174,891 | 2,234,608 | 59,717 | 3 | ||||||||||||
Held-to-maturity |
114,312 | 114,759 | 447 | 0 | ||||||||||||
Total |
¥ | 2,852,349 | ¥ | 2,940,858 | ¥ | 88,509 | 3 | |||||||||
Year ended March 31, |
Change |
|||||||||||||||
2022 |
2023 |
Amount |
Percent (%) |
|||||||||||||
(Millions of yen, except percentage data) |
||||||||||||||||
Gains on investment securities and dividends: |
||||||||||||||||
Net gains on investment securities |
¥ | 54,585 | ¥ | 30,284 | ¥ | (24,301 | ) | (45 | ) | |||||||
Dividends income |
1,925 | 2,146 | 221 | 11 | ||||||||||||
Total |
¥ | 56,510 | ¥ | 32,430 | ¥ | (24,080 | ) | (43 | ) | |||||||
| Notes: | 1. | Income and losses on investment in securities related to our life insurance operations are recorded in life insurance premiums and related investment income in our consolidated statements of income. | ||
| 2. | Unrealized changes in fair value of investments in equity securities have been included in “Net gains on investment securities”. |
As of and for the year ended March 31, |
Change |
|||||||||||||||
2022 |
2023 |
Amount |
Percent (%) |
|||||||||||||
(Millions of yen, except percentage data) |
||||||||||||||||
Operating leases: |
||||||||||||||||
Operating lease revenues |
¥ | 450,454 | ¥ | 499,541 | ¥ | 49,087 | 11 | |||||||||
Costs of operating leases |
322,070 | 336,987 | 14,917 | 5 | ||||||||||||
New equipment acquisitions |
388,403 | 446,850 | 58,447 | 15 | ||||||||||||
Japan |
232,059 | 228,999 | (3,060 | ) | (1 | ) | ||||||||||
Overseas |
156,344 | 217,851 | 61,507 | 39 | ||||||||||||
Investment in operating leases |
1,463,202 | 1,537,178 | 73,976 | 5 | ||||||||||||
As of March 31, |
Change |
|||||||||||||||
2022 |
2023 |
Amount |
Percent (%) |
|||||||||||||
(Millions of yen, except percentage data) |
||||||||||||||||
Investment in operating leases by category: |
||||||||||||||||
Transportation equipment |
¥ | 898,602 | ¥ | 947,507 | ¥ | 48,905 | 5 | |||||||||
Measuring and information-related equipment |
120,067 | 130,836 | 10,769 | 9 | ||||||||||||
Real estate |
260,284 | 270,939 | 10,655 | 4 | ||||||||||||
Other |
45,782 | 47,939 | 2,157 | 5 | ||||||||||||
Right-of-use |
107,742 | 98,417 | (9,325 | ) | (9 | ) | ||||||||||
Accrued rental receivables |
31,639 | 45,123 | 13,484 | 43 | ||||||||||||
Allowance for doubtful receivables on operating leases |
(914 | ) | (3,583 | ) | (2,669 | ) | — | |||||||||
Total |
¥ | 1,463,202 | ¥ | 1,537,178 | ¥ | 73,976 | 5 | |||||||||
Year ended March 31, |
Change |
|||||||||||||||
2022 |
2023 |
Amount |
Percent (%) |
|||||||||||||
(Millions of yen, except percentage data) |
||||||||||||||||
Life insurance premiums and related investment income and life insurance costs: |
||||||||||||||||
Life insurance premiums |
¥ | 431,289 | ¥ | 451,404 | ¥ | 20,115 | 5 | |||||||||
Life insurance-related investment income |
50,521 | 42,666 | (7,855 | ) | (16 | ) | ||||||||||
Total |
¥ | 481,810 | ¥ | 494,070 | ¥ | 12,260 | 3 | |||||||||
Life insurance costs |
¥ | 368,140 | ¥ | 398,916 | ¥ | 30,776 | 8 | |||||||||
Year ended March 31, |
Change |
|||||||||||||||
2022 |
2023 |
Amount |
Percent (%) |
|||||||||||||
(Millions of yen, except percentage data) |
||||||||||||||||
Breakdown of life insurance-related investment income (loss): |
||||||||||||||||
Net income on investment securities |
¥ | 43,323 | ¥ | 35,350 | ¥ | (7,973 | ) | (18 | ) | |||||||
Losses recognized in income on derivative |
6,276 | 4,820 | (1,456 | ) | (23 | ) | ||||||||||
Interest on loans, income on real estate under operating leases, and others |
922 | 2,496 | 1,574 | 171 | ||||||||||||
Total |
¥ | 50,521 | ¥ | 42,666 | ¥ | (7,855 | ) | (16 | ) | |||||||
As of March 31, |
Change |
|||||||||||||||
2022 |
2023 |
Amount |
Percent (%) |
|||||||||||||
(Millions of yen, except percentage data) |
||||||||||||||||
Investments by life insurance operations: |
||||||||||||||||
Equity securities |
¥ | 232,413 | ¥ | 241,588 | ¥ | 9,175 | 4 | |||||||||
Available-for-sale |
1,674,409 | 1,643,803 | (30,606 | ) | (2 | ) | ||||||||||
Held-to-maturity |
114,312 | 114,759 | 447 | 0 | ||||||||||||
Total investment in securities |
2,021,134 | 2,000,150 | (20,984 | ) | (1 | ) | ||||||||||
Installment loans, real estate under operating leases and other investments |
46,279 | 45,576 | (703 | ) | (2 | ) | ||||||||||
Total |
¥ | 2,067,413 | ¥ | 2,045,726 | ¥ | (21,687 | ) | (1 | ) | |||||||
Year ended March 31, |
Change |
|||||||||||||||
2022 |
2023 |
Amount |
Percent (%) |
|||||||||||||
(Millions of yen, except percentage data) |
||||||||||||||||
Sales of goods and real estate, Inventories: |
||||||||||||||||
Sales of goods and real estate |
¥ | 435,398 | ¥ | 392,569 | ¥ | (42,829 | ) | (10 | ) | |||||||
Costs of goods and real estate sold |
381,119 | 333,009 | (48,110 | ) | (13 | ) | ||||||||||
New real estate added |
76,334 | 82,786 | 6,452 | 8 | ||||||||||||
Inventories |
139,563 | 169,021 | 29,458 | 21 | ||||||||||||
As of and for the year ended March 31, |
Change |
|||||||||||||||
2022 |
2023 |
Amount |
Percent (%) |
|||||||||||||
(Millions of yen, except percentage data) |
||||||||||||||||
Services, Property under Facility Operations |
||||||||||||||||
Services income |
¥ | 816,604 | ¥ | 930,151 | ¥ | 113,547 | 14 | |||||||||
Services expense |
495,110 | 571,127 | 76,017 | 15 | ||||||||||||
New assets added |
80,415 | 51,331 | (29,084 | ) | (36 | ) | ||||||||||
Japan |
28,600 | 33,425 | 4,825 | 17 | ||||||||||||
Overseas |
51,815 | 17,906 | (33,909 | ) | (65 | ) | ||||||||||
Property under Facility Operations |
561,846 | 620,994 | 59,148 | 11 | ||||||||||||
Year ended March 31, |
Change |
|||||||||||||||
2022 |
2023 |
Amount |
Percent (%) |
|||||||||||||
(Millions of yen, except percentage data) |
||||||||||||||||
Selling, general and administrative expenses: |
||||||||||||||||
Personnel expenses |
¥ | 300,590 | ¥ | 321,328 | ¥ | 20,738 | 7 | |||||||||
Selling expenses |
76,678 | 87,199 | 10,521 | 14 | ||||||||||||
Administrative expenses |
136,431 | 142,506 | 6,075 | 4 | ||||||||||||
Depreciation of office facilities |
9,083 | 8,373 | (710 | ) | (8 | ) | ||||||||||
Total |
¥ | 522,782 | ¥ | 559,406 | ¥ | 36,624 | 7 | |||||||||
Year ended March 31, |
Change |
|||||||||||||||
2021 |
2022 |
Amount |
Percent (%) |
|||||||||||||
(Millions of yen, except ratios, per Share data and percentages) |
||||||||||||||||
Total revenues |
¥ | 2,292,708 | ¥ | 2,520,365 | ¥ | 227,657 | 10 | |||||||||
Total expenses |
2,033,894 | 2,218,282 | 184,388 | 9 | ||||||||||||
Income before Income Taxes |
287,561 | 504,876 | 217,315 | 76 | ||||||||||||
Net Income Attributable to ORIX Corporation Shareholders |
192,384 | 312,135 | 119,751 | 62 | ||||||||||||
Earnings per Share (Basic) |
155.54 | 259.37 | 103.83 | 67 | ||||||||||||
(Diluted) |
155.39 | 259.07 | 103.68 | 67 | ||||||||||||
ROE *1 |
6.4 | 9.9 | 3.5 | — | ||||||||||||
ROA *2 |
1.44 | 2.24 | 0.80 | — | ||||||||||||
* 1 |
ROE is the ratio of Net Income Attributable to ORIX Corporation Shareholders for the period to average ORIX Corporation Shareholders’ Equity based on fiscal year beginning and ending balances. |
* 2 |
ROA is the ratio of Net Income Attributable to ORIX Corporation Shareholders for the period to average Total Assets based on fiscal year beginning and ending balances. |
As of March 31, |
Change |
|||||||||||||||
2021 |
2022 |
Amount |
Percent (%) |
|||||||||||||
(Millions of yen except ratios, per share and percentages) |
||||||||||||||||
Total Assets |
¥ | 13,563,082 | ¥ | 14,270,672 | ¥ | 707,590 | 5 | |||||||||
(Segment assets) |
11,341,789 | 11,999,584 | 657,795 | 6 | ||||||||||||
Total Liabilities |
10,459,938 | 10,899,271 | 439,333 | 4 | ||||||||||||
(Short-term and Long-term debt) |
4,724,102 | 4,866,685 | 142,583 | 3 | ||||||||||||
(Deposits) |
2,317,785 | 2,276,158 | (41,627 | ) | (2 | ) | ||||||||||
ORIX Corporation Shareholders’ Equity |
3,028,456 | 3,261,419 | 232,963 | 8 | ||||||||||||
ORIX Corporation Shareholders’ Equity per share |
2,487.77 | 2,732.88 | 245.11 | 10 | ||||||||||||
ORIX Corporation Shareholders’ Equity ratio * |
22.3 | % | 22.9 | % | 0.6 | % | — | |||||||||
D/E ratio (Debt-to-equity |
1.6 | x | 1.5 | x | (0.1 | )x | — | |||||||||
| * | ORIX Corporation Shareholders’ Equity ratio is the ratio as of the period end of ORIX Corporation Shareholder’s Equity to total assets. |
Year ended March 31, |
Change |
|||||||||||||||
2021 |
2022 |
Amount |
Percent (%) |
|||||||||||||
(Millions of yen, except percentage data) |
||||||||||||||||
Segment Revenues: |
||||||||||||||||
Corporate Financial Services and Maintenance Leasing |
¥ | 431,015 | ¥ | 445,338 | ¥ | 14,323 | 3 | |||||||||
Real Estate |
359,798 | 390,688 | 30,890 | 9 | ||||||||||||
PE Investment and Concession |
331,222 | 385,739 | 54,517 | 16 | ||||||||||||
Environment and Energy |
141,971 | 160,232 | 18,261 | 13 | ||||||||||||
Insurance |
491,894 | 486,704 | (5,190 | ) | (1 | ) | ||||||||||
Banking and Credit |
83,724 | 84,821 | 1,097 | 1 | ||||||||||||
Aircraft and Ships |
31,617 | 38,639 | 7,022 | 22 | ||||||||||||
ORIX USA |
138,017 | 161,344 | 23,327 | 17 | ||||||||||||
ORIX Europe |
160,798 | 221,112 | 60,314 | 38 | ||||||||||||
Asia and Australia |
128,309 | 148,055 | 19,746 | 15 | ||||||||||||
Segment Total |
2,298,365 | 2,522,672 | 224,307 | 10 | ||||||||||||
Difference between Segment Total and Consolidated Amounts |
(5,657 | ) | (2,307 | ) | 3,350 | — | ||||||||||
Consolidated Amounts |
¥ | 2,292,708 | ¥ | 2,520,365 | ¥ | 227,657 | 10 | |||||||||
Year ended March 31, |
Change |
|||||||||||||||
2021 |
2022 |
Amount |
Percent (%) |
|||||||||||||
(Millions of yen, except percentage data) |
||||||||||||||||
Segment Profits: |
||||||||||||||||
Corporate Financial Services and Maintenance Leasing |
¥ | 58,662 | ¥ | 239,802 | ¥ | 181,140 | 309 | |||||||||
Real Estate |
24,353 | 31,990 | 7,637 | 31 | ||||||||||||
PE Investment and Concession |
3,431 | (11,682 | ) | (15,113 | ) | — | ||||||||||
Environment and Energy |
26,946 | 3,048 | (23,898 | ) | (89 | ) | ||||||||||
Insurance |
54,615 | 53,290 | (1,325 | ) | (2 | ) | ||||||||||
Banking and Credit |
47,685 | 41,498 | (6,187 | ) | (13 | ) | ||||||||||
Aircraft and Ships |
4,924 | (2,319 | ) | (7,243 | ) | — | ||||||||||
ORIX USA |
39,419 | 75,235 | 35,816 | 91 | ||||||||||||
ORIX Europe |
39,063 | 49,334 | 10,271 | 26 | ||||||||||||
Asia and Australia |
12,179 | 51,165 | 38,986 | 320 | ||||||||||||
Segment Total |
311,277 | 531,361 | 220,084 | 71 | ||||||||||||
Difference between Segment Total and Consolidated Amounts |
(23,716 | ) | (26,485 | ) | (2,769 | ) | — | |||||||||
Consolidated Amounts |
¥ | 287,561 | ¥ | 504,876 | ¥ | 217,315 | 76 | |||||||||
As of March 31, |
Change |
|||||||||||||||
2021 |
2022 |
Amount |
Percent (%) |
|||||||||||||
(Millions of yen, except percentage data) |
||||||||||||||||
Segment Assets: |
||||||||||||||||
Corporate Financial Services and Maintenance Leasing |
¥ | 1,676,063 | ¥ | 1,516,795 | ¥ | (159,268 | ) | (10 | ) | |||||||
Real Estate |
872,095 | 910,101 | 38,006 | 4 | ||||||||||||
PE Investment and Concession |
378,698 | 353,581 | (25,117 | ) | (7 | ) | ||||||||||
Environment and Energy |
489,174 | 703,608 | 214,434 | 44 | ||||||||||||
Insurance |
1,959,521 | 2,072,145 | 112,624 | 6 | ||||||||||||
Banking and Credit |
2,690,627 | 2,687,156 | (3,471 | ) | (0 | ) | ||||||||||
Aircraft and Ships |
601,762 | 684,098 | 82,336 | 14 | ||||||||||||
ORIX USA |
1,220,081 | 1,364,142 | 144,061 | 12 | ||||||||||||
ORIX Europe |
369,546 | 401,869 | 32,323 | 9 | ||||||||||||
Asia and Australia |
1,084,222 | 1,306,089 | 221,867 | 20 | ||||||||||||
Segment Total |
11,341,789 | 11,999,584 | 657,795 | 6 | ||||||||||||
Difference between Segment Total and Consolidated Amounts |
2,221,293 | 2,271,088 | 49,795 | 2 | ||||||||||||
Consolidated Amounts |
¥ | 13,563,082 | ¥ | 14,270,672 | ¥ | 707,590 | 5 | |||||||||
Year ended March 31, |
Change |
|||||||||||||||
2021 |
2022 |
Amount |
Percent (%) |
|||||||||||||
(Millions of yen, except percentage data) |
||||||||||||||||
Finance revenues |
¥ | 58,996 | ¥ | 57,580 | ¥ | (1,416 | ) | (2 | ) | |||||||
Gains on investment securities and dividends |
1,616 | 4,417 | 2,801 | 173 | ||||||||||||
Operating leases |
247,190 | 254,956 | 7,766 | 3 | ||||||||||||
Sales of goods and real estate |
10,348 | 9,741 | (607 | ) | (6 | ) | ||||||||||
Services income |
112,865 | 118,644 | 5,779 | 5 | ||||||||||||
Total Segment Revenues |
431,015 | 445,338 | 14,323 | 3 | ||||||||||||
Interest expense |
6,252 | 5,783 | (469 | ) | (8 | ) | ||||||||||
Costs of operating leases |
199,774 | 191,291 | (8,483 | ) | (4 | ) | ||||||||||
Costs of goods and real estate sold |
6,832 | 6,516 | (316 | ) | (5 | ) | ||||||||||
Services expense |
56,447 | 58,148 | 1,701 | 3 | ||||||||||||
Selling, general and administrative expenses |
86,308 | 87,753 | 1,445 | 2 | ||||||||||||
Provision for credit losses, and write-downs of long-lived assets and securities |
1,405 | 2,388 | 983 | 70 | ||||||||||||
Other |
16,528 | 17,175 | 647 | 4 | ||||||||||||
Total Segment Expenses |
373,546 | 369,054 | (4,492 | ) | (1 | ) | ||||||||||
Segment Operating Income |
57,469 | 76,284 | 18,815 | 33 | ||||||||||||
Equity in Net income (Loss) of Affiliates and others |
1,193 | 163,518 | 162,325 | — | ||||||||||||
Segment Profits |
¥ | 58,662 | ¥ | 239,802 | ¥ | 181,140 | 309 | |||||||||
As of March 31, |
Change |
|||||||||||||||
2021 |
2022 |
Amount |
Percent (%) |
|||||||||||||
(Millions of yen, except percentage data) |
||||||||||||||||
Net investment in leases |
¥ | 610,366 | ¥ | 580,161 | ¥ | (30,205 | ) | (5 | ) | |||||||
Installment loans |
330,917 | 325,482 | (5,435 | ) | (2 | ) | ||||||||||
Investment in operating leases |
548,677 | 517,233 | (31,444 | ) | (6 | ) | ||||||||||
Investment in securities |
30,318 | 34,987 | 4,669 | 15 | ||||||||||||
Property under facility operations |
18,726 | 17,199 | (1,527 | ) | (8 | ) | ||||||||||
Inventories |
630 | 594 | (36 | ) | (6 | ) | ||||||||||
Advances for finance lease and operating lease |
500 | 1,800 | 1,300 | 260 | ||||||||||||
Investment in affiliates |
18,049 | 16,929 | (1,120 | ) | (6 | ) | ||||||||||
Goodwill, intangible assets acquired in business combinations |
117,880 | 22,410 | (95,470 | ) | (81 | ) | ||||||||||
Total Segment Assets |
¥ | 1,676,063 | ¥ | 1,516,795 | ¥ | (159,268 | ) | (10 | ) | |||||||
Year ended March 31, |
Change |
|||||||||||||||
2021 |
2022 |
Amount |
Percent (%) |
|||||||||||||
(Millions of yen, except percentage data) |
||||||||||||||||
Finance revenues |
¥ | 6,206 | ¥ | 5,602 | ¥ | (604 | ) | (10 | ) | |||||||
Operating leases |
46,022 | 48,091 | 2,069 | 4 | ||||||||||||
Sales of goods and real estate |
91,348 | 97,138 | 5,790 | 6 | ||||||||||||
Services income |
215,805 | 235,746 | 19,941 | 9 | ||||||||||||
Other |
417 | 4,111 | 3,694 | 886 | ||||||||||||
Total Segment Revenues |
359,798 | 390,688 | 30,890 | 9 | ||||||||||||
Interest expense |
2,493 | 2,873 | 380 | 15 | ||||||||||||
Costs of operating leases |
24,929 | 25,006 | 77 | 0 | ||||||||||||
Costs of goods and real estate sold |
76,071 | 79,612 | 3,541 | 5 | ||||||||||||
Services expense |
202,269 | 218,985 | 16,716 | 8 | ||||||||||||
Selling, general and administrative expenses |
35,980 | 34,677 | (1,303 | ) | (4 | ) | ||||||||||
Provision for credit losses, and write-downs of long-lived assets and securities |
1,994 | 262 | (1,732 | ) | (87 | ) | ||||||||||
Other |
(2,170 | ) | (1,150 | ) | 1,020 | — | ||||||||||
Total Segment Expenses |
341,566 | 360,265 | 18,699 | 5 | ||||||||||||
Segment Operating Income |
18,232 | 30,423 | 12,191 | 67 | ||||||||||||
Equity in Net income (Loss) of Affiliates and others |
6,121 | 1,567 | (4,554 | ) | (74 | ) | ||||||||||
Segment Profits |
¥ | 24,353 | ¥ | 31,990 | ¥ | 7,637 | 31 | |||||||||
As of March 31, |
Change |
|||||||||||||||
2021 |
2022 |
Amount |
Percent (%) |
|||||||||||||
(Millions of yen, except percentage data) |
||||||||||||||||
Net investment in leases |
¥ | 66,371 | ¥ | 62,498 | ¥ | (3,873 | ) | (6 | ) | |||||||
Investment in operating leases |
291,877 | 300,460 | 8,583 | 3 | ||||||||||||
Investment in securities |
8,543 | 4,289 | (4,254 | ) | (50 | ) | ||||||||||
Property under facility operations |
149,479 | 155,750 | 6,271 | 4 | ||||||||||||
Inventories |
94,429 | 97,667 | 3,238 | 3 | ||||||||||||
Advances for finance lease and operating lease |
98,820 | 112,309 | 13,489 | 14 | ||||||||||||
Investment in affiliates |
99,105 | 113,178 | 14,073 | 14 | ||||||||||||
Advances for property under facility operations |
4,089 | 6,857 | 2,768 | 68 | ||||||||||||
Goodwill, intangible assets acquired in business combinations |
59,382 | 57,093 | (2,289 | ) | (4 | ) | ||||||||||
Total Segment Assets |
¥ | 872,095 | ¥ | 910,101 | ¥ | 38,006 | 4 | |||||||||
Year ended March 31, |
Change |
|||||||||||||||
2021 |
2022 |
Amount |
Percent (%) |
|||||||||||||
(Millions of yen, except percentage data) |
||||||||||||||||
Finance revenues |
¥ | 152 | ¥ | 237 | ¥ | 85 | 56 | |||||||||
Gains on investment securities and dividends |
846 | 2,555 | 1,709 | 202 | ||||||||||||
Operating leases |
6,462 | 33,870 | 27,408 | 424 | ||||||||||||
Sales of goods and real estate |
301,732 | 320,104 | 18,372 | 6 | ||||||||||||
Services income |
22,030 | 28,973 | 6,943 | 32 | ||||||||||||
Total Segment Revenues |
331,222 | 385,739 | 54,517 | 16 | ||||||||||||
Interest expense |
1,719 | 2,547 | 828 | 48 | ||||||||||||
Costs of operating leases |
3,099 | 23,643 | 20,544 | 663 | ||||||||||||
Costs of goods and real estate sold |
259,740 | 289,522 | 29,782 | 11 | ||||||||||||
Services expense |
15,947 | 19,150 | 3,203 | 20 | ||||||||||||
Selling, general and administrative expenses |
35,471 | 52,742 | 17,271 | 49 | ||||||||||||
Provision for credit losses, and write-downs of long-lived assets and securities |
3,622 | 12,599 | 8,977 | 248 | ||||||||||||
Other |
266 | (11,844 | ) | (12,110 | ) | — | ||||||||||
Total Segment Expenses |
319,864 | 388,359 | 68,495 | 21 | ||||||||||||
Segment Operating Income |
11,358 | (2,620 | ) | (13,978 | ) | — | ||||||||||
Equity in Net income (Loss) of Affiliates and others |
(7,927 | ) | (9,062 | ) | (1,135 | ) | — | |||||||||
Segment Profits |
¥ | 3,431 | ¥ | (11,682 | ) | ¥ | (15,113 | ) | — | |||||||
As of March 31, |
Change |
|||||||||||||||
2021 |
2022 |
Amount |
Percent (%) |
|||||||||||||
(Millions of yen, except percentage data) |
||||||||||||||||
Net investment in leases |
¥ | 1,541 | ¥ | 1,689 | ¥ | 148 | 10 | |||||||||
Investment in operating leases |
23,455 | 43,686 | 20,231 | 86 | ||||||||||||
Investment in securities |
12,918 | 12,129 | (789 | ) | (6 | ) | ||||||||||
Property under facility operations |
43,972 | 40,725 | (3,247 | ) | (7 | ) | ||||||||||
Inventories |
45,597 | 39,554 | (6,043 | ) | (13 | ) | ||||||||||
Investment in affiliates |
55,421 | 43,498 | (11,923 | ) | (22 | ) | ||||||||||
Advances for property under facility operations |
6,732 | 1,323 | (5,409 | ) | (80 | ) | ||||||||||
Goodwill, intangible assets acquired in business combinations |
189,062 | 170,977 | (18,085 | ) | (10 | ) | ||||||||||
Total Segment Assets |
¥ | 378,698 | ¥ | 353,581 | ¥ | (25,117 | ) | (7 | ) | |||||||
Year ended March 31, |
Change |
|||||||||||||||
2021 |
2022 |
Amount |
Percent (%) |
|||||||||||||
(Millions of yen, except percentage data) |
||||||||||||||||
Finance revenues |
¥ | 1,315 | ¥ | 1,001 | ¥ | (314 | ) | (24 | ) | |||||||
Services income |
136,360 | 155,303 | 18,943 | 14 | ||||||||||||
Other |
4,296 | 3,928 | (368 | ) | (9 | ) | ||||||||||
Total Segment Revenues |
141,971 | 160,232 | 18,261 | 13 | ||||||||||||
Interest expense |
10,821 | 5,365 | (5,456 | ) | (50 | ) | ||||||||||
Services expense |
106,577 | 123,981 | 17,404 | 16 | ||||||||||||
Selling, general and administrative expenses |
12,055 | 12,814 | 759 | 6 | ||||||||||||
Provision for credit losses, and write-downs of long-lived assets and securities |
567 | 19,564 | 18,997 | — | ||||||||||||
Other |
608 | 1,518 | 910 | 150 | ||||||||||||
Total Segment Expenses |
130,628 | 163,242 | 32,614 | 25 | ||||||||||||
Segment Operating Income |
11,343 | (3,010 | ) | (14,353 | ) | — | ||||||||||
Equity in Net income (Loss) of Affiliates and others |
15,603 | 6,058 | (9,545 | ) | (61 | ) | ||||||||||
Segment Profits |
¥ | 26,946 | ¥ | 3,048 | ¥ | (23,898 | ) | (89 | ) | |||||||
As of March 31, |
Change |
|||||||||||||||
2021 |
2022 |
Amount |
Percent (%) |
|||||||||||||
(Millions of yen, except percentage data) |
||||||||||||||||
Net investment in leases |
¥ | 8,978 | ¥ | 7,910 | ¥ | (1,068 | ) | (12 | ) | |||||||
Installment loans |
0 | 711 | 711 | — | ||||||||||||
Investment in operating leases |
2,051 | 279 | (1,772 | ) | (86 | ) | ||||||||||
Investment in securities |
814 | 961 | 147 | 18 | ||||||||||||
Property under facility operations |
262,016 | 330,598 | 68,582 | 26 | ||||||||||||
Inventories |
396 | 356 | (40 | ) | (10 | ) | ||||||||||
Advances for finance lease and operating lease |
1,392 | 6 | (1,386 | ) | (100 | ) | ||||||||||
Investment in affiliates |
180,492 | 204,260 | 23,768 | 13 | ||||||||||||
Advances for property under facility operations |
19,963 | 57,520 | 37,557 | 188 | ||||||||||||
Goodwill, intangible assets acquired in business combinations |
13,072 | 101,007 | 87,935 | 673 | ||||||||||||
Total Segment Assets |
¥ | 489,174 | ¥ | 703,608 | ¥ | 214,434 | 44 | |||||||||
Year ended March 31, |
Change |
|||||||||||||||
2021 |
2022 |
Amount |
Percent (%) |
|||||||||||||
(Millions of yen, except percentage data) |
||||||||||||||||
Finance revenues |
¥ | 242 | ¥ | 265 | ¥ | 23 | 10 | |||||||||
Life insurance premiums and related investment income |
489,985 | 484,377 | (5,608 | ) | (1 | ) | ||||||||||
Other |
1,667 | 2,062 | 395 | 24 | ||||||||||||
Total Segment Revenues |
491,894 | 486,704 | (5,190 | ) | (1 | ) | ||||||||||
Interest expense |
500 | 551 | 51 | 10 | ||||||||||||
Life insurance costs |
374,394 | 368,926 | (5,468 | ) | (1 | ) | ||||||||||
Selling, general and administrative expenses |
62,203 | 63,731 | 1,528 | 2 | ||||||||||||
Provision for credit losses, and write-downs of long-lived assets and securities |
7 | (0 | ) | (7 | ) | — | ||||||||||
Other |
184 | 288 | 104 | 57 | ||||||||||||
Total Segment Expenses |
437,288 | 433,496 | (3,792 | ) | (1 | ) | ||||||||||
Segment Operating Income |
54,606 | 53,208 | (1,398 | ) | (3 | ) | ||||||||||
Equity in Net income (Loss) of Affiliates and others |
9 | 82 | 73 | 811 | ||||||||||||
Segment Profits |
¥ | 54,615 | ¥ | 53,290 | ¥ | (1,325 | ) | (2 | ) | |||||||
As of March 31, |
Change |
|||||||||||||||
2021 |
2022 |
Amount |
Percent (%) |
|||||||||||||
(Millions of yen, except percentage data) |
||||||||||||||||
Installment loans |
¥ | 17,315 | ¥ | 17,983 | ¥ | 668 | 4 | |||||||||
Investment in operating leases |
28,909 | 28,296 | (613 | ) | (2 | ) | ||||||||||
Investment in securities |
1,908,148 | 2,021,134 | 112,986 | 6 | ||||||||||||
Goodwill, intangible assets acquired in business combinations |
5,149 | 4,732 | (417 | ) | (8 | ) | ||||||||||
Total Segment Assets |
¥ | 1,959,521 | ¥ | 2,072,145 | ¥ | 112,624 | 6 | |||||||||
Year ended March 31, |
Change |
|||||||||||||||
2021 |
2022 |
Amount |
Percent (%) |
|||||||||||||
(Millions of yen, except percentage data) |
||||||||||||||||
Finance revenues |
¥ | 78,071 | ¥ | 76,190 | ¥ | (1,881 | ) | (2 | ) | |||||||
Gains on investment securities and dividends |
675 | 2,204 | 1,529 | 227 | ||||||||||||
Services income |
4,978 | 6,427 | 1,449 | 29 | ||||||||||||
Total Segment Revenues |
83,724 | 84,821 | 1,097 | 1 | ||||||||||||
Interest expense |
5,207 | 5,259 | 52 | 1 | ||||||||||||
Services expense |
5,791 | 6,726 | 935 | 16 | ||||||||||||
Selling, general and administrative expenses |
24,573 | 29,112 | 4,539 | 18 | ||||||||||||
Provision for credit losses, and write-downs of long-lived assets and securities |
508 | 2,395 | 1,887 | 371 | ||||||||||||
Other |
(37 | ) | (168 | ) | (131 | ) | — | |||||||||
Total Segment Expenses |
36,042 | 43,324 | 7,282 | 20 | ||||||||||||
Segment Operating Income |
47,682 | 41,497 | (6,185 | ) | (13 | ) | ||||||||||
Equity in Net income (Loss) of Affiliates and others |
3 | 1 | (2 | ) | (67 | ) | ||||||||||
Segment Profits |
¥ | 47,685 | ¥ | 41,498 | ¥ | (6,187 | ) | (13 | ) | |||||||
As of March 31, |
Change |
|||||||||||||||
2021 |
2022 |
Amount |
Percent (%) |
|||||||||||||
(Millions of yen, except percentage data) |
||||||||||||||||
Installment loans |
¥ | 2,402,916 | ¥ | 2,397,532 | ¥ | (5,384 | ) | (0 | ) | |||||||
Investment in securities |
275,740 | 277,786 | 2,046 | 1 | ||||||||||||
Investment in affiliates |
200 | 67 | (133 | ) | (67 | ) | ||||||||||
Goodwill, intangible assets acquired in business combinations |
11,771 | 11,771 | 0 | — | ||||||||||||
Total Segment Assets |
¥ | 2,690,627 | ¥ | 2,687,156 | ¥ | (3,471 | ) | (0 | ) | |||||||
Year ended March 31, |
Change |
|||||||||||||||
2021 |
2022 |
Amount |
Percent (%) |
|||||||||||||
(Millions of yen, except percentage data) |
||||||||||||||||
Finance revenues |
¥ | 1,172 | ¥ | 2,580 | ¥ | 1,408 | 120 | |||||||||
Operating leases |
27,105 | 28,620 | 1,515 | 6 | ||||||||||||
Services income |
3,340 | 7,439 | 4,099 | 123 | ||||||||||||
Total Segment Revenues |
31,617 | 38,639 | 7,022 | 22 | ||||||||||||
Interest expense |
13,103 | 11,400 | (1,703 | ) | (13 | ) | ||||||||||
Costs of operating leases |
14,188 | 17,965 | 3,777 | 27 | ||||||||||||
Services expense |
655 | 865 | 210 | 32 | ||||||||||||
Selling, general and administrative expenses |
6,883 | 7,325 | 442 | 6 | ||||||||||||
Provision for credit losses, and write-downs of long-lived assets and securities |
(159 | ) | 2,331 | 2,490 | — | |||||||||||
Other |
372 | (4,932 | ) | (5,304 | ) | — | ||||||||||
Total Segment Expenses |
35,042 | 34,954 | (88 | ) | (0 | ) | ||||||||||
Segment Operating Income |
(3,425 | ) | 3,685 | 7,110 | — | |||||||||||
Equity in Net income (Loss) of Affiliates and others |
8,349 | (6,004 | ) | (14,353 | ) | — | ||||||||||
Segment Profits |
¥ | 4,924 | ¥ | (2,319 | ) | ¥ | (7,243 | ) | — | |||||||
As of March 31, |
Change |
|||||||||||||||
2021 |
2022 |
Amount |
Percent (%) |
|||||||||||||
(Millions of yen, except percentage data) |
||||||||||||||||
Net investment in leases |
¥ | 2,994 | ¥ | 0 | ¥ | (2,994 | ) | — | ||||||||
Installment loans |
30,757 | 81,695 | 50,938 | 166 | ||||||||||||
Investment in operating leases |
262,482 | 271,910 | 9,428 | 4 | ||||||||||||
Investment in securities |
0 | 0 | 0 | — | ||||||||||||
Inventories |
0 | 113 | 113 | — | ||||||||||||
Advances for finance lease and operating lease |
578 | 0 | (578 | ) | — | |||||||||||
Investment in affiliates |
293,469 | 320,058 | 26,589 | 9 | ||||||||||||
Goodwill, intangible assets acquired in business combinations |
11,482 | 10,322 | (1,160 | ) | (10 | ) | ||||||||||
Total Segment Assets |
¥ | 601,762 | ¥ | 684,098 | ¥ | 82,336 | 14 | |||||||||
Year ended March 31, |
Change |
|||||||||||||||
2021 |
2022 |
Amount |
Percent (%) |
|||||||||||||
(Millions of yen, except percentage data) |
||||||||||||||||
Finance revenues |
¥ | 87,172 | ¥ | 90,708 | ¥ | 3,536 | 4 | |||||||||
Gains on investment securities and dividends |
24,510 | 37,802 | 13,292 | 54 | ||||||||||||
Services income |
22,546 | 29,699 | 7,153 | 32 | ||||||||||||
Other |
3,789 | 3,135 | (654 | ) | (17 | ) | ||||||||||
Total Segment Revenues |
138,017 | 161,344 | 23,327 | 17 | ||||||||||||
Interest expense |
20,471 | 17,140 | (3,331 | ) | (16 | ) | ||||||||||
Services expense |
2,765 | 4,149 | 1,384 | 50 | ||||||||||||
Selling, general and administrative expenses |
68,085 | 79,404 | 11,319 | 17 | ||||||||||||
Provision for credit losses, and write-downs of long-lived assets and securities |
13,480 | (88 | ) | (13,568 | ) | — | ||||||||||
Other |
1,496 | 1,989 | 493 | 33 | ||||||||||||
Total Segment Expenses |
106,297 | 102,594 | (3,703 | ) | (3 | ) | ||||||||||
Segment Operating Income |
31,720 | 58,750 | 27,030 | 85 | ||||||||||||
Equity in Net income (Loss) of Affiliates and others |
7,699 | 16,485 | 8,786 | 114 | ||||||||||||
Segment Profits |
¥ | 39,419 | ¥ | 75,235 | ¥ | 35,816 | 91 | |||||||||
As of March 31, |
Change |
|||||||||||||||
2021 |
2022 |
Amount |
Percent (%) |
|||||||||||||
(Millions of yen, except percentage data) |
||||||||||||||||
Net investment in leases |
¥ | 458 | ¥ | 475 | ¥ | 17 | 4 | |||||||||
Installment loans |
617,822 | 717,183 | 99,361 | 16 | ||||||||||||
Investment in operating leases |
5,317 | 4,653 | (664 | ) | (12 | ) | ||||||||||
Investment in securities |
342,631 | 367,190 | 24,559 | 7 | ||||||||||||
Property under facility operations and servicing assets |
72,094 | 79,000 | 6,906 | 10 | ||||||||||||
Inventories |
603 | 685 | 82 | 14 | ||||||||||||
Advances for finance lease and operating lease |
378 | 945 | 567 | 150 | ||||||||||||
Investment in affiliates |
43,816 | 45,337 | 1,521 | 3 | ||||||||||||
Goodwill, intangible assets acquired in business combinations |
136,962 | 148,674 | 11,712 | 9 | ||||||||||||
Total Segment Assets |
¥ | 1,220,081 | ¥ | 1,364,142 | ¥ | 144,061 | 12 | |||||||||
Year ended March 31, |
Change |
|||||||||||||||
2021 |
2022 |
Amount |
Percent (%) |
|||||||||||||
(Millions of yen, except percentage data) |
||||||||||||||||
Finance revenues |
¥ | 171 | ¥ | 56 | ¥ | (115 | ) | (67 | ) | |||||||
Gains on investment securities and dividends |
10,239 | 1,849 | (8,390 | ) | (82 | ) | ||||||||||
Services income |
150,388 | 219,207 | 68,819 | 46 | ||||||||||||
Total Segment Revenues |
160,798 | 221,112 | 60,314 | 38 | ||||||||||||
Interest expense |
(75 | ) | (647 | ) | (572 | ) | — | |||||||||
Services expense |
39,877 | 53,199 | 13,322 | 33 | ||||||||||||
Selling, general and administrative expenses |
73,549 | 95,620 | 22,071 | 30 | ||||||||||||
Provision for credit losses, and write-downs of long-lived assets and securities |
34 | 0 | (34 | ) | — | |||||||||||
Other |
6,836 | 23,115 | 16,279 | 238 | ||||||||||||
Total Segment Expenses |
120,221 | 171,287 | 51,066 | 42 | ||||||||||||
Segment Operating Income |
40,577 | 49,825 | 9,248 | 23 | ||||||||||||
Equity in Net income (Loss) of Affiliates and others |
(1,514 | ) | (491 | ) | 1,023 | — | ||||||||||
Segment Profits |
¥ | 39,063 | ¥ | 49,334 | ¥ | 10,271 | 26 | |||||||||
As of March 31, |
Change |
|||||||||||||||
2021 |
2022 |
Amount |
Percent (%) |
|||||||||||||
(Millions of yen, except percentage data) |
||||||||||||||||
Investment in securities |
¥ | 45,540 | ¥ | 82,770 | ¥ | 37,230 | 82 | |||||||||
Investment in affiliates |
1,770 | 2,221 | 451 | 25 | ||||||||||||
Goodwill, intangible assets acquired in business combinations |
322,236 | 316,878 | (5,358 | ) | (2 | ) | ||||||||||
Total Segment Assets |
¥ | 369,546 | ¥ | 401,869 | ¥ | 32,323 | 9 | |||||||||
Year ended March 31, |
Change |
|||||||||||||||
2021 |
2022 |
Amount |
Percent (%) |
|||||||||||||
(Millions of yen, except percentage data) |
||||||||||||||||
Finance revenues |
¥ | 39,931 | ¥ | 47,166 | ¥ | 7,235 | 18 | |||||||||
Gains on investment securities and dividends |
7,578 | 3,673 | (3,905 | ) | (52 | ) | ||||||||||
Operating leases |
68,104 | 82,004 | 13,900 | 20 | ||||||||||||
Services income |
12,631 | 14,635 | 2,004 | 16 | ||||||||||||
Other |
65 | 577 | 512 | 788 | ||||||||||||
Total Segment Revenues |
128,309 | 148,055 | 19,746 | 15 | ||||||||||||
Interest expense |
20,439 | 20,548 | 109 | 1 | ||||||||||||
Costs of operating leases |
50,954 | 61,595 | 10,641 | 21 | ||||||||||||
Services expense |
8,881 | 9,672 | 791 | 9 | ||||||||||||
Selling, general and administrative expenses |
25,939 | 29,711 | 3,772 | 15 | ||||||||||||
Provision for credit losses, and write-downs of long-lived assets and securities |
3,514 | 891 | (2,623 | ) | (75 | ) | ||||||||||
Other |
1,003 | (888 | ) | (1,891 | ) | — | ||||||||||
Total Segment Expenses |
110,730 | 121,529 | 10,799 | 10 | ||||||||||||
Segment Operating Income |
17,579 | 26,526 | 8,947 | 51 | ||||||||||||
Equity in Net income (Loss) of Affiliates and others |
(5,400 | ) | 24,639 | 30,039 | — | |||||||||||
Segment Profits |
¥ | 12,179 | ¥ | 51,165 | ¥ | 38,986 | 320 | |||||||||
As of March 31, |
Change |
|||||||||||||||
2021 |
2022 |
Amount |
Percent (%) |
|||||||||||||
(Millions of yen, except percentage data) |
||||||||||||||||
Net investment in leases |
¥ | 338,603 | ¥ | 405,043 | ¥ | 66,440 | 20 | |||||||||
Installment loans |
271,038 | 321,994 | 50,956 | 19 | ||||||||||||
Investment in operating leases |
235,182 | 286,214 | 51,032 | 22 | ||||||||||||
Investment in securities |
32,804 | 48,052 | 15,248 | 46 | ||||||||||||
Property under facility operations |
1,284 | 1,084 | (200 | ) | (16 | ) | ||||||||||
Inventories |
377 | 483 | 106 | 28 | ||||||||||||
Advances for finance lease and operating lease |
3,064 | 3,919 | 855 | 28 | ||||||||||||
Investment in affiliates |
195,413 | 232,471 | 37,058 | 19 | ||||||||||||
Goodwill, intangible assets acquired in business combinations |
6,457 | 6,829 | 372 | 6 | ||||||||||||
Total Segment Assets |
¥ | 1,084,222 | ¥ | 1,306,089 | ¥ | 221,867 | 20 | |||||||||
Year ended March 31, |
Change |
|||||||||||||||
2021 |
2022 |
Amount |
Percent (%) |
|||||||||||||
(Millions of yen, except percentage data) |
||||||||||||||||
Finance revenues: |
||||||||||||||||
Finance revenues |
¥ | 271,194 | ¥ | 279,589 | ¥ | 8,395 | 3 | |||||||||
As of and for the year ended March 31, |
Change |
|||||||||||||||
2021 |
2022 |
Amount |
Percent (%) |
|||||||||||||
(Millions of yen, except percentage data) |
||||||||||||||||
Net investment in leases: |
||||||||||||||||
New equipment acquisitions |
¥ | 353,256 | ¥ | 464,150 | ¥ | 110,894 | 31 | |||||||||
Japan |
192,708 | 210,773 | 18,065 | 9 | ||||||||||||
Overseas |
160,548 | 253,377 | 92,829 | 58 | ||||||||||||
Net investment in leases |
1,029,518 | 1,057,973 | 28,455 | 3 | ||||||||||||
As of March 31, |
Change |
|||||||||||||||
2021 |
2022 |
Amount |
Percent (%) |
|||||||||||||
(Millions of yen, except percentage data) |
||||||||||||||||
Net investment in leases by category: |
||||||||||||||||
Transportation equipment |
¥ | 437,759 | ¥ | 434,944 | ¥ | (2,815 | ) | (1 | ) | |||||||
Industrial equipment |
212,655 | 247,398 | 34,743 | 16 | ||||||||||||
Electronics |
121,021 | 112,871 | (8,150 | ) | (7 | ) | ||||||||||
Information-related and office equipment |
95,708 | 94,292 | (1,416 | ) | (1 | ) | ||||||||||
Commercial services equipment |
42,339 | 46,941 | 4,602 | 11 | ||||||||||||
Other |
120,036 | 121,527 | 1,491 | 1 | ||||||||||||
Total |
¥ | 1,029,518 | ¥ | 1,057,973 | ¥ | 28,455 | 3 | |||||||||
As of and for the year ended March 31, |
Change |
|||||||||||||||
2021 |
2022 |
Amount |
Percent (%) |
|||||||||||||
(Millions of yen, except percentage data) |
||||||||||||||||
Installment loans: |
||||||||||||||||
New loans added |
¥ | 1,198,028 | ¥ | 1,202,677 | ¥ | 4,649 | 0 | |||||||||
Japan |
862,930 | 766,453 | (96,477 | ) | (11 | ) | ||||||||||
Overseas |
335,098 | 436,224 | 101,126 | 30 | ||||||||||||
Installment loans |
3,670,784 | 3,862,604 | 191,820 | 5 | ||||||||||||
| Note: | The balance of installment loans related to our life insurance operations is included in installment loans in our consolidated balance sheets; however, income and losses on these loans are recorded in life insurance premiums and related investment income in our consolidated statements of income. |
As of March 31, |
Change |
|||||||||||||||
2021 |
2022 |
Amount |
Percent (%) |
|||||||||||||
(Millions of yen, except percentage data) |
||||||||||||||||
Installment loans: |
||||||||||||||||
Consumer borrowers in Japan |
||||||||||||||||
Real estate loans |
¥ | 1,995,031 | ¥ | 2,007,570 | ¥ | 12,539 | 1 | |||||||||
Card loans |
188,547 | 173,687 | (14,860 | ) | (8 | ) | ||||||||||
Other |
27,698 | 27,770 | 72 | 0 | ||||||||||||
Subtotal |
2,211,276 | 2,209,027 | (2,249 | ) | (0 | ) | ||||||||||
Corporate borrowers in Japan |
||||||||||||||||
Real estate companies |
279,046 | 278,607 | (439 | ) | (0 | ) | ||||||||||
Non-recourse loans |
47,956 | 74,085 | 26,129 | 54 | ||||||||||||
Commercial, industrial and other companies |
203,890 | 168,607 | (35,283 | ) | (17 | ) | ||||||||||
Subtotal |
530,892 | 521,299 | (9,593 | ) | (2 | ) | ||||||||||
Consumer borrowers in overseas |
||||||||||||||||
Real estate loans |
75,890 | 105,860 | 29,970 | 39 | ||||||||||||
Other |
26,192 | 30,136 | 3,944 | 15 | ||||||||||||
Subtotal |
102,082 | 135,996 | 33,914 | 33 | ||||||||||||
Corporate borrowers in overseas |
||||||||||||||||
Real estate companies |
197,074 | 273,789 | 76,715 | 39 | ||||||||||||
Non-recourse loans |
113,129 | 80,918 | (32,211 | ) | (28 | ) | ||||||||||
Commercial, industrial companies and other |
503,980 | 627,828 | 123,848 | 25 | ||||||||||||
Subtotal |
814,183 | 982,535 | 168,352 | 21 | ||||||||||||
Purchased loans |
12,351 | 13,747 | 1,396 | 11 | ||||||||||||
Total |
¥ | 3,670,784 | ¥ | 3,862,604 | ¥ | 191,820 | 5 | |||||||||
| * | Purchased loans represent loans with evidence of deterioration of credit quality since origination and for which it is probable at acquisition that collection of all contractually required payments from the debtors is unlikely. |
As of March 31, |
||||||||
2022 |
||||||||
(Millions of yen, except percentage data) |
||||||||
Non-performing net investment in leases and allowance for credit losses on net investment in leases: |
||||||||
Non-performing net investment in leases |
¥ | 18,925 | ¥ | 19,224 | ||||
Non-performing net investment in leases as a percentage of the balance of net investment in leases |
1.84 | % | 1.82 | % | ||||
Provision for credit losses as a percentage of the average balance of net investment in leases* |
0.31 | % | 0.15 | % | ||||
Allowance for credit losses on net investment in leases |
¥ | 16,522 | ¥ | 16,303 | ||||
Allowance for credit losses on net investment in leases as a percentage of the balance of net investment in leases |
1.60 | % | 1.54 | % | ||||
The ratio of charge-offs as a percentage of the average balance of net investment in leases* |
0.25 | % | 0.27 | % | ||||
| * | Average balances are calculated on the basis of fiscal year’s beginning balance and fiscal quarter-end balances. |
| • | lease receivables are generally diversified and the amount of realized loss on any particular contract is likely to be relatively small; and |
| • | all lease contracts are secured by collateral consisting of the underlying leased assets, and we can expect to recover at least a portion of the outstanding lease receivables by selling the collateral. |
As of March 31, |
||||||||
2022 |
||||||||
(Millions of yen, except percentage data) |
||||||||
Non-performing loans not individually assessed for credit losses and allowance for credit losses on installment loans not individually assessed for credit losses: |
||||||||
Non-performing loans not individually assessed for credit losses |
¥ | 28,181 | ¥ | 34,479 | ||||
Non-performing loans not individually assessed for credit losses as a percentage of the balance of installment loans not individually assessed for credit losses |
0.78 | % | 0.90 | % | ||||
Provision for credit losses as a percentage of the average balance of installment loans not individually assessed for credit losses* |
0.02 | % | 0.06 | % | ||||
Allowance for credit losses on installment loans not individually assessed for credit losses |
¥ | 44,064 | ¥ | 36,618 | ||||
Allowance for credit losses on installment loans not individually assessed for credit losses as a percentage of the balance of installment loans not individually assessed for credit losses |
1.22 | % | 0.96 | % | ||||
The ratio of charge-offs as a percentage of the average balance of loans not individually assessed for credit losses* |
0.37 | % | 0.33 | % | ||||
| * | Average balances are calculated on the basis of fiscal year’s beginning balance and fiscal quarter-end balances. |
As of March 31, |
||||||||
2022 |
||||||||
(Millions of yen) |
||||||||
Non-performing loans not individually assessed for credit losses: |
||||||||
Consumer borrowers in Japan |
||||||||
Real estate loans |
¥ | 1,267 | ¥ | 1,361 | ||||
Card loans |
1,132 | 671 | ||||||
Other |
6,503 | 3,179 | ||||||
Subtotal |
8,902 | 5,211 | ||||||
Corporate borrowers in Japan |
||||||||
Real estate companies |
31 | 101 | ||||||
Commercial, industrial and other companies |
0 | 529 | ||||||
Subtotal |
31 | 630 | ||||||
Consumer borrowers in overseas |
||||||||
Real estate loans |
366 | 345 | ||||||
Other |
320 | 235 | ||||||
Subtotal |
686 | 580 | ||||||
Corporate borrowers in overseas |
||||||||
Real estate companies |
14,505 | 20,879 | ||||||
Non-recourse loans |
542 | 2,187 | ||||||
Commercial, industrial and other companies |
3,515 | 4,992 | ||||||
Subtotal |
18,562 | 28,058 | ||||||
Total |
¥ | 28,181 | ¥ | 34,479 | ||||
As of March 31, |
||||||||
2022 |
||||||||
(Millions of yen) |
||||||||
Non-performing loans individually assessed for credit losses and allowance for credit losses on installment loans individually assessed for credit losses: |
||||||||
Non-performing installment loans individually assessed for credit losses |
¥ | 59,757 | ¥ | 50,836 | ||||
Allowance for credit losses on installment loans individually assessed for credit losses* |
13,404 | 11,213 | ||||||
| * | The allowance is individually evaluated based on the present value of expected future cash flows, the loan’s observable market price or the fair value of the collateral securing the loans if the loans are collateral dependent. |
As of March 31, |
||||||||
2022 |
||||||||
(Millions of yen) |
||||||||
Non-performing loans individually assessed for credit losses: |
||||||||
Consumer borrowers in Japan |
||||||||
Real estate loans |
¥ | 7,738 | ¥ | 10,850 | ||||
Card loans |
3,693 | 3,415 | ||||||
Other |
16,573 | 15,317 | ||||||
Subtotal |
28,004 | 29,582 | ||||||
Corporate borrowers in Japan |
||||||||
Real estate companies |
1,711 | 2,203 | ||||||
Commercial, industrial and other companies |
7,263 | 2,765 | ||||||
Subtotal |
8,974 | 4,968 | ||||||
Consumer borrowers in overseas |
||||||||
Real estate loans |
268 | 129 | ||||||
Other |
390 | 286 | ||||||
Subtotal |
658 | 415 | ||||||
Corporate borrowers in overseas |
||||||||
Non-recourse loans |
774 | 856 | ||||||
Commercial, industrial and other companies |
19,524 | 13,531 | ||||||
Subtotal |
20,298 | 14,387 | ||||||
Purchased loans |
1,823 | 1,484 | ||||||
Total |
¥ | 59,757 | ¥ | 50,836 | ||||
As of March 31, |
Change |
|||||||||||||||
2021 |
2022 |
Amount |
Percent (%) |
|||||||||||||
(Millions of yen, except percentage data) |
||||||||||||||||
Allowance for credit losses: |
||||||||||||||||
Beginning balance |
¥ | 55,687 | ¥ | 73,990 | ¥ | 18,303 | 33 | |||||||||
Cumulative Effect of Adopting Accounting Standards Update 2016-13 |
30,376 | 0 | (30,376 | ) | — | |||||||||||
(Adjusted) Beginning balance |
86,063 | 73,990 | (12,073 | ) | (14 | ) | ||||||||||
Net investment in leases |
15,242 | 16,522 | 1,280 | 8 | ||||||||||||
Loans not individually assessed for credit losses |
57,685 | 44,064 | (13,621 | ) | (24 | ) | ||||||||||
Loans individually assessed for credit losses |
13,136 | 13,404 | 268 | 2 | ||||||||||||
Provision (Reversal)* 1 |
19,113 | 7,154 | (11,959 | ) | (63 | ) | ||||||||||
Net investment in leases |
3,285 | 1,577 | (1,708 | ) | (52 | ) | ||||||||||
Loans not individually assessed for credit losses |
580 | 2,222 | 1,642 | 283 | ||||||||||||
Loans individually assessed for credit losses |
15,248 | 3,355 | (11,893 | ) | (78 | ) | ||||||||||
Charge-offs (net) |
(32,395 | ) | (20,597 | ) | 11,798 | (36 | ) | |||||||||
Net investment in leases |
(2,658 | ) | (2,781 | ) | (123 | ) | 5 | |||||||||
Loans not individually assessed for credit losses |
(13,381 | ) | (12,314 | ) | 1,067 | (8 | ) | |||||||||
Loans individually assessed for credit losses |
(16,356 | ) | (5,502 | ) | 10,854 | (66 | ) | |||||||||
Other* 2 |
1,209 | 3,587 | 2,378 | 197 | ||||||||||||
Net investment in leases |
653 | 985 | 332 | 51 | ||||||||||||
Loans not individually assessed for credit losses |
(820 | ) | 2,646 | 3,466 | — | |||||||||||
Loans individually assessed for credit losses |
1,376 | (44 | ) | (1,420 | ) | — | ||||||||||
Ending balance |
73,990 | 64,134 | (9,856 | ) | (13 | ) | ||||||||||
Net investment in leases |
16,522 | 16,303 | (219 | ) | (1 | ) | ||||||||||
Loans not individually assessed for credit losses |
44,064 | 36,618 | (7,446 | ) | (17 | ) | ||||||||||
Loans individually assessed for credit losses |
13,404 | 11,213 | (2,191 | ) | (16 | ) | ||||||||||
| *1 | “Provision for credit losses” in the consolidated statements of income amounted to ¥16,021 million and ¥3,939 million for fiscal 2021 and fiscal 2022, respectively, and the amounts include provision for credit losses on other than net investment in leases and installment loans. |
| *2 | Other mainly includes foreign currency translation adjustments and increases or decreases in allowance due to consolidation or deconsolidation of subsidiaries. |
As of March 31, |
Change |
|||||||||||||||
2021 |
2022 |
Amount |
Percent (%) |
|||||||||||||
(Millions of yen, except percentage data) |
||||||||||||||||
Provision for credit losses: |
||||||||||||||||
Net investment in leases |
¥ | 3,285 | ¥ | 1,577 | ¥ | (1,708 | ) | (52 | ) | |||||||
Loans not individually assessed for credit losses |
580 | 2,222 | 1,642 | 283 | ||||||||||||
Loans individually assessed for credit losses |
15,248 | 3,355 | (11,893 | ) | (78 | ) | ||||||||||
Subtotal |
19,113 | 7,154 | (11,959 | ) | (63 | ) | ||||||||||
Off-balance sheet credit exposures |
(7,437 | ) | (4,449 | ) | 2,988 | (40 | ) | |||||||||
Available-for-sale |
117 | 21 | (96 | ) | (82 | ) | ||||||||||
Accounts receivable |
4,228 | 1,213 | (3,015 | ) | (71 | ) | ||||||||||
Total |
¥ | 16,021 | ¥ | 3,939 | ¥ | (12,082 | ) | (75 | ) | |||||||
As of and for the year ended March 31, |
Change |
|||||||||||||||
2021 |
2022 |
Amount |
Percent (%) |
|||||||||||||
(Millions of yen, except percentage data) |
||||||||||||||||
Investment in securities: |
||||||||||||||||
New securities added |
¥ |
765,663 |
¥ |
620,660 |
¥ |
(145,003 |
) |
(19 |
) | |||||||
Japan |
698,555 |
509,164 |
(189,391 |
) |
(27 |
) | ||||||||||
Overseas |
67,108 |
111,496 |
44,388 |
66 |
||||||||||||
Investment in securities |
2,660,443 |
2,852,349 |
191,906 |
7 |
||||||||||||
| Note: | The balance of investment in securities related to our life insurance operations is included in investment in securities in our consolidated balance sheets; however, income and losses on these investment in securities are recorded in life insurance premiums and related investment income in our consolidated statements of income. |
As of March 31, |
Change |
|||||||||||||||
2021 |
2022 |
Amount |
Percent (%) |
|||||||||||||
(Millions of yen, except percentage data) |
||||||||||||||||
Investment in securities by security type: |
||||||||||||||||
Equity securities |
¥ |
540,082 |
¥ |
560,643 |
¥ |
20,561 |
4 |
|||||||||
Trading debt securities |
2,654 |
2,503 |
(151 |
) |
(6 |
) | ||||||||||
Available-for-sale |
2,003,917 |
2,174,891 |
170,974 |
9 |
||||||||||||
Held-to-maturity |
113,790 |
114,312 |
522 |
0 |
||||||||||||
Total |
¥ |
2,660,443 |
¥ |
2,852,349 |
¥ |
191,906 |
7 |
|||||||||
Year ended March 31, |
Change |
|||||||||||||||
2021 |
2022 |
Amount |
Percent (%) |
|||||||||||||
(Millions of yen, except percentage data) |
||||||||||||||||
Gains on investment securities and dividends: |
||||||||||||||||
Net gains on investment securities |
¥ |
44,622 |
¥ |
54,585 |
¥ |
9,963 |
22 |
|||||||||
Dividends income |
1,475 |
1,925 |
450 |
31 |
||||||||||||
Total |
¥ |
46,097 |
¥ |
56,510 |
¥ |
10,413 |
23 |
|||||||||
| Notes: | 1. | Income and losses on investment in securities related to our life insurance operations are recorded in life insurance premiums and related investment income in our consolidated statements of income. | ||
| 2. | Unrealized changes in fair value of investments in equity securities have been included in “Net gains on investment securities”. |
As of and for the year ended March 31, |
Change |
|||||||||||||||
2021 |
2022 |
Amount |
Percent (%) |
|||||||||||||
(Millions of yen, except percentage data) |
||||||||||||||||
Operating leases: |
||||||||||||||||
Operating lease revenues |
¥ |
397,065 |
¥ |
450,454 |
¥ |
53,389 |
13 |
|||||||||
Costs of operating leases |
295,628 |
322,070 |
26,442 |
9 |
||||||||||||
New equipment acquisitions |
302,835 |
388,403 |
85,568 |
28 |
||||||||||||
Japan |
174,116 |
232,059 |
57,943 |
33 |
||||||||||||
Overseas |
128,719 |
156,344 |
27,625 |
21 |
||||||||||||
Investment in operating leases |
1,408,189 |
1,463,202 |
55,013 |
4 |
||||||||||||
As of March 31, |
Change |
|||||||||||||||
2021 |
2022 |
Amount |
Percent (%) |
|||||||||||||
(Millions of yen, except percentage data) |
||||||||||||||||
Investment in operating leases by category: |
||||||||||||||||
Transportation equipment |
¥ |
873,697 |
¥ |
898,602 |
¥ |
24,905 |
3 |
|||||||||
Measuring and information-related equipment |
118,758 |
120,067 |
1,309 |
1 |
||||||||||||
Real estate |
249,225 |
260,284 |
11,059 |
4 |
||||||||||||
Other |
24,291 |
45,782 |
21,491 |
88 |
||||||||||||
Right-of-use |
114,268 |
107,742 |
(6,526 |
) |
(6 |
) | ||||||||||
Accrued rental receivables |
28,259 |
31,639 |
3,380 |
12 |
||||||||||||
Allowance for doubtful receivables on operating leases |
(309 |
) |
(914 |
) |
(605 |
) |
— |
|||||||||
Total |
¥ |
1,408,189 |
¥ |
1,463,202 |
¥ |
55,013 |
4 |
|||||||||
Year ended March 31, |
Change |
|||||||||||||||
2021 |
2022 |
Amount |
Percent (%) |
|||||||||||||
(Millions of yen, except percentage data) |
||||||||||||||||
Life insurance premiums and related investment income and life insurance costs: |
||||||||||||||||
Life insurance premiums |
¥ |
403,799 |
¥ |
431,289 |
¥ |
27,490 |
7 |
|||||||||
Life insurance-related investment income |
83,751 |
50,521 |
(33,230 |
) |
(40 |
) | ||||||||||
Total |
¥ |
487,550 |
¥ |
481,810 |
¥ |
(5,740 |
) |
(1 |
) | |||||||
Life insurance costs |
¥ |
374,348 |
¥ |
368,140 |
¥ |
(6,208 |
) |
(2 |
) | |||||||
Year ended March 31, |
Change |
|||||||||||||||
2021 |
2022 |
Amount |
Percent (%) |
|||||||||||||
(Millions of yen, except percentage data) |
||||||||||||||||
Breakdown of life insurance-related investment income (loss): |
||||||||||||||||
Net income on investment securities |
¥ |
94,029 |
¥ |
43,323 |
¥ |
(50,706 |
) |
(54 |
) | |||||||
Losses recognized in income on derivative |
(10,680 |
) |
6,276 |
16,956 |
— |
|||||||||||
Interest on loans, income on real estate under operating leases, and others |
402 |
922 |
520 |
129 |
||||||||||||
Total |
¥ |
83,751 |
¥ |
50,521 |
¥ |
(33,230 |
) |
(40 |
) | |||||||
As of March 31, |
Change |
|||||||||||||||
2021 |
2022 |
Amount |
Percent (%) |
|||||||||||||
(Millions of yen, except percentage data) |
||||||||||||||||
Investments by life insurance operations: |
||||||||||||||||
Equity securities |
¥ |
269,167 |
¥ |
232,413 |
¥ |
(36,754 |
) |
(14 |
) | |||||||
Available-for-sale |
1,525,191 |
1,674,409 |
149,218 |
10 |
||||||||||||
Held-to-maturity |
113,790 |
114,312 |
522 |
0 |
||||||||||||
Total investment in securities |
1,908,148 |
2,021,134 |
112,986 |
6 |
||||||||||||
Installment loans, real estate under operating leases and other investments |
46,224 |
46,279 |
55 |
0 |
||||||||||||
Total |
¥ |
1,954,372 |
¥ |
2,067,413 |
¥ |
113,041 |
6 |
|||||||||
Year ended March 31, |
Change |
|||||||||||||||
2021 |
2022 |
Amount |
Percent (%) |
|||||||||||||
(Millions of yen, except percentage data) |
||||||||||||||||
Sales of goods and real estate, Inventories: |
||||||||||||||||
Sales of goods and real estate |
¥ |
410,953 |
¥ |
435,398 |
¥ |
24,445 |
6 |
|||||||||
Costs of goods and real estate sold |
347,721 |
381,119 |
33,398 |
10 |
||||||||||||
New real estate added |
81,854 |
76,334 |
(5,520 |
) |
(7 |
) | ||||||||||
Inventories |
142,156 |
139,563 |
(2,593 |
) |
(2 |
) | ||||||||||
As of and for the year ended March 31, |
Change |
|||||||||||||||
2021 |
2022 |
Amount |
Percent (%) |
|||||||||||||
(Millions of yen, except percentage data) |
||||||||||||||||
Services, Property under Facility Operations |
||||||||||||||||
Services income |
¥ |
679,849 |
¥ |
816,604 |
¥ |
136,755 |
20 |
|||||||||
Services expense |
439,233 |
495,110 |
55,877 |
13 |
||||||||||||
New assets added |
30,143 |
80,415 |
50,272 |
167 |
||||||||||||
Japan |
30,053 |
28,600 |
(1,453 |
) |
(5 |
) | ||||||||||
Overseas |
90 |
51,815 |
51,725 |
— |
||||||||||||
Property under Facility Operations |
491,855 |
561,846 |
69,991 |
14 |
||||||||||||
Year ended March 31, |
Change |
|||||||||||||||
2021 |
2022 |
Amount |
Percent (%) |
|||||||||||||
(Millions of yen, except percentage data) |
||||||||||||||||
Selling, general and administrative expenses: |
||||||||||||||||
Personnel expenses |
¥ |
263,026 |
¥ |
300,590 |
¥ |
37,564 |
14 |
|||||||||
Selling expenses |
64,749 |
76,678 |
11,929 |
18 |
||||||||||||
Administrative expenses |
120,751 |
136,431 |
15,680 |
13 |
||||||||||||
Depreciation of office facilities |
8,269 |
9,083 |
814 |
10 |
||||||||||||
Total |
¥ |
456,795 |
¥ |
522,782 |
¥ |
65,987 |
14 |
|||||||||
As of March 31, |
Change |
|||||||||||||||
2022 |
2023 |
Amount |
Percent (%) |
|||||||||||||
(Millions of yen, except percentage data) |
||||||||||||||||
Short-term debt : |
||||||||||||||||
Borrowings from financial institutions |
¥ | 399,589 | ¥ | 464,287 | ¥ | 64,698 | 16 | |||||||||
Commercial paper |
40,050 | 44,509 | 4,459 | 11 | ||||||||||||
Total short-term debt |
¥ | 439,639 | ¥ | 508,796 | ¥ | 69,157 | 16 | |||||||||
| Note: | The total amount includes liabilities of consolidated VIEs, for which creditors (or beneficial interest holders) do not have recourse to the general credit of the Company and subsidiaries. There were no such liabilities recorded as of March 31, 2022 and 2023. |
As of March 31, |
Change |
|||||||||||||||
2022 |
2023 |
Amount |
Percent (%) |
|||||||||||||
(Millions of yen, except percentage data) |
||||||||||||||||
Long-term debt : |
||||||||||||||||
Borrowings from financial institutions |
¥ | 3,240,763 | ¥ | 3,734,530 | ¥ | 493,767 | 15 | |||||||||
Bonds |
997,654 | 1,175,087 | 177,433 | 18 | ||||||||||||
Medium-term notes |
32,279 | 149,535 | 117,256 | 363 | ||||||||||||
Payable under securitized loan receivables and other assets |
156,350 | 150,571 | (5,779 | ) | (4 | ) | ||||||||||
Total long-term debt |
¥ | 4,427,046 | ¥ | 5,209,723 | ¥ | 782,677 | 18 | |||||||||
| Note: | The total amount includes liabilities of consolidated VIEs, for which creditors (or beneficial interest holders) do not have recourse to the general credit of the Company and subsidiaries. Such liabilities as of March 31, 2022 and 2023 were ¥431,312 million and ¥349,528 million, respectively. |
As of March 31, |
Change |
|||||||||||||||
2022 |
2023 |
Amount |
Percent (%) |
|||||||||||||
(Millions of yen, except percentage data) |
||||||||||||||||
Deposits |
¥ | 2,276,158 | ¥ | 2,246,345 | ¥ | (29,813 | ) | (1) | ||||||||
| Note: | VIEs did not have any deposits as of March 31, 2022 and 2023. |
Payments due by period |
||||||||||||||||||||
Total |
Within 1 year |
1-3 years |
3-5 years |
After 5 years |
||||||||||||||||
(Millions of yen) |
||||||||||||||||||||
Contractual cash obligations: |
||||||||||||||||||||
Deposits |
¥ | 2,246,345 | ¥ | 1,211,339 | ¥ | 806,950 | ¥ | 147,049 | ¥ | 81,007 | ||||||||||
Long-term debt |
5,209,723 | 877,260 | 1,269,463 | 1,219,961 | 1,843,039 | |||||||||||||||
Unconditional purchase obligations of lease equipment |
4,066 | 0 | 4,066 | 0 | 0 | |||||||||||||||
Lease liabilities related to lessee leases |
307,345 | 54,004 | 77,211 | 53,215 | 122,915 | |||||||||||||||
Unconditional noncancelable contracts for computer systems |
14,199 | 5,846 | 5,926 | 2,426 | 1 | |||||||||||||||
Interest rate swaps: |
||||||||||||||||||||
Notional amount (floating to fixed) |
569,282 | 76,916 | 151,352 | 114,632 | 226,382 | |||||||||||||||
Notional amount (fixed to floating) |
46 | — | — | — | 46 | |||||||||||||||
Total contractual cash obligations |
¥ | 8,351,006 | ¥ | 2,225,365 | ¥ | 2,314,968 | ¥ | 1,537,283 | ¥ | 2,273,390 | ||||||||||
| • | cash outflows and inflows which are generated primarily from principal payments received under net investment in lease, life insurance related income and costs, costs of inventories and sales of inventories, and services income and services expense classified as cash flows from operating activities; |
| • | cash outflows and inflows which are generated primarily from purchases of lease equipment and proceeds from sales of lease equipment, purchases of securities and proceeds from sales of securities, and execution of installment loans to customers and principal payments received under installment loans classified as cash flows from investing activities; and |
| • | cash outflows and inflows which are generated primarily from proceeds from short-term and long-term debt, repayment of short-term and long-term debt, and deposits due to customers classified as cash flows from financing activities. |
Amount of commitment expiration per period |
||||||||||||||||||||
Total |
Within 1 year |
1-3 years |
3-5 years |
After 5 years |
||||||||||||||||
(Millions of yen) |
||||||||||||||||||||
Commitments: |
||||||||||||||||||||
Guarantees |
¥ | 921,864 | ¥ | 91,435 | ¥ | 204,080 | ¥ | 243,659 | ¥ | 382,690 | ||||||||||
Committed credit lines and other |
605,939 | 196,911 | 108,309 | 42,042 | 258,677 | |||||||||||||||
Total commercial commitments |
¥ | 1,527,803 | ¥ | 288,346 | ¥ | 312,389 | ¥ | 285,701 | ¥ | 641,367 | ||||||||||
| • | 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. |
Total Carrying Value in Consolidated Balance Sheets |
Quoted Prices in Active Markets for Identical Assets or Liabilities (Level 1) |
Significant Other Observable Inputs (Level 2) |
Significant Unobservable Inputs (Level 3) |
|||||||||||||
(Millions of yen) |
||||||||||||||||
Financial Assets: |
||||||||||||||||
Loans held for sale |
¥ | 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 | ||||||||||||
Equity securities |
379,236 | 105,646 | 133,027 | 140,563 | ||||||||||||
Certain investment in affiliates |
2,511 | 0 | 0 | 2,511 | ||||||||||||
Derivative assets |
72,398 | 203 | 65,377 | 6,818 | ||||||||||||
Other assets |
4,676 | 0 | 0 | 4,676 | ||||||||||||
Total |
¥ | 2,892,649 | ¥ | 110,183 | ¥ | 2,210,447 | ¥ | 572,019 | ||||||||
Financial Liabilities: |
||||||||||||||||
Derivative liabilities |
¥ | 71,366 | ¥ | 1,484 | ¥ | 55,240 | ¥ | 14,642 | ||||||||
Policy Liabilities and Policy Account Balances |
163,734 | 0 | 0 | 163,734 | ||||||||||||
Total |
¥ | 235,100 | ¥ | 1,484 | ¥ | 55,240 | ¥ | 178,376 | ||||||||
Significant Unobservable Inputs (Level 3) |
Percentage of Total Assets (%) |
|||||||
(Millions of yen, except percentage data) |
||||||||
Level 3 Assets: |
||||||||
Loans held for sale |
¥ | 173,849 | 1 | |||||
Available-for-sale |
243,602 | 2 | ||||||
Japanese prefectural and foreign municipal bond securities |
3,331 | 0 | ||||||
Corporate debt securities |
4,737 | 0 | ||||||
Other asset-backed securities and debt securities |
235,534 | 2 | ||||||
Equity securities |
140,563 | 1 | ||||||
Investment funds |
140,563 | 1 | ||||||
Certain investment in affiliates |
2,511 | 0 | ||||||
Derivative assets |
6,818 | 0 | ||||||
Options held/written and other |
6,818 | 0 | ||||||
Other assets |
4,676 | 0 | ||||||
Reinsurance recoverables |
4,676 | 0 | ||||||
Total Level 3 financial assets |
¥ | 572,019 | 4 | |||||
Total assets |
¥ | 15,266,191 | 100 | |||||
| • | business characteristics and financial conditions of obligors; |
| • | prior charge-off experience; |
| • | current delinquencies and delinquency trends; |
| • | value of underlying collateral and guarantees; and |
| • | current economic and business conditions and expected outlook in future. |
| • | the extent to which the fair value is less than the amortized cost basis; |
| • | continuing analysis of the underlying collateral, age of the collateral, business climate, economic conditions and geographical considerations; |
| • | trends in delinquencies and charge-offs; |
| • | payment structure and subordination levels of the debt security; and |
| • | changes to the rating of the security by a rating agency. |
| • | a significant deterioration in the earnings performance, credit rating, asset quality, or business prospects of the investee; |
| • | a significant adverse change in the regulatory, economic, or technological environment of the investee; |
| • | a significant adverse change in the general market condition of either the geographical area or the industry in which the investee operates; |
| • | a bona fide offer to purchase, an offer by the investee to sell, or a completed auction process for the same or similar investment for an amount less than the carrying amount of that investment; and |
| • | factors that raise significant concerns about the investee’s ability to continue as a going concern, such as negative cash flows from operations, working capital deficiencies, or noncompliance with statutory capital requirements or debt covenants. |
| • | significant decline in the market value of an asset; |
| • | significant deterioration in the usage range and method, or physical condition, of an asset; |
| • | significant deterioration of legal regulatory or business environments, including an adverse action or assessment by a relevant regulator; |
| • | acquisition and construction costs substantially exceeding estimates; |
| • | continued operating loss or actual or potential loss of cash flows; or |
| • | potential loss on a planned sale. |
Year ended March 31, 2023 | ||||||
Carrying amount * 1 |
||||||
Balance at April 1, 2022 |
Change amount |
Balance at March 31, 2023 |
||||
(Millions of yen) |
||||||
| ¥373,093 | ¥10,719 | ¥383,812 | ¥451,728 | |||
| * 1 |
Carrying amounts are stated as cost less accumulated depreciation and accumulated impairment loss. |
| * 2 |
Fair value is either obtained from appraisal reports by external qualified appraisers, calculated by internal appraisal department in accordance with “Real estate appraisal standards,” or calculated by other reasonable internal calculation utilizing similar methods. |
Year Ended March 31, 2023 |
||||||||
Revenue* 1 |
Expense* 2 |
Net |
||||||
(Millions of yen) |
||||||||
| ¥64,793 | ¥ | 31,364 | ¥ | 33,429 | ||||
| * 1 |
Revenue consists of revenue from leases and gains on sales of real estate under operating leases. Revenue from leases is composed of real estate-related revenues from “Operating leases” and “Life insurance premiums and related investment income.” |
| * 2 |
Expense consists of costs related to the above revenue such as rental payment, depreciation expense, repair cost, insurance cost, tax and duty which are included in “Costs of operating leases,” and “Write-downs of long-lived assets.” |
| • | separation of execution and supervision through a “Company with Nominating Committee, etc.” board model; |
| • | Nominating, Audit and Compensation Committees composed entirely of outside directors; |
| • | all outside directors satisfying “Requirements for Independent Directors”; and |
| • | all outside directors being highly qualified in their respective fields. |
June 1997 |
Established Advisory Board | |
June 1998 |
Introduced Corporate Executive Officer System | |
June 1999 |
Introduced Outside Director System | |
June 2003 |
Adopted the “Company with Committees” board model | |
May 2006 |
Adopted the new “Company with Committees” board model in line with the enactment of the Companies Act of Japan | |
May 2015 |
Adopted the new “Company with Nominating Committee, etc.” board model in line with the amendment of the Companies Act of Japan |
Name |
Status of attendance at the Board of Directors Meetings held in Fiscal 2023 | |
Makoto Inoue |
Attended eight of eight meetings of the Board of Directors | |
Shuji Irie |
Attended eight of eight meetings of the Board of Directors | |
Satoru Matsuzaki |
Attended eight of eight meetings of the Board of Directors | |
Yoshiteru Suzuki |
Attended eight of eight meetings of the Board of Directors | |
Stan Koyanagi |
Attended eight of eight meetings of the Board of Directors | |
Michael Cusumano |
Attended eight of eight meetings of the Board of Directors | |
Sakie Akiyama |
Attended eight of eight meetings of the Board of Directors | |
Hiroshi Watanabe |
Attended eight of eight meetings of the Board of Directors | |
Aiko Sekine |
Attended eight of eight meetings of the Board of Directors | |
Chikatomo Hodo |
Attended eight of eight meetings of the Board of Directors | |
Noriyuki Yanagawa |
Attended six of six meetings of the Board of Directors during his term as a member of the Board of Directors | |
Heizo Takenaka |
Attended two of two meetings of the Board of Directors during his term as a member of the Board of Directors |
Nominating Committee |
Audit Committee |
Compensation Committee | ||||
Members as of June 26, 2023 |
3 Members (Outside Directors: 3) Sakie Akiyama (Chairperson) Hiroshi Watanabe Aiko Sekine |
3 Members (Outside Directors: 3) Aiko Sekine (Chairperson) Chikatomo Hodo Noriyuki Yanagawa |
3 Members (Outside Directors: 3) Hiroshi Watanabe (Chairperson) Michael Cusumano Chikatomo Hodo | |||
Number of meetings held during fiscal 2023 (Attendance rate) |
Six (6) meetings (100%) |
Fourteen (14) meetings (98%) | Four (4) meetings (100%) |
Name |
Status of attendance at Nominating Committee Meetings held in Fiscal 2023 | |
Sakie Akiyama |
Attended six of six meetings of the Nominating Committee | |
Hiroshi Watanabe |
Attended six of six meetings of the Nominating Committee | |
Aiko Sekine |
Attended six of six meetings of the Nominating Committee |
| • | An individual with a high degree of expertise in ORIX Group’s business and excellent business judgment and business administration skills |
| • | An individual with a wealth of experience as a business administrator |
| • | An individual with professional knowledge in fields such as economics, business administration, law and accounting, as such relate to corporate management |
| • | An individual with extensive knowledge in areas such as politics, society, culture and academics, as such relate to corporate management |
| (1) | No individual may be a principal trading partner*, or an executive officer (including operating officer, hereinafter the same) or employee of a principal trading partner of ORIX Group. If such circumstances existed in the past, one year must have passed since that person’s departure from such office or employment. |
| (2) | No individual may receive directly a large amount of compensation (10 million yen or higher in a fiscal year), excluding compensation as a director from ORIX Group in any fiscal year during the preceding four fiscal years. Further, any corporation or other entity in which such individual serves as a consultant, account specialist or legal expert may not receive a large amount of compensation (equivalent to more than the greater of 2% of such entity’s consolidated total sales (or consolidated total revenues of ORIX Group) or one million U.S. dollars) from ORIX Group. If such circumstances existed in the past, at least one year must have passed since that corporation or other entity received such compensation. |
| (3) | No individual may be a major shareholder of ORIX (10% or higher of issued shares) or a representative of the interests of a major shareholder. |
| (4) | No individual may have served as an executive officer of a company having a relationship of concurrent directorship* with ORIX in any fiscal year of the preceding four fiscal years. |
| (5) | No individual may be a member of the executive board (limited to those who execute business) or be a person executing the business (including an officer, corporate member or employee who executes business of the organization) of any organization (including public interest incorporated associations, public interest incorporated foundations and non-profit corporations) that have received a large amount of donation or financial assistance (annual average of 10 million yen or higher over the past three fiscal years) from ORIX Group. |
| (6) | No individual may have served as an accounting auditor or an accounting advisor ( kaikei san-yo |
| (7) | None of an individual’s family members* may fall under any of the following: |
| i) | A person who was an executive officer or an important employee of ORIX Group during the past three years. |
| ii) | A person who falls under one of the criteria specified in (1) through (3), (5) and (6) above; provided, however, that criterion (1) is limited to an executive officer, criterion (2) is limited to a corporate member or a partner of the corporation or other entity and criterion (6) is limited to an executive officer or an employee who performs the audit on ORIX Group in person. |
| (8) | There must be no material conflict of interest or any possible conflict of interest that might influence the individual’s judgment in performing their duties as an outside director. |
Name |
Status of attendance at Compensation Committee Meetings held in Fiscal 2023 | |
Hiroshi Watanabe |
Attended three of three meetings of the Compensation Committee during his term as a member of the Compensation Committee | |
Michael Cusumano |
Attended four of four meetings of the Compensation Committee | |
Chikatomo Hodo |
Attended four of four meetings of the Compensation Committee | |
Heizo Takenaka |
Attended one of one meeting of the Compensation Committee during his term as a member of the Compensation Committee |
| • | The Committee shall monitor and verify the formulation and status of operations of the Group’s internal control systems. In particular, it shall consider the validity and effectiveness of compliance systems, systems to ensure the credibility of financial reporting, and risk management systems. |
| • | The Committee shall monitor and verify whether directors, executive officers, and employees under the supervision of executive officers are complying with laws, ordinances, and the provisions of the Articles of Incorporation in fulfilling their obligations of loyalty and due diligence, as well as any other legal obligations to the Group. |
| • | The Committee shall monitor and verify whether executive officers are determining the execution of their duties and carrying out said duties appropriately and efficiently in accordance with basic management policies, medium-term management plans, and other plans and policies established by the Board of Directors. |
| • | To ensure the fairness and credibility of audits, the Committee shall monitor and verify whether the independent certified public accountants are maintaining their independent position and conducting appropriate audits as a professional expert. |
Name |
Status of attendance at Audit Committee Meetings held in Fiscal 2023 | |
Aiko Sekine |
Attended fourteen of fourteen meetings of the Audit Committee | |
Chikatomo Hodo |
Attended thirteen of fourteen meetings of the Audit Committee | |
Noriyuki Yanagawa |
Attended eleven of eleven meetings of the Audit Committee during his term as a member of the Audit Committee | |
Hiroshi Watanabe |
Attended three of three meetings of the Audit Committee during his term as a member of the Audit Committee |
| • | The directors, executive officers and employees of ORIX Group shall report information requested by the Appointed Audit Member to the Audit Committee of the Company (i.e. the member responsible for the collection of information regarding the performance of duties and investigation of operating assets, hereinafter the “Appointed Audit Member”) periodically or as appropriate. |
| • | The directors, executive officers and employees of ORIX Group shall report to the Audit Committee upon knowledge of any business activity by a group company that may constitute a serious breach of laws or regulations or a serious breach of the Articles of Incorporation of the relevant group company or serious misconduct, or any fact that could cause significant damage to such group company (hereinafter referred to as an incident of “corruption or scandal”). |
| • | Upon becoming aware that an incident of corruption or scandal is occurring, the directors, executive officers or employees of ORIX Group shall report to, consult with and provide the basis for such knowledge or suspicion to, the internal or external whistleblower channels. If the head of whistleblower channels judges that such report or consultation is serious in nature, he / she shall report such information to the Audit Committee of the Company. In addition, the directors, executive officers and employees of ORIX may report concerns regarding accounting, internal controls or auditing matters as well as concerns related to directors, executive officers, and group executives to the Audit Committee or the Appointed Audit Member within the Audit Committee. |
| • | ORIX internal rules stipulate that any director, executive officer or employee of ORIX Group who has reported to or consulted with the whistleblower channels and/or the Audit Committee shall not be treated adversely by reason of said report or consultation. ORIX has established and maintains a system in which persons who have so reported or consulted will not be subject to adverse treatment as a result of their reporting or consulting, including internal rules that stipulate that any person who engages in adverse treatment of an individual who so reports or consults shall be disciplined pursuant to the internal rules. |
| • | The Audit Committee reviews and approves the annual audit plan prepared by the internal audit department. In addition, the Audit Committee confirms the audit plan of the independent certified public accountants. |
| • | The Audit Committee receives reports on the results of internal audit department audits and the improvement status of the issues pointed out, and confirms problems in business execution. |
| • | The internal audit department always cooperates with the Audit Committee and fully cooperates with the Audit Committee’s request for investigation. |
| • | The Audit Committee receives and discusses the status of internal control evaluation related to financial reporting by the internal audit department and reports on the evaluation results. |
| • | The Audit Committee hears and examines the audit opinion and recommendations of the independent certified public accountants for quarterly and year-end closing. |
| • | The Audit Committee receives and discusses important information on accounting audits and internal control audits conducted by the independent certified public accountants. |
| • | The Audit Committee exchanges views with the independent certified public accountants as necessary on important audit matters. |
| • | The internal audit department exchanges views with the independent certified public accountants on risk recognition regarding financial reporting as necessary, and works to strengthen collaboration in order to enhance the effectiveness and efficiency of the supervisory function. |
| • | The internal control-related functions regularly reports on the status of operation of the internal control system to the Audit Committee. |
| • | The internal audit department has a functional reporting relationship with the Audit Committee and an administrative reporting relationship with CEO. The Chief Audit Executive (“CAE”) has the right of unlimited access, direct reporting and direct communication with the Audit Committee and CEO. |
| • | The internal audit department establishes the annual audit plan with approval of the Audit Committee and the CEO. |
| • | The internal audit department reports on the results of its internal audits to the Audit Committee and the CEO. |
| • | The internal audit department establishes the internal audit rules with approval of the Audit Committee. |
| • | Outside directors, as members of the Board of Directors, determine the company’s direction and strategy, establish basic policy on the internal control system and determine execution of important business affairs. They also demonstrate highly effective oversight functions through reporting about the |
status of the performance of duties by the Audit Committee and executive officers and reporting as to the status of operation of internal control systems within the internal control-related functions etc., separating from the execution of operations. |
| • | The Audit Committee is composed entirely of outside directors. The Audit Committee conducts an audit regarding the status of the performance of directors’ and executive officers’ duties and an oversight of the Company’s independent certified public accountants in terms of its solid independent position. |
| • | The Audit Committee Secretariat provides an opportunity for an interview between members of the Audit Committee and executive officers of ORIX Group in order that members consisting of solely outside directors obtain further understanding of ORIX Group’s business. |
| • | After the closing of the Board of Directors meetings, debriefing sessions are held to report the current status of each business, business strategy, progress of projects, etc. and to share information necessary to enable appropriate oversight by the outside directors. |
Name (Date of birth) |
Current positions and principal outside positions (1) |
Business experience |
Number of shares held (of which number of shares scheduled to be issued by share-based compensation plans) in the Company as of | |||||
Makoto Inoue (Oct. 2, 1952) |
Member of the Board of Directors, Representative Executive Officer, President and Chief Executive Officer, Responsible for Group Strategy Business Unit |
Apr. 1975 | Joined the Company |
101,072 (682,948) | ||||
| Mar. 2001 | General Manager of Investment Banking Headquarters | |||||||
| Jan. 2003 | Deputy Head of Investment Banking Headquarters |
|||||||
| Feb. 2005 | Assumed office of Executive Officer, the Company |
|||||||
Head of Alternative Investment & Development Headquarters |
||||||||
| Jan. 2006 | Assumed office of Managing Executive Officer, the Company |
|||||||
| Dec. 2006 | Head of Alternative Investment & Development Headquarters, |
|||||||
Responsible for IT Planning Office |
||||||||
| Jun. 2008 | Head of International Administrative Headquarters, |
|||||||
Head of Alternative Investment & Development Headquarters, |
||||||||
Responsible for IT Planning Office |
||||||||
| Jun. 2009 | Assumed office of Senior Managing Executive Officer, the Company |
|||||||
| Jun. 2010 | Assumed office of Member of the Board of Directors, Deputy President, the Company |
|||||||
| Jan. 2011 | Assumed office of Member of the Board of Directors, Representative Executive Officer, President, the Company Chief Operating Officer |
|||||||
| Jan. 2014 | Co-Chief Executive Officer |
|||||||
| Jun. 2014 | Chief Executive Officer |
|||||||
| Jan. 2017 | Responsible for Group IoT Business Department, |
|||||||
Name (Date of birth) |
Current positions and principal outside positions (1) |
Business experience |
Number of shares held (of which number of shares scheduled to be issued by share-based compensation plans) in the Company as of | |||||
Responsible for New Business Development Department I and II |
||||||||
| Apr. 2017 | Responsible for Group IoT Business Department, |
|||||||
Responsible for New Business Development Department |
||||||||
| May 2017 | Responsible for Open Innovation Business Department, |
|||||||
Responsible for Group IoT Business Department, |
||||||||
Responsible for New Business Development Department |
||||||||
| Jan. 2018 | Responsible for Group Strategy Business Unit |
|||||||
Shuji Irie (Mar. 14, 1963) |
Member of the Board of Directors, Senior Managing Executive Officer, Head of Investment and Operation Headquarters |
May 2001 | Joined Mizuho Securities CO., Ltd. (retired in Apr. 2011) |
4,200 (156,490) | ||||
| Apr. 2011 | Joined the Company | |||||||
| Sep. 2011 | Deputy Head of Investment and Operation Headquarters |
|||||||
| Jan. 2013 | Assumed office of Executive Officer, the Company |
|||||||
| Jan. 2014 | Head of Investment and Operation Headquarters |
|||||||
| Jan. 2016 | Assumed office of Managing Executive Officer, the Company |
|||||||
Responsible for Concession Business Development |
||||||||
| Jun. 2018 | Assumed office of Member of the Board of Directors, Managing Executive Officer, the Company |
|||||||
| Jan. 2020 | Assumed office of Member of the Board of Directors, Senior Managing Executive Officer, the Company |
|||||||
Name (Date of birth) |
Current positions and principal outside positions (1) |
Business experience |
Number of shares held (of which number of shares scheduled to be issued by share-based compensation plans) in the Company as of | |||||
Satoru Matsuzaki (Apr. 12, 1966) |
Member of the Board of Directors, Senior Managing Executive Officer, Head of Corporate Business Headquarters Chairman, ORIX Auto Corporation Chairman, ORIX Rentec Corporation |
Apr. 1989 | Joined Crown Leasing Corporation (retired in Apr. 1997) |
9,800 (151,420) | ||||
| Aug. 1997 | Joined the Company | |||||||
| Oct. 2005 | General Manager of Strategic Planning Group, Investment Banking Headquarters | |||||||
| Apr. 2006 | General Manager of Investment and Operation Group, Investment Banking Headquarters | |||||||
| Feb. 2010 | Head of Office of the President | |||||||
| Jun. 2010 | General Manager of Corporate Planning Department | |||||||
| Jan. 2012 | General Manager of Corporate Planning Department, |
|||||||
General Manager of Corporate Communications Department |
||||||||
| May 2012 | General Manager of Corporate Planning Department, |
|||||||
Special Advisor to Responsible for Corporate Communications Department |
||||||||
| Jan. 2013 | Assumed office of Executive Officer, the Company |
|||||||
Responsible for Corporate Planning Department, |
||||||||
Responsible for Corporate Communications Department |
||||||||
| Jan. 2014 | Domestic Sales Administrative Headquarters: Head of New Business Development and Head of Tokyo Sales |
|||||||
| Jun. 2015 | Responsible for New Business Development Department I and II, Head of Tokyo Sales Headquarters |
|||||||
| Jan. 2017 | Head of Eastern Japan Sales Headquarters |
|||||||
Name (Date of birth) |
Current positions and principal outside positions (1) |
Business experience |
Number of shares held (of which number of shares scheduled to be issued by share-based compensation plans) in the Company as of | |||||
| Jan. 2018 | Assumed office of Managing Executive Officer, the Company Head of Domestic Sales Administrative Headquarters, Head of Eastern Japan Sales Headquarters |
|||||||
| Jan. 2019 | Head of Corporate Business Headquarters |
|||||||
| Jun. 2019 | Assumed office of Member of the Board of Directors, Managing Executive Office, the Company |
|||||||
| Jan. 2020 | Assumed office of Member of the Board of Directors, Senior Managing Executive Officer, the Company |
|||||||
Chairman, ORIX Auto Corporation, |
||||||||
Chairman, ORIX Rentec Corporation |
||||||||
Stan Koyanagi (Dec. 25, 1960) |
Member of the Board of Directors, Senior Managing Executive Officer, Global General Counsel Responsible for Legal Function Unit |
Oct. 1985 | Joined SHEPPARD, MULLIN, RICHTER & HAMPTON LLP (retired in May 1988) |
5,000 (0) | ||||
| Jan. 1993 | Partner, GRAHAM & JAMES LLP (currently Squire Patton Boggs LLP) (retired in Feb. 1997) | |||||||
| Mar. 1997 | Vice President, ORIX USA Corporation (currently ORIX Corporation USA) |
|||||||
| Mar. 1999 | General Counsel, Vice President and Manager, ORIX USA Corporation (currently ORIX Corporation USA) (retired in Dec. 2003) |
|||||||
| Jan. 2004 | Vice President and Associate General Counsel, KB HOME (retired in Jun. 2013) |
|||||||
| Jul. 2013 | Joined the Company |
|||||||
Global General Counsel of Global Business Headquarters |
||||||||
Name (Date of birth) |
Current positions and principal outside positions (1) |
Business experience |
Number of shares held (of which number of shares scheduled to be issued by share-based compensation plans) in the Company as of | |||||
| Jun. 2017 | Assumed office of Member of the Board of Directors, Managing Executive Officer, the Company |
|||||||
Responsible for Enterprise Risk Management, Global General Counsel |
||||||||
| Jun. 2018 | Head of Enterprise Risk Management Headquarters |
|||||||
| Jan. 2019 | Responsible for Enterprise Risk Management Headquarters |
|||||||
| Jan. 2022 | Responsible for Legal and Compliance Headquarters |
|||||||
| Jan. 2023 | Assumed office of Member of the Board of Directors, Senior Managing Executive Officer, the Company |
|||||||
Responsible for Legal Function Unit |
||||||||
(Jan. 29, 1968) |
Member of the Board of Directors, Senior Managing Executive Officer, Responsible for Corporate Function Unit Responsible for Work Style Reform Project |
Apr. 1990 | Joined the Company |
2,267 (90,388) | ||||
| Mar. 2006 | Senior Vice President of Principal Investment Group, Investment Banking Headquarters | |||||||
| Mar. 2007 | Senior Vice President and Treasurer, ORIX USA Corporation (currently ORIX Corporation USA) | |||||||
| Oct. 2010 | Head of Secretarial Office | |||||||
| Jan. 2014 | General Manager of Secretarial Office | |||||||
| Jul. 2015 | General Manager of Human Resources Department | |||||||
| Jan. 2016 | Deputy Head of Human Resources and Corporate Administration Headquarters, |
|||||||
General Manager of Human Resources Department |
||||||||
| Jan. 2017 | Assumed office of Executive Officer, the Company |
|||||||
Head of Group Human Resources and Corporate Administration Headquarters, |
||||||||
Responsible for Secretarial Office |
||||||||
Name (Date of birth) |
Current positions and principal outside positions (1) |
Business experience |
Number of shares held (of which number of shares scheduled to be issued by share-based compensation plans) in the Company as of | |||||
| Jun. 2017 | Head of Group Human Resources and Corporate Administration Headquarters, |
|||||||
Responsible for Work Style Reform Project |
||||||||
| Jan. 2018 | Head of Group Human Resources and Corporate Administration Headquarters, |
|||||||
Responsible for Secretariat of The Board of Directors |
||||||||
| Jan. 2020 | Assumed office of Managing Executive Officer, the Company |
|||||||
| Jan. 2023 | Assumed office of Senior Managing Executive Officer, the Company |
|||||||
Responsible for Corporate Function Unit |
||||||||
| Jun. 2023 | Assumed office of Member of the Board of Directors, Senior Managing Executive Officer, the Company |
|||||||
Michael Cusumano (Sep. 5, 1954) |
Member of the Board of Directors (Outside Director) Deputy Dean and Professor, Faculty of Management, Sloan School of Management at Massachusetts Institute of Technology Member of the Board of Directors (Outside Director), Multitude SE |
Jul. 1986 | Assistant Professor, Sloan School of Management at Massachusetts Institute of Technology |
0 (6,500) | ||||
| Jul. 1996 | Professor, Faculty of Management, Sloan School of Management at Massachusetts Institute of Technology | |||||||
| Jul. 2007 | Professor, Faculty of Engineering Systems, School of Engineering at Massachusetts Institute of Technology (retired in Mar. 2016) | |||||||
| Apr. 2016 | Special Vice President and Dean, Tokyo University of Science (retired in May 2017) | |||||||
| Apr. 2019 | Assumed office of Member of the Board of Directors (Outside Director), Ferratum Plc (currently Multitude SE) | |||||||
Name (Date of birth) |
Current positions and principal outside positions (1) |
Business experience |
Number of shares held (of which number of shares scheduled to be issued by share-based compensation plans) in the Company as of | |||||
| Jun. 2019 | Assumed office of Member of the Board of Directors (Outside Director), the Company |
|||||||
| Apr. 2020 | Senior Specially Appointed Professor, Tokyo University of Science (retired in Mar. 2022) |
|||||||
| Jul. 2020 | Deputy Dean, Faculty of Management, Sloan School of Management at Massachusetts Institute of Technology |
|||||||
Sakie Akiyama (Dec. 1, 1962) |
Member of the Board of Directors (Outside Director) Founder, Saki Corporation Member of the Board of Directors (Outside Director), Sony Group Corporation Member of the Board of Directors (Outside Director), JAPAN POST HOLDINGS Co., Ltd. Member of the Board of Directors (Outside Director), Mitsubishi Corporation |
Apr. 1987 | Joined Arthur Andersen & Co. (retired in Apr. 1991) |
0 (6,500) | ||||
| Apr. 1994 | Founded Saki Corporation Assumed office of Representative Director and Chief Executive Officer, Saki Corporation (retired in Sep. 2018) | |||||||
| Oct. 2018 | Assumed office of Founder, Saki Corporation | |||||||
| Jun. 2019 | Assumed office of Member of the Board of Directors (Outside Director), the Company | |||||||
Assumed office of Member of the Board of Directors (Outside Director), Sony Corporation (currently Sony Group Corporation) | ||||||||
Assumed office of Member of the Board of Directors (Outside Director), JAPAN POST HOLDINGS Co., Ltd. | ||||||||
| Jun. 2020 | Assumed office of Member of the Board of Directors (Outside Director), Mitsubishi Corporation |
|||||||
Name (Date of birth) |
Current positions and principal outside positions (1) |
Business experience |
Number of shares held (of which number of shares scheduled to be issued by share-based compensation plans) in the Company as of | |||||
Hiroshi Watanabe (Jun. 26, 1949) |
Member of the Board of Directors (Outside Director) President, Institute for International Monetary Affairs Member of the Board of Directors (Outside Director), Mitsubishi Materials Corporation |
Apr. 1972 | Joined the Ministry of Finance |
0 (5,000) | ||||
| Jan. 2003 | Director-General, International Bureau, Ministry of Finance | |||||||
| Jul. 2004 | Vice Minister of Finance for International Affairs, Ministry of Finance (retired in Jul. 2007) | |||||||
| Oct. 2007 | Special Advisor, Japan Center for International Finance (retired in Sep. 2008) |
|||||||
| Apr. 2008 | Professor, Graduate School of Commerce and Management at Hitotsubashi University (currently Graduate School of Business Administration at Hitotsubashi University) (retired in Sep. 2008) |
|||||||
| Oct. 2008 | Assumed office of Deputy Governor, Japan Finance Corporation (retired in Mar. 2012) |
|||||||
| Apr. 2012 | Assumed office of Deputy Governor, Japan Bank for International Cooperation |
|||||||
| Dec. 2013 | Assumed office of Governor, Japan Bank for International Cooperation (retired in Jun. 2016) |
|||||||
| Oct. 2016 | Assumed office of President, Institute for International Monetary Affairs |
|||||||
| Jun. 2017 | Assumed office of Member of the Board of Directors (Outside Director), Mitsubishi Materials Corporation |
|||||||
| Jun. 2020 | Assumed office of Member of the Board of Directors (Outside Director), the Company |
|||||||
Name (Date of birth) |
Current positions and principal outside positions (1) |
Business experience |
Number of shares held (of which number of shares scheduled to be issued by share-based compensation plans) in the Company as of | |||||
Aiko Sekine (May 13, 1958) |
Member of the Board of Directors (Outside Director) Professor, Faculty of Commerce at Waseda University Trustee, International Valuation Standards Council Advisor, Japanese Institute of Certified Public Accountants Audit & Supervisory Board Member (Outside), Sumitomo Riko Company Limited Audit & Supervisory Board Member (Outside), IHI Corporation |
Apr. 1981 | Joined Citibank, N.A., Tokyo Branch (retired in Jan. 1984) |
0 (5,000) | ||||
| Oct. 1985 | Joined Aoyama Audit Corporation | |||||||
| Mar. 1989 | Certified as Public Accountant, Japan | |||||||
| Jul. 2001 | Partner of Chuo Aoyama Audit Corporation (retired in Aug. 2006) | |||||||
| Sep. 2006 | Partner of Aarata Audit Corporation (currently PricewaterhouseCoopers Aarata LLC) (retired in Jul. 2016) | |||||||
| Jul. 2007 | Executive Board Member of Japanese Institute of Certified Public Accountants | |||||||
| Jan. 2008 | Board Member of International Ethics Standards Board for Accountants, International Federation of Accountants (retired in Dec. 2010) | |||||||
| Jul. 2010 | Assumed office of Deputy President of Japanese Institute of Certified Public Accountants | |||||||
| Jul. 2016 | Assumed office of Chairman and President of Japanese Institute of Certified Public Accountants (retired in Jul. 2019) |
|||||||
| Jan. 2019 | Member of the Nominating Committee, International Federation of Accountants (retired in Dec. 2022) |
|||||||
| Jul. 2019 | Advisor, Japanese Institute of Certified Public Accountants |
|||||||
| Jun. 2020 | Assumed office of Member of the Board of Directors (Outside Director), the Company |
|||||||
Assumed office of Audit & Supervisory Board Member (Outside), Sumitomo Riko Company Limited |
||||||||
Name (Date of birth) |
Current positions and principal outside positions (1) |
Business experience |
Number of shares held (of which number of shares scheduled to be issued by share-based compensation plans) in the Company as of | |||||
Assumed office of Audit & Supervisory Board Member (Outside), IHI Corporation |
||||||||
| Sep. 2020 | Professor, Faculty of Commerce at Waseda University |
|||||||
| Oct. 2020 | Trustee, International Valuation Standards Council |
|||||||
Chikatomo Hodo (Jul. 31, 1960) |
Member of the Board of Directors (Outside Director) Member of the Board of Directors (Outside Director), Konica Minolta Inc. Member of the Board of Directors (Outside Director), Mitsubishi Chemical Group Corporation |
Sep. 1982 | Joined Accenture Japan Ltd. |
0 (3,500) | ||||
| Sep. 2005 | Assumed office of Representative Director, Accenture Japan Ltd. | |||||||
| Apr. 2006 | Assumed office of Representative Director and President, Accenture Japan Ltd. | |||||||
| Sep. 2015 | Assumed office of Director and Chairman, Accenture Japan Ltd. (retired in Aug. 2017) | |||||||
| Sep. 2017 | Assumed office of Director and Senior Corporate Advisor, Accenture Japan Ltd. (retired as a Director on Jun. 2018) | |||||||
| Jun. 2018 | Assumed office of Member of the Board of Directors (Outside Director), Konica Minolta Inc. | |||||||
| Jul. 2018 | Senior Corporate Advisor, Accenture Japan Ltd. (retired in Aug. 2021) | |||||||
| Jun. 2019 | Assumed office of Member of the Board of Directors (Outside Director), Mitsubishi Chemical Holdings Corporation (currently Mitsubishi Chemical Group Corporation) | |||||||
| Jun. 2021 | Assumed office of Member of the Board of Directors (Outside Director), the Company |
|||||||
| Jun. 2023 | Assumed office of Member of the Board of Directors (Outside Director), Sumitomo Mitsui Banking Corporation (scheduled) |
|||||||
Name (Date of birth) |
Current positions and principal outside positions (1) |
Business experience |
Number of shares held (of which number of shares scheduled to be issued by share-based compensation plans) in the Company as of | |||||
Noriyuki Yanagawa (Apr. 23, 1963) |
Member of the Board of Directors (Outside Director) Professor, Faculty of Economics of Graduate School of Economics at the University of Tokyo |
Apr. 1993 | Assistant Professor, Faculty of Economics of Keio University |
0 (2,000) | ||||
| Apr. 1996 | Assistant Professor, Faculty of Economics of Graduate School of Economics at the University of Tokyo |
|||||||
| Apr. 2007 | Associate Professor, Faculty of Economics of Graduate School of Economics at the University of Tokyo |
|||||||
| Dec. 2011 | Professor, Faculty of Economics of Graduate School of Economics at the University of Tokyo |
|||||||
| Jun. 2022 | Assumed office of Member of the Board of Directors (Outside Director), the Company |
|||||||
| Notes: | 1. All ORIX Members of the Board of Directors are engaged full-time except Michael Cusumano, Sakie Akiyama, Hiroshi Watanabe, Aiko Sekine, Chikatomo Hodo and Noriyuki Yanagawa. | |
2. Name on the family register of Aiko Sekine is Aiko Sano. |
Name |
Title |
Areas of duties |
Number of shares held (of which number of shares scheduled to be issued by share-based compensation plans) in the Company as of |
|||||
Yoshiteru Suzuki |
Senior Managing Executive Officer |
President and Chief Executive Officer, ORIX Corporation USA |
|
0 (102,295 |
) | |||
Hidetake Takahashi |
Managing Executive Officer |
Energy and Eco Services Headquarters Member of the Board of Directors, Ubiteq, INC. |
|
7,100 (52,125 |
) | |||
Hitomaro Yano |
Executive Officer | Corporate Function Unit Treasury, Accounting, Corporate Planning, Investor Relations and Sustainability |
|
5,100 (65,013 |
) | |||
Name |
Title |
Areas of duties |
Number of shares held (of which number of shares scheduled to be issued by share-based compensation plans) in the Company as of |
|||||
Toyonori Takahashi |
Executive Officer | Group Kansai Representative MICE-IR OfficeReal Estate Sales Department Senior Managing Executive Officer, ORIX Real Estate Corporation |
|
7,684 (73,830 |
) | |||
Michio Minato |
Executive Officer | Group Strategy Business Unit President, ORIX Baseball Club Co., Ltd. |
|
400 (54,750 |
) | |||
Tetsuya Kotera |
Executive Officer | Corporate Business Headquarters |
|
1,976 (30,750 |
) | |||
Eiji Arita |
Executive Officer | Corporate Business Headquarters Member of the Board of Directors (Outside Director), Kanamoto Co., Ltd. |
|
1,600 (30,750 |
) | |||
Seiichi Miyake |
Executive Officer | Investment and Operation Headquarters |
|
3,776 (30,750 |
) | |||
Tomoko Kageura |
Executive Officer | Corporate Function Unit Corporate legal affairs |
|
5,588 (32,833 |
) | |||
Nobuki Watanabe |
Executive Officer | Group Strategy Business Unit CEO’s Office and New Business |
|
513 (45,750 |
) | |||
Hiroyuki Ido |
Executive Officer | Group Internal Audit Department |
|
0 (19,833 |
) | |||
Kiyoshi Habiro |
Executive Officer | ORIX Corporation Europe and Robeco Group Chief Executive Officer, ORIX Corporation Europe N.V. |
|
1,300 (19,833 |
) | |||
Ryujiro Tokuma |
Executive Officer | Global Transportation Services Headquarters |
|
3,753 (19,833 |
) | |||
Hao Li |
Executive Officer | Greater China Group |
|
0 (19,833 |
) | |||
Ikuo Nakamura |
Executive Officer |
Group Strategy Business Unit Credit and Investment Management |
|
82 (5,833 |
) | |||
Tomohiko Ishihara |
Executive Officer | Corporate Function Unit Human Resources, Corporate Administration and Corporate Communications Secretariat of The Board of Directors |
|
49 (5,833 |
) | |||
Takashi Otsuka |
Executive Officer | Group Strategy Business Unit Enterprise Risk Management |
|
1,800 (3,750 |
) | |||
Toshinari Fukaya |
Group Managing Executive |
President, ORIX Real Estate Corporation President, DAIKYO INCORPORATED |
|
4,300 (88,580 |
) | |||
Hiroko Yamashina |
Group Executive | Chairman, ORIX Credit Corporation |
|
32,700 (99,930 |
) | |||
Yuji Kamiyauchi |
Group Executive | President, ORIX Auto Corporation Member of the Board of Directors, Ubiteq, INC. |
|
5,207 (54,750 |
) | |||
Name |
Title |
Areas of duties |
Number of shares held (of which number of shares scheduled to be issued by share-based compensation plans) in the Company as of |
|||||
Takaaki Nitanai |
Group Executive | Senior Managing Executive Officer, ORIX Real Estate Corporation |
|
1,083 (54,750 |
) | |||
Nobuhisa Hosokawa |
Group Executive | President, ORIX Rentec Corporation |
|
2,800 (45,750 |
) | |||
| Notes: | 1. Name on the family register of Tomoko Kageura is Tomoko Kanda. | |
2. Name on the family register of Hiroko Yamashina is Hiroko Arai. |
Filing Company and Consolidated Subsidiaries |
Percentage of female managers |
Percentage of male employees taking childcare leave, etc. |
Pay gap between men and women |
|||||||||||||||||
All employees |
Of full-time employees |
Of fixed-term employees and part-time employees |
||||||||||||||||||
ORIX Corporation |
29.8 | % | 91.0 | % | 62.2 | % | 61.8 | % | 65.3 | % | ||||||||||
ORIX Auto Corporation |
16.2 | % | 69.2 | % | 65.9 | % | 65.8 | % | 99.2 | % | ||||||||||
ORIX Rentec Corporation |
35.9 | % | 135.7 | % | 68.0 | % | 72.2 | % | 55.9 | % | ||||||||||
ORIX Asset Management & Loan Services Corporation |
25.5 | % | — | 62.9 | % | 62.2 | % | — | ||||||||||||
ORIX Real Estate Corporation |
36.3 | % | — | 71.2 | % | 71.2 | % | 166.1 | % | |||||||||||
ORIX Environmental Resources Management Corporation |
10.0 | % | 50.0 | % | 60.1 | % | 66.0 | % | 64.2 | % | ||||||||||
ORIX Life Insurance Corporation |
17.1 | % | 74.1 | % | 60.4 | % | 59.7 | % | 60.7 | % | ||||||||||
ORIX Bank Corporation |
25.0 | % | 77.7 | % | 65.4 | % | 70.8 | % | 40.6 | % | ||||||||||
ORIX Credit Corporation |
27.3 | % | 66.6 | % | 59.7 | % | 60.6 | % | 71.7 | % | ||||||||||
ORIX Computer Systems Corporation |
18.1 | % | 145.4 | % | 73.6 | % | 74.3 | % | 119.2 | % | ||||||||||
10 Group companies in Japan |
25.7 | % | 87.4 | % | 62.8 | % | 63.6 | % | 57.4 | % | ||||||||||
| Notes: | 1. | The percentage of female managers is calculated based on the provisions of the Act on Promotion of Women’s Participation and Advancement in the Workplace (Act No. 64, 2015). Regarding the percentage of female managers, seconded employees are counted as employees of the home company. | ||
| 2. | The percentage of male employees taking childcare leave, etc. is calculated based on the provisions of the Act on the Welfare of Workers Engaged in Childcare or Family Care such as Childcare Leave and Family Care Leave (Act No. 76, 1991), the ratio of childcare leave, etc. taken under Article 71-4, Item 2 of the Enforcement Regulations of the Act on the Welfare of Workers Engaged in Childcare or Family Care such as Childcare Leave and Family Care Leave (Ministry of Labor Ordinance No. 25, 1991). Regarding the percentage of male employees taking childcare leave, etc., it includes those who are taking parental leave, and seconded employees are counted as employees of the home company. Employees whose spouses gave birth in prior years may take childcare leave, etc. in the current year, so the take-up rate may exceed 100%. “—” indicates that there are no eligible employees. | |||
| 3. | The pay gap between men and women shows the ratio of the annual average pay of female employees to the annual average pay of male employees. Regarding the pay gap between men and women, seconded employees are counted as employees of the home company. “—” indicates that there are no eligible employees. | |||
| 4. | The 10 Group Companies in Japan (ORIX Corporation, ORIX Auto Corporation, ORIX Rentec Corporation, ORIX Asset Management & Loan Services Corporation, ORIX Real Estate Corporation, ORIX Environmental Resources Management Corporation, ORIX Life Insurance Corporation, ORIX Bank Corporation, ORIX Credit Corporation and ORIX Computer Systems Corporation) jointly operate as part of the ORIX Group’s personnel strategy and personnel systems. |
Fixed compensation (Number of people) |
Performance- linked compensation (Number of people) |
Share-based compensation (Number of people) |
Total compensation |
|||||||||||||
Non-Executive Director and Outside Director |
¥ |
106 (7 |
) |
|
— — |
|
¥ |
20 (7 |
) |
¥ |
126 (7 |
) | ||||
Executive Officer and Group Executive |
¥ |
697 (28 |
) |
¥ |
623 (28 |
) |
¥ |
758 (28 |
) |
¥ |
2,080 (28 |
) | ||||
Total |
¥ |
804 (35 |
) |
¥ |
623 (28 |
) |
¥ |
778 (35 |
) |
¥ |
2,207 (35 |
) | ||||
| - | Company-wide performance indicator |
| - | Division performance indicator |
| * | Share-based compensation is the Board Incentive Plan Trust in which directors and Executive Officers are granted a fixed amount of points on an annual basis for their period of service, and at the time of retirement, ORIX’s shares are delivered through a trust to them in accordance with the number of points they have accumulated. The amount of points to be granted is determined in accordance with the guidelines adopted by the compensation committee. The compensation committee does not set a minimum ownership period for the shares delivered under the plan. The compensation committee can forfeit the share-based compensation from a recipient director or executive officer, if it finds he/she engaged in serious misconduct that could cause damage to the Company during his/her period of service. |
| ** | Compensation for executive officers based on foreign branches or executive officers with special expertise is determined based on individual deliberation about foreign local compensation practices/levels or their special expertise, as the case may be. |
| *** | The level of achievement of each division performance with regard to the performance-based compensation is measured based on a total evaluation focusing on the annual growth rate of each division and taking into account qualitative factors (such as target levels, details of achievement, future growth potential, effort status to ESG, etc.) |
Name |
Number of Shares held |
Percentage of Issued shares |
||||||
(Thousands) |
(%) |
|||||||
The Master Trust Bank of Japan, Ltd. (Trust Account) |
255,019 | 21.73 | ||||||
Custody Bank of Japan, Ltd. (Trust Account) |
96,043 | 8.18 | ||||||
SSBTC CLIENT OMNIBUS ACCOUNT |
22,360 | 1.90 | ||||||
CITIBANK, N.A. -N.Y , AS DEPOSITARY BANK FOR DEPOSITARY SHARE HOLDERS |
21,989 | 1.87 | ||||||
STATE STREET BANK WEST CLIENT-TREATY 505234 |
20,885 | 1.78 | ||||||
JPMorgan Securities Japan Co., Ltd. |
16,201 | 1.38 | ||||||
SMBC Nikko Securities Inc. |
16,044 | 1.36 | ||||||
JP MORGAN CHASE BANK 385781 |
15,547 | 1.32 | ||||||
BNYM AS AGT/CLTS NON TREATY JASDEC |
14,477 | 1.23 | ||||||
STATE STREET BANK AND TRUST COMPANY 505223 |
11,031 | 0.94 | ||||||
Related Party |
The largest aggregate amount outstanding during fiscal 2023 |
Aggregate amount outstanding as of |
Interest rate |
|||||||||
(Millions of yen) |
(%) |
|||||||||||
Kansai Airports |
¥ | 12,795 | ¥ | 12,795 | 6.5 | |||||||
IOS II, LLC |
3,515 | 2,905 | 6.3 | |||||||||
DIC |
2,000 | 1,890 | 1.2 | |||||||||
Meritix Airlease Limited |
2,337 | 1,763 | 6.0 – 9.5 | |||||||||
NIDC |
1,590 | 1,590 | 4.0 | |||||||||
Shinko Medical Support Corporation |
1,540 | 1,430 | 5.0 | |||||||||
Timber Parent, LLC |
1,019 | 932 | 14.0 | |||||||||
First Resort Co.,Ltd. |
845 | 838 | 3.5 | |||||||||
HIDROELECTRICA DE TACOTAN SA DE CV |
702 | 702 | 9.3 – 13.4 | |||||||||
HIDROELECTRICA DE TRIGOMIL SA DE CV |
565 | 565 | 9.3 – 13.4 | |||||||||
Beyçelik Gestamp Yenilenebilir Enerji Uretim, A.S. |
562 | 562 | 3.0 | |||||||||
FLUORESCENT SUPPLY CO INC—Class AA |
473 | 368 | 12.0 | |||||||||
Pacific League Marketing Corporation |
335 | 335 | 1.6 | |||||||||
Crestone |
298 | 298 | 12.0 | |||||||||
Junseikai Medical Corporation |
230 | 230 | 0.6 | |||||||||
Innovative Ergonomic Solutions, LLC |
201 | 189 | 10.0 | |||||||||
Beyçelik Elawan Yenileneb |
119 | 119 | 3.0 | |||||||||
Kadanaen Corporation |
2 | 2 | 3.0 | |||||||||
TACOTAN TRIGOMIL SERVICIOS, S.A. |
1 | 1 | 3.3 | |||||||||
SORA Airlease Designated Activity Company |
8,226 | 0 | 6.0 – 9.5 | |||||||||
California Proton Therapy Center, LLC |
1,921 | 0 | 7.5 – 10.0 | |||||||||
Tsubaki Marine S.A. |
1,490 | 0 | 1.0 | |||||||||
ERGE LEVANTE, S.L. |
103 | 0 | 3.0 | |||||||||
TAURUSKY SHIPPING SS311 LIMITED |
97 | 0 | 1.8 – 2.8 | |||||||||
YM Lease Co., Ltd. |
67 | 0 | 0.9 | |||||||||
ERGE ARAGON, S.L. |
0 | 0 | 2.1 | |||||||||
| “A” = | the total amount of other capital surplus and other earnings surplus, each such amount being that appearing on our nonconsolidated balance sheet as of the end of the last fiscal year; |
| “B” = | (if we have disposed of our treasury stock after the end of the last fiscal year) the amount of the consideration for such treasury stock received by us less the book value thereof; |
| “C” = | (if we have reduced our stated capital after the end of the last fiscal year) the amount of such reduction less the portion thereof that has been transferred to capital reserve or earned surplus reserve (if any); |
| “D” = | (if we have reduced our capital reserve or earned surplus reserve after the end of the last fiscal year) the amount of such reduction less the portion thereof that has been transferred to stated capital (if any); |
| “E” = | (if we have cancelled our treasury stock after the end of the last fiscal year) the book value of such treasury stock; |
| “F” = | (if we have distributed surplus to our shareholders after the end of the last fiscal year) the amount of the assets distributed to shareholders by way of such distribution of surplus; |
| “G” = | certain other amounts set forth in an ordinance of the Ministry of Justice, including (if we have reduced surplus and increased stated capital, capital reserve or earned surplus reserve after the end of the last fiscal year) the amount of such reduction and (if we have distributed surplus to our shareholders after the end of the last fiscal year) the amount set aside in capital reserve or earned surplus reserve (if any) as required by ordinances of the Ministry of Justice. |
| (i) | The right to receive the distribution of money, etc., when the Company distributes the money, etc. in exchange for acquiring one class of shares subject to terms under which the Company shall acquire all of such class shares; |
| (ii) | The right to receive the distribution of money, etc., in exchange for acquisition of shares subject to terms under which the Company shall acquire such shares; |
| (iii) | The right to receive allocation of shares when the Company allocates its shares without having a shareholder make new payment; |
| (iv) | The right to demand that the Company purchase shares that are less than one Unit held by the shareholder; |
| (v) | The right to receive distribution of remaining assets; |
| (vi) | The right to demand review of the Articles of Incorporation and the Register of Shareholders and delivery of their copies or a document describing registered matters, etc.; |
| (vii) | The right to demand registration or recordation of matters to be registered or recorded on the Register of Shareholders when the shareholder acquired the shares; |
| (viii) | The right to receive the distribution of money, etc. pursuant to reverse stock split, stock split, allocation of stock acquisition right for free (which means that the Company allocates its stock acquisition right without having a shareholder make new payment), distribution of dividends from retained earnings or change of corporate organization; |
| (ix) | The right to receive the distribution of money, etc. to be distributed pursuant to merger, share exchange or share-transfer effected by the Company; |
| (x) | The right to subscribe to Offering Shares and Offering Stock Acquisition Rights on a pro rata basis based upon the number of shares held by the shareholder; and |
| (xi) | The right to demand that the Company sell to the shareholder the number of additional shares necessary to make the number of shares of less than one Unit held by the shareholder, equal to one Unit. |
Year ended |
Dividends applicable to fiscal year per Share |
Translated into dollar per ADS |
||||||
| 76.00 | 3.45 | |||||||
| 76.00 | 3.53 | |||||||
| 78.00 | 3.65 | |||||||
| 85.60 | 3.50 | |||||||
| 85.60 | 3.10 | |||||||
| • | the overall tax consequences of the acquisition, ownership and disposition of Shares or ADSs, including specifically the tax consequences under Japanese law; |
| • | the laws of the jurisdiction of which they are resident; and |
| • | any tax treaty between Japan and their country of residence. |
| • | certain financial institutions; |
| • | insurance companies; |
| • | dealers and traders in securities who use a mark-to-market |
| • | persons holding Shares or ADSs as part of a hedging transaction, straddle, wash sale, conversion transaction or other integrated transaction or persons entering into a constructive sale with respect to the Shares or ADSs ; |
| • | persons whose functional currency for U.S. federal income tax purposes is not the U.S. dollar; |
| • | entities classified as partnerships for U.S. federal income tax purposes; |
| • | persons subject to the alternative minimum tax; |
| • | tax-exempt entities, including “individual retirement accounts” and “Roth IRAs”; |
| • | regulated investment companies; |
| • | persons that own or are deemed to own 10% or more of the stock of the Company, by vote or value; |
| • | persons holding the shares or ADSs in connection with a trade or business carried on outside the United States; or |
| • | persons who acquired Shares or ADSs pursuant to the exercise of any employee stock option or otherwise as compensation. |
| • | a citizen or individual resident of the United States; |
| • | a corporation, or other entity taxable as a corporation for U.S. federal income tax purposes, created or organized in or under the laws of the United States or of any political subdivision thereof; or |
| • | an estate or trust the income of which is subject to U.S. federal income taxation regardless of its source. |
Expected Maturity Date |
Total |
Estimated Fair Value |
||||||||||||||||||||||||||||||
Years ending March 31, |
||||||||||||||||||||||||||||||||
2025 |
2026 |
2027 |
2028 |
Thereafter |
||||||||||||||||||||||||||||
(Millions of yen) |
||||||||||||||||||||||||||||||||
Assets: |
||||||||||||||||||||||||||||||||
Installment loans (fixed rate) |
¥ | 224,715 | ¥ | 133,027 | ¥ | 105,483 | ¥ | 71,710 | ¥ | 59,170 | ¥ | 432,401 | ¥ | 1,026,506 | ¥ | 1,007,499 | ||||||||||||||||
Average interest rate |
5.0 | % | 7.7 | % | 8.7 | % | 8.1 | % | 4.9 | % | 3.8 | % | 5.4 | % | — | |||||||||||||||||
Installment loans (floating rate) |
¥ | 297,386 | ¥ | 296,080 | ¥ | 306,304 | ¥ | 198,828 | ¥ | 165,264 | ¥ | 1,574,979 | ¥ | 2,838,841 | ¥ | 2,789,381 | ||||||||||||||||
Average interest rate |
5.0 | % | 5.6 | % | 5.8 | % | 5.1 | % | 5.7 | % | 2.3 | % | 3.7 | % | — | |||||||||||||||||
Investment in securities (fixed rate) |
¥ | 73,293 | ¥ | 77,303 | ¥ | 47,433 | ¥ | 94,998 | ¥ | 75,063 | ¥ | 1,997,253 | ¥ | 2,365,343 | ¥ | 2,132,332 | ||||||||||||||||
Average interest rate |
1.4 | % | 1.1 | % | 2.0 | % | 1.2 | % | 1.8 | % | 1.5 | % | 1.5 | % | — | |||||||||||||||||
Investment in securities (floating rate) |
¥ | 1,810 | ¥ | 7,522 | ¥ | 933 | ¥ | 1,327 | ¥ | 826 | ¥ | 225,856 | ¥ | 238,274 | ¥ | 231,954 | ||||||||||||||||
Average interest rate |
3.2 | % | 3.4 | % | 2.7 | % | 4.4 | % | (0.5 | %) | 6.8 | % | 6.6 | % | — | |||||||||||||||||
Liabilities: |
||||||||||||||||||||||||||||||||
Short-term debt |
¥ | 508,796 | ¥ | 0 | ¥ | 0 | ¥ | 0 | ¥ | 0 | ¥ | 0 | ¥ | 508,796 | ¥ | 508,796 | ||||||||||||||||
Average interest rate |
3.4 | % | — | — | — | — | — | 3.4 | % | — | ||||||||||||||||||||||
Deposits |
¥ | 1,211,339 | ¥ | 437,779 | ¥ | 369,171 | ¥ | 94,453 | ¥ | 52,596 | ¥ | 81,007 | ¥ | 2,246,345 | ¥ | 2,247,040 | ||||||||||||||||
Average interest rate |
0.2 | % | 0.3 | % | 0.3 | % | 0.2 | % | 0.3 | % | 0.3 | % | 0.2 | % | — | |||||||||||||||||
Long-term debt (fixed rate) |
¥ | 390,219 | ¥ | 371,483 | ¥ | 199,212 | ¥ | 220,142 | ¥ | 321,768 | ¥ | 810,146 | ¥ | 2,312,970 | ¥ | 2,271,142 | ||||||||||||||||
Average interest rate |
1.8 | % | 1.8 | % | 1.2 | % | 1.3 | % | 2.1 | % | 1.9 | % | 1.8 | % | — | |||||||||||||||||
Long-term debt (floating rate) |
¥ | 487,041 | ¥ | 324,989 | ¥ | 373,779 | ¥ | 381,292 | ¥ | 296,759 | ¥ | 1,032,893 | ¥ | 2,896,753 | ¥ | 2,892,970 | ||||||||||||||||
Average interest rate |
3.4 | % | 3.3 | % | 3.2 | % | 3.0 | % | 2.2 | % | 2.6 | % | 2.9 | % | — | |||||||||||||||||
Expected Maturity Date |
Total |
Estimated Fair Value |
||||||||||||||||||||||||||||||
Years ending March 31, |
||||||||||||||||||||||||||||||||
2025 |
2026 |
2027 |
2028 |
Thereafter |
||||||||||||||||||||||||||||
(Millions of yen) |
||||||||||||||||||||||||||||||||
Interest rate swaps: |
||||||||||||||||||||||||||||||||
Notional amount (floating to fixed) |
¥ | 76,916 | ¥ | 73,837 | ¥ | 77,515 | ¥ | 90,390 | ¥ | 24,242 | ¥ | 226,382 | ¥ | 569,282 | ¥ | 19,480 | ||||||||||||||||
Average pay rate |
1.2 | % | 2.0 | % | 1.4 | % | 2.2 | % | 1.2 | % | 1.2 | % | 1.5 | % | — | |||||||||||||||||
Average receive rate |
4.9 | % | 4.8 | % | 4.7 | % | 3.8 | % | 1.2 | % | 1.4 | % | 3.1 | % | — | |||||||||||||||||
Notional amount (fixed to floating) |
¥ | — | ¥ | — | ¥ | — | ¥ | — | ¥ | — | ¥ | 46 | ¥ | 46 | ¥ | (1 | ) | |||||||||||||||
Average pay rate |
— | % | — | % | — | % | — | % | — | % | 4.1 | % | 4.1 | % | — | |||||||||||||||||
Average receive rate |
— | % | — | % | — | % | — | % | — | % | 2.9 | % | 2.9 | % | — | |||||||||||||||||
Service |
Fee | |
Issuance of ADSs upon deposit of Shares |
Up to 5¢ per ADS issued | |
Cancellation of ADSs and delivery of deposited securities |
Up to 5¢ per ADS canceled | |
Exercise of rights to purchase additional ADSs |
Up to 5¢ per ADS issued | |
Distribution of cash proceeds upon sale of rights and other entitlements |
Up to 2¢ per ADS held |
| • | Taxes, including applicable interest and penalties, and other governmental charges; |
| • | Fees for the transfer and registration of Shares charged by the registrar and transfer agent for the Shares in Japan (i.e., upon deposit and withdrawal of Shares); |
| • | Expenses incurred for converting foreign currency into U.S. dollars; |
| • | Expenses for cable, telex and fax transmissions and for delivery of securities; |
| • | Fees and expenses of the Depositary incurred in connection with compliance with exchange control regulations and regulatory requirements applicable to the Shares or ADSs; and |
| • | Fees and expenses of the Depositary in delivering deposited securities. |
| • | Pertain to the maintenance of records that in reasonable detail accurately and fairly reflect the transactions and dispositions of the assets of the ORIX Group; |
| • | Provide reasonable assurance that transactions are recorded as necessary to permit preparation of financial statements in accordance with generally accepted accounting principles in the United States, and that receipts and expenditures of the ORIX Group are being made only in accordance with authorizations of management and directors of the Company; and |
| • | Provide reasonable assurance regarding prevention or timely detection of unauthorized acquisition, use or disposition of the ORIX Group’s assets that could have a material effect on the financial statements. |
Year ended March 31, 2023 |
(a) Total number of Shares Purchased |
(b) Average Price Paid per Share |
(c) Total number of Shares Purchased as Part of Publicly Announced Plans or Programs *1,2 |
(d) Maximum number (or Approximate Yen Value) of Shares that May Yet be Purchased Under the Plans or Programs *1,2 |
||||||||||||
April 2022 |
0 | ¥ | 0 | 0 | ¥ | 0 | ||||||||||
May 2022 |
1,288,600 | 2,346 | 1,288,600 | 46,976,763,700 | ||||||||||||
June 2022 |
3,054,165 | 2,397 | 3,054,100 | 39,657,431,450 | ||||||||||||
July 2022 |
2,734,150 | 2,280 | 2,734,100 | 33,424,421,950 | ||||||||||||
August 2022 |
3,604,750 | 2,276 | 3,604,700 | 25,220,594,450 | ||||||||||||
September 2022 |
2,772,820 | 2,273 | 2,772,800 | 18,919,130,250 | ||||||||||||
October 2022 |
3,282,920 | 2,116 | 3,282,900 | 11,972,120,300 | ||||||||||||
November 2022 |
3,283,780 | 2,150 | 3,283,700 | 4,912,779,600 | ||||||||||||
December 2022 |
2,235,120 | 2,198 | 2,235,000 | 18,350 | ||||||||||||
January 2023 |
20 | 2,214 | 0 | 0 | ||||||||||||
February 2023 |
0 | 0 | 0 | 0 | ||||||||||||
March 2023 |
0 | 0 | 0 | 0 | ||||||||||||
Total |
22,256,325 | ¥ | 2,247 | 22,255,900 | ¥ | 0 | ||||||||||
| *1 | The Company resolved the share repurchase as follows at a meeting of the Board of Directors held on May 11, 2022. |
• Class of shares to be repurchased |
Common shares | |
• Total number of shares to be repurchased |
Up to 40,000,000 shares | |
| (approx.3.3% of the total outstanding shares (excluding treasury shares)) | ||
• Total purchase price of shares to be repurchased |
Up to 50 billion yen | |
• Repurchase period |
May 18, 2022 to March 31, 2023 | |
• Method of share repurchase |
Market purchases based on the discretionary dealing contract regarding repurchase of own shares |
| *2 | The share repurchase based on the above resolution at the Board of Directors meeting was completed. The details of share repurchase are as follows. |
• Class of shares repurchased |
Common shares | |
• Total number of shares repurchased |
22,255,900 shares | |
• Total purchase price of shares repurchased |
49,999,981,650 yen | |
• Repurchase period |
From May 18, 2022 to December 15, 2022 | |
• Method of share repurchase |
Market purchases based on the discretionary dealing contract regarding repurchase of own shares |
| *3 | The Company resolved the share repurchase as follows at a meeting of the Board of Directors held on May 10, 2023. |
• Class of shares to be repurchased |
Common shares | |
• Total number of shares to be repurchased |
Up to 40,000,000 shares | |
| (approx.3.4% of the total outstanding shares (excluding treasury shares)) | ||
• Total purchase price of shares to be repurchased |
Up to 50 billion yen | |
• Repurchase period |
May 17, 2023 to March 31, 2024 | |
• Method of share repurchase |
Market purchases based on the discretionary dealing contract regarding repurchase of own shares |
| • | make publicly available one or more documents that summarize all aspects of our corporate governance guidelines or prepare a written code that states the objectives, responsibilities, and performance evaluation of our Nominating, Audit and Compensation Committees in a manner that satisfies the NYSE’s requirements; |
| • | adopt a code of business conduct and ethics for our directors, officers, and employees that addresses fully the topics necessary to satisfy the NYSE’s requirements; |
| • | hold regularly scheduled executive sessions for our outside directors; |
| • | obtain shareholder approval for all equity compensation plans for employees, directors or executive officers of ORIX or for material revisions to any such plans; |
| • | provide the compensation committee with authority to obtain or retain the advice of a compensation advisor only after taking into consideration all factors relevant to determining the advisor’s independence from management. |
| (a) |
| (b) | Consolidated Statements of Income for the years ended March 31, 2021, 2022 and 2023 (page F-8 to F-9); |
| (c) | Consolidated Statements of Comprehensive Income for the years ended March 31, 2021, 2022 and 2023 (page F-10); |
| (d) | Consolidated Statements of Changes in Equity for the years ended March 31, 2021, 2022 and 2023 (page F-11 to F-12); |
| (e) | Consolidated Statements of Cash Flows for the years ended March 31, 2021, 2022 and 2023 (page F-13); |
| (f) | Notes to Consolidated Financial Statements (page F-14 to F-153); |
| (g) | Schedule II.—Valuation and Qualifying Accounts and Reserves (page F-154). |
ORIX KABUSHIKI KAISHA | ||
By: |
/s/ YASUAKI MIKAMI | |
Name: |
Yasuaki Mikami | |
Title: |
Senior Managing Executive Officer | |
| • | evaluating appropriateness of the Group’s fair value measurement methodology in accordance with U.S. generally accepted accounting principles, |
| • | evaluating the reasonableness of the selected EBITDA multiples through the comparison to independently developed EBITDA multiples, |
| • | evaluating the reasonableness of the WACC used by management, by comparing it against a WACC range that was developed using publicly available market data and independently developed assumptions, and |
| • | evaluating the reasonableness of the weighting of the techniques applied to arrive at the fair value. |
Millions of yen |
||||||||||
2022 |
2023 |
|||||||||
ASSETS |
||||||||||
Cash and Cash Equivalents |
¥ | i 954,827 | ¥ | i 1,231,860 | ||||||
Restricted Cash |
i 136,985 | i 135,048 | ||||||||
Net investment in Leases |
i 1,057,973 | i 1,087,563 | ||||||||
Installment Loans |
i 3,862,604 | i 3,877,602 | ||||||||
The amounts which are measured at fair value by electing the fair value option are as follows: |
||||||||||
¥ i 151,601 million |
||||||||||
¥ i 197,041 million |
||||||||||
Allowance for Credit Losses |
( i 69,459 | ) | ( i 64,723 | ) | ||||||
Investment in Operating Leases |
i 1,463,202 | i 1,537,178 | ||||||||
Investment in Securities |
i 2,852,349 | i 2,940,858 | ||||||||
The amounts which are measured at fair value by electing the fair value option are as follows: |
||||||||||
¥ i 19,353 million |
||||||||||
¥ i 22,874 million |
||||||||||
The amounts which are associated to available-for-sale |
||||||||||
As of March 31, 2022 |
||||||||||
Amortized Cost |
¥ i 2,276,425 million |
|||||||||
Allowance for Credit Losses |
¥( i 153) million |
|||||||||
As of March 31, 2023 |
||||||||||
Amortized Cost |
¥ i 2,488,858 million |
|||||||||
Allowance for Credit Losses |
¥( i 144) million |
|||||||||
Property under Facility Operations |
i 561,846 | i 620,994 | ||||||||
Investment in Affiliates |
i 978,033 | i 1,000,704 | ||||||||
The amounts which are measured at fair value by electing the fair value option are as follows: |
||||||||||
¥ i 0 million |
||||||||||
¥ i 2,511 million |
||||||||||
Trade Notes, Accounts and Other Receivable |
i 359,949 | i 441,803 | ||||||||
Inventories |
i 139,563 | i 169,021 | ||||||||
Office Facilities |
i 240,421 | i 253,649 | ||||||||
Other Assets |
i 1,732,379 | i 2,034,634 | ||||||||
The amounts which are measured at fair value by electing the fair value option are as follows: |
||||||||||
¥ i 5,214 million |
||||||||||
¥ i 4,676 million |
||||||||||
Total Assets |
¥ | i 14,270,672 | ¥ | i 15,266,191 | ||||||
Note: |
The assets of consolidated variable interest entities (VIEs) that can be used only to settle obligations of those VIEs are as follows: |
Millions of yen |
||||||||
2022 |
2023 |
|||||||
Cash and Cash Equivalents |
¥ | i 3,899 | ¥ | i 3,544 | ||||
Installment Loans (Net of Allowance for Credit Losses) |
i 212,371 | i 214,118 | ||||||
Investment in Operating Leases |
i 101,881 | i 65,314 | ||||||
Property under Facility Operations |
i 210,307 | i 159,991 | ||||||
Investment in Affiliates |
i 51,877 | i 50,406 | ||||||
Other |
i 95,613 | i 73,093 | ||||||
| ¥ | i 675,948 | ¥ | i 566,466 | |||||
Millions of yen |
||||||||||
2022 |
2023 |
|||||||||
| LIABILITIES AND EQUITY |
||||||||||
| Liabilities: |
||||||||||
| Short-term Debt |
¥ | i 439,639 | ¥ | i 508,796 | ||||||
| Deposits |
i 2,276,158 | i 2,246,345 | ||||||||
| Trade Notes, Accounts and Other Payable |
i 291,422 | i 366,851 | ||||||||
| Policy Liabilities and Policy Account Balances |
i 1,963,623 | i 2,065,366 | ||||||||
| The amounts which are measured at fair value by electing the fair value option are as follows: |
|
|||||||||
| ¥ i 198,905 million |
||||||||||
| ¥ i 163,734 million |
||||||||||
| Income Taxes: |
||||||||||
| Current |
i 115,340 | i 25,199 | ||||||||
| Deferred |
i 345,841 | i 359,582 | ||||||||
| Long-term Debt |
i 4,427,046 | i 5,209,723 | ||||||||
| Other Liabilities |
i 1,040,202 | i 1,056,084 | ||||||||
| |
|
|
|
|||||||
| Total Liabilities |
i 10,899,271 | i 11,837,946 | ||||||||
| |
|
|
|
|||||||
| Redeemable Noncontrolling Interests |
— | i 945 | ||||||||
| |
|
|
|
|||||||
| Commitments and Contingent Liabilities |
i | i | ||||||||
| Equity: |
||||||||||
| Common stock: |
i 221,111 | i 221,111 | ||||||||
| Authorized: |
i i 2,590,000,000 / shares |
|||||||||
| Issued: |
||||||||||
| i 1,258,277,087 shares |
||||||||||
| i 1,234,849,342 shares |
||||||||||
| Additional Paid-in Capital |
i 260,479 | i 233,169 | ||||||||
| Retained Earnings |
i 2,909,317 | i 3,031,942 | ||||||||
| Accumulated Other Comprehensive Income (Loss) |
( i 16,041 | ) | ( i 8,381 | ) | ||||||
| Treasury Stock, at Cost: |
( i 113,447 | ) | ( i 121,256 | ) | ||||||
| i 64,877,309 shares |
||||||||||
| i 64,543,473 shares |
||||||||||
| |
|
|
|
|||||||
| ORIX Corporation Shareholders’ Equity |
i 3,261,419 | i 3,356,585 | ||||||||
| Noncontrolling Interests |
i 109,982 | i 70,715 | ||||||||
| |
|
|
|
|||||||
| Total Equity |
i 3,371,401 | i 3,427,300 | ||||||||
| |
|
|
|
|||||||
| Total Liabilities and Equity |
¥ | i 14,270,672 | ¥ | i 15,266,191 | ||||||
| |
|
|
|
|||||||
| Notes | 1. The Company’s shares held through the Board Incentive Plan Trust ( i 1,963,282 shares as of March 31, 2022 and i 2,800,866
sha as of March 31, 2023) are included in the number of treasury stock as of March 31, 2022 and 2023.res | |
| 2. The liabilities of consolidated VIEs for which creditors (or beneficial interest holders) do not have recourse to the general credit of the Company and its subsidiaries are as follows: |
Millions of yen |
||||||||
2022 |
2023 |
|||||||
| Trade Notes, Accounts and Other Payable |
¥ | i 2,251 | ¥ | i 1,436 | ||||
| Long-Term Debt |
i 431,312 | i 349,528 | ||||||
| Other |
i 38,891 | i 26,971 | ||||||
| |
|
|
|
|||||
| ¥ | i 472,454 | ¥ | i 377,935 | |||||
| |
|
|
|
|||||
Millions of yen |
||||||||||||
2021 |
2022 |
2023 |
||||||||||
| Revenues: |
||||||||||||
| Finance revenues |
¥ | i 271,194 | ¥ | i 279,589 | ¥ | i 317,612 | ||||||
| Gains on investment securities and dividends |
i 46,097 | i 56,510 | i 32,430 | |||||||||
| Operating leases |
i 397,065 | i 450,454 | i 499,541 | |||||||||
| Life insurance premiums and related investment income |
i 487,550 | i 481,810 | i 494,070 | |||||||||
| Sales of goods and real estate |
i 410,953 | i 435,398 | i 392,569 | |||||||||
| Services income |
i 679,849 | i 816,604 | i 930,151 | |||||||||
| |
|
|
|
|
|
|||||||
| Total revenues |
i 2,292,708 | i 2,520,365 | i 2,666,373 | |||||||||
| |
|
|
|
|
|
|||||||
| Expenses: |
||||||||||||
| Interest expense |
i 78,068 | i 68,232 | i 127,618 | |||||||||
| Costs of operating leases |
i 295,628 | i 322,070 | i 336,987 | |||||||||
| Life insurance costs |
i 374,348 | i 368,140 | i 398,916 | |||||||||
| Costs of goods and real estate sold |
i 347,721 | i 381,119 | i 333,009 | |||||||||
| Services expense |
i 439,233 | i 495,110 | i 571,127 | |||||||||
| Other (income) and expense |
i 17,125 | i 20,494 | i 14,445 | |||||||||
| Selling, general and administrative expenses |
i 456,795 | i 522,782 | i 559,406 | |||||||||
| Provision for credit losses |
i 16,021 | i 3,939 | i 7,756 | |||||||||
| Write-downs of long-lived assets |
i 3,020 | i 35,666 | i 2,297 | |||||||||
| Write-downs of securities |
i 5,935 | i 730 | i 824 | |||||||||
| |
|
|
|
|
|
|||||||
| Total expenses |
i 2,033,894 | i 2,218,282 | i 2,352,385 | |||||||||
| |
|
|
|
|
|
|||||||
| Operating Income |
i 258,814 | i 302,083 | i 313,988 | |||||||||
| Equity in Net Income of Affiliates |
i 481 | i 15,006 | i 25,091 | |||||||||
| Gains on Sales of Subsidiaries and Affiliates and Liquidation Losses, net |
i 23,300 | i 187,787 | i 26,915 | |||||||||
| Bargain Purchase Gain |
i 4,966 | i 0 | i 1,174 | |||||||||
| |
|
|
|
|
|
|||||||
| Income before Income Taxes |
i 287,561 | i 504,876 | i 367,168 | |||||||||
| Provision for Income Taxes |
i 90,747 | i 187,264 | i 87,500 | |||||||||
| |
|
|
|
|
|
|||||||
| Net Income |
i 196,814 | i 317,612 | i 279,668 | |||||||||
| |
|
|
|
|
|
|||||||
| Net Income Attributable to the Noncontrolling Interests |
i 4,453 | i 5,477 | i 6,561 | |||||||||
| |
|
|
|
|
|
|||||||
| Net Income (Loss) Attributable to the Redeemable Noncontrolling Interests |
( i 23 | ) | i 0 | i 32 | ||||||||
| |
|
|
|
|
|
|||||||
| Net Income Attributable to ORIX Corporation Shareholders |
¥ | i 192,384 | ¥ | i 312,135 | ¥ | i 273,075 | ||||||
| |
|
|
|
|
|
|||||||
Note: |
Provision for credit losses of loans to affiliates are recorded in equity in net income (loss) of affiliates since the second quarter of fiscal 2021. |
Yen |
||||||||||||
2021 |
2022 |
2023 |
||||||||||
Amounts per Share of Common Stock for Income Attributable to ORIX Corporation Shareholders: |
||||||||||||
Basic: |
||||||||||||
Net Income Attributable to ORIX Corporation Shareholders |
¥ | i 155.54 | ¥ | i 259.37 | ¥ | i 231.35 | ||||||
Diluted: |
||||||||||||
Net Income Attributable to ORIX Corporation Shareholders |
¥ | i 155.39 | ¥ | i 259.07 | ¥ | i 231.04 | ||||||
Cash Dividends |
i 76.00 | i 82.00 | i 89.40 | |||||||||
Millions of yen |
||||||||||||
2021 |
2022 |
2023 |
||||||||||
| Net Income |
¥ | i 196,814 | ¥ | i 317,612 | ¥ | i 279,668 | ||||||
| |
|
|
|
|
|
|||||||
| Other comprehensive income (loss), net of tax: |
||||||||||||
| Net change of unrealized gains (losses) on investment in securities |
( i 11,182 | ) | ( i 56,684 | ) | ( i 110,166 | ) | ||||||
| Net change of debt valuation adjustments |
( i 899 | ) | ( i 337 | ) | i 54 | |||||||
| Net change of defined benefit pension plans |
i 5,330 | i 13,002 | i 4,448 | |||||||||
| Net change of foreign currency translation adjustments |
i 36,246 | i 105,693 | i 94,707 | |||||||||
| Net change of unrealized gains on derivative instruments |
i 4,782 | i 15,070 | i 19,670 | |||||||||
| |
|
|
|
|
|
|||||||
| Total other comprehensive income |
i 34,277 | i 76,744 | i 8,713 | |||||||||
| |
|
|
|
|
|
|||||||
| Comprehensive Income |
i 231,091 | i 394,356 | i 288,381 | |||||||||
| |
|
|
|
|
|
|||||||
| Comprehensive Income Attributable to the Noncontrolling Interests |
i 5,128 | i 12,137 | i 12,059 | |||||||||
| |
|
|
|
|
|
|||||||
| Comprehensive Income (loss) Attributable to the Redeemable Noncontrolling Interests |
( i 303 | ) | i 0 | ( i 17 | ) | |||||||
| |
|
|
|
|
|
|||||||
| Comprehensive Income Attributable to ORIX Corporation Shareholders |
¥ | i 226,266 | ¥ | i 382,219 | ¥ | i 276,339 | ||||||
| |
|
|
|
|
|
|||||||
Millions of yen |
||||||||||||||||||||||||||||||||
ORIX Corporation Shareholders’ Equity |
Total ORIX Corporation Shareholders’ Equity |
Noncontrolling Interests |
Total Equity |
|||||||||||||||||||||||||||||
Common Stock |
Additional Paid-in Capital |
Retained Earnings |
Accumulated Other Comprehensive Income (Loss) |
Treasury Stock |
||||||||||||||||||||||||||||
Balance at March 31, 2020 |
¥ | i 221,111 | ¥ | i 257,638 | ¥ | i 2,754,461 | ¥ | ( i 118,532 | ) | ¥ | ( i 121,070 | ) | ¥ | i 2,993,608 | ¥ | i 72,227 | ¥ | i 3,065,835 | ||||||||||||||
Cumulative effect of adopting Accounting Standards Update 2016-13 |
( i 42,855 | ) | ( i 42,855 | ) | ( i 71 | ) | ( i 42,926 | ) | ||||||||||||||||||||||||
Balance at April 1, 2020 |
¥ | i 221,111 | ¥ | i 257,638 | ¥ | i 2,711,606 | ¥ | ( i 118,532 | ) | ¥ | ( i 121,070 | ) | ¥ | i 2,950,753 | ¥ | i 72,156 | ¥ | i 3,022,909 | ||||||||||||||
Contribution to subsidiaries |
i 0 | i 18,225 | i 18,225 | |||||||||||||||||||||||||||||
Transaction with noncontrolling interests |
i 1,700 | i 1,700 | ( i 8,688 | ) | ( i 6,988 | ) | ||||||||||||||||||||||||||
Comprehensive income, net of tax: |
||||||||||||||||||||||||||||||||
Net income |
i 192,384 | i 192,384 | i 4,453 | i 196,837 | ||||||||||||||||||||||||||||
Other comprehensive income (loss) |
||||||||||||||||||||||||||||||||
Net change of unrealized gains (losses) on investment in securities |
( i 11,207 | ) | ( i 11,207 | ) | i 25 | ( i 11,182 | ) | |||||||||||||||||||||||||
Net change of debt valuation adjustments |
( i 899 | ) | ( i 899 | ) | i 0 | ( i 899 | ) | |||||||||||||||||||||||||
Net change of defined benefit pension plans |
i 5,302 | i 5,302 | i 28 | i 5,330 | ||||||||||||||||||||||||||||
Net change of foreign currency translation adjustments |
i 36,015 | i 36,015 | i 511 | i 36,526 | ||||||||||||||||||||||||||||
Net change of unrealized gains on derivative instruments |
i 4,671 | i 4,671 | i 111 | i 4,782 | ||||||||||||||||||||||||||||
Total other comprehensive income |
i 33,882 | i 675 | i 34,557 | |||||||||||||||||||||||||||||
Total comprehensive income |
i 226,266 | i 5,128 | i 231,394 | |||||||||||||||||||||||||||||
Cash dividends |
( i 95,164 | ) | ( i 95,164 | ) | ( i 12,133 | ) | ( i 107,297 | ) | ||||||||||||||||||||||||
Acquisition of treasury stock |
( i 55,443 | ) | ( i 55,443 | ) | i 0 | ( i 55,443 | ) | |||||||||||||||||||||||||
Disposal of treasury stock |
( i 227 | ) | ( i 0 | ) | i 322 | i 95 | i 0 | i 95 | ||||||||||||||||||||||||
Cancellation of treasury stock |
( i 64,237 | ) | i 64,237 | i 0 | i 0 | i 0 | ||||||||||||||||||||||||||
Other, net |
i 250 | ( i 1 | ) | i 249 | i 0 | i 249 | ||||||||||||||||||||||||||
Balance at March 31, 2021 |
¥ | i 221,111 | ¥ | i 259,361 | ¥ | i 2,744,588 | ¥ | ( i 84,650 | ) | ¥ | ( i 111,954 | ) | ¥ | i 3,028,456 | ¥ | i 74,688 | ¥ | i 3,103,144 | ||||||||||||||
Cumulative effect of adopting Accounting Standards Update 2019-12 |
i 215 | i 215 | i 0 | i 215 | ||||||||||||||||||||||||||||
Balance at April 1, 2021 |
¥ | i 221,111 | ¥ | i 259,361 | ¥ | i 2,744,803 | ¥ | ( i 84,650 | ) | ¥ | ( i 111,954 | ) | ¥ | i 3,028,671 | ¥ | i 74,688 | ¥ | i 3,103,359 | ||||||||||||||
Contribution to subsidiaries |
i 0 | i 40,514 | i 40,514 | |||||||||||||||||||||||||||||
Transaction with noncontrolling interests |
i 1,593 | ( i 1,475 | ) | i 118 | ( i 1,127 | ) | ( i 1,009 | ) | ||||||||||||||||||||||||
Comprehensive income, net of tax: |
||||||||||||||||||||||||||||||||
Net income |
i 312,135 | i 312,135 | i 5,477 | i 317,612 | ||||||||||||||||||||||||||||
Other comprehensive income (loss) |
||||||||||||||||||||||||||||||||
Net change of unrealized gains (losses) on investment in securities |
( i 56,684 | ) | ( i 56,684 | ) | i 0 | ( i 56,684 | ) | |||||||||||||||||||||||||
Net change of debt valuation adjustments |
( i 337 | ) | ( i 337 | ) | i 0 | ( i 337 | ) | |||||||||||||||||||||||||
Net change of defined benefit pension plans |
i 13,001 | i 13,001 | i 1 | i 13,002 | ||||||||||||||||||||||||||||
Net change of foreign currency translation adjustments |
i 99,842 | i 99,842 | i 5,851 | i 105,693 | ||||||||||||||||||||||||||||
Net change of unrealized gains on derivative instruments |
i 14,262 | i 14,262 | i 808 | i 15,070 | ||||||||||||||||||||||||||||
Total other comprehensive income |
i 70,084 | i 6,660 | i 76,744 | |||||||||||||||||||||||||||||
Total comprehensive income |
i 382,219 | i 12,137 | i 394,356 | |||||||||||||||||||||||||||||
Cash dividends |
( i 99,395 | ) | ( i 99,395 | ) | ( i 16,230 | ) | ( i 115,625 | ) | ||||||||||||||||||||||||
Acquisition of treasury stock |
( i 50,001 | ) | ( i 50,001 | ) | i 0 | ( i 50,001 | ) | |||||||||||||||||||||||||
Disposal of treasury stock |
( i 168 | ) | i 283 | i 115 | i 0 | i 115 | ||||||||||||||||||||||||||
Cancellation of treasury stock |
( i 48,226 | ) | i 48,226 | i 0 | i 0 | i 0 | ||||||||||||||||||||||||||
Other, net |
( i 307 | ) | ( i 1 | ) | ( i 308 | ) | i 0 | ( i 308 | ) | |||||||||||||||||||||||
Balance at March 31, 2022 |
¥ | i 221,111 | ¥ | i 260,479 | ¥ | i 2,909,317 | ¥ | ( i 16,041 | ) | ¥ | ( i 113,447 | ) | ¥ | i 3,261,419 | ¥ | i 109,982 | ¥ | i 3,371,401 | ||||||||||||||
Millions of yen |
||||||||||||||||||||||||||||||||
ORIX Corporation Shareholders’ Equity |
Total ORIX Corporation Shareholders’ Equity |
Noncontrolling Interests |
Total Equity |
|||||||||||||||||||||||||||||
Common Stock |
Additional Paid-in Capital |
Retained Earnings |
Accumulated Other Comprehensive Income (Loss) |
Treasury Stock |
||||||||||||||||||||||||||||
Balance at March 31, 2022 |
¥ | i 221,111 | ¥ | i 260,479 | ¥ | i 2,909,317 | ¥ | ( i 16,041 | ) | ¥ | ( i 113,447 | ) | ¥ | i 3,261,419 | ¥ | i 109,982 | ¥ | i 3,371,401 | ||||||||||||||
Contribution to subsidiaries |
i 0 | i 3,451 | i 3,451 | |||||||||||||||||||||||||||||
Transaction with noncontrolling interests |
( i 28,048 | ) | i 4,396 | ( i 23,652 | ) | ( i 36,758 | ) | ( i 60,410 | ) | |||||||||||||||||||||||
Comprehensive income, net of tax: |
||||||||||||||||||||||||||||||||
Net income |
i 273,075 | i 273,075 | i 6,561 | i 279,636 | ||||||||||||||||||||||||||||
Other comprehensive income |
||||||||||||||||||||||||||||||||
Net change of unrealized gains (losses) on investment in securities |
( i 110,142 | ) | ( i 110,142 | ) | i 0 | ( i 110,142 | ) | |||||||||||||||||||||||||
Net change of debt valuation adjustments |
i 54 | i 54 | i 0 | i 54 | ||||||||||||||||||||||||||||
Net change of defined benefit pension plans |
i 4,455 | i 4,455 | ( i 7 | ) | i 4,448 | |||||||||||||||||||||||||||
Net change of foreign currency translation adjustments |
i 91,095 | i 91,095 | i 3,637 | i 94,732 | ||||||||||||||||||||||||||||
Net change of unrealized gains on derivative instruments |
i 17,802 | i 17,802 | i 1,868 | i 19,670 | ||||||||||||||||||||||||||||
Total other comprehensive income |
i 3,264 | i 5,498 | i 8,762 | |||||||||||||||||||||||||||||
Total comprehensive income |
i 276,339 | i 12,059 | i 288,398 | |||||||||||||||||||||||||||||
Cash dividends |
( i 106,290 | ) | ( i 106,290 | ) | ( i 18,019 | ) | ( i 124,309 | ) | ||||||||||||||||||||||||
Acquisition of treasury stock |
( i 52,071 | ) | ( i 52,071 | ) | i 0 | ( i 52,071 | ) | |||||||||||||||||||||||||
Disposal of treasury stock |
( i 85 | ) | i 102 | i 17 | i 0 | i 17 | ||||||||||||||||||||||||||
Cancellation of treasury stock |
( i 44,160 | ) | i 44,160 | i 0 | i 0 | i 0 | ||||||||||||||||||||||||||
Other, net |
i 823 | i 823 | i 0 | i 823 | ||||||||||||||||||||||||||||
Balance at March 31, 2023 |
¥ | i 221,111 | ¥ | i 233,169 | ¥ | i 3,031,942 | ¥ | ( i 8,381 | ) | ¥ | ( i 121,256 | ) | ¥ | i 3,356,585 | ¥ | i 70,715 | ¥ | i 3,427,300 | ||||||||||||||
| Note: | Changes in the redeemable noncontrolling interests are not included in this table. For further information, see Note 18 “Redeemable Noncontrolling Interests.” |
Millions of yen |
||||||||||||
2021 |
2022 |
2023 |
||||||||||
Cash Flows from Operating Activities: |
||||||||||||
Net income |
¥ | i 196,814 | ¥ | i 317,612 | ¥ | i 279,668 | ||||||
Adjustments to reconcile net income to net cash provided by operating activities: |
||||||||||||
Depreciation and amortization |
i 315,955 | i 330,351 | i 353,434 | |||||||||
Principal payments received under net investment in leases |
i 426,645 | i 462,475 | i 489,428 | |||||||||
Provision for credit losses |
i 16,021 | i 3,939 | i 7,756 | |||||||||
Equity in net (income) loss of affiliates (excluding interest on loans) |
i 837 | ( i 13,753 | ) | ( i 24,022 | ) | |||||||
Gains on sales of subsidiaries and affiliates and liquidation losses, net |
( i 23,300 | ) | ( i 187,787 | ) | ( i 26,915 | ) | ||||||
Bargain purchase gain |
( i 4,966 | ) | i 0 | ( i 1,174 | ) | |||||||
Gains on sales of securities other than trading |
( i 15,228 | ) | ( i 22,322 | ) | ( i 8,742 | ) | ||||||
Gains on sales of operating lease assets |
( i 26,358 | ) | ( i 40,148 | ) | ( i 56,932 | ) | ||||||
Write-downs of long-lived assets |
i 3,020 | i 35,666 | i 2,297 | |||||||||
Write-downs of securities |
i 5,935 | i 730 | i 824 | |||||||||
Deferred tax provision |
i 25,518 | i 12,208 | i 29,202 | |||||||||
Decrease in trading securities |
i 12,103 | i 68,422 | i 31,855 | |||||||||
Increase in inventories |
( i 12,061 | ) | ( i 7,053 | ) | ( i 17,527 | ) | ||||||
(Increase) Decrease in trade notes, accounts and other receivable |
( i 12,657 | ) | i 3,562 | i 12,953 | ||||||||
Increase (Decrease) in trade notes, accounts and other payable |
( i 1,947 | ) | i 14,943 | ( i 12,173 | ) | |||||||
Increase in policy liabilities and policy account balances |
i 230,947 | i 141,201 | i 101,743 | |||||||||
Increase (Decrease) in income taxes payable |
( i 11,045 | ) | i 92,026 | ( i 128,948 | ) | |||||||
Other, net |
( i 23,819 | ) | ( i 108,702 | ) | ( i 119,639 | ) | ||||||
Net cash provided by operating activities |
i 1,102,414 | i 1,103,370 | i 913,088 | |||||||||
Cash Flows from Investing Activities: |
||||||||||||
Purchases of lease equipment |
( i 716,737 | ) | ( i 872,994 | ) | ( i 976,502 | ) | ||||||
Installment loans made to customers |
( i 1,198,978 | ) | ( i 1,202,198 | ) | ( i 1,267,070 | ) | ||||||
Principal collected on installment loans |
i 1,139,608 | i 1,182,261 | i 1,318,244 | |||||||||
Proceeds from sales of operating lease assets |
i 138,912 | i 147,104 | i 233,452 | |||||||||
Investment in affiliates, net |
( i 112,922 | ) | ( i 34,804 | ) | ( i 47,611 | ) | ||||||
Proceeds from sales of investment in affiliates |
i 41,730 | i 47,677 | i 96,620 | |||||||||
Purchases of available-for-sale |
( i 709,349 | ) | ( i 526,478 | ) | ( i 515,865 | ) | ||||||
Proceeds from sales of available-for-sale |
i 285,836 | i 239,250 | i 323,773 | |||||||||
Proceeds from redemption of available-for-sale |
i 31,859 | i 90,478 | i 44,496 | |||||||||
Purchases of equity securities other than trading |
( i 56,314 | ) | ( i 94,182 | ) | ( i 67,534 | ) | ||||||
Proceeds from sales of equity securities other than trading |
i 30,532 | i 71,883 | i 44,211 | |||||||||
Purchases of property under facility operations |
( i 43,954 | ) | ( i 44,302 | ) | ( i 103,572 | ) | ||||||
Acquisitions of subsidiaries, net of cash acquired |
( i 82,163 | ) | ( i 87,582 | ) | ( i 206,830 | ) | ||||||
Sales of subsidiaries, net of cash disposed |
i 57,722 | i 252,921 | i 19,987 | |||||||||
Other, net |
( i 15,772 | ) | i 22,120 | i 5,723 | ||||||||
Net cash used in investing activities |
( i 1,209,990 | ) | ( i 808,846 | ) | ( i 1,098,478 | ) | ||||||
| Cash Flows from Financing Activities: | ||||||||||||
Net increase (decrease) in debt with maturities of three months or less |
( i 42,136 | ) | i 96,383 | i 20,408 | ||||||||
Proceeds from debt with maturities longer than three months |
i 1,171,350 | i 950,244 | i 1,820,633 | |||||||||
Repayment of debt with maturities longer than three months |
( i 1,013,937 | ) | ( i 1,160,613 | ) | ( i 1,158,517 | ) | ||||||
Net increase (decrease) in deposits due to customers |
i 85,737 | ( i 42,591 | ) | ( i 30,638 | ) | |||||||
Cash dividends paid to ORIX Corporation shareholders |
( i 95,164 | ) | ( i 99,395 | ) | ( i 106,290 | ) | ||||||
Acquisition of treasury stock |
( i 55,443 | ) | ( i 50,001 | ) | ( i 52,071 | ) | ||||||
Contribution from noncontrolling interests |
i 24,487 | i 25,942 | i 3,926 | |||||||||
Purchases of shares of subsidiaries from noncontrolling interests |
( i 4,791 | ) | ( i 2,086 | ) | ( i 46,319 | ) | ||||||
Net increase (decrease) in call money |
( i 17,500 | ) | ( i 7,500 | ) | i 5,000 | |||||||
Other, net |
( i 12,719 | ) | ( i 17,001 | ) | ( i 17,824 | ) | ||||||
Net cash provided by (used in) financing activities |
i 39,884 | ( i 306,618 | ) | i 438,308 | ||||||||
| Effect of Exchange Rate Changes on Cash, Cash Equivalents and Restricted Cash | i 11,983 | i 24,331 | i 22,178 | |||||||||
| Net increase (decrease) in Cash, Cash Equivalents and Restricted Cash | ( i 55,709 | ) | i 12,237 | i 275,096 | ||||||||
| Cash, Cash Equivalents and Restricted Cash at Beginning of Year | i 1,135,284 | i 1,079,575 | i 1,091,812 | |||||||||
Cash, Cash Equivalents and Restricted Cash at End of Year |
¥ | i 1,079,575 | ¥ | i 1,091,812 | ¥ | i 1,366,908 | ||||||
Level 1 |
— |
Inputs of quoted prices (unadjusted) in active markets for identical assets or liabilities that the reporting entity has the ability to access at the measurement date. | ||
Level 2 |
— |
Inputs other than quoted prices included within Level 1 that are observable for the assets or liabilities, either directly or indirectly. | ||
Level 3 |
— |
Unobservable inputs for the assets or liabilities. | ||
Millions of yen |
||||||||||||||||
Total Carrying Value in Consolidated Balance Sheets |
Quoted Prices in Active Markets for Identical Assets or Liabilities (Level 1) |
Significant Other Observable Inputs (Level 2) |
Significant Unobservable Inputs (Level 3) |
|||||||||||||
Assets: |
||||||||||||||||
Loans held for sale*1 |
¥ | i 151,601 | ¥ | i 0 | ¥ | i 151,601 | ¥ | i 0 | ||||||||
Trading debt securities |
i 2,503 | i 0 | i 2,503 | i 0 | ||||||||||||
Available-for-sale |
i 2,174,891 | i 1,095 | i 2,032,736 | i 141,060 | ||||||||||||
Japanese and foreign government bond securities*2 |
i 832,613 | i 1,095 | i 831,518 | i 0 | ||||||||||||
Japanese prefectural and foreign municipal bond securities |
i 325,604 | i 0 | i 322,551 | i 3,053 | ||||||||||||
Corporate debt securities*3 |
i 849,560 | i 0 | i 848,863 | i 697 | ||||||||||||
CMBS and RMBS in the Americas |
i 28,732 | i 0 | i 28,732 | i 0 | ||||||||||||
Other asset-backed securities and debt securities |
i 138,382 | i 0 | i 1,072 | i 137,310 | ||||||||||||
Equity securities*4*5 |
i 385,271 | i 112,200 | i 160,099 | i 112,972 | ||||||||||||
Derivative assets: |
i 51,366 | i 292 | i 46,214 | i 4,860 | ||||||||||||
Interest rate swap agreements |
i 9,570 | i 0 | i 9,570 | i 0 | ||||||||||||
Options held/written and other |
i 25,664 | i 0 | i 20,804 | i 4,860 | ||||||||||||
Futures, foreign exchange contracts |
i 16,006 | i 292 | i 15,714 | i 0 | ||||||||||||
Foreign currency swap agreements |
i 126 | i 0 | i 126 | i 0 | ||||||||||||
Netting* 7 |
( i 20,333 | ) | i 0 | i 0 | i 0 | |||||||||||
Net derivative assets |
i 31,033 | i 0 | i 0 | i 0 | ||||||||||||
Other assets: |
i 5,214 | i 0 | i 0 | i 5,214 | ||||||||||||
Reinsurance recoverables* 8 |
i 5,214 | i 0 | i 0 | i 5,214 | ||||||||||||
Total |
¥ | i 2,770,846 | ¥ | i 113,587 | ¥ | i 2,393,153 | ¥ | i 264,106 | ||||||||
Liabilities: |
||||||||||||||||
Derivative liabilities: |
¥ | i 105,705 | ¥ | i 2,026 | ¥ | i 95,047 | ¥ | i 8,632 | ||||||||
Interest rate swap agreements |
i 8,182 | i 0 | i 8,182 | i 0 | ||||||||||||
Options held/written and other |
i 21,562 | i 0 | i 12,930 | i 8,632 | ||||||||||||
Futures, foreign exchange contracts |
i 71,443 | i 2,026 | i 69,417 | i 0 | ||||||||||||
Foreign currency swap agreements |
i 4,518 | i 0 | i 4,518 | i 0 | ||||||||||||
Netting* 7 |
( i 20,333 | ) | i 0 | i 0 | i 0 | |||||||||||
Net derivative Liabilities |
i 85,372 | i 0 | i 0 | i 0 | ||||||||||||
Policy Liabilities and Policy Account Balances: |
i 198,905 | i 0 | i 0 | i 198,905 | ||||||||||||
Variable annuity and variable life insurance contracts* 9 |
i 198,905 | i 0 | i 0 | i 198,905 | ||||||||||||
Total |
¥ | i 304,610 | ¥ | i 2,026 | ¥ | i 95,047 | ¥ | i 207,537 | ||||||||
Millions of yen |
||||||||||||||||
Total Carrying Value in Consolidated Balance Sheets |
Quoted Prices in Active Markets for Identical Assets or Liabilities (Level 1) |
Significant Other Observable Inputs (Level 2) |
Significant Unobservable Inputs (Level 3) |
|||||||||||||
Assets: |
||||||||||||||||
Loans held for sale*1 |
¥ | i 197,041 | ¥ | i 0 | ¥ | i 23,192 | ¥ | i 173,849 | ||||||||
Trading debt securities |
i 2,179 | i 0 | i 2,179 | i 0 | ||||||||||||
Available-for-sale |
i 2,234,608 | i 4,334 | i 1,986,672 | i 243,602 | ||||||||||||
Japanese and foreign government bond securities*2 |
i 801,295 | i 3,004 | i 798,291 | i 0 | ||||||||||||
Japanese prefectural and foreign municipal bond securities |
i 369,246 | i 0 | i 365,915 | i 3,331 | ||||||||||||
Corporate debt securities*3 |
i 784,388 | i 1,330 | i 778,321 | i 4,737 | ||||||||||||
CMBS and RMBS in the Americas |
i 43,173 | i 0 | i 43,173 | i 0 | ||||||||||||
Other asset-backed securities and debt securities |
i 236,506 | i 0 | i 972 | i 235,534 | ||||||||||||
Equity securities*4*5 |
i 379,236 | i 105,646 | i 133,027 | i 140,563 | ||||||||||||
Certain investment in affiliates*6 |
i 2,511 | i 0 | i 0 | i 2,511 | ||||||||||||
Derivative assets: |
i 72,398 | i 203 | i 65,377 | i 6,818 | ||||||||||||
Interest rate swap agreements |
i 22,798 | i 0 | i 22,798 | i 0 | ||||||||||||
Options held/written and other |
i 30,487 | i 0 | i 23,669 | i 6,818 | ||||||||||||
Futures, foreign exchange contracts |
i 17,785 | i 203 | i 17,582 | i 0 | ||||||||||||
Foreign currency swap agreements |
i 1,325 | i 0 | i 1,325 | i 0 | ||||||||||||
Credit derivatives held |
i 3 | i 0 | i 3 | i 0 | ||||||||||||
Netting*7 |
( i 22,052 | ) | i 0 | i 0 | i 0 | |||||||||||
Net derivative assets |
i 50,346 | i 0 | i 0 | i 0 | ||||||||||||
Other assets: |
i 4,676 | i 0 | i 0 | i 4,676 | ||||||||||||
Reinsurance recoverables*8 |
i 4,676 | i 0 | i 0 | i 4,676 | ||||||||||||
Total |
¥ | i 2,892,649 | ¥ | i 110,183 | ¥ | i 2,210,447 | ¥ | i 572,019 | ||||||||
Liabilities: |
||||||||||||||||
Derivative liabilities: |
¥ | i 71,366 | ¥ | i 1,484 | ¥ | i 55,240 | ¥ | i 14,642 | ||||||||
Interest rate swap agreements |
i 3,319 | i 0 | i 3,319 | i 0 | ||||||||||||
Options held/written and other |
i 28,423 | i 0 | i 13,781 | i 14,642 | ||||||||||||
Futures, foreign exchange contracts |
i 37,195 | i 1,484 | i 35,711 | i 0 | ||||||||||||
Foreign currency swap agreements |
i 2,426 | i 0 | i 2,426 | i 0 | ||||||||||||
Credit derivatives written |
i 3 | i 0 | i 3 | i 0 | ||||||||||||
Netting*7 |
( i 22,052 | ) | i 0 | i 0 | i 0 | |||||||||||
Net derivative Liabilities |
i 49,314 | i 0 | i 0 | i 0 | ||||||||||||
Policy Liabilities and Policy Account Balances: |
i 163,734 | i 0 | i 0 | i 163,734 | ||||||||||||
Variable annuity and variable life insurance contracts*9 |
i 163,734 | i 0 | i 0 | i 163,734 | ||||||||||||
Total |
¥ | i 235,100 | ¥ | i 1,484 | ¥ | i 55,240 | ¥ | i 178,376 | ||||||||
| *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 losses of ¥ i 3,260 million, ¥ i 2,982 million
and ¥ i 2,429 million from the change in the fair value of the loans for fiscal 2021, 2022 and 2023, respectively. i i i No / /
gains or losses were recognized in earnings during fiscal 2021, 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, 2022, were ¥ i 151,672 million and ¥ i 151,601 million,
respectively, and the amount of the aggregate fair value was less than the amount of aggregate unpaid principal balance by ¥ i 71 million. The amounts of aggregate unpaid principal balance and aggregate fair value of the loans held for sale as of March 31, 2023, were ¥ i 199,674 million
and ¥ i 197,041 million, respectively, and the amount of the aggregate fair value was less than the amount of aggregate unpaid principal balance by ¥ i 2,633 million.
As of March 31, 2022 and 2023, there were no loans that are 90 days or more past due or, in non-accrual status. |
| *2 | A certain subsidiary elected the fair value option for investments in foreign government bond securities included in available-for-sale |
| *3 | A certain subsidiary elected the fair value option for investments in foreign corporate debt securities included in available-for-sale |
| *4 | Certain subsidiaries elected the fair value option for certain investments in investment funds, and others included in equity securities. Included in “Gains on investment securities and dividends” and “Life insurance premiums and related investment income” in the consolidated statements of income were gains of ¥ i 3,187 million,
¥ i 1,199 million and ¥ i 1,066 million
from the change in the fair value of those investments for fiscal 2021, 2022 and 2023, respectively. The amounts of aggregate fair value elected the fair value option were ¥ i 11,709 million and ¥ i 16,032 million
as of March 31, 2022 and 2023, respectively. |
| *5 | The amounts of investment funds measured at net asset value per share which are not included in the above tables were ¥ i 25,999 million and ¥ i 51,263 million
as of March 31, 2022 and 2023, respectively. |
| *6 | A certain subsidiary elected the fair value option for certain investment in affiliates. i i i No / /
gains or losses were recognized in earnings from the change in the fair value of those investments for fiscal 2021, 2022 and 2023. There were i no such investments elected the fair value option as of March 31, 2022. The amounts of aggregate fair value elected the fair value option were
¥ i 2,511 |
| *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 ¥ i 5,214 million
and ¥ i 4,676 million as of March 31, 2022 and 2023, respectively. For the effect of changes in the fair value of those reinsurance contracts on earnings for fiscal 2021, 2022 and 2023, see Note 23 “Life Insurance Operations.” |
| *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 ¥ i 198,905 million
and ¥ i 163,734 million as of March 31, 2022 and 2023, respectively. For the effect of changes in the fair value of the variable annuity and variable life insurance contracts on earnings for fiscal 2021, 2022 and 2023,
see Note 23 “Life Insurance Operations.” |
Millions of yen |
||||||||||||||||||||||||||||||||||||||||||||
Balance at 2020 |
Gains or losses (realized/unrealized) |
Purchases*3 |
Sales |
Settlements*4 |
Transfers in and/ or out of Level 3 (net) |
Balance at 2021 |
Change in unrealized gains or losses included in earnings for assets and liabilities still held at 2021*1 |
Change in unrealized gains or losses included in other comprehensive income for assets and liabilities still held at 2021*2 |
||||||||||||||||||||||||||||||||||||
Included in earnings*1 |
Included in other comprehensive income*2 |
Total |
||||||||||||||||||||||||||||||||||||||||||
Available-for-sale |
¥ | i 88,353 | ¥ | ( i 1,065 | ) | ¥ | i 14,870 | ¥ | i 13,805 | ¥ | i 51,270 | ¥ | ( i 12,890 | ) | ¥ | ( i 5,187 | ) | ¥ | ( i 1,894 | ) | ¥ | i 133,457 | ¥ | ( i 1,228 | ) | ¥ | i 14,729 | |||||||||||||||||
Japanese prefectural and foreign municipal bond securities |
i 2,832 | ( i 115 | ) | i 44 | ( i 71 | ) | i 0 | i 0 | i 0 | i 0 | i 2,761 | ( i 115 | ) | i 44 | ||||||||||||||||||||||||||||||
Corporate debt securities |
i 3,994 | i 0 | i 1 | i 1 | i 0 | i 0 | ( i 974 | ) | ( i 2,000 | ) | i 1,021 | i 0 | i 1 | |||||||||||||||||||||||||||||||
Other asset-backed securities and debt securities |
i 81,527 | ( i 950 | ) | i 14,825 | i 13,875 | i 51,270 | ( i 12,890 | ) | ( i 4,213 | ) | i 106 | i 129,675 | ( i 1,113 | ) | i 14,684 | |||||||||||||||||||||||||||||
Equity securities |
i 83,901 | i 14,304 | i 1,765 | i 16,069 | i 2,001 | ( i 4,718 | ) | ( i 5,518 | ) | ( i 325 | ) | i 91,410 | i 14,042 | i 1,769 | ||||||||||||||||||||||||||||||
Investment funds |
i 83,901 | i 14,304 | i 1,765 | i 16,069 | i 2,001 | ( i 4,718 | ) | ( i 5,518 | ) | ( i 325 | ) | i 91,410 | i 14,042 | i 1,769 | ||||||||||||||||||||||||||||||
Derivative assets and liabilities (net) |
i 19,230 | ( i 5,474 | ) | i 34 | ( i 5,440 | ) | i 0 | i 0 | i 0 | i 0 | i 13,790 | ( i 5,474 | ) | i 34 | ||||||||||||||||||||||||||||||
Options held/written and other |
i 19,230 | ( i 5,474 | ) | i 34 | ( i 5,440 | ) | i 0 | i 0 | i 0 | i 0 | i 13,790 | ( i 5,474 | ) | i 34 | ||||||||||||||||||||||||||||||
Other asset |
i 18,206 | ( i 14,201 | ) | i 0 | ( i 14,201 | ) | i 2,713 | i 0 | ( i 421 | ) | i 0 | i 6,297 | ( i 14,201 | ) | i 0 | |||||||||||||||||||||||||||||
Reinsurance recoverables*5 |
i 18,206 | ( i 14,201 | ) | i 0 | ( i 14,201 | ) | i 2,713 | i 0 | ( i 421 | ) | i 0 | i 6,297 | ( i 14,201 | ) | i 0 | |||||||||||||||||||||||||||||
Policy Liabilities and Policy Account Balances |
i 300,739 | ( i 42,066 | ) | ( i 1,248 | ) | ( i 43,314 | ) | i 0 | i 0 | ( i 77,631 | ) | i 0 | i 266,422 | ( i 42,066 | ) | ( i 1,248 | ) | |||||||||||||||||||||||||||
Variable annuity and variable life insurance contracts*6 |
i 300,739 | ( i 42,066 | ) | ( i 1,248 | ) | ( i 43,314 | ) | i 0 | i 0 | ( i 77,631 | ) | i 0 | i 266,422 | ( i 42,066 | ) | ( i 1,248 | ) | |||||||||||||||||||||||||||
Millions of yen |
||||||||||||||||||||||||||||||||||||||||||||
Balance at 2021 |
Gains or losses (realized/unrealized) |
Purchases*3 |
Sales |
Settlements*4 |
Transfers in and/ or out of Level 3 (net) |
Balance at 2022 |
Change in unrealized gains or losses included in earnings for assets and liabilities still held at 2022*1 |
Change in unrealized gains or losses included in other comprehensive income for assets and liabilities still held at 2022*2 |
||||||||||||||||||||||||||||||||||||
Included in earnings*1 |
Included in other comprehensive income*2 |
Total |
||||||||||||||||||||||||||||||||||||||||||
Available-for-sale |
¥ | i 133,457 | ¥ | i 7,041 | ¥ | i 6,941 | ¥ | i 13,982 | ¥ | i 51,644 | ¥ | ( i 9,465 | ) | ¥ | ( i 48,558 | ) | ¥ | i 0 | ¥ | i 141,060 | ¥ | i 2,445 | ¥ | i 7,116 | ||||||||||||||||||||
Japanese prefectural and foreign municipal bond securities |
i 2,761 | i 0 | i 292 | i 292 | i 0 | i 0 | i 0 | i 0 | i 3,053 | i 0 | i 291 | |||||||||||||||||||||||||||||||||
Corporate debt securities |
i 1,021 | i 0 | ( i 1 | ) | ( i 1 | ) | i 0 | i 0 | ( i 323 | ) | i 0 | i 697 | i 0 | ( i 1 | ) | |||||||||||||||||||||||||||||
Other asset-backed securities and debt securities |
i 129,675 | i 7,041 | i 6,650 | i 13,691 | i 51,644 | ( i 9,465 | ) | ( i 48,235 | ) | i 0 | i 137,310 | i 2,445 | i 6,826 | |||||||||||||||||||||||||||||||
Equity securities |
i 91,410 | i 16,350 | i 8,779 | i 25,129 | i 24,606 | ( i 26,795 | ) | ( i 768 | ) | ( i 610 | ) | i 112,972 | i 4,555 | i 8,743 | ||||||||||||||||||||||||||||||
Investment funds, and others |
i 91,410 | i 16,350 | i 8,779 | i 25,129 | i 24,606 | ( i 26,795 | ) | ( i 768 | ) | ( i 610 | ) | i 112,972 | i 4,555 | i 8,743 | ||||||||||||||||||||||||||||||
Derivative assets and liabilities (net) |
i 13,790 | ( i 18,340 | ) | i 778 | ( i 17,562 | ) | i 0 | i 0 | i 0 | i 0 | ( i 3,772 | ) | ( i 18,340 | ) | i 778 | |||||||||||||||||||||||||||||
Options held/written and other |
i 13,790 | ( i 18,340 | ) | i 778 | ( i 17,562 | ) | i 0 | i 0 | i 0 | i 0 | ( i 3,772 | ) | ( i 18,340 | ) | i 778 | |||||||||||||||||||||||||||||
Other asset |
i 6,297 | ( i 2,146 | ) | i 0 | ( i 2,146 | ) | i 1,835 | i 0 | ( i 772 | ) | i 0 | i 5,214 | ( i 2,146 | ) | i 0 | |||||||||||||||||||||||||||||
Reinsurance recoverables*5 |
i 6,297 | ( i 2,146 | ) | i 0 | ( i 2,146 | ) | i 1,835 | i 0 | ( i 772 | ) | i 0 | i 5,214 | ( i 2,146 | ) | i 0 | |||||||||||||||||||||||||||||
Policy Liabilities and Policy Account Balances |
i 266,422 | ( i 1,743 | ) | ( i 467 | ) | ( i 2,210 | ) | i 0 | i 0 | ( i 69,727 | ) | i 0 | i 198,905 | ( i 1,743 | ) | ( i 467 | ) | |||||||||||||||||||||||||||
Variable annuity and variable life insurance contracts*6 |
i 266,422 | ( i 1,743 | ) | ( i 467 | ) | ( i 2,210 | ) | i 0 | i 0 | ( i 69,727 | ) | i 0 | i 198,905 | ( i 1,743 | ) | ( i 467 | ) | |||||||||||||||||||||||||||
Millions of yen |
||||||||||||||||||||||||||||||||||||||||||||
Balance at 2022 |
Gains or losses (realized/unrealized) |
Purchases*3 |
Sales |
Settlements*4 |
Transfers in and/ or out of Level 3 (net) |
Balance at 2023 |
Change in unrealized gains or losses included in earnings for assets and liabilities still held at 2023*1 |
Change in unrealized gains or losses included in other comprehensive income for assets and liabilities still held at 2023*2 |
||||||||||||||||||||||||||||||||||||
Included in earnings*1 |
Included in other comprehensive income*2 |
Total |
||||||||||||||||||||||||||||||||||||||||||
Loans held for sale |
¥ | i 0 | ¥ | i 18 | ¥ | i 1,095 | ¥ | i 1,113 | ¥ | i 2,457 | ¥ | ( i 5,776 | ) | ¥ | i 0 | ¥ | i 176,055 | ¥ | i 173,849 | ¥ | i 18 | ¥ | i 1,095 | |||||||||||||||||||||
Available-for-sale |
i 141,060 | i 3,788 | i 1,238 | i 5,026 | i 116,175 | ( i 9,100 | ) | ( i 9,559 | ) | i 0 | i 243,602 | i 3,458 | i 1,713 | |||||||||||||||||||||||||||||||
Japanese prefectural and foreign municipal bond securities |
i 3,053 | i 0 | i 278 | i 278 | i 0 | i 0 | i 0 | i 0 | i 3,331 | i 0 | i 278 | |||||||||||||||||||||||||||||||||
Corporate debt securities |
i 697 | i 89 | ( i 1 | ) | i 88 | i 5,922 | ( i 1,554 | ) | ( i 416 | ) | i 0 | i 4,737 | ( i 16 | ) | ( i 0 | ) | ||||||||||||||||||||||||||||
Other asset-backed securities and debt securities |
i 137,310 | i 3,699 | i 961 | i 4,660 | i 110,253 | ( i 7,546 | ) | ( i 9,143 | ) | i 0 | i 235,534 | i 3,474 | i 1,435 | |||||||||||||||||||||||||||||||
Equity securities |
i 112,972 | i 22,823 | i 9,642 | i 32,465 | i 4,685 | ( i 7,223 | ) | ( i 2,336 | ) | i 0 | i 140,563 | i 22,113 | i 9,509 | |||||||||||||||||||||||||||||||
Investment funds, and others |
i 112,972 | i 22,823 | i 9,642 | i 32,465 | i 4,685 | ( i 7,223 | ) | ( i 2,336 | ) | i 0 | i 140,563 | i 22,113 | i 9,509 | |||||||||||||||||||||||||||||||
Certain investment in affiliates |
i 0 | i 0 | i 5 | i 5 | i 2,506 | i 0 | i 0 | i 0 | i 2,511 | i 0 | i 5 | |||||||||||||||||||||||||||||||||
Derivative assets and liabilities (net) |
( i 3,772 | ) | ( i 2,845 | ) | ( i 1,207 | ) | ( i 4,052 | ) | i 0 | i 0 | i 0 | i 0 | ( i 7,824 | ) | ( i 2,845 | ) | ( i 1,207 | ) | ||||||||||||||||||||||||||
Options held/written and other |
( i 3,772 | ) | ( i 2,845 | ) | ( i 1,207 | ) | ( i 4,052 | ) | i 0 | i 0 | i 0 | i 0 | ( i 7,824 | ) | ( i 2,845 | ) | ( i 1,207 | ) | ||||||||||||||||||||||||||
Other asset |
i 5,214 | ( i 1,286 | ) | i 0 | ( i 1,286 | ) | i 1,153 | i 0 | ( i 405 | ) | i 0 | i 4,676 | ( i 1,286 | ) | i 0 | |||||||||||||||||||||||||||||
Reinsurance recoverables*5 |
i 5,214 | ( i 1,286 | ) | i 0 | ( i 1,286 | ) | i 1,153 | i 0 | ( i 405 | ) | i 0 | i 4,676 | ( i 1,286 | ) | i 0 | |||||||||||||||||||||||||||||
Policy Liabilities and Policy Account Balances |
i 198,905 | i 6,343 | i 74 | i 6,417 | i 0 | i 0 | ( i 28,754 | ) | i 0 | i 163,734 | i 6,343 | i 74 | ||||||||||||||||||||||||||||||||
Variable annuity and variable life insurance contracts*6 |
i 198,905 | i 6,343 | i 74 | i 6,417 | i 0 | i 0 | ( i 28,754 | ) | i 0 | i 163,734 | i 6,343 | i 74 | ||||||||||||||||||||||||||||||||
| *1 | Principally, gains and losses from available-for-sale available-for-sale |
| *2 | Unrealized gains and losses from available-for-sale |
| *3 | Increases resulting from an acquisition of a subsidiary and insurance contracts ceded to reinsurance companies are included. |
| *4 | Decreases resulting from the receipts of reimbursements for benefits, and decreases resulting from insurance payouts to variable annuity and variable life policyholders due to death, surrender and maturity of the investment period are included. |
| *5 | “Included in earnings” in the above table includes changes in the fair value of reinsurance contracts recorded in “Life insurance costs” and reinsurance premiums, net of reinsurance benefits received, recorded in “Life insurance premiums and related investment income.” |
| *6 | “Included in earnings” in the above table is recorded in “Life insurance costs” and includes changes in the fair value of policy liabilities and policy account balances resulting from gains or losses on the underlying investment assets managed on behalf of variable annuity and variable life policyholders, and the changes in the minimum guarantee risks relating to variable annuity and variable life insurance contracts as well as insurance costs recognized for insurance and annuity payouts as a result of insured events. |
Millions of yen |
||||||||||||||||
Total Carrying Value in Consolidated Balance Sheets |
Quoted Prices in Active Markets for Identical Assets (Level 1) |
Significant Other Observable Inputs (Level 2) |
Significant Unobservable Inputs (Level 3) |
|||||||||||||
Assets: |
||||||||||||||||
Loans held for sale |
¥ | i 235 | ¥ | i 0 | ¥ | i 235 | ¥ | i 0 | ||||||||
Real estate collateral-dependent loans (net of allowance for credit losses) |
i 6,972 | i 0 | i 0 | i 6,972 | ||||||||||||
Investment in operating leases, property under facility operations, office facilities and other assets |
i 59,847 | i 0 | i 262 | i 59,585 | ||||||||||||
Certain equity securities |
i 9,451 | i 0 | i 9,451 | i 0 | ||||||||||||
Certain investment in affiliates |
i 2,846 | i 0 | i 0 | i 2,846 | ||||||||||||
Certain reporting units including goodwill |
i 192 | i 0 | i 0 | i 192 | ||||||||||||
Certain intangible assets acquired in business combinations |
i 98,014 | i 0 | i 0 | i 98,014 | ||||||||||||
| ¥ | i 177,557 | ¥ | i 0 | ¥ | i 9,948 | ¥ | i 167,609 | |||||||||
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 |
¥ | i 1,139 | ¥ | i 0 | ¥ | i 1,139 | ¥ | i 0 | ||||||||
Real estate collateral-dependent loans (net of allowance for credit losses) |
i 5,970 | i 0 | i 0 | i 5,970 | ||||||||||||
Investment in operating leases, property under facility operations, office facilities and other assets |
i 4,568 | i 0 | i 31 | i 4,537 | ||||||||||||
Certain equity securities |
i 11,794 | i 0 | i 11,794 | i 0 | ||||||||||||
Certain investment in affiliates |
i 4,013 | i 3,587 | i 0 | i 426 | ||||||||||||
| ¥ | i 27,484 | ¥ | i 3,587 | ¥ | i 12,964 | ¥ | i 10,933 | |||||||||
Millions of yen |
Valuation technique(s) |
Significant unobservable inputs |
Range (Weighted average) |
|||||||||
Fair value |
||||||||||||
Assets: |
||||||||||||
Available-for-sale |
||||||||||||
Japanese prefectural and foreign municipal bond securities |
¥ |
i 3,053 | Appraisals/Broker quotes |
— |
— |
|||||||
Corporate debt securities |
i 697 | Discounted cash flows |
Discount rate |
i 0.4 % – i 0.7% |
||||||||
( i 0.5%) |
||||||||||||
Other asset-backed securities and debt securities |
i 25,666 | Discounted cash flows |
Discount rate |
i 0.1 % – i 51.2% |
||||||||
( i 10.6%) |
||||||||||||
Probability of default |
i 1.9 % |
|||||||||||
( i 1.9%) |
||||||||||||
| i 111,644 | Appraisals/Broker quotes |
— |
— |
|||||||||
Equity securities: |
||||||||||||
Investment funds, and others |
i 86,903 | Discounted cash flows |
WACC |
i 11.9 % – i 18.6% |
||||||||
( i 16.3%) |
||||||||||||
EV/Terminal EBITDA multiple |
i 8.3x- i 12.0x |
|||||||||||
( i 9.9x) |
||||||||||||
Market multiples |
EV/Last twelve months EBITDA multiple |
i 6.4 x – i 12.6x |
||||||||||
( i 9.5x) |
||||||||||||
EV/Forward EBITDA multiple |
i 5.7 x – i 12.5x |
|||||||||||
( i 9.4x) |
||||||||||||
EV/Precedent transaction last twelve months EBITDA multiple |
i 7.6x- i 14.5 x |
|||||||||||
( i 10.3x) |
||||||||||||
| i 26,069 | Appraisals/Broker quotes |
— |
— |
|||||||||
Derivative assets: |
||||||||||||
Options held/written and other |
i 4,792 | Discounted cash flows |
Discount rate |
i 12.0 % – i 34.0% |
||||||||
( i 14.9%) |
||||||||||||
| i 68 | Appraisals/Broker quotes |
— |
— |
|||||||||
Other assets: |
||||||||||||
Reinsurance recoverables |
i 5,214 |
Discounted cash flows |
Discount rate |
( i 0.2)% – i 0.7 % |
||||||||
( i 0.2 %) |
||||||||||||
Mortality rate |
i 0.0% – i 100.0 % |
|||||||||||
( i 2.1 %) |
||||||||||||
Lapse rate |
i 1.5% – i 14.0 % |
|||||||||||
( i 5.5 %) |
||||||||||||
Annuitization rate(guaranteed minimum annuity benefit) |
i 0.0% – i 100.0 % |
|||||||||||
( i 100.0 %) |
||||||||||||
Total |
¥ |
i 264,106 |
||||||||||
Liabilities: |
||||||||||||
Derivative liabilities: |
||||||||||||
Options held/written and other |
¥ |
i 8,600 |
Discounted cash flows |
Discount rate |
i 12.0% – i 34.0 % |
|||||||
( i 14.9 %) |
||||||||||||
i 32 |
Appraisals/Broker quotes |
— |
— |
|||||||||
Policy liabilities and Policy Account Balances: |
||||||||||||
Variable annuity and variable life insurance contracts |
i 198,905 |
Discounted cash flows |
Discount rate |
( i 0.2)% – i 0.7 % |
||||||||
( i 0.2 %) |
||||||||||||
Mortality rate |
i 0.0% – i 100.0 % |
|||||||||||
( i 1.9 %) |
||||||||||||
Lapse rate |
i 1.5% – i 30.0 % |
|||||||||||
( i 6.2 %) |
||||||||||||
Annuitization rate (guaranteed minimum annuity benefit) |
i 0.0% – i 100.0 % |
|||||||||||
( i 71.8 %) |
||||||||||||
Total |
¥ |
i 207,537 |
||||||||||
Millions of yen |
Valuation technique(s) |
Significant unobservable inputs |
Range (Weighted average) |
|||||||||
Fair value |
||||||||||||
| Assets: |
||||||||||||
| Loans held for sale |
¥ |
i 173,849 |
Discounted cash flows |
Discount rate |
i 8.0% – i 10.0 % |
|||||||
( i 9.0 %) |
||||||||||||
| Available-for-sale |
||||||||||||
| Japanese prefectural and foreign municipal bond securities |
i 3,331 |
Appraisals/Broker quotes |
— |
— |
||||||||
| Corporate debt securities |
i 280 |
Discounted cash flows |
Discount rate |
i 0.4 % |
||||||||
( i 0.4 %) |
||||||||||||
i 4,457 |
Appraisals/Broker quotes |
— |
— |
|||||||||
| Other asset-backed securities and debt securities |
i 29,165 |
Discounted cash flows |
Discount rate |
i 0.2% – i 51.2 % |
||||||||
( i 8.9 %) |
||||||||||||
Probability of default |
i 1.9 % |
|||||||||||
( i 1.9 %) |
||||||||||||
i 206,369 |
Appraisals/Broker quotes |
— |
— |
|||||||||
| Equity securities: |
||||||||||||
| Investment funds |
i 120,744 |
Discounted cash flows |
WACC |
i 11.9% – i 26.4 % |
||||||||
( i 17.2 %) |
||||||||||||
EV/Terminal EBITDA multiple |
i 7.5x- i 12.0 x |
|||||||||||
( i 9.5 x) |
||||||||||||
Market multiples |
EV/Last twelve months EBITDA multiple |
i 5.5x- i 8.7 x |
||||||||||
( i 7.9 x) |
||||||||||||
EV/Forward EBITDA multiple |
i 4.9x- i 8.9 x |
|||||||||||
( i 7.6 x) |
||||||||||||
EV/Precedent transaction last twelve months EBITDA multiple |
i 7.5x- i 14.5 x |
|||||||||||
( i 10.0 x) |
||||||||||||
i 19,819 |
Appraisals/Broker quotes |
— |
— |
|||||||||
| Certain investment in affiliates |
i 2,511 |
Discounted cash flows |
Discount rate |
i 8.0% – i 12.0 % |
||||||||
( i 10.0 %) |
||||||||||||
| Derivative assets: |
||||||||||||
| Options held/written and other |
i 6,818 |
Discounted cash flows |
Discount rate |
i 12.0% – i 32.0 % |
||||||||
( i 14.4 %) |
||||||||||||
| Other assets: |
||||||||||||
| Reinsurance recoverables |
i 4,676 |
Discounted cash flows |
Discount rate |
( i 0.4)% – i 1.5 % |
||||||||
( i 0.4 %) |
||||||||||||
Mortality rate |
i 0.0% – i 100.0 % |
|||||||||||
( i 2.6 %) |
||||||||||||
Lapse rate |
i 1.5% – i 14.0 % |
|||||||||||
( i 5.0 %) |
||||||||||||
| Annuitization rate (guaranteed minimum annuity benefit) |
i 0.0% – i 100.0 % |
|||||||||||
( i 100.0 %) |
||||||||||||
| |
|
|||||||||||
| Total |
¥ |
i 572,019 |
||||||||||
| |
|
|||||||||||
| Liabilities: |
||||||||||||
| Derivative liabilities: |
||||||||||||
| Options held/written and other |
¥ |
i 14,603 |
Discounted cash flows |
Discount rate |
i 12.0% – i 32.0 % |
|||||||
( i 14.4 %) |
||||||||||||
i 39 |
Appraisals/Broker quotes |
— |
— |
|||||||||
| Policy liabilities and Policy Account Balances: |
||||||||||||
| Variable annuity and variable life insurance contracts |
i 163,734 |
Discounted cash flows |
Discount rate |
( i 0.4)% – i 1.5 % |
||||||||
( i 0.4 %) |
||||||||||||
Mortality rate |
i 0.0% – i 100.0 % |
|||||||||||
( i 2.1 %) |
||||||||||||
Lapse rate |
i 1.5% – i 30.0 % |
|||||||||||
( i 5.9 %) |
||||||||||||
| Annuitization rate (guaranteed minimum annuity benefit) |
i 0.0% – i 100.0 % |
|||||||||||
( i 68.8 %) |
||||||||||||
| |
|
|||||||||||
| Total |
¥ |
i 178,376 |
||||||||||
| |
|
|||||||||||
2022 | ||||||||||
Millions of yen |
Valuation technique(s) |
Significant unobservable inputs |
Range (Weighted average) | |||||||
Fair value |
||||||||||
Assets: |
||||||||||
Real estate collateral-dependent loans (net of allowance for credit losses) |
¥ | i 1,511 | Direct capitalization | Capitalization rate | i 5.0% – i 8.5% | |||||
| ( i 6.1%) | ||||||||||
| i 5,461 | Appraisals | — | — | |||||||
Investment in operating leases, property under facility operations, office facilities and other assets |
i 32,328 | Discounted cash flows | Discount rate | i 5.2% | ||||||
| ( i 5.2%) | ||||||||||
| i 27,257 | Appraisals | — | — | |||||||
Certain investment in affiliates |
i 2,846 | Appraisals | — | — | ||||||
Certain reporting units including goodwill |
i 192 | Discounted cash flows | Discount rate | i 10.7% | ||||||
| ( i 10.7%) | ||||||||||
Certain intangible assets acquired in business combinations |
i 98,014 | Discounted cash flows | Discount rate | i 10.9% | ||||||
| ( i 10.9%) | ||||||||||
| ¥ | i 167,609 | |||||||||
2023 | ||||||||||
Millions of yen |
Valuation technique(s) |
Significant unobservable inputs |
Range (Weighted average) | |||||||
Fair value |
||||||||||
Assets: |
||||||||||
Real estate collateral-dependent loans (net of allowance for credit losses) |
¥ | i 1,351 | Direct capitalization | Capitalization rate | i 4.7% – i 6.6% | |||||
| ( i 5.5%) | ||||||||||
| i 4,619 | Appraisals | — | — | |||||||
Investment in operating leases, property under facility operations, office facilities and other assets |
i 3,257 | Discounted cash flows | Discount rate | i 0.5% – i 5.8% | ||||||
| ( i 4.9%) | ||||||||||
| i 1,280 | Appraisals | — | — | |||||||
| Certain investment in affiliates | i 23 | Discounted cash flows | Discount rate | i 3.7% | ||||||
| ( i 3.7%) | ||||||||||
| i 403 | Appraisals | — | — | |||||||
| ¥ | i 10,933 | |||||||||
Millions of yen |
||||
Fair value amounts of assets, liabilities |
||||
Cash and Cash Equivalents |
¥ | i 101,254 | ||
Property under Facility Operations |
i 18,790 | |||
Trade Notes, Accounts and Other Receivable |
i 11,117 | |||
Inventories |
i 17,370 | |||
Office Facilities |
i 17,316 | |||
Other Assets and other |
i 197,840 | |||
Total Assets |
i 363,687 | |||
Short-Term Debt |
i 5,000 | |||
Trade Notes, Accounts and Other Payable |
i 13,748 | |||
Current and Deferred Income Taxes |
i 25,472 | |||
Other Liabilities |
i 19,114 | |||
Total Liabilities |
i 63,334 | |||
Noncontrolling interests |
i 353 | |||
Net |
¥ | i 300,000 | ||
Millions of yen |
Years |
|||||||
Acquired intangibles recorded at fair value |
Weighted-average amortization period |
|||||||
Intangible assets that have indefinite useful lives: |
||||||||
Trade names |
¥ | i 68,800 | — | |||||
Subtotal |
i 68,800 | |||||||
Intangibles subject to amortization: |
||||||||
License |
i 15,500 | i 15 | ||||||
Subtotal |
i 15,500 | |||||||
Total |
¥ | i 84,300 | ||||||
Millions of yen |
||||||||
| Total revenues | ¥ | i 2,610,484 | ¥ | i 2,756,904 | ||||
| Net Income | i 322,756 | i 294,352 | ||||||
Millions of yen |
||||||||||||
2021 |
2022 |
2023 |
||||||||||
Goods or services category |
||||||||||||
Sales of goods |
¥ | i 321,883 | ¥ | i 340,697 | ¥ | i 299,901 | ||||||
Real estate sales |
i 89,070 | i 94,700 | i 92,668 | |||||||||
Asset management and servicing |
i 173,191 | i 244,887 | i 239,232 | |||||||||
Automobile related services |
i 72,000 | i 76,772 | i 82,428 | |||||||||
Facilities operation |
i 23,811 | i 32,163 | i 56,231 | |||||||||
Environment and energy services |
i 137,011 | i 156,327 | i 209,649 | |||||||||
Real estate management and brokerage |
i 101,942 | i 100,304 | i 98,593 | |||||||||
Real estate contract work |
i 80,179 | i 92,999 | i 120,379 | |||||||||
Other |
i 88,468 | i 107,249 | i 104,284 | |||||||||
Total revenues from contracts with customers |
i 1,087,555 | i 1,246,098 | i 1,303,365 | |||||||||
Other revenues * |
i 3,247 | i 5,904 | i 19,355 | |||||||||
Total sales of goods and real estate and services income |
¥ | i 1,090,802 | ¥ | i 1,252,002 | ¥ | i 1,322,720 | ||||||
| * | Other revenues are not in the scope of revenue from contracts with customers. |
Millions of yen |
||||||||||||
2021 |
2022 |
2023 |
||||||||||
Goods or services category |
||||||||||||
Costs of goods sold |
¥ | i 272,657 | ¥ | i 302,948 | ¥ | i 254,407 | ||||||
Costs of real estate sold |
i 75,064 | i 78,171 | i 78,602 | |||||||||
Asset management and servicing |
i 42,145 | i 56,810 | i 52,918 | |||||||||
Automobile related services |
i 45,734 | i 47,952 | i 52,260 | |||||||||
Facilities operation |
i 41,461 | i 46,515 | i 57,143 | |||||||||
Environment and energy services |
i 105,246 | i 122,426 | i 166,821 | |||||||||
Real estate management and brokerage |
i 89,685 | i 89,457 | i 87,459 | |||||||||
Real estate contract work |
i 69,815 | i 81,704 | i 105,492 | |||||||||
Other |
i 45,147 | i 50,246 | i 49,034 | |||||||||
Total expenses of costs of goods and real estate sold and services expenses |
¥ | i 786,954 | ¥ | i 876,229 | ¥ | i 904,136 | ||||||
Millions of yen |
||||||||
Trade Notes, Accounts and Other Receivable |
¥ | i 174,667 | ¥ | i 223,635 | ||||
Contract assets (Included in Other Assets) |
i 13,802 | i 13,403 | ||||||
Contract liabilities (Included in Other Liabilities) |
i 32,978 | i 34,338 | ||||||
Millions of yen |
||||||||
2022 |
2023 |
|||||||
Cash and Cash Equivalents |
¥ | i 954,827 | ¥ | i 1,231,860 | ||||
Restricted Cash |
i 136,985 | i 135,048 | ||||||
Cash, Cash Equivalents and Restricted Cash |
¥ | i 1,091,812 | ¥ | i 1,366,908 | ||||
Millions of yen |
||||||||||||
2021 |
2022 |
2023 |
||||||||||
Cash payments: |
||||||||||||
Interest |
¥ | i 80,313 | ¥ | i 65,965 | ¥ | i 117,759 | ||||||
Income taxes, net |
i 76,292 | i 83,030 | i 187,246 | |||||||||
Millions of yen |
||||||||||||
Fiscal Year ended March 31, 2021 |
Fiscal Year ended |
Fiscal Year ended |
||||||||||
Lease income – net investment in leases |
||||||||||||
Interest income |
¥ | i 69,718 | ¥ | i 73,379 | ¥ | i 80,810 | ||||||
Other |
i 2,113 | i 2,598 | i 2,568 | |||||||||
Lease income – operating leases* |
i 397,065 | i 450,454 | i 499,541 | |||||||||
Total lease income |
¥ | i 468,896 | ¥ | i 526,431 | ¥ | i 582,919 | ||||||
| * | Gains from the disposition of real estate under operating leases included in operating lease revenues were ¥ i 15,459 million, ¥ i 17,912 million
and ¥ i 25,699 million, and gains from the disposition of operating lease assets other than real estate included in operating lease revenues were ¥ i 10,899 million,
¥ i 22,236 million and ¥ i 31,233 million
for fiscal 2021, 2022 and 2023, respectively. |
Millions of yen |
||||||||
| Lease receivables* |
¥ | i 1,029,157 | ¥ | i 1,057,990 | ||||
| Unguaranteed residual value |
i 27,361 | i 28,145 | ||||||
| Initial direct costs |
i 1,455 | i 1,428 | ||||||
| |
|
|
|
|||||
| Total |
¥ | i 1,057,973 | ¥ | i 1,087,563 | ||||
| |
|
|
|
|||||
| * | Some lease contracts are subject to government assistance for the customers’ acquisition of leased assets, mainly for the purpose of environmental measures. This government assistance is accounted for as a reduction of lease receivables of lease contracts when the Company and its subsidiaries confirm receipt of cash. The amount of a reduction of lease receivables is ¥ i 28,532 million
as of March 31, 2023. Benefits of the government assistance are attributed to the customers by the reduced lease payments. Furthermore, remaining term of government assistance contracts ranges up to i 11 years. And when receiving the government assistance, restrictions mainly on disposal of property and duty of keeping documents occur for a certain period of time. |
Millions of yen |
||||||||
| Transportation equipment |
¥ | i 1,438,621 | ¥ | i 1,521,865 | ||||
| Measuring and information-related equipment |
i 326,680 | i 342,591 | ||||||
| Real estate |
i 307,338 | i 319,074 | ||||||
| Other |
i 71,935 | i 79,633 | ||||||
| |
|
|
|
|||||
| i 2,144,574 | i 2,263,163 | |||||||
| Accumulated depreciation |
( i 819,839 | ) | ( i 865,942 | ) | ||||
| |
|
|
|
|||||
| Net |
i 1,324,735 | i 1,397,221 | ||||||
| Right-of-use |
i 107,742 | i 98,417 | ||||||
| Accrued rental receivables |
i 31,639 | i 45,123 | ||||||
| Allowance for doubtful receivables on operating leases |
( i 914 | ) | ( i 3,583 | ) | ||||
| |
|
|
|
|||||
| Total |
¥ | i 1,463,202 | ¥ | i 1,537,178 | ||||
| |
|
|
|
|||||
Millions of yen |
||||||||||||
2021 |
2022 |
2023 |
||||||||||
| Depreciation expenses |
¥ | i 217,212 | ¥ | i 231,643 | ¥ | i 245,180 | ||||||
| Various expenses |
i 78,416 | i 90,427 | i 91,807 | |||||||||
| |
|
|
|
|
|
|||||||
| Total |
¥ | i 295,628 | ¥ | i 322,070 | ¥ | i 336,987 | ||||||
| |
|
|
|
|
|
|||||||
Millions of yen |
||||||||
| Years ending March 31, |
Net investment in leases |
Operating leases |
||||||
| 2024 |
¥ | i 447,559 | ¥ | i 343,108 | ||||
| 2025 |
i 302,161 | i 215,400 | ||||||
| 2026 |
i 199,127 | i 141,773 | ||||||
| 2027 |
i 116,071 | i 84,474 | ||||||
| 2028 |
i 63,524 | i 45,595 | ||||||
| Thereafter |
i 60,252 | i 129,854 | ||||||
| |
|
|
|
|||||
| Total lease payments |
i 1,188,694 | ¥ | i 960,204 | |||||
| |
|
|
|
|||||
| Less imputed interest |
( i 130,704 | ) | ||||||
| |
|
|||||||
| Total lease receivables |
¥ | i 1,057,990 | ||||||
| |
|
|||||||
Millions of yen |
||||||||||||
| Finance lease cost |
||||||||||||
| Depreciation expenses of right-of-use |
¥ | i 359 | ¥ | i 534 | ¥ | i 536 | ||||||
| Interest expenses of lease liabilities |
i 131 | i 106 | i 150 | |||||||||
| |
|
|
|
|
|
|||||||
| i 490 | i 640 | i 686 | ||||||||||
| |
|
|
|
|
|
|||||||
| Operating lease cost |
i 42,964 | i 49,725 | i 52,279 | |||||||||
| Short-term lease cost |
i 3,347 | i 3,034 | i 2,742 | |||||||||
| Variable lease cost |
i 230 | i 65 | i 1,297 | |||||||||
| Sublease income |
( i 4,142 | ) | ( i 3,192 | ) | ( i 8,819 | ) | ||||||
| |
|
|
|
|
|
|||||||
| Total |
¥ | i 42,889 | ¥ | i 50,272 | ¥ | i 48,185 | ||||||
| |
|
|
|
|
|
|||||||
Millions of yen |
||||||||
Year Ended March 31, 2021 |
||||||||
Finance leases |
Operating leases |
|||||||
Cash paid for amounts included in the measurements of lease liabilities: |
||||||||
Cash flows from operating activities |
¥ | i 131 | ¥ | i 41,680 | ||||
Cash flows from financing activities |
i 674 | i 0 | ||||||
Right-of-use |
¥ | i 228 | ¥ | i 55,344 | ||||
Millions of yen |
||||||||
Year Ended March 31, 2022 |
||||||||
Finance leases |
Operating leases |
|||||||
Cash paid for amounts included in the measurements of lease liabilities: |
||||||||
Cash flows from operating activities |
¥ | i 106 | ¥ | i 47,321 | ||||
Cash flows from financing activities |
i 878 | i 0 | ||||||
Right-of-use |
¥ | i 278 | ¥ | i 37,816 | ||||
Millions of yen |
||||||||
Year Ended March 31, 2023 |
||||||||
Finance leases |
Operating leases |
|||||||
Cash paid for amounts included in the measurements of lease liabilities: |
||||||||
Cash flows from operating activities |
¥ | i 150 | ¥ | i 50,369 | ||||
Cash flows from financing activities |
i 781 | i 0 | ||||||
Right-of-use |
¥ | i 93 | ¥ | i 39,823 | ||||
Millions of yen, except lease term and discount rate |
||||||||
Finance leases |
Operating leases |
|||||||
Investment in Operating Leases |
¥ | i 4,955 | ¥ | i 102,787 | ||||
Property under Facility Operations |
i 1,763 | i 68,149 | ||||||
Office Facilities |
i 375 | i 104,157 | ||||||
Total right-of-use assets |
i 7,093 | i 275,093 | ||||||
Other Liabilities |
i 7,698 | i 275,199 | ||||||
Total lease liabilities |
¥ | i 7,698 | ¥ | i 275,199 | ||||
Weighted average remaining lease term |
i 25years | i 11years | ||||||
Weighted average discount rate |
i 2.5 | % | i 1.1 | % | ||||
Millions of yen, except lease term and discount rate |
||||||||
Finance leases |
Operating leases |
|||||||
Investment in Operating Leases |
¥ | i 4,782 | ¥ | i 93,635 | ||||
Property under Facility Operations |
i 1,394 | i 85,036 | ||||||
Office Facilities |
i 368 | i 100,744 | ||||||
Total right-of-use assets |
i 6,544 | i 279,415 | ||||||
Other Liabilities |
i 7,129 | i 280,829 | ||||||
Total lease liabilities |
¥ | i 7,129 | ¥ | i 280,829 | ||||
Weighted average remaining lease term |
i 37years | i 11years | ||||||
Weighted average discount rate |
i 2.4 | % | i 1.3 | % | ||||
Millions of yen |
||||||||
Years ending March 31, |
Finance leases |
Operating leases |
||||||
2024 |
¥ | i 851 | ¥ | i 53,153 | ||||
2025 |
i 777 | i 40,853 | ||||||
2026 |
i 447 | i 35,134 | ||||||
2027 |
i 300 | i 28,606 | ||||||
2028 |
i 280 | i 24,029 | ||||||
Thereafter |
i 7,381 | i 115,534 | ||||||
Total lease payments |
i 10,036 | i 297,309 | ||||||
Less imputed interest |
( i 2,907 | ) | ( i 16,480 | ) | ||||
Total lease liabilities |
¥ | i 7,129 | ¥ | i 280,829 | ||||
Millions of yen |
||||||||
2022 |
2023 |
|||||||
| Borrowers in Japan: |
||||||||
| Consumer— |
||||||||
| Real estate loans |
¥ | i 2,007,570 | ¥ | i 1,949,865 | ||||
| Card loans |
i 173,687 | i 171,635 | ||||||
| Other |
i 27,770 | i 29,688 | ||||||
| |
|
|
|
|||||
| i 2,209,027 | i 2,151,188 | |||||||
| |
|
|
|
|||||
| Corporate— |
||||||||
| Real estate companies |
i 278,607 | i 296,228 | ||||||
| Non-recourse loans |
i 74,085 | i 124,499 | ||||||
| Commercial, industrial and other companies |
i 168,607 | i 165,951 | ||||||
| |
|
|
|
|||||
| i 521,299 | i 586,678 | |||||||
| |
|
|
|
|||||
| Borrowers in overseas: |
||||||||
| Consumer— |
||||||||
| Real estate loans |
i 105,860 | i 107,094 | ||||||
| Other |
i 30,136 | i 43,054 | ||||||
| |
|
|
|
|||||
| i 135,996 | i 150,148 | |||||||
| |
|
|
|
|||||
| Corporate— |
||||||||
| Real estate companies |
i 273,789 | i 277,839 | ||||||
| Non-recourse loans |
i 80,918 | i 38,654 | ||||||
| Commercial, industrial and other companies |
i 627,828 | i 660,840 | ||||||
| |
|
|
|
|||||
| i 982,535 | i 977,333 | |||||||
| |
|
|
|
|||||
| Purchased loans* |
i 13,747 | i 12,255 | ||||||
| |
|
|
|
|||||
| ¥ | i 3,862,604 | ¥ | i 3,877,602 | |||||
| |
|
|
|
|||||
| * | 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. |
| Years ending March 31, |
Millions of yen |
|||
| 2024 |
¥ | i 522,101 | ||
| 2025 |
i 429,107 | |||
| 2026 |
i 411,787 | |||
| 2027 |
i 270,538 | |||
| 2028 |
i 224,434 | |||
| Thereafter |
i 2,007,380 | |||
| |
|
|||
| Total |
¥ | i 3,865,347 | ||
| |
|
|||
| • | Credit quality indicators |
| • | Past-due financing receivables |
| • | Non-accrual |
Fiscal Year ended March 31, 2021 |
||||||||||||||||||||||||||||||||||||||||||||||||
Millions of yen |
||||||||||||||||||||||||||||||||||||||||||||||||
Beginning balance |
Cumulative effect of adopting According Standards Update 2016-13 |
Reclassification to allowance for investment in operating leases *4 |
Balance at April 1, 2020 |
Provision (Reversal)*3 |
Allowance of purchased loans during the reporting period |
Charge- offs*5 |
Recoveries |
Other*6 |
Ending balance*3 |
Collective (pool) assessment |
Individual assessment |
|||||||||||||||||||||||||||||||||||||
Allowance for credit losses : |
||||||||||||||||||||||||||||||||||||||||||||||||
Installment loans to consumer borrowers: |
||||||||||||||||||||||||||||||||||||||||||||||||
Real estate loans |
||||||||||||||||||||||||||||||||||||||||||||||||
Japan |
¥ | i 3,112 | ¥ | i 2,856 | ¥ | i 0 | ¥ | i 5,968 | ¥ | i 390 | ¥ | i 0 | ¥ | ( i 495 | ) | ¥ | i 59 | ¥ | i 0 | ¥ | i 5,922 | ¥ | i 5,354 | ¥ | i 568 | |||||||||||||||||||||||
Overseas |
i 128 | ( i 102 | ) | i 0 | i 26 | i 412 | i 0 | i 0 | i 1 | i 31 | i 470 | i 470 | i 0 | |||||||||||||||||||||||||||||||||||
Card loans |
||||||||||||||||||||||||||||||||||||||||||||||||
Japan |
i 3,785 | i 12,146 | i 0 | i 15,931 | ( i 802 | ) | i 0 | ( i 2,150 | ) | i 6 | ( i 1 | ) | i 12,984 | i 12,283 | i 701 | |||||||||||||||||||||||||||||||||
Other |
||||||||||||||||||||||||||||||||||||||||||||||||
Japan |
i 12,735 | ( i 963 | ) | i 0 | i 11,772 | i 5,875 | i 0 | ( i 9,296 | ) | i 8 | i 0 | i 8,359 | i 5,616 | i 2,743 | ||||||||||||||||||||||||||||||||||
Overseas |
i 782 | i 563 | i 0 | i 1,345 | i 739 | i 0 | ( i 1,754 | ) | i 577 | i 368 | i 1,275 | i 1,038 | i 237 | |||||||||||||||||||||||||||||||||||
Installment loans to corporate borrowers: |
||||||||||||||||||||||||||||||||||||||||||||||||
Non-recourse loans |
||||||||||||||||||||||||||||||||||||||||||||||||
Japan |
i 13 | i 24 | i 0 | i 37 | ( i 5 | ) | i 0 | i 0 | i 0 | i 0 | i 32 | i 32 | i 0 | |||||||||||||||||||||||||||||||||||
The Americas |
i 1,773 | i 1,577 | i 0 | i 3,350 | i 43 | i 0 | i 0 | i 0 | i 57 | i 3,450 | i 3,218 | i 232 | ||||||||||||||||||||||||||||||||||||
Real estate companies |
||||||||||||||||||||||||||||||||||||||||||||||||
Japan |
i 983 | i 46 | i 0 | i 1,029 | ( i 58 | ) | i 0 | ( i 96 | ) | i 25 | i 1 | i 901 | i 621 | i 280 | ||||||||||||||||||||||||||||||||||
Overseas |
i 2,010 | i 1,579 | i 0 | i 3,589 | ( i 1,502 | ) | i 0 | ( i 570 | ) | i 33 | ( i 11 | ) | i 1,539 | i 1,539 | i 0 | |||||||||||||||||||||||||||||||||
Commercial, industrial companies |
||||||||||||||||||||||||||||||||||||||||||||||||
Japan |
i 2,447 | i 98 | i 0 | i 2,545 | ( i 27 | ) | i 0 | ( i 592 | ) | i 11 | i 1 | i 1,938 | i 199 | i 1,739 | ||||||||||||||||||||||||||||||||||
Overseas |
i 14,769 | i 9,002 | i 0 | i 23,771 | i 10,410 | i 0 | ( i 15,427 | ) | i 18 | ( i 9 | ) | i 18,763 | i 13,013 | i 5,750 | ||||||||||||||||||||||||||||||||||
Purchased loans*1 |
i 1,458 | i 0 | i 0 | i 1,458 | i 353 | i 3,899 | ( i 4,040 | ) | i 46 | i 119 | i 1,835 | i 681 | i 1,154 | |||||||||||||||||||||||||||||||||||
Net investment in leases: |
i 11,692 | i 3,550 | i 0 | i 15,242 | i 3,285 | i 0 | ( i 2,668 | ) | i 10 | i 653 | i 16,522 | i 13,267 | i 3,255 | |||||||||||||||||||||||||||||||||||
Subtotal |
i 55,687 | i 30,376 | i 0 | i 86,063 | i 19,113 | i 3,899 | ( i 37,088 | ) | i 794 | i 1,209 | i 73,990 | i 57,331 | i 16,659 | |||||||||||||||||||||||||||||||||||
Other financial assets measured at amortized cost*2 |
i 1,149 | i 1,369 | ( i 312 | ) | i 2,206 | i 4,483 | i 0 | ( i 344 | ) | i 11 | ( i 351 | ) | i 6,005 | i 810 | i 5,195 | |||||||||||||||||||||||||||||||||
Total |
¥ | i 56,836 | ¥ | i 31,745 | ¥ | ( i 312 | ) | ¥ | i 88,269 | ¥ | i 23,596 | ¥ | i 3,899 | ¥ | ( i 37,432 | ) | ¥ | i 805 | ¥ | i 858 | ¥ | i 79,995 | ¥ | i 58,141 | ¥ | i 21,854 | ||||||||||||||||||||||
Fiscal Year ended March 31, 2022 |
||||||||||||||||||||||||||||||||||||
Millions of yen |
||||||||||||||||||||||||||||||||||||
Beginning balance |
Provision (Reversal)*3 |
Allowance of purchased loans during the reporting period |
Charge- offs*5 |
Recoveries |
Other*6 |
Ending balance*3 |
Collective (pool) assessment |
Individual assessment |
||||||||||||||||||||||||||||
Allowance for credit losses : |
||||||||||||||||||||||||||||||||||||
Installment loans to consumer borrowers: |
||||||||||||||||||||||||||||||||||||
Real estate loans |
||||||||||||||||||||||||||||||||||||
Japan |
¥ | i 5,922 | ¥ | i 340 | ¥ | i 0 | ¥ | ( i 570 | ) | ¥ | i 24 | ¥ | i 0 | ¥ | i 5,716 | ¥ | i 5,211 | ¥ | i 505 | |||||||||||||||||
Overseas |
i 470 | ( i 34 | ) | i 0 | i 0 | i 4 | i 15 | i 455 | i 455 | i 0 | ||||||||||||||||||||||||||
Card loans |
||||||||||||||||||||||||||||||||||||
Japan |
i 12,984 | ( i 1,301 | ) | i 0 | ( i 1,669 | ) | i 4 | i 1 | i 10,019 | i 9,423 | i 596 | |||||||||||||||||||||||||
Other |
||||||||||||||||||||||||||||||||||||
Japan |
i 8,359 | i 4,948 | i 0 | ( i 8,114 | ) | i 11 | i 0 | i 5,204 | i 2,946 | i 2,258 | ||||||||||||||||||||||||||
Overseas |
i 1,275 | i 300 | i 0 | ( i 644 | ) | i 0 | i 174 | i 1,105 | i 961 | i 144 | ||||||||||||||||||||||||||
Installment loans to corporate borrowers: |
||||||||||||||||||||||||||||||||||||
Non-recourse loans |
||||||||||||||||||||||||||||||||||||
Japan |
i 32 | i 49 | i 0 | i 0 | i 0 | i 0 | i 81 | i 81 | i 0 | |||||||||||||||||||||||||||
The Americas |
i 3,450 | ( i 1,035 | ) | i 0 | i 0 | i 0 | i 276 | i 2,691 | i 1,836 | i 855 | ||||||||||||||||||||||||||
Real estate companies |
||||||||||||||||||||||||||||||||||||
Japan |
i 901 | ( i 204 | ) | i 0 | ( i 109 | ) | i 29 | i 0 | i 617 | i 490 | i 127 | |||||||||||||||||||||||||
Overseas |
i 1,539 | ( i 855 | ) | i 0 | ( i 10 | ) | i 0 | i 61 | i 735 | i 735 | i 0 | |||||||||||||||||||||||||
Commercial, industrial companies |
||||||||||||||||||||||||||||||||||||
Japan |
i 1,938 | i 93 | i 0 | ( i 761 | ) | i 67 | i 0 | i 1,337 | i 505 | i 832 | ||||||||||||||||||||||||||
Overseas |
i 18,763 | i 3,503 | i 0 | ( i 6,185 | ) | i 155 | i 2,060 | i 18,296 | i 13,367 | i 4,929 | ||||||||||||||||||||||||||
Purchased loans*1 |
i 1,835 | ( i 227 | ) | i 2,210 | ( i 2,372 | ) | i 114 | i 15 | i 1,575 | i 608 | i 967 | |||||||||||||||||||||||||
Net investment in leases: |
i 16,522 | i 1,577 | i 0 | ( i 2,802 | ) | i 21 | i 985 | i 16,303 | i 12,480 | i 3,823 | ||||||||||||||||||||||||||
Subtotal |
i 73,990 | i 7,154 | i 2,210 | ( i 23,236 | ) | i 429 | i 3,587 | i 64,134 | i 49,098 | i 15,036 | ||||||||||||||||||||||||||
Other financial assets measured at amortized cost*2 |
i 6,005 | i 2,662 | i 0 | ( i 1,661 | ) | i 45 | i 231 | i 7,282 | i 562 | i 6,720 | ||||||||||||||||||||||||||
Total |
¥ | i 79,995 | ¥ | i 9,816 | ¥ | i 2,210 | ¥ | ( i 24,897 | ) | ¥ | i 474 | ¥ | i 3,818 | ¥ | i 71,416 | ¥ | i 49,660 | ¥ | i 21,756 | |||||||||||||||||
Fiscal Year ended March 31, 2023 |
||||||||||||||||||||||||||||||||||||
Millions of yen |
||||||||||||||||||||||||||||||||||||
Beginning balance |
Provision (Reversal)*3 |
Allowance of purchased loans during the reporting period |
Charge- offs*5 |
Recoveries |
Other*6 |
Ending balance*3 |
Collective (pool) assessment |
Individual assessment |
||||||||||||||||||||||||||||
Allowance for credit losses : |
||||||||||||||||||||||||||||||||||||
Installment loans to consumer borrowers: |
||||||||||||||||||||||||||||||||||||
Real estate loans |
||||||||||||||||||||||||||||||||||||
Japan |
¥ | i 5,716 | ¥ | ( i 1,437 | ) | ¥ | i 0 | ¥ | ( i 215 | ) | ¥ | i 27 | ¥ | i 1 | ¥ | i 4,092 | ¥ | i 3,644 | ¥ | i 448 | ||||||||||||||||
Overseas |
i 455 | ( i 19 | ) | i 0 | i 0 | i 1 | i 9 | i 446 | i 446 | i 0 | ||||||||||||||||||||||||||
Card loans |
||||||||||||||||||||||||||||||||||||
Japan |
i 10,019 | ( i 421 | ) | i 0 | ( i 584 | ) | i 8 | i 0 | i 9,022 | i 8,329 | i 693 | |||||||||||||||||||||||||
Other |
||||||||||||||||||||||||||||||||||||
Japan |
i 5,204 | i 4,672 | i 0 | ( i 2,124 | ) | i 8 | ( i 1 | ) | i 7,759 | i 5,337 | i 2,422 | |||||||||||||||||||||||||
Overseas |
i 1,105 | i 1,265 | i 0 | ( i 508 | ) | i 0 | i 27 | i 1,889 | i 1,467 | i 422 | ||||||||||||||||||||||||||
Installment loans to corporate borrowers: |
||||||||||||||||||||||||||||||||||||
Non-recourse loans |
||||||||||||||||||||||||||||||||||||
Japan |
i 81 | i 173 | i 0 | i 0 | i 0 | ( i 1 | ) | i 253 | i 253 | i 0 | ||||||||||||||||||||||||||
The Americas |
i 2,691 | ( i 1,186 | ) | i 0 | i 0 | i 0 | ( i 11 | ) | i 1,494 | i 560 | i 934 | |||||||||||||||||||||||||
Real estate companies |
||||||||||||||||||||||||||||||||||||
Japan |
i 617 | i 131 | i 0 | i 0 | i 28 | i 1 | i 777 | i 663 | i 114 | |||||||||||||||||||||||||||
Overseas |
i 735 | i 264 | i 0 | ( i 29 | ) | i 0 | i 37 | i 1,007 | i 1,007 | i 0 | ||||||||||||||||||||||||||
Commercial, industrial companies |
||||||||||||||||||||||||||||||||||||
Japan |
i 1,337 | i 102 | i 0 | ( i 358 | ) | i 71 | i 0 | i 1,152 | i 477 | i 675 | ||||||||||||||||||||||||||
Overseas |
i 18,296 | i 7,164 | i 0 | ( i 8,212 | ) | i 329 | i 1,555 | i 19,132 | i 16,455 | i 2,677 | ||||||||||||||||||||||||||
Purchased loans*1 |
i 1,575 | ( i 261 | ) | i 6,901 | ( i 7,142 | ) | i 64 | i 11 | i 1,148 | i 541 | i 607 | |||||||||||||||||||||||||
Net investment in leases: |
i 16,303 | i 1,678 | i 0 | ( i 2,637 | ) | i 27 | i 348 | i 15,719 | i 12,032 | i 3,687 | ||||||||||||||||||||||||||
Subtotal |
i 64,134 | i 12,125 | i 6,901 | ( i 21,809 | ) | i 563 | i 1,976 | i 63,890 | i 51,211 | i 12,679 | ||||||||||||||||||||||||||
Other financial assets measured at amortized cost*2 |
i 7,282 | i 555 | i 0 | ( i 6,563 | ) | i 30 | i 178 | i 1,482 | i 548 | i 934 | ||||||||||||||||||||||||||
Total |
¥ | i 71,416 | ¥ | i 12,680 | ¥ | i 6,901 | ¥ | ( i 28,372 | ) | ¥ | i 593 | ¥ | i 2,154 | ¥ | i 65,372 | ¥ | i 51,759 | ¥ | i 13,613 | |||||||||||||||||
| Notes: | 1. Loans held for sale and policy loan receivables of an insurance entity are not scope to allowance for credit losses. |
| 2. | Held-to-maturity held-to-maturity non-accrual status on held-to-maturity |
| *1 | Purchased loans represent loans with evidence of deterioration of credit quality since origination and for which it is probable at acquisition that collection of all contractually required payments from the debtors is unlikely. Due to the adoption of Credit Losses s tandard, allowance of ¥ i 176,714 million was
recorded as credit loss gross-up treatment for purchased loans on April 1, 2020, and the same amount has been charged-off. |
| *2 | The allowance for other financial assets measured at amortized cost includes the allowance for credit losses on financial 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 ¥ i 16,021 million, ¥ i 3,939 million and ¥ i 7,756 million
for fiscal 2021, 2022 and 2023, respectively. “Allowance for credit losses” on the consolidated balance sheets amounted to ¥ i 78,945 million, ¥ i 69,459 million
and ¥ i 64,723 million as of March 31, 2021, 2022 and 2023, respectively. The reconciliation between the above table and the amounts reported on the consolidated financial statements in fiscal 2021, 2022 and 2023 are as follows: |
Millions of yen |
||||||||||||||||||||||||
Fiscal Year ended March 31, 2021 |
Fiscal Year ended March 31, 2022 |
Fiscal Year ended March 31, 2023 |
||||||||||||||||||||||
Provision for credit losses |
Allowance for credit losses |
Provision for credit losses |
Allowance for credit losses |
Provision for credit losses |
Allowance for credit losses |
|||||||||||||||||||
Net investment in leases |
¥ | i 3,285 | ¥ | i 16,522 | ¥ | i 1,577 | ¥ | i 16,303 | ¥ | i 1,678 | ¥ | i 15,719 | ||||||||||||
Installment loans |
i 15,828 | i 57,468 | i 5,577 | i 47,831 | i 10,447 | i 48,171 | ||||||||||||||||||
Subtotal in the above table |
i 19,113 | i 73,990 | i 7,154 | i 64,134 | i 12,125 | i 63,890 | ||||||||||||||||||
Other financial assets measured at amortized cost |
i 4,483 | i 6,005 | i 2,662 | i 7,282 | i 555 | i 1,482 | ||||||||||||||||||
Total in the above table |
i 23,596 | i 79,995 | i 9,816 | i 71,416 | i 12,680 | i 65,372 | ||||||||||||||||||
Off-balance sheet credit exposures*3(a) |
( i 7,437 | ) | — | ( i 4,449 | ) | — | ( i 4,542 | ) | — | |||||||||||||||
Available-for-sale |
i 117 | — | i 21 | — | ( i 21 | ) | — | |||||||||||||||||
Less: Loans to affiliates *3(c) |
( i 255 | ) | ( i 1,050 | ) | ( i 1,449 | ) | ( i 1,957 | ) | ( i 361 | ) | ( i 649 | ) | ||||||||||||
Amount reported on the consolidated financial statements |
¥ | i 16,021 | ¥ | i 78,945 | ¥ | i 3,939 | ¥ | i 69,459 | ¥ | i 7,756 | ¥ | i 64,723 | ||||||||||||
| *3(a) | The allowance for off-balance sheet credit exposure were ¥ i 26,094 million, ¥ i 22,120 million
and ¥ i 17,843 million as of March 31, 2021, 2022 and 2023, respectively, and the amounts are recorded in “Other liabilities” on the consolidated balance sheets. For further information, see Note 30 “Commitments, Guarantees and Contingent Liabilities.” |
| *3(b) | The allowance for available-for-sale |
| *3(c) | The provision for credit losses on loans to affiliates were provisions of ¥ i 255 million, ¥ i 1,449 million
and ¥ i 361 million during fiscal 2021, 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 ¥ i 1,050 million,
¥ i 1,957 million and ¥ i 649 million as of March 31, 2021, 2022
and 2023, respectively, and the amounts are recorded as a reduction in “Investment in affiliates” on the consolidated balance sheets. |
| *4 | The allowance for accrued lease payments for receivable from operating leases was reclassified to the investment in operating leases balance on April 1, 2020, due to the application of the Credit Losses s tandard. |
| *5 | Included in Charge-off in write-offs of purchased loans at acquisition date were ¥ i 3,899 million, ¥ i 2,210 million
and ¥ i 6,901 million during fiscal 2021, 2022 and 2023, respectively. |
| *6 | Other mainly includes foreign currency translation adjustments and increases or decreases in allowance due to consolidation or deconsolidation of subsidiaries. |
Millions of yen |
||||||||||||
Fiscal Year ended |
Fiscal Year ended |
Fiscal Year ended |
||||||||||
Purchase price |
¥ | i 2,705 | ¥ | i 4,926 | ¥ | i 2,444 | ||||||
Allowance for credit losses at acquisition date |
i 3,899 | i 2,210 | i 6,901 | |||||||||
Discount or premium attributable to other factors |
i 254 | i 220 | i 261 | |||||||||
Par value |
¥ | i 6,858 | ¥ | i 7,356 | ¥ | i 9,606 | ||||||
| • | business characteristics and financial conditions of obligors; |
| • | prior charge-off experience; |
| • | current delinquencies and delinquency trends; |
| • | value of underlying collateral and guarantees; and |
| • | current economic and business conditions and expected outlook in future. |
Millions of yen |
||||||||||||||||||||||||||||||
Portfolio segment |
Origination year (years ended March 31) |
|||||||||||||||||||||||||||||
Class |
||||||||||||||||||||||||||||||
Credit Quality |
2022 |
2021 |
2020 |
2019 |
2018 |
Prior |
Total |
|||||||||||||||||||||||
Consumer borrowers: |
||||||||||||||||||||||||||||||
| Performing | ¥ | i 322,924 | ¥ | i 314,935 | ¥ | i 387,988 | ¥ | i 314,163 | ¥ | i 202,309 | ¥ | i 595,321 | ¥ | i 2,137,640 | ||||||||||||||||
Non-Performing |
i 8,282 | i 4,595 | i 3,852 | i 2,098 | i 961 | i 11,915 | ¥ | i 31,703 | ||||||||||||||||||||||
Real estate loans |
||||||||||||||||||||||||||||||
| Performing | i 302,695 | i 309,893 | i 382,612 | i 311,959 | i 198,974 | i 594,612 | ¥ | i 2,100,745 | ||||||||||||||||||||||
Non-Performing |
i 26 | i 94 | i 489 | i 380 | i 222 | i 11,474 | ¥ | i 12,685 | ||||||||||||||||||||||
Other* |
||||||||||||||||||||||||||||||
| Performing | i 20,229 | i 5,042 | i 5,376 | i 2,204 | i 3,335 | i 709 | ¥ | i 36,895 | ||||||||||||||||||||||
Non-Performing |
i 8,256 | i 4,501 | i 3,363 | i 1,718 | i 739 | i 441 | ¥ | i 19,018 | ||||||||||||||||||||||
Corporate borrowers: |
||||||||||||||||||||||||||||||
| Performing | i 487,433 | i 188,634 | i 283,950 | i 127,128 | i 96,851 | i 111,640 | ¥ | i 1,295,636 | ||||||||||||||||||||||
Non-Performing |
i 412 | i 3,184 | i 4,138 | i 4,747 | i 14,562 | i 21,000 | ¥ | i 48,043 | ||||||||||||||||||||||
Non-recourse loans |
||||||||||||||||||||||||||||||
Japan |
||||||||||||||||||||||||||||||
| Performing | i 26,991 | i 6,686 | i 24,244 | i 5,256 | i 2,750 | i 8,158 | ¥ | i 74,085 | ||||||||||||||||||||||
The Americas |
||||||||||||||||||||||||||||||
| Performing | i 0 | i 5,547 | i 51,467 | i 11,744 | i 7,721 | i 1,397 | ¥ | i 77,876 | ||||||||||||||||||||||
Non-Performing |
i 0 | i 64 | i 0 | i 1,587 | i 0 | i 1,391 | ¥ | i 3,042 | ||||||||||||||||||||||
Other than non-recourse loans |
||||||||||||||||||||||||||||||
Real estate companies in Japan |
||||||||||||||||||||||||||||||
| Performing | i 102,719 | i 48,420 | i 37,845 | i 28,727 | i 24,481 | i 34,111 | ¥ | i 276,303 | ||||||||||||||||||||||
Non-Performing |
i 0 | i 245 | i 938 | i 71 | i 0 | i 1,050 | ¥ | i 2,304 | ||||||||||||||||||||||
Real estate companies in overseas |
||||||||||||||||||||||||||||||
| Performing | i 24,104 | i 26,751 | i 41,644 | i 2,256 | i 5,478 | i 740 | ¥ | i 100,973 | ||||||||||||||||||||||
Non-Performing |
i 0 | i 0 | i 0 | i 371 | i 12,790 | i 7,717 | ¥ | i 20,878 | ||||||||||||||||||||||
Commercial, industrial and other companies in Japan |
||||||||||||||||||||||||||||||
| Performing | i 75,273 | i 24,808 | i 26,748 | i 13,746 | i 6,457 | i 13,806 | ¥ | i 160,838 | ||||||||||||||||||||||
Non-Performing |
i 156 | i 457 | i 1,392 | i 124 | i 392 | i 773 | ¥ | i 3,294 | ||||||||||||||||||||||
Commercial, industrial and other companies in overseas |
||||||||||||||||||||||||||||||
| Performing | i 258,346 | i 76,422 | i 102,002 | i 65,399 | i 49,964 | i 53,428 | ¥ | i 605,561 | ||||||||||||||||||||||
Non-Performing |
i 256 | i 2,418 | i 1,808 | i 2,594 | i 1,380 | i 10,069 | ¥ | i 18,525 | ||||||||||||||||||||||
Millions of yen |
||||||||||||||||||||||||||||||
Portfolio segment |
Origination year (years ended March 31) |
|||||||||||||||||||||||||||||
Class |
||||||||||||||||||||||||||||||
Credit Quality |
2022 |
2021 |
2020 |
2019 |
2018 |
Prior |
Total |
|||||||||||||||||||||||
Purchased loans: |
||||||||||||||||||||||||||||||
| Performing | i 0 | i 0 | i 24 | i 281 | i 1,072 | i 10,885 | ¥ | i 12,262 | ||||||||||||||||||||||
Non-Performing |
i 0 | i 0 | i 0 | i 0 | i 0 | i 1,485 | ¥ | i 1,485 | ||||||||||||||||||||||
Net investment in leases: |
||||||||||||||||||||||||||||||
| Performing | i 328,428 | i 249,106 | i 190,125 | i 113,190 | i 77,683 | i 80,217 | ¥ | i 1,038,749 | ||||||||||||||||||||||
Non-Performing |
i 2,608 | i 2,899 | i 3,474 | i 2,787 | i 2,178 | i 5,278 | ¥ | i 19,224 | ||||||||||||||||||||||
Japan |
||||||||||||||||||||||||||||||
| Performing | i 119,538 | i 154,757 | i 133,589 | i 91,691 | i 68,087 | i 78,283 | ¥ | i 645,945 | ||||||||||||||||||||||
Non-Performing |
i 402 | i 605 | i 1,044 | i 1,103 | i 1,247 | i 2,109 | ¥ | i 6,510 | ||||||||||||||||||||||
Overseas |
||||||||||||||||||||||||||||||
| Performing | i 208,890 | i 94,349 | i 56,536 | i 21,499 | i 9,596 | i 1,934 | ¥ | i 392,804 | ||||||||||||||||||||||
Non-Performing |
i 2,206 | i 2,294 | i 2,430 | i 1,684 | i 931 | i 3,169 | ¥ | i 12,714 | ||||||||||||||||||||||
Other financial assets measured at amortized cost |
||||||||||||||||||||||||||||||
| Performing | i 14,287 | i 2,220 | i 345 | i 0 | i 817 | i 17,743 | ¥ | i 35,412 | ||||||||||||||||||||||
Non-Performing |
i 0 | i 0 | i 58 | i 0 | i 1,586 | i 0 | ¥ | i 1,644 | ||||||||||||||||||||||
Total (excluding revolving repayment card loans) |
||||||||||||||||||||||||||||||
| Performing | ¥ | i 1,153,072 | ¥ | i 754,895 | ¥ | i 862,432 | ¥ | i 554,762 | ¥ | i 378,732 | ¥ | i 815,806 | ¥ | i 4,519,699 | ||||||||||||||||
Non-Performing |
¥ | i 11,302 | ¥ | i 10,678 | ¥ | i 11,522 | ¥ | i 9,632 | ¥ | i 19,287 | ¥ | i 39,678 | ¥ | i 102,099 | ||||||||||||||||
Millions of yen |
||||||||||||||||||||||||||||||
Portfolio segment |
Origination year (years ended March 31) |
|||||||||||||||||||||||||||||
Class |
||||||||||||||||||||||||||||||
Credit Quality |
2023 |
2022 |
2021 |
2020 |
2019 |
Prior |
Total |
|||||||||||||||||||||||
Consumer borrowers: |
||||||||||||||||||||||||||||||
| Performing | ¥ | i 300,198 | ¥ | i 200,041 | ¥ | i 281,872 | ¥ | i 360,726 | ¥ | i 293,297 | ¥ | i 656,584 | ¥ | i 2,092,718 | ||||||||||||||||
Non-Performing |
i 10,896 | i 5,259 | i 3,140 | i 2,257 | i 1,078 | i 12,324 | ¥ | i 34,954 | ||||||||||||||||||||||
Real estate loans |
||||||||||||||||||||||||||||||
| Performing | i 266,663 | i 190,076 | i 279,690 | i 359,321 | i 292,388 | i 655,811 | ¥ | i 2,043,949 | ||||||||||||||||||||||
Non-Performing |
i 17 | i 81 | i 378 | i 474 | i 239 | i 11,821 | ¥ | i 13,010 | ||||||||||||||||||||||
Other* |
||||||||||||||||||||||||||||||
| Performing | i 33,535 | i 9,965 | i 2,182 | i 1,405 | i 909 | i 773 | ¥ | i 48,769 | ||||||||||||||||||||||
Non-Performing |
i 10,879 | i 5,178 | i 2,762 | i 1,783 | i 839 | i 503 | ¥ | i 21,944 | ||||||||||||||||||||||
Corporate borrowers: |
||||||||||||||||||||||||||||||
| Performing | i 427,902 | i 346,629 | i 127,984 | i 171,314 | i 103,628 | i 139,503 | ¥ | i 1,316,960 | ||||||||||||||||||||||
Non-Performing |
i 257 | i 793 | i 5,485 | i 4,959 | i 4,624 | i 24,008 | ¥ | i 40,126 | ||||||||||||||||||||||
Non-recourse loans |
||||||||||||||||||||||||||||||
Japan |
||||||||||||||||||||||||||||||
| Performing | i 65,874 | i 17,831 | i 6,699 | i 22,384 | i 4,158 | i 7,553 | ¥ | i 124,499 | ||||||||||||||||||||||
The Americas |
||||||||||||||||||||||||||||||
| Performing | i 2,901 | i 706 | i 5,217 | i 15,153 | i 10,595 | i 834 | ¥ | i 35,406 | ||||||||||||||||||||||
Non-Performing |
i 0 | i 0 | i 0 | i 0 | i 0 | i 3,248 | ¥ | i 3,248 | ||||||||||||||||||||||
Other than non-recourse loans |
||||||||||||||||||||||||||||||
Real estate companies in Japan |
||||||||||||||||||||||||||||||
| Performing | i 124,452 | i 43,210 | i 30,996 | i 27,022 | i 22,251 | i 46,222 | ¥ | i 294,153 | ||||||||||||||||||||||
Non-Performing |
i 0 | i 230 | i 0 | i 913 | i 9 | i 923 | ¥ | i 2,075 | ||||||||||||||||||||||
Real estate companies in overseas |
||||||||||||||||||||||||||||||
| Performing | i 34,508 | i 12,639 | i 9,091 | i 6,998 | i 1,627 | i 1,165 | ¥ | i 66,028 | ||||||||||||||||||||||
Non-Performing |
i 0 | i 0 | i 741 | i 0 | i 813 | i 12,063 | ¥ | i 13,617 | ||||||||||||||||||||||
Commercial, industrial and other companies in Japan |
||||||||||||||||||||||||||||||
| Performing | i 76,764 | i 27,327 | i 16,743 | i 17,003 | i 8,383 | i 12,878 | ¥ | i 159,098 | ||||||||||||||||||||||
Non-Performing |
i 125 | i 80 | i 431 | i 264 | i 133 | i 399 | ¥ | i 1,432 | ||||||||||||||||||||||
Commercial, industrial and other companies in overseas |
||||||||||||||||||||||||||||||
| Performing | i 123,403 | i 244,916 | i 59,238 | i 82,754 | i 56,614 | i 70,851 | ¥ | i 637,776 | ||||||||||||||||||||||
Non-Performing |
i 132 | i 483 | i 4,313 | i 3,782 | i 3,669 | i 7,375 | ¥ | i 19,754 | ||||||||||||||||||||||
Purchased loans: |
||||||||||||||||||||||||||||||
| Performing | i 26 | i 396 | i 0 | i 21 | i 406 | i 10,385 | ¥ | i 11,234 | ||||||||||||||||||||||
Non-Performing |
i 0 | i 0 | i 0 | i 0 | i 0 | i 1,021 | ¥ | i 1,021 | ||||||||||||||||||||||
Net investment in leases: |
||||||||||||||||||||||||||||||
| Performing | i 440,421 | i 257,871 | i 139,306 | i 103,726 | i 53,604 | i 75,794 | ¥ | i 1,070,722 | ||||||||||||||||||||||
Non-Performing |
i 2,757 | i 3,228 | i 1,806 | i 2,042 | i 1,720 | i 5,288 | ¥ | i 16,841 | ||||||||||||||||||||||
Millions of yen |
||||||||||||||||||||||||||||||
Portfolio segment |
Origination year (years ended March 31) |
|||||||||||||||||||||||||||||
Class |
||||||||||||||||||||||||||||||
Credit Quality |
2023 |
2022 |
2021 |
2020 |
2019 |
Prior |
Total |
|||||||||||||||||||||||
Japan |
||||||||||||||||||||||||||||||
| Performing | i 193,297 | i 136,285 | i 99,739 | i 80,542 | i 44,853 | i 72,295 | ¥ | i 627,011 | ||||||||||||||||||||||
Non-Performing |
i 212 | i 660 | i 658 | i 798 | i 811 | i 1,970 | ¥ | i 5,109 | ||||||||||||||||||||||
Overseas |
||||||||||||||||||||||||||||||
| Performing | i 247,124 | i 121,586 | i 39,567 | i 23,184 | i 8,751 | i 3,499 | ¥ | i 443,711 | ||||||||||||||||||||||
Non-Performing |
i 2,545 | i 2,568 | i 1,148 | i 1,244 | i 909 | i 3,318 | ¥ | i 11,732 | ||||||||||||||||||||||
Other financial assets measured at amortized cost |
||||||||||||||||||||||||||||||
| Performing | i 3,197 | i 0 | i 2,089 | i 282 | i 0 | i 21,301 | ¥ | i 26,869 | ||||||||||||||||||||||
Non-Performing |
i 0 | i 298 | i 0 | i 0 | i 368 | i 0 | ¥ | i 666 | ||||||||||||||||||||||
Total (excluding revolving repayment card loans) |
||||||||||||||||||||||||||||||
| Performing | ¥ | i 1,171,744 | ¥ | i 804,937 | ¥ | i 551,251 | ¥ | i 636,069 | ¥ | i 450,935 | ¥ | i 903,567 | ¥ | i 4,518,503 | ||||||||||||||||
Non-Performing |
i 13,910 | i 9,578 | i 10,431 | i 9,258 | i 7,790 | i 42,641 | ¥ | i 93,608 | ||||||||||||||||||||||
Note: |
Loans held for sale and policy loan receivables of an insurance entity 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 30 “Commitments, Guarantees and Contingent Liabilities.” |
Millions of yen |
||||||||||||||||||||
Portfolio segment |
Revolving repayment card loans |
Total—revolving repayment card loans |
Total— origination year (excluding revolving repayment card loans) |
Total— financial assets measured at amortized cost |
||||||||||||||||
Credit quality | ||||||||||||||||||||
Consumer borrowers: |
||||||||||||||||||||
Performing |
¥ | i 169,601 | ¥ | i 0 | ¥ | i 169,601 | ¥ | i 4,519,699 | ¥ | i 4,689,300 | ||||||||||
Non-Performing |
i 671 | i 3,415 | i 4,086 | i 102,099 | ¥ | i 106,185 | ||||||||||||||
March 31, 202 3 |
||||||||||||||||||||
Millions of yen |
||||||||||||||||||||
Portfolio segment |
Revolving repayment card loans |
Total—revolving repayment card loans |
Total— origination year (excluding revolving repayment card loans) |
Total— financial assets measured at amortized cost |
||||||||||||||||
Credit quality | ||||||||||||||||||||
Consumer borrowers: |
||||||||||||||||||||
Performing |
¥ | i 166,392 | ¥ | i 0 | ¥ | i 166,392 | ¥ | i 4,518,503 | ¥ | i 4,684,895 | ||||||||||
Non-Performing |
i 1,588 | i 3,655 | i 5,243 | i 93,608 | ¥ | i 98,851 | ||||||||||||||
Millions of yen |
||||||||||||||||||
Past-due financing assets |
||||||||||||||||||
Portfolio segment |
Class |
30-89 days past-due |
90 days or more past-due |
Total past-due |
Total financing receivables |
|||||||||||||
Consumer borrowers |
¥ | i 4,183 | ¥ | i 5,637 | ¥ | i 9,820 | ¥ | i 2,343,030 | ||||||||||
| Real estate loans | i 1,473 | i 2,262 | i 3,735 | i 2,113,430 | ||||||||||||||
| Card loans | i 371 | i 503 | i 874 | i 173,687 | ||||||||||||||
| Other | i 2,339 | i 2,872 | i 5,211 | i 55,913 | ||||||||||||||
Corporate borrowers |
i 20,840 | i 31,935 | i 52,775 | i 1,343,679 | ||||||||||||||
Non-recourse loans |
Japan | i 0 | i 0 | i 0 | i 74,085 | |||||||||||||
| The Americas | i 514 | i 3,042 | i 3,556 | i 80,918 | ||||||||||||||
Other than Non-recourse loans |
Real estate companies in Japan | i 578 | i 350 | i 928 | i 278,607 | |||||||||||||
| Real estate companies in overseas | i 16,113 | i 20,879 | i 36,992 | i 121,851 | ||||||||||||||
Commercial, industrial and other companies in Japan |
i 1,243 | i 1,268 | i 2,511 | i 164,132 | ||||||||||||||
Commercial, industrial and other companies in overseas |
i 2,392 | i 6,396 | i 8,788 | i 624,086 | ||||||||||||||
Net investment in leases |
i 9,322 | i 17,746 | i 27,068 | i 1,057,973 | ||||||||||||||
| Japan | i 2,252 | i 5,782 | i 8,034 | i 652,455 | ||||||||||||||
| Overseas | i 7,070 | i 11,964 | i 19,034 | i 405,518 | ||||||||||||||
Total |
¥ | i 34,345 | ¥ | i 55,318 | ¥ | i 89,663 | ¥ | i 4,744,682 | ||||||||||
Millions of yen |
||||||||||||||||||
Past-due financing assets |
||||||||||||||||||
Portfolio segment |
Class |
30-89 days past-due |
90 days or more past-due |
Total past-due |
Total financing receivables |
|||||||||||||
Consumer borrowers |
¥ | i 4,574 | ¥ | i 10,047 | ¥ | i 14,621 | ¥ | i 2,299,307 | ||||||||||
| Real estate loans | i 1,739 | i 2,181 | i 3,920 | i 2,056,959 | ||||||||||||||
| Card loans | i 514 | i 1,364 | i 1,878 | i 171,635 | ||||||||||||||
| Other | i 2,321 | i 6,502 | i 8,823 | i 70,713 | ||||||||||||||
Corporate borrowers |
i 5,628 | i 21,363 | i 26,991 | i 1,357,086 | ||||||||||||||
Non-recourse loans |
Japan | i 0 | i 0 | i 0 | i 124,499 | |||||||||||||
| The Americas | i 0 | i 1,494 | i 1,494 | i 38,654 | ||||||||||||||
Other than Non-recourse loans |
Real estate companies in Japan | i 159 | i 219 | i 378 | i 296,228 | |||||||||||||
| Real estate companies in overseas | i 1,412 | i 13,618 | i 15,030 | i 79,645 | ||||||||||||||
Commercial, industrial and other companies in Japan |
i 1,366 | i 1,118 | i 2,484 | i 160,530 | ||||||||||||||
Commercial, industrial and other companies in overseas |
i 2,691 | i 4,914 | i 7,605 | i 657,530 | ||||||||||||||
Net investment in leases |
i 9,181 | i 15,583 | i 24,764 | i 1,087,563 | ||||||||||||||
| Japan | i 2,648 | i 4,431 | i 7,079 | i 632,120 | ||||||||||||||
| Overseas | i 6,533 | i 11,152 | i 17,685 | i 455,443 | ||||||||||||||
Total |
¥ | i 19,383 | ¥ | i 46,993 | ¥ | i 66,376 | ¥ | i 4,743,956 | ||||||||||
Note: |
Loans held for sale, policy loans receivable of an insurance entity and purchased loans are not included in the table above. |
Millions of yen |
||||||||||||||||
Beginning balance |
Ending balance |
Interest income recognized during the reporting period |
Balance not associated allowance for credit losses among financial assets measured at amortized cost, which is suspending recognition of income |
|||||||||||||
| Non-accrual of financial assets: |
||||||||||||||||
| Installment loans to consumer borrowers: |
||||||||||||||||
| Real estate loans |
||||||||||||||||
| Japan |
¥ | i 1,976 | ¥ | i 1,824 | ¥ | i 193 | ¥ | i 21 | ||||||||
| Overseas |
i 570 | i 475 | i 0 | i 129 | ||||||||||||
| Card loans |
||||||||||||||||
| Japan |
i 1,115 | i 503 | i 35 | i 0 | ||||||||||||
| Other |
||||||||||||||||
| Japan |
i 5,970 | i 2,391 | i 208 | i 0 | ||||||||||||
| Overseas |
i 691 | i 519 | i 0 | i 39 | ||||||||||||
| Installment loans to corporate borrowers: |
||||||||||||||||
| Non-recourse loans |
||||||||||||||||
| The Americas |
i 10,148 | i 8,787 | i 0 | i 0 | ||||||||||||
| Real estate companies |
||||||||||||||||
| Japan |
i 778 | i 351 | i 51 | i 61 | ||||||||||||
| Overseas |
i 14,505 | i 20,879 | i 0 | i 0 | ||||||||||||
| Commercial, industrial companies and other |
||||||||||||||||
| Japan |
i 1,993 | i 1,267 | i 91 | i 28 | ||||||||||||
| Overseas |
i 26,396 | i 18,634 | i 112 | i 4,018 | ||||||||||||
| Net investment in leases |
i 17,166 | i 17,771 | i 0 | i 0 | ||||||||||||
| |
|
|
|
|
|
|
|
|||||||||
| Total |
¥ | i 81,308 | ¥ | i 73,401 | ¥ | i 690 | ¥ | i 4,296 | ||||||||
| |
|
|
|
|
|
|
|
|||||||||
Millions of yen |
||||||||||||||||
Beginning balance |
Ending balance |
Interest income recognized during the reporting period |
Balance not associated allowance for credit losses among financial assets measured at amortized cost, which is suspending recognition of income |
|||||||||||||
| Non-accrual of financial assets: |
||||||||||||||||
| Installment loans to consumer borrowers: |
||||||||||||||||
| Real estate loans |
||||||||||||||||
| Japan |
¥ | i 1,824 | ¥ | i 1,693 | ¥ | i 235 | ¥ | i 41 | ||||||||
| Overseas |
i 475 | i 547 | i 0 | i 0 | ||||||||||||
| Card loans |
||||||||||||||||
| Japan |
i 503 | i 1,367 | i 28 | i 0 | ||||||||||||
| Other |
||||||||||||||||
| Japan |
i 2,391 | i 5,429 | i 170 | i 10 | ||||||||||||
| Overseas |
i 519 | i 1,105 | i 0 | i 0 | ||||||||||||
| Installment loans to corporate borrowers: |
||||||||||||||||
| Non-recourse loans |
||||||||||||||||
| The Americas |
i 8,787 | i 3,248 | i 0 | i 0 | ||||||||||||
| Real estate companies |
||||||||||||||||
| Japan |
i 351 | i 219 | i 51 | i 13 | ||||||||||||
| Overseas |
i 20,879 | i 12,804 | i 0 | i 0 | ||||||||||||
| Commercial, industrial companies and other |
||||||||||||||||
| Japan |
i 1,267 | i 1,118 | i 71 | i 190 | ||||||||||||
| Overseas |
i 18,634 | i 20,470 | i 0 | i 2,113 | ||||||||||||
| Net investment in leases |
i 17,771 | i 16,627 | i 0 | i 0 | ||||||||||||
| |
|
|
|
|
|
|
|
|||||||||
| Total |
¥ | i 73,401 | ¥ | i 64,627 | ¥ | i 555 | ¥ | i 2,367 | ||||||||
| |
|
|
|
|
|
|
|
|||||||||
Fiscal Year ended March 31, 2021 |
||||||||||
Millions of yen |
||||||||||
Portfolio segment |
Class |
Pre-modification outstanding recorded investment |
Post-modification outstanding recorded investment |
|||||||
Consumer borrowers |
¥ | i 9,279 | ¥ | i 6,727 | ||||||
| Real estate loans | i 34 | i 23 | ||||||||
| Card loans | i 1,677 | i 1,261 | ||||||||
| Other | i 7,568 | i 5,443 | ||||||||
Corporate borrowers |
i 14,723 | i 13,049 | ||||||||
Other than Non-recourse loans |
Real estate companies in overseas | i 111 | i 111 | |||||||
Commercial, industrial and other companies in Japan |
i 38 | i 38 | ||||||||
Commercial, industrial and other companies in overseas |
i 14,574 | i 12,900 | ||||||||
Total |
¥ | i 24,002 | ¥ | i 19,776 | ||||||
Fiscal Year ended March 31, 2022 |
||||||||||
Millions of yen |
||||||||||
Portfolio segment |
Class |
Pre-modification outstanding recorded investment |
Post-modification outstanding recorded investment |
|||||||
Consumer borrowers |
¥ | i 8,761 | ¥ | i 6,152 | ||||||
| Real estate loans | i 15 | i 6 | ||||||||
| Card loans | i 1,385 | i 1,072 | ||||||||
| Other | i 7,361 | i 5,074 | ||||||||
Corporate borrowers |
i 5,481 | i 5,319 | ||||||||
Other than Non-recourse loans |
Commercial, industrial and other companies in overseas |
i 5,481 | i 5,319 | |||||||
Total |
¥ | i 14,242 | ¥ | i 11,471 | ||||||
Fiscal Year ended March 31, 2023 |
||||||||||
Millions of yen |
||||||||||
Portfolio segment |
Class |
Pre-modification outstanding recorded investment |
Post-modification outstanding recorded investment |
|||||||
Consumer borrowers |
¥ | i 7,977 | ¥ | i 6,171 | ||||||
| Real estate loans | i 10 | i 4 | ||||||||
| Card loans | i 1,536 | i 1,312 | ||||||||
| Other | i 6,431 | i 4,855 | ||||||||
Corporate borrowers |
i 10,510 | i 10,507 | ||||||||
Other than Non-recourse loans |
Real estate companies in Japan | i 231 | i 230 | |||||||
Commercial, industrial and other companies in overseas |
i 10,279 | i 10,277 | ||||||||
Total |
¥ | i 18,487 | ¥ | i 16,678 | ||||||
Fiscal Year ended March 31, 2021 |
||||||
Millions of yen |
||||||
Portfolio segment |
Class |
Recorded investment |
||||
Consumer borrowers |
¥ | i 387 | ||||
| Card loans | i 36 | |||||
| Other | i 351 | |||||
Corporate borrowers |
i 752 | |||||
Other than Non-recourse loans |
Commercial, industrial other companies in overseas | i 752 | ||||
Total |
¥ | i 1,139 | ||||
Fiscal Year ended March 31, 2022 |
||||||
Millions of yen |
||||||
Portfolio segment |
Class |
Recorded investment |
||||
Consumer borrowers |
¥ | i 900 | ||||
| Real estate loans | i 4 | |||||
| Card loans | i 6 | |||||
| Other | i 890 | |||||
Total |
¥ | i 900 | ||||
Fiscal Year ended March 31, 2023 |
||||||
Millions of yen |
||||||
Portfolio segment |
Class |
Recorded investment |
||||
Consumer borrowers |
¥ | i 808 | ||||
| Real estate loans | i 5 | |||||
| Card loans | i 2 | |||||
| Other | i 801 | |||||
Corporate borrowers |
i 4,692 | |||||
Other than Non-recourse loans |
Commercial, industrial and other companies in overseas |
i 4,692 | ||||
Total |
¥ | i 5,500 | ||||
Millions of yen |
||||||||
2022 |
2023 |
|||||||
Equity securities * |
¥ | i 560,643 | ¥ | i 589,312 | ||||
Trading debt securities |
i 2,503 | i 2,179 | ||||||
Available-for-sale |
i 2,174,891 | i 2,234,608 | ||||||
Held-to-maturity |
i 114,312 | i 114,759 | ||||||
Total |
¥ | i 2,852,349 | ¥ | i 2,940,858 | ||||
| * | The amount of assets under management of variable annuity and variable life insurance contracts included in equity securities were ¥ i 185,115 million and ¥ i 151,445 million
as of March 31, 2022 and 2023, respectively. The amount of investment funds that are accounted for under the equity method included in equity securities were ¥ i 90,650 million and ¥ i 90,993 million
as of March 31, 2022 and 2023, respectively. The amount of investment funds and others elected the fair value option included in equity securities were ¥ i 11,709 million and ¥ i 16,032 million
as of March 31, 2022 and 2023, respectively. |
Millions of yen |
||||||||||||||||||||
Fiscal Year ended March 31, 2022 |
||||||||||||||||||||
Carrying value |
Accumulated impairments and downward adjustments |
Accumulated upward adjustments |
Impairments and downward adjustments |
Upward adjustments |
||||||||||||||||
Equity securities measured using the measurement alternative |
¥ | i 58,723 | ¥ | ( i 13,880 | ) | ¥ | i 401 | ¥ | ( i 208 | ) | ¥ | i 163 | ||||||||
Millions of yen |
||||||||||||||||||||
Fiscal Year ended March 31, 2023 |
||||||||||||||||||||
Carrying value |
Accumulated impairments and downward adjustments |
Accumulated upward adjustments |
Impairments and downward adjustments |
Upward adjustments |
||||||||||||||||
Equity securities measured using the measurement alternative |
¥ | i 67,820 | ¥ | ( i 14,062 | ) | ¥ | i 1,742 | ¥ | ( i 787 | ) | ¥ | i 1,360 | ||||||||
Millions of yen |
||||||||||||||||||||
Amortized cost |
Allowance for credit losses |
Gross unrealized gains |
Gross unrealized losses |
Fair value |
||||||||||||||||
Available-for-sale |
||||||||||||||||||||
Japanese and foreign government bond securities |
¥ | i 905,004 | ¥ | i 0 | ¥ | i 5,178 | ¥ | ( i 77,569 | ) | ¥ | i 832,613 | |||||||||
Japanese prefectural and foreign municipal bond securities |
i 333,449 | ( i 132 | ) | i 2,482 | ( i 10,195 | ) | i 325,604 | |||||||||||||
Corporate debt securities |
i 873,178 | i 0 | i 10,014 | ( i 33,632 | ) | i 849,560 | ||||||||||||||
CMBS and RMBS in the Americas |
i 29,349 | i 0 | i 112 | ( i 729 | ) | i 28,732 | ||||||||||||||
Other asset-backed securities and debt securities |
i 135,445 | ( i 21 | ) | i 5,456 | ( i 2,498 | ) | i 138,382 | |||||||||||||
| i 2,276,425 | ( i 153 | ) | i 23,242 | ( i 124,623 | ) | i 2,174,891 | ||||||||||||||
Held-to-maturity |
||||||||||||||||||||
Japanese government bond securities and other |
i 114,312 | i 0 | i 21,129 | i 0 | i 135,441 | |||||||||||||||
| ¥ | i 2,390,737 | ¥ | ( i 153 | ) | ¥ | i 44,371 | ¥ | ( i 124,623 | ) | ¥ | i 2,310,332 | |||||||||
Millions of yen |
||||||||||||||||||||
Amortized cost |
Allowance for credit losses |
Gross unrealized gains |
Gross unrealized losses |
Fair value |
||||||||||||||||
Available-for-sale |
||||||||||||||||||||
Japanese and foreign government bond securities |
¥ | i 962,969 | ¥ | i 0 | ¥ | i 2,863 | ¥ | ( i 164,537 | ) | ¥ | i 801,295 | |||||||||
Japanese prefectural and foreign municipal bond securities |
i 389,150 | ( i 144 | ) | i 1,146 | ( i 20,906 | ) | i 369,246 | |||||||||||||
Corporate debt securities |
i 851,525 | i 0 | i 6,270 | ( i 73,407 | ) | i 784,388 | ||||||||||||||
CMBS and RMBS in the Americas |
i 45,292 | i 0 | i 62 | ( i 2,181 | ) | i 43,173 | ||||||||||||||
Other asset-backed securities and debt securities |
i 239,922 | i 0 | i 5,735 | ( i 9,151 | ) | i 236,506 | ||||||||||||||
| i 2,488,858 | ( i 144 | ) | i 16,076 | ( i 270,182 | ) | i 2,234,608 | ||||||||||||||
Held-to-maturity |
||||||||||||||||||||
Japanese government bond securities and other |
i 114,759 | i 0 | i 14,919 | i 0 | i 129,678 | |||||||||||||||
| ¥ | i 2,603,617 | ¥ | ( i 144 | ) | ¥ | i 30,995 | ¥ | ( i 270,182 | ) | ¥ | i 2,364,286 | |||||||||
Millions of yen |
||||||||
Foreign municipal bond securities |
Total |
|||||||
Beginning |
¥ |
i 0 |
¥ |
i 0 |
||||
Additions to the allowance for credit losses on available-for-sale debt securities for which credit losses were not previously recorded* |
i 120 |
i 120 |
||||||
Ending |
¥ |
i 120 |
¥ |
i 120 |
||||
* |
An increase from the effects of changes in foreign exchange rates of ¥ i 3 million was included in additions to the allowance for credit losses on available-for-sale debt securities for fiscal 2021. |
Millions of yen |
||||||||||||
Fiscal Year ended |
||||||||||||
Foreign municipal bond securities |
Japanese other asset- backed securities and debt securities |
Total |
||||||||||
Beginning |
¥ | i 120 | ¥ | i 0 | ¥ | i 120 | ||||||
Additions to the allowance for credit losses on available-for-sale |
i 0 | i 21 | i 21 | |||||||||
Increase (Decrease) from the effects of changes in foreign exchange rates |
i 12 | i 0 | i 12 | |||||||||
Ending |
¥ | i 132 | ¥ | i 21 | ¥ | i 153 | ||||||
Millions of yen |
||||||||||||
Fiscal Year ended |
||||||||||||
Foreign municipal bond securities |
Japanese other asset- backed securities and debt securities |
Total |
||||||||||
| Beginning |
¥ | i 132 | ¥ | i 21 | ¥ | i 153 | ||||||
| Additional increases (decreases) to the allowance for credit losses on AFS debt securities that had an allowance recorded in a previous period, net |
i 0 | ( i 21 | ) | ( i 21 | ) | |||||||
| Increase (Decrease) from the effects of changes in foreign exchange rates |
i 12 | i 0 | i 12 | |||||||||
| |
|
|
|
|
|
|||||||
| Ending |
¥ | i 144 | ¥ | i 0 | ¥ | i 144 | ||||||
| |
|
|
|
|
|
|||||||
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 |
¥ | i 217,457 | ¥ | ( i 16,117 | ) | ¥ | i 521,633 | ¥ | ( i 61,452 | ) | ¥ | i 739,090 | ¥ | ( i 77,569 | ) | |||||||||
| Japanese prefectural and foreign municipal bond securities |
i 190,081 | ( i 6,509 | ) | i 46,391 | ( i 3,818 | ) | i 236,472 | ( i 10,327 | ) | |||||||||||||||
| Corporate debt securities |
i 373,506 | ( i 19,340 | ) | i 156,687 | ( i 14,292 | ) | i 530,193 | ( i 33,632 | ) | |||||||||||||||
| CMBS and RMBS in the Americas |
i 6,458 | ( i 98 | ) | i 17,542 | ( i 631 | ) | i 24,000 | ( i 729 | ) | |||||||||||||||
| Other asset-backed securities and debt securities |
i 66,543 | ( i 995 | ) | i 37,432 | ( i 1,524 | ) | i 103,975 | ( i 2,519 | ) | |||||||||||||||
| |
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
| ¥ | i 854,045 | ¥ | ( i 43,059 | ) | ¥ | i 779,685 | ¥ | ( i 81,717 | ) | ¥ | i 1,633,730 | ¥ | ( i 124,776 | ) | ||||||||||
| |
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
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 |
¥ | i 2,588 | ¥ | ( i 207 | ) | ¥ | i 662,897 | ¥ | ( i 164,330 | ) | ¥ | i 665,485 | ¥ | ( i 164,537 | ) | |||||||||
| Japanese prefectural and foreign municipal bond securities |
i 97,721 | ( i 1,508 | ) | i 194,280 | ( i 19,542 | ) | i 292,001 | ( i 21,050 | ) | |||||||||||||||
| Corporate debt securities |
i 191,669 | ( i 6,570 | ) | i 401,994 | ( i 66,837 | ) | i 593,663 | ( i 73,407 | ) | |||||||||||||||
| CMBS and RMBS in the Americas |
i 16,691 | ( i 672 | ) | i 23,653 | ( i 1,509 | ) | i 40,344 | ( i 2,181 | ) | |||||||||||||||
| Other asset-backed securities and debt securities |
i 63,958 | ( i 2,300 | ) | i 88,503 | ( i 6,851 | ) | i 152,461 | ( i 9,151 | ) | |||||||||||||||
| |
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
| ¥ | i 372,627 | ¥ | ( i 11,257 | ) | ¥ | i 1,371,327 | ¥ | ( i 259,069 | ) | ¥ | i 1,743,954 | ¥ | ( i 270,326 | ) | ||||||||||
| |
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
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 |
¥ | i 217,457 | ¥ | ( i 16,117 | ) | ¥ | i 521,633 | ¥ | ( i 61,452 | ) | ¥ | i 739,090 | ¥ | ( i 77,569 | ) | |||||||||
| Japanese prefectural and foreign municipal bond securities |
i 190,081 | ( i 6,509 | ) | i 43,338 | ( i 3,686 | ) | i 233,419 | ( i 10,195 | ) | |||||||||||||||
| Corporate debt securities |
i 373,506 | ( i 19,340 | ) | i 156,687 | ( i 14,292 | ) | i 530,193 | ( i 33,632 | ) | |||||||||||||||
| CMBS and RMBS in the Americas |
i 6,458 | ( i 98 | ) | i 17,542 | ( i 631 | ) | i 24,000 | ( i 729 | ) | |||||||||||||||
| Other asset-backed securities and debt securities |
i 66,489 | ( i 974 | ) | i 37,432 | ( i 1,524 | ) | i 103,921 | ( i 2,498 | ) | |||||||||||||||
| |
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
| ¥ | i 853,991 | ¥ | ( i 43,038 | ) | ¥ | i 776,632 | ¥ | ( i 81,585 | ) | ¥ | i 1,630,623 | ¥ | ( i 124,623 | ) | ||||||||||
| |
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
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 |
¥ | i 2,588 | ¥ | ( i 207 | ) | ¥ | i 662,897 | ¥ | ( i 164,330 | ) | ¥ | i 665,485 | ¥ | ( i 164,537 | ) | |||||||||
Japanese prefectural and foreign municipal bond securities |
i 97,721 | ( i 1,508 | ) | i 190,805 | ( i 19,398 | ) | i 288,526 | ( i 20,906 | ) | |||||||||||||||
Corporate debt securities |
i 191,669 | ( i 6,570 | ) | i 401,994 | ( i 66,837 | ) | i 593,663 | ( i 73,407 | ) | |||||||||||||||
CMBS and RMBS in the Americas |
i 16,691 | ( i 672 | ) | i 23,653 | ( i 1,509 | ) | i 40,344 | ( i 2,181 | ) | |||||||||||||||
Other asset-backed securities and debt securities |
i 63,958 | ( i 2,300 | ) | i 88,503 | ( i 6,851 | ) | i 152,461 | ( i 9,151 | ) | |||||||||||||||
| ¥ | i 372,627 | ¥ | ( i 11,257 | ) | ¥ | i 1,367,852 | ¥ | ( i 258,925 | ) | ¥ | i 1,740,479 | ¥ | ( i 270,182 | ) | ||||||||||
Millions of yen |
||||||||
Amortized cost |
Fair value |
|||||||
Due within one year |
¥ | i 75,103 | ¥ | i 75,662 | ||||
Due after one to five years |
i 305,405 | i 305,832 | ||||||
Due after five to ten years |
i 378,144 | i 364,070 | ||||||
Due after ten years |
i 1,730,206 | i 1,489,044 | ||||||
| ¥ | i 2,488,858 | ¥ | i 2,234,608 | |||||
Millions of yen |
||||||||
Amortized cost |
Fair value |
|||||||
Due after five to ten years |
¥ | i 28,658 | ¥ | i 32,204 | ||||
Due after ten years |
i 86,101 | i 97,474 | ||||||
| ¥ | i 114,759 | ¥ | i 129,678 | |||||
Millions of yen |
||||||||
2022 |
2023 |
|||||||
Beginning balance |
¥ | i 63,754 | ¥ | i 70,254 | ||||
Increase mainly from loans sold with servicing retained |
i 13,285 | i 9,546 | ||||||
Decrease mainly from amortization |
( i 13,518 | ) | ( i 13,959 | ) | ||||
Increase (Decrease) from the effects of changes in foreign exchange rates |
i 6,733 | i 6,424 | ||||||
Ending balance |
¥ | i 70,254 | ¥ | i 72,265 | ||||
Millions of yen |
||||||||
Beginning balance |
¥ | i 74,135 | ¥ | i 83,732 | ||||
Ending balance |
¥ | i 83,732 | ¥ | i 101,375 | ||||
| • | the power to direct the activities of a VIE that most significantly impact the entity’s economic performance; and |
| • | the obligation to absorb losses of the entity that could potentially be significant to the VIE or the right to receive benefits from the entity that could potentially be significant to the VIE. |
| • | which activities most significantly impact the economic performance of the VIE and who has the power to direct such activities; |
| • | characteristics of the Company and its subsidiaries’ variable interest or interests and other involvements (including involvement of related parties and de facto agents); |
| • | involvement of other variable interest holders; and |
| • | the entity’s purpose and design, including the risks that the entity was designed to create and pass through to its variable interest holders. |
| • | designing the structuring of a transaction; |
| • | providing an equity investment and debt financing; |
| • | being the investment manager, asset manager or servicer and receiving variable fees; and |
| • | providing liquidity and other financial support. |
| 1. | Consolidated VIEs |
Millions of yen |
||||||||||||||||
Types of VIEs |
Total assets*1 |
Total liabilities*1 |
Assets which are pledged as collateral*2 |
Commitments*3 |
||||||||||||
(a) VIEs for liquidating customer assets |
¥ | i 0 | ¥ | i 0 | ¥ | i 0 | ¥ | i 0 | ||||||||
(b) VIEs for acquisition of real estate and real estate development projects for customers |
i 1,988 | i 0 | i 0 | i 0 | ||||||||||||
(c) VIEs for acquisition of real estate for the Company and its subsidiaries’ real estate-related business |
i 60,762 | i 12,576 | i 16,241 | i 0 | ||||||||||||
(d) VIEs for corporate rehabilitation support business |
i 214 | i 5 | i 0 | i 0 | ||||||||||||
(e) VIEs for investment in securities |
i 132,805 | i 302 | i 0 | i 45,241 | ||||||||||||
(f) VIEs for securitizing financial assets such as finance lease receivable and loan receivable |
i 223,807 | i 160,434 | i 223,807 | i 0 | ||||||||||||
(g) VIEs for securitization of loan receivable originated by third parties |
i 542 | i 1,093 | i 542 | i 0 | ||||||||||||
(h) VIEs for power generation projects |
i 278,660 | i 219,476 | i 260,551 | i 42,742 | ||||||||||||
(i) Other VIEs |
i 199,186 | i 89,672 | i 174,807 | i 0 | ||||||||||||
Total |
¥ | i 897,964 | ¥ | i 483,558 | ¥ | i 675,948 | ¥ | i 87,983 | ||||||||
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 |
¥ | i 0 | ¥ | i 0 | ¥ | i 0 | ¥ | i 0 | ||||||||
(b) VIEs for acquisition of real estate and real estate development projects for customers |
i 1,907 | i 1 | i 0 | i 0 | ||||||||||||
(c) VIEs for acquisition of real estate for the Company and its subsidiaries’ real estate-related business |
i 55,456 | i 13,060 | i 15,596 | i 0 | ||||||||||||
(d) VIEs for corporate rehabilitation support business |
i 664 | i 7 | i 0 | i 0 | ||||||||||||
(e) VIEs for investment in securities |
i 180,569 | i 399 | i 0 | i 62,340 | ||||||||||||
(f) VIEs for securitizing financial assets such as finance lease receivable and loan receivable |
i 224,949 | i 155,706 | i 224,949 | i 0 | ||||||||||||
(g) VIEs for securitization of loan receivable originated by third parties |
i 548 | i 1,106 | i 548 | i 0 | ||||||||||||
(h) VIEs for power generation projects |
i 258,396 | i 164,813 | i 187,892 | i 38,099 | ||||||||||||
(i) Other VIEs |
i 168,574 | i 63,864 | i 137,481 | i 0 | ||||||||||||
Total |
¥ | i 891,063 | ¥ | i 398,956 | ¥ | i 566,466 | ¥ | i 100,439 | ||||||||
| *1 | The assets of most VIEs are used only to repay the liabilities of the VIEs, and the creditors of the liabilities of most VIEs have no recourse to other assets of the Company and its subsidiaries. |
| *2 | The assets are pledged as collateral by VIE for financing of the VIE. |
| *3 | This item represents remaining balance of commitments that could require the Company and its subsidiaries to provide investments or loans to the VIE. |
| 2. | Non-consolidated VIEs |
Millions of yen |
||||||||||||||||
Types of VIEs |
Total assets |
Non-recourse loans |
Investments |
Maximum exposure to loss * |
||||||||||||
(a) VIEs for liquidating customer assets |
¥ | i 13,391 | ¥ | i 405 | ¥ | i 991 | ¥ | i 1,396 | ||||||||
(b) VIEs for acquisition of real estate and real estate development projects for customers |
i 546,953 | i 8,134 | i 9,119 | i 18,735 | ||||||||||||
(c) VIEs for acquisition of real estate for the Company and its subsidiaries’ real estate-related business |
i 0 | i 0 | i 0 | i 0 | ||||||||||||
(d) VIEs for corporate rehabilitation support business |
i 0 | i 0 | i 0 | i 0 | ||||||||||||
(e) VIEs for investment in securities |
i 6,901,686 | i 0 | i 79,050 | i 123,674 | ||||||||||||
(f) VIEs for securitizing financial assets such as finance lease receivable and loan receivable |
i 154 | i 0 | i 2 | i 2 | ||||||||||||
(g) VIEs for securitization of loan receivable originated by third parties |
i 1,231,246 | i 0 | i 15,254 | i 15,254 | ||||||||||||
(h) VIEs for power generation projects |
i 9,103 | i 0 | i 402 | i 402 | ||||||||||||
(i) Other VIEs |
i 914,801 | i 3,140 | i 15,098 | i 32,123 | ||||||||||||
Total |
¥ | i 9,617,334 | ¥ | i 11,679 | ¥ | i 119,916 | ¥ | i 191,586 | ||||||||
Millions of yen |
||||||||||||||||
Types of VIEs |
Total assets |
Non-recourse loans |
Investments |
Maximum exposure to loss * |
||||||||||||
(a) VIEs for liquidating customer assets |
¥ | i 8,247 | ¥ | i 0 | ¥ | i 991 | ¥ | i 991 | ||||||||
(b) VIEs for acquisition of real estate and real estate development projects for customers |
i 648,468 | i 10,721 | i 8,805 | i 20,526 | ||||||||||||
(c) VIEs for acquisition of real estate for the Company and its subsidiaries’ real estate-related business |
i 0 | i 0 | i 0 | i 0 | ||||||||||||
(d) VIEs for corporate rehabilitation support business |
i 0 | i 0 | i 0 | i 0 | ||||||||||||
(e) VIEs for investment in securities |
i 10,887,430 | i 0 | i 98,742 | i 173,314 | ||||||||||||
(f) VIEs for securitizing financial assets such as finance lease receivable and loan receivable |
i 0 | i 0 | i 0 | i 0 | ||||||||||||
(g) VIEs for securitization of loan receivable originated by third parties |
i 901,544 | i 0 | i 10,475 | i 10,475 | ||||||||||||
(h) VIEs for power generation projects |
i 16,138 | i 0 | i 3,691 | i 4,491 | ||||||||||||
(i) Other VIEs |
i 1,726,717 | i 3,333 | i 28,835 | i 43,405 | ||||||||||||
Total |
¥ | i 14,188,544 | ¥ | i 14,054 | ¥ | i 151,539 | ¥ | i 253,202 | ||||||||
| * | 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. |
Millions of yen |
||||||||
2022 |
2023 |
|||||||
Shares* |
¥ | i 943,090 | ¥ | i 973,929 | ||||
Loans and others |
i 34,943 | i 26,775 | ||||||
| ¥ | i 978,033 | ¥ | i 1,000,704 | |||||
| * | The re 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 ¥ i 2,511 million in amounts invested in these investees as of March 31, 2023. |
Millions of yen |
||||||||||||
2021 |
2022 |
2023 |
||||||||||
Operations: |
||||||||||||
Total revenues |
¥ | i 1,155,974 | ¥ | i 1,194,172 | ¥ | i 1,316,683 | ||||||
Income before income taxes |
i 85,667 | i 108,065 | i 165,612 | |||||||||
Net income |
i 74,008 | i 88,572 | i 129,331 | |||||||||
Financial position: |
||||||||||||
Total assets |
¥ | i 12,858,129 | ¥ | i 14,974,191 | ¥ | i 16,438,275 | ||||||
Total liabilities |
i 9,203,980 | i 10,729,973 | i 11,950,087 | |||||||||
Total equity |
i 3,654,149 | i 4,244,218 | i 4,488,188 | |||||||||
Millions of yen |
||||||||||||||||||||||||
Corporate Financial Services and Maintenance Leasing |
Real Estate |
PE Investment and Concession |
Environment and Energy |
Insurance |
Banking and Credit |
|||||||||||||||||||
Balance at March 31, 2020 |
||||||||||||||||||||||||
Goodwill |
¥ | i 66,865 | ¥ | i 16,359 | ¥ | i 89,455 | ¥ | i 4,116 | ¥ | i 5,124 | ¥ | i 10,971 | ||||||||||||
Accumulated impairment losses |
( i 837 | ) | i 0 | i 0 | ( i 39 | ) | i 0 | i 0 | ||||||||||||||||
| i 66,028 | i 16,359 | i 89,455 | i 4,077 | i 5,124 | i 10,971 | |||||||||||||||||||
Acquired |
i 478 | i 0 | i 47,011 | i 0 | i 0 | i 0 | ||||||||||||||||||
Impairment |
( i 12 | ) | i 0 | i 0 | i 0 | i 0 | i 0 | |||||||||||||||||
Other (net)* |
i 7 | i 0 | ( i 14,002 | ) | ( i 3,933 | ) | ( i 109 | ) | i 0 | |||||||||||||||
Balance at March 31, 2021 |
||||||||||||||||||||||||
Goodwill |
i 67,350 | i 16,359 | i 122,464 | i 183 | i 5,015 | i 10,971 | ||||||||||||||||||
Accumulated impairment losses |
( i 849 | ) | i 0 | i 0 | ( i 39 | ) | i 0 | i 0 | ||||||||||||||||
| i 66,501 | i 16,359 | i 122,464 | i 144 | i 5,015 | i 10,971 | |||||||||||||||||||
Acquired |
i 0 | i 0 | i 0 | i 49,115 | i 0 | i 0 | ||||||||||||||||||
Impairment |
i 0 | ( i 191 | ) | i 0 | i 0 | ( i 371 | ) | i 0 | ||||||||||||||||
Other (net)* |
( i 54,925 | ) | i 0 | ( i 22,526 | ) | i 357 | i 0 | i 0 | ||||||||||||||||
Balance at March 31, 2022 |
||||||||||||||||||||||||
Goodwill |
i 12,425 | i 16,359 | i 99,938 | i 49,655 | i 5,015 | i 10,971 | ||||||||||||||||||
Accumulated impairment losses |
( i 849 | ) | ( i 191 | ) | i 0 | ( i 39 | ) | ( i 371 | ) | i 0 | ||||||||||||||
| i 11,576 | i 16,168 | i 99,938 | i 49,616 | i 4,644 | i 10,971 | |||||||||||||||||||
Acquired |
i 3,529 | i 0 | i 119,767 | i 4,028 | i 0 | i 0 | ||||||||||||||||||
Impairment |
i 0 | i 0 | i 0 | i 0 | i 0 | i 0 | ||||||||||||||||||
Other (net)* |
i 0 | i 0 | ( i 12,954 | ) | i 4,524 | i 0 | i 0 | |||||||||||||||||
Balance at March 31, 2023 |
||||||||||||||||||||||||
Goodwill |
i 15,954 | i 16,359 | i 206,751 | i 58,207 | i 5,015 | i 10,971 | ||||||||||||||||||
Accumulated impairment losses |
( i 849 | ) | ( i 191 | ) | i 0 | ( i 39 | ) | ( i 371 | ) | i 0 | ||||||||||||||
| ¥ | i 15,105 | ¥ | i 16,168 | ¥ | i 206,751 | ¥ | i 58,168 | ¥ | i 4,644 | ¥ | i 10,971 | |||||||||||||
Millions of yen |
||||||||||||||||||||||||
Aircraft and Ships |
ORIX USA |
ORIX Europe |
Asia and Australia |
Corporate |
Total |
|||||||||||||||||||
Balance at March 31, 2020 |
||||||||||||||||||||||||
Goodwill |
¥ | i 587 | ¥ | i 129,246 | ¥ | i 117,953 | ¥ | i 7,390 | ¥ | i 0 | ¥ | i 448,066 | ||||||||||||
Accumulated impairment losses |
( i 587 | ) | i 0 | i 0 | ( i 2,785 | ) | i 0 | ( i 4,248 | ) | |||||||||||||||
| i 0 | i 129,246 | i 117,953 | i 4,605 | i 0 | i 443,818 | |||||||||||||||||||
Acquired |
i 0 | i 0 | i 11,697 | i 0 | i 0 | i 59,186 | ||||||||||||||||||
Impairment |
i 0 | ( i 1,494 | ) | i 0 | i 0 | i 0 | ( i 1,506 | ) | ||||||||||||||||
Other (net)* |
i 0 | i 566 | i 10,847 | i 402 | i 0 | ( i 6,222 | ) | |||||||||||||||||
Balance at March 31, 2021 |
||||||||||||||||||||||||
Goodwill |
i 587 | i 129,812 | i 140,497 | i 7,792 | i 0 | i 501,030 | ||||||||||||||||||
Accumulated impairment losses |
( i 587 | ) | ( i 1,494 | ) | i 0 | ( i 2,785 | ) | i 0 | ( i 5,754 | ) | ||||||||||||||
| i 0 | i 128,318 | i 140,497 | i 5,007 | i 0 | i 495,276 | |||||||||||||||||||
Acquired |
i 0 | i 0 | i 0 | i 0 | i 278 | i 49,393 | ||||||||||||||||||
Impairment |
i 0 | i 0 | i 0 | i 0 | i 0 | ( i 562 | ) | |||||||||||||||||
Other (net)* |
i 0 | i 12,682 | i 8,773 | i 388 | i 0 | ( i 55,251 | ) | |||||||||||||||||
Balance at March 31, 2022 |
||||||||||||||||||||||||
Goodwill |
i 587 | i 142,494 | i 149,270 | i 8,180 | i 278 | i 495,172 | ||||||||||||||||||
Accumulated impairment losses |
( i 587 | ) | ( i 1,494 | ) | i 0 | ( i 2,785 | ) | i 0 | ( i 6,316 | ) | ||||||||||||||
| i 0 | i 141,000 | i 149,270 | i 5,395 | i 278 | i 488,856 | |||||||||||||||||||
Acquired |
i 0 | i 0 | i 0 | i 0 | i 0 | i 127,324 | ||||||||||||||||||
Impairment |
i 0 | i 0 | i 0 | i 0 | i 0 | i 0 | ||||||||||||||||||
Other (net)* |
i 0 | i 10,582 | i 9,318 | i 33 | i 0 | i 11,503 | ||||||||||||||||||
Balance at March 31, 2023 |
||||||||||||||||||||||||
Goodwill |
i 587 | i 153,076 | i 158,588 | i 8,213 | i 278 | i 633,999 | ||||||||||||||||||
Accumulated impairment losses |
( i 587 | ) | ( i 1,494 | ) | i 0 | ( i 2,785 | ) | i 0 | ( i 6,316 | ) | ||||||||||||||
| ¥ | i 0 | ¥ | i 151,582 | ¥ | i 158,588 | ¥ | i 5,428 | ¥ | i 278 | ¥ | i 627,683 | |||||||||||||
| * | Other includes foreign currency translation adjustments, decreases due to sale of ownership interest in subsidiaries and certain other reclassifications. |
Millions of yen |
||||||||
2022 |
2023 |
|||||||
Indefinite-lived intangible assets: |
||||||||
Trade names |
¥ | i 44,975 | ¥ | i 115,049 | ||||
Asset management contracts |
i 48,533 | i 51,558 | ||||||
Others |
i 12,126 | i 12,375 | ||||||
| i 105,634 | i 178,982 | |||||||
Intangible assets subject to amortization: |
||||||||
Software |
i 130,118 | i 141,747 | ||||||
Customer relationships |
i 143,963 | i 161,936 | ||||||
Asset management contracts |
i 98,014 | i 104,481 | ||||||
Others |
i 123,397 | i 154,413 | ||||||
| i 495,492 | i 562,577 | |||||||
Accumulated amortization |
( i 197,505 | ) | ( i 223,417 | ) | ||||
Net |
i 297,987 | i 339,160 | ||||||
| ¥ | i 403,621 | ¥ | i 518,142 | |||||
Millions of yen |
Weighted average rate |
|||||||
Short-term debt in Japan, mainly from banks |
¥ | i 161,799 | i 0.7 | % | ||||
Short-term debt outside Japan, mainly from banks |
i 237,790 | i 2.1 | ||||||
Commercial paper in Japan |
i 37,999 | i 0.0 | ||||||
Commercial paper outside Japan |
i 2,051 | i 1.0 | ||||||
| ¥ | i 439,639 | i 1.4 | ||||||
Millions of yen |
Weighted average rate |
|||||||
Short-term debt in Japan, mainly from banks |
¥ | i 145,768 | i 1.8 | % | ||||
Short-term debt outside Japan, mainly from banks |
i 318,519 | i 4.5 | ||||||
Commercial paper in Japan |
i 42,997 | i 0.1 | ||||||
Commercial paper outside Japan |
i 1,512 | i 4.1 | ||||||
| ¥ | i 508,796 | i 3.4 | ||||||
Due (Fiscal Year) |
Millions of yen |
Weighted average rate |
||||||||||
Banks: |
||||||||||||
Fixed rate |
i 2023~ i 2082 | ¥ | i 545,320 | i 1.3 | % | |||||||
Floating rate |
i 2023~ i 2077 | i 2,076,802 | i 1.1 | |||||||||
Insurance companies and others: |
||||||||||||
Fixed rate |
i 2023~ i 2082 | i 322,411 | i 0.8 | |||||||||
Floating rate |
i 2023~ i 2077 | i 296,230 | i 0.8 | |||||||||
Unsecured bonds |
i 2024~ i 2081 | i 997,654 | i 1.6 | |||||||||
Unsecured notes under medium-term note program |
i 2023~ i 2027 | i 32,279 | i 4.1 | |||||||||
Payables under securitized loan receivables and investment in securities |
i 2033~ i 2043 | i 156,350 | i 3.1 | |||||||||
| ¥ | i 4,427,046 | i 1.3 | ||||||||||
Due (Fiscal Year) |
Millions of yen |
Weighted average rate |
||||||||||
Banks: |
||||||||||||
Fixed rate |
i 2025~ i 2083 | ¥ | i 666,764 | i 1.6 | % | |||||||
Floating rate |
i 2024~ i 2077 | i 2,448,488 | i 2.8 | |||||||||
Insurance companies and others: |
||||||||||||
Fixed rate |
i 2025~ i 2083 | i 323,653 | i 0.8 | |||||||||
Floating rate |
i 2026~ i 2077 | i 295,625 | i 2.0 | |||||||||
Unsecured bonds |
i 2024~ i 2081 | i 1,175,087 | i 2.0 | |||||||||
Unsecured notes under medium-term note program |
i 2025~ i 2029 | i 149,535 | i 3.7 | |||||||||
Payables under securitized loan receivables and investment in securities |
i 2024~ i 2051 | i 150,571 | i 5.5 | |||||||||
| ¥ | i 5,209,723 | i 2.4 | ||||||||||
Years ending March 31, |
Millions of yen |
|||
2024 |
¥ | i 877,260 | ||
2025 |
i 696,472 | |||
2026 |
i 572,991 | |||
2027 |
i 601,434 | |||
2028 |
i 618,527 | |||
Thereafter |
i 1,843,039 | |||
Total |
¥ | i 5,209,723 | ||
Millions of yen |
||||
Lease payments, loans and investment in operating leases |
¥ | i 148,057 | ||
Investment in securities |
i 183,441 | |||
Property under facility operations |
i 130,191 | |||
Other assets and other |
i 110,159 | |||
| ¥ | i 571,848 | |||
Millions of yen |
||||||||
2022 |
2023 |
|||||||
Time deposits |
¥ | i 1,876,129 | ¥ | i 1,885,970 | ||||
Other deposits |
i 400,029 | i 360,375 | ||||||
Total |
¥ | i 2,276,158 | ¥ | i 2,246,345 | ||||
Years ending March 31, |
Millions of yen |
|||
2024 |
¥ | i 879,884 | ||
2025 |
i 409,259 | |||
2026 |
i 369,171 | |||
2027 |
i 94,053 | |||
2028 |
i 52,596 | |||
Thereafter |
i 81,007 | |||
Total |
¥ | i 1,885,970 | ||
Millions of yen |
||||||||||||
2021 |
2022 |
2023 |
||||||||||
Income before income taxes: |
||||||||||||
Japan |
¥ | i 171,569 | ¥ | i 311,351 | ¥ | i 176,158 | ||||||
Overseas |
i 115,992 | i 193,525 | i 191,010 | |||||||||
| ¥ | i 287,561 | ¥ | i 504,876 | ¥ | i 367,168 | |||||||
Provision for income taxes: |
||||||||||||
Current— |
||||||||||||
Japan |
¥ | i 45,262 | ¥ | i 136,623 | ¥ | i 30,808 | ||||||
Overseas |
i 19,967 | i 38,433 | i 27,490 | |||||||||
| i 65,229 | i 175,056 | i 58,298 | ||||||||||
Deferred— |
||||||||||||
Japan |
i 10,642 | ( i 631 | ) | i 14,302 | ||||||||
Overseas |
i 14,876 | i 12,839 | i 14,900 | |||||||||
| i 25,518 | i 12,208 | i 29,202 | ||||||||||
Provision for income taxes |
¥ | i 90,747 | ¥ | i 187,264 | ¥ | i 87,500 | ||||||
Millions of yen |
||||||||||||
2021 |
2022 |
2023 |
||||||||||
Income before income taxes |
¥ | i 287,561 | ¥ | i 504,876 | ¥ | i 367,168 | ||||||
Tax provision computed at the statutory rate |
¥ | i 90,582 | ¥ | i 159,036 | ¥ | i 115,658 | ||||||
Increases (reductions) in taxes due to: |
||||||||||||
Change in valuation allowance |
i 6,808 | i 11,464 | i 2,533 | |||||||||
Nondeductible expenses |
i 2,751 | i 4,066 | i 4,794 | |||||||||
Nontaxable income |
( i 1,629 | ) | ( i 2,611 | ) | ( i 3,347 | ) | ||||||
Effect of lower tax rates on certain subsidiaries |
( i 12,895 | ) | ( i 16,584 | ) | ( i 19,631 | ) | ||||||
Effect of investor taxes on earnings of subsidiaries |
i 4,590 | i 8,155 | i 4,789 | |||||||||
Effect of the tax law and rate changes |
i 1,158 | ( i 142 | ) | i 180 | ||||||||
Effect of sale or liquidation of subsidiaries |
i 878 | i 25,642 | ( i 16,754 | ) | ||||||||
Other, net |
( i 1,496 | ) | ( i 1,762 | ) | ( i 722 | ) | ||||||
Provision for income taxes |
¥ | i 90,747 | ¥ | i 187,264 | ¥ | i 87,500 | ||||||
Millions of yen |
||||||||||||
2021 |
2022 |
2023 |
||||||||||
Provision for income taxes |
¥ | i 90,747 | ¥ | i 187,264 | ¥ | i 87,500 | ||||||
Income tax expense (benefit) allocated to other comprehensive income (loss): |
||||||||||||
Net change of unrealized gains (losses) on investment in securities |
( i 6,212 | ) | ( i 21,897 | ) | ( i 41,961 | ) | ||||||
Net change of debt valuation adjustments |
( i 349 | ) | ( i 131 | ) | i 20 | |||||||
Net change of defined benefit pension plans |
i 2,615 | i 4,889 | i 1,630 | |||||||||
Net change of foreign currency translation adjustments |
( i 13,958 | ) | ( i 17,347 | ) | ( i 17,325 | ) | ||||||
Net change of unrealized gains (losses) on derivative instruments |
i 1,883 | i 4,734 | i 3,514 | |||||||||
Adjustments to retained earnings for changes in accounting principles* |
( i 17,113 | ) | ( i 215 | ) | i 0 | |||||||
Other direct adjustments to shareholders’ equity |
i 1,521 | i 214 | i 36 | |||||||||
Total income tax expense |
¥ | i 59,134 | ¥ | i 157,511 | ¥ | i 33,414 | ||||||
* |
The amount for fiscal 2021 reflects the tax effect of the adoption of Accounting Standards Update 2016-13 (“Measurement of Credit Losses on Financial Instruments”—ASC 326 (“Financial Instruments—Credit Losses”)). The amount for fiscal 2022 reflects the tax effect of the adoption of Accounting Standards Update 2019-12 (“Simplifying the Accounting for Income Taxes”—ASC 740 (“Income Taxes”)). |
Millions of yen |
||||||||
2022 |
2023 |
|||||||
Assets: |
||||||||
Net operating loss carryforwards |
¥ | i 32,914 | ¥ | i 59,516 | ||||
Allowance for credit losses |
i 23,381 | i 16,382 | ||||||
Investment in securities |
i 6,685 | i 12,745 | ||||||
Accrued expenses |
i 23,900 | i 25,735 | ||||||
Investment in operating leases |
i 15,099 | i 14,999 | ||||||
Property under facility operations |
i 27,358 | i 24,615 | ||||||
Installment loans |
i 4,361 | i 5,445 | ||||||
Unrealized losses on investment in securities |
i 29,372 | i 71,277 | ||||||
Lease liabilities |
i 77,367 | i 79,636 | ||||||
Other |
i 91,837 | i 103,210 | ||||||
| i 332,274 | i 413,560 | |||||||
Less: valuation allowance |
( i 35,155 | ) | ( i 37,287 | ) | ||||
| i 297,119 | i 376,273 | |||||||
Liabilities: |
||||||||
Net investment in Leases |
i 13,501 | i 10,599 | ||||||
Investment in operating leases |
i 121,337 | i 137,618 | ||||||
Unrealized gains on investment in securities |
i 2,505 | i 4,779 | ||||||
Deferred insurance policy acquisition costs |
i 73,077 | i 74,211 | ||||||
Policy liabilities and policy account balances |
i 74,939 | i 87,150 | ||||||
Property under facility operations |
i 21,931 | i 22,022 | ||||||
Other intangible assets |
i 108,257 | i 141,864 | ||||||
Undistributed earnings |
i 59,134 | i 76,281 | ||||||
Prepaid benefit cost |
i 14,483 | i 17,290 | ||||||
Advances paid |
i 8,647 | i 8,346 | ||||||
Right-of-use |
i 77,003 | i 78,631 | ||||||
Other |
i 22,081 | i 28,772 | ||||||
| i 596,895 | i 687,563 | |||||||
Net deferred tax liability |
¥ | i 299,776 | ¥ | i 311,290 | ||||
Millions of yen |
||||||||
2022 |
2023 |
|||||||
Other assets |
¥ | i 46,065 | ¥ | i 48,292 | ||||
Income taxes: Deferred |
i 345,841 | i 359,582 | ||||||
Net deferred tax liability |
¥ | i 299,776 | ¥ | i 311,290 | ||||
Years ending March 31, |
Millions of yen |
|||
2024 |
¥ | i 17,360 | ||
202 5 |
i 21,183 | |||
202 6 |
i 24,810 | |||
202 7 |
i 13,686 | |||
202 8 |
i 7,993 | |||
Thereafter |
i 279,892 | |||
Indefinite period |
i 92,061 | |||
Total |
¥ | i 456,985 | ||
Millions of yen |
||||||||||||||||
Japanese plans |
Overseas plans |
|||||||||||||||
2022 |
2023 |
2022 |
2023 |
|||||||||||||
Change in benefit obligation: |
||||||||||||||||
Benefit obligation at beginning of year |
¥ | i 114,556 | ¥ | i 111,010 | ¥ | i 128,573 | ¥ | i 121,148 | ||||||||
Service cost |
i 6,058 | i 5,704 | i 3,947 | i 3,432 | ||||||||||||
Interest cost |
i 791 | i 731 | i 1,329 | i 2,309 | ||||||||||||
Actuarial loss (income) |
( i 3,977 | ) | ( i 6,538 | ) | ( i 18,503 | ) | ( i 25,124 | ) | ||||||||
Plan participant’s contributions |
i 0 | i 0 | i 295 | i 334 | ||||||||||||
Benefits paid |
( i 4,776 | ) | ( i 4,770 | ) | ( i 1,552 | ) | ( i 1,131 | ) | ||||||||
Business combinations |
i 0 | i 4,733 | i 0 | i 196 | ||||||||||||
Plan amendments |
( i 1,642 | ) | ( i 1,111 | ) | i 254 | ( i 285 | ) | |||||||||
Foreign currency exchange rate change |
i 0 | i 0 | i 6,805 | i 7,537 | ||||||||||||
Benefit obligation at end of year |
i 111,010 | i 109,759 | i 121,148 | i 108,416 | ||||||||||||
Change in plan assets: |
||||||||||||||||
Fair value of plan assets at beginning of year |
i 134,392 | i 137,317 | i 119,858 | i 127,251 | ||||||||||||
Actual return on plan assets |
i 2,819 | ( i 3,108 | ) | ( i 836 | ) | ( i 15,709 | ) | |||||||||
Employer contribution |
i 3,909 | i 4,162 | i 2,530 | i 2,927 | ||||||||||||
Plan participant’s contributions |
i 0 | i 0 | i 295 | i 334 | ||||||||||||
Benefits paid |
( i 3,803 | ) | ( i 3,913 | ) | ( i 1,439 | ) | ( i 962 | ) | ||||||||
Business combinations |
i 0 | i 2,456 | i 0 | i 175 | ||||||||||||
Plan amendments |
i 0 | ( i 111 | ) | i 0 | i 0 | |||||||||||
Foreign currency exchange rate change |
i 0 | i 0 | i 6,843 | i 8,188 | ||||||||||||
Fair value of plan assets at end of year |
i 137,317 | i 136,803 | i 127,251 | i 122,204 | ||||||||||||
The funded status of the plans |
¥ | i 26,307 | ¥ | i 27,044 | ¥ | i 6,103 | ¥ | i 13,788 | ||||||||
Amount recognized in the consolidated balance sheets consists of: |
||||||||||||||||
Prepaid benefit cost included in other assets |
¥ | i 40,118 | ¥ | i 42,337 | ¥ | i 7,753 | ¥ | i 15,465 | ||||||||
Accrued benefit liability included in other liabilities |
( i 13,811 | ) | ( i 15,293 | ) | ( i 1,650 | ) | ( i 1,677 | ) | ||||||||
Net amount recognized |
¥ | i 26,307 | ¥ | i 27,044 | ¥ | i 6,103 | ¥ | i 13,788 | ||||||||
Millions of yen |
||||||||||||||||
Japanese plans |
Overseas plans |
|||||||||||||||
2022 |
2023 |
2022 |
2023 |
|||||||||||||
Net prior service credit |
¥ | i 266 | ¥ | i 1,100 | ¥ | i 746 | ¥ | i 433 | ||||||||
Net actuarial gain (loss) |
( i 12,912 | ) | ( i 12,183 | ) | ( i 1,432 | ) | i 3,394 | |||||||||
Net transition obligation |
i 0 | i 0 | i 3 | i 5 | ||||||||||||
Total recognized in accumulated other comprehensive income (loss), pre-tax |
¥ | ( i 12,646 | ) | ¥ | ( i 11,083 | ) | ¥ | ( i 683) | ¥ | i 3,832 | ||||||
Millions of yen |
||||||||||||||||
Japanese plans |
Overseas plans |
|||||||||||||||
2022 |
2023 |
2022 |
2023 |
|||||||||||||
Accumulated benefit obligations |
¥ | i 13,386 | ¥ | i 17,335 | ¥ | i 7,407 | ¥ | i 7,256 | ||||||||
Fair value of plan assets |
i 0 | i 2,563 | i 5,842 | i 5,630 | ||||||||||||
Millions of yen |
||||||||||||||||
Japanese plans |
Overseas plans |
|||||||||||||||
2022 |
2023 |
2022 |
2023 |
|||||||||||||
Projected benefit obligations |
¥ | i 13,811 | ¥ | i 17,856 | ¥ | i 8,484 | ¥ | i 7,307 | ||||||||
Fair value of plan assets |
i 0 | i 2,563 | i 6,834 | i 5,630 | ||||||||||||
Millions of yen |
||||||||||||
2021 |
2022 |
2023 |
||||||||||
Japanese plans: |
||||||||||||
Service cost |
¥ | i 5,831 | ¥ | i 6,058 | ¥ | i 5,704 | ||||||
Interest cost |
i 698 | i 791 | i 731 | |||||||||
Expected return on plan assets |
( i 2,427 | ) | ( i 2,663 | ) | ( i 2,739 | ) | ||||||
Amortization of prior service credit |
( i 178 | ) | ( i 66 | ) | ( i 47 | ) | ||||||
Amortization of net actuarial loss |
i 1,320 | i 412 | i 79 | |||||||||
Plan amendments |
i 0 | i 0 | ( i 44 | ) | ||||||||
Net periodic pension cost |
¥ | i 5,244 | ¥ | i 4,532 | ¥ | i 3,684 | ||||||
Overseas plans: |
||||||||||||
Service cost |
¥ | i 3,288 | ¥ | i 3,947 | ¥ | i 3,432 | ||||||
Interest cost |
i 1,711 | i 1,329 | i 2,309 | |||||||||
Expected return on plan assets |
( i 3,618 | ) | ( i 4,192 | ) | ( i 4,982 | ) | ||||||
Amortization of prior service credit |
( i 269 | ) | ( i 320 | ) | ( i 329 | ) | ||||||
Amortization of net actuarial loss |
i 313 | i 500 | i 9 | |||||||||
Amortization of transition obligation |
i 1 | i 1 | i 1 | |||||||||
Net periodic pension cost |
¥ | i 1,426 | ¥ | i 1,265 | ¥ | i 440 | ||||||
| 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. |
Millions of yen |
||||||||||||
2021 |
2022 |
2023 |
||||||||||
Japanese plans: |
||||||||||||
Current year actuarial gain (loss) |
¥ | i 10,424 | ¥ | i 3,795 | ¥ | i 650 | ||||||
Amortization of net actuarial loss |
i 1,320 | i 412 | i 79 | |||||||||
Prior service credit due to amendments |
( i 402 | ) | i 367 | i 881 | ||||||||
Amortization of prior service credit |
( i 178 | ) | ( i 66 | ) | ( i 47 | ) | ||||||
Total recognized in other comprehensive income, pre-tax |
¥ | i 11,164 | ¥ | i 4,508 | ¥ | i 1,563 | ||||||
Overseas plans: |
||||||||||||
Current year actuarial gain (loss) |
¥ | ( i 2,308 | ) | ¥ | i 13,672 | ¥ | i 4,810 | |||||
Amortization of net actuarial loss |
i 313 | i 500 | i 9 | |||||||||
Prior service credit due to amendments |
( i 10 | ) | ( i 255 | ) | ( i 36 | ) | ||||||
Amortization of prior service credit |
( i 269 | ) | ( i 320 | ) | ( i 329 | ) | ||||||
Amortization of transition obligation |
i 1 | i 1 | i 1 | |||||||||
Foreign currency exchange rate change |
( i 946 | ) | ( i 215 | ) | i 60 | |||||||
Total recognized in other comprehensive income (loss), pre-tax |
¥ | ( i 3,219 | ) | ¥ | i 13,383 | ¥ | i 4,515 | |||||
Japanese plans |
2021 |
2022 |
2023 |
|||||||||
Weighted-average assumptions used to determine benefit obligations at March 31: |
||||||||||||
Discount rate |
i 0.7 | % | i 0.6 | % | i 1.1 | % | ||||||
Rate of increase in compensation levels |
i 4.0 | % | i 4.0 | % | i 4.3 | % | ||||||
Interest crediting rate for cash balance plans |
i 1.5 | % | i 1.5 | % | i 1.5 | % | ||||||
Weighted-average assumptions used to determine net periodic pension cost for years ended March 31: |
||||||||||||
Discount rate |
i 0.6 | % | i 0.7 | % | i 0.6 | % | ||||||
Rate of increase in compensation levels |
i 4.0 | % | i 4.0 | % | i 4.0 | % | ||||||
Expected long-term rate of return on plan assets |
i 2.0 | % | i 2.0 | % | i 2.0 | % | ||||||
Interest crediting rate for cash balance plans |
i 1.5 | % | i 1.5 | % | i 1.5 | % | ||||||
Overseas plans |
2021 |
2022 |
2023 |
|||||||||
Weighted-average assumptions used to determine benefit obligations at March 31: |
||||||||||||
Discount rate |
i 1.0 | % | i 1.7 | % | i 3.3 | % | ||||||
Rate of increase in compensation levels |
i 2.2 | % | i 2.2 | % | i 2.3 | % | ||||||
Interest crediting rate for cash balance plans |
i — | i — | i — | |||||||||
Weighted-average assumptions used to determine net periodic pension cost for years ended March 31: |
||||||||||||
Discount rate |
i 1.7 | % | i 1.0 | % | i 1.7 | % | ||||||
Rate of increase in compensation levels |
i 2.2 | % | i 2.2 | % | i 2.2 | % | ||||||
Expected long-term rate of return on plan assets |
i 3.3 | % | i 3.5 | % | i 4.9 | % | ||||||
Interest crediting rate for cash balance plans |
i — | i — | i — | |||||||||
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) |
|||||||||||||
Equity securities: |
||||||||||||||||
Japan |
||||||||||||||||
Pooled funds*1 |
¥ | i 16,002 | ¥ | i 0 | ¥ | i 0 | ¥ | i 0 | ||||||||
Other than Japan |
||||||||||||||||
Pooled funds*2 |
i 21,366 | i 0 | i 0 | i 0 | ||||||||||||
Debt securities: |
||||||||||||||||
Japan |
||||||||||||||||
Pooled funds*3 |
i 27,845 | i 0 | i 0 | i 0 | ||||||||||||
Other than Japan |
||||||||||||||||
Pooled funds*4 |
i 38,070 | i 0 | i 0 | i 0 | ||||||||||||
Other assets: |
||||||||||||||||
Life insurance company general accounts*5 |
i 29,462 | i 0 | i 29,462 | i 0 | ||||||||||||
Others*6 |
i 4,572 | i 0 | i 4,572 | i 0 | ||||||||||||
| ¥ | i 137,317 | ¥ | i 0 | ¥ | i 34,034 | ¥ | i 0 | |||||||||
| *1 | These funds invest in listed shares including shares of ORIX Corporation in the amounts of ¥ i 22 million at March 31, 2022. |
| *2 | These funds invest in listed shares. |
| *3 | These funds invest approximately i 70% in Japanese government bonds, and approximately i 30%
in Japanese corporate bonds. These funds include corporate bonds of ORIX Corporation in the amounts of ¥ i 37 million at March 31, 2022. |
| *4 | These funds invest approximately i 90% in foreign government bonds and approximately i 10%
in foreign corporate bonds. |
| *5 | Life insurance company general accounts are accounts with guaranteed capital and minimum interest rate, in which life insurance companies manage funds on several contracts. |
| *6 | Others include derivative instruments held for hedging change in the fair value of equity securities, and short-term instruments. |
Millions of yen |
||||||||||||||||
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) |
|||||||||||||
Equity securities: |
||||||||||||||||
Japan |
||||||||||||||||
Pooled funds*1 |
¥ | i 13,607 | ¥ | i 0 | ¥ | i 0 | ¥ | i 0 | ||||||||
Other than Japan |
||||||||||||||||
Pooled funds*2 |
i 19,692 | i 0 | i 0 | i 0 | ||||||||||||
Debt securities: |
||||||||||||||||
Japan |
||||||||||||||||
Pooled funds*3 |
i 24,972 | i 0 | i 0 | i 0 | ||||||||||||
Other than Japan |
||||||||||||||||
Pooled funds*4 |
i 38,176 | i 0 | i 0 | i 0 | ||||||||||||
Other assets: |
||||||||||||||||
Life insurance company general accounts*5 |
i 32,372 | i 0 | i 32,372 | i 0 | ||||||||||||
Others*6 |
i 7,984 | i 0 | i 7,984 | i 0 | ||||||||||||
| ¥ | i 136,803 | ¥ | i 0 | ¥ | i 40,356 | ¥ | i 0 | |||||||||
| *1 | These funds invest in listed shares including shares of ORIX Corporation in the amounts of ¥ i 22 million at March 31, 2023. |
| *2 | These funds invest in listed shares. |
| *3 | These funds invest approximately i 70% in Japanese government bonds, and approximately i 30%
in Japanese corporate bonds. These funds include corporate bonds of ORIX Corporation in the amounts of ¥ i 35 million at March 31, 2023. |
| *4 | These funds invest approximately i 90% in foreign government bonds and approximately i 10%
in foreign corporate bonds. |
| *5 | Life insurance company general accounts are accounts with guaranteed capital and minimum interest rate, in which life insurance companies manage funds on several contracts. |
| *6 | Others include derivative instruments held for hedging change in the fair value of equity securities, and short-term instruments. |
Millions of yen |
||||||||||||||||
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) |
|||||||||||||
| Equity securities: |
||||||||||||||||
| Other than Japan |
||||||||||||||||
| Shares |
¥ | i 59,932 | ¥ | i 59,932 | ¥ | i 0 | ¥ | i 0 | ||||||||
| Pooled funds*1 |
i 1,031 | i 0 | i 0 | i 0 | ||||||||||||
| Debt securities: |
||||||||||||||||
| Other than Japan |
||||||||||||||||
| Government bonds |
i 55,999 | i 55,999 | i 0 | i 0 | ||||||||||||
| Municipal bonds |
i 4,411 | i 0 | i 4,411 | i 0 | ||||||||||||
| Other assets: |
||||||||||||||||
| Life insurance company general accounts*2 |
i 351 | i 0 | i 351 | i 0 | ||||||||||||
| Others*3 |
i 5,527 | i 0 | i 5,527 | i 0 | ||||||||||||
| |
|
|
|
|
|
|
|
|||||||||
| ¥ | i 127,251 | ¥ | i 115,931 | ¥ | i 10,289 | ¥ | i 0 | |||||||||
| |
|
|
|
|
|
|
|
|||||||||
| *1 | These funds invest in listed shares. |
| *2 | Life insurance company general accounts are accounts with guaranteed capital and minimum interest rate, in which life insurance companies manage funds on several contracts. |
| *3 | Others include derivative instruments held for hedging change in the fair value of equity securities, and short-term instruments. |
Millions of yen |
||||||||||||||||
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) |
|||||||||||||
| Equity securities: |
||||||||||||||||
| Other than Japan |
||||||||||||||||
| Shares |
¥ | i 49,040 | ¥ | i 49,040 | ¥ | i 0 | ¥ | i 0 | ||||||||
| Pooled funds*1 |
i 960 | i 0 | i 0 | i 0 | ||||||||||||
| Debt securities: |
||||||||||||||||
| Other than Japan |
||||||||||||||||
| Government bonds |
i 58,310 | i 58,310 | i 0 | i 0 | ||||||||||||
| Municipal bonds |
i 4,111 | i 0 | i 4,111 | i 0 | ||||||||||||
| Other assets: |
||||||||||||||||
| Life insurance company general accounts*2 |
i 486 | i 0 | i 486 | i 0 | ||||||||||||
| Others*3 |
i 9,297 | i 0 | i 9,297 | i 0 | ||||||||||||
| |
|
|
|
|
|
|
|
|||||||||
| ¥ | i 122,204 | ¥ | i 107,350 | ¥ | i 13,894 | ¥ | i 0 | |||||||||
| |
|
|
|
|
|
|
|
|||||||||
| *1 | These funds invest in listed shares. |
| *2 | Life insurance company general accounts are accounts with guaranteed capital and minimum interest rate, in which life insurance companies manage funds on several contracts. |
| *3 | Others include derivative instruments held for hedging change in the fair value of equity securities, and short-term instruments. |
Millions of yen |
||||||||
Years ending March 31, |
Japanese plans |
Overseas plans |
||||||
202 4 |
¥ | i 5,578 | ¥ | i 2,267 | ||||
202 5 |
i 5,698 | i 2,368 | ||||||
202 6 |
i 5,882 | i 2,341 | ||||||
202 7 |
i 5,806 | i 2,468 | ||||||
202 8 |
i 5,668 | i 2,614 | ||||||
202 9 -2033 |
i 31,909 | i 16,148 | ||||||
Total |
¥ | i 60,541 | ¥ | i 28,206 | ||||
Millions of yen |
||||||||||||
2021 |
2022 |
2023 |
||||||||||
| Beginning Balance | ¥ | i 10,331 | ¥ | i 0 | ¥ | i 0 | ||||||
Transaction with noncontrolling interests |
( i 10,028 | ) | i 0 | i 959 | ||||||||
Adjustment of redeemable noncontrolling interests to redemption value |
i 0 | i 0 | i 3 | |||||||||
Comprehensive income (loss) |
||||||||||||
Net Income (loss) |
( i 23 | ) | i 0 | i 32 | ||||||||
Other comprehensive income (loss) |
||||||||||||
Net unrealized gains (losses) on investment in debt securities |
i 0 | i 0 | ( i 24 | ) | ||||||||
Net change of foreign currency translation adjustments |
( i 280 | ) | i 0 | ( i 25 | ) | |||||||
Total other comprehensive income (loss) |
( i 280 | ) | i 0 | ( i 49 | ) | |||||||
Comprehensive income (loss) |
( i 303 | ) | i 0 | ( i 17 | ) | |||||||
Ending Balance |
¥ | i 0 | ¥ | i 0 | ¥ | i 945 | ||||||
Millions of yen |
||||||||||||||||||||||||
Net unrealized gains (losses) on investment in securities |
Debt valuation adjustments |
Defined benefit pension plans |
Foreign currency translation adjustments |
Net unrealized gains (losses) on derivative instruments |
Accumulated other comprehensive income (loss) |
|||||||||||||||||||
Balance at March 31, 2020 |
¥ | ( i 5,001 | ) | ¥ | i 1,457 | ¥ | ( i 26,375 | ) | ¥ | ( i 72,471 | ) | ¥ | ( i 16,142 | ) | ¥ | ( i 118,532 | ) | |||||||
Net unrealized gains (losses) on investment in securities, net of tax of ¥ i 5,702 million |
( i 11,188 | ) | ( i 11,188 | ) | ||||||||||||||||||||
Reclassification adjustment included in net income, net of tax of ¥ i 510 million |
i 6 | i 6 | ||||||||||||||||||||||
Debt valuation adjustments, net of tax of ¥ i 321 million |
( i 826 | ) | ( i 826 | ) | ||||||||||||||||||||
Reclassification adjustment included in net income, net of tax of ¥ i 28 million |
( i 73 | ) | ( i 73 | ) | ||||||||||||||||||||
Defined benefit pension plans, net of tax of ¥( i 2,247) million |
i 4,511 | i 4,511 | ||||||||||||||||||||||
Reclassification adjustment included in net income, net of tax of ¥( i 368) million |
i 819 | i 819 | ||||||||||||||||||||||
Foreign currency translation adjustments, net of tax of ¥ i 14,709 million |
i 32,180 | i 32,180 | ||||||||||||||||||||||
Reclassification adjustment included in net income, net of tax of ¥( i 751) million |
i 4,066 | i 4,066 | ||||||||||||||||||||||
Net unrealized gains (losses) on derivative instruments, net of tax of ¥ i 40 million |
( i 997 | ) | ( i 997 | ) | ||||||||||||||||||||
Reclassification adjustment included in net income, net of tax of ¥( i 1,923) million |
i 5,779 | i 5,779 | ||||||||||||||||||||||
Total other comprehensive income (loss) |
( i 11,182 | ) | ( i 899 | ) | i 5,330 | i 36,246 | i 4,782 | i 34,277 | ||||||||||||||||
Less: Other Comprehensive Income Attributable to the Noncontrolling Interests |
i 25 | i 0 | i 28 | i 511 | i 111 | i 675 | ||||||||||||||||||
Less: Other Comprehensive Income (Loss) Attributable to the Redeemable Noncontrolling Interests |
i 0 | i 0 | i 0 | ( i 280 | ) | i 0 | ( i 280 | ) | ||||||||||||||||
Balance at March 31, 2021 |
¥ | ( i 16,208 | ) | ¥ | i 558 | ¥ | ( i 21,073 | ) | ¥ | ( i 36,456 | ) | ¥ | ( i 11,471 | ) | ¥ | ( i 84,650 | ) | |||||||
Net unrealized gains (losses) on investment in securities, net of tax of ¥ i 21,836 million |
( i 52,477 | ) | ( i 52,477 | ) | ||||||||||||||||||||
Reclassification adjustment included in net income, net of tax of ¥ i 61 million |
( i 4,207 | ) | ( i 4,207 | ) | ||||||||||||||||||||
Debt valuation adjustments, net of tax of ¥ i 121 million |
( i 311 | ) | ( i 311 | ) | ||||||||||||||||||||
Reclassification adjustment included in net income, net of tax of ¥ i 10 million |
( i 26 | ) | ( i 26 | ) | ||||||||||||||||||||
Defined benefit pension plans, net of tax of ¥( i 4,738) million |
i 12,626 | i 12,626 | ||||||||||||||||||||||
Reclassification adjustment included in net income, net of tax of ¥( i 151) million |
i 376 | i 376 | ||||||||||||||||||||||
Foreign currency translation adjustments, net of tax of ¥ i 17,642 million |
i 105,079 | i 105,079 | ||||||||||||||||||||||
Reclassification adjustment included in net income, net of tax of ¥( i 295) million |
i 614 | i 614 | ||||||||||||||||||||||
Net unrealized gains (losses) on derivative instruments, net of tax of ¥( i 3,256) million |
i 10,634 | i 10,634 | ||||||||||||||||||||||
Reclassification adjustment included in net income, net of tax of ¥( i 1,478) million |
i 4,436 | i 4,436 | ||||||||||||||||||||||
Total other comprehensive income (loss) |
( i 56,684 | ) | ( i 337 | ) | i 13,002 | i 105,693 | i 15,070 | i 76,744 | ||||||||||||||||
Transaction with noncontrolling interests |
i 0 | i 0 | i 0 | ( i 1,472 | ) | ( i 3 | ) | ( i 1,475 | ) | |||||||||||||||
Less: Other Comprehensive Income Attributable to the Noncontrolling Interests |
i 0 | i 0 | i 1 | i 5,851 | i 808 | i 6,660 | ||||||||||||||||||
Balance at March 31, 2022* |
¥ | ( i 72,892 | ) | ¥ | i 221 | ¥ | ( i 8,072 | ) | ¥ | i 61,914 | ¥ | i 2,788 | ¥ | ( i 16,041 | ) | |||||||||
| * | As of March 31, 2022, there were i no net unrealized gains (losses) on investment in securities related to available-for-sale |
Millions of yen |
||||||||||||||||||||||||
Net unrealized gains (losses) on investment in securities |
Debt valuation adjustments |
Defined benefit pension plans |
Foreign currency translation adjustments |
Net unrealized gains (losses) on derivative instruments |
Accumulated other comprehensive income (loss) |
|||||||||||||||||||
Balance at March 31, 2022 |
¥ | ( i 72,892 | ) | ¥ | i 221 | ¥ | ( i 8,072 | ) | ¥ | i 61,914 | ¥ | i 2,788 | ¥ | ( i 16,041 | ) | |||||||||
Net unrealized gains (losses) on investment in securities, net of tax of ¥ i 41,871 million |
( i 109,745 | ) | ( i 109,745 | ) | ||||||||||||||||||||
Reclassification adjustment included in net income, net of tax of ¥ i 90 million |
( i 421 | ) | ( i 421 | ) | ||||||||||||||||||||
Debt valuation adjustments, net of tax of ¥( i 25) million |
i 67 | i 67 | ||||||||||||||||||||||
Reclassification adjustment included in net income, net of tax of ¥ i 5 million |
( i 13 | ) | ( i 13 | ) | ||||||||||||||||||||
Defined benefit pension plans, net of tax of ¥( i 1,706) million |
i 4,659 | i 4,659 | ||||||||||||||||||||||
Reclassification adjustment included in net income, net of tax of ¥ i 76 million |
( i 211 | ) | ( i 211 | ) | ||||||||||||||||||||
Foreign currency translation adjustments, net of tax of ¥ i 19,131 million |
i 90,616 | i 90,616 | ||||||||||||||||||||||
Reclassification adjustment included in net income, net of tax of ¥( i 1,806) million |
i 4,091 | i 4,091 | ||||||||||||||||||||||
Net unrealized gains (losses) on derivative instruments, net of tax of ¥( i 3,106) million |
i 18,232 | i 18,232 | ||||||||||||||||||||||
Reclassification adjustment included in net income, net of tax of ¥( i 408) million |
i 1,438 | i 1,438 | ||||||||||||||||||||||
Total other comprehensive income (loss) |
( i 110,166 | ) | i 54 | i 4,448 | i 94,707 | i 19,670 | i 8,713 | |||||||||||||||||
Transaction with noncontrolling interests |
i 0 | i 0 | i 0 | i 2,903 | i 1,493 | i 4,396 | ||||||||||||||||||
Less: Other Comprehensive Income (loss) Attributable to the Noncontrolling Interests |
i 0 | i 0 | ( i 7 | ) | i 3,637 | i 1,868 | i 5,498 | |||||||||||||||||
Less: Other Comprehensive Income Attributable to the Redeemable Noncontrolling Interests |
( i 24 | ) | i 0 | i 0 | ( i 25 | ) | i 0 | ( i 49 | ) | |||||||||||||||
Balance at March 31, 2023* |
¥ | ( i 183,034 | ) | ¥ | i 275 | ¥ | ( i 3,617 | ) | ¥ | i 155,912 | ¥ | i 22,083 | ¥ | ( i 8,381 | ) | |||||||||
| * | As of March 31, 2023, there were i no net unrealized gains (losses) on investment in securities related to available-for-sale |
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 |
¥ | i 2,473 | Gains on investment securities and dividends | |||
Sales of debt securities |
i 5,433 | Life insurance premiums and related investment income | ||||
Amortization of debt securities |
( i 1,468 | ) | Finance revenues | |||
Amortization of debt securities |
( i 1,340 | ) | Life insurance premiums and related investment income | |||
Others |
( i 4,594 | ) | Write-downs of securities | |||
| i 504 | Total before income tax | |||||
| ( i 510 | ) | Income tax (expense) or benefit | ||||
| ¥ | ( i 6 | ) | Net of tax | |||
Debt valuation adjustments |
||||||
Fulfillment of policy liabilities and amortization of policy account balances |
¥ | i 101 | Life insurance costs | |||
| i 101 | Total before income tax | |||||
| ( i 28 | ) | Income tax (expense) or benefit | ||||
| ¥ | i 73 | Net of tax | ||||
Defined benefit pension plans |
||||||
Amortization of prior service credit |
¥ | i 447 | See Note 17 “Pension Plans” | |||
Amortization of net actuarial loss |
( i 1,633 | ) | See Note 17 “Pension Plans” | |||
Amortization of transition obligation |
( i 1 | ) | See Note 17 “Pension Plans” | |||
| ( i 1,187 | ) | Total before income tax | ||||
| i 368 | Income tax (expense) or benefit | |||||
| ¥ | ( i 819 | ) | Net of tax | |||
Foreign currency translation adjustments |
||||||
Foreign exchange contracts |
( i 2,057 | ) | Gains on sales of subsidiaries and affiliates and liquidation losses, net/Interest expense/Other (income) and expense | |||
Sales or liquidation |
( i 2,760 | ) | Gains on sales of subsidiaries and affiliates and liquidation losses, net | |||
| ( i 4,817 | ) | Total before income tax | ||||
| i 751 | Income tax (expense) or benefit | |||||
| ¥ | ( i 4,066 | ) | Net of tax | |||
Net unrealized gains (losses) on derivative instruments |
||||||
Interest rate swap agreements |
¥ | ( i 1,522 | ) | Interest expense | ||
Foreign exchange contracts |
( i 242 | ) | Interest expense/Other (income) and expense | |||
Foreign currency swap agreements |
( i 5,938 | ) | Interest expense/Other (income) and expense | |||
| ( i 7,702 | ) | Total before income tax | ||||
| i 1,923 | Income tax (expense) or benefit | |||||
| ¥ | ( i 5,779 | ) | Net of tax | |||
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 |
¥ | i 4,619 | Gains on investment securities and dividends | |||
Sales of debt securities |
i 737 | Life insurance premiums and related investment income | ||||
Amortization of debt securities |
i 92 | Finance revenues | ||||
Amortization of debt securities |
( i 658 | ) | Life insurance premiums and related investment income | |||
Others |
( i 522 | ) | Write-downs of securities | |||
| i 4,268 | Total before income tax | |||||
| ( i 61 | ) | Income tax (expense) or benefit | ||||
| ¥ | i 4,207 | Net of tax | ||||
Debt valuation adjustments |
||||||
Fulfillment of policy liabilities and amortization of policy account balances |
¥ | i 36 | Life insurance costs | |||
| i 36 | Total before income tax | |||||
| ( i 10 | ) | Income tax (expense) or benefit | ||||
| ¥ | i 26 | Net of tax | ||||
Defined benefit pension plans |
||||||
Amortization of prior service credit |
¥ | i 386 | See Note 17 “Pension Plans” | |||
Amortization of net actuarial loss |
( i 912 | ) | See Note 17 “Pension Plans” | |||
Amortization of transition obligation |
( i 1 | ) | See Note 17 “Pension Plans” | |||
| ( i 527 | ) | Total before income tax | ||||
| i 151 | Income tax (expense) or benefit | |||||
| ¥ | ( i 376 | ) | Net of tax | |||
Foreign currency translation adjustments |
||||||
Foreign exchange contracts |
¥ | ( i 1,782 | ) | Gains on sales of subsidiaries and affiliates and liquidation losses, net/Interest expense/Other (income) and expense | ||
Sales or liquidation |
i 873 | Gains on sales of subsidiaries and affiliates and liquidation losses, net | ||||
| ( i 909 | ) | Total before income tax | ||||
| i 295 | Income tax (expense) or benefit | |||||
| ¥ | ( i 614 | ) | Net of tax | |||
Net unrealized gains (losses) on derivative instruments |
||||||
Interest rate swap agreements |
¥ | ( i 1,615 | ) | Interest expense | ||
Foreign exchange contracts |
( i 710 | ) | Interest expense/Other (income) and expense | |||
Foreign currency swap agreements |
( i 3,589 | ) | Interest expense/Other (income) and expense | |||
| ( i 5,914 | ) | Total before income tax | ||||
| i 1,478 | Income tax (expense) or benefit | |||||
| ¥ | ( i 4,436 | ) | Net of tax | |||
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 |
¥ | i 155 | Gains on investment securities and dividends | |||
Sales of debt securities |
( i 765 | ) | Life insurance premiums and related investment income | |||
Amortization of debt securities |
i 509 | Finance revenues | ||||
Amortization of debt securities |
i 1,148 | Life insurance premiums and related investment income | ||||
Others |
( i 536 | ) | Write-downs of securities | |||
| i 511 | Total before income tax | |||||
| ( i 90 | ) | Income tax (expense) or benefit | ||||
| ¥ | i 421 | Net of tax | ||||
Debt valuation adjustments |
||||||
Fulfillment of policy liabilities and amortization of policy account balances |
¥ | i 18 | Life insurance costs | |||
| i 18 | Total before income tax | |||||
| ( i 5 | ) | Income tax (expense) or benefit | ||||
| ¥ | i 13 | Net of tax | ||||
Defined benefit pension plans |
||||||
Amortization of prior service credit |
¥ | i 376 | See Note 17 “Pension Plans” | |||
Amortization of net actuarial loss |
( i 88 | ) | See Note 17 “Pension Plans” | |||
Amortization of transition obligation |
( i 1 | ) | See Note 17 “Pension Plans” | |||
| i 287 | Total before income tax | |||||
| ( i 76 | ) | Income tax (expense) or benefit | ||||
| ¥ | i 211 | Net of tax | ||||
Foreign currency translation adjustments |
||||||
Foreign exchange contracts |
¥ | ( i 14,673 | ) | Gains on sales of subsidiaries and affiliates and liquidation losses, net/Interest expense/Other (income) and expense | ||
Sales or liquidation |
i 8,776 | Gains on sales of subsidiaries and affiliates and liquidation losses, net | ||||
| ( i 5,897 | ) | Total before income tax | ||||
| i 1,806 | Income tax (expense) or benefit | |||||
| ¥ | ( i 4,091 | ) | Net of tax | |||
Net unrealized gains (losses) on derivative instruments |
||||||
Interest rate swap agreements |
¥ | ( i 175 | ) | Interest expense | ||
Foreign exchange contracts |
i 0 | Interest expense/Other (income) and expense | ||||
Foreign currency swap agreements |
( i 1,671 | ) | Interest expense/Other (income) and expense | |||
| ( i 1,846 | ) | Total before income tax | ||||
| i 408 | Income tax (expense) or benefit | |||||
| ¥ | ( i 1,438 | ) | Net of tax | |||
Number of shares |
||||||||||||
2021 |
2022 |
2023 |
||||||||||
Beginning balance |
i 1,324,629,128 | i 1,285,724,480 | i 1,258,277,087 | |||||||||
Cancellation of treasury stock |
( i 38,904,648 | ) | ( i 27,447,393 | ) | ( i 23,427,745 | ) | ||||||
Ending balance |
i 1,285,724,480 | i 1,258,277,087 | i 1,234,849,342 | |||||||||
Millions of yen |
||||||||||||
2021 |
2022 |
2023 |
||||||||||
Net gains on investment securities |
¥ | i 44,622 | ¥ | i 54,585 | ¥ | i 30,284 | ||||||
Dividends income |
i 1,475 | i 1,925 | i 2,146 | |||||||||
| ¥ | i 46,097 | ¥ | i 56,510 | ¥ | i 32,430 | |||||||
| * | Unrealized changes in fair value of investments in equity securities have been included in “Net gains on investment securities.” |
Millions of yen |
||||||||||||
2021 |
2022 |
2023 |
||||||||||
Life insurance premiums |
¥ | i 403,799 | ¥ | i 431,289 | ¥ | i 451,404 | ||||||
Life insurance related investment income* |
i 83,751 | i 50,521 | i 42,666 | |||||||||
| ¥ | i 487,550 | ¥ | i 481,810 | ¥ | i 494,070 | |||||||
| * | Life insurance related investment income in fiscal 2021, 2022 and 2023 include net unrealized holding gains of ¥ i 61,351 million and ¥ i 8,004 million
and ¥ i 851 million on equity securities held as of March 31, 2021, 2022 and 2023, respectively. |
Millions of yen |
||||||||||||
2021 |
2022 |
2023 |
||||||||||
Reinsurance benefits |
¥ | i 2,333 | ¥ | i 2,744 | ¥ | i 3,239 | ||||||
Reinsurance premiums |
( i 5,196 | ) | ( i 4,498 | ) | ( i 4,891 | ) | ||||||
Millions of yen |
||||||||||||
2021 |
2022 |
2023 |
||||||||||
Life insurance premiums and related investment income : |
||||||||||||
Net realized and unrealized gains or losses from investment assets |
¥ | i 76,470 | ¥ | i 8,501 | ¥ | ( i 2,312 | ) | |||||
Net gains or losses from derivative contracts : |
( i 10,271 | ) | ( i 1,520 | ) | ( i 1,360 | ) | ||||||
Futures |
( i 9,412 | ) | ( i 1,075 | ) | ( i 855 | ) | ||||||
Foreign exchange contracts |
( i 261 | ) | ( i 445 | ) | ( i 505 | ) | ||||||
Options held |
( i 598 | ) | i 0 | i 0 | ||||||||
Life insurance costs : |
||||||||||||
Changes in the fair value of the policy liabilities and policy account balances |
¥ | ( i 35,565 | ) | ¥ | ( i 67,984 | ) | ¥ | ( i 35,097 | ) | |||
Insurance costs recognized for insurance and annuity payouts as a result of insured events |
i 77,631 | i 69,727 | i 28,754 | |||||||||
Changes in the fair value of the reinsurance contracts |
i 11,909 | i 1,083 | i 538 | |||||||||
Millions of yen |
||||||||
2022 |
2023 |
|||||||
Investment in operating leases |
¥ | i 35,061 | ¥ | i 13,104 | ||||
Property under facility operations |
i 8,376 | i 10 | ||||||
Office facilities |
i 1,375 | i 55 | ||||||
Other assets |
i 1,556 | i 0 | ||||||
Other liabilities |
i 1,761 | i 0 | ||||||
Fiscal Year ended March 31, 2021 |
Write-downs of the assets held for sale |
Write-downs due to decline in estimated future cash flows |
||||||||||||||
Amount (Millions of yen) |
The number of properties |
Amount (Millions of yen) |
The number of properties |
|||||||||||||
Office buildings |
¥ | i 0 | — | ¥ | i 331 | i 1 | ||||||||||
Commercial facilities other than office buildings |
i 1,067 | i 5 | i 189 | i 1 | ||||||||||||
Condominiums |
i 0 | — | i 64 | i 2 | ||||||||||||
Land undeveloped or under construction |
i 0 | — | i 98 | i 2 | ||||||||||||
Others* |
i 0 | — | i 1,271 | — | ||||||||||||
Total |
¥ | i 1,067 | i — | ¥ | i 1,953 | i — | ||||||||||
Fiscal Year ended March 31, 2022 |
Write-downs of the assets held for sale |
Write-downs due to decline inestimated future cash flows |
||||||||||||||
Amount (Millions of yen) |
The number of properties |
Amount (Millions of yen) |
The number of properties |
|||||||||||||
Commercial facilities other than office buildings |
¥ | i 858 | i 3 | ¥ | i 11 | i 1 | ||||||||||
Condominiums |
i 13 | i 2 | i 83 | i 49 | ||||||||||||
Others* |
i 11,878 | — | i 22,823 | — | ||||||||||||
Total |
¥ | i 12,749 | i — | ¥ | i 22,917 | i — | ||||||||||
Fiscal Year ended March 31, 2023 |
Write-downs of the assets held for sale |
Write-downs due to decline inestimated future cash flows |
||||||||||||||
Amount (Millions of yen) |
The number of properties |
Amount (Millions of yen) |
The number of properties |
|||||||||||||
Office buildings |
¥ | i 0 | — | i 1,535 | i 2 | |||||||||||
Commercial facilities other than office buildings |
i 0 | i — | i 51 | i 2 | ||||||||||||
Condominiums |
i 2 | i 1 | i 15 | i 19 | ||||||||||||
Others* |
i 241 | — | i 453 | — | ||||||||||||
Total |
¥ | i 243 | i — | ¥ | i 2,054 | i — | ||||||||||
| * | For the “Others”, the numbers of properties are omitted. Write-downs of long-lived assets for fiscal 2021 include write-downs of ¥ i 1,099 million of hotels. Write-downs of long-lived assets for fiscal 2022 include write-downs of ¥ i 31,205 million
of property under facility operations and others held by subsidiaries, of which ¥ i 19,564 million related to write-downs of two coal-biomass co-fired power plants, and ¥ i 2,331 million
of two aircraft. |
Millions of yen |
||||||||||||
2021 |
2022 |
2023 |
||||||||||
Net Income attributable to ORIX Corporation shareholders |
¥ | i 192,384 | ¥ | i 312,135 | ¥ | i 273,075 | ||||||
Thousands of shares |
||||||||||||
2021 |
2022 |
2023 |
||||||||||
Weighted-average shares |
i 1,236,897 | i 1,203,452 | i 1,180,356 | |||||||||
Effect of dilutive securities |
||||||||||||
Stock compensation |
i 1,197 | i 1,400 | i 1,589 | |||||||||
Weighted-average shares for diluted EPS computation |
i 1,238,094 | i 1,204,852 | i 1,181,945 | |||||||||
Yen |
||||||||||||
2021 |
2022 |
2023 |
||||||||||
Earnings per share for net income attributable to ORIX Corporation shareholders: |
||||||||||||
Basic |
¥ | i 155.54 | ¥ | i 259.37 | ¥ | i 231.35 | ||||||
Diluted |
i 155.39 | i 259.07 | i 231.04 | |||||||||
Note: |
The Company’s shares held through the Board Incentive Plan Trust are included in the number of treasury stock to be deducted in calculation of the weighted-average shares for EPS computation ( i 1,897,979 shares, i 2,104,640 shares and i 2,496,724 shares in fiscal 2021, 2022 and 2023). |
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 |
¥ | i 5,051 | ¥ | i 1,522 | ¥ | i 0 | ||||||
Foreign exchange contracts |
( i 45 | ) | i 827 | ( i 585 | ) | |||||||
Foreign currency swap agreements |
( i 6,043 | ) | i 553 | i 5,385 | ||||||||
Millions of yen |
||||||||||||||||
Gains (losses) recognized in income on derivative and other |
Gains (losses) recognized in income on hedged item |
|||||||||||||||
Life insurance premiums and related investment income |
Other (income) and expense |
Life insurance premiums and related investment income |
Other (income) and expense |
|||||||||||||
Interest rate swap agreements |
¥ | i 9,533 | ¥ | i 0 | ¥ | ( i 8,990 | ) | ¥ | i 0 | |||||||
Foreign exchange contracts |
( i 5,032 | ) | i 438 | i 3,591 | ( i 356 | ) | ||||||||||
Millions of yen |
||||||||||||||||
Gains (losses) recognized in other comprehensive income on derivative and others |
Gains (losses) reclassified from other comprehensive income (loss) into income |
|||||||||||||||
Interest expense |
Other (income) and expense |
|||||||||||||||
Foreign exchange contracts |
¥ | ( i 27,128 | ) | ¥ | i 1,145 | ¥ | i 3,181 | ¥ | i 21 | |||||||
Borrowings and bonds in foreign currencies |
( i 15,840 | ) | i 0 | i 0 | i 0 | |||||||||||
Millions of yen |
||||||||||||
Gains (losses) recognized in income on derivative |
||||||||||||
Life insurance premiums and related investment income* |
Interest expense |
Other (income) and expense |
||||||||||
Interest rate swap agreements |
¥ | i 0 | ¥ | i 7 | ¥ | ( i 13 | ) | |||||
Futures |
( i 9,412 | ) | i 0 | i 6,980 | ||||||||
Foreign exchange contracts |
( i 215 | ) | i 2,085 | i 12,814 | ||||||||
Credit derivatives held |
i 0 | i 0 | i 1 | |||||||||
Options held/written and other |
( i 598 | ) | i 0 | ( i 2,419 | ) | |||||||
| * | Futures, foreign exchange contracts and options held/written and other in the above table include gains (losses) arising from futures, foreign exchange contracts and options held to economically hedge the minimum guarantee risk of variable annuity and variable life insurance contracts for fiscal 2021 (see Note 23 “Life Insurance Operations”). |
Millions of yen |
||||||||||||
Gains (losses) recognized in other comprehensive income on derivative |
Gains (losses) reclassified from other comprehensive income (loss) into income |
|||||||||||
Interest expense |
Other (income) and expense |
|||||||||||
Interest rate swap agreements |
¥ | i 16,507 | ¥ | i 1,615 | ¥ | i 0 | ||||||
Foreign exchange contracts |
( i 542 | ) | i 223 | i 487 | ||||||||
Foreign currency swap agreements |
( i 2,075 | ) | i 559 | i 3,030 | ||||||||
Millions of yen |
||||||||||||||||
Gains (losses) recognized in income on derivative and other |
Gains (losses) recognized in income on hedged item |
|||||||||||||||
Life insurance premiums and related investment income |
Other (income) and expense |
Life insurance premiums and related investment income |
Other (income) and expense |
|||||||||||||
Interest rate swap agreements |
¥ | i 4,142 | ¥ | i 0 | ¥ | ( i 4,068 | ) | ¥ | i 0 | |||||||
Foreign exchange contracts |
( i 37,997 | ) | i 5 | i 37,659 | i 89 | |||||||||||
Millions of yen |
||||||||||||||||
Gains (losses) recognized in other comprehensive income on derivative and others |
Gains (losses) reclassified from other comprehensive income (loss) into income |
|||||||||||||||
Interest expense |
Other (income) and expense |
|||||||||||||||
| Foreign exchange contracts | ¥ | ( i 28,498 | ) | ¥ | ( i 104 | ) | ¥ | i 1,673 | ¥ | i 5 | ||||||
Borrowings and bonds in foreign currencies |
( i 63,922 | ) | i 0 | i 0 | i 0 | |||||||||||
Millions of yen |
||||||||||||
Gains (losses) recognized in income on derivative |
||||||||||||
Life insurance premiums and related investment income* |
Interest expense |
Other (income) and expense |
||||||||||
Interest rate swap agreements |
¥ | i 0 | ¥ | i 6 | ¥ | ( i 22 | ) | |||||
Futures |
( i 1,075 | ) | i 0 | i 186 | ||||||||
Foreign exchange contracts |
i 20,254 | i 1,308 | i 38,330 | |||||||||
Credit derivatives held |
i 0 | i 0 | ( i 1 | ) | ||||||||
Options held/written and other |
i 0 | i 0 | ( i 749 | ) | ||||||||
| * | 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 fiscal 2022 (see Note 23 “Life Insurance Operations”). |
Millions of yen |
||||||||||||
Gains (losses) recognized in other comprehensive income on derivative |
Gains (losses) reclassified from other comprehensive income (loss) into income |
|||||||||||
Interest expense |
Other (income) and expense |
|||||||||||
Interest rate swap agreements |
¥ | i 23,838 | ¥ | i 175 | ¥ | i 0 | ||||||
Foreign exchange contracts |
( i 184 | ) | ( i 893 | ) | i 893 | |||||||
Foreign currency swap agreements |
( i 2,268 | ) | i 766 | i 905 | ||||||||
Options held/written and other |
( i 48 | ) | i 0 | i 0 | ||||||||
Millions of yen |
||||||||||||||||
Gains (losses) recognized in income on derivative and other |
Gains (losses) recognized in income on hedged item |
|||||||||||||||
Life insurance premiums and related investment income |
Other (income) and expense |
Life insurance premiums and related investment income |
Other (income) and expense |
|||||||||||||
Interest rate swap agreements |
¥ | i 2,633 | ¥ | i 0 | ¥ | ( i 2,499 | ) | ¥ | i 0 | |||||||
Foreign exchange contracts |
( i 42,947 | ) | ( i 412 | ) | i 43,006 | i 332 | ||||||||||
Millions of yen |
||||||||||||||||
Gains (losses) recognized in other comprehensive income on derivative and others |
Gains (losses) reclassified from other comprehensive income (loss) into income |
|||||||||||||||
Interest expense |
Other (income) and expense |
|||||||||||||||
| Foreign exchange contracts | ¥ | ( i 21,316 | ) | ¥ | ( i 7,874 | ) | ¥ | i 7,051 | ¥ | ( i 252 | ) | |||||
Borrowings and bonds in foreign currencies |
( i 66,947 | ) | i 0 | i 0 | i 0 | |||||||||||
Millions of yen |
||||||||||||
Gains (losses) recognized in income on derivative |
||||||||||||
Life insurance premiums and related investment income* |
Interest expense |
Other (income) and expense |
||||||||||
Interest rate swap agreements |
¥ | i 0 | ¥ | i 5 | ¥ | ( i 222 | ) | |||||
Futures |
( i 855 | ) | i 0 | ( i 1,300 | ) | |||||||
Foreign exchange contracts |
i 21,659 | i 4,231 | i 49,589 | |||||||||
Credit derivatives held/written |
i 0 | i 0 | i 3 | |||||||||
Options held/written and other |
i 0 | i 0 | i 1,828 | |||||||||
| * | 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 fiscal 2023 (see Note 23 “Life Insurance Operations”). |
Millions of yen |
||||||||||||
Gains (losses) recognized in income |
||||||||||||
Life insurance premiums and related investment income |
Interest expense |
Other (income) and expense |
||||||||||
Foreign exchange contracts |
¥ | ( i 1,249 | ) | ¥ | i 6 | ¥ | i 0 | |||||
Options held/written and other |
i 0 | i 0 | i 32 | |||||||||
Millions of yen |
||||||||||||
Gains (losses) recognized in income |
||||||||||||
Life insurance premiums and related investment income |
Interest expense |
Other (income) and expense |
||||||||||
Foreign exchange contracts |
¥ | ( i 1,233 | ) | ¥ | i 9 | ¥ | i 0 | |||||
Options held/written and other |
i 0 | i 0 | i 31 | |||||||||
Assets as hedged items in fair value hedges |
Liabilities as hedged items in fair value hedges |
|||||||||||||||||||
Millions of yen |
Millions of yen |
|||||||||||||||||||
Consolidated balance sheets location |
Carrying amount |
The cumulative amount of fair value hedging adjustments included in the carrying amount |
Consolidated balance sheets location |
Carrying amount |
The cumulative amount of fair value hedging adjustments included in the carrying amount |
|||||||||||||||
Investment in Securities |
¥ | i 422,938 | ¥ | i 1,147 | — | ¥ | i 0 | ¥ | i 0 | |||||||||||
Installment Loans |
i 28,836 | i 55 | — | i 0 | i 0 | |||||||||||||||
Millions of yen |
||||||||||||
Gains (losses) recognized in income |
||||||||||||
Life insurance premiums and related investment income |
Interest expense |
Other (income) and expense |
||||||||||
Foreign exchange contracts |
¥ | ( i 12,299 | ) | ¥ | i 20 | ¥ | i 0 | |||||
Options held/written and other |
i 0 | i 0 | i 55 | |||||||||
Assets as hedged items in fair value hedges |
Liabilities as hedged items in fair value hedges |
|||||||||||||||||||
Millions of yen |
Millions of yen |
|||||||||||||||||||
Consolidated balance sheets location |
Carrying amount |
The cumulative amount of fair value hedging adjustments included in the carrying amount |
Consolidated balance sheets location |
Carrying amount |
The cumulative amount of fair value hedging adjustments included in the carrying amount |
|||||||||||||||
Investment in Securities |
¥ | i 470,204 | ¥ | ( i 1,107 | ) | — | ¥ | i 0 | ¥ | i 0 | ||||||||||
Installment Loans |
i 13,969 | ( i 1 | ) | — | i 0 | i 0 | ||||||||||||||
Derivative assets |
Derivative liabilities |
|||||||||||||||||||
Notional amount |
Fair value |
Consolidated balance sheets location |
Fair value |
Consolidated balance sheets location |
||||||||||||||||
Millions of yen |
Millions of yen |
Millions of yen |
||||||||||||||||||
Derivatives designated as hedging instruments and other: |
||||||||||||||||||||
Interest rate swap agreements |
¥ | i 511,224 | ¥ | i 9,570 | Other Assets | ¥ | i 8,170 | Other Liabilities | ||||||||||||
Options held/written and other |
i 847 | i 11 | Other Assets | i 0 | — | |||||||||||||||
Futures, foreign exchange contracts |
i 944,282 | i 445 | Other Assets | i 51,953 | Other Liabilities | |||||||||||||||
Foreign currency swap agreements |
i 78,445 | i 126 | Other Assets | i 4,518 | Other Liabilities | |||||||||||||||
Foreign currency long-term debt |
i 690,381 | i 0 | — | i 0 | — | |||||||||||||||
Derivatives not designated as hedging instruments: |
||||||||||||||||||||
Interest rate swap agreements |
¥ | i 432 | ¥ | i 0 | — | ¥ | i 12 | Other Liabilities | ||||||||||||
Options held/written and other |
i 794,774 | i 25,653 | Other Assets | i 21,562 | Other Liabilities | |||||||||||||||
Futures, foreign exchange contracts* |
i 725,685 | i 15,561 | Other Assets | i 19,490 | Other Liabilities | |||||||||||||||
| * | The notional amounts of futures and foreign exchange contracts in the above table include futures contracts of ¥ i 15,088 million and foreign exchange contracts of ¥ i 7,415 million
to economically hedge the minimum guarantee risk of variable annuity and variable life insurance contracts at March 31, 2022, respectively. Derivative assets in the above table include fair value of the futures and foreign exchange contracts before offsetting of ¥ i 79 million
and ¥ i 57 million and derivative liabilities include fair value of the futures and foreign exchange contracts before offsetting of ¥ i 1,325 million
and ¥ i 378 million at March 31, 2022, respectively. |
Derivative assets |
Derivative liabilities |
|||||||||||||||||||
Notional amount |
Fair value |
Consolidated balance sheets location |
Fair value |
Consolidated balance sheets location |
||||||||||||||||
Millions of yen |
Millions of yen |
Millions of yen |
||||||||||||||||||
Derivatives designated as hedging instruments and other: |
||||||||||||||||||||
Interest rate swap agreements |
¥ | i 568,864 | ¥ | i 22,798 | Other Assets | ¥ | i 3,311 | Other Liabilities | ||||||||||||
Options held/written and other |
i 9,486 | i 52 | Other Assets | i 88 | Other Liabilities | |||||||||||||||
Futures, foreign exchange contracts |
i 933,988 | i 2,735 | Other Assets | i 26,217 | Other Liabilities | |||||||||||||||
Foreign currency swap agreements |
i 99,878 | i 1,325 | Other Assets | i 2,426 | Other Liabilities | |||||||||||||||
Foreign currency long-term debt |
i 748,396 | i 0 | — | i 0 | — | |||||||||||||||
Derivatives not designated as hedging instruments: |
||||||||||||||||||||
Interest rate swap agreements |
¥ | i 464 | ¥ | i 0 | — | ¥ | i 8 | Other Liabilities | ||||||||||||
Options held/written and other |
i 632,211 | i 30,435 | Other Assets | i 28,335 | Other Liabilities | |||||||||||||||
Futures, foreign exchange contracts* |
i 788,361 | i 15,050 | Other Assets | i 10,978 | Other Liabilities | |||||||||||||||
Credit derivatives held/written |
i 1,098 | i 3 | Other Assets | i 3 | Other Liabilities | |||||||||||||||
| * | The notional amounts of futures and foreign exchange contracts in the above table include futures contracts of ¥ i 14,758 million and foreign exchange contracts of ¥ i 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 ¥ i 52 million
and ¥ i 12 million and derivative liabilities include fair value of the futures and foreign exchange contracts before offsetting of ¥ i 200 million
and ¥ i 179 million at March 31, 2023, respectively. |
Types of derivatives |
The events or circumstances that would require the seller to perform under the credit derivative |
Maximum potential amount of future payment under the credit derivative |
Approximate remaining term of the credit derivative |
Fair value of the credit derivative |
||||||||
Millions of yen |
Millions of yen |
|||||||||||
Credit default swap |
In case of credit event (bankruptcy, failure to pay, restructuring) occurring in underlying refence company* | ¥ | i 1,000 | Less than five years | ¥ | ( i 3 | ) | |||||
| * | Underlying reference company’s credit ratings are A1 or better rated by rating agencies as of 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 |
¥ | i 51,366 | ¥ | ( i 20,333 | ) | ¥ | i 31,033 | ¥ | i 0 | ¥ | ( i 1,060 | ) | ¥ | i 29,973 | ||||||||||
Total assets |
¥ | i 51,366 | ¥ | ( i 20,333 | ) | ¥ | i 31,033 | ¥ | i 0 | ¥ | ( i 1,060 | ) | ¥ | i 29,973 | ||||||||||
Derivative liabilities |
¥ | i 105,705 | ¥ | ( i 20,333 | ) | ¥ | i 85,372 | ¥ | ( i 15,409 | ) | ¥ | i 0 | ¥ | i 69,963 | ||||||||||
Total liabilities |
¥ | i 105,705 | ¥ | ( i 20,333 | ) | ¥ | i 85,372 | ¥ | ( i 15,409 | ) | ¥ | i 0 | ¥ | i 69,963 | ||||||||||
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 |
¥ | i 72,398 | ¥ | ( i 22,052 | ) | ¥ | i 50,346 | ¥ | i 0 | ¥ | ( i 4,973 | ) | ¥ | i 45,373 | ||||||||||
Total assets |
¥ | i 72,398 | ¥ | ( i 22,052 | ) | ¥ | i 50,346 | ¥ | i 0 | ¥ | ( i 4,973 | ) | ¥ | i 45,373 | ||||||||||
Derivative liabilities |
¥ | i 71,366 | ¥ | ( i 22,052 | ) | ¥ | i 49,314 | ¥ | ( i 1,786 | ) | ¥ | ( i 509 | ) | ¥ | i 47,019 | |||||||||
Total liabilities |
¥ | i 71,366 | ¥ | ( i 22,052 | ) | ¥ | i 49,314 | ¥ | ( i 1,786 | ) | ¥ | ( i 509 | ) | ¥ | i 47,019 | |||||||||
| * | The balances related to enforceable master netting agreements or similar agreements which were not offset in the consolidated balance sheets. |
Millions of yen |
||||||||||||||||||||
Carrying amount |
Estimated fair value |
Level 1 |
Level 2 |
Level 3 |
||||||||||||||||
Assets: |
||||||||||||||||||||
Cash and cash equivalents |
¥ | i 954,827 | ¥ | i 954,827 | ¥ | i 954,827 | ¥ | i 0 | ¥ | i 0 | ||||||||||
Restricted cash |
i 136,985 | i 136,985 | i 136,985 | i 0 | i 0 | |||||||||||||||
Installment loans (net of allowance for credit losses) |
i 3,814,773 | i 3,806,552 | i 0 | i 261,031 | i 3,545,521 | |||||||||||||||
Equity securities*1 |
i 385,271 | i 385,271 | i 112,200 | i 160,099 | i 112,972 | |||||||||||||||
Trading debt securities |
i 2,503 | i 2,503 | i 0 | i 2,503 | i 0 | |||||||||||||||
Available-for-sale |
i 2,174,891 | i 2,174,891 | i 1,095 | i 2,032,736 | i 141,060 | |||||||||||||||
Held-to-maturity |
i 114,312 | i 135,441 | i 0 | i 112,678 | i 22,763 | |||||||||||||||
Other Assets: |
||||||||||||||||||||
Time deposits |
i 4,197 | i 4,197 | i 0 | i 4,197 | i 0 | |||||||||||||||
Derivative assets*2 |
i 31,033 | i 31,033 | i 0 | i 0 | i 0 | |||||||||||||||
Reinsurance recoverables (Investment contracts) |
i 6,216 | i 6,049 | i 0 | i 0 | i 6,049 | |||||||||||||||
Liabilities: |
||||||||||||||||||||
Short-term debt |
¥ | i 439,639 | ¥ | i 439,639 | ¥ | i 0 | ¥ | i 439,639 | ¥ | i 0 | ||||||||||
Deposits |
i 2,106,900 | i 2,108,169 | i 0 | i 2,108,169 | i 0 | |||||||||||||||
Policy liabilities and Policy account balances (Investment contracts) |
i 178,170 | i 178,159 | i 0 | i 0 | i 178,159 | |||||||||||||||
Long-term debt |
i 4,427,046 | i 4,426,629 | i 0 | i 1,456,822 | i 2,969,807 | |||||||||||||||
Other Liabilities: |
||||||||||||||||||||
Derivative liabilities*2 |
i 85,372 | i 85,372 | i 0 | i 0 | i 0 | |||||||||||||||
| *1 | The amount of ¥ i 25,999 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 2 “Fair Value Measurements.” |
Millions of yen |
||||||||||||||||||||
Carrying amount |
Estimated fair value |
Level 1 |
Level 2 |
Level 3 |
||||||||||||||||
Assets: |
||||||||||||||||||||
Cash and cash equivalents |
¥ | i 1,231,860 | ¥ | i 1,231,860 | ¥ | i 1,231,860 | ¥ | i 0 | ¥ | i 0 | ||||||||||
Restricted cash |
i 135,048 | i 135,048 | i 135,048 | i 0 | i 0 | |||||||||||||||
Installment loans (net of allowance for credit losses) |
i 3,829,431 | i 3,807,987 | i 0 | i 128,249 | i 3,679,738 | |||||||||||||||
Equity securities*1 |
i 379,236 | i 379,236 | i 105,646 | i 133,027 | i 140,563 | |||||||||||||||
Trading debt securities |
i 2,179 | i 2,179 | i 0 | i 2,179 | i 0 | |||||||||||||||
Available-for-sale |
i 2,234,608 | i 2,234,608 | i 4,334 | i 1,986,672 | i 243,602 | |||||||||||||||
Held-to-maturity |
i 114,759 | i 129,678 | i 0 | i 108,326 | i 21,352 | |||||||||||||||
Certain investment in affiliates |
i 2,511 | i 2,511 | i 0 | i 0 | i 2,511 | |||||||||||||||
Other Assets: |
||||||||||||||||||||
Time deposits |
i 4,374 | i 4,374 | i 0 | i 4,374 | i 0 | |||||||||||||||
Derivative assets*2 |
i 50,346 | i 50,346 | i 0 | i 0 | i 0 | |||||||||||||||
Reinsurance recoverables (Investment contracts) |
i 5,301 | i 5,009 | i 0 | i 0 | i 5,009 | |||||||||||||||
Liabilities: |
||||||||||||||||||||
Short-term debt |
¥ | i 508,796 | ¥ | i 508,796 | ¥ | i 0 | ¥ | i 508,796 | ¥ | i 0 | ||||||||||
Deposits |
i 2,086,340 | i 2,087,035 | i 0 | i 2,087,035 | i 0 | |||||||||||||||
Policy liabilities and Policy account balances (Investment contracts) |
i 143,407 | i 143,842 | i 0 | i 0 | i 143,842 | |||||||||||||||
Long-term debt |
i 5,209,723 | i 5,164,112 | i 0 | i 1,667,119 | i 3,496,993 | |||||||||||||||
Other Liabilities: |
||||||||||||||||||||
Derivative liabilities*2 |
i 49,314 | i 49,314 | i 0 | i 0 | i 0 | |||||||||||||||
| *1 | The amount of ¥ i 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 2 “Fair Value Measurements.” |
Years ending March 31, |
Millions of yen |
|||
2024 |
¥ | i 5,846 | ||
2025 |
i 4,263 | |||
2026 |
i 1,663 | |||
2027 |
i 1,468 | |||
2028 |
i 958 | |||
Thereafter |
i 1 | |||
Total |
¥ | i 14,199 | ||
2022 |
2023 |
|||||||||||||||||||||||
Millions of yen |
Fiscal year |
Millions of yen |
Fiscal year |
|||||||||||||||||||||
Guarantees |
Potential future payment |
Book value of guarantee liabilities |
Maturity of the longest |
Potential future payment |
Book value of guarantee liabilities |
Maturity of the longest |
||||||||||||||||||
Corporate loans |
¥ | i 436,414 | ¥ | i 4,895 | i 2027 | ¥ | i 479,406 | ¥ | i 5,033 | i 2029 | ||||||||||||||
Transferred loans |
i 417,587 | i 4,103 | i 2062 | i 436,069 | i 2,185 | i 2062 | ||||||||||||||||||
Consumer loans |
i 284,891 | i 47,461 | i 2033 | i 295,273 | i 48,207 | i 2034 | ||||||||||||||||||
Real estate loans |
i 12,087 | i 3,953 | i 2048 | i 18,193 | i 2,031 | i 2048 | ||||||||||||||||||
Other |
i 2,294 | i 46 | i 2035 | i 2,484 | i 0 | i 2036 | ||||||||||||||||||
Total |
¥ | i 1,153,273 | ¥ | i 60,458 | — | ¥ | i 1,231,425 | ¥ | i 57,456 | — | ||||||||||||||
Corporate Financial Services and Maintenance Leasing |
: | Finance and fee business; leasing and rental of automobiles, electronic measuring instruments and ICT-related equipment | ||||
Real Estate |
: | Real estate development, rental and management; facility operations; real estate asset management | ||||
PE Investment and Concession |
: | Private equity investment and concession | ||||
Environment and Energy |
: | Domestic and overseas renewable energy; electric power retailing; ESCO services; sales of solar panels and battery energy storage system; recycling and waste management | ||||
Insurance |
: | Life insurance | ||||
Banking and Credit |
: | Banking and 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 | ||||
Millions of yen |
||||||||||||||||||||||||||||
Fiscal Year ended March 31, 2021 |
||||||||||||||||||||||||||||
Corporate Financial Services and Maintenance Leasing |
Real Estate |
PE Investment and Concession |
Environment and Energy |
Insurance |
Banking and Credit |
Aircraft and Ships |
||||||||||||||||||||||
Revenues |
¥ | i 431,015 | ¥ | i 359,798 | ¥ | i 331,222 | ¥ | i 141,971 | ¥ | i 491,894 | ¥ | i 83,724 | ¥ | i 31,617 | ||||||||||||||
Finance revenues |
i 58,996 | i 6,206 | i 152 | i 1,315 | i 242 | i 78,071 | i 1,172 | |||||||||||||||||||||
Interest expense |
i 6,252 | i 2,493 | i 1,719 | i 10,821 | i 500 | i 5,207 | i 13,103 | |||||||||||||||||||||
Depreciation and amortization |
i 162,620 | i 15,249 | i 9,406 | i 20,221 | i 28,366 | i 1,279 | i 13,566 | |||||||||||||||||||||
Other significant non-cash items: |
||||||||||||||||||||||||||||
Provision for credit losses |
i 1,074 | i 818 | i 3,621 | i 469 | i 7 | i 508 | ( i 159 | ) | ||||||||||||||||||||
Write-downs of long-lived assets |
i 207 | i 1,167 | i 0 | i 98 | i 0 | i 0 | i 0 | |||||||||||||||||||||
Increase in policy liabilities and policy account balances |
i 0 | i 0 | i 0 | i 0 | i 230,947 | i 0 | i 0 | |||||||||||||||||||||
Equity in net income (loss) of affiliates and gains (losses) on sales of subsidiaries and affiliates and liquidation losses, net |
i 1,485 | i 6,132 | ( i 8,449 | ) | i 12,423 | i 0 | i 3 | i 8,718 | ||||||||||||||||||||
Bargain Purchase Gain |
i 0 | i 0 | i 601 | i 4,365 | i 0 | i 0 | i 0 | |||||||||||||||||||||
Segment profits |
i 58,662 | i 24,353 | i 3,431 | i 26,946 | i 54,615 | i 47,685 | i 4,924 | |||||||||||||||||||||
Segment assets |
i 1,676,063 | i 872,095 | i 378,698 | i 489,174 | i 1,959,521 | i 2,690,627 | i 601,762 | |||||||||||||||||||||
Long-lived assets |
i 542,284 | i 544,232 | i 74,130 | i 285,155 | i 28,538 | i 0 | i 262,019 | |||||||||||||||||||||
Expenditures for long-lived assets |
i 155,713 | i 100,494 | i 12,123 | i 17,681 | i 3 | i 0 | i 32,920 | |||||||||||||||||||||
Investment in affiliates |
i 18,049 | i 99,105 | i 55,421 | i 180,492 | i 0 | i 200 | i 293,469 | |||||||||||||||||||||
Millions of yen |
||||||||||||||||
Fiscal Year ended March 31, 2021 |
||||||||||||||||
ORIX USA |
ORIX Europe |
Asia and Australia |
Total |
|||||||||||||
Revenues |
¥ | i 138,017 | ¥ | i 160,798 | ¥ | i 128,309 | ¥ | i 2,298,365 | ||||||||
Finance revenues |
i 87,172 | i 171 | i 39,931 | i 273,428 | ||||||||||||
Interest expense |
i 20,471 | ( i 75 | ) | i 20,439 | i 80,930 | |||||||||||
Depreciation and amortization |
i 2,474 | i 962 | i 50,837 | i 304,980 | ||||||||||||
Other significant non-cash items: |
||||||||||||||||
Provision for credit losses |
i 6,221 | i 34 | i 3,424 | i 16,017 | ||||||||||||
Write-downs of long-lived assets |
i 1,458 | i 0 | i 90 | i 3,020 | ||||||||||||
Increase in policy liabilities and policy account balances |
i 0 | i 0 | i 0 | i 230,947 | ||||||||||||
Equity in net income (loss) of affiliates and gains (losses) on sales of subsidiaries and affiliates and liquidation losses, net |
i 8,423 | i 245 | ( i 5,200 | ) | i 23,780 | |||||||||||
Bargain Purchase Gain |
i 0 | i 0 | i 0 | i 4,966 | ||||||||||||
Segment profits |
i 39,419 | i 39,063 | i 12,179 | i 311,277 | ||||||||||||
Segment assets |
i 1,220,081 | i 369,546 | i 1,084,222 | i 11,341,789 | ||||||||||||
Long-lived assets |
i 13,656 | i 0 | i 231,307 | i 1,981,321 | ||||||||||||
Expenditures for long-lived assets |
i 592 | i 0 | i 87,327 | i 406,853 | ||||||||||||
Investment in affiliates |
i 43,816 | i 1,770 | i 195,413 | i 887,735 | ||||||||||||
Millions of yen |
||||||||||||||||||||||||||||
Fiscal Year ended March 31, 2022 |
||||||||||||||||||||||||||||
Corporate Financial Services and Maintenance Leasing |
Real Estate |
PE Investment and Concession |
Environment and Energy |
Insurance |
Banking and Credit |
Aircraft and Ships |
||||||||||||||||||||||
Revenues |
¥ | i 445,338 | ¥ | i 390,688 | ¥ | i 385,739 | ¥ | i 160,232 | ¥ | i 486,704 | ¥ | i 84,821 | ¥ | i 38,639 | ||||||||||||||
Finance revenues |
i 57,580 | i 5,602 | i 237 | i 1,001 | i 265 | i 76,190 | i 2,580 | |||||||||||||||||||||
Interest expense |
i 5,783 | i 2,873 | i 2,547 | i 5,365 | i 551 | i 5,259 | i 11,400 | |||||||||||||||||||||
Depreciation and amortization |
i 156,116 | i 16,164 | i 22,325 | i 18,140 | i 27,884 | i 1,335 | i 15,669 | |||||||||||||||||||||
Other significant non-cash items: |
||||||||||||||||||||||||||||
Provision for credit losses |
i 1,296 | i 173 | i 924 | i 0 | ( i 0 | ) | i 2,395 | ( i 0 | ) | |||||||||||||||||||
Write-downs of long-lived assets |
i 1,092 | i 88 | i 11,657 | i 19,564 | i 0 | i 0 | i 2,331 | |||||||||||||||||||||
Increase in policy liabilities and policy account balances |
i 0 | i 0 | i 0 | i 0 | i 141,201 | i 0 | i 0 | |||||||||||||||||||||
Equity in net income (loss) of affiliates and gains (losses) on sales of subsidiaries and affiliates and liquidation losses, net |
i 164,020 | i 1,575 | ( i 11,040 | ) | i 7,295 | i 0 | i 1 | ( i 5,472 | ) | |||||||||||||||||||
Segment profits |
i 239,802 | i 31,990 | ( i 11,682 | ) | i 3,048 | i 53,290 | i 41,498 | ( i 2,319 | ) | |||||||||||||||||||
Segment assets |
i 1,516,795 | i 910,101 | i 353,581 | i 703,608 | i 2,072,145 | i 2,687,156 | i 684,098 | |||||||||||||||||||||
Long-lived assets |
i 508,035 | i 574,661 | i 85,698 | i 388,399 | i 27,962 | i 0 | i 271,592 | |||||||||||||||||||||
Expenditures for long-lived assets |
i 146,851 | i 78,601 | i 11,884 | i 30,200 | i 0 | i 0 | i 70,370 | |||||||||||||||||||||
Investment in affiliates |
i 16,929 | i 113,178 | i 43,498 | i 204,260 | i 0 | i 67 | i 320,058 | |||||||||||||||||||||
Millions of yen |
||||||||||||||||
Fiscal Year ended March 31, 2022 |
||||||||||||||||
ORIX USA |
ORIX Europe |
Asia and Australia |
Total |
|||||||||||||
Revenues |
¥ | i 161,344 | ¥ | i 221,112 | ¥ | i 148,055 | ¥ | i 2,522,672 | ||||||||
Finance revenues |
i 90,708 | i 56 | i 47,166 | i 281,385 | ||||||||||||
Interest expense |
i 17,140 | ( i 647 | ) | i 20,548 | i 70,819 | |||||||||||
Depreciation and amortization |
i 2,678 | i 1,225 | i 59,768 | i 321,304 | ||||||||||||
Other significant non-cash items: |
||||||||||||||||
Provision for credit losses |
( i 1,726 | ) | i 0 | i 885 | i 3,947 | |||||||||||
Write-downs of long-lived assets |
i 928 | i 0 | i 6 | i 35,666 | ||||||||||||
Increase in policy liabilities and policy account balances |
i 0 | i 0 | i 0 | i 141,201 | ||||||||||||
Equity in net income (loss) of affiliates and gains (losses) on sales of subsidiaries and affiliates and liquidation losses, net |
i 20,593 | i 449 | i 25,370 | i 202,791 | ||||||||||||
Segment profits |
i 75,235 | i 49,334 | i 51,165 | i 531,361 | ||||||||||||
Segment assets |
i 1,364,142 | i 401,869 | i 1,306,089 | i 11,999,584 | ||||||||||||
Long-lived assets |
i 13,399 | i 0 | i 280,684 | i 2,150,430 | ||||||||||||
Expenditures for long-lived assets |
i 717 | i 0 | i 113,594 | i 452,217 | ||||||||||||
Investment in affiliates |
i 45,337 | i 2,221 | i 232,471 | i 978,019 | ||||||||||||
Millions of yen |
||||||||||||||||||||||||||||
Fiscal Year ended March 31, 2023 |
||||||||||||||||||||||||||||
Corporate Financial Services and Maintenance Leasing |
Real Estate |
PE Investment and Concession |
Environment and Energy |
Insurance |
Banking and Credit |
Aircraft and Ships |
||||||||||||||||||||||
Revenues |
¥ | i 429,907 | ¥ | i 418,736 | ¥ | i 376,405 | ¥ | i 215,770 | ¥ | i 499,487 | ¥ | i 84,286 | ¥ | i 54,009 | ||||||||||||||
Finance revenues |
i 60,066 | i 5,562 | i 159 | i 1,230 | i 300 | i 78,066 | i 6,660 | |||||||||||||||||||||
Interest expense |
i 6,375 | i 3,367 | i 2,376 | i 12,276 | i 365 | i 5,698 | i 18,877 | |||||||||||||||||||||
Depreciation and amortization |
i 149,545 | i 16,613 | i 22,649 | i 22,486 | i 31,810 | i 1,402 | i 16,257 | |||||||||||||||||||||
Other significant non-cash items: |
||||||||||||||||||||||||||||
Provision for credit losses |
i 1,036 | i 61 | ( i 84 | ) | ( i 8 | ) | ( i 1 | ) | i 716 | i 1 | ||||||||||||||||||
Write-downs of long-lived assets |
i 67 | i 1,724 | i 229 | i 58 | i 0 | i 0 | i 0 | |||||||||||||||||||||
Increase in policy liabilities and policy account balances |
i 0 | i 0 | i 0 | i 0 | i 101,743 | i 0 | i 0 | |||||||||||||||||||||
Equity in net income (loss) of affiliates and gains (losses) on sales of subsidiaries and affiliates and liquidation losses, net |
i 1,508 | i 9,580 | ( i 5,275 | ) | i 19,966 | i 0 | i 0 | i 9,744 | ||||||||||||||||||||
Bargain Purchase Gain |
i 0 | i 0 | i 58 | i 1,018 | i 0 | i 0 | i 98 | |||||||||||||||||||||
Segment profits |
i 73,176 | i 51,523 | i 2,686 | i 35,682 | i 37,980 | i 37,610 | i 18,583 | |||||||||||||||||||||
Segment assets |
i 1,514,070 | i 935,027 | i 605,471 | i 773,617 | i 2,050,412 | i 2,698,747 | i 742,890 | |||||||||||||||||||||
Long-lived assets |
i 500,111 | i 592,190 | i 100,848 | i 450,797 | i 27,194 | i 0 | i 295,549 | |||||||||||||||||||||
Expenditures for long-lived assets |
i 160,920 | i 89,380 | i 15,328 | i 76,556 | i 0 | i 0 | i 103,993 | |||||||||||||||||||||
Investment in affiliates |
i 16,961 | i 117,040 | i 36,678 | i 190,384 | i 0 | i 0 | i 348,583 | |||||||||||||||||||||
Millions of yen |
||||||||||||||||
Fiscal Year ended March 31, 2023 |
||||||||||||||||
ORIX USA |
ORIX Europe |
Asia and Australia |
Total |
|||||||||||||
Revenues |
¥ | i 189,045 | ¥ | i 206,486 | ¥ | i 189,744 | ¥ | i 2,663,875 | ||||||||
Finance revenues |
i 106,599 | i 812 | i 59,933 | i 319,387 | ||||||||||||
Interest expense |
i 43,643 | i 4,317 | i 31,992 | i 129,286 | ||||||||||||
Depreciation and amortization |
i 3,023 | i 6,619 | i 75,867 | i 346,271 | ||||||||||||
Other significant non-cash items: |
||||||||||||||||
Provision for credit losses |
i 3,495 | i 0 | i 2,544 | i 7,760 | ||||||||||||
Write-downs of long-lived assets |
i 114 | i 0 | i 57 | i 2,249 | ||||||||||||
Increase in policy liabilities and policy account balances |
i 0 | i 0 | i 0 | i 101,743 | ||||||||||||
Equity in net income (loss) of affiliates and gains (losses) on sales of subsidiaries and affiliates and liquidation losses, net |
i 3,118 | i 683 | i 12,750 | i 52,074 | ||||||||||||
Bargain Purchase Gain |
i 0 | i 0 | i 0 | i 1,174 | ||||||||||||
Segment profits |
i 49,021 | i 40,675 | i 34,319 | i 381,255 | ||||||||||||
Segment assets |
i 1,462,067 | i 417,941 | i 1,395,096 | i 12,595,338 | ||||||||||||
Long-lived assets |
i 12,639 | i 0 | i 321,000 | i 2,300,328 | ||||||||||||
Expenditures for long-lived assets |
i 1,428 | i 0 | i 152,906 | i 600,511 | ||||||||||||
Investment in affiliates |
i 52,408 | i 2,714 | i 235,586 | i 1,000,354 | ||||||||||||
Millions of yen |
||||||||||||
2021 |
2022 |
2023 |
||||||||||
Segment revenues: |
||||||||||||
Total revenues for segments |
¥ | i 2,298,365 | ¥ | i 2,522,672 | ¥ | i 2,663,875 | ||||||
Revenues related to corporate assets |
i 12,010 | i 16,696 | i 23,947 | |||||||||
Revenues from inter-segment transactions |
( i 17,667 | ) | ( i 19,003 | ) | ( i 21,449 | ) | ||||||
Total consolidated revenues |
¥ | i 2,292,708 | ¥ | i 2,520,365 | ¥ | i 2,666,373 | ||||||
Segment profits: |
||||||||||||
Total segment profits |
¥ | i 311,277 | ¥ | i 531,361 | ¥ | i 381,255 | ||||||
Corporate losses |
( i 28,325 | ) | ( i 32,483 | ) | ( i 22,092 | ) | ||||||
Net income attributable to the noncontrolling interests and net income attributable to the redeemable noncontrolling interests |
i 4,609 | i 5,998 | i 8,005 | |||||||||
Total consolidated income before income taxes |
¥ | i 287,561 | ¥ | i 504,876 | ¥ | i 367,168 | ||||||
Segment assets: |
||||||||||||
Total segment assets |
¥ | i 11,341,789 | ¥ | i 11,999,584 | ¥ | i 12,595,338 | ||||||
Cash and cash equivalents, restricted cash |
i 1,079,575 | i 1,091,812 | i 1,366,908 | |||||||||
Allowance for credit losses |
( i 78,945 | ) | ( i 69,459 | ) | ( i 64,723 | ) | ||||||
Trade notes, accounts and other receivable |
i 354,334 | i 359,949 | i 441,803 | |||||||||
Other corporate assets |
i 866,329 | i 888,786 | i 926,865 | |||||||||
Total consolidated assets |
¥ | i 13,563,082 | ¥ | i 14,270,672 | ¥ | i 15,266,191 | ||||||
Millions of yen |
||||||||||||||||
Fiscal Year ended March 31, 2021 |
||||||||||||||||
Japan |
The Americas*1 |
Other*2 |
Total |
|||||||||||||
Total Revenues |
¥ | i 1,817,124 | ¥ | i 208,072 | ¥ | i 267,512 | ¥ | i 2,292,708 | ||||||||
Income before Income Taxes |
i 177,157 | i 57,304 | i 53,100 | i 287,561 | ||||||||||||
Millions of yen |
||||||||||||||||
Fiscal Year ended March 31, 2022 |
||||||||||||||||
Japan |
The Americas*1 |
Other*2 |
Total |
|||||||||||||
Total Revenues |
¥ | i 1,946,153 | ¥ | i 240,234 | ¥ | i 333,978 | ¥ | i 2,520,365 | ||||||||
Income before Income Taxes |
i 322,755 | i 94,759 | i 87,362 | i 504,876 | ||||||||||||
Millions of yen |
||||||||||||||||
Fiscal Year ended March 31, 2023 |
||||||||||||||||
Japan |
The Americas*1 |
Other*2 |
Total |
|||||||||||||
Total Revenues |
¥ | i 2,006,349 | ¥ | i 261,948 | ¥ | i 398,076 | ¥ | i 2,666,373 | ||||||||
Income before Income Taxes |
i 195,254 | i 73,179 | i 98,735 | i 367,168 | ||||||||||||
| *1 | Mainly the United States |
| *2 | Mainly Asia, Europe, Australasia and Middle East |
Millions of yen |
||||||||||||||||||||||||||||
Fiscal Year ended March 31, 2021 |
||||||||||||||||||||||||||||
Reportable segments |
||||||||||||||||||||||||||||
Corporate Financial Services and Maintenance Leasing |
Real Estate |
PE Investment and Concession |
Environment and Energy |
Insurance |
Banking and Credit |
Aircraft and Ships |
||||||||||||||||||||||
Goods or services category |
||||||||||||||||||||||||||||
Sales of goods |
¥ | i 10,348 | ¥ | i 2,836 | ¥ | i 301,732 | ¥ | i 3,816 | ¥ | i 0 | ¥ | i 0 | ¥ | i 0 | ||||||||||||||
Real estate sales |
i 0 | i 88,512 | i 0 | i 0 | i 0 | i 0 | i 0 | |||||||||||||||||||||
Asset management and servicing |
i 354 | i 6,216 | i 33 | i 45 | i 0 | i 207 | i 23 | |||||||||||||||||||||
Automobile related services |
i 59,903 | i 0 | i 0 | i 225 | i 0 | i 0 | i 0 | |||||||||||||||||||||
Facilities operation |
i 0 | i 23,301 | i 0 | i 0 | i 0 | i 0 | i 0 | |||||||||||||||||||||
Environment and energy services |
i 3,060 | i 0 | i 0 | i 134,424 | i 0 | i 0 | i 0 | |||||||||||||||||||||
Real estate management and brokerage |
i 0 | i 103,457 | i 0 | i 0 | i 0 | i 0 | i 0 | |||||||||||||||||||||
Real estate contract work |
i 0 | i 80,455 | i 0 | i 0 | i 0 | i 0 | i 0 | |||||||||||||||||||||
Other |
i 49,548 | i 1,505 | i 21,997 | i 1,667 | i 1,667 | i 4,771 | i 3,317 | |||||||||||||||||||||
Total revenues from contracts with customers |
i 123,213 | i 306,282 | i 323,762 | i 140,177 | i 1,667 | i 4,978 | i 3,340 | |||||||||||||||||||||
Geographical location |
||||||||||||||||||||||||||||
Japan |
i 122,232 | i 306,282 | i 323,762 | i 130,077 | i 1,667 | i 4,978 | i 1,194 | |||||||||||||||||||||
The Americas |
i 0 | i 0 | i 0 | i 0 | i 0 | i 0 | i 0 | |||||||||||||||||||||
Other |
i 981 | i 0 | i 0 | i 10,100 | i 0 | i 0 | i 2,146 | |||||||||||||||||||||
Total revenues from contracts with customers |
i 123,213 | i 306,282 | i 323,762 | i 140,177 | i 1,667 | i 4,978 | i 3,340 | |||||||||||||||||||||
Other revenues* |
i 307,802 | i 53,516 | i 7,460 | i 1,794 | i 490,227 | i 78,746 | i 28,277 | |||||||||||||||||||||
Segment revenues/Total revenues |
¥ | i 431,015 | ¥ | i 359,798 | ¥ | i 331,222 | ¥ | i 141,971 | ¥ | i 491,894 | ¥ | i 83,724 | ¥ | i 31,617 | ||||||||||||||
Millions of yen |
||||||||||||||||||||||||
Fiscal Year ended March 31, 2021 |
||||||||||||||||||||||||
Reportable segments |
Corporate revenue and intersegment transactions |
Total revenues |
||||||||||||||||||||||
ORIX USA |
ORIX Europe |
Asia and Australia |
Total |
|||||||||||||||||||||
Goods or services category |
||||||||||||||||||||||||
Sales of goods |
¥ | i 2,407 | ¥ | i 0 | ¥ | i 65 | ¥ | i 321,204 | ¥ | i 679 | ¥ | i 321,883 | ||||||||||||
Real estate sales |
i 558 | i 0 | i 0 | i 89,070 | i 0 | i 89,070 | ||||||||||||||||||
Asset management and servicing |
i 16,099 | i 150,302 | i 0 | i 173,279 | ( i 88 | ) | i 173,191 | |||||||||||||||||
Automobile related services |
i 0 | i 0 | i 11,874 | i 72,002 | ( i 2 | ) | i 72,000 | |||||||||||||||||
Facilities operation |
i 0 | i 0 | i 0 | i 23,301 | i 510 | i 23,811 | ||||||||||||||||||
Environment and energy services |
i 960 | i 0 | i 0 | i 138,444 | ( i 1,433 | ) | i 137,011 | |||||||||||||||||
Real estate management and brokerage |
i 0 | i 0 | i 0 | i 103,457 | ( i 1,515 | ) | i 101,942 | |||||||||||||||||
Real estate contract work |
i 0 | i 0 | i 0 | i 80,455 | ( i 276 | ) | i 80,179 | |||||||||||||||||
Other |
i 3,254 | i 86 | i 613 | i 88,425 | i 43 | i 88,468 | ||||||||||||||||||
Total revenues from contracts with customers |
i 23,278 | i 150,388 | i 12,552 | i 1,089,637 | ( i 2,082 | ) | i 1,087,555 | |||||||||||||||||
Geographical location |
||||||||||||||||||||||||
Japan |
i 0 | i 0 | i 1 | i 890,193 | ( i 1,956 | ) | i 888,237 | |||||||||||||||||
The Americas |
i 23,278 | i 62,249 | i 0 | i 85,527 | i 0 | i 85,527 | ||||||||||||||||||
Other |
i 0 | i 88,139 | i 12,551 | i 113,917 | ( i 126 | ) | i 113,791 | |||||||||||||||||
Total revenues from contracts with customers |
i 23,278 | i 150,388 | i 12,552 | i 1,089,637 | ( i 2,082 | ) | i 1,087,555 | |||||||||||||||||
Other revenues* |
i 114,739 | i 10,410 | i 115,757 | i 1,208,728 | ( i 3,575 | ) | i 1,205,153 | |||||||||||||||||
Segment revenues/Total revenues |
¥ | i 138,017 | ¥ | i 160,798 | ¥ | i 128,309 | ¥ | i 2,298,365 | ¥ | ( i 5,657 | ) | ¥ | i 2,292,708 | |||||||||||
Millions of yen |
||||||||||||||||||||||||||||
Fiscal Year ended March 31, 2022 |
||||||||||||||||||||||||||||
Reportable segments |
||||||||||||||||||||||||||||
Corporate Financial Services and Maintenance Leasing |
Real Estate |
PE Investment and Concession |
Environment and Energy |
Insurance |
Banking and Credit |
Aircraft and Ships |
||||||||||||||||||||||
Goods or services category |
||||||||||||||||||||||||||||
Sales of goods |
¥ | i 9,741 | ¥ | i 2,521 | ¥ | i 320,104 | ¥ | i 3,861 | ¥ | i 0 | ¥ | i 0 | ¥ | i 0 | ||||||||||||||
Real estate sales |
i 0 | i 94,617 | i 0 | i 0 | i 0 | i 0 | i 0 | |||||||||||||||||||||
Asset management and servicing |
i 347 | i 6,107 | i 20 | i 93 | i 0 | i 326 | i 38 | |||||||||||||||||||||
Automobile related services |
i 62,897 | i 0 | i 0 | i 228 | i 0 | i 0 | i 0 | |||||||||||||||||||||
Facilities operation |
i 0 | i 31,421 | i 0 | i 0 | i 0 | i 0 | i 0 | |||||||||||||||||||||
Environment and energy services |
i 2,911 | i 0 | i 76 | i 154,081 | i 0 | i 0 | i 0 | |||||||||||||||||||||
Real estate management and brokerage |
i 0 | i 102,689 | i 0 | i 0 | i 0 | i 0 | i 0 | |||||||||||||||||||||
Real estate contract work |
i 0 | i 93,265 | i 0 | i 0 | i 0 | i 0 | i 0 | |||||||||||||||||||||
Other |
i 52,489 | i 1,393 | i 28,877 | i 903 | i 2,062 | i 6,101 | i 7,401 | |||||||||||||||||||||
Total revenues from contracts with customers |
i 128,385 | i 332,013 | i 349,077 | i 159,166 | i 2,062 | i 6,427 | i 7,439 | |||||||||||||||||||||
Geographical location |
||||||||||||||||||||||||||||
Japan |
i 127,918 | i 332,013 | i 349,077 | i 154,311 | i 2,062 | i 6,427 | i 3,642 | |||||||||||||||||||||
The Americas |
i 0 | i 0 | i 0 | i 0 | i 0 | i 0 | i 0 | |||||||||||||||||||||
Other |
i 467 | i 0 | i 0 | i 4,855 | i 0 | i 0 | i 3,797 | |||||||||||||||||||||
Total revenues from contracts with customers |
i 128,385 | i 332,013 | i 349,077 | i 159,166 | i 2,062 | i 6,427 | i 7,439 | |||||||||||||||||||||
Other revenues* |
i 316,953 | i 58,675 | i 36,662 | i 1,066 | i 484,642 | i 78,394 | i 31,200 | |||||||||||||||||||||
Segment revenues/Total revenues |
¥ | i 445,338 | ¥ | i 390,688 | ¥ | i 385,739 | ¥ | i 160,232 | ¥ | i 486,704 | ¥ | i 84,821 | ¥ | i 38,639 | ||||||||||||||
Millions of yen |
||||||||||||||||||||||||
Fiscal Year ended March 31, 2022 |
||||||||||||||||||||||||
Reportable segments |
Corporate revenue and intersegment transactions |
Total revenues |
||||||||||||||||||||||
ORIX USA |
ORIX Europe |
Asia and Australia |
Total |
|||||||||||||||||||||
Goods or services category |
||||||||||||||||||||||||
Sales of goods |
¥ | i 2,251 | ¥ | i 0 | ¥ | i 577 | ¥ | i 339,055 | ¥ | i 1,642 | ¥ | i 340,697 | ||||||||||||
Real estate sales |
i 84 | i 0 | i 0 | i 94,701 | ( i 1 | ) | i 94,700 | |||||||||||||||||
Asset management and servicing |
i 18,880 | i 219,132 | i 0 | i 244,943 | ( i 56 | ) | i 244,887 | |||||||||||||||||
Automobile related services |
i 0 | i 0 | i 13,630 | i 76,755 | i 17 | i 76,772 | ||||||||||||||||||
Facilities operation |
i 0 | i 0 | i 0 | i 31,421 | i 742 | i 32,163 | ||||||||||||||||||
Environment and energy services |
i 1,187 | i 0 | i 0 | i 158,255 | ( i 1,928 | ) | i 156,327 | |||||||||||||||||
Real estate management and brokerage |
i 0 | i 0 | i 0 | i 102,689 | ( i 2,385 | ) | i 100,304 | |||||||||||||||||
Real estate contract work |
i 0 | i 0 | i 0 | i 93,265 | ( i 266 | ) | i 92,999 | |||||||||||||||||
Other |
i 4,698 | i 75 | i 905 | i 104,904 | i 2,345 | i 107,249 | ||||||||||||||||||
Total revenues from contracts with customers |
i 27,100 | i 219,207 | i 15,112 | i 1,245,988 | i 110 | i 1,246,098 | ||||||||||||||||||
Geographical location |
||||||||||||||||||||||||
Japan |
i 0 | i 0 | i 0 | i 975,450 | i 219 | i 975,669 | ||||||||||||||||||
The Americas |
i 27,100 | i 77,647 | i 0 | i 104,747 | i 0 | i 104,747 | ||||||||||||||||||
Other |
i 0 | i 141,560 | i 15,112 | i 165,791 | ( i 109 | ) | i 165,682 | |||||||||||||||||
Total revenues from contracts with customers |
i 27,100 | i 219,207 | i 15,112 | i 1,245,988 | i 110 | i 1,246,098 | ||||||||||||||||||
Other revenues* |
i 134,244 | i 1,905 | i 132,943 | i 1,276,684 | ( i 2,417 | ) | i 1,274,267 | |||||||||||||||||
Segment revenues/Total revenues |
¥ | i 161,344 | ¥ | i 221,112 | ¥ | i 148,055 | ¥ | i 2,522,672 | ¥ | ( i 2,307 | ) | ¥ | i 2,520,365 | |||||||||||
Millions of yen |
||||||||||||||||||||||||||||
Fiscal Year ended March 31, 2023 |
||||||||||||||||||||||||||||
Reportable segments |
||||||||||||||||||||||||||||
Corporate Financial Services and Maintenance Leasing |
Real Estate |
PE Investment and Concession |
Environment and Energy |
Insurance |
Banking and Credit |
Aircraft and Ships |
||||||||||||||||||||||
Goods or services category |
||||||||||||||||||||||||||||
Sales of goods |
¥ | i 5,356 | ¥ | i 3,373 | ¥ | i 280,361 | ¥ | i 4,200 | ¥ | i 0 | ¥ | i 0 | ¥ | i 624 | ||||||||||||||
Real estate sales |
i 0 | i 92,657 | i 0 | i 0 | i 0 | i 0 | i 0 | |||||||||||||||||||||
Asset management and servicing |
i 326 | i 7,807 | i 0 | i 214 | i 0 | i 482 | i 66 | |||||||||||||||||||||
Automobile related services |
i 63,414 | i 0 | i 0 | i 248 | i 0 | i 0 | i 0 | |||||||||||||||||||||
Facilities operation |
i 0 | i 55,231 | i 0 | i 0 | i 0 | i 0 | i 0 | |||||||||||||||||||||
Environment and energy services |
i 3,023 | i 40 | i 84 | i 207,037 | i 0 | i 0 | i 0 | |||||||||||||||||||||
Real estate management and brokerage |
i 0 | i 100,137 | i 0 | i 0 | i 0 | i 0 | i 0 | |||||||||||||||||||||
Real estate contract work |
i 0 | i 96,509 | i 24,105 | i 0 | i 0 | i 0 | i 0 | |||||||||||||||||||||
Other |
i 39,779 | i 1,243 | i 31,745 | i 834 | i 2,626 | i 6,577 | i 10,805 | |||||||||||||||||||||
Total revenues from contracts with customers |
i 111,898 | i 356,997 | i 336,295 | i 212,533 | i 2,626 | i 7,059 | i 11,495 | |||||||||||||||||||||
Geographical location |
||||||||||||||||||||||||||||
Japan |
i 111,898 | i 356,997 | i 336,295 | i 188,196 | i 2,626 | i 7,059 | i 3,566 | |||||||||||||||||||||
The Americas |
i 0 | i 0 | i 0 | i 0 | i 0 | i 0 | i 0 | |||||||||||||||||||||
Other |
i 0 | i 0 | i 0 | i 24,337 | i 0 | i 0 | i 7,929 | |||||||||||||||||||||
Total revenues from contracts with customers |
i 111,898 | i 356,997 | i 336,295 | i 212,533 | i 2,626 | i 7,059 | i 11,495 | |||||||||||||||||||||
Other revenues* |
i 318,009 | i 61,739 | i 40,110 | i 3,237 | i 496,861 | i 77,227 | i 42,514 | |||||||||||||||||||||
Segment revenues/Total revenues |
¥ | i 429,907 | ¥ | i 418,736 | ¥ | i 376,405 | ¥ | i 215,770 | ¥ | i 499,487 | ¥ | i 84,286 | ¥ | i 54,009 | ||||||||||||||
Millions of yen |
||||||||||||||||||||||||
Fiscal Year ended March 31, 2023 |
||||||||||||||||||||||||
Reportable segments |
Corporate revenue and intersegment transactions |
Total revenues |
||||||||||||||||||||||
ORIX USA |
ORIX Europe |
Asia and Australia |
Total |
|||||||||||||||||||||
Goods or services category |
||||||||||||||||||||||||
Sales of goods |
¥ | i 2,023 | ¥ | i 0 | ¥ | i 1,698 | ¥ | i 297,635 | ¥ | i 2,266 | ¥ | i 299,901 | ||||||||||||
Real estate sales |
i 11 | i 0 | i 0 | i 92,668 | i 0 | i 92,668 | ||||||||||||||||||
Asset management and servicing |
i 22,900 | i 207,679 | i 9 | i 239,483 | ( i 251 | ) | i 239,232 | |||||||||||||||||
Automobile related services |
i 0 | i 0 | i 18,763 | i 82,425 | i 3 | i 82,428 | ||||||||||||||||||
Facilities operation |
i 0 | i 0 | i 0 | i 55,231 | i 1,000 | i 56,231 | ||||||||||||||||||
Environment and energy services |
i 1,433 | i 0 | i 0 | i 211,617 | ( i 1,968 | ) | i 209,649 | |||||||||||||||||
Real estate management and brokerage |
i 0 | i 0 | i 0 | i 100,137 | ( i 1,544 | ) | i 98,593 | |||||||||||||||||
Real estate contract work |
i 0 | i 0 | i 0 | i 120,614 | ( i 235 | ) | i 120,379 | |||||||||||||||||
Other |
i 6,649 | i 150 | i 1,633 | i 102,041 | i 2,243 | i 104,284 | ||||||||||||||||||
Total revenues from contracts with customers |
i 33,016 | i 207,829 | i 22,103 | i 1,301,851 | i 1,514 | i 1,303,365 | ||||||||||||||||||
Geographical location |
||||||||||||||||||||||||
Japan |
i 0 | i 0 | i 0 | i 1,006,637 | i 2,737 | i 1,009,374 | ||||||||||||||||||
The Americas |
i 33,016 | i 73,820 | i 0 | i 106,836 | i 0 | i 106,836 | ||||||||||||||||||
Other |
i 0 | i 134,009 | i 22,103 | i 188,378 | ( i 1,223 | ) | i 187,155 | |||||||||||||||||
Total revenues from contracts with customers |
i 33,016 | i 207,829 | i 22,103 | i 1,301,851 | i 1,514 | i 1,303,365 | ||||||||||||||||||
Other revenues* |
i 156,029 | ( i 1,343 | ) | i 167,641 | i 1,362,024 | i 984 | i 1,363,008 | |||||||||||||||||
Segment revenues/Total revenues |
¥ | i 189,045 | ¥ | i 206,486 | ¥ | i 189,744 | ¥ | i 2,663,875 | ¥ | i 2,498 | ¥ | i 2,666,373 | ||||||||||||
| * | 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. |
| • | Class of shares to be repurchased: Common shares |
| • | Total number of shares: Up to i 40,000,000 shares |
| • | Total purchase price of shares to be repurchased: Up to i 50 billion yen |
| • | Repurchase period: From i May 17, 2023 to March 31, 2024 |
| • | Method of share repurchase: Market purchases based on the discretionary dealing contract regarding repurchase of own shares |
Millions of yen |
||||||||||||||||||||||||
Year Ended March 31, 2021 |
||||||||||||||||||||||||
Description |
Balance at beginning of period |
Acquisitions |
Addition: Charged to costs and expenses |
Deduction |
Translation adjustment |
Balance at end of period |
||||||||||||||||||
Restructuring cost: |
||||||||||||||||||||||||
Severance and other benefits to terminated employees |
¥ | i 690 | ¥ | i 0 | ¥ | i 0 | ¥ | ( i 474 | ) | ¥ | i 36 | ¥ | i 252 | |||||||||||
Total |
¥ | i 690 | ¥ | i 0 | ¥ | i 0 | ¥ | ( i 474 | ) | ¥ | i 36 | ¥ | i 252 | |||||||||||
Millions of yen |
||||||||||||||||||||||||
Year Ended March 31, 2022 |
||||||||||||||||||||||||
Description |
Balance at beginning of period |
Acquisitions |
Addition: Charged to costs and expenses |
Deduction |
Translation adjustment |
Balance at end of period |
||||||||||||||||||
Restructuring cost: |
||||||||||||||||||||||||
Severance and other benefits to terminated employees |
¥ | i 252 | ¥ | i 0 | ¥ | i 2,781 | ¥ | ( i 187 | ) | ¥ | i 4 | ¥ | i 2,850 | |||||||||||
Total |
¥ | i 252 | ¥ | i 0 | ¥ | i 2,781 | ¥ | ( i 187 | ) | ¥ | i 4 | ¥ | i 2,850 | |||||||||||
Millions of yen |
||||||||||||||||||||||||
Year Ended March 31, 2023 |
||||||||||||||||||||||||
Description |
Balance at beginning of period |
Acquisitions |
Addition: Charged to costs and expenses |
Deduction |
Translation adjustment |
Balance at end of period |
||||||||||||||||||
Restructuring cost: |
||||||||||||||||||||||||
Severance and other benefits to terminated employees |
¥ | i 2,850 | ¥ | i 0 | ¥ | i 0 | ¥ | ( i 2,373 | ) | ¥ | i 3 | ¥ | i 480 | |||||||||||
Total |
¥ | i 2,850 | ¥ | i 0 | ¥ | i 0 | ¥ | ( i 2,373 | ) | ¥ | i 3 | ¥ | i 480 | |||||||||||
Millions of yen |
||||||||||||||||||||||||
Description |
Balance at beginning of period |
Acquisitions |
Addition: Charged to costs and expenses |
Deduction*1 |
Other*2 |
Balance at end of period |
||||||||||||||||||
Deferred tax assets: |
||||||||||||||||||||||||
Valuation allowance |
||||||||||||||||||||||||
Year ended March 31, 2021 |
¥ | i 15,369 | ¥ | i 805 | ¥ | i 7,458 | ¥ | ( i 2,487 | ) | ¥ | i 415 | ¥ | i 21,560 | |||||||||||
Year ended March 31, 2022 |
¥ | i 21,560 | ¥ | i 1,403 | ¥ | i 13,414 | ¥ | ( i 2,445 | ) | ¥ | i 1,223 | ¥ | i 35,155 | |||||||||||
Year ended March 31, 2023 |
¥ | i 35,155 | ¥ | i 143 | ¥ | i 4,123 | ¥ | ( i 2,814 | ) | ¥ | i 680 | ¥ | i 37,287 | |||||||||||
| *1 | The amount of deduction includes benefits recognized in earnings, expiration of loss carryforwards and sales of subsidiaries. The amounts of benefits recognized in earnings were ¥ i 553 million in fiscal 2021, ¥ i 1,742 million
in fiscal 2022 and ¥ i 1,465 million in fiscal 2023. |
| *2 | The amount of other includes translation adjustment and the effect of changes in statutory tax rate. |
| This ‘20-F’ Filing | Date | Other Filings | ||
|---|---|---|---|---|
 | ||||
| 12/31/24 | ||||
| 4/1/24 | ||||
| 3/31/24 | ||||
| 12/15/23 | ||||
| 6/30/23 | ||||
| Filed on: | 6/26/23 | |||
| 6/22/23 | ||||
| 5/17/23 | ||||
| 5/10/23 | 6-K | |||
| 5/1/23 | ||||
| 4/1/23 | ||||
| For Period end: | 3/31/23 | 13F-HR | ||
| 2/3/23 | SC 13G/A | |||
| 2/1/23 | SC 13G/A | |||
| 1/31/23 | 6-K, SC 13G/A | |||
| 12/31/22 | 13F-HR, 6-K, SD | |||
| 12/15/22 | ||||
| 11/11/22 | ||||
| 9/30/22 | 13F-HR, 6-K | |||
| 6/30/22 | 13F-HR | |||
| 6/24/22 | ||||
| 5/18/22 | ||||
| 5/11/22 | 6-K | |||
| 4/1/22 | ||||
| 3/31/22 | 13F-HR, 20-F | |||
| 12/31/21 | 13F-HR, 6-K/A, SD | |||
| 12/28/21 | ||||
| 4/1/21 | ||||
| 3/31/21 | 13F-HR, 20-F | |||
| 4/1/20 | ||||
| 3/31/20 | 13F-HR, 20-F | |||
| 3/12/20 | ||||
| 4/1/19 | ||||
| 3/31/19 | 13F-HR, 20-F | |||
| 4/1/13 | 424B3 | |||
| 3/31/13 | 20-F | |||
| 10/26/12 | 6-K | |||
| 4/5/12 | ||||
| List all Filings | ||||
As Of Filer Filing For·On·As Docs:Size Issuer Filing Agent 7/07/23 Orix Corp. F-3ASR 7/07/23 8:526K Donnelley … Solutions/FA |
As Of Filer Filing For·On·As Docs:Size Issuer Filing Agent 6/29/22 Orix Corp. 20-F 3/31/22 217:57M Donnelley … Solutions/FA 6/25/19 Orix Corp. 20-F 3/31/19 210:29M Donnelley … Solutions/FA 6/28/18 Orix Corp. 20-F 3/31/18 209:27M Donnelley … Solutions/FA 7/02/09 Orix Corp. F-3ASR 7/02/09 7:925K Donnelley … Solutions/FA |