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v2.3.0.11

Investment in Securities (Tables) | 12 Months Ended
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Mar. 31, 2011
Marketable Securities | Investment in securities at March 31, 2010 and 2011 consists of the following:
|  | Millions of yen |  |  | Millions of U.S. dollars |
|  | 2010 |  |  | 2011 |  |  | 2011 |
Trading securities |  | ¥ | 49,596 |  |  | ¥ | 71,991 |  |  | $ | 866 |
Available-for-sale securities |  |  | 845,234 |  |  |  | 883,410 |  |  |  | 10,624 |
Held-to-maturity securities |  |  | 43,732 |  |  |  | 43,695 |  |  |  | 526 |
Other securities |  |  | 165,596 |  |  |  | 176,285 |  |  |  | 2,120 |
Total |  | ¥ | 1,104,158 |  |  | ¥ | 1,175,381 |  |  | $ | 14,136 |
Amortized Cost Gross Unrealized Gains and Losses and Fair Value of Investments Table | The amortized cost basis amounts, gross unrealized holding gains, gross unrealized holding losses and fair values of available-for-sale securities and held-to-maturity securities in each major security type at March 31, 2010 and 2011 are as follows: March 31, 2010
|  | Millions of yen |
|  | Amortized cost |  |  | Gross unrealized gains |  |  | Gross unrealized losses |  |  | Fair value |
Available-for-sale: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Japanese and foreign government bond securities |  | ¥ | 146,007 |  |  | ¥ | 624 |  |  | ¥ | (178 | ) |  | ¥ | 146,453 |
Japanese prefectural and foreign municipal bond securities |  |  | 19,238 |  |  |  | 69 |  |  |  | (60 | ) |  |  | 19,247 |
Corporate debt securities |  |  | 199,937 |  |  |  | 910 |  |  |  | (1,556 | ) |  |  | 199,291 |
Specified bonds issued by SPEs in Japan |  |  | 249,696 |  |  |  | 303 |  |  |  | (3,694 | ) |  |  | 246,305 |
CMBS and RMBS in the U.S., and other asset-backed securities |  |  | 146,820 |  |  |  | 10,759 |  |  |  | (8,221 | ) |  |  | 149,358 |
Equity securities |  |  | 71,491 |  |  |  | 16,734 |  |  |  | (3,645 | ) |  |  | 84,580 |
|  |  | 833,189 |  |  |  | 29,399 |  |  |  | (17,354 | ) |  |  | 845,234 |
Held-to-maturity: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Japanese government bond securities |  |  | 43,732 |  |  |  | 0 |  |  |  | (715 | ) |  |  | 43,017 |
|  | ¥ | 876,921 |  |  | ¥ | 29,399 |  |  | ¥ | (18,069 | ) |  | ¥ | 888,251 |
March 31, 2011
|  | Millions of yen |
|  | Amortized cost |  |  | Gross unrealized gains |  |  | Gross unrealized losses |  |  | Fair value |
Available-for-sale: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Japanese and foreign government bond securities |  | ¥ | 168,818 |  |  | ¥ | 696 |  |  | ¥ | (169 | ) |  | ¥ | 169,345 |
Japanese prefectural and foreign municipal bond securities |  |  | 34,907 |  |  |  | 153 |  |  |  | (92 | ) |  |  | 34,968 |
Corporate debt securities |  |  | 292,836 |  |  |  | 1,287 |  |  |  | (2,091 | ) |  |  | 292,032 |
Specified bonds issued by SPEs in Japan |  |  | 225,393 |  |  |  | 46 |  |  |  | (3,125 | ) |  |  | 222,314 |
CMBS and RMBS in the U.S., and other asset-backed securities |  |  | 93,416 |  |  |  | 3,819 |  |  |  | (3,855 | ) |  |  | 93,380 |
Equity securities |  |  | 48,415 |  |  |  | 25,229 |  |  |  | (2,273 | ) |  |  | 71,371 |
|  |  | 863,785 |  |  |  | 31,230 |  |  |  | (11,605 | ) |  |  | 883,410 |
Held-to-maturity: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Japanese government bond securities |  |  | 43,695 |  |  |  | 412 |  |  |  | 0 |  |  |  | 44,107 |
|  | ¥ | 907,480 |  |  | ¥ | 31,642 |  |  | ¥ | (11,605 | ) |  | ¥ | 927,517 |
March 31, 2011
|  | Millions of U.S. dollars |
|  | Amortized cost |  |  | Gross unrealized gains |  |  | Gross unrealized losses |  |  | Fair value |
Available-for-sale: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Japanese and foreign government bond securities |  | $ | 2,030 |  |  | $ | 8 |  |  | $ | (1 | ) |  | $ | 2,037 |
Japanese prefectural and foreign municipal bond securities |  |  | 420 |  |  |  | 1 |  |  |  | (1 | ) |  |  | 420 |
Corporate debt securities |  |  | 3,522 |  |  |  | 15 |  |  |  | (25 | ) |  |  | 3,512 |
Specified bonds issued by SPEs in Japan |  |  | 2,711 |  |  |  | 1 |  |  |  | (38 | ) |  |  | 2,674 |
CMBS and RMBS in the U.S., and other asset-backed securities |  |  | 1,123 |  |  |  | 47 |  |  |  | (47 | ) |  |  | 1,123 |
Equity securities |  |  | 582 |  |  |  | 303 |  |  |  | (27 | ) |  |  | 858 |
|  |  | 10,388 |  |  |  | 375 |  |  |  | (139 | ) |  |  | 10,624 |
Held-to-maturity: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Japanese government bond securities |  |  | 526 |  |  |  | 5 |  |  |  | 0 |  |  |  | 531 |
|  | $ | 10,914 |  |  | $ | 380 |  |  | $ | (139 | ) |  | $ | 11,155 |
Unrealized Loss Position Investments | The following table provides information about available-for-sale securities and held-to-maturity securities with gross unrealized losses and the length of time that individual securities have been in a continuous unrealized loss position as of March 31, 2010 and 2011, respectively: March 31, 2010
|  | 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 |  | ¥ | 81,432 |  |  | ¥ | (99 | ) |  | ¥ | 4,768 |  |  | ¥ | (79 | ) |  | ¥ | 86,200 |  |  | ¥ | (178 | )
Japanese prefectural and foreign municipal bond securities |  |  | 12,480 |  |  |  | (60 | ) |  |  | 0 |  |  |  | 0 |  |  |  | 12,480 |  |  |  | (60 | )
Corporate debt securities |  |  | 88,305 |  |  |  | (484 | ) |  |  | 26,100 |  |  |  | (1,072 | ) |  |  | 114,405 |  |  |  | (1,556 | )
Specified bonds issued by SPEs in Japan |  |  | 30,189 |  |  |  | (1,041 | ) |  |  | 83,024 |  |  |  | (2,653 | ) |  |  | 113,213 |  |  |  | (3,694 | )
CMBS and RMBS in the U.S., and other asset-backed securities |  |  | 17,578 |  |  |  | (2,141 | ) |  |  | 65,070 |  |  |  | (6,080 | ) |  |  | 82,648 |  |  |  | (8,221 | )
Equity securities |  |  | 17,875 |  |  |  | (2,739 | ) |  |  | 4,822 |  |  |  | (906 | ) |  |  | 22,697 |  |  |  | (3,645 | )
|  |  | 247,859 |  |  |  | (6,564 | ) |  |  | 183,784 |  |  | v | (10,790 | ) |  |  | 431,643 |  |  |  | (17,354 | )
Held-to-maturity: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Japanese government bond securities |  |  | 43,017 |  |  |  | (715 | ) |  |  | 0 |  |  |  | 0 |  |  |  | 43,017 |  |  |  | (715 | )
|  | ¥ | 290,876 |  |  | ¥ | (7,279 | ) |  | ¥ | 183,784 |  |  | ¥ | (10,790 | ) |  | ¥ | 474,660 |  |  | ¥ | (18,069 | )
March 31, 2011
|  | 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 |  | ¥ | 63,438 |  |  | ¥ | (169 | ) |  | ¥ | 0 |  |  | ¥ | 0 |  |  | ¥ | 63,438 |  |  | ¥ | (169 | )
Japanese prefectural and foreign municipal bond securities |  |  | 22,444 |  |  |  | (92 | ) |  |  | 0 |  |  |  | 0 |  |  |  | 22,444 |  |  |  | (92 | )
Corporate debt securities |  |  | 184,185 |  |  |  | (2,071 | ) |  |  | 1,980 |  |  |  | (20 | ) |  |  | 186,165 |  |  |  | (2,091 | )
Specified bonds issued by SPEs in Japan |  |  | 49,180 |  |  |  | (2,025 | ) |  |  | 49,398 |  |  |  | (1,100 | ) |  |  | 98,578 |  |  |  | (3,125 | )
CMBS and RMBS in the U.S., and other asset-backed securities |  |  | 6,660 |  |  |  | (853 | ) |  |  | 27,276 |  |  |  | (3,002 | ) |  |  | 33,936 |  |  |  | (3,855 | )
Equity securities |  |  | 11,196 |  |  |  | (1,470 | ) |  |  | 4,891 |  |  |  | (803 | ) |  |  | 16,087 |  |  |  | (2,273 | )
|  | ¥ | 337,103 |  |  | ¥ | (6,680 | ) |  | ¥ | 83,545 |  |  | ¥ | (4,925 | ) |  | ¥ | 420,648 |  |  | ¥ | (11,605 | )
March 31, 2011
|  | Millions of U.S. dollars |
|  | 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 |  | $ | 763 |  |  | $ | (1 | ) |  | $ | 0 |  |  | $ | 0 |  |  | $ | 763 |  |  | $ | (1 | )
Japanese prefectural and foreign municipal bond securities |  |  | 270 |  |  |  | (1 | ) |  |  | 0 |  |  |  | 0 |  |  |  | 270 |  |  |  | (1 | )
Corporate debt securities |  |  | 2,215 |  |  |  | (25 | ) |  |  | 24 |  |  |  | (0 | ) |  |  | 2,239 |  |  |  | (25 | )
Specified bonds issued by SPEs in Japan |  |  | 591 |  |  |  | (25 | ) |  |  | 594 |  |  |  | (13 | ) |  |  | 1,185 |  |  |  | (38 | )
CMBS and RMBS in the U.S., and other asset-backed securities |  |  | 80 |  |  |  | (11 | ) |  |  | 328 |  |  |  | (36 | ) |  |  | 408 |  |  |  | (47 | )
Equity securities |  |  | 135 |  |  |  | (17 | ) |  |  | 59 |  |  |  | (10 | ) |  |  | 194 |  |  |  | (27 | )
|  | $ | 4,054 |  |  | $ | (80 | ) |  | $ | 1,005 |  |  | $ | (59 | ) |  | $ | 5,059 |  |  | $ | (139 | )
Other Than Temporary Impairment Losses on Investment Securities | The total other-than-temporary impairment with an offset for the amount of the total other-than-temporary impairment recognized in other comprehensive income (loss) for fiscal 2009, 2010 and 2011 are as follows:
|  | Millions of yen |  |  | Millions of U.S. dollars |
|  | 2009 |  |  | 2010 |  |  | 2011 |  |  | 2011 |
Total other-than-temporary impairment losses |  | ¥ | 20,060 |  |  | ¥ | 26,057 |  |  | ¥ | 22,212 |  |  | $ | 267 |
Portion of loss recognized in other comprehensive income (before taxes) |  |  | (1,486 | ) |  |  | (2,423 | ) |  |  | (463 | ) |  |  | (5 | )
Net impairment losses recognized in earnings |  | ¥ | 18,574 |  |  | ¥ | 23,634 |  |  | ¥ | 21,749 |  |  | $ | 262 |
Other than Temporary Impairment, Credit Losses Recognized in Earnings Table | Roll-forwards of the amount related to credit losses on other-than-temporarily impaired debt securities recognized in earnings for fiscal 2010 and 2011 are as follows:
|  | Millions of yen |  |  | Millions of U.S. dollars |
|  | 2010 |  |  | 2011 |  |  | 2011 |
Beginning |  | ¥ | 906 |  |  | ¥ | 5,016 |  |  | $ | 60 |
Reduction to the beginning balance * |  |  | 0 |  |  |  | (1,810 | ) |  |  | (21 | )
Beginning after reduction |  |  | 0 |  |  |  | 3,206 |  |  |  | 39 |
Addition during the period: |  |  |  |  |  |  |  |  |  |  |  |
Credit loss for which an other-than-temporary impairment was not previously recognized |  |  | 3,744 |  |  |  | 7,292 |  |  |  | 88 |
Credit loss for which an other-than-temporary impairment was previously recognized |  |  | 366 |  |  |  | 736 |  |  |  | 9 |
Reduction during the period: |  |  |  |  |  |  |  |  |  |  |  |
For securities sold or redeemed |  |  | 0 |  |  |  | (307 | ) |  |  | (4 | )
Due to change in intent to sell or requirement to sell |  |  | 0 |  |  |  | (1,905 | ) |  |  | (23 | )
Ending |  | ¥ | 5,016 |  |  | ¥ | 9,022 |  |  | $ | 109 |
* | Cumulative effects of adopting Accounting Standards Update 2009-16 (ASC860 (“Transfers and Servicing”) (FASB Statement No. 166 (“Accounting for Transfers of Financial Assets—an amendment of FASB Statement No.140”))), and Accounting Standards Update 2009-17 (ASC810 (“Consolidation”) (FASB Statement No. 167 (“Amendment of FASB Interpretation No.46(R),” ASC810-10 (“Consolidation—Variable Interest Entities”)))) have been deducted from the beginning balance.
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share | Under ASC 820, the information about the fund investments the Company and its subsidiaries hold at March 31, 2010 and 2011, respectively are as follows: March 31, 2010 and 2011
Type of Fund Investment |  | 2010 (Millions of Yen) |  |  | 2011 (Millions of Yen) |  |  | 2011 (Millions of U.S. dollars) |  |  | Redemption Frequency (If Currently Eligible) |  |  | Redemption Notice Period |
Hedge Fund* |  | ¥ | 14,692 |  |  | ¥ | 10,023 |  |  | $ | 121 |  |  |  | Monthly – Quarterly |  |  |  | 10 days – 45 days |
Total |  | ¥ | 14,692 |  |  | ¥ | 10,023 |  |  | $ | 121 |  |  |  | — |  |  |  | — |
* | This category includes several hedge funds that seek profits using investment strategies such as managed futures, global macro and relative value. The fair value of the investments in this category is calculated based on the net asset value of the investees.
Investments classified by contractual maturity date | The following is a summary of the contractual maturities of debt securities classified as available-for-sale securities and held-to-maturity securities held at March 31, 2011: Available-for-sale securities held at March 31, 2011:
|  | Millions of yen |  |  | Millions of U.S. dollars |
|  | Amortized cost |  |  | Fair value |  |  | Amortized cost |  |  | Fair value |
Due within one year |  | ¥ | 185,404 |  |  | ¥ | 185,404 |  |  | $ | 2,230 |  |  | $ | 2,230 |
Due after one to five years |  |  | 422,260 |  |  |  | 419,450 |  |  |  | 5,078 |  |  |  | 5,044 |
Due after five to ten years |  |  | 150,967 |  |  |  | 150,362 |  |  |  | 1,816 |  |  |  | 1,809 |
Due after ten years |  |  | 56,739 |  |  |  | 56,823 |  |  |  | 682 |  |  |  | 683 |
|  | ¥ | 815,370 |  |  | ¥ | 812,039 |  |  | $ | 9,806 |  |  | $ | 9,766 |
Held-to-maturity securities held at March 31, 2011:
|  | Millions of yen |  |  | Millions of U.S. dollars |
|  | Amortized cost |  |  | Fair value |  |  | Amortized cost |  |  | Fair value |
Due after ten years |  | ¥ | 43,695 |  |  | ¥ | 44,107 |  |  | $ | 526 |  |  | $ | 531 |
|  | ¥ | 43,695 |  |  | ¥ | 44,107 |  |  | $ | 526 |  |  | $ | 531 |

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