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v2.3.0.11

Income Taxes (Tables) | 12 Months Ended
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Mar. 31, 2011
Income Tax Disclosure Table | Income before income taxes and discontinued operations, and the provision for income taxes in fiscal 2009, 2010 and 2011 are as follows:
|  | Millions of yen |  |  | Millions of U.S. dollars |
|  | 2009 |  |  | 2010 |  |  | 2011 |  |  | 2011 |
Income before income taxes and discontinued operations: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Japan |  | ¥ | (12,679 | ) |  | ¥ | 13,321 |  |  | ¥ | 38,810 |  |  | $ | 467 |
Overseas |  |  | 24,714 |  |  |  | 41,272 |  |  |  | 53,155 |  |  |  | 639 |
|  | ¥ | 12,035 |  |  | ¥ | 54,593 |  |  | ¥ | 91,965 |  |  | $ | 1,106 |
Provision for income taxes: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Current— |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Japan |  | ¥ | 40,158 |  |  | ¥ | 32,553 |  |  | ¥ | 27,068 |  |  | $ | 326 |
Overseas |  |  | 31 |  |  |  | 17,553 |  |  |  | 17,736 |  |  |  | 213 |
|  |  | 40,189 |  |  |  | 50,106 |  |  |  | 44,804 |  |  |  | 539 |
Deferred— |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Japan |  |  | (51,155 | ) |  |  | (22,285 | ) |  |  | (13,534 | ) |  |  | (163 | )
Overseas |  |  | 8,368 |  |  |  | (5,427 | ) |  |  | (3,653 | ) |  |  | (44 | )
|  |  | (42,787 | ) |  |  | (27,712 | ) |  |  | (17,187 | ) |  |  | (207 | )
Provision for income taxes |  | ¥ | (2,598 | ) |  | ¥ | 22,394 |  |  | ¥ | 27,617 |  |  | $ | 332 |
Reconciliation of Provision for Income Taxes | Reconciliation of the differences between the tax provision computed at the statutory rate and the consolidated provision for income taxes in fiscal 2009, 2010 and 2011 are as follows:
|  | Millions of yen |  |  | Millions of U.S. dollars |
|  | 2009 |  |  | 2010 |  |  | 2011 |  |  | 2011 |
Income before income taxes and discontinued operations |  | ¥ | 12,035 |  |  | ¥ | 54,593 |  |  | ¥ | 91,965 |  |  | $ | 1,106 |
Tax provision computed at statutory rate |  | ¥ | 4,922 |  |  | ¥ | 22,329 |  |  | ¥ | 37,614 |  |  | $ | 452 |
Increases (reductions) in taxes due to: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Change in valuation allowance |  |  | 5,678 |  |  |  | 1,859 |  |  |  | (3,944 | ) |  |  | (47 | )
Non-deductible expenses for tax purposes |  |  | 1,755 |  |  |  | 1,640 |  |  |  | 1,123 |  |  |  | 13 |
Non-taxable income for tax purposes |  |  | (976 | ) |  |  | (779 | ) |  |  | (2,697 | ) |  |  | (32 | )
Effect of lower tax rates on foreign subsidiaries and a domestic life insurance subsidiary |  |  | (1,479 | ) |  |  | (3,699 | ) |  |  | (4,335 | ) |  |  | (52 | )
Effect of a revision of the taxation system |  |  | (10,970 | ) |  |  | 0 |  |  |  | 0 |  |  |  | 0 |
Other, net |  |  | (1,528 | ) |  |  | 1,044 |  |  |  | (144 | ) |  |  | (2 | )
Provision for income taxes |  | ¥ | (2,598 | ) |  | ¥ | 22,394 |  |  | ¥ | 27,617 |  |  | $ | 332 |
Schedule of Income Tax Expense Benefit Intraperiod Tax Allocation | Total income taxes recognized in fiscal 2009, 2010 and 2011 are as follows:
|  | Millions of yen |  |  | Millions of U.S. dollars |
|  | 2009 |  |  | 2010 |  |  | 2011 |  |  | 2011 |
Provision for income taxes |  | ¥ | (2,598 | ) |  | ¥ | 22,394 |  |  | ¥ | 27,617 |  |  | $ | 332 |
Income taxes on discontinued operations |  |  | 8,719 |  |  |  | 5,715 |  |  |  | 5,297 |  |  |  | 64 |
Goodwill, for initial recognition of acquired tax benefits that previously were included in the valuation allowance |  |  | (2,141 | ) |  |  | 0 |  |  |  | 0 |  |  |  | 0 |
Income taxes on other comprehensive income (loss): |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Net unrealized gains (losses) on investment in securities |  |  | (27,533 | ) |  |  | 7,816 |  |  |  | 3,403 |  |  |  | 41 |
Defined benefit pension plans |  |  | (8,362 | ) |  |  | 4,925 |  |  |  | (1,427 | ) |  |  | (17 | )
Foreign currency translation adjustments |  |  | (2,111 | ) |  |  | 4,722 |  |  |  | (214 | ) |  |  | (3 | )
Net unrealized gains (losses) on derivative instruments |  |  | (390 | ) |  |  | (1,066 | ) |  |  | (338 | ) |  |  | (4 | )
Total income taxes |  | ¥ | (34,416 | ) |  | ¥ | 44,506 |  |  | ¥ | 34,338 |  |  | $ | 413 |
Components of Deferred Tax Assets and Liabilities | The tax effects of temporary differences giving rise to the deferred tax assets and liabilities at March 31, 2010 and 2011 are as follows:
|  | Millions of yen |  |  | Millions of U.S. dollars |
|  | 2010 |  |  | 2011 |  |  | 2011 |
Assets: |  |  |  |  |  |  |  |  |  |  |  |
Net operating loss carryforwards |  | ¥ | 53,841 |  |  | ¥ | 47,623 |  |  | $ | 573 |
Allowance for doubtful receivables on direct financing leases and probable loan losses |  |  | 77,866 |  |  |  | 69,917 |  |  |  | 841 |
Investment in securities |  |  | 13,138 |  |  |  | 726 |  |  |  | 9 |
Other operating assets |  |  | 2,339 |  |  |  | 2,638 |  |  |  | 32 |
Accrued expenses |  |  | 11,815 |  |  |  | 11,865 |  |  |  | 143 |
Other |  |  | 34,937 |  |  |  | 30,981 |  |  |  | 371 |
|  |  | 193,936 |  |  |  | 163,750 |  |  |  | 1,969 |
Less: valuation allowance |  |  | (42,846 | ) |  |  | (26,794 | ) |  |  | (322 | )
|  |  | 151,090 |  |  |  | 136,956 |  |  |  | 1,647 |
Liabilities: |  |  |  |  |  |  |  |  |  |  |  |
Investment in direct financing leases |  |  | 27,109 |  |  |  | 16,462 |  |  |  | 198 |
Investment in operating leases |  |  | 69,610 |  |  |  | 64,992 |  |  |  | 782 |
Deferred insurance policy acquisition costs |  |  | 24,407 |  |  |  | 29,233 |  |  |  | 351 |
Policy liabilities |  |  | 17,910 |  |  |  | 21,123 |  |  |  | 254 |
Undistributed earnings |  |  | 25,799 |  |  |  | 29,111 |  |  |  | 350 |
Prepaid benefit cost |  |  | 13,392 |  |  |  | 11,992 |  |  |  | 144 |
Other |  |  | 50,285 |  |  |  | 33,498 |  |  |  | 403 |
|  |  | 228,512 |  |  |  | 206,411 |  |  |  | 2,482 |
Net deferred tax liability |  | ¥ | 77,422 |  |  | ¥ | 69,455 |  |  | $ | 835 |
Summary of Operating Loss Carryforwards | The Company and certain subsidiaries have net operating loss carryforwards of ¥138,428 million ($1,665 million) at March 31, 2011, which expire as follows:
Year ending March 31, |  | Millions of yen |  |  | Millions of U.S. dollars |
2012 |  | ¥ | 9,394 |  |  | $ | 113 |
2013 |  |  | 13,302 |  |  |  | 160 |
2014 |  |  | 6,013 |  |  |  | 72 |
2015 |  |  | 21,856 |  |  |  | 263 |
2016 |  |  | 22,661 |  |  |  | 273 |
Thereafter |  |  | 65,202 |  |  |  | 784 |
Total |  | ¥ | 138,428 |  |  | $ | 1,665 |
Schedule of Deferred Tax Assets and Liabilities Table | Net deferred tax assets and liabilities at March 31, 2010 and 2011 are reflected in the accompanying consolidated balance sheets under the following captions:
|  | Millions of yen |  |  | Millions of U.S. dollars |
|  | 2010 |  |  | 2011 |  |  | 2011 |
Other assets |  | ¥ | 83,483 |  |  | ¥ | 91,063 |  |  | $ | 1,095 |
Income taxes: Deferred |  |  | 160,905 |  |  |  | 160,518 |  |  |  | 1,930 |
Net deferred tax liability |  | ¥ | 77,422 |  |  | ¥ | 69,455 |  |  | $ | 835 |

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