Estimated Fair Value of Financial Instruments (Tables)

12 Months Ended

Mar. 31, 2011

The following information is provided to help readers gain an understanding of the relationship between amounts reported in the accompanying consolidated financial statements and the related market or fair value.

The disclosures include financial instruments and derivatives financial instruments, except for investment in direct financing leases, investment in subsidiaries and affiliates, pension obligations and insurance contracts.

March 31, 2010


	Millions of yen
	Carrying amount		Estimated fair value
Trading instruments
Trading securities	¥	49,596	¥	49,596
Futures, Foreign exchange contracts:
Assets		1,198		1,198
Liabilities		766		766
Credit derivatives held/written:
Assets		528		528
Liabilities		40		40
Options held/written, Caps held:
Assets		555		555
Liabilities		189		189
Non-trading instruments
Assets:
Cash and cash equivalents	¥	639,087	¥	639,087
Restricted cash		77,486		77,486
Time deposits		548		548
Installment loans (net of allowance for probable loan losses)		2,330,697		2,318,466
Investment in securities:
Practicable to estimate fair value		903,658		902,943
Not practicable to estimate fair value		150,904		150,904
Liabilities:
Short-term debt		573,565		573,565
Deposits		853,269		855,620
Long-term debt		3,836,270		3,869,238
Futures, Foreign exchange contracts:
Assets		877		877
Liabilities		4,971		4,971
Foreign currency swap agreements:
Assets		13,724		13,724
Liabilities		23,053		23,053
Interest rate swap agreements:
Assets		192		192
Liabilities		2,956		2,956

March 31, 2011


	Millions of yen				Millions of U.S. dollars
	Carrying amount		Estimated fair value		Carrying amount		Estimated fair value
Trading instruments
Trading securities	¥	71,991	¥	71,991	$	866	$	866
Futures, Foreign exchange contracts:
Assets		1,524		1,524		18		18
Liabilities		1,254		1,254		15		15
Credit derivatives held/written:
Assets		49		49		1		1
Liabilities		236		236		3		3
Options held/written, Caps held, and other:
Assets		3,467		3,467		42		42
Liabilities		2,071		2,071		25		25

Non-trading instruments
Assets:
Cash and cash equivalents	¥	732,127	¥	732,127	$	8,805	$	8,805
Restricted cash		118,065		118,065		1,420		1,420
Time deposits		5,148		5,148		62		62
Installment loans (net of allowance for probable loan losses)		2,850,215		2,860,886		34,278		34,406
Investment in securities:
Practicable to estimate fair value		937,129		937,541		11,270		11,275
Not practicable to estimate fair value		166,261		166,261		2,000		2,000
Liabilities:
Short-term debt		478,633		478,633		5,756		5,756
Deposits		1,065,175		1,070,513		12,810		12,874
Long-term debt		4,531,268		4,491,271		54,495		54,014
Futures, Foreign exchange contracts:
Assets		1,109		1,109		13		13
Liabilities		3,714		3,714		45		45
Foreign currency swap agreements:
Assets		14,766		14,766		178		178
Liabilities		33,481		33,481		403		403
Interest rate swap agreements:
Assets		2,070		2,070		25		25
Liabilities		1,320		1,320		16		16

- Definition

This item represents certain of the disclosures concerning the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments, assets, and liabilities. Such certain disclosures about the financial instruments, assets, and liabilities include: (1) the fair value of the required items together with their carrying amounts (as appropriate) and (2) the methodology and assumptions used in developing such estimates of fair value.

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