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Investment in Securities (Tables)

9 Months Ended

Dec. 31, 2011

Marketable Securities

Investment in securities at March 31, 2011 and December 31, 2011 consists of the following:

		Millions of yen
		March 31, 2011				December 31, 2011
Trading securities		¥	71,991			¥	33,818
Available-for-sale securities			883,410				880,582
Held-to-maturity securities			43,695				43,667
Other securities			176,285				209,653
		¥	1,175,381			¥	1,167,720

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, 2011 and December 31, 2011 are as follows:

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			87,898				3,819				(3,843	)			87,874
Other debt securities			5,518				—				(12	)			5,506
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				—				44,107
		¥	907,480			¥	31,642			¥	(11,605	)		¥	927,517

December 31, 2011

		Millions of yen
		Amortized cost				Gross unrealized gains				Gross unrealized losses				Fair value
Available-for-sale:
Japanese and foreign government bond securities		¥	172,405			¥	1,083			¥	(6	)		¥	173,482
Japanese prefectural and foreign municipal bond securities			57,861				849				(66	)			58,644
Corporate debt securities			307,972				2,236				(3,991	)			306,217
Specified bonds issued by SPEs in Japan			162,386				644				(634	)			162,396
CMBS and RMBS in the U.S., and other asset-backed securities			101,476				2,552				(3,437	)			100,591
Other debt securities			7,586				—				—				7,586
Equity securities			59,361				20,885				(8,580	)			71,666
			869,047				28,249				(16,714	)			880,582
Held-to-maturity:
Japanese government bond securities			43,667				3,018				—				46,685
		¥	912,714			¥	31,267			¥	(16,714	)		¥	927,267

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 portion as of March 31, 2011 and December 31, 2011, respectively.

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	)		¥	—			¥	—			¥	63,438			¥	(169	)
Japanese prefectural and foreign municipal bond securities			22,444				(92	)			—				—				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	)			24,288				(2,990	)			30,948				(3,843	)
Other debt securities			—				—				2,988				(12	)			2,988				(12	)
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	)

December 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		¥	54,383			¥	(6	)		¥	—			¥	—			¥	54,383			¥	(6	)
Japanese prefectural and foreign municipal bond securities			15,507				(66	)			—				—				15,507				(66	)
Corporate debt securities			67,631				(3,788	)			16,885				(203	)			84,516				(3,991	)
Specified bonds issued by SPEs in Japan			900				—				32,483				(634	)			33,383				(634	)
CMBS and RMBS in the U.S., and other asset-backed securities			23,252				(117	)			13,149				(3,320	)			36,401				(3,437	)
Equity securities			19,019				(6,806	)			9,325				(1,774	)			28,344				(8,580	)
		¥	180,692			¥	(10,783	)		¥	71,842			¥	(5,931	)		¥	252,534			¥	(16,714	)

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 nine months ended December 31, 2010 and 2011 are as follows:

		Millions of yen
		Nine months ended   December 31, 2010				Nine months ended   December 31, 2011
Total other-than-temporary impairment losses		¥	18,136			¥	10,463
Portion of loss recognized in other comprehensive income (before taxes)			(206	)			(598	)
Net impairment losses recognized in earnings		¥	17,930			¥	9,865

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 three months ended in December 31, 2010 and 2011 are as follows:

		Millions of yen
		Three months ended December 31, 2010				Three months ended December 31, 2011
Total other-than-temporary impairment losses		¥	6,149			¥	3,370
Portion of loss recognized in other comprehensive income (before taxes)			(115	)			(134	)
Net impairment losses recognized in earnings		¥	6,034			¥	3,236

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 nine months ended December 31, 2010 and 2011 are as follows:

		Millions of yen
		Nine months ended   December 31, 2010				Nine months ended   December 31, 2011
Beginning before reduction		¥	5,016			¥	9,022
Reduction to the beginning balance*			(1,810	)			—
Beginning after reduction			3,206				9,022
Addition during the period:
Credit loss for which an other-than-temporary impairment was not previously recognized			6,689				3,261
Credit loss for which an other-than-temporary impairment was previously recognized			296				72
Reduction during the period:
For securities sold			(89	)			(2,130	)
Due to change in intent to sell or requirement to sell			(1,005	)			(997	)
Ending		¥	9,097			¥	9,228

* 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.

Roll-forwards of the amount related to credit losses on other-than-temporarily impaired debt securities recognized in earnings for three months ended December 31, 2010 and 2011 are as follows:

		Millions of yen
		Three months ended December 31, 2010				Three months ended December 31, 2011
Beginning		¥	9,209			¥	7,830
Addition during the period:
Credit loss for which an other-than-temporary impairment was not previously recognized			817				2,556
Credit loss for which an other-than-temporary impairment was previously recognized			76				54
Reduction during the period:
For securities sold			—				(947	)
Due to change in intent to sell or requirement to sell			(1,005	)			(265	)
Ending		¥	9,097			¥	9,228

Fair Value, Investments, Entities that Calculate Net Asset Value Per Share

Under ASC 820, the information about fund investments that the Company and its subsidiaries hold at March 31, 2011 and December 31, 2011 are as follows:

March 31, 2011

Type of fund investment		Fair value (Millions of yen)				Redemption frequency (If currently eligible)				Redemption notice period
Hedge funds*		¥	10,023				Monthly – Quarterly				10 days – 45 days
Total		¥	10,023				—				—

December 31, 2011

Type of fund investment		Fair value (Millions of yen)				Redemption frequency (If currently eligible)		Redemption notice period
Hedge fund *		¥	5,239			Monthly – Quarterly		10 days – 45 days
Total		¥	5,239			—		—

* 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.

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Amortized Cost Gross Unrealized Gains and Losses and Fair Value of Investments Table

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Tabular disclosure of the fair value of investees that calculate net asset value per share (including by unit, membership interest, or other equity (ownership interest) unit measure) (alternative investments), whether measured at fair value on a recurring or nonrecurring basis, by major category of assets and liabilities (as defined), including, for example, (i) fair value measurements at the reporting date, (ii) the level within the fair value hierarchy in which the fair value measurements fall, (iii) a reconciliation of beginning and ending balances for those alternative investments that are measured at fair value using unobservable inputs (Level 3 - fair value hierarchy fair value measurement inputs), (iv) the inputs and valuation techniques used to measure fair value, (v) a discussion of changes to valuation techniques and inputs, if any, during the period, (vi) a description of the nature and risk associated with the alternative investments, and (vii) a discussion of the probability that any of the alternative investments are to be sold.

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Tabular disclosure of the amount of other than temporary impairment (OTTI) related to credit losses recognized in earnings including: (a) the beginning balance of the amount related to credit losses on debt securities held by the investor at the beginning of the period for which a portion of an OTTI was recognized in other comprehensive income; (b) additions for the amount related to the credit loss for which an OTTI was not previously recognized; (c) reductions for securities sold during the period (realized); (d) reductions for securities for which the amount previously recognized in other comprehensive income was recognized in earnings because the investor intends to sell the security or more likely than not will be required to sell the security before recovery of its amortized cost basis; (e) additional increases to the amount related to the credit loss for which an OTTI was previously recognized when the investor does not intend to sell the security and it is not more likely than not that the investor will be required to sell the security before recovery of its amortized cost basis; (f) reductions for increases in cash flows expected to be collected that are recognized over the remaining life of the security; and (g) the ending balance of the amount related to credit losses on debt securities held by the entity at the end of the period for which a portion of an OTTI was recognized in other comprehensive income.

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Other Than Temporary Impairment Losses on Investment Securities

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This item represents the entire disclosure related to Marketable Securities which may consist of all investments in certain debt and equity securities (and other assets).

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