Estimated Fair Value of Financial Instruments (Tables)

9 Months Ended

Dec. 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, other than investment in direct financing leases, investment in subsidiaries and affiliates, pension obligations and insurance contracts.

March 31, 2011


	Millions of yen
	Carrying amount		Estimated fair value
Trading instruments
Trading securities	¥	71,991	¥	71,991
Futures, foreign exchange contracts:
Assets		1,524		1,524
Liabilities		1,254		1,254
Credit derivatives held/written:
Assets		49		49
Liabilities		236		236
Options held/written, caps held and other:
Assets		3,467		3,467
Liabilities		2,071		2,071

Non-trading instruments
Assets:
Cash and cash equivalents	¥	732,127	¥	732,127
Restricted cash		118,065		118,065
Time deposits		5,148		5,148
Installment loans (net of allowance for probable loan losses)		2,850,215		2,860,886
Investment in securities:
Practicable to estimate fair value		937,129		937,541
Not practicable to estimate fair value		166,261		166,261
Liabilities:
Short-term debt		478,633		478,633
Deposits		1,065,175		1,070,513
Long-term debt		4,531,268		4,491,271
Futures, foreign exchange contracts:
Assets		1,109		1,109
Liabilities		3,714		3,714
Foreign currency swap agreements:
Assets		14,766		14,766
Liabilities		33,481		33,481
Interest rate swap agreements:
Assets		2,070		2,070
Liabilities		1,320		1,320

December 31, 2011


	Millions of yen
	Carrying amount		Estimated fair value
Trading instruments
Trading securities	¥	33,818	¥	33,818
Futures, foreign exchange contracts:
Assets		580		580
Liabilities		581		581
Credit derivatives held:
Assets		162		162
Liabilities		4		4
Options held/written, caps held and other:
Assets		4,101		4,101
Liabilities		2,678		2,678

Non-trading instruments
Assets:
Cash and cash equivalents	¥	662,894	¥	662,894
Restricted cash		122,103		122,103
Time deposits		7,020		7,020
Installment loans (net of allowance for probable loan losses)		2,626,743		2,649,391
Investment in securities:
Practicable to estimate fair value		929,488		932,506
Not practicable to estimate fair value		204,414		204,414
Liabilities:
Short-term debt		467,121		467,121
Deposits		1,063,667		1,068,967
Long-term debt		4,172,523		4,138,341
Futures, foreign exchange contracts:
Assets		1,527		1,527
Liabilities		1,212		1,212
Foreign currency swap agreements:
Assets		8,671		8,671
Liabilities		3,687		3,687
Interest rate swap agreements:
Assets		4,625		4,625
Liabilities		1,433		1,433

- 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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