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Fair Value Measurements (Tables) | 12 Months Ended
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Mar. 31, 2014
Recorded Amounts of Major Financial Assets and Liabilities Measured at Fair Value on Recurring Basis | The following table presents recorded amounts of major financial assets and liabilities measured at fair value on a recurring basis as of March 31, 2013 and 2014:
|  | March 31, 2013 |
|  | Millions of yen |
|  | Total Carrying Value in Consolidated Balance Sheets |  |  | Quoted Prices in Active Markets for Identical Assets (Level 1) |  |  | Significant Other Observable Inputs (Level 2) |  |  | Significant Unobservable Inputs (Level 3) |
Financial Assets: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Loans held for sale*1 |  | ¥ | 16,026 |  |  | ¥ | 0 |  |  | ¥ | 16,026 |  |  | ¥ | 0 |
Trading securities |  |  | 33,041 |  |  |  | 2,184 |  |  |  | 30,857 |  |  |  | 0 |
Available-for-sale securities |  |  | 757,299 |  |  |  | 166,398 |  |  |  | 453,923 |  |  |  | 136,978 |
Japanese and foreign government bond securities |  |  | 278,717 |  |  |  | 98,990 |  |  |  | 179,727 |  |  |  | 0 |
Japanese prefectural and foreign municipal bond securities |  |  | 61,090 |  |  |  | 0 |  |  |  | 61,090 |  |  |  | 0 |
Corporate debt securities |  |  | 196,835 |  |  |  | 0 |  |  |  | 190,311 |  |  |  | 6,524 |
Specified bonds issued by SPEs in Japan |  |  | 63,244 |  |  |  | 0 |  |  |  | 0 |  |  |  | 63,244 |
CMBS and RMBS in the U.S., and other asset- backed securities |  |  | 60,691 |  |  |  | 0 |  |  |  | 1,792 |  |  |  | 58,899 |
Other debt securities |  |  | 8,311 |  |  |  | 0 |  |  |  | 0 |  |  |  | 8,311 |
Equity securities |  |  | 88,411 |  |  |  | 67,408 |  |  |  | 21,003 |  |  |  | 0 |
Other securities |  |  | 5,800 |  |  |  | 0 |  |  |  | 0 |  |  |  | 5,800 |
Investment funds*3 |  |  | 5,800 |  |  |  | 0 |  |  |  | 0 |  |  |  | 5,800 |
Derivative assets |  |  | 14,598 |  |  |  | 147 |  |  |  | 12,352 |  |  |  | 2,099 |
Interest rate swap agreements |  |  | 4,654 |  |  |  | 0 |  |  |  | 4,654 |  |  |  | 0 |
Options held/written and other |  |  | 5,654 |  |  |  | 0 |  |  |  | 3,555 |  |  |  | 2,099 |
Futures, foreign exchange contracts |  |  | 1,030 |  |  |  | 147 |  |  |  | 883 |  |  |  | 0 |
Foreign currency swap agreements |  |  | 2,890 |  |  |  | 0 |  |  |  | 2,890 |  |  |  | 0 |
Credit derivatives held |  |  | 370 |  |  |  | 0 |  |  |  | 370 |  |  |  | 0 |
|  | ¥ | 826,764 |  |  | ¥ | 168,729 |  |  | ¥ | 513,158 |  |  | ¥ | 144,847 |
Financial Liabilities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Derivative liabilities |  | ¥ | 18,037 |  |  | ¥ | 0 |  |  | ¥ | 18,037 |  |  | ¥ | 0 |
Interest rate swap agreements |  |  | 1,459 |  |  |  | 0 |  |  |  | 1,459 |  |  |  | 0 |
Options held/written and other |  |  | 3,530 |  |  |  | 0 |  |  |  | 3,530 |  |  |  | 0 |
Futures, foreign exchange contracts |  |  | 4,685 |  |  |  | 0 |  |  |  | 4,685 |  |  |  | 0 |
Foreign currency swap agreements |  |  | 8,263 |  |  |  | 0 |  |  |  | 8,263 |  |  |  | 0 |
Credit derivatives held/written |  |  | 100 |  |  |  | 0 |  |  |  | 100 |  |  |  | 0 |
|  | ¥ | 18,037 |  |  | ¥ | 0 |  |  | ¥ | 18,037 |  |  | ¥ | 0 |
|  | March 31, 2014 |
|  | Millions of yen |
|  | Total Carrying Value in Consolidated Balance Sheets |  |  | Quoted Prices in Active Markets for Identical Assets (Level 1) |  |  | Significant Other Observable Inputs (Level 2) |  |  | Significant Unobservable Inputs (Level 3) |
Financial Assets: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Loans held for sale*1 |  | ¥ | 12,631 |  |  | ¥ | 0 |  |  | ¥ | 12,631 |  |  | ¥ | 0 |
Trading securities |  |  | 16,079 |  |  |  | 275 |  |  |  | 15,804 |  |  |  | 0 |
Available-for-sale securities |  |  | 881,606 |  |  |  | 230,618 |  |  |  | 566,987 |  |  |  | 84,001 |
Japanese and foreign government bond securities |  |  | 360,360 |  |  |  | 114,989 |  |  |  | 245,371 |  |  |  | 0 |
Japanese prefectural and foreign municipal bond securities |  |  | 96,697 |  |  |  | 0 |  |  |  | 96,697 |  |  |  | 0 |
Corporate debt securities |  |  | 201,386 |  |  |  | 0 |  |  |  | 200,725 |  |  |  | 661 |
Specified bonds issued by SPEs in Japan |  |  | 6,772 |  |  |  | 0 |  |  |  | 0 |  |  |  | 6,772 |
CMBS and RMBS in the U.S., and other asset- backed securities |  |  | 65,631 |  |  |  | 0 |  |  |  | 613 |  |  |  | 65,018 |
Other debt securities |  |  | 11,550 |  |  |  | 0 |  |  |  | 0 |  |  |  | 11,550 |
Equity securities*2 |  |  | 139,210 |  |  |  | 115,629 |  |  |  | 23,581 |  |  |  | 0 |
Other securities |  |  | 6,317 |  |  |  | 0 |  |  |  | 0 |  |  |  | 6,317 |
Investment funds*3 |  |  | 6,317 |  |  |  | 0 |  |  |  | 0 |  |  |  | 6,317 |
Derivative assets |  |  | 12,437 |  |  |  | 8 |  |  |  | 9,943 |  |  |  | 2,486 |
Interest rate swap agreements |  |  | 2,528 |  |  |  | 0 |  |  |  | 2,528 |  |  |  | 0 |
Options written and other |  |  | 5,486 |  |  |  | 0 |  |  |  | 3,000 |  |  |  | 2,486 |
Futures, foreign exchange contracts |  |  | 860 |  |  |  | 8 |  |  |  | 852 |  |  |  | 0 |
Foreign currency swap agreements |  |  | 3,534 |  |  |  | 0 |  |  |  | 3,534 |  |  |  | 0 |
Credit derivatives written |  |  | 29 |  |  |  | 0 |  |  |  | 29 |  |  |  | 0 |
|  | ¥ | 929,070 |  |  | ¥ | 230,901 |  |  | ¥ | 605,365 |  |  | ¥ | 92,804 |
Financial Liabilities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Derivative liabilities |  | ¥ | 16,646 |  |  | ¥ | 28 |  |  | ¥ | 16,618 |  |  | ¥ | 0 |
Interest rate swap agreements |  |  | 634 |  |  |  | 0 |  |  |  | 634 |  |  |  | 0 |
Options written and other |  |  | 3,605 |  |  |  | 0 |  |  |  | 3,605 |  |  |  | 0 |
Futures, foreign exchange contracts |  |  | 4,966 |  |  |  | 28 |  |  |  | 4,938 |  |  |  | 0 |
Foreign currency swap agreements |  |  | 7,176 |  |  |  | 0 |  |  |  | 7,176 |  |  |  | 0 |
Credit derivatives held |  |  | 265 |  |  |  | 0 |  |  |  | 265 |  |  |  | 0 |
Accounts Payable |  |  | 2,833 |  |  |  | 0 |  |  |  | 0 |  |  |  | 2,833 |
Contingent consideration |  |  | 2,833 |  |  |  | 0 |  |  |  | 0 |  |  |  | 2,833 |
|  | ¥ | 19,478 |  |  | ¥ | 28 |  |  | ¥ | 16,617 |  |  | ¥ | 2,833 |
*1 | A subsidiary elected the fair value option under ASC 825 (“Financial Instruments”) on the loans held for sale originated on or after October 1, 2011. These loans are multi-family and seniors housing loans and are sold to Federal National Mortgage Association (“Fannie Mae”) or institutional investors. Included in other operating revenues in the consolidated statements of income were gains from the change in the fair value of the loans of ¥1,024 million for the fiscal year ended March 31, 2012, losses from the change in the fair value of the loans of ¥628 million for the fiscal year ended March 31, 2013 and gains from the change in the fair value of the loans of ¥116 million for the fiscal year ended March 31, 2014. No gains or losses were recognized in earnings during the fiscal year ended March 31, 2012, the fiscal year ended March 31, 2013 and the fiscal year ended March 31, 2014 attributable to changes in instrument-specific credit risk. The amounts of aggregate unpaid principal balance and aggregate fair value at March 31, 2013, were ¥15,535 million and ¥16,026 million, respectively, and the amount of the aggregate fair value exceeded the amount of aggregate unpaid principal balance by ¥491 million. The amounts of aggregate unpaid principal balance and aggregate fair value at March 31, 2014, were ¥12,024 million and ¥12,631 million, respectively, and the amount of the aggregate fair value exceeded the amount of aggregate unpaid principal balance by ¥607 million. As of March 31, 2013 and 2014, there were no loans that were 90 days or more past due, in non-accrual status, or both.
*2 | A subsidiary that has newly become a consolidated subsidiary of the Company during this fiscal year elected the fair value option under ASC 825 (“Financial Instruments”) for investments in equity securities included in available-for-sale securities. Included in brokerage commissions and net gains on investment securities in the consolidated statements of income were gains from the change in the fair value of those investments of ¥333 million for the fiscal year ended March 31, 2014. The amount of aggregate fair value elected the fair value option is ¥5,116 million as of March 31, 2014.
*3 | A subsidiary and another company that have newly become a consolidated subsidiary of the Company during this fiscal year elected the fair value option under ASC 825 (“Financial Instruments”) for investments in some funds. Included in brokerage commissions and net gains on investment securities in the consolidated statements of income were gains from the change in the fair value of those investments of ¥670 million for the fiscal year ended March 31, 2013 and ¥1,412 million for the fiscal year ended March 31, 2014. The amounts of aggregate fair value elected the fair value option were ¥5,800 million and ¥6,317 million as of March 31, 2013 and 2014, respectively.
Reconciliation of Financial Assets Measured at Fair Value on Recurring Basis Using Significant Unobservable Inputs | The following table presents the reconciliation of financial assets and liabilities measured at fair value on a recurring basis using significant unobservable inputs (Level 3) during fiscal year 2012, 2013 and 2014:
|  | 2012 |
|  | Millions of yen |
|  | Balance at April 1, 2011 |  |  | Gains or losses (realized/ unrealized) |  |  | Purchases |  |  | Sales |  |  | Settlements |  |  | Transfers in and/ or out of Level 3 (net)*3 |  |  | Balance at March 31, 2012 |  |  | Change in unrealized gains or losses included in earnings for assets and liabilities still held at March 31, 2012*1 |
|  | Included in earnings*1 |  |  | Included in other comprehensive Income*2 |  |  | Total |  |  |  |  |  |  |
Available-for-sale securities |  | ¥ | 315,676 |  |  | ¥ | (1,262 | ) |  | ¥ | 1,443 |  |  | ¥ | 181 |  |  | ¥ | 63,980 |  |  | ¥ | (18,054 | ) |  | ¥ | (118,596 | ) |  | ¥ | 468 |  |  | ¥ | 243,655 |  |  | ¥ | (2,429 | )
Corporate debt securities |  |  | 2,573 |  |  |  | (18 | ) |  |  | 108 |  |  |  | 90 |  |  |  | 2,549 |  |  |  | (431 | ) |  |  | (2,337 | ) |  |  | 468 |  |  |  | 2,912 |  |  |  | (35 | )
Specified bonds issued by SPEs in Japan |  |  | 222,314 |  |  |  | (3,066 | ) |  |  | 2,178 |  |  |  | (888 | ) |  |  | 6,668 |  |  |  | (9,625 | ) |  |  | (79,317 | ) |  |  | 0 |  |  |  | 139,152 |  |  |  | (3,397 | )
CMBS and RMBS in the U.S., and other asset-backed securities |  |  | 85,283 |  |  |  | 1,822 |  |  |  | (1,056 | ) |  |  | 766 |  |  |  | 49,072 |  |  |  | (7,998 | ) |  |  | (33,942 | ) |  |  | 0 |  |  |  | 93,181 |  |  |  | 1,003 |
Other debt securities |  |  | 5,506 |  |  |  | 0 |  |  |  | 213 |  |  |  | 213 |  |  |  | 5,691 |  |  |  | 0 |  |  |  | (3,000 | ) |  |  | 0 |  |  |  | 8,410 |  |  |  | 0 |
Derivative assets and liabilities (net) |  |  | 2,946 |  |  |  | 2,159 |  |  |  | 0 |  |  |  | 2,159 |  |  |  | 0 |  |  |  | 0 |  |  |  | 188 |  |  |  | 0 |  |  |  | 5,293 |  |  |  | 2,159 |
Options held/written, caps held and other |  |  | 3,134 |  |  |  | 2,159 |  |  |  | 0 |  |  |  | 2,159 |  |  |  | 0 |  |  |  | 0 |  |  |  | 0 |  |  |  | 0 |  |  |  | 5,293 |  |  |  | 2,159 |
Credit derivatives held/written |  |  | (188 | ) |  |  | 0 |  |  |  | 0 |  |  |  | 0 |  |  |  | 0 |  |  |  | 0 |  |  |  | 188 |  |  |  | 0 |  |  |  | 0 |  |  |  | 0 |
|  | 2013 |
|  | Millions of yen |
|  | Balance at April 1, 2012 |  |  | Gains or losses (realized/ unrealized) |  |  | Purchases |  |  | Sales |  |  | Settlements |  |  | Transfers in and/ or out of Level 3 (net)*3 |  |  | Balance at March 31, 2013 |  |  | Change in unrealized gains or losses included in earnings for assets and liabilities still held at March 31, 2013*1 |
|  |  | Included in earnings*1 |  |  | Included in other comprehensive Income*2 |  |  | Total |  |  |  |  |  |  |
Available-for-sale securities |  |  | ¥243,655 |  |  |  | ¥(9,225) |  |  |  | ¥7,693 |  |  |  | ¥(1,532) |  |  |  | ¥19,294 |  |  | ¥ | (10,564 | ) |  | ¥ | (113,875 | ) |  |  | ¥0 |  |  |  | ¥136,978 |  |  | ¥ | (9,783 | )
Corporate debt securities |  |  | 2,912 |  |  |  | (508 | ) |  |  | 908 |  |  |  | 400 |  |  |  | 3,942 |  |  |  | (432 | ) |  |  | (298 | ) |  |  | 0 |  |  |  | 6,524 |  |  |  | (456 | )
Specified bonds issued by SPEs in Japan |  |  | 139,152 |  |  |  | (9,228 | ) |  |  | (15 | ) |  |  | (9,243 | ) |  |  | 5,419 |  |  |  | (9 | ) |  |  | (72,075 | ) |  |  | 0 |  |  |  | 63,244 |  |  |  | (8,095 | )
CMBS and RMBS in the U.S., and other asset-backed securities |  |  | 93,181 |  |  |  | (369 | ) |  |  | 5,381 |  |  |  | 5,012 |  |  |  | 9,933 |  |  |  | (7,725 | ) |  |  | (41,502 | ) |  |  | 0 |  |  |  | 58,899 |  |  |  | (1,232 | )
Other debt securities |  |  | 8,410 |  |  |  | 880 |  |  |  | 1,419 |  |  |  | 2,299 |  |  |  | 0 |  |  |  | (2,398 | ) |  |  | 0 |  |  |  | 0 |  |  |  | 8,311 |  |  |  | 0 |
Other securities |  |  | 0 |  |  |  | 670 |  |  |  | 825 |  |  |  | 1,495 |  |  |  | 5,018 |  |  |  | (713 | ) |  |  | 0 |  |  |  | 0 |  |  |  | 5,800 |  |  |  | 670 |
Investment funds |  |  | 0 |  |  |  | 670 |  |  |  | 825 |  |  |  | 1,495 |  |  |  | 5,018 |  |  |  | (713 | ) |  |  | 0 |  |  |  | 0 |  |  |  | 5,800 |  |  |  | 670 |
Derivative assets and liabilities (net) |  |  | 5,293 |  |  |  | (3,194 | ) |  |  | 0 |  |  |  | (3,194 | ) |  |  | 0 |  |  |  | 0 |  |  |  | 0 |  |  |  | 0 |  |  |  | 2,099 |  |  |  | (3,194 | )
Options held/written, caps held and other |  |  | 5,293 |  |  |  | (3,194 | ) |  |  | 0 |  |  |  | (3,194 | ) |  |  | 0 |  |  |  | 0 |  |  |  | 0 |  |  |  | 0 |  |  |  | 2,099 |  |  |  | (3,194 | )
|  | 2014 |
|  | Millions of yen |
|  | Balance at April 1, 2013 |  |  | Gains or losses (realized/ unrealized) |  |  | Purchases |  |  | Sales |  |  | Settlements |  |  | Transfers in and/ or out of Level 3 (net)*3 |  |  | Balance at March 31, 2014 |  |  | Change in unrealized gains or losses included in earnings for assets and liabilities still held at March 31, 2014*1 |
|  |  | Included in earnings*1 |  |  | Included in other comprehensive Income*2 |  |  | Total |  |  |  |  |  |  |
Available-for-sale securities |  | ¥ | 136,978 |  |  |  | ¥4,364 |  |  |  | ¥4,056 |  |  |  | ¥8,420 |  |  | ¥ | 56,202 |  |  | ¥ | (13,817 | ) |  | ¥ | (103,782 | ) |  | ¥ | 0 |  |  | ¥ | 84,001 |  |  | ¥ | 180 |
Corporate debt securities |  |  | 6,524 |  |  |  | 416 |  |  |  | (356 | ) |  |  | 60 |  |  |  | 0 |  |  |  | (1,325 | ) |  |  | (4,598 | ) |  |  | 0 |  |  |  | 661 |  |  |  | 0 |
Specified bonds issued by SPEs in Japan |  |  | 63,244 |  |  |  | 327 |  |  |  | 839 |  |  |  | 1,166 |  |  |  | 0 |  |  |  | (36 | ) |  |  | (57,602 | ) |  |  | 0 |  |  |  | 6,772 |  |  |  | 5 |
CMBS and RMBS in the U.S., and other asset- backed securities |  |  | 58,899 |  |  |  | 3,621 |  |  |  | 1,334 |  |  |  | 4,955 |  |  |  | 55,202 |  |  |  | (12,456 | ) |  |  | (41,582 | ) |  |  | 0 |  |  |  | 65,018 |  |  |  | 175 |
Other debt securities |  |  | 8,311 |  |  |  | 0 |  |  |  | 2,239 |  |  |  | 2,239 |  |  |  | 1,000 |  |  |  | 0 |  |  |  | 0 |  |  |  | 0 |  |  |  | 11,550 |  |  |  | 0 |
Other securities |  |  | 5,800 |  |  |  | 1,767 |  |  |  | 584 |  |  |  | 2,351 |  |  |  | 2,013 |  |  |  | (3,824 | ) |  |  | (23 | ) |  |  | 0 |  |  |  | 6,317 |  |  |  | 1,767 |
Investment funds |  |  | 5,800 |  |  |  | 1,767 |  |  |  | 584 |  |  |  | 2,351 |  |  |  | 2,013 |  |  |  | (3,824 | ) |  |  | (23 | ) |  |  | 0 |  |  |  | 6,317 |  |  |  | 1,767 |
Derivative assets and liabilities (net) |  |  | 2,099 |  |  |  | 2,987 |  |  |  | 0 |  |  |  | 2,987 |  |  |  | 0 |  |  |  | 0 |  |  |  | (2,600 | ) |  |  | 0 |  |  |  | 2,486 |  |  |  | 2,987 |
Options held/written and other |  |  | 2,099 |  |  |  | 2,987 |  |  |  | 0 |  |  |  | 2,987 |  |  |  | 0 |  |  |  | 0 |  |  |  | (2,600 | ) |  |  | 0 |  |  |  | 2,486 |  |  |  | 2,987 |
Accounts payable |  |  | 0 |  |  |  | 2,343 |  |  |  | 0 |  |  |  | 2,343 |  |  |  | 5,176 |  |  |  | 0 |  |  |  | 0 |  |  |  | 0 |  |  |  | 2,833 |  |  |  | 2,343 |
Contingent consideration |  |  | 0 |  |  |  | 2,343 |  |  |  | 0 |  |  |  | 2,343 |  |  |  | 5,176 |  |  |  | 0 |  |  |  | 0 |  |  |  | 0 |  |  |  | 2,833 |  |  |  | 2,343 |
*1 | Principally, gains and losses from available-for-sale securities are included in “brokerage commissions and net gains on investment securities”, “write-downs of securities” or “life insurance premiums and related investment income”; other securities are included in “brokerage commissions and net gains on investment securities” and derivative assets and liabilities (net) are included in “other operating revenues/expenses,” and gains from accounts payable are included in “other operating revenues”. Also, for available-for-sale securities, amortization of interest recognized in interest on loans and investment securities is included in these columns.
*2 | Unrealized gains and losses from available-for-sale securities are included in “Net change of unrealized gains (losses) on investment in securities.”
*3 | The amount reported in “Transfers in and/or out of Level 3 (net)” is the fair value at the beginning of quarter during which the transfers occur.
Recorded Amounts of Major Assets Measured at Fair Value on Nonrecurring Basis | The following table presents recorded amounts of assets measured at fair value on a nonrecurring basis as of March 31, 2013 and 2014. These assets are measured at fair value on a nonrecurring basis mainly to recognize impairment:
|  | March 31, 2013 |
|  | Millions of yen |
|  | Total Carrying Value in Consolidated Balance Sheets |  |  | Quoted Prices in Active Markets for Identical Assets (Level 1) |  |  | Significant Other Observable Inputs (Level 2) |  |  | Significant Unobservable Inputs (Level 3) |
Assets: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Real estate collateral-dependent loans (net of allowance for probable loan losses) |  | ¥ | 60,564 |  |  | ¥ | 0 |  |  | ¥ | 0 |  |  | ¥ | 60,564 |
Investment in operating leases and other operating assets |  |  | 21,960 |  |  |  | 0 |  |  |  | 0 |  |  |  | 21,960 |
Land and buildings undeveloped or under construction |  |  | 11,845 |  |  |  | 0 |  |  |  | 0 |  |  |  | 11,845 |
Certain investment in affiliates |  |  | 3,704 |  |  |  | 0 |  |  |  | 0 |  |  |  | 3,704 |
|  | ¥ | 98,073 |  |  | ¥ | 0 |  |  | ¥ | 0 |  |  | ¥ | 98,073 |
|  | March 31, 2014 |
|  | Millions of yen |
|  | Total Carrying Value in Consolidated Balance Sheets |  |  | Quoted Prices in Active Markets for Identical Assets (Level 1) |  |  | Significant Other Observable Inputs (Level 2) |  |  | Significant Unobservable Inputs (Level 3) |
Assets: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Real estate collateral-dependent loans (net of allowance for probable loan losses) |  | ¥ | 39,866 |  |  | ¥ | 0 |  |  | ¥ | 0 |  |  | ¥ | 39,866 |
Investment in operating leases and other operating assets |  |  | 60,665 |  |  |  | 0 |  |  |  | 0 |  |  |  | 60,665 |
Land and buildings undeveloped or under construction |  |  | 18,237 |  |  |  | 0 |  |  |  | 0 |  |  |  | 18,237 |
|  | ¥ | 118,768 |  |  | ¥ | 0 |  |  | ¥ | 0 |  |  | ¥ | 118,768 |
Information about Valuation Techniques and Significant Unobservable Inputs Used in Valuation of Level Three Assets Measured at Fair Value on Recurring Basis | The following table provides information about the valuation techniques and significant unobservable inputs used in the valuation of Level 3 assets or liabilities measured at fair value on a recurring basis as of March 31, 2013 and 2014.
|  | March 31, 2013
|  | Millions of yen |  |  | Valuation Technique(s) |  | Significant Unobservable Inputs |  | Range (Weighted Average)
|  | Fair Value |  |  |  |
Financial Assets: |  |  |  |  |  |  |  |  |  |
Available-for-sale securities |  |  |  |  |  |  |  |  |  |
Corporate debt securities |  | ¥ | 974 |  |  | Discounted cash flows |  | Discount rate |  | 5.4%
|  |  |  |  |  |  |  |  |  | (5.4%)
|  |  | 5,550 |  |  | Appraisals/Broker quotes |  | — |  | —
Specified bonds issued by SPEs in Japan |  |  | 60,013 |  |  | Discounted cash flows |  | Discount rate |  | 1.0% – 12.0%
|  |  |  |  |  |  |  |  |  | (4.9%)
|  |  | 3,231 |  |  | Appraisals/Broker quotes |  | — |  | —
CMBS and RMBS in the U.S., and other asset-backed securities |  |  | 30,804 |  |  | Discounted cash flows |  | Discount rate |  | 2.9% – 42.6%
|  |  |  |  |  |  |  |  |  | (9.3%)
|  |  |  |  |  |  |  | Probability of default |  | 0.0% – 12.8%
|  |  |  |  |  |  |  |  |  | (1.7%)
|  |  | 28,095 |  |  | Appraisals/Broker quotes |  | — |  | —
Other debt securities |  |  | 8,311 |  |  | Discounted cash flows |  | Discount rate |  | 11.7% (11.7%)
Other securities |  |  |  |  |  |  |  |  |  |
Investment funds |  |  | 5,800 |  |  | Discounted cash flows |  | Discount rate |  | 13.0% – 20.0%
|  |  |  |  |  |  |  |  |  | (18.6%)
Derivative assets |  |  |  |  |  |  |  |  |  |
Options held/written and other |  |  | 2,099 |  |  | Discounted cash flows |  | Discount rate |  | 10.0% – 15.0%
|  |  |  |  |  |  |  |  |  | (12.3%)
|  | ¥ | 144,877 |  |  |  |  |  |  |
|  | March 31, 2014
|  | Millions of yen |  |  | Valuation Technique(s) |  | Significant Unobservable Inputs |  | Range (Weighted Average)
|  | Fair Value |  |  |  |
Financial Assets: |  |  |  |  |  |  |  |  |  |
Available-for-sale securities Corporate debt securities |  | ¥ | 661 |  |  | Appraisals/Broker quotes |  | — |  | —
Specified bonds issued by SPEs in Japan |  |  | 3,627 |  |  | Discounted cash flows |  | Discount rate |  | 1.0% – 11.1%
|  |  |  |  |  |  |  |  |  | (4.5%)
|  |  | 3,145 |  |  | Appraisals/Broker quotes |  | — |  | —
CMBS and RMBS in the U.S., and other asset-backed securities |  |  | 22,991 |  |  | Discounted cash flows |  | Discount rate |  | 4.1% – 38.0%
|  |  |  |  |  |  |  |  |  | (18.1%)
|  |  |  |  |  |  |  | Probability of default |  | 0.0% – 18.1%
|  |  |  |  |  |  |  |  |  | (0.6%)
|  |  | 42,027 |  |  | Appraisals/Broker quotes |  | — |  | —
Other debt securities |  |  | 11,550 |  |  | Discounted cash flows |  | Discount rate |  | 12.0%
|  |  |  |  |  |  |  |  |  | (12.0%)
Other securities |  |  |  |  |  |  |  |  |  |
Investment funds |  |  | 6,317 |  |  | Internal cash flows |  | Discount rate |  | 15.0% – 32.0%
|  |  |  |  |  |  |  |  |  | (20.1%)
Derivative assets |  |  |  |  |  |  |  |  |  |
Options written and other |  |  | 2,486 |  |  | Discounted cash flows |  | Discount rate |  | 10.0% – 15.0%
|  |  |  |  |  |  |  |  |  | (11.5%)
|  | ¥ | 92,804 |  |  |  |  |  |  |
Financial Liabilities: |  |  |  |  |  |  |  |  |  |
Accounts payable Contingent consideration |  | ¥ | 2,833 |  |  | Monte Carlo simulation |  | Discount rate |  | 16.0%
|  |  |  |  |  |  |  |  |  | (16.0%)
|  | ¥ | 2,833 |  |  |  |  |  |  |
Information about Valuation Techniques and Significant Unobservable Inputs Used in Valuation of Level Three Assets Measured at Fair Value on Nonrecurring Basis | The following table provides information about the valuation techniques and significant unobservable inputs used in the valuation of Level 3 assets measured at fair value on a nonrecurring basis as of March 31, 2013 and 2014.
|  | March 31, 2013
|  | Millions of yen |  |  | Valuation Technique(s) |  | Significant Unobservable Inputs |  | Range (Weighted Average)
|  | Fair Value |  |  |  |
Assets: |  |  |  |  |  |  |  |  |  |
Real estate collateral-dependent loans (net of allowance for probable loan losses) |  | ¥ | 60,564 |  |  | Discounted cash flows |  | Discount rate |  | 5.4% – 19.0%
|  |  |  |  |  |  |  |  |  | (8.4%)
|  |  |  |  |  | Direct capitalization |  | Capitalization rate |  | 5.0% – 21.0%
|  |  |  |  |  |  |  |  |  | (10.7%)
Investment in operating leases and other operating assets |  |  | 21,960 |  |  | Discounted cash flows |  | Discount rate |  | 4.4% – 12.7%
|  |  |  |  |  |  |  |  |  | (6.9%)
Land and buildings undeveloped or under construction |  |  | 11,845 |  |  | Discounted cash flows |  | Discount rate |  | 4.7% – 9.6%
|  |  |  |  |  |  |  |  |  | (6.6%)
Certain investment in affiliates |  |  | 3,704 |  |  | Discounted cash flows |  | Discount rate |  | 5.0% – 9.2%
|  |  |  |  |  |  |  |  |  | (8.8%)
|  | ¥ | 98,073 |  |  |  |  |  |  |
|  | March 31, 2014
|  | Millions of yen |  |  | Valuation Technique(s) |  | Significant Unobservable Inputs |  | Range (Weighted Average)
|  | Fair Value |  |  |  |
Assets: |  |  |  |  |  |  |  |  |  |
Real estate collateral-dependent loans (net of allowance for probable loan losses) |  |  | 39,866 |  |  | Discounted cash flows |  | Discount rate |  | 5.3% – 19.0%
|  |  |  |  |  |  |  |  |  | (10.2%)
|  |  |  |  |  | Direct capitalization |  | Capitalization rate |  | 5.6% – 19.0%
|  |  |  |  |  |  |  |  |  | (10.3%)
Investment in operating leases and other operating assets |  |  | 60,665 |  |  | Discounted cash flows |  | Discount rate |  | 5.2% – 11.0%
|  |  |  |  |  |  |  |  |  | (5.6%)
Land and buildings undeveloped or under construction |  |  | 18,237 |  |  | Discounted cash flows |  | Discount rate |  | 3.9% – 9.9%
|  |  |  |  |  |  |  |  |  | (7.1%)
|  | ¥ | 118,768 |  |  |  |  |  |  |

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- Definition Tabular disclosure of the inputs and valuation techniques used to measure fair value, and a discussion of changes in valuation techniques and related inputs, if any, applied during the period to each separate class of assets, liabilities, and financial instruments classified in shareholders' equity that are measured on a recurring and/or nonrecurring basis. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (bbb) -URI http://asc.fasb.org/extlink&oid=25499696&loc=d3e19207-110258 + Details
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- Definition Tabular disclosure of assets and liabilities by class, including financial instruments measured at fair value that are classified in shareholders' equity, if any, that are measured at fair value on a nonrecurring basis in periods after initial recognition (for example, impaired assets). Disclosures may include, but are not limited to: (a) the fair value measurements recorded and the reasons for the measurements and (b) the level within the fair value hierarchy in which the fair value measurements are categorized in their entirety (levels 1, 2, 3). + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 5 -URI http://asc.fasb.org/extlink&oid=25499696&loc=d3e19296-110258 + Details
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- Definition Tabular disclosure of the inputs and valuation techniques used to measure fair value, and a discussion of changes in valuation techniques and related inputs, if any, used to measure similar assets in prior periods (non-recurring basis) by class of asset or liability. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (bbb) -URI http://asc.fasb.org/extlink&oid=25499696&loc=d3e19207-110258 + Details
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- Definition Tabular disclosure of the fair value measurement of assets using significant unobservable inputs (Level 3), a reconciliation of the beginning and ending balances, separately presenting changes during the period attributable to the following: (1) total gains or losses for the period (realized and unrealized), segregating those gains or losses included in earnings (or changes in net assets) and gains or losses recognized in other comprehensive income (loss), and a description of where those gains or losses included in earnings (or changes in net assets) are reported in the statement of income (or activities); (2) purchases, sales, issues, and settlements (each type disclosed separately); and (3) transfers in and transfers out of Level 3 (for example, transfers due to changes in the observability of significant inputs), by class of asset. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 3 -URI http://asc.fasb.org/extlink&oid=25499696&loc=d3e19279-110258 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (c) -URI http://asc.fasb.org/extlink&oid=25499696&loc=d3e19207-110258 + Details
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- Definition Tabular disclosure of assets and liabilities, including [financial] instruments measured at fair value that are classified in stockholders' equity, if any, that are measured at fair value on a recurring basis. The disclosures contemplated herein include the fair value measurements at the reporting date by the level within the fair value hierarchy in which the fair value measurements in their entirety fall, segregating fair value measurements using quoted prices in active markets for identical assets (Level 1), significant other observable inputs (Level 2), and significant unobservable inputs (Level 3). + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=25499696&loc=d3e19190-110258 + Details
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