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Short-Term and Long-Term Debt | 12 Months Ended
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Mar. 31, 2014
Short-Term and Long-Term Debt | 14. Short-Term and Long-Term Debt Short-term debt consists of borrowings from financial institutions, commercial paper and notes. The composition of short-term debt and the weighted average contract interest rate on short-term debt at March 31, 2013 and 2014 are as follows: March 31, 2013
|  | Millions of yen |  |  | Weighted average rate |
Short-term debt in Japan, mainly from banks |  | ¥ | 164,046 |  |  |  | 0.4 | %
Short-term debt outside Japan, mainly from banks |  |  | 104,542 |  |  |  | 3.3 |
Commercial paper in Japan |  |  | 146,944 |  |  |  | 0.2 |
Commercial paper outside Japan |  |  | 4,560 |  |  |  | 3.8 |
Notes in Japan |  |  | 40 |  |  |  | 0.9 |
Notes outside Japan |  |  | 594 |  |  |  | 4.3 |
|  | ¥ | 420,726 |  |  |  | 1.1 |
March 31, 2014
|  | Millions of yen |  |  | Weighted average rate |
Short-term debt in Japan, mainly from banks |  | ¥ | 44,488 |  |  |  | 0.5 | %
Short-term debt outside Japan, mainly from banks |  |  | 164,110 |  |  |  | 3.2 |
Commercial paper in Japan |  |  | 89,958 |  |  |  | 0.2 |
Commercial paper outside Japan |  |  | 11,035 |  |  |  | 3.9 |
|  | ¥ | 309,591 |  |  |  | 2.0 |
The composition of long-term debt, the weighted average contract interest rate on long-term debt and the repayment due dates at March 31, 2013 and 2014 are as follows: March 31, 2013
|  | Due (Fiscal Year) |  |  | Millions of yen |  |  | Weighted average rate |
Banks: |  |  |  |  |  |  |  |  |  |  |  |
Fixed rate |  |  | 2014~2025 |  |  | ¥ | 339,565 |  |  |  | 2.6 | %
Floating rate |  |  | 2014~2027 |  |  |  | 1,233,059 |  |  |  | 1.1 |
Insurance companies and others: |  |  |  |  |  |  |  |  |  |  |  |
Fixed rate |  |  | 2014~2023 |  |  |  | 280,729 |  |  |  | 1.6 |
Floating rate |  |  | 2014~2028 |  |  |  | 246,055 |  |  |  | 0.9 |
Unsecured bonds |  |  | 2014~2021 |  |  |  | 1,173,902 |  |  |  | 1.8 |
Unsecured convertible bonds with stock acquisition rights |  |  | 2014 |  |  |  | 50,289 |  |  |  | 1.0 |
Unsecured notes under medium-term note program |  |  | 2014~2018 |  |  |  | 58,169 |  |  |  | 2.9 |
Payables under securitized lease receivables |  |  | 2014~2019 |  |  |  | 160,163 |  |  |  | 0.9 |
Payables under securitized loan receivables and investment in securities |  |  | 2014~2039 |  |  |  | 519,603 |  |  |  | 4.9 |
|  |  |  |  |  | ¥ | 4,061,534 |  |  |  | 2.0 |
March 31, 2014
|  | Due (Fiscal Year) |  |  | Millions of yen |  |  | Weighted average rate |
Banks: |  |  |  |  |  |  |  |  |  |  |  |
Fixed rate |  |  | 2015~2030 |  |  | ¥ | 416,417 |  |  |  | 2.3 | %
Floating rate |  |  | 2015~2030 |  |  |  | 1,475,384 |  |  |  | 1.1 |
Insurance companies and others: |  |  |  |  |  |  |  |  |  |  |  |
Fixed rate |  |  | 2015~2024 |  |  |  | 287,403 |  |  |  | 1.4 |
Floating rate |  |  | 2017~2028 |  |  |  | 251,021 |  |  |  | 0.7 |
Unsecured bonds |  |  | 2015~2024 |  |  |  | 1,128,788 |  |  |  | 1.9 |
Unsecured notes under medium-term note program |  |  | 2016~2018 |  |  |  | 46,034 |  |  |  | 3.2 |
Payables under securitized lease receivables |  |  | 2018~2019 |  |  |  | 122,723 |  |  |  | 0.8 |
Payables under securitized loan receivables and investment in securities |  |  | 2018~2040 |  |  |  | 131,104 |  |  |  | 4.1 |
|  |  |  |  |  | ¥ | 3,858,874 |  |  |  | 1.6 |
The repayment schedule for the next five years and thereafter for long-term debt at March 31, 2014 is as follows:
Years ending March 31, |  | Millions of yen |
2015 |  | ¥ | 706,325 |
2016 |  |  | 766,654 |
2017 |  |  | 806,441 |
2018 |  |  | 697,123 |
2019 |  |  | 374,957 |
Thereafter |  |  | 507,374 |
Total |  | ¥ | 3,858,874 |
For borrowings from banks, insurance companies and other financial institutions, and for bonds, interest payments are usually paid semi-annually and principal repayments are made upon maturity of the loan contracts or bonds. For medium-term notes, interest payments are mainly made semi-annually and principal is repaid upon maturity of the notes. For unsecured convertible bond with stock acquisition rights, the Company issued series three unsecured convertible bond with stock acquisition rights of ¥150,000 million in December 2008. There were no balance of convertible bonds as of March 31, 2014. During fiscal 2012, 2013 and 2014, the Company and certain subsidiaries recognized net amortization expenses of premiums and discounts of bonds and medium-term notes, and deferred issuance costs of bonds and medium-term notes in the amount of ¥3,999 million, ¥1,002 million and ¥618 million, respectively. Total committed credit lines for the Company and its subsidiaries were ¥481,096 million and ¥469,747 million at March 31, 2013 and 2014, respectively, and, of these lines, ¥439,530 million and ¥427,225 million were available at March 31, 2013 and 2014, respectively. Of the available committed credit lines, ¥230,586 million and ¥282,609 million were long-term committed credit lines at March 31, 2013 and 2014, respectively. Some of the debt and commitment contracts contain covenant clauses, and some of these include financial restrictions, such as maintenance of certain ORIX Corporation shareholders’ equity ratios. As of March 31, 2014, the Company and its subsidiaries were in compliance with such objective covenant requirements. The agreements related to debt payable to banks provide that the banks under certain circumstances may request additional security for loans and have the right to offset cash deposited against any short-term or long-term debt that becomes due and, in case of default and certain other specified events, against all other debt payable to the banks. Other than the assets of the consolidated VIEs pledged as collateral for financing described in Note 11 (“Variable Interest Entities”), the Company and certain subsidiaries provide the following assets as collateral for the short-term and long-term debt payables to financial institutions as of March 31, 2014:
|  | Millions of yen |
Minimum lease payments, loans and investment in operating leases |  | ¥ | 96,083 |
Investment in securities |  |  | 130,991 |
Other operating assets |  |  | 61,784 |
Other assets |  |  | 50,206 |
|  | ¥ | 339,064 |
As of March 31, 2014, investment in securities of ¥27,238 million was pledged for primarily collateral deposits. Under loan agreements relating to short-term and long-term debt from commercial banks and certain insurance companies, the Company and certain subsidiaries are required to provide collateral against these debts at any time if requested by the lenders. The Company and the subsidiaries did not receive any such requests from the lenders as of March 31, 2014.

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- Definition The entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -SubTopic 10 -Section 50 -Paragraph 3 -URI http://asc.fasb.org/extlink&oid=6928386&loc=d3e21475-112644 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Regulation S-X (SX) -Number 210 -Section 02 -Paragraph 19, 20, 22 -Article 5 Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 210 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.5-02.19,20,22) -URI http://asc.fasb.org/extlink&oid=6877327&loc=d3e13212-122682 + Details
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