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Income Taxes (Tables) | 12 Months Ended
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Mar. 31, 2014
Income before Income Taxes and Discontinued Operations, and Provision for Income Taxes | Income before income taxes and discontinued operations, and the provision for income taxes in fiscal 2012, 2013 and 2014 are as follows:
|  | Millions of yen |
|  | 2012 |  |  | 2013 |  |  | 2014 |
Income before income taxes and discontinued operations: |  |  |  |  |  |  |  |  |  |  |  |
Japan |  | ¥ | 71,317 |  |  | ¥ | 109,363 |  |  | ¥ | 181,891 |
Overseas |  |  | 56,198 |  |  |  | 63,209 |  |  |  | 101,835 |
|  | ¥ | 127,515 |  |  | ¥ | 172,572 |  |  | ¥ | 283,726 |
Provision for income taxes: |  |  |  |  |  |  |  |  |  |  |  |
Current— |  |  |  |  |  |  |  |  |  |  |  |
Japan |  | ¥ | 11,956 |  |  | ¥ | 7,428 |  |  | ¥ | 18,296 |
Overseas |  |  | 16,425 |  |  |  | 13,675 |  |  |  | 27,093 |
|  |  | 28,381 |  |  |  | 21,103 |  |  |  | 45,389 |
Deferred— |  |  |  |  |  |  |  |  |  |  |  |
Japan |  |  | 18,079 |  |  |  | 27,371 |  |  |  | 48,922 |
Overseas |  |  | (1,852 | ) |  |  | 5,208 |  |  |  | 2,925 |
|  |  | 16,227 |  |  |  | 32,579 |  |  |  | 51,847 |
Provision for income taxes |  | ¥ | 44,608 |  |  | ¥ | 53,682 |  |  | ¥ | 97,236 |
Reconciliation of Differences between Tax Provision Computed and Consolidated Provisions for Income Taxes | Reconciliation of the differences between the tax provision computed at the statutory rate and the consolidated provision for income taxes in fiscal 2012, 2013 and 2014 are as follows:
|  | Millions of yen |
|  | 2012 |  |  | 2013 |  |  | 2014 |
Income before income taxes and discontinued operations |  | ¥ | 127,515 |  |  | ¥ | 172,572 |  |  | ¥ | 283,726 |
Tax provision computed at statutory rate |  | ¥ | 52,154 |  |  | ¥ | 66,095 |  |  | ¥ | 108,667 |
Increases (reductions) in taxes due to: |  |  |  |  |  |  |  |  |  |  |  |
Change in valuation allowance |  |  | 3,921 |  |  |  | (3,371 | ) |  |  | (17 | )
Non-deductible expenses for tax purposes |  |  | 1,335 |  |  |  | 1,538 |  |  |  | 2,382 |
Non-taxable income for tax purposes |  |  | (2,852 | ) |  |  | (2,128 | ) |  |  | (3,224 | )
Effect of lower tax rates on foreign subsidiaries and a domestic life insurance subsidiary |  |  | (6,821 | ) |  |  | (4,720 | ) |  |  | (5,805 | )
Effect of the new Japanese tax law |  |  | (7,137 | ) |  |  | (580 | ) |  |  | (5,775 | )
Other, net |  |  | 4,008 |  |  |  | (3,152 | ) |  |  | 1,008 |
Provision for income taxes |  | ¥ | 44,608 |  |  | ¥ | 53,682 |  |  | ¥ | 97,236 |
Total Income Tax Recognized | Total income taxes recognized in fiscal 2012, 2013 and 2014 are as follows:
|  | Millions of yen |
|  | 2012 |  |  | 2013 |  |  | 2014 |
Provision for income taxes |  | ¥ | 44,608 |  |  | ¥ | 53,682 |  |  | ¥ | 97,236 |
Income taxes on discontinued operations |  |  | (1,219 | ) |  |  | (347 | ) |  |  | 4,681 |
Income taxes on other comprehensive income (loss): |  |  |  |  |  |  |  |  |  |  |  |
Net unrealized gains (losses) on investment in securities |  |  | 1,357 |  |  |  | 5,936 |  |  |  | 4,728 |
Defined benefit pension plans |  |  | (1,774 | ) |  |  | 2,727 |  |  |  | 1,396 |
Foreign currency translation adjustments |  |  | 335 |  |  |  | 7,225 |  |  |  | 1,756 |
Net unrealized gains (losses) on derivative instruments |  |  | (648 | ) |  |  | 42 |  |  |  | 357 |
Total income taxes |  | ¥ | 42,659 |  |  | ¥ | 69,265 |  |  | ¥ | 110,154 |
Deferred Tax Assets and Liabilities | The tax effects of temporary differences giving rise to the deferred tax assets and liabilities at March 31, 2013 and 2014 are as follows:
|  | Millions of yen |
|  | 2013 |  |  | 2014 |
Assets: |  |  |  |  |  |  |  |
Net operating loss carryforwards |  | ¥ | 39,762 |  |  | ¥ | 79,712 |
Allowance for doubtful receivables on direct financing leases and probable loan losses |  |  | 25,891 |  |  |  | 26,451 |
Investment in securities |  |  | 24,329 |  |  |  | 17,380 |
Other operating assets |  |  | 11,369 |  |  |  | 12,760 |
Accrued expenses |  |  | 10,456 |  |  |  | 23,727 |
Installment loans |  |  | 16,432 |  |  |  | 7,576 |
Other |  |  | 50,913 |  |  |  | 73,382 |
|  |  | 179,152 |  |  |  | 240,988 |
Less: valuation allowance |  |  | (18,831 | ) |  |  | (28,669 | )
|  |  | 160,321 |  |  |  | 212,319 |
Liabilities: |  |  |  |  |  |  |  |
Investment in direct financing leases |  |  | 14,617 |  |  |  | 7,855 |
Investment in operating leases |  |  | 72,925 |  |  |  | 86,485 |
Unrealized gains on investment in securities |  |  | 17,200 |  |  |  | 21,624 |
Deferred insurance policy acquisition costs |  |  | 19,311 |  |  |  | 24,212 |
Policy liabilities |  |  | 38,831 |  |  |  | 47,641 |
Other intangible assets |  |  | 11,204 |  |  |  | 90,727 |
Undistributed earnings |  |  | 32,723 |  |  |  | 65,532 |
Prepaid benefit cost |  |  | 13,475 |  |  |  | 12,540 |
Other |  |  | 52,636 |  |  |  | 62,779 |
|  |  | 272,922 |  |  |  | 419,395 |
Net deferred tax liability |  | ¥ | 112,601 |  |  | ¥ | 207,076 |
Net deferred tax assets and liabilities at March 31, 2013 and 2014 are reflected in the accompanying consolidated balance sheets under the following captions:
|  | Millions of yen |
|  | 2013 |  |  | 2014 |
Other assets |  | ¥ | 18,805 |  |  | ¥ | 70,091 |
Income taxes: Deferred |  |  | 131,406 |  |  |  | 277,167 |
Net deferred tax liability |  | ¥ | 112,601 |  |  | ¥ | 207,076 |
Net Operating Loss Carryforwards Expire Date | The Company and certain subsidiaries have net operating loss carryforwards of ¥387,269 million at March 31, 2014, which expire as follows:
Year ending March 31, |  | Millions of yen |
2015 |  | ¥ | 19,503 |
2016 |  |  | 862 |
2017 |  |  | 371 |
2018 |  |  | 87,397 |
2019 |  |  | 36,916 |
Thereafter |  |  | 242,220 |
Total |  | ¥ | 387,269 |

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- Definition Tabular disclosure of the components of income tax expense attributable to continuing operations for each year presented including, but not limited to: current tax expense (benefit), deferred tax expense (benefit), investment tax credits, government grants, the benefits of operating loss carryforwards, tax expense that results from allocating certain tax benefits either directly to contributed capital or to reduce goodwill or other noncurrent intangible assets of an acquired entity, adjustments of a deferred tax liability or asset for enacted changes in tax laws or rates or a change in the tax status of the entity, and adjustments of the beginning-of-the-year balances of a valuation allowance because of a change in circumstances that causes a change in judgment about the realizability of the related deferred tax asset in future years. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section 50 -Paragraph 9 -URI http://asc.fasb.org/extlink&oid=6907707&loc=d3e32639-109319 + Details
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