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Income Taxes (Tables)

12 Months Ended

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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Schedule of Income Tax Expense Benefit Intraperiod Tax Allocation

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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.

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Tabular disclosure of the components of net deferred tax asset or liability recognized in an entity's statement of financial position, including the following: the total of all deferred tax liabilities, the total of all deferred tax assets, the total valuation allowance recognized for deferred tax assets.

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Tabular disclosure of the reconciliation using percentage or dollar amounts of the reported amount of income tax expense attributable to continuing operations for the year to the amount of income tax expense that would result from applying domestic federal statutory tax rates to pretax income from continuing operations.

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