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v3.23.2

Leases (Tables) | 12 Months Ended
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Mar. 31, 2023
Leases [Abstract] |
Lease Income | Lease income for fiscal 2021, 2022 and 2023 are as follows:
|  | Millions of yen |
|  | Fiscal Year ended March 31, 2021 |  |  | Fiscal Year ended March 31, 2022 |  |  | Fiscal Year ended March 31, 2023 |
Lease income – net investment in leases |  |  |  |  |  |  |  |  |  |  |  |
Interest income |  | ¥ | 69,718 |  |  | ¥ | 73,379 |  |  | ¥ | 80,810 |
Other |  |  | 2,113 |  |  |  | 2,598 |  |  |  | 2,568 |
Lease income – operating leases* |  |  | 397,065 |  |  |  | 450,454 |  |  |  | 499,541 |
Total lease income |  | ¥ | 468,896 |  |  | ¥ | 526,431 |  |  | ¥ | 582,919 |
* | Gains from the disposition of real estate under operating leases included in operating lease revenues were ¥15,459 million, ¥17,912 million and ¥25,699 million, and gains from the disposition of operating lease assets other than real estate included in operating lease revenues were ¥10,899 million, ¥22,236 million and ¥31,233 million for fiscal 2021, 2022 and 2023, respectively.
Net investment in lease direct financing and sales type | Net investment in leases at March 31, 2022 and 2023 consists of the following:
|  | Millions of yen |
|  | March 31, 2022 |  |  | March 31, 2023 |
Lease receivables* |  | ¥ | 1,029,157 |  |  | ¥ | 1,057,990 |
Unguaranteed residual value |  |  | 27,361 |  |  |  | 28,145 |
Initial direct costs |  |  | 1,455 |  |  |  | 1,428 |
Total |  | ¥ | 1,057,973 |  |  | ¥ | 1,087,563 |
* | Some lease contracts are subject to government assistance for the customers’ acquisition of leased assets, mainly for the purpose of environmental measures. This government assistance is accounted for as a reduction of lease receivables of lease contracts when the Company and its subsidiaries confirm receipt of cash. The amount of a reduction of lease receivables is ¥ 28,532 million as of March 31, 2023. Benefits of the government assistance are attributed to the customers by the reduced lease payments. Furthermore, remaining term of government assistance contracts ranges up to 11 years. And when receiving the government assistance, restrictions mainly on disposal of property and duty of keeping documents occur for a certain period of time.
Investment in Operating Leases | Investment in operating leases at March 31, 2022 and 2023 consists of the following:
|  | Millions of yen |
|  | March 31, 2022 |  |  | March 31, 2023 |
Transportation equipment |  | ¥ | 1,438,621 |  |  | ¥ | 1,521,865 |
Measuring and information-related equipment |  |  | 326,680 |  |  |  | 342,591 |
Real estate |  |  | 307,338 |  |  |  | 319,074 |
Other |  |  | 71,935 |  |  |  | 79,633 |
|  |  | 2,144,574 |  |  |  | 2,263,163 |
Accumulated depreciation |  |  | (819,839 | ) |  |  | (865,942 | )
Net |  |  | 1,324,735 |  |  |  | 1,397,221 |
Right-of-use assets |  |  | 107,742 |  |  |  | 98,417 |
Accrued rental receivables |  |  | 31,639 |  |  |  | 45,123 |
Allowance for doubtful receivables on operating leases |  |  | (914 | ) |  |  | (3,583 | )
Total |  | ¥ | 1,463,202 |  |  | ¥ | 1,537,178 |
Depreciation and Various Expenses (Insurance, Property Tax and Other) of Operating Lease | Depreciation and various expenses for fiscal 2021, 2022 and 2023 are as follows:
|  | Millions of yen |
|  | 2021 |  |  | 2022 |  |  | 2023 |
Depreciation expenses |  | ¥ | 217,212 |  |  | ¥ | 231,643 |  |  | ¥ | 245,180 |
Various expenses |  |  | 78,416 |  |  |  | 90,427 |  |  |  | 91,807 |
Total |  | ¥ | 295,628 |  |  | ¥ | 322,070 |  |  | ¥ | 336,987 |
Lease Receivables of the Operating Lease Contracts | Remaining lease receivables of net investment in leases (including residual value guarantees) range up to 26 years at March 31, 2023. Remaining lease receivables of the operating lease contracts range up to 58 years at March 31, 2023. At March 31, 2023, the amounts due in each of the next five years and thereafter are as follows:
|  | Millions of yen |
Years ending March 31, |  | Net investment in leases |  |  | Operating leases |
2024 |  | ¥ | 447,559 |  |  | ¥ | 343,108 |
2025 |  |  | 302,161 |  |  |  | 215,400 |
2026 |  |  | 199,127 |  |  |  | 141,773 |
2027 |  |  | 116,071 |  |  |  | 84,474 |
2028 |  |  | 63,524 |  |  |  | 45,595 |
Thereafter |  |  | 60,252 |  |  |  | 129,854 |
Total lease payments |  |  | 1,188,694 |  |  | ¥ | 960,204 |
Less imputed interest |  |  | (130,704 | ) |  |  |  |
Total lease receivables |  | ¥ | 1,057,990 |  |  |  |  |
Component of Lease Expense | The component of lease expense for fiscal 2021, 2022 and 2023 are as follows:
|  | Millions of yen |
|  | Year ended March 31, 2021 |  |  | Year ended March 31, 2022 |  |  | Year ended March 31, 2023 |
Finance lease cost |  |  |  |  |  |  |  |  |  |  |  |
Depreciation expenses of right-of-use assets |  | ¥ | 359 |  |  | ¥ | 534 |  |  | ¥ | 536 |
Interest expenses of lease liabilities |  |  | 131 |  |  |  | 106 |  |  |  | 150 |
|  |  | 490 |  |  |  | 640 |  |  |  | 686 |
Operating lease cost |  |  | 42,964 |  |  |  | 49,725 |  |  |  | 52,279 |
Short-term lease cost |  |  | 3,347 |  |  |  | 3,034 |  |  |  | 2,742 |
Variable lease cost |  |  | 230 |  |  |  | 65 |  |  |  | 1,297 |
Sublease income |  |  | (4,142 | ) |  |  | (3,192 | ) |  |  | (8,819 | )
Total |  | ¥ | 42,889 |  |  | ¥ | 50,272 |  |  | ¥ | 48,185 |
Cash Flow Information Related To Lease | Supplemental cash flow information related to leases for fiscal 2021, 2022 and 2023 are as follows:
|  | Millions of yen |
|  | Year Ended March 31, 2021 |
|  | Finance leases |  |  | Operating leases |
Cash paid for amounts included in the measurements of lease liabilities: |  |  |  |  |  |  |  |
Cash flows from operating activities |  | ¥ | 131 |  |  | ¥ | 41,680 |
Cash flows from financing activities |  |  | 674 |  |  |  | 0 |
Right-of-use assets obtained in exchange for lease liabilities: |  | ¥ | 228 |  |  | ¥ | 55,344 |
|  | Millions of yen |
|  | Year Ended March 31, 2022 |
|  | Finance leases |  |  | Operating leases |
Cash paid for amounts included in the measurements of lease liabilities: |  |  |  |  |  |  |  |
Cash flows from operating activities |  | ¥ | 106 |  |  | ¥ | 47,321 |
Cash flows from financing activities |  |  | 878 |  |  |  | 0 |
Right-of-use assets obtained in exchange for lease liabilities: |  | ¥ | 278 |  |  | ¥ | 37,816 |
|  | Millions of yen |
|  | Year Ended March 31, 2023 |
|  | Finance leases |  |  | Operating leases |
Cash paid for amounts included in the measurements of lease liabilities: |  |  |  |  |  |  |  |
Cash flows from operating activities |  | ¥ | 150 |  |  | ¥ | 50,369 |
Cash flows from financing activities |  |  | 781 |  |  |  | 0 |
Right-of-use assets obtained in exchange for lease liabilities: |  | ¥ | 93 |  |  | ¥ | 39,823 |
Balance Sheet Information Related to Lessee Leases | Supplemental balance sheet information related to lessee leases at March 31, 2022 and 2023 are as follows:
|  | Millions of yen, except lease term and discount rate |
|  | March 31, 2022 |
|  | Finance leases |  |  | Operating leases |
Investment in Operating Leases |  | ¥ | 4,955 |  |  | ¥ | 102,787 |
Property under Facility Operations |  |  | 1,763 |  |  |  | 68,149 |
Office Facilities |  |  | 375 |  |  |  | 104,157 |
Total right-of-use assets |  |  | 7,093 |  |  |  | 275,093 |
Other Liabilities |  |  | 7,698 |  |  |  | 275,199 |
Total lease liabilities |  | ¥ | 7,698 |  |  | ¥ | 275,199 |
Weighted average remaining lease term |  |  | 25years |  |  |  | 11years |
Weighted average discount rate |  |  | 2.5 | % |  |  | 1.1 | %
|  | Millions of yen, except lease term and discount rate |
|  | March 31, 2023 |
|  | Finance leases |  |  | Operating leases |
Investment in Operating Leases |  | ¥ | 4,782 |  |  | ¥ | 93,635 |
Property under Facility Operations |  |  | 1,394 |  |  |  | 85,036 |
Office Facilities |  |  | 368 |  |  |  | 100,744 |
Total right-of-use assets |  |  | 6,544 |  |  |  | 279,415 |
Other Liabilities |  |  | 7,129 |  |  |  | 280,829 |
Total lease liabilities |  | ¥ | 7,129 |  |  | ¥ | 280,829 |
Weighted average remaining lease term |  |  | 37years |  |  |  | 11years |
Weighted average discount rate |  |  | 2.4 | % |  |  | 1.3 | %
Operating And Finance Lease Liability Maturity | At March 31, 2023, the amounts of lease liabilities related to lessee leases due in each of the next five years and thereafter are as follows:
|  | Millions of yen |
Years ending March 31, |  | Finance leases |  |  | Operating leases |
2024 |  | ¥ | 851 |  |  | ¥ | 53,153 |
2025 |  |  | 777 |  |  |  | 40,853 |
2026 |  |  | 447 |  |  |  | 35,134 |
2027 |  |  | 300 |  |  |  | 28,606 |
2028 |  |  | 280 |  |  |  | 24,029 |
Thereafter |  |  | 7,381 |  |  |  | 115,534 |
Total lease payments |  |  | 10,036 |  |  |  | 297,309 |
Less imputed interest |  |  | (2,907 | ) |  |  | (16,480 | )
Total lease liabilities |  | ¥ | 7,129 |  |  | ¥ | 280,829 |

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