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v3.23.2

Short-Term and Long-Term Debt | 12 Months Ended
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Mar. 31, 2023
Debt Disclosure [Abstract] |
Short-Term and Long-Term Debt | 14. Short-Term and Long-Term Debt Short-term debt consists of borrowings from financial institutions and commercial paper. The composition of short-term debt and the weighted average contract interest rate on short-term debt at March 31, 2022 and 2023 are as follows: March 31, 2022
|  | Millions of yen |  |  | Weighted average rate |
Short-term debt in Japan, mainly from banks |  | ¥ | 161,799 |  |  |  | 0.7 | %
Short-term debt outside Japan, mainly from banks |  |  | 237,790 |  |  |  | 2.1 |
Commercial paper in Japan |  |  | 37,999 |  |  |  | 0.0 |
Commercial paper outside Japan |  |  | 2,051 |  |  |  | 1.0 |
|  | ¥ | 439,639 |  |  |  | 1.4 |
March 31, 2023
|  | Millions of yen |  |  | Weighted average rate |
Short-term debt in Japan, mainly from banks |  | ¥ | 145,768 |  |  |  | 1.8 | %
Short-term debt outside Japan, mainly from banks |  |  | 318,519 |  |  |  | 4.5 |
Commercial paper in Japan |  |  | 42,997 |  |  |  | 0.1 |
Commercial paper outside Japan |  |  | 1,512 |  |  |  | 4.1 |
|  | ¥ | 508,796 |  |  |  | 3.4 |
The composition of long-term debt, the weighted average contract interest rate on long-term debt and the repayment due dates at March 31, 2022 and 2023 are as follows: March 31, 2022
|  | Due (Fiscal Year) |  |  | Millions of yen |  |  | Weighted average rate |
Banks: |  |  |  |  |  |  |  |  |  |  |  |
Fixed rate |  |  | 2023~2082 |  |  | ¥ | 545,320 |  |  |  | 1.3 | %
Floating rate |  |  | 2023~2077 |  |  |  | 2,076,802 |  |  |  | 1.1 |
Insurance companies and others: |  |  |  |  |  |  |  |  |  |  |  |
Fixed rate |  |  | 2023~2082 |  |  |  | 322,411 |  |  |  | 0.8 |
Floating rate |  |  | 2023~2077 |  |  |  | 296,230 |  |  |  | 0.8 |
Unsecured bonds |  |  | 2024~2081 |  |  |  | 997,654 |  |  |  | 1.6 |
Unsecured notes under medium-term note program |  |  | 2023~2027 |  |  |  | 32,279 |  |  |  | 4.1 |
Payables under securitized loan receivables and investment in securities |  |  | 2033~2043 |  |  |  | 156,350 |  |  |  | 3.1 |
|  |  |  |  |  | ¥ | 4,427,046 |  |  |  | 1.3 |
March 31, 2023
|  | Due (Fiscal Year) |  |  | Millions of yen |  |  | Weighted average rate |
Banks: |  |  |  |  |  |  |  |  |  |  |  |
Fixed rate |  |  | 2025~2083 |  |  | ¥ | 666,764 |  |  |  | 1.6 | %
Floating rate |  |  | 2024~2077 |  |  |  | 2,448,488 |  |  |  | 2.8 |
Insurance companies and others: |  |  |  |  |  |  |  |  |  |  |  |
Fixed rate |  |  | 2025~2083 |  |  |  | 323,653 |  |  |  | 0.8 |
Floating rate |  |  | 2026~2077 |  |  |  | 295,625 |  |  |  | 2.0 |
Unsecured bonds |  |  | 2024~2081 |  |  |  | 1,175,087 |  |  |  | 2.0 |
Unsecured notes under medium-term note program |  |  | 2025~2029 |  |  |  | 149,535 |  |  |  | 3.7 |
Payables under securitized loan receivables and investment in securities |  |  | 2024~2051 |  |  |  | 150,571 |  |  |  | 5.5 |
|  |  |  |  |  | ¥ | 5,209,723 |  |  |  | 2.4 |
The repayment schedule for the next five years and thereafter for long-term debt at March 31, 2023 is as follows:
Years ending March 31, |  | Millions of yen |
2024 |  | ¥ | 877,260 |
2025 |  |  | 696,472 |
2026 |  |  | 572,991 |
2027 |  |  | 601,434 |
2028 |  |  | 618,527 |
Thereafter |  |  | 1,843,039 |
Total |  | ¥ | 5,209,723 |
Borrowings with fixed rate from banks, insurance companies and others include the amount of ¥44,000 million of subordinated syndicated loan (hybrid loan) . Out of this amount, ¥10,000 million was executed in fiscal 2022, and will mature in fiscal 2082 and may be redeemed after 5 years from the execution. ¥34,000 million was executed in fiscal 2023, and will mature in fiscal 2083 and may be redeemed after 5 years from the execution. Borrowings with floating rate from banks, insurance companies and others as of March 31, 2022 include the amount of ¥34,000 million of subordinated syndicated loan (hybrid loan) that was executed in fiscal 2017, will mature in fiscal 2077 and may be redeemed after 7 years from the execution. Unsecured bonds include the amount of ¥150,000 million of unsecured subordinated bonds with interest payment deferrable clauses and optional early redemption conditions (hybrid bonds). Out of this amount, ¥100,000 million was executed in fiscal 2020, and will mature in fiscal 2080, of which ¥60,000 million and ¥40,000 million may be redeemed after 5 years, and 10 years from the execution, respectively. ¥50,000 million was executed in fiscal 2021, and will mature in fiscal 2081, of which ¥29,000 million and ¥21,000 million may be redeemed after 5 years, and 10 years from the execution, respectively. For borrowings from banks, insurance companies and other financial institutions, for bonds, and for medium-term notes, principal repayments are made upon maturity of the loan contracts and interest payments are usually paid semi-annually. During fiscal 2021, 2022 and 2023, 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 ¥1,010 million, ¥1,013 million and ¥1,093 million, respectively. Total committed credit lines for the Company and its subsidiaries were ¥651,379 million and ¥698,560 million at March 31, 2022 and 2023, respectively, and, of these lines, ¥507,181 million and ¥518,585 million were available at March 31, 2022 and 2023, respectively. Of the available committed credit lines, ¥442,547 million and ¥479,039 million were long-term committed credit lines at March 31, 2022 and 2023, respectively. 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 (see Note 1 1 “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, 2023:
|  | Millions of yen |
Lease payments, loans and investment in operating leases |  | ¥ | 148,057 |
Investment in securities |  |  | 183,441 |
Property under facility operations |  |  | 130,191 |
Other assets and other |  |  | 110,159 |
|  | ¥ | 571,848 |
As of March 31, 2023, debt liabilities were secured by shares of subsidiaries of ¥407,495 million, which were eliminated through consolidation adjustment, and debt liabilities of affiliates were secured by investment in affiliates of ¥31,379 million. As of March 31, 2023, debt liabilities were secured by loans to subsidiaries, which were eliminated through consolidation adjustment, of ¥9,911 million. In addition, ¥101,827 million was pledged primarily by investment in securities for collateral deposits and deposits for real estate transaction as of March 31, 2023. 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 req ue sted by the lenders. The Company and the subsidiaries did not receive any such requests from the lenders as of March 31, 2023.

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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://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 470 -URI https://asc.fasb.org/topic&trid=2208564 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 470 -SubTopic 20 -Section 50 -Paragraph 1B -Subparagraph (h) -URI https://asc.fasb.org/extlink&oid=123466505&loc=SL123495323-112611 Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 470 -SubTopic 20 -Section 50 -Paragraph 1C -Subparagraph (c) -URI https://asc.fasb.org/extlink&oid=123466505&loc=SL123495334-112611 Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 470 -SubTopic 20 -Section 50 -Paragraph 1I -Subparagraph (a) -URI https://asc.fasb.org/extlink&oid=123466505&loc=SL123495371-112611 Reference 5: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 470 -SubTopic 20 -Section 50 -Paragraph 1I -Subparagraph (d) -URI https://asc.fasb.org/extlink&oid=123466505&loc=SL123495371-112611 Reference 6: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 235 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.4-08(c)) -URI https://asc.fasb.org/extlink&oid=120395691&loc=d3e23780-122690 Reference 7: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 470 -SubTopic 20 -Section 50 -Paragraph 1B -Subparagraph (g) -URI https://asc.fasb.org/extlink&oid=123466505&loc=SL123495323-112611 Reference 8: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 470 -SubTopic 20 -Section 50 -Paragraph 1C -Subparagraph (b) -URI https://asc.fasb.org/extlink&oid=123466505&loc=SL123495334-112611 Reference 9: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 470 -SubTopic 20 -Section 50 -Paragraph 1C -Subparagraph (a) -URI https://asc.fasb.org/extlink&oid=123466505&loc=SL123495334-112611 Reference 10: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 470 -SubTopic 20 -Section 50 -Paragraph 1E -Subparagraph (b) -URI https://asc.fasb.org/extlink&oid=123466505&loc=SL123495348-112611 Reference 11: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 470 -SubTopic 20 -Section 50 -Paragraph 1B -URI https://asc.fasb.org/extlink&oid=123466505&loc=SL123495323-112611 Reference 12: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 470 -SubTopic 20 -Section 50 -Paragraph 1I -Subparagraph (b) -URI https://asc.fasb.org/extlink&oid=123466505&loc=SL123495371-112611 Reference 13: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 470 -SubTopic 20 -Section 50 -Paragraph 1B -Subparagraph (i) -URI https://asc.fasb.org/extlink&oid=123466505&loc=SL123495323-112611 + Details
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