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Fair Value Measurements (Tables)

12 Months Ended

Mar. 31, 2023

Fair Value Disclosures [Abstract]

Recorded Amounts of Major Financial Assets and Liabilities Measured at Fair Value on Recurring Basis

The following tables present recorded amounts of major financial assets and liabilities measured at fair value on a recurring basis as of March 31, 2022 and 2023:

March 31, 2022

		Millions of yen
		Total Carrying Value in Consolidated Balance Sheets				Quoted Prices in Active Markets for Identical Assets or Liabilities (Level 1)				Significant Other Observable Inputs (Level 2)				Significant Unobservable Inputs (Level 3)
Assets:
Loans held for sale*1		¥	151,601			¥	0			¥	151,601			¥	0
Trading debt securities			2,503				0				2,503				0
Available-for-sale debt securities:			2,174,891				1,095				2,032,736				141,060
Japanese and foreign government bond securities*2			832,613				1,095				831,518				0
Japanese prefectural and foreign municipal bond securities			325,604				0				322,551				3,053
Corporate debt securities*3			849,560				0				848,863				697
CMBS and RMBS in the Americas			28,732				0				28,732				0
Other asset-backed securities and debt securities			138,382				0				1,072				137,310
Equity securities*4*5			385,271				112,200				160,099				112,972
Derivative assets:			51,366				292				46,214				4,860
Interest rate swap agreements			9,570				0				9,570				0
Options held/written and other			25,664				0				20,804				4,860
Futures, foreign exchange contracts			16,006				292				15,714				0
Foreign currency swap agreements			126				0				126				0
Netting*7			(20,333	)			0				0				0
Net derivative assets			31,033				0				0				0
Other assets:			5,214				0				0				5,214
Reinsurance recoverables*8			5,214				0				0				5,214
Total		¥	2,770,846			¥	113,587			¥	2,393,153			¥	264,106
Liabilities:
Derivative liabilities:		¥	105,705			¥	2,026			¥	95,047			¥	8,632
Interest rate swap agreements			8,182				0				8,182				0
Options held/written and other			21,562				0				12,930				8,632
Futures, foreign exchange contracts			71,443				2,026				69,417				0
Foreign currency swap agreements			4,518				0				4,518				0
Netting*7			(20,333	)			0				0				0
Net derivative Liabilities			85,372				0				0				0
Policy Liabilities and Policy Account Balances:			198,905				0				0				198,905
Variable annuity and variable life insurance contracts*9			198,905				0				0				198,905
Total		¥	304,610			¥	2,026			¥	95,047			¥	207,537

March 31, 2023

		Millions of yen
		Total Carrying Value in Consolidated Balance Sheets				Quoted Prices in Active Markets for Identical Assets or Liabilities (Level 1)				Significant Other Observable Inputs (Level 2)				Significant Unobservable Inputs (Level 3)
Assets:
Loans held for sale*1		¥	197,041			¥	0			¥	23,192			¥	173,849
Trading debt securities			2,179				0				2,179				0
Available-for-sale debt securities:			2,234,608				4,334				1,986,672				243,602
Japanese and foreign government bond securities*2			801,295				3,004				798,291				0
Japanese prefectural and foreign municipal bond securities			369,246				0				365,915				3,331
Corporate debt securities*3			784,388				1,330				778,321				4,737
CMBS and RMBS in the Americas			43,173				0				43,173				0
Other asset-backed securities and debt securities			236,506				0				972				235,534
Equity securities*4*5			379,236				105,646				133,027				140,563
Certain investment in affiliates*6			2,511				0				0				2,511
Derivative assets:			72,398				203				65,377				6,818
Interest rate swap agreements			22,798				0				22,798				0
Options held/written and other			30,487				0				23,669				6,818
Futures, foreign exchange contracts			17,785				203				17,582				0
Foreign currency swap agreements			1,325				0				1,325				0
Credit derivatives held			3				0				3				0
Netting*7			(22,052	)			0				0				0
Net derivative assets			50,346				0				0				0
Other assets:			4,676				0				0				4,676
Reinsurance recoverables*8			4,676				0				0				4,676
Total		¥	2,892,649			¥	110,183			¥	2,210,447			¥	572,019
Liabilities:
Derivative liabilities:		¥	71,366			¥	1,484			¥	55,240			¥	14,642
Interest rate swap agreements			3,319				0				3,319				0
Options held/written and other			28,423				0				13,781				14,642
Futures, foreign exchange contracts			37,195				1,484				35,711				0
Foreign currency swap agreements			2,426				0				2,426				0
Credit derivatives written			3				0				3				0
Netting*7			(22,052	)			0				0				0
Net derivative Liabilities			49,314				0				0				0
Policy Liabilities and Policy Account Balances:			163,734				0				0				163,734
Variable annuity and variable life insurance contracts*9			163,734				0				0				163,734
Total		¥	235,100			¥	1,484			¥	55,240			¥	178,376

*1 A certain subsidiary elected the fair value option on certain loans held for sale. These loans are multi-family and seniors housing loans and are sold to Federal National Mortgage Association (“Fannie Mae”), Federal

Home Loan Mortgage Corporation (“Freddie Mac”) and institutional investors. Included in “Other (income) and expense” in the consolidated statements of income were losses of ¥3,260 million, ¥2,982 million and ¥2,429 million from the change in the fair value of the loans for fiscal 2021, 2022 and 2023, respectively. No gains or losses were recognized in earnings during fiscal 2021, 2022 and 2023 attributable to changes in instrument-specific credit risk. The amounts of aggregate unpaid principal balance and aggregate fair value of the loans held for sale as of March 31, 2022, were ¥151,672 million and ¥151,601 million, respectively, and the amount of the aggregate fair value was less than the amount of aggregate unpaid principal balance by ¥71 million. The amounts of aggregate unpaid principal balance and aggregate fair value of the loans held for sale as of March 31, 2023, were ¥199,674 million and ¥197,041 million, respectively, and the amount of the aggregate fair value was less than the amount of aggregate unpaid principal balance by ¥2,633 million. As of March 31, 2022 and 2023, there were no loans that are 90 days or more past due or, in non-accrual status.

*2 A certain subsidiary elected the fair value option for investments in foreign government bond securities included in available-for-sale debt securities. Included in “Gains on investment securities and dividends” in the consolidated statements of income were a loss of ¥28 million, a gain of ¥51 million and a loss of ¥11 million from the change in the fair value of those investments for fiscal 2021, 2022 and 2023, respectively. There were no such investments elected the fair value option as of March 31, 2022. The amount of aggregate fair value elected the fair value option was ¥237 million as of March 31, 2023.

*3 A certain subsidiary elected the fair value option for investments in foreign corporate debt securities included in available-for-sale debt securities. Included in “Gains on investment securities and dividends” in the consolidated statements of income were a gain of ¥1,080 million and losses of ¥365 million and ¥516 million from the change in the fair value of those investments for fiscal 2021, 2022 and 2023, respectively. The amounts of aggregate fair value elected the fair value option were ¥7,644 million and ¥6,605 million as of March 31, 2022 and 2023, respectively.

*4 Certain subsidiaries elected the fair value option for certain investments in investment funds, and others included in equity securities. Included in “Gains on investment securities and dividends” and “Life insurance premiums and related investment income” in the consolidated statements of income were gains of ¥3,187 million, ¥1,199 million and ¥1,066 million from the change in the fair value of those investments for fiscal 2021, 2022 and 2023, respectively. The amounts of aggregate fair value elected the fair value option were ¥11,709 million and ¥16,032 million as of March 31, 2022 and 2023, respectively.

*5 The amounts of investment funds measured at net asset value per share which are not included in the above tables were ¥25,999 million and ¥51,263 million as of March 31, 2022 and 2023, respectively.

*6 A certain subsidiary elected the fair value option for certain investment in affiliates. No gains or losses were recognized in earnings from the change in the fair value of those investments for fiscal 2021, 2022 and 2023. There were no such investments elected the fair value option as of March 31, 2022. The amounts of aggregate fair value elected the fair value option were ¥2,511 million as of March 31, 2023.

*7 It represents the amount offset under counterparty netting of derivative assets and liabilities.

*8 Certain subsidiaries elected the fair value option for certain reinsurance contracts held. The fair value of the reinsurance contracts elected for the fair value option in other assets were ¥5,214 million and ¥4,676 million as of March 31, 2022 and 2023, respectively. For the effect of changes in the fair value of those reinsurance contracts on earnings for fiscal 2021, 2022 and 2023, see Note 23 “Life Insurance Operations.”

*9 Certain subsidiaries elected the fair value option for the entire variable annuity and variable life insurance contracts held. The fair value of the variable annuity and variable life insurance contracts elected for the fair value option in policy liabilities and policy account balances were ¥198,905 million and ¥163,734 million as of March 31, 2022 and 2023, respectively. For the effect of changes in the fair value of the variable annuity and variable life insurance contracts on earnings for fiscal 2021, 2022 and 2023, see Note 23 “Life Insurance Operations.”

Reconciliation of Financial Assets and Liabilities (Net) Measured at Fair Value on Recurring Basis Using Significant Unobservable Input

The following tables present the reconciliation of financial assets and liabilities (net) measured at fair value on a recurring basis using significant unobservable inputs (Level 3) in fiscal 2021, 2022 and 2023:

2021

		Millions of yen
		Balance at April 1, 2020				Gains or losses (realized/unrealized)												Purchases*3				Sales				Settlements*4				Transfers in and/ or out of Level 3 (net)				Balance at March 31, 2021				Change in unrealized gains or losses included in earnings for assets and liabilities still held at March 31, 2021*1				Change in unrealized gains or losses included in other comprehensive income for assets and liabilities still held at March 31, 2021*2
						Included in earnings*1				Included in other comprehensive income*2				Total
Available-for-sale debt securities		¥	88,353			¥	(1,065	)		¥	14,870			¥	13,805			¥	51,270			¥	(12,890	)		¥	(5,187	)		¥	(1,894	)		¥	133,457			¥	(1,228	)		¥	14,729
Japanese prefectural and foreign municipal bond securities			2,832				(115	)			44				(71	)			0				0				0				0				2,761				(115	)			44
Corporate debt securities			3,994				0				1				1				0				0				(974	)			(2,000	)			1,021				0				1
Other asset-backed securities and debt securities			81,527				(950	)			14,825				13,875				51,270				(12,890	)			(4,213	)			106				129,675				(1,113	)			14,684
Equity securities			83,901				14,304				1,765				16,069				2,001				(4,718	)			(5,518	)			(325	)			91,410				14,042				1,769
Investment funds			83,901				14,304				1,765				16,069				2,001				(4,718	)			(5,518	)			(325	)			91,410				14,042				1,769
Derivative assets and liabilities (net)			19,230				(5,474	)			34				(5,440	)			0				0				0				0				13,790				(5,474	)			34
Options held/written and other			19,230				(5,474	)			34				(5,440	)			0				0				0				0				13,790				(5,474	)			34
Other asset			18,206				(14,201	)			0				(14,201	)			2,713				0				(421	)			0				6,297				(14,201	)			0
Reinsurance recoverables*5			18,206				(14,201	)			0				(14,201	)			2,713				0				(421	)			0				6,297				(14,201	)			0
Policy Liabilities and Policy Account Balances			300,739				(42,066	)			(1,248	)			(43,314	)			0				0				(77,631	)			0				266,422				(42,066	)			(1,248	)
Variable annuity and variable life insurance contracts*6			300,739				(42,066	)			(1,248	)			(43,314	)			0				0				(77,631	)			0				266,422				(42,066	)			(1,248	)

2022

		Millions of yen
		Balance at April 1, 2021				Gains or losses (realized/unrealized)												Purchases*3				Sales				Settlements*4				Transfers in and/ or out of Level 3 (net)				Balance at March 31, 2022				Change in unrealized gains or losses included in earnings for assets and liabilities still held at March 31, 2022*1				Change in unrealized gains or losses included in other comprehensive income for assets and liabilities still held at March 31, 2022*2
						Included in earnings*1				Included in other comprehensive income*2				Total
Available-for-sale debt securities		¥	133,457			¥	7,041			¥	6,941			¥	13,982			¥	51,644			¥	(9,465	)		¥	(48,558	)		¥	0			¥	141,060			¥	2,445			¥	7,116
Japanese prefectural and foreign municipal bond securities			2,761				0				292				292				0				0				0				0				3,053				0				291
Corporate debt securities			1,021				0				(1	)			(1	)			0				0				(323	)			0				697				0				(1	)
Other asset-backed securities and debt securities			129,675				7,041				6,650				13,691				51,644				(9,465	)			(48,235	)			0				137,310				2,445				6,826
Equity securities			91,410				16,350				8,779				25,129				24,606				(26,795	)			(768	)			(610	)			112,972				4,555				8,743
Investment funds, and others			91,410				16,350				8,779				25,129				24,606				(26,795	)			(768	)			(610	)			112,972				4,555				8,743
Derivative assets and liabilities (net)			13,790				(18,340	)			778				(17,562	)			0				0				0				0				(3,772	)			(18,340	)			778
Options held/written and other			13,790				(18,340	)			778				(17,562	)			0				0				0				0				(3,772	)			(18,340	)			778
Other asset			6,297				(2,146	)			0				(2,146	)			1,835				0				(772	)			0				5,214				(2,146	)			0
Reinsurance recoverables*5			6,297				(2,146	)			0				(2,146	)			1,835				0				(772	)			0				5,214				(2,146	)			0
Policy Liabilities and Policy Account Balances			266,422				(1,743	)			(467	)			(2,210	)			0				0				(69,727	)			0				198,905				(1,743	)			(467	)
Variable annuity and variable life insurance contracts*6			266,422				(1,743	)			(467	)			(2,210	)			0				0				(69,727	)			0				198,905				(1,743	)			(467	)

2023

		Millions of yen
		Balance at April 1, 2022				Gains or losses (realized/unrealized)												Purchases*3				Sales				Settlements*4				Transfers in and/ or out of Level 3 (net)				Balance at March 31, 2023				Change in unrealized gains or losses included in earnings for assets and liabilities still held at March 31, 2023*1				Change in unrealized gains or losses included in other comprehensive income for assets and liabilities still held at March 31, 2023*2
						Included in earnings*1				Included in other comprehensive income*2				Total
Loans held for sale		¥	0			¥	18			¥	1,095			¥	1,113			¥	2,457			¥	(5,776	)		¥	0			¥	176,055			¥	173,849			¥	18			¥	1,095
Available-for-sale debt securities			141,060				3,788				1,238				5,026				116,175				(9,100	)			(9,559	)			0				243,602				3,458				1,713
Japanese prefectural and foreign municipal bond securities			3,053				0				278				278				0				0				0				0				3,331				0				278
Corporate debt securities			697				89				(1	)			88				5,922				(1,554	)			(416	)			0				4,737				(16	)			(0	)
Other asset-backed securities and debt securities			137,310				3,699				961				4,660				110,253				(7,546	)			(9,143	)			0				235,534				3,474				1,435
Equity securities			112,972				22,823				9,642				32,465				4,685				(7,223	)			(2,336	)			0				140,563				22,113				9,509
Investment funds, and others			112,972				22,823				9,642				32,465				4,685				(7,223	)			(2,336	)			0				140,563				22,113				9,509
Certain investment in affiliates			0				0				5				5				2,506				0				0				0				2,511				0				5
Derivative assets and liabilities (net)			(3,772	)			(2,845	)			(1,207	)			(4,052	)			0				0				0				0				(7,824	)			(2,845	)			(1,207	)
Options held/written and other			(3,772	)			(2,845	)			(1,207	)			(4,052	)			0				0				0				0				(7,824	)			(2,845	)			(1,207	)
Other asset			5,214				(1,286	)			0				(1,286	)			1,153				0				(405	)			0				4,676				(1,286	)			0
Reinsurance recoverables*5			5,214				(1,286	)			0				(1,286	)			1,153				0				(405	)			0				4,676				(1,286	)			0
Policy Liabilities and Policy Account Balances			198,905				6,343				74				6,417				0				0				(28,754	)			0				163,734				6,343				74
Variable annuity and variable life insurance contracts*6			198,905				6,343				74				6,417				0				0				(28,754	)			0				163,734				6,343				74

*1 Principally, gains and losses from available-for-sale debt securities are included in “Gains on investment securities and dividends”, “Write-downs of securities” or “Life insurance premiums and related investment income”; equity securities are included in “Gains on investment securities and dividends” and “Life insurance premiums and related investment income” and derivative assets and liabilities (net) are included in “Other (income) and expense” respectively. Additionally, for available-for-sale debt securities, amortization of interest recognized in finance revenues is included in these columns.

*2 Unrealized gains and losses from available-for-sale debt securities are included in “Net change of unrealized gains (losses) on investment in securities” and “Net change of foreign currency translation adjustments”, unrealized gains and losses from equity securities and derivative assets and liabilities (net) are included mainly in “Net change of foreign currency translation adjustments”, unrealized gains and losses from policy liabilities and policy account balances are included in “Net change of debt valuation adjustments.”

*3 Increases resulting from an acquisition of a subsidiary and insurance contracts ceded to reinsurance companies are included.

*4 Decreases resulting from the receipts of reimbursements for benefits, and decreases resulting from insurance payouts to variable annuity and variable life policyholders due to death, surrender and maturity of the investment period are included.

*5 “Included in earnings” in the above table includes changes in the fair value of reinsurance contracts recorded in “Life insurance costs” and reinsurance premiums, net of reinsurance benefits received, recorded in “Life insurance premiums and related investment income.”

*6 “Included in earnings” in the above table is recorded in “Life insurance costs” and includes changes in the fair value of policy liabilities and policy account balances resulting from gains or losses on the underlying investment assets managed on behalf of variable annuity and variable life policyholders, and the changes in the minimum guarantee risks relating to variable annuity and variable life insurance contracts as well as insurance costs recognized for insurance and annuity payouts as a result of insured events.

Recorded Amounts of Major Assets Measured at Fair Value on Nonrecurring Basis

The following tables present recorded amounts of assets measured at fair value on a nonrecurring basis during fiscal 2022 and 2023. These assets are measured at fair value on a nonrecurring basis mainly to recognize impairment:

2022

		Millions of yen
		Total Carrying Value in Consolidated Balance Sheets				Quoted Prices in Active Markets for Identical Assets (Level 1)				Significant Other Observable Inputs (Level 2)				Significant Unobservable Inputs (Level 3)
Assets:
Loans held for sale		¥	235			¥	0			¥	235			¥	0
Real estate collateral-dependent loans (net of allowance for credit losses)			6,972				0				0				6,972
Investment in operating leases, property under facility operations, office facilities and other assets			59,847				0				262				59,585
Certain equity securities			9,451				0				9,451				0
Certain investment in affiliates			2,846				0				0				2,846
Certain reporting units including goodwill			192				0				0				192
Certain intangible assets acquired in business combinations			98,014				0				0				98,014
		¥	177,557			¥	0			¥	9,948			¥	167,609

2023

		Millions of yen
		Total Carrying Value in Consolidated Balance Sheets				Quoted Prices in Active Markets for Identical Assets (Level 1)				Significant Other Observable Inputs (Level 2)				Significant Unobservable Inputs (Level 3)
Assets:
Loans held for sale		¥	1,139			¥	0			¥	1,139			¥	0
Real estate collateral-dependent loans (net of allowance for credit losses)			5,970				0				0				5,970
Investment in operating leases, property under facility operations, office facilities and other assets			4,568				0				31				4,537
Certain equity securities			11,794				0				11,794				0
Certain investment in affiliates			4,013				3,587				0				426
		¥	27,484			¥	3,587			¥	12,964			¥	10,933

Information about the valuation techniques and significant unobservable inputs used in the valuation of Level 3 assets and liabilities measured at fair value on a recurring basis

The following tables provide information about the valuation techniques and significant unobservable inputs used in the valuation of Level 3 assets and liabilities measured at fair value on a recurring basis as of March 31, 2022 and 2023.

March 31, 2022

Millions of yen

Valuation technique(s)

Significant unobservable inputs

Range (Weighted average)

Fair value

Assets:

Available-for-sale debt securities:

Japanese prefectural and foreign municipal bond securities

¥

3,053

Appraisals/Broker quotes

—

—

Corporate debt securities

697

Discounted cash flows

Discount rate

0.4% – 0.7%

(0.5%)

Other asset-backed securities and debt securities

25,666

Discounted cash flows

Discount rate

0.1% – 51.2%

(10.6%)

Probability of default

1.9%

(1.9%)

111,644

Appraisals/Broker quotes

—

—

Equity securities:

Investment funds, and others

86,903

Discounted cash flows

WACC

11.9% – 18.6%

(16.3%)

EV/Terminal EBITDA multiple

8.3x-12.0x

(9.9x)

Market multiples

EV/Last twelve months EBITDA multiple

6.4x – 12.6x

(9.5x)

EV/Forward EBITDA multiple

5.7x – 12.5x

(9.4x)

EV/Precedent transaction last twelve months EBITDA multiple

7.6x-14.5x

(10.3x)

26,069

Appraisals/Broker quotes

—

—

Derivative assets:

Options held/written and other

4,792

Discounted cash flows

Discount rate

12.0% – 34.0%

(14.9%)

68

Appraisals/Broker quotes

—

—

Other assets:

Reinsurance recoverables

5,214

Discounted cash flows

Discount rate

(0.2)% – 0.7%

(0.2%)

Mortality rate

0.0% – 100.0%

(2.1%)

Lapse rate

1.5% – 14.0%

(5.5%)

Annuitization rate (guaranteed minimum annuity benefit)

0.0% – 100.0%

(100.0%)

Total

¥

264,106

Liabilities:

Derivative liabilities:

Options held/written and other

¥

8,600

Discounted cash flows

Discount rate

12.0% – 34.0%

(14.9%)

32

Appraisals/Broker quotes

—

—

Policy liabilities and Policy Account Balances:

Variable annuity and variable life insurance contracts

198,905

Discounted cash flows

Discount rate

(0.2)% – 0.7%

(0.2%)

Mortality rate

0.0% – 100.0%

(1.9%)

Lapse rate

1.5% – 30.0%

(6.2%)

Annuitization rate (guaranteed minimum annuity benefit)

0.0% – 100.0%

(71.8%)

Total

¥

207,537

March 31, 2023

Millions of yen

Valuation technique(s)

Significant unobservable inputs

Range (Weighted average)

Fair value

Assets:

Loans held for sale

¥

173,849

Discounted cash flows

Discount rate

8.0% – 10.0%

(9.0%)

Available-for-sale debt securities:

Japanese prefectural and foreign municipal bond securities

3,331

Appraisals/Broker quotes

—

—

Corporate debt securities

280

Discounted cash flows

Discount rate

0.4%

(0.4%)

4,457

Appraisals/Broker quotes

—

—

Other asset-backed securities and debt securities

29,165

Discounted cash flows

Discount rate

0.2% – 51.2%

(8.9%)

Probability of default

1.9%

(1.9%)

206,369

Appraisals/Broker quotes

—

—

Equity securities:

Investment funds

120,744

Discounted cash flows

WACC

11.9% – 26.4%

(17.2%)

EV/Terminal EBITDA multiple

7.5x-12.0x

(9.5x)

Market multiples

EV/Last twelve months EBITDA multiple

5.5x-8.7x

(7.9x)

EV/Forward EBITDA multiple

4.9x-8.9x

(7.6x)

EV/Precedent transaction last twelve months EBITDA multiple

7.5x-14.5x

(10.0x)

19,819

Appraisals/Broker quotes

—

—

Certain investment in affiliates

2,511

Discounted cash flows

Discount rate

8.0% – 12.0%

(10.0%)

Derivative assets:

Options held/written and other

6,818

Discounted cash flows

Discount rate

12.0% – 32.0%

(14.4%)

Other assets:

Reinsurance recoverables

4,676

Discounted cash flows

Discount rate

(0.4)% – 1.5%

(0.4%)

Mortality rate

0.0% – 100.0%

(2.6%)

Lapse rate

1.5% – 14.0%

(5.0%)

Annuitization rate (guaranteed minimum annuity benefit)

0.0% – 100.0%

(100.0%)

Total

¥

572,019

Liabilities:

Derivative liabilities:

Options held/written and other

¥

14,603

Discounted cash flows

Discount rate

12.0% – 32.0%

(14.4%)

39

Appraisals/Broker quotes

—

—

Policy liabilities and Policy Account Balances:

Variable annuity and variable life insurance contracts

163,734

Discounted cash flows

Discount rate

(0.4)% – 1.5%

(0.4%)

Mortality rate

0.0% – 100.0%

(2.1%)

Lapse rate

1.5% – 30.0%

(5.9%)

Annuitization rate (guaranteed minimum annuity benefit)

0.0% – 100.0%

(68.8%)

Total

¥

178,376

Information about Valuation Techniques and Significant Unobservable Inputs Used in Valuation of Level Three Assets Measured at Fair Value on Nonrecurring Basis

The following tables provide information about the valuation techniques and significant unobservable inputs used in the valuation of Level 3 assets measured at fair value on a nonrecurring basis during fiscal 2022 and 2023.

		2022
		Millions of yen				Valuation technique(s)		Significant unobservable inputs		Range (Weighted average)
		Fair value
Assets:
Real estate collateral-dependent loans (net of allowance for credit losses)		¥	1,511			Direct capitalization		Capitalization rate		5.0% – 8.5%
										(6.1%)
			5,461			Appraisals		—		—
Investment in operating leases, property under facility operations, office facilities and other assets			32,328			Discounted cash flows		Discount rate		5.2%
										(5.2%)
			27,257			Appraisals		—		—
Certain investment in affiliates			2,846			Appraisals		—		—
Certain reporting units including goodwill			192			Discounted cash flows		Discount rate		10.7%
										(10.7%)
Certain intangible assets acquired in business combinations			98,014			Discounted cash flows		Discount rate		10.9%
										(10.9%)
		¥	167,609
		2023
		Millions of yen				Valuation technique(s)		Significant unobservable inputs		Range (Weighted average)
		Fair value
Assets:
Real estate collateral-dependent loans (net of allowance for credit losses)		¥	1,351			Direct capitalization		Capitalization rate		4.7% – 6.6%
										(5.5%)
			4,619			Appraisals		—		—
Investment in operating leases, property under facility operations, office facilities and other assets			3,257			Discounted cash flows		Discount rate		0.5% – 5.8%
										(4.9%)
			1,280			Appraisals		—		—
Certain investment in affiliates			23			Discounted cash flows		Discount rate		3.7%
										(3.7%)
			403			Appraisals		—		—
		¥	10,933

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