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Leases (Tables)

12 Months Ended

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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+ References

Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 842
-SubTopic 20
-Section 50
-Paragraph 4
-URI https://asc.fasb.org/extlink&oid=128292326&loc=SL77918686-209980

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Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 360
-SubTopic 10
-Section 50
-Paragraph 1
-URI https://asc.fasb.org/extlink&oid=6391035&loc=d3e2868-110229

Reference 2: http://fasb.org/us-gaap/role/ref/otherTransitionRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 840
-SubTopic 20
-Section 50
-Paragraph 4
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-URI https://asc.fasb.org/extlink&oid=123405975&loc=d3e41551-112718

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-Publisher FASB
-Name Accounting Standards Codification
-Topic 842
-SubTopic 30
-Section 50
-Paragraph 13
-URI https://asc.fasb.org/extlink&oid=124258985&loc=SL77919398-209981

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