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Accumulated Other Comprehensive Income (Loss) | 6 Months Ended
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Sep. 30, 2023
Equity [Abstract] |
Accumulated Other Comprehensive Income (Loss) |
13. | Accumulated Other Comprehensive Income (Loss)
Changes in each component of accumulated other comprehensive income (loss) attributable to ORIX Corporation Shareholders for the six months ended September 30, 2022 and 2023, are as follows:
|  | Six months ended September 30, 2022 |
|  | Millions of yen |
|  | Net unrealized gains (losses) on investment in securities |  |  | Impact of changes in policy liability discount rate |  |  | Debt valuation adjustments |  |  | Defined benefit pension plans |  |  | Foreign currency translation adjustments |  |  | Net unrealized gains (losses) on derivative instruments |  |  | Accumulated other comprehensive income (loss) |
Balance at March 31, 2022 |  | ¥ | (72,892 | ) |  | ¥ | 37,535 |  |  | ¥ | 221 |  |  | ¥ | (8,072 | ) |  | ¥ | 61,914 |  |  | ¥ | 2,788 |  |  | ¥ | 21,494 |
Net unrealized gains (losses) on investment in securities, net of tax of ¥54,025 million |  |  | (142,995 | ) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | (142,995 | )
Reclassification adjustment included in net income, net of tax of ¥292 million |  |  | (872 | ) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | (872 | )
Impact of changes in policy liability discount rate, net of tax of ¥ (61,736) million |  |  |  |  |  |  | 159,366 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 159,366 |
Debt valuation adjustments, net of tax of ¥(25) million |  |  |  |  |  |  |  |  |  |  | 66 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 66 |
Reclassification adjustment included in net income, net of tax of ¥2 million |  |  |  |  |  |  |  |  |  |  | (6 | ) |  |  |  |  |  |  |  |  |  |  |  |  |  |  | (6 | )
Defined benefit pension plans, net of tax of ¥81 million |  |  |  |  |  |  |  |  |  |  |  |  |  |  | (225 | ) |  |  |  |  |  |  |  |  |  |  | (225 | )
Reclassification adjustment included in net income, net of tax of ¥33 million |  |  |  |  |  |  |  |  |  |  |  |  |  |  | (91 | ) |  |  |  |  |  |  |  |  |  |  | (91 | )
Foreign currency translation adjustments, net of tax of ¥27,143 million |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 184,993 |  |  |  |  |  |  |  | 184,993 |
Reclassification adjustment included in net income, net of tax of ¥(12) million |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 102 |  |  |  |  |  |  |  | 102 |
Net unrealized gains (losses) on derivative instruments, net of tax of ¥(4,707) million |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 17,082 |  |  |  | 17,082 |
Reclassification adjustment included in net income, net of tax of ¥(436) million |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 1,449 |  |  |  | 1,449 |
Total other comprehensive income (loss) |  |  | (143,867 | ) |  |  | 159,366 |  |  |  | 60 |  |  |  | (316 | ) |  |  | 185,095 |  |  |  | 18,531 |  |  |  | 218,869 |
Less: Other Comprehensive Income Attributable to the Noncontrolling Interests |  |  | 0 |  |  |  | 0 |  |  |  | 0 |  |  |  | 2 |  |  |  | 7,886 |  |  |  | 1,472 |  |  |  | 9,360 |
Less: Other Comprehensive Income Attributable to the Redeemable Noncontrolling Interests |  |  | 0 |  |  |  | 0 |  |  |  | 0 |  |  |  | 0 |  |  |  | 88 |  |  |  | 0 |  |  |  | 88 |
Balance at September 30, 2022 * |  | ¥ | (216,759 | ) |  | ¥ | 196,901 |  |  | ¥ | 281 |  |  | ¥ | (8,390 | ) |  | ¥ | 239,035 |  |  | ¥ | 19,847 |  |  | ¥ | 230,915 |
*1 | As of March 31, 2022, the amount of i mpact of changes in policy liability discount rate contained a loss of ¥(24,641) million (net of tax of ¥4,296 million ) of cumulative effect of changes in the discount rates between contract inception date and the transition date of April 1, 2021 of LDTI and an income of ¥62,176 million (net of tax of ¥(23,125) million ) of changes after the transition date. For further information about i mpact of changes in policy liability discount rate, see Note 18. “Long-Duration Insurance Contracts Relating to Life Insurance Operations”.
*2 | As of September 30, 2022, there were no net unrealized gains (losses) on investment in securities related to available-for-sale debt securities with allowance for credit losses.
|  | Six months ended September 30, 2023 |  |  |  |
|  | Millions of yen |  |  |  |
|  | Net unrealized gains (losses) on investment in securities |  |  | Impact of changes in policy liability discount rate |  |  | Debt valuation adjustments |  |  | Defined benefit pension plans |  |  | Foreign currency translation adjustments |  |  | Net unrealized gains (losses) on derivative instruments |  |  | Accumulated other comprehensive income (loss) |
Balance at March 31, 2023 *1 |  | ¥ | (183,034 | ) |  | ¥ | 164,516 |  |  | ¥ | 275 |  |  | ¥ | (3,617 | ) |  | ¥ | 155,912 |  |  | ¥ | 22,083 |  |  |  | ¥156,135 |
Net unrealized gains (losses) on investment in securities, net of tax of ¥35,524 million |  |  | (96,984 | ) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | (96,984 | )
Reclassification adjustment included in net income, net of tax of ¥1,211 million |  |  | (3,428 | ) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | (3,428 | )
Impact of changes in policy liability discount rate, net of tax of ¥(38,745) million |  |  |  |  |  |  | 110,576 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 110,576 |
Debt valuation adjustments, net of tax of ¥43 million |  |  |  |  |  |  |  |  |  |  | (114 | ) |  |  |  |  |  |  |  |  |  |  |  |  |  |  | (114 | )
Reclassification adjustment included in net income, net of tax of ¥3 million |  |  |  |  |  |  |  |  |  |  | (9 | ) |  |  |  |  |  |  |  |  |  |  |  |  |  |  | (9 | )
Defined benefit pension plans, net of tax of ¥(19) million |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 51 |  |  |  |  |  |  |  |  |  |  |  | 51 |
Reclassification adjustment included in net income, net of tax of ¥52 million |  |  |  |  |  |  |  |  |  |  |  |  |  |  | (140 | ) |  |  |  |  |  |  |  |  |  |  | (140 | )
Foreign currency translation adjustments, net of tax of ¥22,732 million |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 158,400 |  |  |  |  |  |  |  | 158,400 |
Reclassification adjustment included in net income, net of tax of ¥(2,328) million |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 5,183 |  |  |  |  |  |  |  | 5,183 |
Net unrealized gains (losses) on derivative instruments, net of tax of ¥(2,072) million |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 6,623 |  |  |  | 6,623 |
Reclassification adjustment included in net income, net of tax of ¥1,289 million |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | (4,215 | ) |  |  | (4,215 | )
Total other comprehensive income (loss) |  |  | (100,412 | ) |  |  | 110,576 |  |  |  | (123 | ) |  |  | (89 | ) |  |  | 163,583 |  |  |  | 2,408 |  |  |  | 175,943 |
Transaction with noncontrolling interests |  |  | 0 |  |  |  | 0 |  |  |  | 0 |  |  |  | 0 |  |  |  | 11 |  |  |  | (176 | ) |  |  | (165 | )
Less: Other Comprehensive Income (loss) Attributable to the Noncontrolling Interests |  |  | 0 |  |  |  | 0 |  |  |  | 0 |  |  |  | 0 |  |  |  | 5,191 |  |  |  | (140 | ) |  |  | 5,051 |
Less: Other Comprehensive Income Attributable to the Redeemable Noncontrolling Interests |  |  | (1 | ) |  |  | 0 |  |  |  | 0 |  |  |  | 0 |  |  |  | 163 |  |  |  | 0 |  |  |  | 162 |
Balance at September 30, 2023 *2 |  | ¥ | (283,445 | ) |  | ¥ | 275,092 |  |  | ¥ | 152 |  |  | ¥ | (3,706) |  |  | ¥ | 314,152 |  |  | ¥ | 24,455 |  |  |  | ¥326,700 |
*1 | As of March 31, 2023, the amount of i mpact of changes in policy liability discount rate contained a loss of ¥(24,641) million (net of tax of ¥4,296 million ) of cumulative effect of changes in the discount rates between contract inception date and the transition date of April 1, 2021 of LDTI and an income of ¥189,157 million (net of tax of ¥(66,702) million ) of changes after the transition date. For further information about i mpact of changes in policy liability discount rate, see Note 18. “Long-Duration Insurance Contracts Relating to Life Insurance Operations”.
*2 | As of September 30, 2023, net unrealized gains (losses) on investment in securities contained ¥(128) million (net of tax of ¥21 million ) of net unrealized gains (losses) on investment in securities related to available-for-sale debt securities with allowance for credit losses.
Changes in each component of accumulated other comprehensive income (loss) attributable to ORIX Corporation Shareholders for the three months ended September 30, 2022 and 2023, are as follows:
|  | Three months ended September 30, 2022 |
|  | Millions of yen |
|  | Net unrealized gains (losses) on investment in securities |  |  | Impact of changes in policy liability discount rate |  |  | Debt valuation adjustments |  |  | Defined benefit pension plans |  |  | Foreign currency translation adjustments |  |  | Net unrealized gains (losses) on derivative instruments |  |  | Accumulated other comprehensive income (loss) |
Balance at June 30, 2022 *1 |  | ¥ | (154,265 | ) |  | ¥ | 114,386 |  |  | ¥ | 205 |  |  | ¥ | (8,239 | ) |  | ¥ | 169,590 |  |  | ¥ | 12,986 |  |  | ¥ | 134,663 |
Net unrealized gains (losses) on investment in securities, net of tax of ¥23,591 million |  |  | (62,396 | ) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | (62,396 | )
Reclassification adjustment included in net income, net of tax of ¥10 million |  |  | (98 | ) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | (98 | )
Impact of changes in policy liability discount rate, net of tax of ¥(31,968) million |  |  |  |  |  |  | 82,515 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 82,515 |
Debt valuation adjustments, net of tax of ¥(31) million |  |  |  |  |  |  |  |  |  |  | 80 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 80 |
Reclassification adjustment included in net income, net of tax of ¥1 million |  |  |  |  |  |  |  |  |  |  | (4 | ) |  |  |  |  |  |  |  |  |  |  |  |  |  |  | (4 | )
Defined benefit pension plans, net of tax of ¥45 million |  |  |  |  |  |  |  |  |  |  |  |  |  |  | (105 | ) |  |  |  |  |  |  |  |  |  |  | (105 | )
Reclassification adjustment included in net income, net of tax of ¥17 million |  |  |  |  |  |  |  |  |  |  |  |  |  |  | (46 | ) |  |  |  |  |  |  |  |  |  |  | (46 | )
Foreign currency translation adjustments, net of tax of ¥3,827 million |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 70,964 |  |  |  |  |  |  |  | 70,964 |
Reclassification adjustment included in net income, net of tax of ¥(3) million |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 12 |  |  |  |  |  |  |  | 12 |
Net unrealized gains (losses) on derivative instruments, net of tax of ¥(3,069) million |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 8,763 |  |  |  | 8,763 |
Reclassification adjustment included in net income, net of tax of ¥399 million |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | (1,163 | ) |  |  | (1,163 | )
Total other comprehensive income (loss) |  |  | (62,494 | ) |  |  | 82,515 |  |  |  | 76 |  |  |  | (151 | ) |  |  | 70,976 |  |  |  | 7,600 |  |  |  | 98,522 |
Less: Other Comprehensive Income Attributable to the Noncontrolling Interests |  |  | 0 |  |  |  | 0 |  |  |  | 0 |  |  |  | 0 |  |  |  | 1,481 |  |  |  | 739 |  |  |  | 2,220 |
Less: Other Comprehensive Income Attributable to the Redeemable Noncontrolling Interests |  |  | 0 |  |  |  | 0 |  |  |  | 0 |  |  |  | 0 |  |  |  | 50 |  |  |  | 0 |  |  |  | 50 |
Balance at September 30, 2022 *2 |  | ¥ | (216,759 | ) |  | ¥ | 196,901 |  |  | ¥ | 281 |  |  | ¥ | (8,390 | ) |  | ¥ | 239,035 |  |  | ¥ | 19,847 |  |  | ¥ | 230,915 |
*1 | As of June 30, 2022, the amount of i mpact of changes in policy liability discount rate contained a loss of ¥(24,641) million (net of tax of ¥4,296 million ) of cumulative effect of changes in the discount rates between contract inception date and the transition date of April 1, 2021 of LDTI and an income of ¥139,027 million (net of tax of ¥(52,893) million ) of changes after the transition date. For further information about i mpact of changes in policy liability discount rate, see Note 18. “Long-Duration Insurance Contracts Relating to Life Insurance Operations”.
*2 | As of September 30, 2022, there were no net unrealized gains (losses) on investment in securities related to available-for-sale debt securities with allowance for credit losses.
|  | Three months ended September 30, 2023 |
|  | Millions of yen |
|  | Net unrealized gains (losses) on investment in securities |  |  | Impact of changes in policy liability discount rate |  |  | Debt valuation adjustments |  |  | Defined benefit pension plans |  |  | Foreign currency translation adjustments |  |  | Net unrealized gains (losses) on derivative instruments |  |  | Accumulated other comprehensive income (loss) |
Balance at June 30, 2023 |  | ¥ | (184,174 | ) |  | ¥ | 169,035 |  |  | ¥ | 231 |  |  | ¥ | (3,471 | ) |  | ¥ | 251,172 |  |  | ¥ | 20,124 |  |  | ¥ | 252,917 |
Net unrealized gains (losses) on investment in securities, net of tax of ¥36,198 million |  |  | (98,165 | ) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | (98,165 | )
Reclassification adjustment included in net income, net of tax of ¥353 million |  |  | (1,097 | ) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | (1,097 | )
Impact of changes in policy liability discount rate, net of tax of ¥(36,613) million |  |  |  |  |  |  | 106,057 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 106,057 |
Debt valuation adjustments, net of tax of ¥30 million |  |  |  |  |  |  |  |  |  |  | (75 | ) |  |  |  |  |  |  |  |  |  |  |  |  |  |  | (75 | )
Reclassification adjustment included in net income, net of tax of ¥0 million |  |  |  |  |  |  |  |  |  |  | (4 | ) |  |  |  |  |  |  |  |  |  |  |  |  |  |  | (4 | )
Defined benefit pension plans, net of tax of ¥59 million |  |  |  |  |  |  |  |  |  |  |  |  |  |  | (171 | ) |  |  |  |  |  |  |  |  |  |  | (171 | )
Reclassification adjustment included in net income, net of tax of ¥25 million |  |  |  |  |  |  |  |  |  |  |  |  |  |  | (65 | ) |  |  |  |  |  |  |  |  |  |  | (65 | )
Foreign currency translation adjustments, net of tax of ¥39 million |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 62,008 |  |  |  |  |  |  |  | 62,008 |
Reclassification adjustment included in net income, net of tax of ¥(1,014) million |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 2,257 |  |  |  |  |  |  |  | 2,257 |
Net unrealized gains (losses) on derivative instruments, net of tax of ¥93 million |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 3,783 |  |  |  | 3,783 |
Reclassification adjustment included in net income, net of tax of ¥(169) million |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 611 |  |  |  | 611 |
Total other comprehensive income (loss) |  |  | (99,262 | ) |  |  | 106,057 |  |  |  | (79 | ) |  |  | (236 | ) |  |  | 64,265 |  |  |  | 4,394 |  |  |  | 75,139 |
Less: Other Comprehensive Income (loss) Attributable to the Noncontrolling Interests |  |  | 0 |  |  |  | 0 |  |  |  | 0 |  |  |  | (1 | ) |  |  | 1,230 |  |  |  | 63 |  |  |  | 1,292 |
Less: Other Comprehensive Income Attributable to the Redeemable Noncontrolling Interests |  |  | 9 |  |  |  | 0 |  |  |  | 0 |  |  |  | 0 |  |  |  | 55 |  |  |  | 0 |  |  |  | 64 |
Balance at September 30, 2023 * |  | ¥ | (283,445 | ) |  | ¥ | 275,092 |  |  | ¥ | 152 |  |  | ¥ | (3,706 | ) |  | ¥ | 314,152 |  |  | ¥ | 24,455 |  |  | ¥ | 326,700 |
* | As of September 30, 2023, net unrealized gains (losses) on investment in securities contained ¥(128) million (net of tax of ¥21 million ) of net unrealized gains (losses) on investment in securities related to available-for-sale debt securities with allowance for credit losses.
Amounts reclassified to net income from accumulated other comprehensive income (loss) in the six months ended September 30, 2022 and 2023 are as follows:
|  | Six months ended September 30, 2022
Details about accumulated other comprehensive income components |  | Reclassification adjustment included in net income |  |  |
| Millions of yen |  |  | Consolidated statements of income caption
Net unrealized gains (losses) on investment in securities |  |  |  |  |  |
Sales of debt securities |  | ¥ | 17 |  |  | Gains on investment securities and dividends
Sales of debt securities |  |  | 811 |  |  | Life insurance premiums and related investment income
Amortization of debt securities |  |  | 162 |  |  | Finance revenues
Amortization of debt securities |  |  | 174 |  |  | Life insurance premiums and related investment income
|  |  | 1,164 |  |  | Total before income tax
|  |  | (292 | ) |  | Income tax (expense) or benefit
|  | ¥ | 872 |  |  | Net of tax
Debt valuation adjustments |  |  |  |  |  |
Fulfillment of policy liabilities and amortization of policy account balances |  | ¥ | 8 |  |  | Life insurance costs
|  |  | 8 |  |  | Total before income tax
|  |  | (2 | ) |  | Income tax (expense) or benefit
|  | ¥ | 6 |  |  | Net of tax
Defined benefit pension plans |  |  |  |  |  |
Amortization of prior service credit |  | ¥ | 170 |  |  | See Note 16 “Pension Plans”
Amortization of net actuarial loss |  |  | (45 | ) |  | See Note 16 “Pension Plans”
Amortization of transition obligation |  |  | (1 | ) |  | See Note 16 “Pension Plans”
|  |  | 124 |  |  | Total before income tax
|  |  | (33 | ) |  | Income tax (expense) or benefit
|  | ¥ | 91 |  |  | Net of tax
Foreign currency translation adjustments |  |  |  |  |  |
Foreign exchange contracts |  | ¥ | (1,653 | ) |  | Gains on sales of subsidiaries and affiliates and liquidation losses, net/Interest expense/Other (income) and expense
Sales or liquidation |  |  | 1,539 |  |  | Gains on sales of subsidiaries and affiliates and liquidation losses, net
|  |  | (114 | ) |  | Total before income tax
|  |  | 12 |  |  | Income tax (expense) or benefit
|  | ¥ | (102 | ) |  | Net of tax
Net unrealized gains (losses) on derivative instruments |  |  |  |  |  |
Interest rate swap agreements |  | ¥ | (157 | ) |  | Interest expense
Foreign exchange contracts |  |  | (164 | ) |  | Interest expense/Other (income) and expense
Foreign currency swap agreements |  |  | (1,564 | ) |  | Interest expense/Other (income) and expense
|  |  | (1,885 | ) |  | Total before income tax
|  |  | 436 |  |  | Income tax (expense) or benefit
|  | ¥ | (1,449 | ) |  | Net of tax
|  | Six months ended September 30, 2023
Details about accumulated other comprehensive income components |  | Reclassification adjustment included in net income |  |  | Consolidated statements of income caption
| Millions of yen |
Net unrealized gains (losses) on investment in securities |  |  |  |  |  |
Sales of debt securities |  | ¥ | 131 |  |  | Gains on investment securities and dividends
Sales of debt securities |  |  | 2,305 |  |  | Life insurance premiums and related investment income
Amortization of debt securities |  |  | 313 |  |  | Finance revenues
Amortization of debt securities |  |  | 1,890 |  |  | Life insurance premiums and related investment income
|  |  | 4,639 |  |  | Total before income tax
|  |  | (1,211 | ) |  | Income tax (expense) or benefit
|  | ¥ | 3,428 |  |  | Net of tax
Debt valuation adjustments |  |  |  |  |  |
Fulfillment of policy liabilities and amortization of policy account balances |  | ¥ | 12 |  |  | Life insurance costs
|  |  | 12 |  |  | Total before income tax
|  |  | (3 | ) |  | Income tax (expense) or benefit
|  | ¥ | 9 |  |  | Net of tax
Defined benefit pension plans |  |  |  |  |  |
Amortization of prior service credit |  | ¥ | 225 |  |  | See Note 16 “Pension Plans”
Amortization of net actuarial loss |  |  | (32 | ) |  | See Note 16 “Pension Plans”
Amortization of transition obligation |  |  | (1 | ) |  | See Note 16 “Pension Plans”
|  |  | 192 |  |  | Total before income tax
|  |  | (52 | ) |  | Income tax (expense) or benefit
|  | ¥ | 140 |  |  | Net of tax
Foreign currency translation adjustments |  |  |  |  |  |
Foreign exchange contracts |  | ¥ | (7,636 | ) |  | Gains on sales of subsidiaries and affiliates and liquidation losses, net/Interest expense
Sales or liquidation |  |  | 125 |  |  | Gains on sales of subsidiaries and affiliates and liquidation losses, net
|  |  | (7,511 | ) |  | Total before income tax
|  |  | 2,328 |  |  | Income tax (expense) or benefit
|  | ¥ | (5,183 | ) |  | Net of tax
Net unrealized gains (losses) on derivative instruments |  |  |  |  |  |
Interest rate swap agreements |  | ¥ | (30 | ) |  | Interest expense
Foreign currency swap agreements |  |  | 5,534 |  |  | Interest expense/Other (income) and expense
|  |  | 5,504 |  |  | Total before income tax
|  |  | (1,289 | ) |  | Income tax (expense) or benefit
|  |  | ¥4,215 |  |  | Net of tax
Amounts reclassified to net income from accumulated other comprehensive income (loss) in the three months ended September 30, 2022 and 2023 are as follows:
|  | Three months ended September 30, 2022
Details about accumulated other comprehensive income components |  | Reclassification adjustment included in net income |  |  |
| Millions of yen |  |  | Consolidated statements of income caption
Net unrealized gains (losses) on investment in securities |  |  |  |  |  |
Sales of debt securities |  | ¥ | 1 |  |  | Gains on investment securities and dividends
Sales of debt securities |  |  | (143 | ) |  | Life insurance premiums and related investment income
Amortization of debt securities |  |  | 50 |  |  | Finance revenues
Amortization of debt securities |  |  | 200 |  |  | Life insurance premiums and related investment income
|  |  | 108 |  |  | Total before income tax
|  |  | (10 | ) |  | Income tax (expense) or benefit
|  | ¥ | 98 |  |  | Net of tax
Debt valuation adjustments |  |  |  |  |  |
Fulfillment of policy liabilities and amortization of policy account balances |  | ¥ | 5 |  |  | Life insurance costs
|  |  | 5 |  |  | Total before income tax
|  |  | (1 | ) |  | Income tax (expense) or benefit
|  | ¥ | 4 |  |  | Net of tax
Defined benefit pension plans |  |  |  |  |  |
Amortization of prior service credit |  | ¥ | 86 |  |  | See Note 16 “Pension Plans”
Amortization of net actuarial loss |  |  | (22 | ) |  | See Note 16 “Pension Plans”
Amortization of transition obligation |  |  | (1 | ) |  | See Note 16 “Pension Plans”
|  |  | 63 |  |  | Total before income tax
|  |  | (17 | ) |  | Income tax (expense) or benefit
|  | ¥ | 46 |  |  | Net of tax
Foreign currency translation adjustments |  |  |  |  |  |
Foreign exchange contracts |  | ¥ | (1,171 | ) |  | Gains on sales of subsidiaries and affiliates and liquidation losses, net/Interest expense
Sales or liquidation |  |  | 1,156 |  |  | Gains on sales of subsidiaries and affiliates and liquidation losses, net
|  |  | (15 | ) |  | Total before income tax
|  |  | 3 |  |  | Income tax (expense) or benefit
|  | ¥ | (12 | ) |  | Net of tax
Net unrealized gains (losses) on derivative instruments |  |  |  |  |  |
Interest rate swap agreements |  | ¥ | 63 |  |  | Interest expense
Foreign exchange contracts |  |  | (84 | ) |  | Interest expense/Other (income) and expense
Foreign currency swap agreements |  |  | 1,583 |  |  | Interest expense/Other (income) and expense
|  |  | 1,562 |  |  | Total before income tax
|  |  | (399 | ) |  | Income tax (expense) or benefit
|  | ¥ | 1,163 |  |  | Net of tax
|  | Three months ended September 30, 2023
Details about accumulated other comprehensive income components |  | Reclassification adjustment included in net income |  |  |
| Millions of yen |  |  | Consolidated statements of income caption
Net unrealized gains (losses) on investment in securities |  |  |  |  |  |
Sales of debt securities |  | ¥ | 42 |  |  | Gains on investment securities and dividends
Sales of debt securities |  |  | 269 |  |  | Life insurance premiums and related investment income
Amortization of debt securities |  |  | 110 |  |  | Finance revenues
Amortization of debt securities |  |  | 1,029 |  |  | Life insurance premiums and related investment income
|  |  | 1,450 |  |  | Total before income tax
|  |  | (353 | ) |  | Income tax (expense) or benefit
|  | ¥ | 1,097 |  |  | Net of tax
Debt valuation adjustments |  |  |  |  |  |
Fulfillment of policy liabilities and amortization of policy account balances |  | ¥ | 4 |  |  | Life insurance costs
|  |  | 4 |  |  | Total before income tax
|  |  | 0 |  |  | Income tax (expense) or benefit
|  | ¥ | 4 |  |  | Net of tax
Defined benefit pension plans |  |  |  |  |  |
Amortization of prior service credit |  | ¥ | 111 |  |  | See Note 16 “Pension Plans”
Amortization of net actuarial loss |  |  | (20 | ) |  | See Note 16 “Pension Plans”
Amortization of transition obligation |  |  | (1 | ) |  | See Note 16 “Pension Plans”
|  |  | 90 |  |  | Total before income tax
|  |  | (25 | ) |  | Income tax (expense) or benefit
|  | ¥ | 65 |  |  | Net of tax
Foreign currency translation adjustments |  |  |  |  |  |
Foreign exchange contracts |  | ¥ | (3,316 | ) |  | Interest expense
Sales or liquidation |  | ¥ | 45 |  |  | Gains on sales of subsidiaries and affiliates and liquidation losses, net
|  |  | (3,271 | ) |  | Total before income tax
|  |  | 1,014 |  |  | Income tax (expense) or benefit
|  | ¥ | (2,257 | ) |  | Net of tax
Net unrealized gains (losses) on derivative instruments |  |  |  |  |  |
Interest rate swap agreements |  | ¥ | 7 |  |  | Interest expense
Foreign currency swap agreements |  |  | (787 | ) |  | Interest expense/Other (income) and expense
|  |  | (780 | ) |  | Total before income tax
|  |  | 169 |  |  | Income tax (expense) or benefit
|  | ¥ | (611 | ) |  | Net of tax

X
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