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Investment in Securities (Tables)

6 Months Ended

Sep. 30, 2023

Investments Schedule [Abstract]

Summary of Investment in Securities

Investment in securities as of March 31, 2023 and September 30, 2023 consists of the following:

		Millions of yen
		March 31, 2023				September 30, 2023
Equity securities *		¥	589,312			¥	751,872
Trading debt securities			2,179				2,259
Available-for-sale debt securities			2,234,608				2,318,317
Held-to-maturity debt securities			114,759				115,515
Total		¥	2,940,858			¥	3,187,963

* The amount of assets under management of variable annuity and variable life insurance contracts included in equity securities were ¥151,445 million and ¥151,281 million as of March 31, 2023 and September 30, 2023, respectively. The amount of investment funds that are accounted for under the equity method included in equity securities were ¥90,993 million and ¥196,899 million as of March 31, 2023 and September 30, 2023, respectively. The amount of investment funds elected the fair value option included in equity securities were ¥16,032 million and ¥19,401 million as of March 31, 2023 and September 30, 2023, respectively.

Summary of Impairment and Downward or Upward Adjustment Due to Changes of Observable Price

The following tables provide information about impairment and upward or downward adjustments resulting from observable price changes as of March 31, 2023 and September 30, 2023, and for the six and three months ended September 30, 2022 and 2023.

		Millions of yen
		March 31, 2023												Six months ended September 30, 2022								Three months ended September 30, 2022
		Carrying value				Accumulated impairments and downward adjustments				Accumulated upward adjustments				Impairments and downward adjustments				Upward adjustments				Impairments and downward adjustments				Upward adjustments
Equity securities measured using the measurement alternative		¥	67,820			¥	(14,062	)		¥	1,742			¥	(368	)		¥	896			¥	(278	)		¥	27
		Millions of yen
		September 30, 2023												Six months ended September 30, 2023								Three months ended September 30, 2023
		Carrying value				Accumulated impairments and downward adjustments				Accumulated upward adjustments				Impairments and downward adjustments				Upward adjustments				Impairments and downward adjustments				Upward adjustments
Equity securities measured using the measurement alternative		¥	76,756			¥	(14,126	)		¥	1,947			¥	(90	)		¥	956			¥	(3	)		¥	832

Amortized Cost Basis Amounts, Gross Unrealized Holding Gains, Gross Unrealized Holding Losses and Fair Values of Available-for-Sale Securities and Held-to-Maturity Securities in Each Major Security Type

The amortized cost basis amounts, gross unrealized holding gains, gross unrealized holding losses and fair values of available-for-sale debt securities and held-to-maturity debt securities in each major security type as of March 31, 2023 and September 30, 2023 are as follows:

March 31, 2023

		Millions of yen
		Amortized cost				Allowance for credit losses				Gross unrealized gains				Gross unrealized losses				Fair value
Available-for-sale debt securities:
Japanese and foreign government bond securities		¥	962,969			¥	0			¥	2,863			¥	(164,537	)		¥	801,295
Japanese prefectural and foreign municipal bond securities			389,150				(144	)			1,146				(20,906	)			369,246
Corporate debt securities			851,525				0				6,270				(73,407	)			784,388
CMBS and RMBS in the Americas			45,292				0				62				(2,181	)			43,173
Other asset-backed securities and debt securities			239,922				0				5,735				(9,151	)			236,506
			2,488,858				(144	)			16,076				(270,182	)			2,234,608
Held-to-maturity debt securities:
Japanese government bond securities and other			114,759				0				14,919				0				129,678
		¥	2,603,617			¥	(144	)		¥	30,995			¥	(270,182	)		¥	2,364,286
September 30, 2023
		Millions of yen
		Amortized cost				Allowance for credit losses				Gross unrealized gains				Gross unrealized losses				Fair value
Available-for-sale debt securities:
Japanese and foreign government bond securities		¥	1,073,621			¥	0			¥	962			¥	(262,776	)		¥	811,807
Japanese prefectural and foreign municipal bond securities			404,890				(246	)			390				(35,223	)			369,811
Corporate debt securities			892,807				0				8,971				(98,969	)			802,809
CMBS and RMBS in the Americas			70,307				0				198				(2,312	)			68,193
Other asset-backed securities and debt securities			267,633				(222	)			5,456				(7,170	)			265,697
			2,709,258				(468	)			15,977				(406,450	)			2,318,317
Held-to-maturity debt securities:
Japanese government bond securities and other			115,515				0				10,098				(1,493	)			124,120
		¥	2,824,773			¥	(468	)		¥	26,075			¥	(407,943	)		¥	2,442,437

Summary of rollforwards of allowance for credit losses

The following table presents rollforwards of the allowance for credit losses for the six months ended September 30, 2022 and 2023, respectively:

		Millions of yen
		Six months ended September 30, 2022
		Foreign municipal bond securities				Japanese other asset-  backed securities and  debt securities				Total
Beginning		¥	132			¥	21			¥	153
Additional increases (decreases) to the allowance for credit losses on AFS debt securities that had an allowance recorded in a previous period, net			0				(5	)			(5	)
Increase (Decrease) from the effects of changes in foreign exchange rates			24				0				24
Ending		¥	156			¥	16			¥	172
		Millions of yen
		Six months ended September 30, 2023
		Foreign municipal bond securities				Foreign other asset- backed securities and debt securities				Total
Beginning		¥	144			¥	0			¥	144
Additions to the allowance for credit losses on available-for-sale debt securities for which credit losses were not previously recorded			80				212				292
Increase (Decrease) from the effects of changes in foreign exchange rates			22				10				32
Ending		¥	246			¥	222			¥	468

The following table presents rollforwards of the allowance for credit losses for the three months ended September 30, 2022 and 2023, respectively:

		Millions of yen
		Three months ended September 30, 2022
		Foreign municipal bond securities				Japanese other asset-   backed securities and   debt securities				Total
Beginning		¥	147			¥	16			¥	163
Increase (Decrease) from the effects of changes in foreign exchange rates			9				0				9
Ending		¥	156			¥	16			¥	172

		Millions of yen
		Three months ended September 30, 2023
		Foreign municipal bond securities				Foreign other asset-   backed securities and   debt securities				Total
Beginning		¥	238			¥	216			¥	454
Increase (Decrease) from the effects of changes in foreign exchange rates			8				6				14
Ending		¥	246			¥	222			¥	468

Information about Available-for-Sale Securities with Gross Unrealized Losses and Length of Time Individual Securities Have Been in Continuous Unrealized Loss Position

The following tables provide information about available-for-sale debt securities with gross unrealized losses (including allowance for credit losses) and the length of time that individual securities have been in a continuous unrealized loss position as of March 31, 2023 and September 30, 2023, respectively:

March 31, 2023

		Millions of yen
		Less than 12 months								12 months or more								Total
		Fair value				Gross unrealized losses				Fair value				Gross unrealized losses				Fair value				Gross unrealized losses
Available-for-sale debt securities:
Japanese and foreign government bond securities		¥	2,588			¥	(207	)		¥	662,897			¥	(164,330	)		¥	665,485			¥	(164,537	)
Japanese prefectural and foreign municipal bond securities			97,721				(1,508	)			194,280				(19,542	)			292,001				(21,050	)
Corporate debt securities			191,669				(6,570	)			401,994				(66,837	)			593,663				(73,407	)
CMBS and RMBS in the Americas			16,691				(672	)			23,653				(1,509	)			40,344				(2,181	)
Other asset-backed securities and debt securities			63,958				(2,300	)			88,503				(6,851	)			152,461				(9,151	)
		¥	372,627			¥	(11,257	)		¥	1,371,327			¥	(259,069	)		¥	1,743,954			¥	(270,326	)
September 30, 2023
		Millions of yen
		Less than 12 months								12 months or more								Total
		Fair value				Gross unrealized losses				Fair value				Gross unrealized losses				Fair value				Gross unrealized losses
Available-for-sale debt securities:
Japanese and foreign government bond securities		¥	149,069			¥	(13,479	)		¥	628,120			¥	(249,297	)		¥	777,189			¥	(262,776	)
Japanese prefectural and foreign municipal bond securities			107,381				(3,827	)			231,641				(31,642	)			339,022				(35,469	)
Corporate debt securities			158,052				(3,540	)			475,625				(95,429	)			633,677				(98,969	)
CMBS and RMBS in the Americas			7,409				(34	)			35,761				(2,278	)			43,170				(2,312	)
Other asset-backed securities and debt securities			2,856				(231	)			145,796				(7,107	)			148,652				(7,338	)
		¥	424,767			¥	(21,111	)		¥	1,516,943			¥	(385,753	)		¥	1,941,710			¥	(406,864	)

The following table provides information about available-for-sale debt securities with gross unrealized losses for which allowance for credit losses were not recorded and the length of time that individual securities have been in a continuous unrealized loss position as of March 31, 2023 and September 30, 2023, respectively:

March 31, 2023

		Millions of yen
		Less than 12 months								12 months or more								Total
		Fair value				Gross unrealized losses				Fair value				Gross unrealized losses				Fair value				Gross unrealized losses
Available-for-sale debt securities:
Japanese and foreign government bond securities		¥	2,588			¥	(207	)		¥	662,897			¥	(164,330	)		¥	665,485			¥	(164,537	)
Japanese prefectural and foreign municipal bond securities			97,721				(1,508	)			190,805				(19,398	)			288,526				(20,906	)
Corporate debt securities			191,669				(6,570	)			401,994				(66,837	)			593,663				(73,407	)
CMBS and RMBS in the Americas			16,691				(672	)			23,653				(1,509	)			40,344				(2,181	)
Other asset-backed securities and debt securities			63,958				(2,300	)			88,503				(6,851	)			152,461				(9,151	)
		¥	372,627			¥	(11,257	)		¥	1,367,852			¥	(258,925	)		¥	1,740,479			¥	(270,182	)
September 30, 2023
		Millions of yen
		Less than 12 months								12 months or more								Total
		Fair value				Gross unrealized losses				Fair value				Gross unrealized losses				Fair value				Gross unrealized losses
Available-for-sale debt securities:
Japanese and foreign government bond securities		¥	149,069			¥	(13,479	)		¥	628,120			¥	(249,297	)		¥	777,189			¥	(262,776	)
Japanese prefectural and foreign municipal bond securities			106,003				(3,743	)			227,748				(31,480	)			333,751				(35,223	)
Corporate debt securities			158,052				(3,540	)			475,625				(95,429	)			633,677				(98,969	)
CMBS and RMBS in the Americas			7,409				(34	)			35,761				(2,278	)			43,170				(2,312	)
Other asset-backed securities and debt securities			2,856				(231	)			145,267				(6,939	)			148,123				(7,170	)
		¥	423,389			¥	(21,027	)		¥	1,512,521			¥	(385,423	)		¥	1,935,910			¥	(406,450	)

X

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Allowance For Credit Losses On Accounts And Financing Receivable.

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Amortized Cost Gross Unrealized Gains and Losses and Fair Value of Investments Table

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- Definition

Carrying value, impairment and downward or upward adjustment due to changes of observable price on equity securities measured using the measurement alternative.

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Tabular disclosure of marketable securities. This may consist of investments in certain debt and equity securities, short-term investments and other assets.

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For all investments in an unrealized loss position, including those for which other-than-temporary impairments have not been recognized in earnings (including investments for which a portion of an other-than-temporary impairment has been recognized in other comprehensive income), a tabular disclosure of the aggregate related fair value of investments with unrealized losses and the aggregate amount of unrealized losses (that is, the amount by which amortized cost basis exceeds fair value).

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/otherTransitionRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481800/320-10-50-6

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