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Income Taxes (Tables) | 12 Months Ended
--- | ---
Mar. 31, 2024
Income Tax Disclosure [Abstract] |
Income before Income Taxes and Provision for Income Taxes | Income before income taxes and the provision for income taxes in fiscal 2022, 2023 and 2024 are as follows:
|  | Millions of yen |
|  | 2022 |  |  | 2023 |  |  | 2024 |
Income before income taxes: |  |  |  |  |  |  |  |  |  |  |  |
Japan |  | ¥ | 315,922 |  |  | ¥ | 201,168 |  |  | ¥ | 298,321 |
Overseas |  |  | 193,525 |  |  |  | 191,010 |  |  |  | 171,654 |
|  | ¥ | 509,447 |  |  | ¥ | 392,178 |  |  | ¥ | 469,975 |
Provision for income taxes: |  |  |  |  |  |  |  |  |  |  |  |
Current— |  |  |  |  |  |  |  |  |  |  |  |
Japan |  | ¥ | 136,623 |  |  | ¥ | 30,808 |  |  | ¥ | 80,274 |
Overseas |  |  | 38,433 |  |  |  | 27,490 |  |  |  | 31,114 |
|  |  | 175,056 |  |  |  | 58,298 |  |  |  | 111,388 |
Deferred— |  |  |  |  |  |  |  |  |  |  |  |
Japan |  |  | (1,301 | ) |  |  | 22,047 |  |  |  | 9,049 |
Overseas |  |  | 12,839 |  |  |  | 14,900 |  |  |  | 10,951 |
|  |  | 11,538 |  |  |  | 36,947 |  |  |  | 20,000 |
Provision for income taxes |  | ¥ | 186,594 |  |  | ¥ | 95,245 |  |  | ¥ | 131,388 |
Reconciliations of Differences between Tax Provision Computed and Consolidated Provisions for Income Taxes | Reconciliations of the differences between the tax provision computed at the statutory income tax rate of 31.5%, the aggregate statutory income tax rate of the Company’s tax domicile, and the consolidated provision for income taxes in fiscal 2022, 2023 and 2024 are as follows:
|  | Millions of yen |
|  | 2022 |  |  | 2023 |  |  | 2024 |
Income before income taxes |  | ¥ | 509,447 |  |  | ¥ | 392,178 |  |  | ¥ | 469,975 |
Tax provision computed at the statutory rate |  | ¥ | 160,476 |  |  | ¥ | 123,536 |  |  | ¥ | 148,042 |
Increases (reductions) in taxes due to: |  |  |  |  |  |  |  |  |  |  |  |
Change in valuation allowance |  |  | 11,464 |  |  |  | 2,533 |  |  |  | 5,441 |
Nondeductible expenses |  |  | 4,066 |  |  |  | 4,794 |  |  |  | 4,762 |
Nontaxable income |  |  | (2,611 | ) |  |  | (3,347 | ) |  |  | (3,574 | )
Effect of lower tax rates on certain subsidiaries |  |  | (18,694 | ) |  |  | (19,764 | ) |  |  | (17,627 | )
Effect of investor taxes on earnings of subsidiaries |  |  | 8,155 |  |  |  | 4,789 |  |  |  | 7,674 |
Effect of sale or liquidation of subsidiaries |  |  | 25,642 |  |  |  | (16,754 | ) |  |  | (14,995 | )
Other, net |  |  | (1,904 | ) |  |  | (542 | ) |  |  | 1,665 |
Provision for income taxes |  | ¥ | 186,594 |  |  | ¥ | 95,245 |  |  | ¥ | 131,388 |
Total Income Tax Expense Recognized | Total income tax expense recognized in fiscal 2022, 2023 and 2024 was allocated as follows:
|  | Millions of yen |
|  | 2022 |  |  | 2023 |  |  | 2024 |
Provision for income taxes |  | ¥ | 186,594 |  |  | ¥ | 95,245 |  |  | ¥ | 131,388 |
Income tax expense (benefit) allocated to other comprehensive income (loss): |  |  |  |  |  |  |  |  |  |  |  |
Net change of unrealized gains (losses) on investment in securities |  |  | (21,897 | ) |  |  | (41,961 | ) |  |  | (27,157 | )
Net change of impact of changes in policy liability discount rate |  |  | 23,126 |  |  |  | 43,576 |  |  |  | 32,471 |
Net change of debt valuation adjustments |  |  | (131 | ) |  |  | 20 |  |  |  | (74 | )
Net change of defined benefit pension plans |  |  | 4,889 |  |  |  | 1,630 |  |  |  | 5,554 |
Net change of foreign currency translation adjustments |  |  | (17,347 | ) |  |  | (17,325 | ) |  |  | (30,992 | )
Net change of unrealized gains (losses) on derivative instruments |  |  | 4,734 |  |  |  | 3,514 |  |  |  | (1,523 | )
Adjustments to retained earnings for changes in accounting principles* |  |  | (4,511 | ) |  |  | 0 |  |  |  | 0 |
Other direct adjustments to shareholders’ equity |  |  | 214 |  |  |  | 36 |  |  |  | 32 |
Total income tax expense |  | ¥ | 175,671 |  |  | ¥ | 84,735 |  |  | ¥ | 109,699 |
* | The amount for fiscal 2022 reflects the tax effect of the adoption of Accounting Standards Update 2019-12 (“Simplifying the Accounting for Income Taxes”—ASC 740 (“Income Taxes”)), and Accounting Standards Update 2018-12 (“Targeted Improvements to the Accounting for Long-Duration Contracts”—ASC 944 (“Financial Services—Insurance”).
Deferred Tax Assets and Liabilities | The tax effects of temporary differences and carryforwards giving rise to the deferred tax assets and liabilities as of March 31, 2023 and 2024 are as follows:
|  | Millions of yen |
|  | 2023 |  |  | 2024 |
Assets: |  |  |  |  |  |  |  |
Net operating loss carryforwards |  | ¥ | 59,516 |  |  | ¥ | 62,493 |
Allowance for credit losses |  |  | 16,382 |  |  |  | 8,650 |
Investment in securities |  |  | 10,515 |  |  |  | 14,382 |
Accrued expenses |  |  | 25,735 |  |  |  | 26,401 |
Investment in operating leases |  |  | 14,999 |  |  |  | 12,728 |
Property under facility operations |  |  | 24,615 |  |  |  | 24,996 |
Installment loans |  |  | 5,445 |  |  |  | 5,459 |
Unrealized losses on investment in securities |  |  | 71,277 |  |  |  | 98,025 |
Lease liabilities |  |  | 79,636 |  |  |  | 69,697 |
Other * |  |  | 103,210 |  |  |  | 156,516 |
|  |  | 411,330 |  |  |  | 479,347 |
Less: valuation allowance |  |  | (37,287 | ) |  |  | (39,046 | )
|  |  | 374,043 |  |  |  | 440,301 |
Liabilities: |  |  |  |  |  |  |  |
Net investment in l eases |  |  | 10,599 |  |  |  | 10,867 |
Investment in operating leases |  |  | 137,618 |  |  |  | 175,727 |
Unrealized gains on investment in securities |  |  | 4,779 |  |  |  | 9,139 |
Deferred insurance policy acquisition costs |  |  | 80,706 |  |  |  | 85,830 |
Policy liabilities and policy account balances |  |  | 150,137 |  |  |  | 194,713 |
Property under facility operations |  |  | 22,022 |  |  |  | 22,615 |
Other intangible assets |  |  | 141,864 |  |  |  | 152,125 |
Undistributed earnings |  |  | 74,935 |  |  |  | 95,720 |
Prepaid benefit cost |  |  | 17,290 |  |  |  | 23,473 |
Advances paid |  |  | 8,346 |  |  |  | 8,102 |
Right-of-use assets |  |  | 78,631 |  |  |  | 68,715 |
Other |  |  | 27,887 |  |  |  | 31,946 |
|  |  | 754,814 |  |  |  | 878,972 |
Net deferred tax liability |  | ¥ | 380,771 |  |  | ¥ | 438,671 |
* | As of March 31, 2023 and 2024, other deferred tax assets i ncludes amounts related to net investment hedges of ¥52,262 million and ¥95,551 million.
Net Deferred Tax Assets and Liabilities | Net deferred tax assets and liabilities at March 31, 2023 and 2024 are reflected in the accompanying consolidated balance sheets under the following captions:
|  | Millions of yen |
|  | 2023 |  |  | 2024 |
Other assets |  | ¥ | 48,292 |  |  | ¥ | 66,519 |
Income taxes: Deferred |  |  | 429,063 |  |  |  | 505,190 |
Net deferred tax liability |  | ¥ | 380,771 |  |  | ¥ | 438,671 |
Net Operating Loss Carryforwards Expire Date | The Company and certain subsidiaries have net operating loss carryforwards of ¥440,411 million at March 31, 2024, which expire as follows:
Years ending March 31, |  | Millions of yen |
202 5 |  | ¥ | 17,610 |
202 6 |  |  | 23,722 |
202 7 |  |  | 10,222 |
202 8 |  |  | 4,238 |
202 9 |  |  | 31,118 |
Thereafter |  |  | 280,775 |
Indefinite period |  |  | 72,726 |
Total |  | ¥ | 440,411 |

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