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Short-Term and Long-Term Debt
 12 Months Ended
Mar. 31, 2024
Debt Disclosure [Abstract]  
Short-Term and Long-Term Debt
14. Short-Term and Long-Term Debt
Short-term debt consists of borrowings from financial institutions, commercial paper and others.
The composition of short-term debt and the weighted average contract interest rate on short-term debt at March 31, 2023 and 2024 are as follows:
March 31, 2023
 
    
Millions of yen
     
Weighted

average rate
  
Short-term debt in Japan, mainly from banks
    ¥ 145,768        1.8 % 
Short-term debt outside Japan, mainly from banks
      318,519        4.5  
Commercial paper in Japan
      42,997        0.1  
Commercial paper outside Japan
      1,512        4.1  
  
 
 
     
   ¥ 508,796        3.4  
  
 
 
     
March 31, 2024
 
    
Millions of yen
     
Weighted

average rate
  
Short-term debt in Japan, mainly from banks
    ¥ 139,450        0.7 % 
Short-term debt outside Japan, mainly from banks
      297,372        5.0  
Commercial paper in Japan
      7,998        0.1  
Commercial paper outside Japan
      5,851        2.7  
Secured borrowings on securities lending transactions
      120,116        1.1  
Unsecured bonds
      1,122        4.7  
Payables under securitized loan receivables and investment in securities
      2,186        4.0  
  
 
 
     
     ¥574,095        3.1  
  
 
 
     
The composition of long-term debt, the weighted average contract interest rate on long-term debt and the repayment due dates at March 31, 2023 and 2024 are as follows:
March 31, 2023
 
    
Due

 (Fiscal Year) 
     
 Millions of yen 
     
Weighted

 average rate 
  
Banks:
                   
Fixed rate
      2025~2083      ¥ 666,764        1.6 % 
Floating rate
      2024~2077        2,448,488        2.8  
Insurance companies and others:
         
Fixed rate
      2025~2083        323,653        0.8  
Floating rate
      2026~2077        295,625        2.0  
Unsecured bonds
      2024~2081        1,175,087        2.0  
Unsecured notes under medium-term note program
      2025~2029        149,535        3.7  
Payables under securitized loan receivables and investment in securities
      2024~2051        150,571        5.5  
     
 
 
     
      ¥ 5,209,723        2.4  
     
 
 
     
 
 
March 31, 2024
 
    
Due

 (Fiscal Year) 
     
 Millions of yen 
     
Weighted

 average rate 
  
Banks:
                   
Fixed rate
      2025~2083      ¥ 777,366        1.6 % 
Floating rate
      2025~2077        2,587,324        3.4  
Insurance companies and others:
         
Fixed rate
      2029~2083        352,035        0.6  
Floating rate
      2029~2077        271,029        2.4  
Unsecured bonds
      2026~2081        1,208,672        2.0  
Unsecured notes under medium-term note program
      2028~2030        272,064        3.8  
Payables under securitized loan receivables and investment in securities
      2025~2044        157,886        6.0  
     
 
 
     
      ¥ 5,626,376        2.7  
     
 
 
     
The repayment schedule for the next five years and thereafter for long-term debt at March 31, 2024 is as follows:
 
Years ending March 31,
   
Millions of yen
  
2025
    ¥ 880,885  
2026
      728,921  
2027
      765,745  
2028
      775,531  
2029
      750,758  
Thereafter
      1,724,536  
  
 
 
  
Total
    ¥ 5,626,376  
  
 
 
  
Borrowings with fixed rate from banks, insurance companies and others include the amount of ¥44,000 million of subordinated syndicated loan (hybrid loan). Out of this amount, ¥10,000 million was executed in fiscal 202
2
, and will mature in fiscal 2082 and may be redeemed after 5 years from the execution. ¥34,000 million was executed in fiscal 202
3
, and will mature in fiscal 2083 and may be redeemed after 5 years from the execution.
Unsecured bonds include the amount of ¥150,000 million of unsecured subordinated bonds with interest payment deferrable clauses and optional early redemption conditions (hybrid bonds). Out of this amount, ¥100,000 million was executed in fiscal 2020, and will mature in fiscal 2080, of which ¥60,000 million and ¥40,000 million may be redeemed after 5 years, and 10 years from the execution, respectively. ¥50,000 million was executed in fiscal 2021, and will mature in fiscal 2081, of which ¥29,000 million and ¥21,000 million may be redeemed after 5 years, and 10 years from the execution, respectively.
For borrowings from banks, insurance companies and other financial institutions, for bonds, and for medium-term notes, principal repayments are
usually
made upon maturity of the loan contracts and interest payments are usually paid semi-annually.
 
 
During fiscal 2022, 2023 and 2024, the Company and certain subsidiaries recognized net amortization expenses of premiums and discounts of bonds and medium-term notes, and deferred issuance costs of bonds and medium-term notes in the amount of ¥1,013 million, ¥1,093 million and ¥1,247 million, respectively.
Total committed credit lines for the Company and its subsidiaries were ¥698,560 million and ¥758,667 million at March 31, 2023 and 2024, respectively, and, of these lines, ¥518,585 million and ¥559,322 million were available at March 31, 2023 and 2024, respectively. Of the available committed credit lines, ¥479,039 million and ¥495,474 million were long-term committed credit lines at March 31, 2023 and 2024, respectively.
The agreements related to debt payable to banks provide that the banks under certain circumstances may request additional security for loans and have the right to offset cash deposited against any short-term or long-term debt that becomes due and, in case of default and certain other specified events, against all other debt payable to the banks.
Other than the assets of the consolidated VIEs pledged as collateral for financing (see Note 11 “Variable Interest Entities”), the Company and certain subsidiaries provide the following assets as collateral for the short-term and long-term debt payables to financial institutions as of March 31, 2024:
 
    
Millions of yen
  
Lease payments, loans and investment in operating leases
    ¥ 310,217  
Investment in securities
      324,760  
Property under facility operations
      231,425  
Other assets and other
      69,740  
  
 
 
  
   ¥ 936,142  
  
 
 
  
As of March 31, 2024, debt liabilities were secured by shares of subsidiaries of ¥367,973 million, which were eliminated through consolidation adjustment, and debt liabilities of equity method investees were secured by equity method investments of ¥34,204 million. As of March 31, 2024, debt liabilities were secured by loans to subsidiaries, which were eliminated through consolidation adjustment, of ¥9,299 million. In addition, ¥179,683 million was pledged primarily by investment in securities for collateral deposits and deposits for real estate transaction as of March 31, 2024.
Under loan agreements relating to short-term and long-term debt from commercial banks and certain insurance companies, the Company and certain subsidiaries are required to provide collateral against these debts at any time if requested by the lenders. The Company and the subsidiaries did not receive any such requests from the lenders as of March 31, 2024.