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Pension Plans (Tables)

12 Months Ended

Mar. 31, 2024

Funded Status of Defined Benefit Pension Plans

The funded status of the defined benefit pension plans, which consists of Japanese plans and overseas plans, as of March 31, 2023 and 2024 are as follows:

		Millions of yen
		Japanese plans								Overseas plans
		2023				2024				2023				2024
Change in benefit obligation:
Benefit obligation at beginning of year		¥	111,010			¥	109,759			¥	121,148			¥	108,416
Service cost			5,704				5,542				3,432				2,999
Interest cost			731				1,216				2,309				3,395
Actuarial loss (income)			(6,538	)			(3,586	)			(25,124	)			3,448
Plan participant’s contributions			0				0				334				233
Benefits paid			(4,770	)			(5,014	)			(1,131	)			(2,499	)
Business combinations			4,733				0				196				0
Divestitures			0				(2,808	)			0				0
Plan amendments			(1,111	)			0				(285	)			360
Foreign currency exchange rate change			0				0				7,537				13,582
Benefit obligation at end of year			109,759				105,109				108,416				129,934
Change in plan assets:
Fair value of plan assets at beginning of year			137,317				136,803				127,251				122,204
Actual return on plan assets			(3,108	)			12,103				(15,709	)			15,799
Employer contribution			4,162				4,195				2,927				2,262
Plan participant’s contributions			0				0				334				233
Benefits paid			(3,913	)			(4,392	)			(962	)			(2,314	)
Business combinations			2,456				0				175				0
Divestitures			0				(5,608	)			0				0
Plan amendments			(111	)			0				0				0
Foreign currency exchange rate change			0				0				8,188				15,619
Fair value of plan assets at end of year			136,803				143,101				122,204				153,803
The funded status of the plans		¥	27,044			¥	37,992			¥	13,788			¥	23,869
Amount recognized in the consolidated balance sheets consists of:
Prepaid benefit cost included in other assets		¥	42,337			¥	53,641			¥	15,465			¥	25,723
Accrued benefit liability included in other liabilities			(15,293	)			(15,649	)			(1,677	)			(1,854	)
Net amount recognized		¥	27,044			¥	37,992			¥	13,788			¥	23,869

Defined Benefit Plan Amount Recognized in Accumulated Other Comprehensive Income (Loss), Pre-tax

Amount recognized in accumulated other comprehensive income (loss), pre-tax, at March 31, 2023 and 2024 consisted of:

		Millions of yen
		Japanese plans								Overseas plans
		2023				2024				2023				2024
Net prior service credit		¥	1,100			¥	1,016			¥	433			¥	(28	)
Net actuarial gain (loss)			(12,183	)			866				3,394				9,735
Net transition obligation			0				0				5				7
Total recognized in accumulated other comprehensive income loss, pre-tax		¥	(11,083	)		¥	1,882			¥	3,832			¥	9,714

Summary Of Accumulated Benefit Obligations And Fair Value Of Plan Assets For Pension Plans

The accumulated benefit obligations and fair value of plan assets for pension plans with accumulated benefit obligations in excess of plan assets at March 31, 2023 and 2024 are as follows:

		Millions of yen
		Japanese plans								Overseas plans
		2023				2024				2023				2024
Accumulated benefit obligations		¥	17,335			¥	17,886			¥	7,256			¥	7,952
Fair value of plan assets			2,563				2,854				5,630				6,151

Summary Of Projected Benefit Obligations And Fair Value Of Plan Assets For Pension Plans With Projected Defined Benefit Obligation In Excess Of Plan Assets

The projected benefit obligations and fair value of plan assets for pension plans with projected benefit obligations in excess of plan assets at March 31, 2023 and 2024 are as follows:

		Millions of yen
		Japanese plans								Overseas plans
		2023				2024				2023				2024
Projected benefit obligations		¥	17,856			¥	18,503			¥	7,307			¥	8,004
Fair value of plan assets			2,563				2,854				5,630				6,151

Net Pension Cost of Defined Benefit Plans

Net pension cost of the plans for fiscal 2022, 2023 and 2024 consists of the following:

		Millions of yen
		2022				2023				2024
Japanese plans:
Service cost		¥	6,058			¥	5,704			¥	5,542
Interest cost			791				731				1,216
Expected return on plan assets			(2,663	)			(2,739	)			(2,702	)
Amortization of prior service credit			(66	)			(47	)			(84	)
Amortization of net actuarial loss			412				79				59
Plan amendments			0				(44	)			0
Net periodic pension cost		¥	4,532			¥	3,684			¥	4,031
Overseas plans:
Service cost		¥	3,947			¥	3,432			¥	2,999
Interest cost			1,329				2,309				3,395
Expected return on plan assets			(4,192	)			(4,982	)			(6,362	)
Amortization of prior service credit			(320	)			(329	)			(354	)
Amortization of net actuarial loss			500				9				11
Amortization of transition obligation			1				1				1
Net periodic pension cost		¥	1,265			¥	440			¥	(310	)

Note: Net periodic pension cost is charged in personnel expenses, which is included in selling, general and administrative expenses in the consolidated statements of income.

Other Changes in Plan Assets and Benefit Obligations Recognized in Other Comprehensive Income (Loss)

Other changes in plan assets and benefit obligations recognized in other comprehensive income (loss) for fiscal 2022, 2023 and 2024 are summarized as follows:

		Millions of yen
		2022				2023				2024
Japanese plans:
Current year actuarial gain (loss)		¥	3,795			¥	650			¥	12,990
Amortization of net actuarial loss			412				79				59
Prior service credit due to amendments			367				881				0
Amortization of prior service credit			(66	)			(47	)			(84	)
Total recognized in other comprehensive income, pre-tax		¥	4,508			¥	1,563			¥	12,965
Overseas plans:
Current year actuarial gain (loss)		¥	13,672			¥	4,810			¥	5,728
Amortization of net actuarial loss			500				9				11
Prior service credit due to amendments			(255	)			(36	)			(145	)
Amortization of prior service credit			(320	)			(329	)			(354	)
Amortization of transition obligation			1				1				1
Foreign currency exchange rate change			(215	)			60				641
Total recognized in other comprehensive income (loss), pre-tax		¥	13,383			¥	4,515			¥	5,882

Significant Assumptions of Japan and Overseas Pension Plans Used to Determine Plan Amounts

Significant assumptions of Japanese pension plans and overseas pension plans used to determine these amounts are as follows:

Japanese plans		2022				2023				2024
Weighted-average assumptions used to determine benefit obligations at March 31:
Discount rate			0.6	%			1.1	%			1.4	%
Rate of increase in compensation levels			4.0	%			4.3	%			4.3	%
Interest crediting rate for cash balance plans			1.5	%			1.5	%			1.5	%
Weighted-average assumptions used to determine net periodic pension cost for years ended March 31:
Discount rate			0.7	%			0.6	%			1.1	%
Rate of increase in compensation levels			4.0	%			4.0	%			4.3	%
Expected long-term rate of return on plan assets			2.0	%			2.0	%			2.0	%
Interest crediting rate for cash balance plans			1.5	%			1.5	%			1.5	%
Overseas plans		2022				2023				2024
Weighted-average assumptions used to determine benefit obligations at March 31:
Discount rate			1.7	%			3.3	%			3.3	%
Rate of increase in compensation levels			2.2	%			2.3	%			2.3	%
Interest crediting rate for cash balance plans			—				—				—
Weighted-average assumptions used to determine net periodic pension cost for years ended March 31:
Discount rate			1.0	%			1.7	%			3.3	%
Rate of increase in compensation levels			2.2	%			2.2	%			2.3	%
Expected long-term rate of return on plan assets			3.5	%			4.9	%			4.6	%
Interest crediting rate for cash balance plans			—				—				—

Benefits Expected to be Paid

At March 31, 2024, the benefits expected to be paid in each of the next five fiscal years, and in the aggregate for the five years thereafter are as follows:

		Millions of yen
Years ending March 31,		Japanese plans				Overseas plans
2025		¥	5,627			¥	3,001
2026			5,523				3,130
2027			5,316				3,123
2028			5,456				3,289
2029			5,774				3,352
2030-2034			32,502				19,684
Total		¥	60,198			¥	35,579

Japan

Fair Value of Pension Plan Assets by Asset Category

The fair value of Japanese pension plan assets at March 31, 2023 and 2024, by asset category, are as follows. The three levels of input used to measure fair value are described in Note 2 “Fair Value Measurements.”

		Millions of yen
		March 31, 2023
		Total Carrying Value in Consolidated Balance Sheets				Quoted Prices in Active Markets for Identical Assets (Level 1)				Significant Other Observable Inputs (Level 2)				Significant Unobservable Inputs (Level 3)
Equity securities:
Japan
Pooled funds*1		¥	13,607			¥	0			¥	0			¥	0
Other than Japan
Pooled funds*2			19,692				0				0				0
Debt securities:
Japan
Pooled funds*3			24,972				0				0				0
Other than Japan
Pooled funds*4			38,176				0				0				0
Other assets:
Life insurance company general accounts*5			32,372				0				32,372				0
Others*6			7,984				0				7,984				0
		¥	136,803			¥	0			¥	40,356			¥	0

*1 These funds invest in listed shares including shares of ORIX Corporation in the amounts of ¥22 million at March 31, 2023.

*2 These funds invest in listed shares.

*3 These funds invest approximately 70% in Japanese government bonds, and approximately 30% in Japanese corporate bonds. These funds include corporate bonds of ORIX Corporation in the amounts of ¥35 million at March 31, 2023.

*4 These funds invest approximately 90% in foreign government bonds and approximately 10% in foreign corporate bonds.

*5 Life insurance company general accounts are accounts with guaranteed capital and minimum interest rate, in which life insurance companies manage funds on several contracts.

*6 Others include derivative instruments held for hedging change in the fair value of equity securities, and short-term instruments.

		Millions of yen
		March 31, 2024
		Total Carrying Value in Consolidated Balance Sheets				Quoted Prices in Active Markets for Identical Assets (Level 1)				Significant Other Observable Inputs (Level 2)				Significant Unobservable Inputs (Level 3)
Equity securities:
Japan
Pooled funds*1		¥	17,445			¥	0			¥	0			¥	0
Other than Japan
Pooled funds*2			25,645				0				0				0
Debt securities:
Japan
Pooled funds*3			26,799				0				0				0
Other than Japan
Pooled funds*4			37,243				0				0				0
Other assets:
Life insurance company general accounts*5			31,655				0				31,655				0
Others*6			4,314				0				4,314				0
		¥	143,101			¥	0			¥	35,969			¥	0

*1 These funds invest in listed shares including shares of ORIX Corporation in the amounts of ¥32 million at March 31, 2024.

*2 These funds invest in listed shares.

*3 These funds invest approximately 70% in Japanese government bonds, and approximately 30% in Japanese corporate bonds. These funds include corporate bonds of ORIX Corporation in the amounts of ¥24 million at March 31, 2024.

*4 These funds invest approximately 90% in foreign government bonds and approximately 10% in foreign corporate bonds.

*5 Life insurance company general accounts are accounts with guaranteed capital and minimum interest rate, in which life insurance companies manage funds on several contracts.

*6 Others include derivative instruments held for hedging change in the fair value of equity securities, and short-term instruments.

Overseas plans

Fair Value of Pension Plan Assets by Asset Category

The fair value of overseas pension plan assets at March 31, 2023 and 2024, by asset category, are as follows. The three levels of input used to measure fair value are described in Note 2 “Fair Value Measurements.”

		Millions of yen
		March 31, 2023
		Total Carrying Value in Consolidated Balance Sheets				Quoted Prices in Active Markets for Identical Assets (Level 1)				Significant Other Observable Inputs (Level 2)				Significant Unobservable Inputs (Level 3)
Equity securities:
Other than Japan
Shares		¥	49,040			¥	49,040			¥	0			¥	0
Pooled funds*1			960				0				0				0
Debt securities:
Other than Japan
Government bonds			58,310				58,310				0				0
Municipal bonds			4,111				0				4,111				0
Other assets:
Life insurance company general accounts*2			486				0				486				0
Others*3			9,297				0				9,297				0
		¥	122,204			¥	107,350			¥	13,894			¥	0

*1 These funds invest in listed shares.

*2 Life insurance company general accounts are accounts with guaranteed capital and minimum interest rate, in which life insurance companies manage funds on several contracts.

*3 Others include derivative instruments held for hedging change in the fair value of equity securities, and short-term instruments.

		Millions of yen
		March 31, 2024
		Total Carrying Value in Consolidated Balance Sheets				Quoted Prices in Active Markets for Identical Assets (Level 1)				Significant Other Observable Inputs (Level 2)				Significant Unobservable Inputs (Level 3)
Equity securities:
Other than Japan
Shares		¥	61,210			¥	61,210			¥	0			¥	0
Pooled funds*1			1,100				0				0				0
Debt securities:
Other than Japan
Government bonds			79,773				79,773				0				0
Municipal bonds			4,506				0				4,506				0
Other assets:
Life insurance company general accounts*2			471				0				471				0
Others*3			6,743				0				6,743				0
		¥	153,803			¥	140,983			¥	11,720			¥	0

*1 These funds invest in listed shares.

*2 Life insurance company general accounts are accounts with guaranteed capital and minimum interest rate, in which life insurance companies manage funds on several contracts.

*3 Others include derivative instruments held for hedging change in the fair value of equity securities, and short-term instruments.

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