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v3.25.2

Income Taxes (Tables) | 12 Months Ended
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Mar. 31, 2025
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 2023, 2024 and 2025 are as follows:
|  | Millions of yen |
|  | 2023 |  |  | 2024 |  |  | 2025 |
Income before income taxes: |  |  |  |  |  |  |  |  |  |  |  |
Japan |  | ¥ | 201,168 |  |  | ¥ | 298,321 |  |  | ¥ | 307,830 |
Overseas |  |  | 191,010 |  |  |  | 171,654 |  |  |  | 172,633 |
|  | ¥ | 392,178 |  |  | ¥ | 469,975 |  |  | ¥ | 480,463 |
Provision for income taxes: |  |  |  |  |  |  |  |  |  |  |  |
Current— |  |  |  |  |  |  |  |  |  |  |  |
Japan |  | ¥ | 30,808 |  |  | ¥ | 80,274 |  |  | ¥ | 72,230 |
Overseas |  |  | 27,490 |  |  |  | 31,114 |  |  |  | 33,252 |
|  |  | 58,298 |  |  |  | 111,388 |  |  |  | 105,482 |
Deferred— |  |  |  |  |  |  |  |  |  |  |  |
Japan |  |  | 22,047 |  |  |  | 9,049 |  |  |  | 26,803 |
Overseas |  |  | 14,900 |  |  |  | 10,951 |  |  |  | (3,457 | )
|  |  | 36,947 |  |  |  | 20,000 |  |  |  | 23,346 |
Provision for income taxes |  | ¥ | 95,245 |  |  | ¥ | 131,388 |  |  | ¥ | 128,828 |
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 2023, 2024 and 2025 are as follows:
|  | Millions of yen |
|  | 2023 |  |  | 2024 |  |  | 2025 |
Income before income taxes |  | ¥ | 392,178 |  |  | ¥ | 469,975 |  |  | ¥ | 480,463 |
Tax provision computed at the statutory rate |  | ¥ | 123,536 |  |  | ¥ | 148,042 |  |  | ¥ | 151,346 |
Increases (reductions) in taxes due to: |  |  |  |  |  |  |  |  |  |  |  |
Change in valuation allowance |  |  | 2,533 |  |  |  | 5,441 |  |  |  | 1,973 |
Nondeductible expenses |  |  | 4,794 |  |  |  | 4,762 |  |  |  | 5,813 |
Nontaxable income |  |  | (3,347 | ) |  |  | (3,574 | ) |  |  | (5,893 | )
Effect of lower tax rates on certain subsidiaries |  |  | (19,764 | ) |  |  | (17,627 | ) |  |  | (22,271 | )
Effect of investor taxes on earnings of subsidiaries |  |  | 4,789 |  |  |  | 7,674 |  |  |  | 3,494 |
Effect of the tax law and rate changes |  |  | 180 |  |  |  | (1,295 | ) |  |  | 2,218 |
Effect of sale or liquidation of subsidiaries |  |  | (16,754 | ) |  |  | (14,995 | ) |  |  | (8,423 | )
Other, net |  |  | (722 | ) |  |  | 2,960 |  |  |  | 571 |
Provision for income taxes |  | ¥ | 95,245 |  |  | ¥ | 131,388 |  |  | ¥ | 128,828 |
Total Income Tax Expense Recognized | Total income tax expense recognized in fiscal 2023, 2024 and 2025 was allocated as follows:
|  | Millions of yen |
|  | 2023 |  |  | 2024 |  |  | 2025 |
Provision for income taxes |  | ¥ | 95,245 |  |  | ¥ | 131,388 |  |  | ¥ | 128,828 |
Income tax expense (benefit) allocated to other comprehensive income (loss): |  |  |  |  |  |  |  |  |  |  |  |
Net change of unrealized gains (losses) on investment in securities |  |  | (41,961 | ) |  |  | (27,157 | ) |  |  | (60,260 | )
Net change of impact of changes in policy liability discount rate |  |  | 43,576 |  |  |  | 32,471 |  |  |  | 54,382 |
Net change of debt valuation adjustments |  |  | 20 |  |  |  | (74 | ) |  |  | (13 | )
Net change of defined benefit pension plans |  |  | 1,630 |  |  |  | 5,554 |  |  |  | 2,063 |
Net change of foreign currency translation adjustments |  |  | (17,325 | ) |  |  | (30,992 | ) |  |  | 2,484 |
Net change of unrealized gains (losses) on derivative instruments |  |  | 3,514 |  |  |  | (1,523 | ) |  |  | (441 | )
Other direct adjustments to shareholders’ equity |  |  | 36 |  |  |  | 32 |  |  |  | 22 |
Total income tax expense |  | ¥ | 84,735 |  |  | ¥ | 109,699 |  |  | ¥ | 127,065 |
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, 2024 and 2025 are as follows:
|  | Millions of yen |
|  | 2024 |  |  | 2025 |
Assets: |  |  |  |  |  |  |  |
Net operating loss carryforwards |  | ¥ | 62,493 |  |  | ¥ | 48,953 |
Allowance for credit losses |  |  | 8,650 |  |  |  | 14,842 |
Investment in securities |  |  | 14,382 |  |  |  | 4,581 |
Accrued expenses |  |  | 26,401 |  |  |  | 26,516 |
Investment in operating leases |  |  | 12,728 |  |  |  | 11,576 |
Property under facility operations |  |  | 24,996 |  |  |  | 28,007 |
Installment loans |  |  | 5,459 |  |  |  | 8,075 |
Unrealized losses on investment in securities |  |  | 98,025 |  |  |  | 158,375 |
Lease liabilities |  |  | 69,697 |  |  |  | 74,215 |
Other* |  |  | 156,516 |  |  |  | 159,391 |
|  |  | 479,347 |  |  |  | 534,531 |
Less: valuation allowance |  |  | (39,046 | ) |  |  | (35,845 | )
|  |  | 440,301 |  |  |  | 498,686 |
Liabilities: |  |  |  |  |  |  |  |
Net investment in leases |  |  | 10,867 |  |  |  | 12,755 |
Investment in operating leases |  |  | 175,727 |  |  |  | 171,455 |
Unrealized gains on investment in securities |  |  | 9,139 |  |  |  | 9,259 |
Deferred insurance policy acquisition costs |  |  | 85,830 |  |  |  | 90,934 |
Policy liabilities and policy account balances |  |  | 194,713 |  |  |  | 263,515 |
Property under facility operations |  |  | 22,615 |  |  |  | 33,075 |
Other intangible assets |  |  | 152,125 |  |  |  | 143,701 |
Undistributed earnings |  |  | 95,720 |  |  |  | 103,808 |
Prepaid benefit cost |  |  | 23,473 |  |  |  | 27,224 |
Advances paid |  |  | 8,102 |  |  |  | 8,387 |
Right-of-use assets |  |  | 68,715 |  |  |  | 72,034 |
Other |  |  | 31,946 |  |  |  | 24,834 |
|  |  | 878,972 |  |  |  | 960,981 |
Net deferred tax liability |  | ¥ | 438,671 |  |  | ¥ | 462,295 |
* | As of March 31, 2024 and 2025, other deferred tax assets includes amounts related to net investment hedges of ¥95,551 million and ¥96,778 million.
Net Deferred Tax Assets and Liabilities | Net deferred tax assets and liabilities at March 31, 2024 and 2025 are reflected in the accompanying consolidated balance sheets under the following captions:
|  | Millions of yen |
|  | 2024 |  |  | 2025 |
Other assets |  | ¥ | 66,519 |  |  | ¥ | 63,337 |
Income taxes: Deferred |  |  | 505,190 |  |  |  | 525,632 |
Net deferred tax liability |  | ¥ | 438,671 |  |  | ¥ | 462,295 |
Net Operating Loss Carryforwards Expire Date | The Company and certain subsidiaries have net operating loss carryforwards of ¥369,010 million at March 31, 2025, which expire as follows:
Years ending March 31, |  | Millions of yen |
2026 |  | ¥ | 8,129 |
2027 |  |  | 9,828 |
2028 |  |  | 4,246 |
2029 |  |  | 24,606 |
2030 |  |  | 53,538 |
Thereafter |  |  | 214,227 |
Indefinite period |  |  | 54,436 |
Total |  | ¥ | 369,010 |

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