Goodwill and Other Intangible Assets

12 Months Ended

Mar. 31, 2025

Goodwill and Intangible Assets Disclosure [Abstract]

13. Goodwill and Other Intangible Assets

Changes in goodwill by reportable segment for fiscal 2023, 2024 and 2025 are as follows:


	Millions of yen
	Corporate Financial Services and Maintenance Leasing			Real Estate			PE Investment and Concession			Environment and Energy			Insurance			Banking and Credit
Balance at March 31, 2022
Goodwill	¥	12,425		¥	16,359		¥	99,938		¥	49,655		¥	5,015		¥	10,971
Accumulated impairment losses		(849	)		(191	)		0			(39	)		(371	)		0
		11,576			16,168			99,938			49,616			4,644			10,971
Acquired		3,529			0			119,767			4,028			0			0
Impairment		0			0			0			0			0			0
Other (net)*		0			0			(12,954	)		4,524			0			0

Balance at March 31, 2023
Goodwill		15,954			16,359			206,751			58,207			5,015			10,971
Accumulated impairment losses		(849	)		(191	)		0			(39	)		(371	)		0
		15,105			16,168			206,751			58,168			4,644			10,971
Acquired		0			0			4,241			0			0			0
Impairment		0			0			0			0			0			0
Other (net)*		(54	)		0			(35,556	)		6,840			(192	)		(10,971	)

Balance at March 31, 2024
Goodwill		15,900			16,359			175,436			65,047			4,823			0
Accumulated impairment losses		(849	)		(191	)		0			(39	)		(371	)		0
		15,051			16,168			175,436			65,008			4,452			0
Acquired		31			0			7,849			0			0			0
Impairment		0			0			(5,520	)		0			0			0
Other (net)*		(1,699	)		0			(10,623	)		3,220			0			0

Balance at March 31, 2025
Goodwill		13,682			16,359			172,662			68,267			4,452			0
Accumulated impairment losses		(299	)		(191	)		(5,520	)		(39	)		0			0

	¥	13,383		¥	16,168		¥	167,142		¥	68,228		¥	4,452		¥	0


	Millions of yen
	Aircraft and Ships			ORIX USA			ORIX Europe			Asia and Australia			Corporate		Total
Balance at March 31, 2022
Goodwill	¥	587		¥	142,494		¥	149,270		¥	8,180		¥	278	¥	495,172
Accumulated impairment losses		(587	)		(1,494	)		0			(2,785	)		0		(6,316	)
		0			141,000			149,270			5,395			278		488,856
Acquired		0			0			0			0			0		127,324
Impairment		0			0			0			0			0		0
Other (net)*		0			10,582			9,318			33			0		11,503

Balance at March 31, 2023
Goodwill		587			153,076			158,588			8,213			278		633,999
Accumulated impairment losses		(587	)		(1,494	)		0			(2,785	)		0		(6,316	)
		0			151,582			158,588			5,428			278		627,683
Acquired		0			0			0			0			0		4,241
Impairment		0			0			0			0			0		0
Other (net)*		0			20,298			18,927			554			0		(154	)

Balance at March 31, 2024
Goodwill		587			173,374			177,515			8,767			278		638,086
Accumulated impairment losses		(587	)		(1,494	)		0			(2,785	)		0		(6,316	)
		0			171,880			177,515			5,982			278		631,770
Acquired		1,201			0			0			0			0		9,081
Impairment		0			(1,175	)		0			0			0		(6,695	)
Other (net)*		0			(2,146	)		(907	)		(143	)		0		(12,298	)

Balance at March 31, 2025
Goodwill		1,788			169,734			176,608			8,624			278		632,454
Accumulated impairment losses		(587	)		(1,175	)		0			(2,785	)		0		(10,596	)

	¥	1,201		¥	168,559		¥	176,608		¥	5,839		¥	278	¥	621,858

*	Other (net) includes foreign currency translation adjustments, decreases due to sale of ownership interest in subsidiaries and certain other reclassifications.

As a result of the impairment test, the Company and its subsidiaries recognized no impairment losses on goodwill during fiscal 2023 and 2024. The Company and its subsidiaries recognized impairment losses on goodwill of ¥5,520 million in PE Investment and Concession segment, and ¥1,175 million in ORIX USA segment during fiscal 2025. These impairment losses are accounted in other (income) and expense. The fair values of these reporting units were measured using mainly discounted cash flow methodologies and business enterprise value multiples methodologies.

Other intangible assets at March 31, 2024 and 2025 consist of the following:


	Millions of yen
	2024			2025
Indefinite-lived intangible assets:
Trademarks and trade names	¥	126,192		¥	124,924
Asset management contracts		57,928			55,740
Others		3,156			11,657

		187,276			192,321

Intangible assets subject to amortization:
Software		142,049			150,479
Customer relationships		184,475			186,862
Asset management contracts		117,043			119,157
Others		165,130			152,925

		608,697			609,423
Accumulated amortization		(263,023	)		(276,333	)

Net		345,674			333,090

	¥	532,950		¥	525,411

The aggregate amortization expenses for intangible assets are ¥34,212 million, ¥39,213 million and ¥41,402 million in fiscal 2023, 2024 and 2025, respectively.

The estimated amortization expenses for each of five succeeding fiscal years are ¥38,480 million in fiscal 2026, ¥35,214 million in fiscal 2027, ¥31,995 million in fiscal 2028, ¥27,850 million in fiscal 2029 and ¥24,573 million in fiscal 2030, respectively.

Intangible assets subject to amortization increased during fiscal 2025 are ¥79,869 million. They mainly consist of ¥12,672 million of software, ¥21,684 million of customer relationships and ¥45,445 million of maintenance intangible assets for acquired aircraft recognized in acquisitions included in others. The weighted average amortization periods for the software, customer relationships and maintenance intangible assets for acquired aircraft recognized in acquisitions are 5 years, 17 years and 6 years, respectively.

As a result of the impairment test, the Company and its subsidiaries recognized impairment losses of ¥1 million on intangible assets included in Corporate Financial Services and Maintenance Leasing segment, ¥405 million on intangible assets included in Aircraft and Ships segment, and ¥110 million on intangible assets included in ORIX USA segment during fiscal 2023, and these impairment losses were included in other (income) and expense in the consolidated statements of income. The Company and its subsidiaries recognized impairment losses of ¥24 million on intangible assets included in PE Investment and Concession segment, ¥87 million on intangible assets included in Environment and Energy segment, and ¥37 million on intangible assets included in Asia and Australia segment during fiscal 2024, and these impairment losses were included in selling, general and administrative expenses in the consolidated statements of income. The Company and its subsidiaries recognized impairment losses of ¥5,629 million on intangible assets included in PE Investment and Concession segment, ¥1,971 million on intangible assets included in ORIX Europe segment during fiscal 2025, and these impairment losses were included in other (income) and expenses in the consolidated statements of income, and recognized impairment losses of ¥148 million on intangible assets included in PE Investment and Concession segment, and ¥84 million on intangible assets included in Banking and Credit segment during fiscal 2025, and these

impairment losses were included in

selling, general and administrative expenses

in the consolidated statements of income. These impairment losses are recognized due to the reduction in the estimated future cash flow, which brought the fair values of the intangible assets below its carrying amount. The fair values of these intangible assets were measured using mainly excess multi-period earnings methodologies.