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Accumulated Other Comprehensive Income (Loss)

12 Months Ended

Mar. 31, 2025

Accumulated Other Comprehensive Income (Loss)

20. Accumulated Other Comprehensive Income (Loss)

Changes in each component of accumulated other comprehensive income (loss) attributable to ORIX Corporation Shareholders in fiscal 2023, 2024 and 2025 are as follows:


	Millions of yen
	Net unrealized gains (losses) on investment in securities			Impact of changes in policy liability discount rate		Debt valuation adjustments			Defined benefit pension plans			Foreign currency translation adjustments			Net unrealized gains (losses) on derivative instruments			Accumulated other comprehensive income (loss)
Balance at March 31, 2022	¥	(72,892	)	¥	37,536	¥	221		¥	(8,072	)	¥	61,914		¥	2,788		¥	21,495

Net unrealized gains (losses) on investment in securities, net of tax of ¥41,871 million		(109,745	)																(109,745	)
Reclassification adjustment included in net income, net of tax of ¥90 million		(421	)																(421	)
Impact of changes in policy liability discount rate, net of tax of ¥( 43,576 ) million					126,980														126,980
Debt valuation adjustments, net of tax of ¥(25) million							67												67
Reclassification adjustment included in net income, net of tax of ¥5 million							(13	)											(13	)
Defined benefit pension plans, net of tax of ¥( 1,706 ) million										4,659									4,659
Reclassification adjustment included in net income, net of tax of ¥76 million										(211	)								(211	)
Foreign currency translation adjustments, net of tax of ¥19,131 million													90,616						90,616
Reclassification adjustment included in net income, net of tax of ¥( 1,806 ) million													4,091						4,091
Net unrealized gains (losses) on derivative instruments, net of tax of ¥( 3,106 ) million																18,232			18,232
Reclassification adjustment included in net income, net of tax of ¥( 408 ) million																1,438			1,438

Total other comprehensive income (loss)		(110,166	)		126,980		54			4,448			94,707			19,670			135,693

Transaction with noncontrolling interests		0			0		0			0			2,903			1,493			4,396

Less: Other Comprehensive Income (loss) Attributable to the Noncontrolling Interests		0			0		0			(7	)		3,637			1,868			5,498

Less: Other Comprehensive Income Attributable to the Redeemable Noncontrolling Interests		(24	)		0		0			0			(25	)		0			(49	)

Balance at March 31, 2023	¥	(183,034	)	¥	164,516	¥	275		¥	(3,617	)	¥	155,912		¥	22,083		¥	156,135

Net unrealized gains (losses) on investment in securities, net of tax of ¥27,906 million		(69,102	)																(69,102	)
Reclassification adjustment included in net income, net of tax of ¥(749) million		1,340																	1,340
Impact of changes in policy liability discount rate, net of tax of ¥(32,471) million					93,269														93,269
Debt valuation adjustments, net of tax of ¥69 million							(177	)											(177	)
Reclassification adjustment included in net income, net of tax of ¥5 million							(14	)											(14	)
Defined benefit pension plans, net of tax of ¥(5,655) million										13,559									13,559
Reclassification adjustment included in net income, net of tax of ¥101 million										(266	)								(266	)
Foreign currency translation adjustments, net of tax of ¥35,593 million													163,062						163,062
Reclassification adjustment included in net income, net of tax of ¥(4,601) million													10,242						10,242
Net unrealized gains (losses) on derivative instruments, net of tax of ¥578 million																(2,928	)		(2,928	)
Reclassification adjustment included in net income, net of tax of ¥945 million																(2,947	)		(2,947	)

Total other comprehensive income (loss)		(67,762	)		93,269		(191	)		13,293			173,304			(5,875	)		206,038

Transaction with noncontrolling interests		0			0		0			0			11			(176	)		(165	)

Less: Other Comprehensive Income (loss) Attributable to the Noncontrolling Interests		0			0		0			6			4,816			(175	)		4,647

Less: Other Comprehensive Income Attributable to the Redeemable Noncontrolling Interests		10			0		0			0			203			0			213

Balance at March 31, 2024*	¥	(250,806	)	¥	257,785	¥	84		¥	9,670		¥	324,208		¥	16,207		¥	357,148

*	As of March 31, 2024, net unrealized gains (losses) on investment in securities contained ¥(82) million (net of tax of ¥16 million) of net unrealized gains (losses) in investment in securities related to available-for-sale debt securities with allowance for credit losses.


	Millions of yen
	Net unrealized gains (losses) on investment in securities			Impact of changes in policy liability discount rate		Debt valuation adjustments			Defined benefit pension plans			Foreign currency translation adjustments			Net unrealized gains (losses) on derivative instruments			Accumulated other comprehensive income (loss)
Balance at March 31, 2024	¥	(250,806	)	¥	257,785	¥	84		¥	9,670		¥	324,208		¥	16,207		¥	357,148

Net unrealized gains (losses) on investment in securities, net of tax of ¥60,607 million		(152,264	)																(152,264	)
Reclassification adjustment included in net income, net of tax of ¥(347) million		(844	)																(844	)
Impact of changes in policy liability discount rate, net of tax of ¥(54,382) million					158,339														158,339
Debt valuation adjustments, net of tax of ¥12 million							(32	)											(32	)
Reclassification adjustment included in net income, net of tax of ¥1 million							(3	)											(3	)
Defined benefit pension plans, net of tax of ¥(2,244) million										5,572									5,572
Reclassification adjustment included in net income, net of tax of ¥181 million										(444	)								(444	)
Foreign currency translation adjustments, net of tax of ¥5,479 million													(37,786	)					(37,786	)
Reclassification adjustment included in net income, net of tax of ¥(7,963) million													17,726						17,726
Net unrealized gains (losses) on derivative instruments, net of tax of ¥3,076 million																(15,269	)		(15,269	)
Reclassification adjustment included in net income, net of tax of ¥(2,635) million																8,866			8,866

Total other comprehensive income (loss)		(153,108	)		158,339		(35	)		5,128			(20,060	)		(6,403	)		(16,139	)

Transaction with noncontrolling interests		0			0		0			0			136			0			136

Less: Other Comprehensive Income (Loss) Attributable to the Noncontrolling Interests		0			0		0			7			(323	)		213			(103	)

Less: Other Comprehensive Loss Attributable to the Redeemable Noncontrolling Interests		0			0		0			0			(50	)		0			(50	)

Balance at March 31, 2025*	¥	(403,914	)	¥	416,124	¥	49		¥	14,791		¥	304,657		¥	9,591		¥	341,298

*	As of March 31, 2025, net unrealized gains (losses) on investment in securities contained ¥( 61 ) million (net of tax of ¥ 16 million) of net unrealized gains (losses) in investment in securities related to available-for-sale debt securities with allowance for credit losses.

Amounts reclassified to net income from accumulated other comprehensive income (loss) for fiscal 2023, 2024 and 2025 are as follows:


	Fiscal Year ended March 31, 2023
Details about accumulated other comprehensive income components	Reclassification adjustment included in net income			Consolidated statements of income caption
	Millions of yen
Net unrealized gains (losses) on investment in securities

Sales of debt securities	¥	155		Gains on investment securities and dividends
Sales of debt securities		(765	)	Life insurance premiums and related investment income
Amortization of debt securities		509		Finance revenues
Amortization of debt securities		1,148		Life insurance premiums and related investment income
Others		(536	)	Write-downs of securities

		511		Total before income tax
		(90	)	Income tax (expense) or benefit

	¥	421		Net of tax

Debt valuation adjustments
Fulfillment of policy liabilities and amortization of policy account balances	¥	18		Life insurance costs

		18		Total before income tax
		(5	)	Income tax (expense) or benefit

	¥	13		Net of tax

Defined benefit pension plans
Amortization of prior service credit	¥	376		See Note 17 “Pension Plans”
Amortization of net actuarial loss		(88	)	See Note 17 “Pension Plans”
Amortization of transition obligation		(1	)	See Note 17 “Pension Plans”

		287		Total before income tax
		(76	)	Income tax (expense) or benefit

	¥	211		Net of tax

Foreign currency translation adjustments
Foreign exchange contracts	¥	(14,673	)	Gains on sales of subsidiaries and equity method investments and liquidation losses, net/Interest expense/Other (income) and expense
Sales or liquidation		8,776		Gains on sales of subsidiaries and equity method investments and liquidation losses, net

		(5,897	)	Total before income tax
		1,806		Income tax (expense) or benefit

	¥	(4,091	)	Net of tax

Net unrealized gains (losses) on derivative instruments
Interest rate swap agreements	¥	(175	)	Interest expense
Foreign exchange contracts		0		Interest expense/Other (income) and expense
Foreign currency swap agreements		(1,671	)	Interest expense/Other (income) and expense

		(1,846	)	Total before income tax
		408		Income tax (expense) or benefit

	¥	(1,438	)	Net of tax


	Fiscal Year ended March 31, 2024
Details about accumulated other comprehensive income components	Reclassification adjustment included in net income			Consolidated statements of income caption
	Millions of yen
Net unrealized gains (losses) on investment in securities
Sales of debt securities	¥	231		Gains on investment securities and dividends
Sales of debt securities		(7,184	)	Life insurance premiums and related investment income
Amortization of debt securities		756		Finance revenues
Amortization of debt securities		4,108		Life insurance premiums and related investment income

		(2,089	)	Total before income tax
		749		Income tax (expense) or benefit

	¥	(1,340	)	Net of tax

Debt valuation adjustments
Fulfillment of policy liabilities and amortization of policy account balances	¥	19		Life insurance costs

		19		Total before income tax
		(5	)	Income tax (expense) or benefit

	¥	14		Net of tax

Defined benefit pension plans
Amortization of prior service credit	¥	438		See Note 17 “Pension Plans”
Amortization of net actuarial loss		(70	)	See Note 17 “Pension Plans”
Amortization of transition obligation		(1	)	See Note 17 “Pension Plans”

		367		Total before income tax
		(101	)	Income tax (expense) or benefit

	¥	266		Net of tax

Foreign currency translation adjustments
Foreign exchange contracts	¥	(14,952	)	Gains on sales of subsidiaries and equity method investments and liquidation losses, net/Interest expense
Sales or liquidation		109		Gains on sales of subsidiaries and equity method investments and liquidation losses, net

		(14,843	)	Total before income tax
		4,601		Income tax (expense) or benefit

	¥	(10,242	)	Net of tax

Net unrealized gains (losses) on derivative instruments
Interest rate swap agreements	¥	114		Interest expense
Foreign currency swap agreements		3,778		Interest expense/Other (income) and expense

		3,892		Total before income tax
		(945	)	Income tax (expense) or benefit

	¥	2,947		Net of tax


	Fiscal Year ended March 31, 2025
Details about accumulated other comprehensive income components	Reclassification adjustment included in net income			Consolidated statements of income caption
	Millions of yen
Net unrealized gains (losses) on investment in securities

Sales of debt securities	¥	1,004		Gains on investment securities and dividends
Sales of debt securities		(9,010	)	Life insurance premiums and related investment income
Amortization of debt securities		1,732		Finance revenues
Amortization of debt securities		6,771		Life insurance premiums and related investment income

		497		Total before income tax
		347		Income tax (expense) or benefit

	¥	844		Net of tax

Debt valuation adjustments
Fulfillment of policy liabilities and amortization of policy account balances	¥	4		Life insurance costs

		4		Total before income tax
		(1	)	Income tax (expense) or benefit

	¥	3		Net of tax

Defined benefit pension plans
Amortization of prior service credit	¥	394		See Note 17 “Pension Plans”
Amortization of net actuarial loss		84		See Note 17 “Pension Plans”
Amortization of transition obligation		(1	)	See Note 17 “Pension Plans”
Settlements		148		See Note 17 “Pension Plans”

		625		Total before income tax
		(181	)	Income tax (expense) or benefit

	¥	444		Net of tax

Foreign currency translation adjustments
Foreign exchange contracts	¥	(26,592	)	Gains on sales of subsidiaries and equity method investments and liquidation losses, net/Interest expense
Sales or liquidation		903		Gains on sales of subsidiaries and equity method investments and liquidation losses, net

		(25,689	)	Total before income tax
		7,963		Income tax (expense) or benefit

	¥	(17,726	)	Net of tax

Net unrealized gains (losses) on derivative instruments
Interest rate swap agreements	¥	446		Interest expense
Foreign exchange contracts		(694	)	Interest expense
Foreign currency swap agreements		(11,239	)	Interest expense/Other (income) and expense
Options held/written and other		(14	)	Life insurance premiums and related investment income

		(11,501	)	Total before income tax
		2,635		Income tax (expense) or benefit

	¥	(8,866	)	Net of tax

Comprehensive income (loss) and its components attributable to ORIX Corporation and noncontrolling interests have been reported, net of tax, in the consolidated statements of changes in equity, and information about comprehensive income (loss) and its components attributable to redeemable noncontrolling interests is provided in Note 18 “Redeemable Noncontrolling Interests.” Total comprehensive income (loss) and its components have been reported, net of tax, in the consolidated statements of comprehensive income.