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Income Taxes (Tables)

12 Months Ended

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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