http://fasb.org/us-gaap/2024#AssetsHttp：//Fasb.org/us-GAAP/2024#資産http://fasb.org/us-gaap/2024#OtherAssets偽2024-09-302025Q20001070304--03-31http://fasb.org/us-gaap/2024#OtherLiabilitiesHttp：//Fasb.org/us-GAAP/2024#その他負債http://fasb.org/us-gaap/2024#RevenuesOrxcorp.com/20240930#UnrealizedGainsLossOnDeriativeInstrumentsOrxcorp.com/20240930#UnrealizedGainsLossOnDeriativeInstrumentsHttp：//Fasb.org/us-GAAP/2024#収入Http：//Fasb.org/us-GAAP/2024#収入Http：//Fasb.org/us-GAAP/2024#収入Http：//Fasb.org/us-GAAP/2024#その他総合収益損失NetOfTaxHttp：//Fasb.org/us-GAAP/2024#その他総合収益損失NetOfTax最大損失リスクには、当社とその子会社がVIEに投資や融資を提供する必要がある可能性のある承諾残高が含まれています。消費者借入者への他の融資には、消費者ローン担保支払いによる受取請求が含まれている。詳細は付記24“支払い、保証、または負債”を参照されたい2023年と2024年9月30日までの6ヶ月間、賃貸収入を含む経営リース下の不動産処分収益はそれぞれ人民元1006600万と人民元2358700万であり、賃貸収入を含む不動産以外の経営賃貸資産の処分収益はそれぞれ人民元1772600万と人民元2105900万である。2024年9月30日現在、証券投資未実現収益(赤字)の純額には、売却可能な債務証券関連証券投資が純収益(赤字)人民元3900万元(税引き後純額1500万円)を実現し、信用損失準備に計上されている。これらの資産はVIEがVIEに融資するために担保として担保されている。本プロジェクト代表は、当社およびその子会社がVIEに投資または融資を提供する承諾残高を必要とする可能性がある。VIEの資産の大部分はVIEの負債の返済にしか使用されていないが、大部分のVIE負債の債権者は自社及びその付属会社の他の資産に対して請求権を有していない。販売待ちローンを持つ未実現損益計上“外貨換算調整純変動”は、債務証券を売却する未実現損益計上“証券投資未実現損益純変動”と“外貨換算調整純変動”、権益系証券は損益計上を実現していない“外貨換算調整純変動”、政策的負債と政策的口座残高の未実現損益計上“債務推定調整純変動”に供することができる。売掛金の未実現損益計上“外貨換算調整純変化”を計上する2024年3月31日と2024年9月30日まで、表外信用開放口はそれぞれ人民元51600万元と人民元601000元万で、金額は合併貸借対照表の“その他の負債”に記入する準備ができている。詳細は付記24“支払い、保証、または負債”を参照されたい2024年3月31日と2024年9月30日まで、売却可能な債務証券の支出はそれぞれ人民元63400万元と人民元54000元万であり、金額は合併貸借対照表に“証券投資”減値と記されている。詳細は付記8“証券投資”を参照されたいある子会社は、債務証券の売却に含まれる外国政府債券への投資に公正価値オプションを選択した。総合損益表の“投資証券及び配当収益”には、それぞれ2023年、2023年及び2024年9月30日までの6ヶ月間の損失人民元700万及び当該等投資の公正価値変動収益人民元4，100000万が含まれている。2024年3月31日と2024年9月30日まで、公正価値オプションを選択した公正価値総額はそれぞれ100000元万と679500元万であった。ある子会社は、売却可能な債務証券に含まれる外国会社の債務証券に投資する公正価値オプションを選択した。総合損益表の“投資証券及び配当収益”には、2023年、2023年及び2024年9月30日までの6ヶ月間の損失人民元4，800元及び当該等投資の公正価値変動収益人民元41500元万が含まれている。2024年3月31日と2024年9月30日まで、公正価値オプションを選択した公正価値総額はそれぞれ775100万と999600元であった。ある子会社は、株式証券に含まれる投資基金のいくつかの投資に対して公正価値オプションを選択した。総合損益表の“投資証券及び配当収益”及び“生命保険保険料及び関連投資収入”はそれぞれ2023年、2023年及び2024年9月30日までの6ヶ月間の当該等投資の公正価値変動による収益人民元81900万及び人民元179900万人民元に計上されている。2024年3月31日と2024年9月30日まで、公正価値オプションを選択した公正価値総額はそれぞれ2694500元万と2561800元万であった。2024年3月31日と2024年9月30日まで、上記の表に計上されていない1株当たりの純資産額で計算した投資資金金額はそれぞれ8528000元と9531700元だった。これには，弔慰金補償を受けることによる減少額と，死亡，退職，投資期間満了により可変年金と可変生命保険加入者に保険金を支払うことによる減少額が含まれている。表中の“計上収益”は，可変年金及び可変生命保険所持者が管理する関連投資資産の損益を代表する保険負債及び保険戸籍残高の公正価値変動，可変年金及び可変生命保険契約に関する最低保証リスク変動，及び保険事故により確認された保険及び年金支出の保険コスト変動を含む“生命保険コスト”に計上されている。2024年3月31日までの年度と2024年9月30日までの6ヶ月間の保険加入者口座残高総額と可変年金及び可変生命保険契約に関する市場リスク利益残高との入金については、付記18“生命保険業務に関する長期保険契約”を参照されたい2023年と2024年9月30日までの6ヶ月間の生命保険関連投資収益には、2023年まで、2023年と2024年9月30日までに保有している権益証券が純収益1811500万元と99700元の損失を達成していないことが含まれている。上表の“収益に含まれる”には，“生命保険コスト”に記録されている再保険契約の公正価値の変化と，“生命保険保険料と関連投資収入”に記録されている再保険料(再保険利益を差し引いた純額)の変化が含まれているある子会社は販売待ちのある融資に対して公正価値オプションを選択した。これらのローンは複数世帯と高齢者住宅ローンで、連邦国家担保協会(Fannie Mae)、連邦住宅ローン担保会社(Freddie Mac)と機関投資家に売却されている。総合収益表の“その他(収入)と費用”には，それぞれ35300万元と45100万元が2023年9月30日と2024年9月30日までの6カ月間の融資公正価値の変動収益から来ている。収益のうち、特定のツールの信用リスクの変化による収益や損失は、2023年9月30日と2024年9月30日までの6ヶ月間では確認されていない。2024年3月31日現在、販売待ちローンを持っている未返済元金残高総額と公正価値総額はそれぞれ人民元13055400万と人民元12995900万であり、公正価値総額は未返済元金残高総額より59500万人民元少ない。2024年9月30日現在、販売待ちローンを持っている未返済元金残高総額と公正価値総額はそれぞれ13066300元と13087300元であり、公正価値総額は未返済元金残高総額21000万元を超えている。2024年3月31日現在、90日以上の期間または非課税状態のローンはありません。2024年9月30日まで、90日以上または非課税状態にあるローンの未返済元金残高総額と公正価値総額はそれぞれ人民元1315100万と人民元1290300万であり、公正価値総額は未返済元金残高総額人民元24800万より低い。売却可能な債務証券の損益は主に“投資証券及び配当収益”、“証券台帳”或いは“生命保険保険料及び関連投資収入”に計上され、権益証券は“投資証券及び配当収益”及び“生命保険保険料及び関連投資収入”に計上され、派生資産及び負債(純額)はそれぞれ“その他(収入)及び支出”に計上される。また、売却可能な債務証券については、財務収入で確認された利子償却もこれらの欄に含まれる。子会社の買収と再保険会社に譲渡された保険契約により増加した費用が含まれています。ある子会社は保有するすべての可変年金と可変生命保険契約のために公正価値選択権を選択した。2024年3月31日と2024年9月30日まで、保険負債と保険口座残高の中で公正価値オプションを選択した可変年金と可変生命保険契約の公正価値はそれぞれ16720700元と15133100元であった。可変年金と可変生命保険契約の公正価値変動が2023年9月30日と2024年9月30日までの6ヶ月間の収益に及ぼす影響については、付記17“生命保険業務に関する収入·費用”を参照されたい2023年9月30日現在、証券投資未実現収益(赤字)純額には、人民元1.28億元(税引き後純額2100万)と売却可能債務証券に関する証券投資未実現収益(赤字)の純額が含まれており、信用損失準備に計上されている。その他の収入は、生命保険料や関連投資収入、経営賃貸、利息収入を含む融資収入など、顧客との契約収入の範囲とはみなされない。2024年3月31日と2024年9月30日まで、権益類証券に含まれる可変年金と可変生命保険契約管理の資産規模はそれぞれ16124400元と14604700元である。2024年3月31日と2024年9月30日まで、公正価値オプションを選択し、株式証券に組み入れた投資基金とその他の投資基金の金額はそれぞれ2694500万元と256 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Table of Contents

 

 

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

 

 

FORM

6-K

 

 

REPORT OF FOREIGN PRIVATE ISSUER

PURSUANT TO RULE

13a-16

OR

15d-16

OF

THE SECURITIES EXCHANGE ACT OF 1934

For the month of November 2024.

Commission File Number:

001-14856

 

 

ORIX Corporation

(Translation of Registrant’s Name into English)

 

 

World Trade Center Bldg., SOUTH TOWER,

2-4-1

Hamamatsu-cho,

Minato-ku,

Tokyo, JAPAN

(Address of Principal Executive Offices)

 

 

(Indicate by check mark whether the registrant files or will file annual reports under cover of Form

20-F

or Form

40-F.)

Form

20-F 

☒  Form

40-F ☐

 

 

 

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Table of Contents

Table of Document(s) Submitted

 

1.		This is an English translation of ORIX Corporation’s semi-annual financial report (hanki houkokusho) as filed with the Kanto Financial Bureau in Japan on November 13, 2024, which includes unaudited consolidated financial information prepared in accordance with generally accepted accounting principles in the United States as of March 31, 2024 and September 30, 2024 and for the six months ended September 30, 2023 and 2024.

 

Exhibit 101		Inline XBRL Instance Document—the instance document does not appear in the Interactive Data File because its XBRL tags are embedded within the Inline XBRL document.
Exhibit 101		Inline XBRL Schema Document.
Exhibit 101		Inline XBRL Calculation Linkbase Document.
Exhibit 101		Inline XBRL Definition Linkbase Document.
Exhibit 101		Inline XBRL Labels Linkbase Document.
Exhibit 101		Inline XBRL Presentation Linkbase Document.
Exhibit 104		Cover Page Interactive Data File (formatted as Inline XBRL and contained in Exhibit 101)

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Table of Contents

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

 

		ORIX Corporation
Date: November 13, 2024		By		/s/ YASUAKI MIKAMI
				Yasuaki Mikami
				Member of the Board of Directors Senior Managing Executive Officer Responsible for Corporate Function Unit Responsible for Work Style Reform Project
				ORIX Corporation

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Table of Contents

CONSOLIDATED FINANCIAL INFORMATION

Notes to Translation

 

1.

The following is an English translation of ORIX Corporation ’ s semi-annual financial report ( hanki houkokusho ) as filed with the Kanto Financial Bureau in Japan on November 13, 2024, which includes unaudited consolidated financial information prepared in accordance with generally accepted accounting principles in the United States (“U.S. GAAP”) as of March 31, 2024 and September 30, 2024 and for the six months ended September 30, 2023 and 2024.

 

2.	Significant differences between U.S. GAAP and generally accepted accounting principles in Japan (“Japanese GAAP”) are stated in Note 1 “Overview of Accounting Principles Utilized” of the notes to Consolidated Financial Statements.

In preparing its consolidated financial information, ORIX Corporation (the “Company”) and its subsidiaries have complied with U.S. GAAP.

This document may contain forward-looking statements about expected future events and financial results that involve risks and uncertainties. Such statements are based on the Company’s current expectations and are subject to uncertainties and risks that could cause actual results to differ materially from those described in the forward-looking statements. Factors that could cause such a difference include, but are not limited to, those described under “Risk Factors” in the Company’s most recent annual report on Form

20-F

filed with the U.S. Securities and Exchange Commission.

The Company believes that it may have been a “passive foreign investment company” for U.S. federal income tax purposes in the year to which these consolidated financial results relate by reason of the composition of its assets and the nature of its income. In addition, the Company may be a PFIC for the foreseeable future. Assuming that the Company is a PFIC, a U.S. holder of the shares or American depositary shares of the Company will be subject to special rules generally intended to eliminate any benefits from the deferral of U.S. federal income tax that a holder could derive from investing in a foreign corporation that does not distribute all of its earnings on a current basis. Investors should consult their tax advisors with respect to such rules, which are summarized in the Company’s annual report.

 

– 1 –

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Table of Contents

1.	Information on the Company and its Subsidiaries

(1) Consolidated Financial Highlights

 

		Millions of yen (except for per share amounts and ratios)
		Six months ended September 30, 2023				Six months ended September 30, 2024				Fiscal year ended March 31, 2024
Total revenues		¥	1,359,956			¥	1,403,633			¥	2,814,361
Income before income taxes			184,467				256,991				469,975
Net income attributable to ORIX Corporation shareholders			128,100				182,946				346,132
Comprehensive Income attributable to ORIX Corporation shareholders			298,830				59,896				547,310
ORIX Corporation shareholders’ equity			3,761,098				3,902,197				3,941,466
Total assets			15,795,220				16,339,977				16,322,100
Earnings per share for net income attributable to ORIX Corporation shareholders
Basic (yen)			109.92				159.42				298.55
Diluted (yen)			109.76				159.15				298.05
ORIX Corporation shareholders’ equity ratio (%)			23.8				23.9				24.1
Cash flows from operating activities			591,030				600,040				1,243,402
Cash flows from investing activities			(859,876	)			(602,448	)			(1,372,803	)
Cash flows from financing activities			(70,660	)			130,462				(85,477	)
Cash, Cash Equivalents and Restricted Cash at end of Period			1,054,230				1,303,620				1,185,307

 

Note:		The presentation of equity method investment has been changed since the fourth quarter of the fiscal year ended March 31, 2024 (“fiscal 2024”). As a result, certain line items presented in our consolidated financial highlights for the six months ended September 30, 2023, have been retrospectively reclassified for this change.

(2) Overview of Activities

During the six months ended September 30, 2024, no significant changes were made in the Company and its subsidiaries’ operations. Additionally, there were no changes of principal subsidiaries and affiliates.

 

– 2 –

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Table of Contents

2.	Risk Factors

Investing in the Company’s securities involves risks. You should carefully consider the information described herein as well as the risks described under “Risk Factors” in our Form

20-F

for the fiscal year ended March 31, 2024 and the other information in that annual report, including, but not limited to, the Company’s consolidated financial statements and related notes and “Item 11. Quantitative and Qualitative Disclosures about Market Risk.” The Company’s business activities, financial condition and results of operations and the trading prices of the Company’s securities could be adversely affected by any of the factors or other factors.

 

3.	Analysis of Financial Results and Condition

The following discussion provides management’s explanation of factors and events that have significantly affected the Company’s financial condition and results of operations for the six months ended September 30, 2024. Also included is management’s assessment of factors and trends that could have a material effect on the Company’s financial condition and results of operations in the future. However, please be advised that financial conditions and results of operations in the future may also be affected by factors other than those discussed herein. These factors and trends regarding the future were assessed as of the issue date of this semi-annual financial report

(hanki houkokusho)

.

 

(1)	Qualitative Information Regarding Consolidated Financial Results

Financial Highlights

Financial Results for the Six Months Ended September 30, 2024

 

Total revenues		¥1,403,633 million (Up 3% year on year)
Total expenses		¥1,206,661 million (Up 1% year on year)
Income before income taxes		¥256,991 million (Up 39% year on year)
Net income attributable to ORIX Corporation Shareholders		¥182,946 million (Up 43% year on year)
Earnings per share for net income attributable to ORIX Corporation Shareholders
(Basic)		¥159.42 (Up 45% year on year)
(Diluted)		¥159.15 (Up 45% year on year)
ROE (Annualized) *1		9.3% (7.0% during the same period in the previous fiscal year)
ROA (Annualized) *2		2.24% (1.65% during the same period in the previous fiscal year)

 

*1	ROE is the ratio of net income attributable to ORIX Corporation Shareholders for the period to average ORIX Corporation Shareholders’ Equity.

*2	ROA is the ratio of net income attributable to ORIX Corporation Shareholders for the period to average Total Assets.

*3	The presentation of equity method investment has been changed since the fourth quarter of fiscal 2024. As a result, certain line items presented in our consolidated statements of income for the six months ended September 30, 2023 have been retrospectively reclassified for this change.

Total revenues for the six months ended September 30, 2024 increased 3% to ¥1,403,633 million compared to ¥1,359,956 million during the same period of the previous fiscal year due to increases in operating leases revenues, sales of goods and real estate and services income, offset by decreases in life insurance premiums and related investment income.

Total expenses increased 1% to ¥1,206,661 million compared to ¥1,195,792 million during the same period of the previous fiscal year due to increases in costs of operating leases, costs of goods and real estate sold, services expense and selling, general and administrative expenses, offset by decreases in life insurance costs.

Equity in net income of equity method investments increased by ¥11,841 million to ¥28,516 million compared to the same period of the previous fiscal year, and gains on sales of subsidiaries and equity method investments and liquidation losses, net increased by ¥27,875 million to ¥31,503 million compared to the same period of the previous fiscal year.

Due to the above results, income before income taxes for the six months ended September 30, 2024 increased 39% to ¥256,991 million compared to ¥184,467 million during the same period of the previous fiscal year and net income attributable to ORIX Corporation shareholders increased 43% to ¥182,946 million compared to ¥128,100 million during the same period of the previous fiscal year.

 

– 3 –

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Table of Contents

Segment Information

Our operating segments, used by the chief operating decision maker to make decisions about resource allocations and assess performance, are organized into ten segments based on our business management organization which is classified by the nature of major products and services, customer base, regulations, and business areas. The ten segments are Corporate Financial Services and Maintenance Leasing, Real Estate, PE Investment and Concession, Environment and Energy, Insurance, Banking and Credit, Aircraft and Ships, ORIX USA, ORIX Europe, and Asia and Australia.

The presentation of equity method investment has been changed since the fourth quarter of fiscal 2024. As a result, segment data for the six months ended September 30, 2023 have been retrospectively reclassified.

Since April 1, 2024, the interest expense allocation method for each segment was changed to include a part of interest expenses in corporate profits (losses) in the reconciliation of segment profits to the condensed consolidated financial statement amounts. As a result, segment data for the six months ended September 30, 2023 have been retrospectively reclassified.

Since April 1, 2024, the scope of segment assets was changed to include cash and cash equivalents, trade notes, accounts and other receivable, and others. As a result, segment data as of the end of fiscal 2024 have been retrospectively reclassified.

Total revenues and profits by segment for the six months ended September 30, 2023 and 2024 are as follows:

 

		Millions of yen
		Six months ended September 30, 2023								Six months ended September 30, 2024								Change (revenues)								Change (profits)
		Segment Revenues				Segment Profits				Segment Revenues				Segment Profits				Amount				Percent (%)				Amount				Percent (%)
Corporate Financial Services and Maintenance Leasing		¥	220,243			¥	41,373			¥	228,804			¥	45,566			¥	8,561				4			¥	4,193				10
Real Estate			219,293				27,510				260,179				50,357				40,886				19				22,847				83
PE Investment and Concession			173,276				9,925				181,026				46,997				7,750				4				37,072				374
Environment and Energy			81,972				12,128				88,962				2,346				6,990				9				(9,782	)			(81	)
Insurance			288,586				37,451				235,172				40,857				(53,414	)			(19	)			3,406				9
Banking and Credit			42,928				16,802				30,450				13,107				(12,478	)			(29	)			(3,695	)			(22	)
Aircraft and Ships			29,246				18,794				51,302				32,011				22,056				75				13,217				70
ORIX USA			87,737				21,491				75,665				16,607				(12,072	)			(14	)			(4,884	)			(23	)
ORIX Europe			104,274				19,536				126,677				20,797				22,403				21				1,261				6
Asia and Australia			105,079				18,520				117,610				19,124				12,531				12				604				3
Total			1,352,634				223,530				1,395,847				287,769				43,213				3				64,239				29
Difference between Segment Total and Consolidated Amounts			7,322				(39,063	)			7,786				(30,778	)			464				6				8,285				—
Total Consolidated Amounts		¥	1,359,956			¥	184,467			¥	1,403,633			¥	256,991			¥	43,677				3			¥	72,524				39

Total assets by segment as of March 31, 2024 and September 30, 2024 are as follows:

 

										Millions of yen
										March 31, 2024								September 30, 2024								Change
										Segment Assets				Composition Ratio (%)				Segment Assets				Composition Ratio (%)				Amount				Percent (%)
Corporate Financial Services and Maintenance Leasing										¥	1,777,320				11			¥	1,806,160				11			¥	28,840				2
Real Estate											1,110,087				7				1,111,185				7				1,098				0
PE Investment and Concession											1,066,647				7				988,286				6				(78,361	)			(7	)
Environment and Energy											976,434				6				1,046,312				6				69,878				7
Insurance											2,921,927				18				2,901,167				18				(20,760	)			(1	)
Banking and Credit											2,934,217				18				2,921,424				18				(12,793	)			(0	)
Aircraft and Ships											1,169,641				7				1,221,976				8				52,335				4
ORIX USA											1,694,484				10				1,540,075				9				(154,409	)			(9	)
ORIX Europe											662,139				4				662,997				4				858				0
Asia and Australia											1,709,233				10				1,707,973				10				(1,260	)			(0	)
Total											16,022,129				98				15,907,555				97				(114,574	)			(1	)
Difference between Segment Total and Consolidated Amounts											299,971				2				432,422				3				132,451				44
Total Consolidated Amounts										¥	16,322,100				100			¥	16,339,977				100			¥	17,877				0

 

– 4 –

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Table of Contents

Segment information for the six months ended September 30, 2024 is as follows:

Corporate Financial Services and Maintenance Leasing

:

Finance and fee business; leasing and rental of automobiles, electronic measuring instruments and

ICT-related

equipment

In corporate financial services, we are engaged in financial businesses with a focus on profitability, and fee businesses by providing life insurance and environment and energy-related products and services to domestic small and

medium-sized

enterprise customers, as well as business succession support and M&A broking. In the automobile-related businesses, we aim to increase market share in small and

medium-sized

enterprises and individual customers, as well as large corporate customers by enhancing our competitive advantages stemming from our industry-leading number of fleets under management and

one-stop

automobile-related services. In the rental business operated by ORIX Rentec Corporation, we are not only providing electronic measuring instruments and

ICT-related

equipment lending, but we are also developing new services relating to robots, 3D printing, etc.

Segment profits increased 10% to ¥45,566 million compared to the same period of the previous fiscal year due to an increase in operating leases revenues and an increase in gains on sales of subsidiaries and equity method investments.

Segment assets increased 2% to ¥1,806,160 million compared to the end of the previous fiscal year due to an increase in installment loans.

 

		Six months ended September 30, 2023				Six months ended September 30, 2024				Change
										Amount				Percent (%)
		(Millions of yen, except percentage data)
Segment Revenues:
Finance revenues		¥	31,398			¥	30,890			¥	(508	)			(2	)
Gains on investment securities and dividends			2,167				1,460				(707	)			(33	)
Operating leases			132,122				139,859				7,737				6
Sales of goods and real estate			2,135				1,812				(323	)			(15	)
Services income			52,421				54,783				2,362				5
Total Segment Revenues			220,243				228,804				8,561				4
Segment Expenses:
Interest expense			2,699				3,278				579				21
Costs of operating leases			95,428				98,878				3,450				4
Costs of goods and real estate sold			1,681				1,489				(192	)			(11	)
Services expense			28,361				29,522				1,161				4
Other (income) and expense			8,326				8,757				431				5
Selling, general and administrative expenses			43,938				45,051				1,113				3
Provision for credit losses, and write-downs of long-lived assets and securities			388				1,060				672				173
Total Segment Expenses			180,821				188,035				7,214				4
Equity in Net income (Loss) of equity method investments and others			1,951				4,797				2,846				146
Segment Profits		¥	41,373			¥	45,566			¥	4,193				10
		As of March 31, 2024				As of September 30, 2024				Change
										Amount				Percent (%)
		(Millions of yen, except percentage data)
Net investment in leases		¥	567,735			¥	561,576			¥	(6,159	)			(1	)
Installment loans			346,840				363,951				17,111				5
Investment in operating leases			535,655				545,046				9,391				2
Investment in securities			36,683				29,834				(6,849	)			(19	)
Property under facility operations			17,404				17,281				(123	)			(1	)
Inventories			928				621				(307	)			(33	)
Advances for finance lease and operating lease			3,400				3,218				(182	)			(5	)
Equity method investments			14,984				14,676				(308	)			(2	)
Goodwill, intangible assets acquired in business combinations			28,693				25,971				(2,722	)			(9	)
Other assets			224,998				243,986				18,988				8
Total Segment Assets		¥	1,777,320			¥	1,806,160			¥	28,840				2

 

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Table of Contents

Real Estate

:

Real estate development, rental and management; facility operations; real estate asset management

In our real estate business, we aim to promote portfolio rebalancing by selling rental properties in favorable market conditions while investing in real estate development projects that can generate added value. We are also expanding our asset management business, which is less affected by volatility in the real estate market, and our housing-related business with a focus on residential condominiums. Our real estate business also operates hotels and Japanese inns, and we aim to improve profitability by attracting customers in response to diversifying customer needs. In the future, we will promote the innovation and the efficiency of our business through digital transformation, and develop businesses that take advantage of our strengths in a diverse value chain that includes real estate development and rental, asset management, facility operations, residential condominiums management, office building management, construction contracting, and real estate brokerage.

Segment profits increased 83% to ¥50,357 million compared to the same period of the previous fiscal year due to an increase in operating leases revenues and an increase in services income.

Segment assets totaled ¥1,111,185 million, remaining relatively unchanged compared to the end of the previous fiscal year.

 

		Six months ended September 30, 2023				Six months ended September 30, 2024				Change
										Amount				Percent (%)
		(Millions of yen, except percentage data)
Segment Revenues:
Finance revenues		¥	3,008			¥	2,467			¥	(541	)			(18	)
Gains on investment securities and dividends			479				845				366				76
Operating leases			24,289				37,842				13,553				56
Sales of goods and real estate			52,514				61,793				9,279				18
Services income			139,003				157,232				18,229				13
Total Segment Revenues			219,293				260,179				40,886				19
Segment Expenses:
Interest expense			1,427				1,172				(255	)			(18	)
Costs of operating leases			12,537				11,941				(596	)			(5	)
Costs of goods and real estate sold			40,754				49,789				9,035				22
Services expense			118,397				125,059				6,662				6
Other (income) and expense			(301	)			703				1,004				—
Selling, general and administrative expenses			20,611				20,873				262				1
Provision for credit losses, and write-downs of long-lived assets and securities			434				60				(374	)			(86	)
Total Segment Expenses			193,859				209,597				15,738				8
Equity in Net income (Loss) of equity method investments and others			2,076				(225	)			(2,301	)			—
Segment Profits		¥	27,510			¥	50,357			¥	22,847				83
		As of March 31, 2024				As of September 30, 2024				Change
										Amount				Percent (%)
		(Millions of yen, except percentage data)
Net investment in leases		¥	51,978			¥	48,277			¥	(3,701	)			(7	)
Installment loans			52				41				(11	)			(21	)
Investment in operating leases			278,191				315,784				37,593				14
Investment in securities			4,036				1,623				(2,413	)			(60	)
Property under facility operations			165,387				160,902				(4,485	)			(3	)
Inventories			174,990				168,672				(6,318	)			(4	)
Advances for finance lease and operating lease			114,649				76,221				(38,428	)			(34	)
Equity method investments			143,751				173,186				29,435				20
Advances for property under facility operations			8,183				10,787				2,604				32
Goodwill, intangible assets acquired in business combinations			52,898				51,850				(1,048	)			(2	)
Other assets			115,972				103,842				(12,130	)			(10	)
Total Segment Assets		¥	1,110,087			¥	1,111,185			¥	1,098				0

 

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Table of Contents

PE Investment and Concession

:

Private equity investment; concession

In the private equity business, we aim to enhance the corporate value of investees and to earn sustainable gains on sales through rebalancing our portfolio. We aim to expand investment in focused industries and increase value through rollups and alliances with existing investees as a starting point. At the same time, we seek business opportunities created by changes in the industrial structure and explore diversified investment methods. In the concession business, we aim to strengthen our operations in the three airports in Kansai (Kansai International Airport, Osaka International Airport and Kobe Airport), and proactively engage in the operation of public infrastructures other than airports.

Segment profits increased 374% to ¥46,997 million compared to the same period of the previous fiscal year due to an increase in gains on sales of subsidiaries and equity method investments resulting from the sale of investees and an increase in equity in net income (loss) of equity method investments.

Segment assets decreased 7% to ¥988,286 million compared to the end of the previous fiscal year due to a decrease in cash and cash equivalents and a decrease in investment in securities.

 

		Six months ended September 30, 2023				Six months ended September 30, 2024				Change
										Amount				Percent (%)
		(Millions of yen, except percentage data)
Segment Revenues:
Finance revenues		¥	814			¥	5,978			¥	5,164				634
Gains on investment securities and dividends			228				586				358				157
Operating leases			19,957				20,605				648				3
Sales of goods and real estate			114,149				122,384				8,235				7
Services income			38,128				31,473				(6,655	)			(17	)
Total Segment Revenues			173,276				181,026				7,750				4
Segment Expenses:
Interest expense			1,690				1,655				(35	)			(2	)
Costs of operating leases			13,352				13,072				(280	)			(2	)
Costs of goods and real estate sold			79,379				84,951				5,572				7
Services expense			26,666				21,928				(4,738	)			(18	)
Other (income) and expense			(605	)			(449	)			156				—
Selling, general and administrative expenses			42,498				43,194				696				2
Provision for credit losses, and write-downs of long-lived assets and securities			191				93				(98	)			(51	)
Total Segment Expenses			163,171				164,444				1,273				1
Equity in Net income (Loss) of equity method investments and others			(180	)			30,415				30,595				—
Segment Profits		¥	9,925			¥	46,997			¥	37,072				374
		As of March 31, 2024				As of  September 30, 2024				Change
										Amount				Percent (%)
		(Millions of yen, except percentage data)
Net investment in leases		¥	1,238			¥	1,064			¥	(174	)			(14	)
Installment loans			115,629				119,949				4,320				4
Investment in operating leases			56,286				57,463				1,177				2
Investment in securities			36,729				9,182				(27,547	)			(75	)
Property under facility operations			41,416				32,730				(8,686	)			(21	)
Inventories			47,553				42,333				(5,220	)			(11	)
Advances for finance lease and operating lease			5				4				(1	)			(20	)
Equity method investments			118,310				129,267				10,957				9
Advances for property under facility operations			4,466				113				(4,353	)			(97	)
Goodwill, intangible assets acquired in business combinations			351,202				343,976				(7,226	)			(2	)
Other assets			293,813				252,205				(41,608	)			(14	)
Total Segment Assets		¥	1,066,647			¥	988,286			¥	(78,361	)			(7	)

 

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Table of Contents

Environment and Energy

:

Domestic and overseas renewable energy; electric power retailing; ESCO services; sales of solar panels; recycling and waste management

In the environment and energy business, we aim to increase services revenue as a comprehensive energy service provider by promoting our renewable energy business and electric power retailing business. In our solar power generation business, we have owned and operated one of the largest solar power capacities in total in Japan. In the recycling and waste management business, we are making new investments in facilities with the aim of further expansion of business. We intend to accelerate our renewable energy business overseas by utilizing the expertise we have gained in the domestic market.

Segment profits decreased 81% to ¥2,346 million compared to the same period of the previous fiscal year due to an increase in services expense and in selling, general and administrative expenses, and a decrease in equity in net income (loss) of equity method investments.

Segment assets increased 7% to ¥1,046,312 million compared to the end of the previous fiscal year, primarily due to foreign exchange effects.

 

		Six months ended September 30, 2023				Six months ended September 30, 2024				Change
										Amount				Percent (%)
		(Millions of yen, except percentage data)
Segment Revenues:
Finance revenues		¥	720			¥	616				(¥104	)			(14	)
Gains on investment securities and dividends			(8	)			(8	)			0				—
Operating leases			40				39				(1	)			(3	)
Sales of goods and real estate			1,658				1,481				(177	)			(11	)
Services income			79,562				86,834				7,272				9
Total Segment Revenues			81,972				88,962				6,990				9
Segment Expenses:
Interest expense			5,046				6,211				1,165				23
Costs of operating leases			9				9				0				—
Costs of goods and real estate sold			1,005				836				(169	)			(17	)
Services expense			53,908				65,705				11,797				22
Other (income) and expense			963				562				(401	)			(42	)
Selling, general and administrative expenses			9,036				10,828				1,792				20
Provision for credit losses, and write-downs of long-lived assets and securities			25				238				213				852
Total Segment Expenses			69,992				84,389				14,397				21
Equity in Net income (Loss) of equity method investments and others			148				(2,227	)			(2,375	)			—
Segment Profits		¥	12,128			¥	2,346			¥	(9,782	)			(81	)
		As of March 31, 2024				As of September 30, 2024				Change
										Amount				Percent (%)
		(Millions of yen, except percentage data)
Net investment in leases		¥	3,104			¥	2,436			¥	(668	)			(22	)
Installment loans			2,255				2,784				529				23
Investment in operating leases			250				243				(7	)			(3	)
Investment in securities			571				577				6				1
Property under facility operations			453,252				473,394				20,142				4
Inventories			2,463				2,701				238				10
Equity method investments			219,018				246,490				27,472				13
Advances for property under facility operations			44,962				52,905				7,943				18
Goodwill, intangible assets acquired in business combinations			121,174				128,736				7,562				6
Other assets			129,385				136,046				6,661				5
Total Segment Assets		¥	976,434			¥	1,046,312			¥	69,878				7

 

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Table of Contents

Insurance

:

Life insurance

In the life insurance business, we sell life insurance through agents, banks and other financial institutions,

face-to-face

sales through our own consulting services, and online sales. With

“simple-to-understand”

and “providing reasonable guarantee at reasonable price” as the concepts of product development, we aim to expand the number of new life insurance contracts and increase life insurance premium income by constantly incorporating our customer needs while expanding the product lineup.

Segment profits increased 9% to ¥40,857 million compared to the same period of the previous fiscal year due to a decrease in life insurance costs, offset by a decrease in life insurance premiums and related investment income.

Segment assets decreased 1% to ¥2,901,167 million compared to the end of the previous fiscal year due to a decrease in investment in securities.

 

		Six months ended September 30, 2023				Six months ended September 30, 2024				Change
										Amount				Percent (%)
		(Millions of yen, except percentage data)
Segment Revenues:
Finance revenues		¥	144			¥	159			¥	15				10
Life insurance premiums and related investment income			287,026				235,014				(52,012	)			(18	)
Services income			1,416				(1	)			(1,417	)			—
Total Segment Revenues			288,586				235,172				(53,414	)			(19	)
Segment Expenses:
Interest expense			0				81				81				—
Life insurance costs			222,032				166,834				(55,198	)			(25	)
Other (income) and expense			(3	)			(140	)			(137	)			—
Selling, general and administrative expenses			29,105				27,539				(1,566	)			(5	)
Provision for credit losses, and write-downs of long-lived assets and securities			0				1				1				—
Total Segment Expenses			251,134				194,315				(56,819	)			(23	)
Equity in Net income (Loss) of equity method investments and others			(1	)			(0	)			1				—
Segment Profits		¥	37,451			¥	40,857			¥	3,406				9
		As of March 31, 2024				As of September 30, 2024				Change
										Amount				Percent (%)
		(Millions of yen, except percentage data)
Installment loans		¥	11,792			¥	11,951			¥	159				1
Investment in operating leases			26,876				26,742				(134	)			(0	)
Investment in securities			2,236,495				2,215,325				(21,170	)			(1	)
Equity method investments			29,742				31,818				2,076				7
Goodwill, intangible assets acquired in business combinations			4,452				4,452				0				—
Other assets			612,570				610,879				(1,691	)			(0	)
Total Segment Assets		¥	2,921,927			¥	2,901,167			¥	(20,760	)			(1	)

 

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Table of Contents

Banking and Credit

:

Banking; consumer finance

In the banking business, we aim to increase finance revenues mainly by origination of real estate investment loans, which is the core of our banking business. In the consumer finance business, we aim to increase finance revenues by providing loans directly to our customers with our expertise in credit screening. We also aim to increase guarantee fees income by expanding guarantees against loans disbursed by other financial institutions. In the mortgage bank business, we aim to expand our market share by expanding our agency network and strengthening our product lineup.

Segment profits decreased 22% to ¥13,107 million compared to the same period of the previous fiscal year due to a decrease in finance revenues as a result of ORIX Credit Corporation becoming an equity method investee due to the partial sale of its shares in the fourth quarter of fiscal 2024.

Segment assets totaled ¥2,921,424 million, remaining relatively unchanged compared to the end of the previous fiscal year.

 

		Six months ended September 30, 2023				Six months ended September 30, 2024				Change
										Amount				Percent (%)
		(Millions of yen, except percentage data)
Segment Revenues:
Finance revenues		¥	39,630			¥	28,818			¥	(10,812	)			(27	)
Gains on investment securities and dividends			187				65				(122	)			(65	)
Services income			3,111				1,567				(1,544	)			(50	)
Total Segment Revenues			42,928				30,450				(12,478	)			(29	)
Segment Expenses:
Interest expense			2,608				2,745				137				5
Services expense			3,436				4,433				997				29
Other (income) and expense			(276	)			106				382				—
Selling, general and administrative expenses			16,041				10,635				(5,406	)			(34	)
Provision for credit losses, and write-downs of long-lived assets and securities			4,116				308				(3,808	)			(93	)
Total Segment Expenses			25,925				18,227				(7,698	)			(30	)
Equity in Net income (Loss) of equity method investments and others			(201	)			884				1,085				—
Segment Profits		¥	16,802			¥	13,107			¥	(3,695	)			(22	)
		As of March 31, 2024				As of September 30, 2024				Change
										Amount				Percent (%)
		(Millions of yen, except percentage data)
Installment loans		¥	2,378,183			¥	2,368,834			¥	(9,349	)			(0	)
Investment in securities			311,237				311,975				738				0
Equity method investments			43,601				44,423				822				2
Other assets			201,196				196,192				(5,004	)			(2	)
Total Segment Assets		¥	2,934,217			¥	2,921,424			¥	(12,793	)			(0	)

 

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Table of Contents

Aircraft and Ships

:

Aircraft investment and management; ship-related finance and investment

In the aircraft-related business, we are focusing on a wide range of profit opportunities, including operating leases of owned aircraft, sale of aircraft to investors, and asset management services for aircraft owned by domestic and overseas investors. We aim for medium- and long-term growth by further enhancing our presence in the global aircraft-leasing market including through mutually complementary relationships with Avolon Holdings Limited. In the ship-related business, we flexibly replace assets while closely monitoring the market environment, and aim to achieve goals such as an increase of commission income by arranging investment in ships for domestic corporate investors. In the future, we aim to expand our business by collaborating with excellent partners based on our expertise in finance and investment.

Segment profits increased 70% to ¥32,011 million compared to the same period of the previous fiscal year due to an increase in operating leases revenues as a result of a new acquisition of a subsidiary in the fourth quarter of fiscal 2024.

Segment assets increased 4% to ¥1,221,976 million compared to the end of the previous fiscal year due to an increase in investment in operating leases, offset by a decrease resulting from foreign exchange effects.

 

		Six months ended September 30, 2023				Six months ended September 30, 2024				Change
										Amount				Percent (%)
		(Millions of yen, except percentage data)
Segment Revenues:
Finance revenues		¥	4,051			¥	3,333			¥	(718	)			(18	)
Gains on investment securities and dividends			232				139				(93	)			(40	)
Operating leases			21,867				41,900				20,033				92
Sales of goods and real estate			97				196				99				102
Services income			2,999				5,734				2,735				91
Total Segment Revenues			29,246				51,302				22,056				75
Segment Expenses:
Interest expense			5,089				8,563				3,474				68
Costs of operating leases			10,278				17,581				7,303				71
Costs of goods and real estate sold			97				199				102				105
Services expense			506				2,151				1,645				325
Other (income) and expense			(2,973	)			(2,543	)			430				—
Selling, general and administrative expenses			4,936				5,004				68				1
Provision for credit losses, and write-downs of long-lived assets and securities			(0	)			(0	)			(0	)			—
Total Segment Expenses			17,933				30,955				13,022				73
Equity in Net income (Loss) of equity method investments and others			7,481				11,664				4,183				56
Segment Profits		¥	18,794			¥	32,011			¥	13,217				70
		As of March 31, 2024				As of September 30, 2024				Change
										Amount				Percent (%)
		(Millions of yen, except percentage data)
Installment loans		¥	60,468			¥	44,765			¥	(15,703	)			(26	)
Investment in operating leases			557,867				643,430				85,563				15
Investment in securities			11,960				11,095				(865	)			(7	)
Property under facility operations			0				29				29				—
Inventories			733				1,896				1,163				159
Advances for finance lease and operating lease			9,232				18,062				8,830				96
Equity method investments			399,061				375,458				(23,603	)			(6	)
Goodwill, intangible assets acquired in business combinations			19,114				29,337				10,223				53
Other assets			111,206				97,904				(13,302	)			(12	)
Total Segment Assets		¥	1,169,641			¥	1,221,976			¥	52,335				4

 

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Table of Contents

ORIX USA

:

Finance, investment and asset management in the Americas

ORIX Corporation USA provides various types of finance services such as corporate finance, real estate finance, private equity investment, and investment in bonds to our clients in response to their needs. We are also engaged in expanding the function of our asset management and servicing platform to increase stable fee revenues. With controlling the amount of assets and the expansion of assets under management, we aim for the growth of profits along with improvement of capital efficiency.

Segment profits decreased 23% to ¥16,607 million compared to the same period of the previous fiscal year due to a decrease in gains on investment securities and dividends and an increase in selling, general and administrative expenses, offset by an increase in gains on sales of subsidiaries and equity method investments.

Segment assets decreased 9% to ¥1,540,075 million compared to the end of the previous fiscal year, primarily due to foreign exchange effects and a decrease in installment loans.

 

		Six months ended September 30, 2023				Six months ended September 30, 2024				Change
										Amount				Percent (%)
		(Millions of yen, except percentage data)
Segment Revenues:
Finance revenues		¥	57,662			¥	53,163			¥	(4,499	)			(8	)
Gains on investment securities and dividends			4,591				(280	)			(4,871	)			—
Operating leases			699				292				(407	)			(58	)
Sales of goods and real estate			231				235				4				2
Services income			24,554				22,255				(2,299	)			(9	)
Total Segment Revenues			87,737				75,665				(12,072	)			(14	)
Segment Expenses:
Interest expense			24,363				22,225				(2,138	)			(9	)
Costs of operating leases			104				649				545				524
Costs of goods and real estate sold			139				151				12				9
Services expense			1,535				854				(681	)			(44	)
Other (income) and expense			(1,400	)			(2,284	)			(884	)			—
Selling, general and administrative expenses			41,581				45,360				3,779				9
Provision for credit losses, and write-downs of long-lived assets and securities			1,005				1,617				612				61
Total Segment Expenses			67,327				68,572				1,245				2
Equity in Net income (Loss) of equity method investments and others			1,081				9,514				8,433				780
Segment Profits		¥	21,491			¥	16,607			¥	(4,884	)			(23	)
		As of March 31, 2024				As of September 30, 2024				Change
										Amount				Percent (%)
		(Millions of yen, except percentage data)
Net investment in leases		¥	505			¥	455			¥	(50	)			(10	)
Installment loans			699,384				596,207				(103,177	)			(15	)
Investment in operating leases			9,858				11,486				1,628				17
Investment in securities			509,172				484,048				(25,124	)			(5	)
Property under facility operations and servicing assets			79,747				73,571				(6,176	)			(8	)
Inventories			159				212				53				33
Equity method investments			61,415				57,845				(3,570	)			(6	)
Goodwill, intangible assets acquired in business combinations			176,785				165,697				(11,088	)			(6	)
Other assets			157,459				150,554				(6,905	)			(4	)
Total Segment Assets		¥	1,694,484			¥	1,540,075			¥	(154,409	)			(9	)

 

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ORIX Europe

:

Asset management of global equity and fixed income

Under ORIX Corporation Europe N.V. as the holding company, Robeco Institutional Asset Management B.V. (hereinafter, “Robeco”) and Transtrend B.V. headquartered in the Netherlands, Boston Partners Global Investors, Inc. and Harbor Capital Advisors, Inc. headquartered in the United States are engaged in the asset management business through investments in stocks, bonds, etc. In addition to the focus on expanding the existing businesses by leveraging the expertise of Robeco, a pioneer in sustainable investment, we aim to increase assets under management with expanding products and investment strategies through M&A activities. ORIX Europe is also engaged in capturing a wide range of business opportunities as the strategic business location of ORIX Group in Europe.

Segment profits increased 6% to ¥20,797 million compared to the same period of the previous fiscal year due to an increase in services income, offset by an increase in selling, general and administrative expenses.

Segment assets totaled ¥662,997 million, remaining relatively unchanged compared to the end of the previous fiscal year.

 

		Six months ended September 30, 2023				Six months ended September 30, 2024				Change
										Amount				Percent (%)
		(Millions of yen, except percentage data)
Segment Revenues:
Finance revenues		¥	1,053			¥	1,990			¥	937				89
Gains on investment securities and dividends			1,889				3,821				1,932				102
Services income			101,332				120,866				19,534				19
Total Segment Revenues			104,274				126,677				22,403				21
Segment Expenses:
Interest expense			141				373				232				165
Services expense			25,938				32,629				6,691				26
Other (income) and expense			(196	)			4,609				4,805				—
Selling, general and administrative expenses			61,258				69,026				7,768				13
Provision for credit losses, and write-downs of long-lived assets and securities			0				115				115				—
Total Segment Expenses			87,141				106,752				19,611				23
Equity in Net income (Loss) of equity method investments and others			2,403				872				(1,531	)			(64	)
Segment Profits		¥	19,536			¥	20,797			¥	1,261				6
		As of March 31, 2024				As of September 30, 2024				Change
										Amount				Percent (%)
		(Millions of yen, except percentage data)
Investment in securities		¥	82,568			¥	86,924			¥	4,356				5
Equity method investments			11,907				11,592				(315	)			(3	)
Goodwill, intangible assets acquired in business combinations			364,773				351,985				(12,788	)			(4	)
Other assets			202,891				212,496				9,605				5
Total Segment Assets		¥	662,139			¥	662,997			¥	858				0

 

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Asia and Australia

:

Finance and investment businesses in Asia and Australia

Our overseas subsidiaries are primarily engaged in financial services such as leasing and lending based on business practices and laws and regulations that vary from region to region and also invest in private equity in Asian countries, particularly in China. We will further enhance the functions of our overseas subsidiaries and further invest in targeted markets in order to expand our business with an emphasis on profitability.

Segment profits increased 3% to ¥19,124 million compared to the same period of the previous fiscal year due to an increase in operating leases revenues.

Segment assets totaled ¥1,707,973 million, remaining relatively unchanged compared to the end of the previous fiscal year.

 

		Six months ended September 30, 2023				Six months ended September 30, 2024				Change
										Amount				Percent (%)
		(Millions of yen, except percentage data)
Segment Revenues:
Finance revenues		¥	34,208			¥	37,885			¥	3,677				11
Gains on investment securities and dividends			375				(47	)			(422	)			–
Operating leases			58,496				67,510				9,014				15
Sales of goods and real estate			153				246				93				61
Services income			11,847				12,016				169				1
Total Segment Revenues			105,079				117,610				12,531				12
Segment Expenses:
Interest expense			16,225				20,972				4,747				29
Costs of operating leases			43,447				48,902				5,455				13
Costs of goods and real estate sold			145				229				84				58
Services expense			7,365				7,599				234				3
Other (income) and expense			(1,047	)			(621	)			426				–
Selling, general and administrative expenses			20,000				21,782				1,782				9
Provision for credit losses, and write-downs of long-lived assets and securities			3,009				4,555				1,546				51
Total Segment Expenses			89,144				103,418				14,274				16
Equity in Net income (Loss) of equity method investments and others			2,585				4,932				2,347				91
Segment Profits		¥	18,520			¥	19,124			¥	604				3
		As of March 31, 2024				As of September 30, 2024				Change
										Amount				Percent (%)
		(Millions of yen, except percentage data)
Net investment in leases		¥	530,426			¥	545,487			¥	15,061				3
Installment loans			343,936				317,970				(25,966	)			(8	)
Investment in operating leases			395,573				397,101				1,528				0
Investment in securities			33,520				34,499				979				3
Property under facility operations			1,849				1,736				(113	)			(6	)
Inventories			224				156				(68	)			(30	)
Advances for finance lease and operating lease			3,017				3,864				847				28
Equity method investments			271,682				277,269				5,587				2
Goodwill, intangible assets acquired in business combinations			7,313				7,003				(310	)			(4	)
Other assets			121,693				122,888				1,195				1
Total Segment Assets		¥	1,709,233			¥	1,707,973			¥	(1,260	)			(0	)

 

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(2) Financial Condition

 

		As of March 31, 2024				As of September 30, 2024				Change
										Amount				Percent (%)
		(Millions of yen except per share, ratios and percentages)
Total assets		¥	16,322,100			¥	16,339,977			¥	17,877				0
(Segment assets)			16,022,129				15,907,555				(114,574	)			(1	)
Total liabilities			12,297,490				12,358,564				61,074				0
(Short- and long-term debt)			6,200,471				6,239,117				38,646				1
(Deposits)			2,245,835				2,295,120				49,285				2
ORIX Corporation shareholders’ equity			3,941,466				3,902,197				(39,269	)			(1	)
ORIX Corporation shareholders’ equity per share (yen)*1			3,422.94				3,418.59				(4.35	)			(0	)
ORIX Corporation shareholders’ equity ratio*2			24.1	%			23.9	%			—				—
D/E ratio (Debt-to-equity ratio) (Short-and long-term debt (excluding deposits) / ORIX Corporation shareholders’ equity)			1.6x				1.6x				—				—

 

* Since April 1, 2024, the scope of segment assets was changed to include cash and cash equivalents, trade notes, accounts and other receivable, and others. As a result, segment data as of the end of fiscal 2024 have been retrospectively reclassified.

Total assets remained relatively unchanged at ¥16,339,977 million compared to the balance as of March 31, 2024 due to increases in cash and cash equivalents, investment in operating leases and equity method investments , offset by decreases in installment loans, investment in securities and trade notes, accounts and other receivable. In addition, segment assets decreased 1% to ¥15,907,555 million compared to the balance as of March 31, 2024.

Total liabilities remained relatively unchanged at ¥12,358,564 million compared to the balance as of March 31, 2024 due to increases in short-term debt and deposits, offset by decreases in trade notes, accounts and other payable and long-term debt.

Shareholders’ equity decreased 1% to ¥3,902,197 million compared to the balance as of March 31, 2024.

 

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(3) Liquidity and Capital Resources

ORIX Group formulates funding policies that are designed to maintain and improve procurement stability and reduce liquidity risk. As a concrete measure to maintain and improve procurement stability while engaging in activities such as borrowing, capital market procurement and securitization of assets, we are diversifying our procurement methods and our country and investor base. To reduce liquidity risk, we are prolonging our borrowings from financial institutions and issuing long-term corporate bonds domestically and internationally with dispersed redemption periods. We are also holding cash and entering into committed credit facilities agreements. In order to maintain an appropriate level of liquidity at hand, we conduct stress tests from the perspective of both procurement stability and financial efficiency and review the necessary levels accordingly.

The Company continues to closely monitor the impact of geopolitical risks and the monetary policies of central banks of major countries on the liquidity and capital resources of the ORIX Group.

Our funding is comprised of borrowings from financial institutions, direct fund procurement from capital markets, and deposits. ORIX Group’s total funding including that from short-term and long-term debt and deposits on a consolidated basis was ¥8,534,237 million as of September 30, 2024. Borrowings are procured from a diverse range of financial institutions including major banks, regional banks, foreign banks and life and casualty insurance companies. The number of financial institutions from which we procured borrowings was about 200 as of September 30, 2024. Our debt from capital markets is mainly composed of bonds, MTNs, CP, and securitization of loans receivables and other assets. The majority of deposits are attributable to ORIX Bank Corporation.

Short-term and long-term debt and deposits

(a) Short-term debt

 

		Millions of yen
		March 31, 2024				September 30, 2024
Borrowings from financial institutions		¥	436,822			¥	508,449
Secured borrowings on securities lending transactions			120,116				126,623
Bonds			1,122				1,094
Commercial paper			13,849				108,312
Payables under securitized loan receivables and other assets			2,186				0
Total short-term debt		¥	574,095			¥	744,478
Short-term debt as of September 30, 2024 was ¥744,478 million, which accounted for 12% of the total amount of short-term and long-term debt (excluding deposits) as compared to 9% as of March 31, 2024.   While the amount of short-term debt as of September 30, 2024 was ¥744,478 million, the sum of cash and cash equivalents and the unused amount of committed credit facilities as of September 30, 2024 was ¥1,692,364 million, maintaining a sufficient level of liquidity.
(b) Long-term debt
		Millions of yen
		March 31, 2024				September 30, 2024
Borrowings from financial institutions and other		¥	3,987,754			¥	3,908,913
Bonds			1,208,672				1,251,324
Medium-term notes			272,064				285,596
Payables under securitized loan receivables and other assets			157,886				48,806
Total long-term debt		¥	5,626,376			¥	5,494,639
The balance of long-term debt as of September 30, 2024 was ¥5,494,639 million, which accounted for 88% of the total amount of short-term and long-term debt (excluding deposits) as compared to 91% as of March 31, 2024.
(c) Deposits
		Millions of yen
		March 31, 2024				September 30, 2024
Deposits		¥	2,245,835			¥	2,295,120

Apart from the short-term and long-term debt noted above, ORIX Bank Corporation and ORIX Asia Limited accept deposits. These deposit-taking subsidiaries are regulated institutions, and loans from these subsidiaries to ORIX Group entities are subject to maximum regulatory limits.

 

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(4) Summary of Cash Flows

Cash, cash equivalents and restricted cash as of September 30, 2024, increased by ¥118,313 million to ¥1,303,620 million compared to March 31, 2024.

Cash flows provided by operating activities were inflow of ¥600,040 million in the six months ended September 30, 2024, up from ¥591,030 million during the same period of the previous fiscal year. This change resulted primarily from a change from an increase to a decrease in inventories.

Cash flows used in investing activities were outflow of ¥602,448 million in the six months ended September 30, 2024, down from ¥859,876 million during the same period of the previous fiscal year. This change resulted primarily from an increase in proceeds from sales and redemption of available-for-sale debt securities, partially offset by an increase in purchases of available-for-sale debt securities.

Cash flows provided by financing activities were inflow of ¥130,462 million in the six months ended September 30, 2024, compared to the outflow of ¥70,660 million during the same period of the previous fiscal year. This change resulted primarily from increases in debt with maturities of three months or less and a change from a decrease to an increase in deposits due to customers.

(5) Management Policy and Strategy

There were no significant changes for the six months ended September 30, 2024.

(6) Challenges to be addressed on a priority basis

There were no significant changes for the six months ended September 30, 2024.

(7) Research and Development Activity

There were no significant changes in research and development activities for the six months ended September 30, 2024.

(8) Major Facilities

There were no significant changes in major facilities for the six months ended September 30, 2024.

 

4.	Material Contracts

Not applicable.

 

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5.	Company Stock Information

(The following disclosure is provided for ORIX Corporation on a stand-alone basis and has been prepared based on Japanese GAAP.)

(1) Issued Shares, Common Stock and Capital Reserve

The number of issued shares, the amount of common stock and capital reserve for the six months ended September 30, 2024 is as follows:

 

In thousands				Millions of yen
Number of issued shares				Common stock				Capital reserve
Increase, net		September 30, 2024		Increase, net		September 30, 2024		Increase, net		September 30, 2024
0		1,214,961		¥0		¥221,111		¥0		¥248,290

(2) List of Major Shareholders

The following is a list of major shareholders based on our share registry as of September 30, 2024:

 

Name		Number of shares held (in thousands)				Percentage of total shares issued
Address
The Master Trust Bank of Japan, Ltd. (Trust Account)			221,188				19.31	%
Akasaka Intercity AIR, 1-8-1, Akasaka, Minato-ku, Tokyo
Custody Bank of Japan, Ltd. (Trust Account)			101,078				8.82
1-8-12, Harumi, Chuo-ku, Tokyo
State Street Bank And Trust Company 505001			34,518				3.01
One Congress Street, Suite 1 Boston Massachusetts USA
Citibank, N.A.-NY, As Depositary Bank For Depositary Share Holders			25,099				2.19
388 Greenwich Street New York, NY 10013 USA
State Street Bank West Client-Treaty 505234			23,017				2.01
1776 Heritage Drive, North Quincy, MA 02171 USA
SMBC Nikko Securities Inc.			20,998				1.83
3-3-1, Marunouchi, Chiyoda-ku, Tokyo
JPMorgan Securities Japan Co., Ltd.			16,107				1.40
Tokyo Building, 2-7-3, Marunouchi, Chiyoda-ku, Tokyo
JP Morgan Chase Bank 385781			15,278				1.33
25 Bank Street, Canary Wharf, London, E14 5JP, United Kingdom
State Street Bank And Trust Company 505103			12,971				1.13
One Congress Street, Suite 1 Boston Massachusetts USA
State Street Bank And Trust Company 505301			12,763				1.11
One Congress Street, Suite 1 Boston Massachusetts USA
			483,022				42.18

 

Notes: 1

The number of shares held in relation to a trust business may not be all inclusive and therefore is reported with reference to the names listed as shareholders.

 

: 2	In addition to the above, the Company has treasury stock shares of 69,962 thousand shares. The Company’s shares held through the Board Incentive Plan Trust (3,535 thousand shares) are not included in the number of treasury stock shares.

 

6.	Directors and Executive Officers

Between the filing date of Form

20-F

for the fiscal year ended March 31, 2024 and September 30, 2024, there were no changes of directors and executive officers.

 

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7.	Financial Information

(1) Condensed Consolidated Balance Sheets (Unaudited)

 

				Millions of yen
Assets				March 31, 2024				September 30, 2024
Cash and Cash Equivalents				¥	1,032,810			¥	1,168,945
Restricted Cash					152,497				134,675
Net Investment in Leases					1,155,023				1,159,348
Installment Loans					3,958,814				3,826,463
The amounts which are measured at fair value by electing the fair value option are as follows:
March 31, 2024		¥129,959 million
September 30, 2024		¥130,873 million
Allowance for Credit Losses					(58,110	)			(53,756	)
Investment in Operating Leases					1,868,574				2,006,000
Investment in Securities					3,263,079				3,185,088
The amounts which are measured at fair value by electing the fair value option are as follows:
March 31, 2024		¥35,696 million
September 30, 2024		¥42,409 million
The amounts which are associated to available-for-sale debt securities are as follows:
March 31, 2024
Amortized Cost		¥3,015,940 million
Allowance for Credit Losses		¥(634) million
September 30, 2024
Amortized Cost		¥3,029,912 million
Allowance for Credit Losses		¥(540) million
Property under Facility Operations					689,573				696,139
Equity method investments					1,313,887				1,362,461
Trade Notes, Accounts and Other Receivable					401,368				354,546
Inventories					227,359				216,911
Office Facilities					248,458				245,046
Other Assets					2,068,768				2,038,111
The amounts which are measured at fair value by electing the fair value option are as follows:
March 31, 2024		¥2,786 million
September 30, 2024		¥2,859 million
Total Assets				¥	16,322,100			¥	16,339,977

 

Note:

The assets of consolidated variable interest entities (VIEs) that can be used only to settle obligations of those VIEs are below:

 

		Millions of yen
		March 31, 2024				September 30, 2024
Cash and Cash Equivalents		¥	4,748			¥	2,309
Net Investment in Leases (Net of Allowance for Credit Losses)			2,186				0
Installment Loans (Net of Allowance for Credit Losses)			186,889				66,403
Investment in Operating Leases			55,089				105,998
Property under Facility Operations			150,930				153,982
Equity method Investments			50,168				49,939
Other			84,858				77,585
		¥	534,868			¥	456,216

 

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				Millions of yen
Liabilities and Equity				March 31, 2024				September 30, 2024
Liabilities:
Short-Term Debt				¥	574,095			¥	744,478
Deposits					2,245,835				2,295,120
Trade Notes, Accounts and Other Payable					362,504				297,336
Policy Liabilities and Policy Account Balances					1,892,510				1,930,730
The amounts which are measured at fair value by electing the fair value option are as follows:
March 31, 2024		¥167,207 million
September 30, 2024		¥151,331 million
Current and Deferred Income Taxes					570,724				550,235
Long-Term Debt					5,626,376				5,494,639
Other Liabilities					1,025,446				1,046,026
Total Liabilities					12,297,490				12,358,564
Redeemable Noncontrolling Interests					2,645				2,506
Commitments and Contingent Liabilities
Equity:
Common Stock					221,111				221,111
Additional Paid-in Capital					233,457				233,955
Retained Earnings					3,259,730				3,378,114
Accumulated Other Comprehensive Income					357,148				234,098
Treasury Stock, at Cost					(129,980	)			(165,081	)
ORIX Corporation Shareholders’ Equity					3,941,466				3,902,197
Noncontrolling Interests					80,499				76,710
Total Equity					4,021,965				3,978,907
Total Liabilities and Equity				¥	16,322,100			¥	16,339,977

 

Note:		The liabilities of consolidated VIEs for which creditors (or beneficial interest holders) do not have recourse to the general credit of the Company and its subsidiaries are below:

 

		Millions of yen
		March 31, 2024				September 30, 2024
Short-Term Debt		¥	2,186			¥	0
Trade Notes, Accounts and Other Payable			845				1,331
Long-Term Debt			339,143				260,523
Other			27,694				25,611
		¥	369,868			¥	287,465

 

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(2) Condensed Consolidated Statements of Income (Unaudited)

 

		Millions of yen
		Six months ended September 30, 2023				Six months ended September 30, 2024
Revenues:
Finance revenues		¥	171,642			¥	164,734
Gains on investment securities and dividends			10,850				6,550
Operating leases			259,949				310,848
Life insurance premiums and related investment income			285,738				233,808
Sales of goods and real estate			173,800				190,874
Services income			457,977				496,819
Total revenues			1,359,956				1,403,633
Expenses:
Interest expense			90,891				83,717
Costs of operating leases			176,894				192,799
Life insurance costs			222,097				166,863
Costs of goods and real estate sold			124,795				139,155
Services expense			267,177				290,952
Other (income) and expense			2,503				10,902
Selling, general and administrative expenses			302,265				314,225
Provision for credit losses			8,616				7,319
Write-downs of long-lived assets			538				506
Write-downs of securities			16				223
Total expenses			1,195,792				1,206,661
Operating Income			164,164				196,972
Equity in Net Income of Equity method investments			16,675				28,516
Gains on Sales of Subsidiaries and Equity method investments and Liquidation Losses, net			3,628				31,503
Income before Income Taxes			184,467				256,991
Provision for Income Taxes			53,827				74,862
Net Income			130,640				182,129
Net Income (Loss) Attributable to the Noncontrolling Interests			2,502				(973	)
Net Income Attributable to the Redeemable Noncontrolling Interests			38				156
Net Income Attributable to ORIX Corporation Shareholders		¥	128,100			¥	182,946
		Yen
		Six months ended September 30, 2023				Six months ended September 30, 2024
Amounts per Share of Common Stock for Net Income Attributable to ORIX Corporation Shareholders:
Basic:		¥	109.92			¥	159.42
Diluted:			109.76				159.15

 

Note:		The presentation of equity method investment has been changed since the fourth quarter of fiscal 2024. As a result, certain line items presented in our consolidated statements of income for the six months ended September 30, 2023 have been retrospectively reclassified for this change.

 

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(3) Condensed Consolidated Statements of Comprehensive Income (Unaudited)

 

		Millions of yen
		Six months ended September 30, 2023				Six months ended September 30, 2024
Net Income		¥	130,640			¥	182,129
Other comprehensive income (loss), net of tax:
Net change of unrealized gains (losses) on investment in securities			(100,412	)			(54,756	)
Impact of changes in policy liability discount rate			110,576				2,741
Net change of debt valuation adjustments			(123	)			(75	)
Net change of defined benefit pension plans			(89	)			(526	)
Net change of foreign currency translation adjustments			163,583				(63,533	)
Net change of unrealized gains (losses) on derivative instruments			2,408				(8,229	)
Total other comprehensive income (loss)			175,943				(124,378	)
Comprehensive Income			306,583				57,751
Comprehensive Income (Loss) Attributable to the Noncontrolling Interests			7,553				(2,132	)
Comprehensive Income (Loss) Attributable to the Redeemable Noncontrolling Interests			200				(13	)
Comprehensive Income Attributable to ORIX Corporation Shareholders		¥	298,830			¥	59,896

 

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(4) Condensed Consolidated Statements of Changes in Equity (Unaudited)

Six months ended September 30, 2023

 

		Millions of yen
		ORIX Corporation Shareholders’ Equity
		Common Stock				Additional Paid-in Capital				Retained Earnings				Accumulated Other Comprehensive Income (Loss)				Treasury Stock				Total ORIX Corporation Shareholders’ Equity				Noncontrolling Interests				Total Equity
Balance at March 31, 2023		¥	221,111			¥	233,169			¥	3,054,448			¥	156,135			¥	(121,256	)		¥	3,543,607			¥	70,715			¥	3,614,322
Contribution to subsidiaries																							0				2,946				2,946
Transaction with noncontrolling interests							84								(165	)							(81	)			1,038				957
Comprehensive income, net of tax:
Net income											128,100												128,100				2,502				130,602
Other comprehensive income (loss)
Net change of unrealized gains (losses) on investment in securities															(100,411	)							(100,411	)			0				(100,411	)
Impact of changes in policy liability discount rate															110,576								110,576				0				110,576
Net change of debt valuation adjustments															(123	)							(123	)			0				(123	)
Net change of defined benefit pension plans															(89	)							(89	)			0				(89	)
Net change of foreign currency translation adjustments															158,229								158,229				5,191				163,420
Net change of unrealized gains (losses) on derivative instruments															2,548								2,548				(140	)			2,408
Total other comprehensive income																							170,730				5,051				175,781
Total comprehensive income																							298,830				7,553				306,383
Cash dividends											(50,209	)											(50,209	)			(1,354	)			(51,563	)
Acquisition of treasury stock																			(31,474	)			(31,474	)			0				(31,474	)
Other, net							426												(1	)			425				0				425
Balance at September 30, 2023		¥	221,111			¥	233,679			¥	3,132,339			¥	326,700			¥	(152,731	)		¥	3,761,098			¥	80,898			¥	3,841,996

Six months ended September 30, 2024

 

		Millions of yen
		ORIX Corporation Shareholders’ Equity
		Common Stock				Additional Paid-in Capital				Retained Earnings				Accumulated Other Comprehensive Income (Loss)				Treasury Stock				Total ORIX Corporation Shareholders’ Equity				Noncontrolling Interests				Total Equity
Balance at March 31, 2024		¥	221,111			¥	233,457			¥	3,259,730			¥	357,148			¥	(129,980	)		¥	3,941,466			¥	80,499			¥	4,021,965
Cumulative effect of adopting Accounting Standards Update 2023-02											(157	)											(157	)			0				(157	)
Balance at April 1, 2024		¥	221,111			¥	233,457			¥	3,259,573			¥	357,148			¥	(129,980	)		¥	3,941,309			¥	80,499			¥	4,021,808
Contribution to subsidiaries																							0				3,405				3,405
Transaction with noncontrolling interests																							0				(4,553	)			(4,553	)
Comprehensive income (loss), net of tax:
Net income (loss)											182,946												182,946				(973	)			181,973
Other comprehensive income (loss)
Net change of unrealized gains (losses) on investment in securities															(54,744	)							(54,744	)			0				(54,744	)
Impact of changes in policy liability discount rate															2,741								2,741				0				2,741
Net change of debt valuation adjustments															(75	)							(75	)			0				(75	)
Net change of defined benefit pension plans															(525	)							(525	)			(1	)			(526	)
Net change of foreign currency translation adjustments															(62,223	)							(62,223	)			(1,153	)			(63,376	)
Net change of unrealized gains (losses) on derivative instruments															(8,224	)							(8,224	)			(5	)			(8,229	)
Total other comprehensive income (loss)																							(123,050	)			(1,159	)			(124,209	)
Total comprehensive income (loss)																							59,896				(2,132	)			57,764
Cash dividends											(64,405	)											(64,405	)			(509	)			(64,914	)
Acquisition of treasury stock																			(35,417	)			(35,417	)			0				(35,417	)
Disposal of treasury stock							(158	)											316				158				0				158
Other, net							656																656				0				656
Balance at September 30, 2024		¥	221,111			¥	233,955			¥	3,378,114			¥	234,098			¥	(165,081	)		¥	3,902,197			¥	76,710			¥	3,978,907

 

Note:		Changes in the redeemable noncontrolling interests are not included in this table. For further information, see Note 12 “Redeemable Noncontrolling Interests.”

 

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(5) Condensed Consolidated Statements of Cash Flows (Unaudited)

 

		Millions of yen
		Six months ended September 30, 2023				Six months ended September 30, 2024
Cash Flows from Operating Activities:
Net income		¥	130,640			¥	182,129
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization			178,502				200,794
Principal payments received under net investment in leases			235,228				258,428
Provision for credit losses			8,616				7,319
Equity in net income of equity method investments			(16,675	)			(28,516	)
Gains on sales of subsidiaries and equity method investments and liquidation losses, net			(3,628	)			(31,503	)
Gains on sales of securities other than trading			(3,703	)			(884	)
Gains on sales of operating lease assets			(27,792	)			(44,646	)
Write-downs of long-lived assets			538				506
Write-downs of securities			16				223
Decrease in trading securities			2,324				13,853
(Increase) Decrease in inventories			(52,653	)			2,465
Decrease in trade notes, accounts and other receivable			21,880				28,794
Decrease in trade notes, accounts and other payable			(36,073	)			(18,950	)
Increase in policy liabilities and policy account balances			100,338				41,053
Other, net			53,472				(11,025	)
Net cash provided by operating activities			591,030				600,040
Cash Flows from Investing Activities:
Purchases of lease equipment			(620,344	)			(671,739	)
Originations of installment loans			(665,218	)			(698,963	)
Principal collected on installment loans			628,398				723,410
Proceeds from sales of operating lease assets			114,989				143,787
Investments in equity method investees, net			(126,495	)			(37,486	)
Proceeds from sales of equity method investments			10,181				12,847
Purchases of available-for-sale debt securities			(238,062	)			(373,479	)
Proceeds from sales of available-for-sale debt securities			89,928				225,927
Proceeds from redemption of available-for-sale debt securities			20,694				139,666
Purchases of equity securities other than trading			(22,832	)			(43,981	)
Proceeds from sales of equity securities other than trading			6,612				20,060
Purchases of property under facility operations			(37,368	)			(23,787	)
Acquisitions of subsidiaries, net of cash acquired			(12,966	)			(34,279	)
Sales of subsidiaries, net of cash disposed			5,543				37,724
Other, net			(12,936	)			(22,155	)
Net cash used in investing activities			(859,876	)			(602,448	)
Cash Flows from Financing Activities:
Net increase in debt with maturities of three months or less			40,454				154,418
Proceeds from debt with maturities longer than three months			484,586				574,786
Repayment of debt with maturities longer than three months			(471,333	)			(571,260	)
Net increase (decrease) in deposits due to customers			(23,631	)			49,646
Cash dividends paid to ORIX Corporation shareholders			(50,209	)			(64,405	)
Acquisition of treasury stock			(31,474	)			(35,417	)
Contribution from noncontrolling interests			1,834				570
Purchases of shares of subsidiaries from noncontrolling interests			(150	)			(13	)
Net increase (decrease) in call money			(20,000	)			23,000
Other, net			(737	)			(863	)
Net cash provided by (used in) financing activities			(70,660	)			130,462
Effect of Exchange Rate Changes on Cash, Cash Equivalents and Restricted Cash			26,828				(9,741	)
Net increase (decrease) in Cash, Cash Equivalents and Restricted Cash			(312,678	)			118,313
Cash, Cash Equivalents and Restricted Cash at Beginning of Period			1,366,908				1,185,307
Cash, Cash Equivalents and Restricted Cash at End of Period		¥	1,054,230			¥	1,303,620

 

Notes:		1.		The following tables provide information about Cash, Cash Equivalents and Restricted Cash which are included in the Company’s consolidated balance sheets as of September 30, 2023 and September 30, 2024, respectively.

 

		Millions of yen
		September 30, 2023				September 30, 2024
Cash and Cash Equivalents		¥	915,107			¥	1,168,945
Restricted Cash			139,123				134,675
Cash, Cash Equivalents and Restricted Cash		¥	1,054,230			¥	1,303,620

 

		2.		The presentation of equity method investment has been changed since the fourth quarter of fiscal 2024. As a result, certain line items presented in our consolidated statements of cash flows for the six months ended September 30, 2023, have been retrospectively reclassified for this change.

 

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Notes to Consolidated Financial Statements

 

1.	Overview of Accounting Principles Utilized

In preparing the accompanying consolidated financial statements, ORIX Corporation (the “Company”) and its subsidiaries have complied with generally accepted accounting principles in the United States (“U.S. GAAP”).

These statements include all adjustments (consisting of normal recurring accruals) that we considered necessary to present a fair statement of our results of operations, financial position and cash flows. The results reported in these consolidated financial statements should not be regarded as necessarily indicative of results that may be expected for the entire year. These consolidated financial statements should be read in conjunction with the financial statements and notes thereto included in our March 31, 2024 consolidated financial statements on Form

20-F.

Since the Company listed on the New York Stock Exchange in September 1998, the Company has filed the annual report (Form

20-F)

including the consolidated financial statements with the Securities and Exchange Commission.

Significant differences between U.S. GAAP and generally accepted accounting principles in Japan (“Japanese GAAP”) are as follows:

(a) Initial direct costs and loan origination fees and related direct loan origination costs

Under U.S. GAAP, initial direct costs of sales-type leases and direct financing leases are mainly being deferred and amortized as a yield adjustment over the life of the related lease using the interest method. Initial direct costs of operating leases are being deferred and amortized on a straight-line basis over the life of the related lease. Loan origination fees and related direct loan origination costs are mainly being deferred and amortized over the term of the related loans using the interest method.

Under Japanese GAAP, those initial direct costs are recognized as expenses when they are incurred.

(b) Allowance for credit losses

Under U.S. GAAP, the allowance for credit losses to financial assets not individually evaluated is accounted for estimating credit losses expected to occur in the future over the remaining life. And for the credit losses over the remaining life resulting from

off-balance

sheet credit exposures, the allowance is recognized.

Under Japanese GAAP, the allowance for loan losses to financial receivables, etc. not individually evaluated is accounted for based on the prior

charge-off

experience to the outstanding balance of financial receivables at the reporting date.

(c) Operating leases

Under U.S. GAAP, revenues from operating leases are recognized on a straight-line basis over the contract terms. Operating lease assets are depreciated over their estimated useful lives mainly on a straight-line basis.

Japanese GAAP allows for operating lease assets to be depreciated using mainly either a declining-balance basis or a straight-line basis.

(d) Accounting for life insurance operations

Under U.S. GAAP, certain costs related directly to the successful acquisition of new (or renewal of) insurance contracts are deferred and amortized over the expected period of the policies on a constant-level basis.

Under Japanese GAAP, such costs are recorded as expenses currently in earnings in each accounting period.

In addition, under U.S. GAAP, policy liabilities for future policy benefits are measured using the net level premium method based on actuarial estimates of the amount of future policyholder benefits. The discount rate is calculated by applying the discount rate as of the valuation date, and assumptions are reviewed at least annually except for the expense assumptions. Changes in the liabilities for future policy benefits resulting from changes of cash flow assumptions are recognized in earnings. Changes in the liabilities for future policy benefits resulting from changes of discount rate assumptions are recognized in other comprehensive income (loss), net of applicable income tax.

Under Japanese GAAP, these are calculated by the methodology which relevant authorities accept.

 

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(e) Accounting for goodwill and other intangible assets in business combinations

Under U.S. GAAP, goodwill and indefinite-lived intangible assets are not amortized, but assessed for impairment at least annually. Additionally, if events or changes in circumstances indicate that the asset might be impaired, the Company and its subsidiaries test for impairment when such events or changes occur.

Under Japanese GAAP, goodwill is amortized over an appropriate period up to 20 years.

(f) Accounting for pension plans

Under U.S. GAAP, the net actuarial gain (loss) is amortized using the corridor approach.

Under Japanese GAAP, the net actuarial gain (loss) is fully amortized over a certain term within the average remaining service period of employees.

(g) Partial sale of the parent’s ownership interest in subsidiaries

Under U.S. GAAP, in a transaction that results in the loss of control, the gain or loss recognized in income includes the realized gain or loss related to the portion of ownership interest sold and the gain or loss on the remeasurement to fair value of the interest retained.

Under Japanese GAAP, in a transaction that results in the loss of control, only the realized gain or loss related to the portion of ownership interest sold is recognized in income and the gain or loss on the remeasurement to fair value of the interest retained is not recognized.

(h) Consolidated statements of cash flows

Classification in the statements of cash flows under U.S. GAAP differs from that under Japanese GAAP. As significant differences, purchase of lease equipment, proceeds from sales of operating lease assets, installment loans and principal collected on installment loans (excluding issues and collections of loans held for sale) are included in “Cash Flows from Investing Activities” under U.S. GAAP while they are classified as “Cash Flows from Operating Activities” under Japanese GAAP.

Under U.S. GAAP, in addition, restricted cash is required to be added to the balance of cash and cash equivalents.

(i) Transfer of financial assets

Under U.S. GAAP, an entity is required to perform analysis to determine whether or not to consolidate trusts or special purpose companies, collectively called special purpose entities (“SPEs”) for securitization under the VIE’s consolidation rules. If it is determined from the analysis that the enterprise transferred financial assets in a securitization transaction to SPEs that need to be consolidated, the transaction is not accounted for as a sale.

In addition, if the transferor transfers a portion of financial assets, the transaction is not accounted for as a sale but accounted for as a secured borrowing unless each interest held by the transferor and transferee meets the definition of a participating interest and the transfer of a portion of financial assets meets criteria for derecognition of transferred financial assets.

Under Japanese GAAP, SPEs that meet certain conditions may be considered not to be a subsidiary of the transferor. Therefore, if an enterprise transfers financial assets to these types of SPEs in a securitization transaction, the transferee SPEs are not required to be consolidated, and the enterprise accounts for the transaction as a sale and recognizes a gain or loss on the sale into earnings when control over the transferred assets is surrendered.

In addition, if the transferor transfers a portion of financial assets, the enterprise accounts for the transaction as a sale and recognizes a gain or loss on the sale into earnings when the transfer of a portion of financial assets meets criteria for derecognition of transferred financial assets.

(j) Investment in securities

Under U.S. GAAP, unrealized gains and losses from all equity securities are generally recognized in income. In addition, credit losses on

available-for-sale

debt securities are recognized in earnings through an allowance, and unrealized gains and losses on

available-for-sale

debt securities related to other factors than credit losses are recognized in other comprehensive income (loss), net of applicable income taxes.

Under Japanese GAAP, such unrealized gains and losses from securities other than trading or

held-to-maturity

are recognized in other comprehensive income (loss), net of applicable income taxes.

 

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(k) Fair value option

Under U.S. GAAP, an entity is permitted to carry certain eligible financial assets and liabilities at fair value and to recognize changes in that item’s fair value in earnings through the election of the fair value option. The portion of the total change in the fair value of the financial liability that results from a change in the instrument-specific credit risk is to be recognized in other comprehensive income (loss), net of applicable income taxes.

Under Japanese GAAP, there is no accounting standard for fair value option.

(l) Lessee’s lease

Under U.S. GAAP,

right-of-use

(hereinafter, “ROU”) assets and lease liabilities from the lessee’s lease transaction are generally recognized on the balance sheet.

Under Japanese GAAP, operating leases from the lessee’s lease transaction are

off-balance

sheet.

 

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2.	Significant Accounting and Reporting Policies

(a) Principles of consolidation

Consolidated subsidiaries

The consolidated financial statements include the accounts of the Company and all of its subsidiaries. VIEs, for which the Company and its subsidiaries are the primary beneficiaries, are also included in the consolidated financial statements.

In a transaction that results in the loss of control, the gain or loss recognized in income includes the realized gain or loss related to the portion of ownership interest sold and the gain or loss on the remeasurement to fair value of the interest retained. On the other hand, additional acquisition of the parent’s ownership interest in subsidiaries and partial sale of such interest where the parent continues to retain control of the subsidiary are accounted for as equity transactions.

A certain overseas subsidiary consolidates subsidiaries determined as investment companies under ASC 946 (“Financial Services – Investment Companies”). Investments held by the investment company subsidiaries are carried at fair value with changes in fair value recognized in earnings.

All significant intercompany accounts and transactions have been eliminated in preparing our consolidated financial statements.

Equity method investees

 

(1)	Investment in corporate entities

Investments in corporate entities, in which the Company and its subsidiaries have 20% – 50% ownership or has the ability to exercise significant influence, are accounted for by using the equity method except for those for which the fair value option has been elected. When the Company holds majority voting interests of an entity but noncontrolling shareholders hold substantive participating rights to make decisions on activities that occur over the ordinary course of the business, an equity method investee is recognized.

 

(2)	Investment in real estate joint ventures

Investments in real estate joint ventures, which includes contracts for the development and operation of real estate, are accounted for by using the equity method.

 

(3)	Investment in partnerships and other investments

Investments in partnerships and other investments, in which the Company and its subsidiaries have more than

3% to 5% ownership or over which the Company and its subsidiaries can exercise significant influence, are accounted for by using the equity method except for those for which the fair value option has been elected.

Equity method investments are recorded at cost plus/minus the Company and its subsidiaries’ portion of equity in undistributed earnings. If the value of an investment has declined and is judged to be other-than-temporary, the investment is written down to its fair value.

When an equity method investee issues stocks, which price per share is more or less than the Company and its subsidiaries’ average carrying amount per share, to unrelated third parties, the Company and its subsidiaries adjust the carrying amount of its equity method investee and recognize the gain or loss in the consolidated statements of income in the year in which the change in ownership interest occurs.

A lag period of up to three months is used on a consistent basis for recognizing the results of certain consolidated subsidiaries and equity method investees.

(b) Use of estimates

The preparation of consolidated financial statements in conformity with generally accepted accounting principles requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. The Company has identified eleven areas where it believes estimates are particularly critical to the financial statements. The Company makes estimates and assumptions to the selection of valuation techniques and determination of assumptions used in fair value measurements, fair value measurement of assets acquired and liabilities assumed in a business combination, the determination and periodic reassessment of the unguaranteed residual value for finance leases and operating leases, the determination and reassessment of insurance policy liabilities and deferred policy acquisition costs, the determination of the allowance for credit losses (including the allowance for

off-balance

sheet credit exposures), the recognition and measurement of impairment of long-lived assets, the recognition and measurement of impairment of investment in securities, the determination of the valuation allowance for deferred tax assets and the evaluation of tax positions, the assessment and measurement of effectiveness in hedging relationship using derivative financial instruments, the determination of benefit obligation and net periodic pension cost and the recognition and measurement of impairment of goodwill and other intangible assets.

(c) Foreign currencies translation

The Company and its subsidiaries maintain their accounting records in their functional currency. Transactions in foreign currencies are recorded in the entity’s functional currency based on the prevailing exchange rates on the transaction date. Monetary assets and liabilities in foreign currencies are recorded in the entity’s functional currency based on the prevailing exchange rates at the end of each reporting period.

 

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The financial statements of overseas subsidiaries and equity method investees are translated into Japanese yen by applying the exchange rates in effect at the end of each reporting period to all assets and liabilities. Income and expenses are translated at the average rates of exchange prevailing during the fiscal year. The currencies in which the operations of the overseas subsidiaries and equity method investees are conducted are regarded as the functional currencies of these companies. Foreign currency translation adjustments reflected in other comprehensive income (loss), net of applicable income taxes, arise from the translation of foreign currency financial statements into Japanese yen.

(d) Revenue recognition

The Company and its subsidiaries recognize revenues from only contracts with customers, such as sales of goods and real estate, and services income, revenues are recognized to depict the transfer of promised goods or services to customers in the amounts that reflect the consideration to which the entity expects to be entitled in exchange for those goods or services. Revenues are recognized net of discount, incentives and estimated sales returns. In case that the Company and its subsidiaries receive payment from customers before satisfying performance obligations, the amounts are recognized as contract liabilities. In transactions that involve third parties, if the Company and its subsidiaries control the goods or services before they are transferred to the customers, revenue is recognized on gross amount as the principal.

Excluding the aforementioned policy, the policies as specifically described hereinafter are applied for each of revenue items.

Finance Revenues

—Finance revenues mainly include revenues from finance leases, installment loans, and financial guarantees.

(1) Revenues from finance leases

Lessor leases consist of leases for various equipment types, including office equipment, industrial machinery, transportation equipment and real estates. Net investment in leases includes sales-type leases and direct financing leases which are full-payout leases. Leases not qualifying as sales-type leases or direct financing leases are accounted for as operating leases. Interest income on net investment in leases is recognized over the life of each respective lease using the interest method. When lease payment is variable, it is accounted for as income in profit or loss in the period when the changes in facts and circumstances on which the variable payment is based occur. When providing leasing services, the Company and its subsidiaries simultaneously conduct supplementary businesses, such as handling taxes and paying insurance on leased assets on behalf of lessees. The repayment of lessor costs received from lessees are recognized in revenues from finance leases and those underlying costs are recognized in other (income) and expense. The estimated unguaranteed residual value represents estimated proceeds from the disposition of equipment at the time the lease is terminated. Estimates of residual values are determined based on market values of used equipment, estimates of when and the extent to which equipment will become obsolete and actual recovery being experienced for similar used equipment. Initial direct costs of sales-type leases and direct financing leases are being deferred and amortized as a yield adjustment over the life of the related lease by using interest method. The unamortized balance of initial direct costs of sales-type leases and direct financing leases is reflected as a component of net investment in leases.

(2) Revenues from installment loans

Interest income on installment loans is recognized on an accrual basis. Certain related direct loan origination costs, net of loan origination fees, are being deferred and amortized over the contractual term of the loan as an adjustment of the related loan’s yield using the interest method. Interest payments received on loans other than purchased loans are recorded as interest income unless the collection of the remaining investment is doubtful at which time payments received are recorded as reductions of principal. For purchased loans, although the acquired assets may remain loans in legal form, collections on these loans often do not reflect the normal historical experience of collecting delinquent accounts, and the need to tailor individual collateral-realization strategies often makes it difficult to reliably estimate the amount, timing, or nature of collections. Accordingly, the Company and its subsidiaries use the cost recovery method of income recognition for such purchased loans.

(3) Revenues from financial guarantees

At the inception of a guarantee, fair value for the guarantee is recognized as a liability in the consolidated balance sheets. The Company and its subsidiaries recognize revenue mainly over the term of guarantee by a systematic and rational amortization method as the Company and its subsidiaries are released from the risk of the obligation.

 

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(4)

Non-accrual

policy

In common with all classes, for net investment in leases and installment loans,

past-due

financing receivables are receivables for which principal or interest is

past-due

30 days or more. Loans whose terms have been modified are not classified as

past-due

financing receivables if the principals and interests are not

past-due

30 days or more in accordance with the modified terms. The Company and its subsidiaries suspend accruing revenues on

past-due

installment loans and net investment in leases when principal or interest is

past-due

90 days or more, or earlier, if management determines that their collections are doubtful based on factors such as individual debtors’ creditworthiness, historical loss experience, current delinquencies and delinquency trends. However, delinquencies during the relevant period of

past-due

financing receivables are out of the scope of the suspension of revenue recognition unless their collections are doubtful when the government issues a request for grace of repayment within a maximum of 6 months due to reasons that cannot be attributed to the obligor, such as a disaster, or when similar requests are made by public bodies. Accrued but uncollected interest is reclassified to net investment in leases or installment loans in the accompanying consolidated balance sheets and becomes subject to the allowance for credit losses process. The Company and its subsidiaries return

non-accrual

loans and net investment in leases to accrual status when it becomes probable that the Company and its subsidiaries will be able to collect all amounts due according to the contractual terms of these loans and receivables, as evidenced by continual payments from the debtors. The period of such continual payments before returning to accrual status varies depending on factors that we consider are relevant in assessing the debtors’ creditworthiness, such as the debtors’ business characteristics and financial conditions as well as relevant economic conditions and trends.

Operating leases

—

Revenues from operating leases are recognized on a straight-line basis over the contract terms. When lease payment is variable, it is accounted for as income in profit or loss in the period when the changes in facts and circumstances on which the variable payment is based occur. In principle, any conditions changed from original lease agreement should be accounted for as a lease modification.

In providing leasing services, the Company and its subsidiaries simultaneously conduct supplementary businesses, such as handling taxes and paying insurance on leased assets on behalf of lessees. The compensations for those lessor costs received from lessees are recognized in operating lease revenues and those costs are recognized in costs of operating leases. Investment in operating leases is recorded at cost less accumulated depreciation, which was ¥936,001 million and ¥950,230 million as of March 31, 2024 and September 30, 2024, respectively. In addition, operating lease assets are depreciated over their estimated useful lives mainly on a straight-line basis. Depreciation expenses are included in costs of operating leases. Gains or losses arising from dispositions of operating lease assets are included in operating lease revenues.

Estimates of residual values are based on market values of used equipment, estimates of when and the extent to which equipment will become obsolete and actual recovery being experienced for similar used equipment. Initial direct costs of operating leases are being deferred and amortized as a straight-line basis over the life of the related lease. The unamortized balance of initial direct costs is reflected as investment in operating leases.

 

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(e) Insurance and reinsurance transactions

Premium income from life insurance policies, net of premiums on reinsurance ceded, is recognized as earned premiums when due.

Life insurance benefits are recorded as expenses when they are incurred. The policies are classified as long-duration contracts and mainly consist of whole life, term life, endowments, medical insurance and individual annuity insurance contracts. The calculation of liabilities for future policy benefits other than individual annuities is computed using the same contract groupings (also referred to as cohorts) by policy year, currency, payment method (full term payment or limited payment) and product category and the liabilities for future policy benefits are computed using the net level premium method based on expected future policy benefit payments. A liability is recorded for the present value of expected future policy insurance benefits to be paid and certain related costs, less the present value of expected future net premium to be earned, at the time the premium revenue recognized. For limited payment contracts, the excess of gross premiums received over net premium is recorded as a deferred profit liability.

The liabilities for future policy benefits are measured using assumptions such as mortality, morbidity, lapse, expense and discount rates. These assumptions are determined based on historical experience, industry data and other factors. Certain subsidiaries review and update future cash flow assumptions at least annually except for expense assumptions. Certain subsidiaries elected to lock in and not to update expense assumptions after expense assumptions are determined based on the most recent actual results at the time of contract issuance. The net premium ratios for calculating the liabilities for future policy benefits are also updated quarterly reflecting actual cash flows. Certain subsidiaries remeasure the liabilities for future policy benefits using the updated net premium ratios as of the beginning of the reporting period in which the assumptions are updated and record the change from the remeasurement as gains or losses in life insurance costs in the consolidated statements of income. For periods subsequent to the remeasurement, the Company and its subsidiaries calculate the liabilities for future policy benefits using updated net premium ratios. If net premiums exceed gross premiums, the liabilities for future policy benefits are increased and the excess is recognized immediately in earnings through life insurance costs in the consolidated statement of income.

The Company and its subsidiaries use a yield curve based on the yields on

single-A

rated fixed-income instruments as upper-medium grade fixed-income instrument yields with durations similar to the liabilities for future policy benefits to determine discount rate assumptions. The yields on

single-A

rated fixed-income instruments are referenced in the index provided by a third-party pricing vendor. The discount rate assumptions are updated quarterly and are used for remeasurement of the liability at the reporting date. Changes in the liabilities for future policy benefits resulting from updates of discount rate assumptions are recognized in other comprehensive income (loss), net of applicable income tax. For periods beyond the observable period of the referenced index, the discount rate yield curve beyond the observable period of the referenced index is interpolated to the ultimate forward rate using the Smith-Wilson method.

 

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The insurance contracts sold by certain subsidiaries include variable annuity, variable life and fixed annuity insurance contracts. Certain subsidiaries manage investment assets on behalf of variable annuity and variable life policyholders, which consist of equity securities and are included in investment in securities in the consolidated balance sheets. These investment assets are measured at fair value with realized and unrealized gains or losses recognized in life insurance premiums and related investment income in the consolidated statements of income. Certain subsidiaries elected the fair value option for the entire variable annuity and variable life insurance contracts with changes in the fair value recognized in life insurance costs.

Certain subsidiaries provide minimum guarantees to variable annuity and variable life policyholders under which it is exposed to the risk of compensating losses incurred by the policyholders to the extent contractually required. To mitigate the risk, a portion of the minimum guaranteed risk related to variable annuity and variable life insurance contracts is ceded to reinsurance companies and the remaining risk is economically hedged by entering into derivative contracts. The reinsurance contracts do not relieve certain subsidiaries from the obligation as the primary obligor to compensate certain losses incurred by the policyholders, and the default of the reinsurance companies may impose additional losses on certain subsidiaries. Certain subsidiaries have elected the fair value option for certain reinsurance contracts relating to variable annuity and variable life insurance contracts, which are included in other assets in the consolidated balance sheets.

Policy liabilities and policy account balances for fixed annuity insurance contracts are measured based on the single-premiums plus interest based on expected rate and fair value adjustments relating to the acquisition of certain subsidiaries, less withdrawals, expenses and other charges. The credited interest is recorded in life insurance costs in the consolidated statements of income.

Certain costs related directly to the successful acquisition of new or renewal insurance contracts are deferred. Deferred policy acquisition costs consist primarily of agent commissions, except for policy maintenance costs, and underwriting expenses. For amortization of deferred policy acquisition costs, insurance contracts are grouped by contract year, currency, payment method (full term payment or limited payment) and product category, using the same contract groupings for the calculation of the liabilities for future policy benefits.

Deferred policy acquisition costs are amortized at constant-level basis for each cohort over the expected term of the policies, and the amortization is recorded in life insurance costs in the consolidated statements of income.

For all cohorts, the number of policies in force for the amortization of deferred policy acquisition costs is projected using mortality and lapse rates estimated based on historical experience, industry data and other factors, which are consistent with those assumptions used for calculating the liabilities for future policy benefits. When mortality and lapse rates are updated, the effects on the amortization of deferred policy acquisition costs are derived by updating the projected number of policies in force and recognized prospectively over the expected term of the policies.

(f) Allowance for credit losses

The allowance for credit losses estimates credit losses expected to occur in the future over the remaining life of net investment in leases, financial assets measured at amortized cost, such as installment loans and other receivables, and is recognized based on management judgement. Expected prepayments are reflected in the remaining life. The allowance for credit losses is increased by provision charged to income and is decreased by charge-offs, net of recoveries mainly.

Developing the allowance for credit losses is subject to numerous estimates and judgments. In evaluating the appropriateness of the allowance, management considers various factors, including the business characteristics and financial conditions of the obligors, prior

charge-off

experience, current delinquencies and delinquency trends, value of underlying collateral and guarantees, current economic and business conditions and expected outlook in the future.

The Company and its subsidiaries estimate the allowance for credit losses by using various methods according to these estimates and judgments. When certain financial assets have similar risk characteristics to other financial assets, these financial assets are collectively evaluated as a pool. On the contrary, when financial assets do not have similar risk characteristics to other financial assets, the financial assets are evaluated individually. The Company and its subsidiaries select the most appropriate calculation method based on available information, such as the nature and related risk characteristics on financial assets, the prior

charge-off

experience and future forecast scenario with correlated economic indicators.

The Company and its subsidiaries charge off doubtful receivables when the likelihood of any future collection is believed to be minimal considering debtors’ creditworthiness and the liquidation status of collateral, etc.

In addition, if the entity has a present contractual obligation to extend the credit and the obligation is not unconditionally cancelable by the entity, credit losses related the loan commitments of card loans and installment loans and financial guarantees are in the scope of the allowance for credit losses. For the loan commitments of card loans and installment loans, credit losses are recognized on the loan commitments for the portion expected to be drawn. For financial guarantees, the allowance is recognized for the contingent obligation which generates credit risk exposures. These allowance for

off-balance

sheet credit exposures is measured using the same measurement objectives as the allowance for loans and net investment leases, considering quantitative and qualitative factors including historical loss experience, current economic and business conditions and reasonable and supportable forecasts. The allowance for

off-balance

sheet credit exposure is accounted for in other liabilities on the consolidated balance sheets.

 

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(g) Impairment of long-lived assets

The Company and its subsidiaries perform a recoverability test for long-lived assets to be held and used in operations, including tangible assets and intangible assets being depreciated or amortized, consisting primarily of office buildings, condominiums, aircraft, ships, mega solar facilities and other properties under facility operations, whenever events or changes in circumstances indicated that the assets might be impaired. The assets are considered not recoverable when the undiscounted future cash flows estimated to be generated by those assets are less than the carrying amount of those assets. The carrying amount of assets not recoverable is reduced to fair value if lower than the carrying amount. The Company and its subsidiaries determine the fair value using appraisals prepared by independent third party appraisers or our own staff of qualified appraisers, and others based on recent transactions involving sales of similar assets or other valuation techniques such as discounted cash flows methodologies using future cash flows estimated to be generated from operation of the existing assets or completion of development projects, as appropriate.

(h) Investment in securities

Equity securities are generally reported at fair value with unrealized gains and losses included in income. Equity securities without readily determinable fair values are recorded at fair value at its cost minus impairment, if any, plus or minus changes resulting from observable price changes under the election of the measurement alternative, except for investments which are valued at net asset value per share.

Equity securities elected to apply the measurement alternative are written down to its fair value with losses included in income if a qualitative assessment indicates that the investment is impaired and the fair value of the investment is less than its carrying value.

In addition, investments are recorded at fair value with unrealized gains and losses included in income if certain subsidiaries elect the fair value option.

Trading debt securities are reported at fair value with unrealized gains and losses included in income.

Available-for-sale

debt securities are reported at fair value, and unrealized gains or losses are recorded in other comprehensive income (loss), net of applicable income taxes, except for investments which are recorded at fair value with unrealized gains and losses included in income by electing the fair value option.

For

available-for-sale

debt securities, if the fair value is less than the amortized cost, the debt securities are impaired. The Company and its subsidiaries identify per each impaired security whether the decline of fair value is due to credit losses component or

non-credit

losses component. Impairment related to credit losses is recognized in earnings through an allowance for credit losses. Impairment related to other factors than credit losses is recognized in other comprehensive income (loss), net of applicable income taxes. In estimating an allowance for credit losses, the Company and its subsidiaries consider that credit losses exist when the present value of estimated cash flows is less than the amortized cost basis. When the Company and its subsidiaries intend to sell the debt securities for which an allowance for credit losses is previously established or it is more likely than not that the Company and its subsidiaries will be required to sell the debt securities before recovery of the amortized cost basis, the allowance for credit losses is fully written off and the amortized cost is reduced to the fair value after recognizing additional impairment in earnings. In addition, the Company and its subsidiaries recognize in earnings the full difference between the amortized cost and the fair value of the debt securities by direct write-down, without any allowance for credit losses, if the debt securities are expected to be sold and the fair value is less than the amortized cost.

Held-to-maturity

debt securities are recorded at amortized cost.

Held-to-maturity

debt securities are in the scope of ASC 326 (“Financial Instruments—Credit Losses”), see Note 2 “Significant Accounting and Reporting Policies (f) Allowance for credit losses.”

(i) Income taxes

The Company, in general, determines its provision for income taxes for the six months ended September 30, 2023 and 2024 by applying the estimated effective tax rate for the full fiscal year to the actual

year-to-date

income before income taxes. The estimated effective tax rate is determined by dividing the estimated provision for income taxes for the full fiscal year by the estimated income before income taxes for the full fiscal year.

 

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At the fiscal year end, income taxes are accounted for under the asset and liability method. Deferred tax assets and liabilities are recognized for the future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases, and for tax loss carryforwards. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the year in which those temporary differences are expected to be recovered or settled. The effect on deferred tax assets and liabilities of a change in tax rate is recognized in income in the period that includes the enactment date. The Company and its subsidiaries release to earnings stranded income tax effects in accumulated other comprehensive income (loss) resulting from changes in tax laws or rates or changes in judgment about realization of a valuation allowance on a specific identification basis when the individual items are completely sold or terminated. A valuation allowance is recognized if, based on the weight of available evidence, it is “more likely than not” that some portion or all of the deferred tax asset will not be realized.

The effective income tax rates for the six months ended September 30, 2023 and 2024 were approximately 29.2% and 29.1%, respectively. For the six months ended September 30, 2023 and 2024, the Company and its subsidiaries in Japan were subject to a National Corporate tax of approximately 24%, an Inhabitant tax of approximately 4% and a deductible Enterprise tax of approximately 4%, which in the aggregate result in a statutory income tax rate of approximately 31.5%. The effective income tax rate is different from the statutory tax rate primarily because of certain nondeductible expenses for tax purposes,

non-taxable

income for tax purposes, changes in valuation allowance, the effect of lower tax rates on certain subsidiaries and the effect of investor taxes on earnings of subsidiaries. The Company and its certain subsidiaries have applied Japanese Group Relief System for National Corporation tax purposes.

The Company and its subsidiaries file tax returns in Japan and certain foreign tax jurisdictions and recognize the financial statement effects of a tax position taken or expected to be taken in a tax return when it is more likely than not, based on the technical merits, that the position will be sustained upon tax examination, including resolution of any related appeals or litigation processes, and measure tax positions that meet the recognition threshold at the largest amount of tax benefit that is greater than 50 percent likely to be realized upon settlement with the taxing authority. The Company and its subsidiaries present an unrecognized tax benefit as either a reduction of a deferred tax asset or a liability, based on the intended method of settlement. The Company and its subsidiaries classify penalties and interest expense related to income taxes as part of provision for income taxes in the consolidated statements of income.

(j) Securitized assets

The Company and its subsidiaries have securitized and sold to investors various financial assets such as lease receivables and loan receivables. In the securitization process, the assets to be securitized are sold to SPEs that issue asset-backed beneficial interests and securities to the investors.

SPEs used in securitization transactions are consolidated if the Company and its subsidiaries are the primary beneficiary of the SPEs, and the transfers of the financial assets to those consolidated SPEs are not accounted for as sales. Assets held by consolidated SPEs continue to be accounted for as lease receivables or loan receivables, as they were before the transfer, and asset-backed beneficial interests and securities issued to the investors are accounted for as debt. When the Company and its subsidiaries have transferred financial assets to a transferee that is not subject to consolidation, the Company and its subsidiaries account for the transfer as a sale if control over the transferred assets is surrendered.

The Company and certain subsidiaries originate and sell loans into the secondary market, while retaining the obligation to service those loans. In addition, a certain subsidiary undertakes obligations to service loans originated by others. The subsidiary recognizes servicing assets if it expects the benefit of servicing to more than adequately compensate it for performing the servicing or recognizes servicing liabilities if it expects the benefit of servicing to less than adequately compensate it. These servicing assets and liabilities are initially recognized at fair value and subsequently accounted for using the amortization method whereby the assets and liabilities are amortized in proportion to and over the period of estimated net servicing income or net servicing loss. On a quarterly basis, servicing assets and liabilities are evaluated for impairment or increased obligations. The fair value of servicing assets and liabilities is estimated using an internal valuation model, or by obtaining an opinion of value from an independent third-party vendor. Both methods are based on calculating the present value of estimated future net servicing cash flows, taking into consideration discount rates, prepayment rates and servicing costs. The internal valuation model is validated at least semiannually through third-party valuations.

 

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(k) Derivative financial instruments

The Company and its subsidiaries recognize all derivatives on the consolidated balance sheets at fair value. The accounting treatment of subsequent changes in the fair value depends on their use, and whether they qualify as effective “hedges” for accounting purposes. Derivatives for the purpose of trading or economic hedge that are not qualified for hedge accounting are adjusted to fair value through the consolidated statements of income. If derivatives are qualified for hedge accounting, then depending on its nature, changes in its fair value will be either offset against changes in the fair value of hedged assets or liabilities through the consolidated statements of income, or recorded in other comprehensive income (loss), net of applicable income taxes.

If a derivative is held as a hedge of the variability of fair value related to a recognized asset or liability or an unrecognized firm commitment (“fair value” hedge), changes in the fair value of the derivative are recorded in earnings along with the changes in the fair value of the hedged item.

If a derivative is held as a hedge of the variability of cash flows related to a forecasted transaction or a recognized asset or liability (“cash flow” hedge), changes in the fair value of the derivative are recorded in other comprehensive income (loss), net of applicable income taxes, until earnings are affected by the variability in cash flows of the designated hedged item.

If a derivative is held as a hedge of a net investment in a foreign operation, changes in the fair value of the derivative are recorded in the foreign currency translation adjustments account within other comprehensive income (loss), net of applicable income taxes.

The Company and its subsidiaries select either the amortization approach or the fair value approach, depending on the type of hedging activity, for the initial value of the component excluded from the assessment of effectiveness, and recognize it through the consolidated statements of income. When the amortization approach is adopted, the change in fair value is recognized in earnings using a systematic and rational method over the life of the hedging instrument and then any difference between the change in fair value and the amount recognized in earnings is recognized in other comprehensive income (loss), net of applicable income taxes. When the fair value approach is adopted, the change in the fair value is immediately recognized through the consolidated statements of income.

For all hedging relationships that are designated and qualified for hedge accounting, at the inception of the hedge, the Company and its subsidiaries formally document the details of the hedging relationship and the hedging activity. The Company and its subsidiaries formally assess, both at the hedge’s inception and on an ongoing basis, the effectiveness of the hedge relationship. The Company and its subsidiaries cease hedge accounting prospectively when the derivative no longer qualifies for hedge accounting.

(l) Pension plans

The Company and certain subsidiaries have contributory and

non-contributory

pension plans covering substantially all of their employees. Among the plans, the costs of defined benefit pension plans are accrued based on amounts determined using actuarial methods, with assumptions of discount rate, rate of increase in compensation level, expected long-term rate of return on plan assets and others.

The Company and its subsidiaries also recognize the funded status of pension plans, measured as the difference between the fair value of plan assets and the benefit obligation, on the consolidated balance sheets. Changes in that funded status are recognized in the year in which the changes occur through other comprehensive income (loss), net of applicable income taxes.

(m) Stock-based compensation

In principle, the Company and its subsidiaries measure stock-based compensation expense as consideration for services provided by employees based on the fair value on the grant date. The costs are recognized over the requisite service period.

(n) Cash and cash equivalents

Cash and cash equivalents include cash on hand, deposits placed with banks and short-term highly liquid investments with original maturities of three months or less.

(o) Installment loans

Certain loans, for which the Company and its subsidiaries have the intent and ability to sell to outside parties in the foreseeable future, are considered held for sale and are carried at the lower of cost or market value determined on an individual basis, except loans held for sale for which the fair value option was elected. A subsidiary elected the fair value option on its loans held for sale. The subsidiary enters into forward sale agreements to offset the change in the fair value of loans held for sale, and the election of the fair value option allows the subsidiary to recognize both the change in the fair value of the loans and the change in the fair value of the forward sale agreements due to changes in interest rates in the same accounting period.

 

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Loans held for sale are included in installment loans, and the outstanding balances of these loans as of March 31, 2024 and September 30, 2024 were ¥137,179 million and ¥149,858 million, respectively. There were ¥129,959 million and ¥130,873 million of loans held for sale as of March 31, 2024 and September 30, 2024, respectively, measured at fair value by electing the fair value option.

(p) Property under facility operations

Property under facility operations consist primarily of operating facilities (including hotels) and environmental assets (including mega solar facilities, wind power plants and

coal-biomass

co-fired

power plants), which are stated at cost less accumulated depreciation, and depreciation is calculated mainly on a straight-line basis over the estimated useful lives of the assets. Accumulated depreciation was ¥205,320 million and ¥221,351 million as of March 31, 2024 and September 30, 2024, respectively.

(q) Inventories

Inventories consist primarily of residential condominiums under development, completed residential condominiums (including those waiting to be delivered to buyers under the contract for sale), and merchandise for sale. Residential condominiums under development are carried at cost less any impairment losses, and completed residential condominiums and merchandise for sale are stated at the lower of cost or fair value less cost to sell. The cost of inventories that are unique and not interchangeable is determined on the specific identification method and the cost of other inventories is principally determined on the average method. As of March 31, 2024 and September 30, 2024, residential condominiums under development were ¥118,458 million and ¥126,919 million, respectively, and completed residential condominiums and merchandise for sale were ¥108,901 million and ¥89,991 million, respectively.

(r) Office facilities

Office facilities are stated at cost less accumulated depreciation. Depreciation is calculated on a declining-balance basis or straight-line basis over the estimated useful lives of the assets. Accumulated depreciation was ¥84,364 million and ¥84,267 million as of March 31, 2024 and September 30, 2024, respectively.

(s)

Right-of-use

assets

The Company and its subsidiaries record the

Right-of-use

assets (hereinafter, “ROU assets”) recognized from the lessee’s lease transaction as investment in operating leases, property under facility operations and office facilities. Lease liabilities are included in other liabilities.

ROU assets are consisted of the amount of the initial measurement of the lease liability and any lease payments made to the lessor at or before the commencement date and stated at cost less accumulated amortization. The initial measurement of the lease liability is at the present value of the lease payments not yet paid, discounted using the lessee’s incremental borrowing rate at lease commencement. ROU assets of finance leases are amortized mainly on a straight-line basis over the lease term. ROU assets of operating leases are amortized over the lease term by the fixed term operating cost minus the interest cost. Amortization of ROU assets of finance leases and operating leases expenses are included in costs of operating leases, services expense and selling, general and administrative expenses.

(t) Other assets

Other assets consist primarily of goodwill and other intangible assets in acquisitions, reinsurance recoverables in relation to reinsurance contracts, deferred insurance policy acquisition costs which are amortized over the contract periods, leasehold deposits, advance payments made in relation to construction of real estate under operating leases and property under facility operations, prepaid benefit cost, prepaid expenses for property tax, maintenance fees and insurance premiums in relation to lease contracts, servicing assets, derivative assets, contract assets related to real estate contract works and deferred tax assets.

 

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(u) Business combinations

The Company and its subsidiaries account for all business combinations using the acquisition method. Under the acquisition method, the assets acquired and liabilities assumed are recognized and measured based on their fair values at the date control is obtained. The Company and its subsidiaries recognize intangible assets acquired in a business combination apart from goodwill if the intangible assets meet one of two criteria—either the contractual-legal criterion or the separately identifiable criterion. Goodwill is measured as an excess of the aggregate of consideration transferred and the fair value of noncontrolling interests over the net of the acquisition-date amounts of the identifiable assets acquired and the liabilities assumed in the business combination measured at fair value. The Company and its subsidiaries would recognize a bargain purchase gain when the amount of recognized net assets exceeds the sum of consideration transferred and the fair value of noncontrolling interests. In a business combination achieved in stages, the Company and its subsidiaries remeasure their previously held equity interest at their acquisition-date fair value and recognize the resulting gain or loss, if any, in earnings.

The measurement of the fair value of identifiable assets acquired and liabilities assumed in a business combination may require significant judgments, assumptions, and estimates. For intangible assets acquired in a business combination, when observable market values are not available, the Company and its subsidiaries measure fair value using valuation techniques such as the excess earnings method and the royalty exemption method, which use future sales growth rates, operating margins, discount rates, etc.

(v) Goodwill and other intangible assets

The Company and its subsidiaries perform an impairment test for goodwill and any indefinite-lived intangible assets at least annually. Additionally, if events or changes in circumstances indicate that the asset might be impaired, the Company and its subsidiaries test for impairment whenever such events or changes occur.

The Company and its subsidiaries have the option to perform a qualitative assessment to determine whether it is more likely than not that the fair value of a reporting unit is less than its carrying amount before we perform a quantitative goodwill impairment test. The Company and its subsidiaries perform the qualitative assessment for some goodwill but bypass the qualitative assessment and proceed directly to the quantitative impairment test for other goodwill. For the goodwill for which the qualitative assessment is performed, if, after assessing the totality of events or circumstances, the Company and/or subsidiaries determine that it is not more likely than not that the fair value of a reporting unit is less than its carrying amount, then the Company and/or subsidiaries do not perform the quantitative goodwill impairment test. However, if the Company and/or subsidiaries conclude otherwise or determine to bypass the qualitative assessment, the Company and/or subsidiaries proceed to perform the quantitative goodwill impairment test. The quantitative goodwill impairment test calculates the fair value of the reporting unit and compares the fair value with the carrying amount of the reporting unit. If the fair value of the reporting unit falls below its carrying amount, an impairment loss is recognized in an amount equal to the difference. The Company and its subsidiaries test the goodwill at the reporting unit which is either the same level as an operating segment level or one level below an operating segment.

The Company and its subsidiaries have the option to perform a qualitative assessment to determine whether it is more likely than not that an indefinite-lived intangible asset is impaired before we perform a quantitative impairment test. The Company and its subsidiaries perform the qualitative assessment for some indefinite-lived intangible assets but bypass the qualitative assessment and perform the quantitative impairment test for other indefinite-lived intangible assets. For those indefinite-lived intangible assets for which the qualitative assessment is performed, if, after assessing the totality of events and circumstances, the Company and/or subsidiaries conclude that it is not more likely than not that the indefinite-lived intangible asset is impaired, then the Company and/or subsidiaries do not perform the quantitative impairment test. However, if the Company and/or subsidiaries conclude otherwise or determine to bypass the qualitative assessment, the Company and/or subsidiaries calculate the fair value of the indefinite-lived intangible asset and perform the quantitative impairment test. We compare the fair value with the carrying amount of the indefinite-lived intangible asset. If the carrying amount of the indefinite-lived intangible asset exceeds its fair value, an impairment loss is recognized in an amount equal to that excess.

Intangible assets with finite lives are amortized over their useful lives and tested for impairment. The Company and its subsidiaries perform a recoverability test for the intangible assets whenever events or changes in circumstances indicate that the assets might be impaired. The intangible assets are considered not recoverable when the undiscounted future cash flows estimated to be generated by those assets are less than the carrying amount of those assets, and the net carrying amount of assets not recoverable is reduced to fair value if lower than the carrying amount and an impairment loss is recognized in an amount equal to the difference.

The amount of goodwill was ¥631,770 million and ¥627,690 million as of March 31, 2024 and September 30, 2024, respectively.

The amount of other intangible assets was ¥532,950 million and ¥518,942 million as of March 31, 2024 and September 30, 2024, respectively.

(w) Other Liabilities

Other liabilities include primarily lease liabilities recognized from the lessee’s lease transaction, accrued expenses related to interest and bonus, accrued benefit liability, advances received from lessees in relation to lease contracts, deposits received from real estate transaction, contract liabilities mainly related to automobile maintenance services and software services, and derivative liabilities and allowance for credit losses on

off-balance

sheet credit exposures.

 

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(x) Earnings per share

Basic earnings per share is computed by dividing net income attributable to ORIX Corporation shareholders by the weighted average number of shares of outstanding common stock in each period. Diluted earnings per share is calculated by reflecting the potential dilution that could occur if securities or other contracts issuing common stock were exercised or converted into common stock.

(y) Redeemable noncontrolling interests

Noncontrolling interests in a certain subsidiary are redeemable interests which are subject to call and put rights upon certain equity holder events. As redemption of the noncontrolling interest is not solely in the control of the subsidiary, it is recorded between liabilities and equity on the consolidated balance sheets at its estimated redemption value.

(z) New accounting pronouncements

In March 2020, Accounting Standards Update

2020-04

(“Facilitation of the Effects of Reference Rate Reform on Financial Reporting”—ASC 848 (“Reference Rate Reform”)) was issued, and related amendments were issued thereafter. These updates provide companies with optional expedients and exceptions to contract, hedging relationships and other transactions that reference London Interbank Offered Rate (“LIBOR”) or another reference rate expected to be discontinued because of reference rate reform. These updates are effective as of March 12, 2020 through December 31, 2024. The Company and its subsidiaries adopted certain optional expedients to relevant contract modifications and hedge accounting relationships from the three months ended December 31, 2021, mainly in order to ease the administrative burden of accounting for contract modifications that replace a reference rate impacted by reference rate reform. The adoption of these updates had no material impact on the Company and its subsidiaries’ results of operations or financial position. Also, we do not expect a material impact in future reporting periods.

In June 2022, Accounting Standards Update

2022-03

(“Fair Value Measurement of Equity Securities Subject to Contractual Sale Restrictions”—ASC 820 (“Fair Value Measurement”)) was issued. This update clarifies that a contractual restriction on the sale of an equity security is not considered part of the unit of account of the equity security and, therefore, is not considered in measuring fair value of an equity security. This update also clarifies that an entity cannot, as a separate unit of account, recognize and measure a contractual sale restriction. This update also requires new disclosures for equity securities subject to contractual sale restrictions. The new disclosure shall include: (1) the fair value of equity securities subject to contractual sale restrictions reflected in the balance sheet, (2) the nature and remaining duration of the restrictions, and (3) the circumstances that could cause a lapse in the restrictions. This update is effective for fiscal years beginning after December 15, 2023, and interim periods within those fiscal years. Early adoption is permitted. This update should be applied prospectively for fair value measurement and disclosures from the adoption of the amendments. The Company and its subsidiaries adopted this update on April 1, 2024. The adoption of this update had no material effect on the Company and its subsidiaries’ results of operations, financial position, or disclosures.

 

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In March 2023, Accounting Standards Update

2023-01

(“Common Control Arrangements”) was issued as the amendments to ASC 842 (“Leases”). This update requires that leasehold improvements associated with common control leases are amortized by the lessee over the useful life of the leasehold improvements to the common control group (regardless of the lease term), as long as the lessee controls the use of the underlying asset (the leased asset) through a lease. And this update provides a practical expedient for private companies to determine whether a related party arrangement between entities under common control is a lease, or to determine the classification of and accounting for that lease when the arrangement is a lease. This update is effective for fiscal years beginning after December 15, 2023, and interim periods within those fiscal years. Early adoption is permitted. The Company and its subsidiaries adopted this update on April 1, 2024 choosing the option to apply the amendments prospectively to leases that commence or are modified on or after the date that an entity first applies the amendments. The adoption of this update had no material impact on the Company and its subsidiaries’ results of operations or financial position.

In March 2023, Accounting Standards Update

2023-02

(“Accounting for Investments in Tax Credit Structures Using the Proportional Amortization Method”) was issued as the amendments to ASC 323 (“Investments—Equity Method and Joint Ventures”). This update expands the investments eligible to elect to apply the proportional amortization method to tax equity investments in similar tax credit programs other than the

low-income

housing tax credit (LIHTC). Disclosures are required on an interim and annual basis for tax equity investments in tax credit programs for which the proportional amortization method (including investments within that elected program that do not meet the conditions to apply the proportional amortization method) is elected. This update is effective for fiscal years beginning after December 15, 2023, including interim periods within those fiscal years. Early adoption is permitted. The Company and its subsidiaries adopted this update on April 1, 2024 on a modified retrospective transition method, resulting in a cumulative-effect adjustment to retained earnings as of the fiscal year of adoption. The effects of adopting this update on the Company and its subsidiaries’ financial position at the adoption date were a decrease of ¥157 million in other assets and a decrease of ¥157 million in retained earnings in the consolidated balance sheets. The adoption of this update did not have any material effect on the Company and its subsidiaries’ disclosures.

In August 2023, Accounting Standards Update 2023-05 (“Recognition and Initial Measurement”—Subtopic 805-60 (“Business Combinations—Joint Venture Formations”) was issued. This update clarifies the basis of accounting for joint ventures upon formation and requires a joint venture to recognize and initially measure its assets and liabilities at fair value on its formation date. This update also requires joint ventures to make disclosures related to their formation. This update does not amend the definition of a joint venture or the accounting by an equity method investor for its investment in a joint venture. This update is effective prospectively for all joint venture formations with a formation date on or after January 1, 2025. Early adoption is permitted. The Company and its subsidiaries will adopt this update on January 1, 2025. The Company and its subsidiaries are currently evaluating the effect that the adoption of this update will have on the Company and its subsidiaries’ results of operations or financial position.

In November 2023, Accounting Standards Update 2023-07 (“Improvements to Reportable Segment Disclosures”) was issued. This update requires improved disclosures for reportable segments, primarily through enhanced disclosures about significant segment expenses. This update is effective for fiscal years beginning after December 15, 2023, and interim periods within fiscal years beginning after December 15, 2024. Early adoption is permitted. The Company and its subsidiaries will adopt this update on April 1, 2024 for the fiscal year and on April 1, 2025 for the interim periods. Since this update relates to disclosure requirements, the adoption will not have an effect on the Company and its subsidiaries’ results of operations or financial position.

In December 2023, Accounting Standards Update 2023-08 (“Accounting for and Disclosure of Crypto Assets”—Subtopic 350-60 (“Intangibles—Goodwill and Other—Crypto Assets”)) was issued. This update requires that crypto assets within the scope of this Subtopic generally be remeasured at fair value at the end of the reporting period and that changes in carrying amount due to remeasurement be recognized in the income statement. It also requires new disclosures about crypto assets within the scope of this Subtopic. This update is effective for fiscal years beginning after December 15, 2024, and interim periods within those fiscal years. Early adoption is permitted. The Company and its subsidiaries will adopt this update on April 1, 2025. The Company and its subsidiaries are currently evaluating the effect that the adoption of this update will have on the Company and its subsidiaries’ results of operations or financial position, as well as changes in disclosures required by this update.

In December 2023, Accounting Standards Update 2023-09 (“Improvements to Income Tax Disclosures”—ASC740 (“Income Taxes”)) was issued. This update requires annual disclosure of income taxes. It requires disclosure of specific categories in the rate reconciliation and separate disclosure and additional information for reconciliation items that are equal to or greater than 5% of the amount computed by multiplying pretax income (or loss) by applicable statutory income tax rate. It also requires disclosure of the amount of income taxes paid for each national, local and foreign tax. Additionally, it requires separate disclosure of the amount of income taxes paid disaggregated by each tax jurisdiction in which income taxes paid is equal to or greater than 5% of the total income taxes paid. This update is effective for fiscal years beginning after December 15, 2024. Early adoption is permitted. The Company and its subsidiaries will adopt this update that require the annual disclosure on April 1, 2025. The Company and its subsidiaries are currently evaluating the effect that the adoption of this update will have on the Company and its subsidiaries’ changes in disclosures required by this update.

In March 2024, Accounting Standards Update 2024-01 (“Scope Application of Profits Interest and Similar Awards”—ASC 718 (“Compensation—Stock Compensation”)) was issued. This update clarifies how an entity should apply the scope guidance to determine whether profits interest and similar awards (“profits interests awards” from hereafter) should be accounted for in accordance with ASC 718 (“Compensation—Stock Compensation”). This update is effective for fiscal years beginning after December 15, 2024, including interim periods within those fiscal years. Early adoption is permitted. This update will either be applied retrospectively to all prior periods presented in the financial statements or prospectively to profits interest and similar awards granted or modified on or after the date at which the entity first applies the amendments. The Company and its subsidiaries expect to adopt this update on April 1, 2025. The Company and its subsidiaries are currently evaluating the effect that the adoption of this update will have on the Company and its subsidiaries’ results of operations or financial position, as well as changes in disclosures required by this update.

 

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3.	Fair Value Measurements

The Company and its subsidiaries classify and prioritize inputs used in valuation techniques to measure fair value into the following three levels:

 

Level 1 —		Inputs of quoted prices (unadjusted) in active markets for identical assets or liabilities that the reporting entity has the ability to access at the measurement date.
Level 2 —		Inputs other than quoted prices included within Level 1 that are observable for the assets or liabilities, either directly or indirectly.
Level 3 —		Unobservable inputs for the assets or liabilities.

The Company and its subsidiaries differentiate between those assets and liabilities required to be carried at fair value at every reporting period (“recurring”) and those assets and liabilities that are only required to be adjusted to fair value under certain circumstances (“nonrecurring”). The Company and its subsidiaries mainly measure certain loans held for sale, trading debt securities,

available-for-sale

debt securities, certain equity securities, derivatives, certain reinsurance recoverables, variable annuity and variable life insurance contracts, and certain accounts payable at fair value on a recurring basis.

The presentation of equity method investment has been changed since fiscal 2024. The amounts of fair value measurements in the previous years have been retrospectively reclassified for this change.

 

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The following tables present recorded amounts of major financial assets and liabilities measured at fair value on a recurring basis as of March 31, 2024 and September 30, 2024:

March 31, 2024

 

		Millions of yen
		Total Carrying Value in Consolidated Balance Sheets				Quoted Prices in Active Markets for Identical Assets or Liabilities (Level 1)				Significant Other Observable Inputs (Level 2)				Significant Unobservable Inputs (Level 3)
Assets:
Loans held for sale*1		¥	129,959			¥	0			¥	33,393			¥	96,566
Available-for-sale debt securities:			2,665,478				11,491				2,334,690				319,297
Japanese and foreign government bond securities*2			1,034,914				4,303				1,030,611				0
Japanese prefectural and foreign municipal bond securities			401,465				0				390,543				10,922
Corporate debt securities*3			844,579				7,188				831,805				5,586
CMBS and RMBS in the Americas			87,740				0				80,575				7,165
Other asset-backed securities and debt securities			296,780				0				1,156				295,624
Equity securities*4*5			415,607				108,964				143,786				162,857
Derivative assets:			72,986				52				66,433				6,501
Interest rate swap agreements			18,995				0				18,995				0
Options held/written and other			15,349				0				8,848				6,501
Futures, foreign exchange contracts			38,172				52				38,120				0
Foreign currency swap agreements			470				0				470				0
Netting*6			(47,496	)			0				0				0
Net derivative assets			25,490				0				0				0
Other assets:			2,786				0				0				2,786
Reinsurance recoverables*7			2,786				0				0				2,786
Total		¥	3,286,816			¥	120,507			¥	2,578,302			¥	588,007
Liabilities:
Derivative liabilities:		¥	95,686			¥	607			¥	90,862			¥	4,217
Interest rate swap agreements			3,728				0				3,728				0
Options held/written and other			14,394				0				10,177				4,217
Futures, foreign exchange contracts			70,997				607				70,390				0
Foreign currency swap agreements			6,563				0				6,563				0
Credit derivatives written			4				0				4				0
Netting*6			(47,496	)			0				0				0
Net derivative Liabilities			48,190				0				0				0
Policy Liabilities and Policy Account Balances:			167,207				0				0				167,207
Variable annuity and variable life insurance contracts*8			167,207				0				0				167,207
Accounts Payable			14,136				0				0				14,136
Contingent Consideration			14,136				0				0				14,136
Total		¥	277,029			¥	607			¥	90,862			¥	185,560

 

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September 30, 2024

 

		Millions of yen
		Total Carrying Value in Consolidated Balance Sheets				Quoted Prices in Active Markets for Identical Assets or Liabilities (Level 1)				Significant Other Observable Inputs (Level 2)				Significant Unobservable Inputs (Level 3)
Assets:
Loans held for sale*1		¥	130,873			¥	0			¥	47,823			¥	83,050
Available-for-sale debt securities:			2,601,080				12,328				2,352,451				236,301
Japanese and foreign government bond securities*2			1,086,796				7,862				1,078,934				0
Japanese prefectural and foreign municipal bond securities			411,845				0				401,469				10,376
Corporate debt securities*3			799,148				4,466				789,305				5,377
CMBS and RMBS in the Americas			86,466				0				79,704				6,762
Other asset-backed securities and debt securities			216,825				0				3,039				213,786
Equity securities*4*5			399,999				105,116				129,231				165,652
Derivative assets:			63,075				78				53,432				9,565
Interest rate swap agreements			14,184				0				14,184				0
Options held/written and other			13,601				0				4,036				9,565
Futures, foreign exchange contracts			33,080				78				33,002				0
Foreign currency swap agreements			2,210				0				2,210				0
Netting*6			(29,924	)			0				0				0
Net derivative assets			33,151				0				0				0
Other assets:			2,859				0				0				2,859
Reinsurance recoverables*7			2,859				0				0				2,859
Total		¥	3,197,886			¥	117,522			¥	2,582,937			¥	497,427
Liabilities:
Derivative liabilities:		¥	85,690			¥	892			¥	83,900			¥	898
Interest rate swap agreements			3,496				0				3,496				0
Options held/written and other			14,351				0				13,453				898
Futures, foreign exchange contracts			66,432				892				65,540				0
Foreign currency swap agreements			1,407				0				1,407				0
Credit derivatives written			4				0				4				0
Netting*6			(29,924	)			0				0				0
Net derivative Liabilities			55,766				0				0				0
Policy Liabilities and Policy Account Balances:			151,331				0				0				151,331
Variable annuity and variable life insurance contracts*8			151,331				0				0				151,331
Accounts Payable			14,174				0				0				14,174
Contingent Consideration			14,174				0				0				14,174
Total		¥	251,195			¥	892			¥	83,900			¥	166,403

 

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*1

A certain subsidiary elected the fair value option on certain loans held for sale. These loans are multi-family and seniors housing loans and are sold to Federal National Mortgage Association (“Fannie Mae”), Federal Home Loan Mortgage Corporation (“Freddie Mac”) and institutional investors. Included in “Other (income) and expense” in the consolidated statements of income were a gain of ¥353  million and ¥ 451 million from the change in the fair value of the loans for the six months ended September 30, 2023 and 2024, respectively. No gains or losses were recognized in earnings during the six months ended September 30, 2023 and 2024 attributable to changes in instrument-specific credit risk. The amounts of aggregate unpaid principal balance and aggregate fair value of the loans held for sale as of March 31, 2024, were ¥130,554 million and ¥129,959 million, respectively, and the amount of the aggregate fair value was less than the amount of aggregate unpaid principal balance by ¥595 million. The amounts of aggregate unpaid principal balance and aggregate fair value of the loans held for sale as of September 30, 2024, were ¥130,663 million and ¥130,873  million, respectively, and the amount of the aggregate fair value was more than the amount of aggregate unpaid principal balance by ¥ 210 million. There were no loans that are 90 days or more past due or, in non-accrual status as of March 31, 2024. The amounts of aggregate unpaid principal balance and aggregate fair value of loans that are 90 days or more past due or, in non-accrual status as of September 30, 2024, were ¥13,151 million and ¥12,903 million, respectively, and the amount of the aggregate fair value was less than the amount of aggregate unpaid principal balance by ¥248 million.

*2

A certain subsidiary elected the fair value option for investments in foreign government bond securities included in available-for-sale debt securities. Included in “Gains on investment securities and dividends” in the consolidated statements of income were losses of ¥7  million and gains of ¥ 41 million from the change in the fair value of those investments for the six months ended September 30, 2023 and 2024, respectively. The amounts of aggregate fair value elected the fair value option were ¥1,000 million and ¥6,795 million as of March 31, 2024 and September 30, 2024, respectively.

*3

A certain subsidiary elected the fair value option for investments in foreign corporate debt securities included in available-for-sale debt securities. Included in “Gains on investment securities and dividends” in the consolidated statements of income were losses of ¥48  million and gains of ¥ 415 million from the change in the fair value of those investments for the six months ended September 30, 2023 and 2024, respectively. The amounts of aggregate fair value elected the fair value option were ¥7,751 million and ¥9,996 million as of March 31, 2024 and September 30, 2024, respectively.

*4

Certain subsidiaries elected the fair value option for certain investments in investment funds included in equity securities. Included in “Gains on investment securities and dividends” and “Life insurance premiums and related investment income” in the consolidated statements of income were gains of ¥819 million and ¥1,799 million from the change in the fair value of those investments for the six months ended September 30, 2023 and 2024, respectively. The amounts of aggregate fair value elected the fair value option were ¥26,945 million and ¥25,618 million as of March 31, 2024 and September 30, 2024, respectively.

*5	The amounts of investment funds measured at net asset value per share which are not included in the above tables were ¥85,280 million and ¥95,317 million as of March 31, 2024 and September 30, 2024, respectively.

*6	It represents the amount offset under counterparty netting of derivative assets and liabilities.

*7

Certain subsidiaries elected the fair value option for certain reinsurance contracts held. The fair value of the reinsurance contracts elected for the fair value option in other assets were ¥2,786 million and ¥2,859  million as of March 31, 2024 and September 30, 2024, respectively. For the effect of changes in the fair value of those reinsurance contracts on earnings during the six months ended September 30, 2023 and 2024, see Note 17 “Income and Expenses Relating to Life Insurance Operations.”

*8

Certain subsidiaries elected the fair value option for the entire variable annuity and variable life insurance contracts held. The fair value of the variable annuity and variable life insurance contracts elected for the fair value option in policy liabilities and policy account balances were ¥167,207 million and ¥151,331  million as of March 31, 2024 and September 30, 2024, respectively. For the effect of changes in the fair value of the variable annuity and variable life insurance contracts on earnings during the six months ended September 30, 2023 and 2024, see Note 17 “Income and Expenses Relating to Life Insurance Operations.”

 

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The following tables present the reconciliation of financial assets and liabilities (net) measured at fair value on a recurring basis using significant unobservable inputs (Level 3) for the six months ended September 30, 2023 and 2024:

Six months ended September 30, 2023

 

		Millions of yen
		Balance at April 1, 2023				Gains or losses (realized/unrealized)												Purchases*3				Sales				Settlements*4				Transfers in and/ or out of Level 3 (net)				Balance at September 30, 2023				Change in unrealized gains or losses included in earnings for assets and liabilities still held at September 30, 2023*1				Change in unrealized gains or losses included in other comprehensive income for assets and liabilities still held at September 30, 2023*2
						Included in earnings*1				Included in other comprehensive income*2				Total
Loans held for sale		¥	173,849			¥	339			¥	18,249			¥	18,588			¥	3,132			¥	(58,350	)		¥	(9,830	)		¥	0			¥	127,389			¥	140			¥	18,249
Available-for-sale debt securities			243,602				12,527				13,684				26,211				21,976				(3,651	)			(7,256	)			1,273				282,155				11,956				14,095
Japanese prefectural and foreign municipal bond securities			3,331				(80	)			501				421				0				0				0				1,273				5,025				(80	)			472
Corporate debt securities			4,737				719				(0	)			719				14				0				(70	)			0				5,400				539				(0	)
CMBS and RMBS in the Americas			0				0				196				196				6,879				0				0				0				7,075				0				0
Other asset-backed securities and debt securities			235,534				11,888				12,987				24,875				15,083				(3,651	)			(7,186	)			0				264,655				11,497				13,623
Equity securities			143,074				2,383				17,399				19,782				3,342				(401	)			(663	)			0				165,134				2,175				17,400
Investment funds			143,074				2,383				17,399				19,782				3,342				(401	)			(663	)			0				165,134				2,175				17,400
Derivative assets and liabilities (net)			(7,824	)			4,229				(619	)			3,610				0				0				0				0				(4,214	)			4,229				(619	)
Options held/written and other			(7,824	)			4,229				(619	)			3,610				0				0				0				0				(4,214	)			4,229				(619	)
Other asset			4,676				(1,409	)			0				(1,409	)			500				0				(97	)			0				3,670				(1,409	)			0
Reinsurance recoverables*5			4,676				(1,409	)			0				(1,409	)			500				0				(97	)			0				3,670				(1,409	)			0
Policy Liabilities and Policy Account Balances			163,734				(10,121	)			(170	)			(10,291	)			0				0				(13,848	)			0				160,177				(10,121	)			(170	)
Variable annuity and variable life insurance contracts*6			163,734				(10,121	)			(170	)			(10,291	)			0				0				(13,848	)			0				160,177				(10,121	)			(170	)

 

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Six months ended September 30, 2024

 

		Millions of yen
		Balance at April 1, 2024				Gains or losses (realized/unrealized)												Purchases*3				Sales				Settlements*4				Transfers in and/ or out of Level 3 (net)				Balance at September 30, 2024				Change in unrealized gains or losses included in earnings for assets and liabilities still held at September 30, 2024*1				Change in unrealized gains or losses included in other comprehensive income for assets and liabilities still held at September 30, 2024*2
						Included in earnings *1				Included in other comprehensive incom e*2				Total
Loans held for sale		¥	96,566			¥	(222	)		¥	(4,910	)		¥	(5,132	)		¥	453			¥	0			¥	(8,837	)		¥	0			¥	83,050			¥	56			¥	(4,910	)
Available-for-sale debt securities			319,297				(3,251	)			(6,019	)			(9,270	)			65,240				(50,630	)			(88,336	)			0				236,301				(3,649	)			25,351
Japanese prefectural and foreign municipal bond securities			10,922				(61	)			(476	)			(537	)			0				0				(9	)			0				10,376				(61	)			(476	)
Corporate debt securities			5,586				(124	)			(15	)			(139	)			0				0				(70	)			0				5,377				(325	)			(15	)
CMBS and RMBS in the Americas			7,165				0				(403	)			(403	)			0				0				0				0				6,762				0				(403	)
Other asset-backed securities and debt securities			295,624				(3,066	)			(5,125	)			(8,191	)			65,240				(50,630	)			(88,257	)			0				213,786				(3,263	)			26,245
Equity securities			162,857				(4,902	)			(9,831	)			(14,733	)			19,451				0				(1,923	)			0				165,652				(4,956	)			(9,834	)
Investment funds			162,857				(4,902	)			(9,831	)			(14,733	)			19,451				0				(1,923	)			0				165,652				(4,956	)			(9,834	)
Derivative assets and liabilities (net)			2,284				6,921				(538	)			6,383				0				0				0				0				8,667				6,921				(538	)
Options held/written and other			2,284				6,921				(538	)			6,383				0				0				0				0				8,667				6,921				(538	)
Other asset			2,786				(365	)			0				(365	)			476				0				(38	)			0				2,859				(365	)			0
Reinsurance recoverables*5			2,786				(365	)			0				(365	)			476				0				(38	)			0				2,859				(365	)			0
Policy Liabilities and Policy Account Balances			167,207				4,141				(104	)			4,037				0				0				(11,839	)			0				151,331				4,141				(104	)
Variable annuity and variable life insurance contracts*6			167,207				4,141				(104	)			4,037				0				0				(11,839	)			0				151,331				4,141				(104	)
Accounts Payable:			14,136				(382	)			344				(38	)			0				0				0				0				14,174				(382	)			344
Contingent Consideration			14,136				(382	)			344				(38	)			0				0				0				0				14,174				(382	)			344

 

*1

Principally, gains and losses from available-for-sale debt securities are included in “Gains on investment securities and dividends”, “Write-downs of securities” or “Life insurance premiums and related investment income”; equity securities are included in “Gains on investment securities and dividends” and “Life insurance premiums and related investment income” and derivative assets and liabilities (net) are included in “Other (income) and expense” respectively. Additionally, for available-for-sale debt securities, amortization of interest recognized in finance revenues is included in these columns.

*2

Unrealized gains and losses from loans held for sale are included in “Net change of foreign currency translation adjustments”, unrealized gains and losses from available-for-sale debt securities are included in “Net change of unrealized gains (losses) on investment in securities” and “Net change of foreign currency translation adjustments”, unrealized gains and losses from equity securities, and derivative assets and liabilities (net) are included mainly in “Net change of foreign currency translation adjustments”, unrealized gains and losses from policy liabilities and policy account balances are included in “Net change of debt valuation adjustments”, unrealized gains and losses from accounts payable are included in “Net change of foreign currency translation adjustments.”

*3	Increases resulting from an acquisition of a subsidiary and insurance contracts ceded to reinsurance companies are included.

*4	Decreases resulting from the receipts of reimbursements for benefits, and decreases resulting from insurance payouts to variable annuity and variable life policyholders due to death, surrender and maturity of the investment period are included.

*5	“Included in earnings” in the above table includes changes in the fair value of reinsurance contracts recorded in “Life insurance costs” and reinsurance premiums, net of reinsurance benefits received, recorded in “Life insurance premiums and related investment income.”

*6

“Included in earnings” in the above table is recorded in “Life insurance costs” and includes changes in the fair value of policy liabilities and policy account balances resulting from gains or losses on the underlying investment assets managed on behalf of variable annuity and variable life policyholders, and the changes in the minimum guarantee risks relating to variable annuity and variable life insurance contracts as well as insurance costs recognized for insurance and annuity payouts as a result of insured events. For a reconciliation of the total amount of policyholder account balances and the balances of market risk benefits related to variable annuity and variable life insurance contracts during year ended March 31, 2024 and for the six months ended September 30, 2024, see Note 18 “Long-Durations Insurance Contracts Relating to Life Insurance Operations.”

In the six months ended September 30, 2023, foreign municipal bond securities totaling ¥1,273 million were transferred from level 2 to level 3, since the inputs became unobservable. In the six months ended September 30, 2024, there were no transfers in or out of Level 3.

 

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The following tables present recorded amounts of assets measured at fair value on a nonrecurring basis during year ended March 31, 2024 and the six months ended September 30, 2024. These assets are measured at fair value on a nonrecurring basis mainly to recognize impairment:

Year ended March 31, 2024

 

		Millions of yen
		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)
Assets:
Loans held for sale		¥	1,706			¥	0			¥	1,706			¥	0
Real estate collateral-dependent loans (net of allowance for credit losses)			5,535				0				261				5,274
Investment in operating leases and property under facility operations			1,205				0				0				1,205
Certain equity securities			18,484				0				18,484				0
Certain equity method investments			461				0				0				461
		¥	27,391			¥	0			¥	20,451			¥	6,940
Six months ended September 30, 2024
		Millions of yen
		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)
Assets:
Loans held for sale		¥	1,106			¥	0			¥	1,106			¥	0
Real estate collateral-dependent loans (net of allowance for credit losses)			2,908				0				0				2,908
Investment in operating leases and property under facility operations			169				0				0				169
Certain equity securities			11,664				0				11,664				0
Certain equity method investments			1,285				0				0				1,285
		¥	17,132			¥	0			¥	12,770			¥	4,362

The following is a description of the main valuation methodologies used for assets and liabilities measured at fair value.

Loans held for sale

Certain loans, which the Company and its subsidiaries have the intent and ability to sell to outside parties in the foreseeable future, are considered

held-for-sale.

The loans held for sale in the Americas are classified as Level 2, if the Company and its subsidiaries measure their fair value based on a market approach using inputs other than quoted prices that are observable for the assets such as treasury rate, swap rate and market spread. The loans held for sale in the Americas are classified as Level 3, if the Company and its subsidiaries measure their fair value based on discounted cash flow methodologies using inputs that are unobservable in the market.

Real estate collateral-dependent loans

The allowance for credit losses for large balance

non-homogeneous

loans is individually evaluated based on the present value of expected future cash flows, the loan’s observable market price or the fair value of the collateral securing the loans if the loans are collateral-dependent. According to ASC 820 (“Fair Value Measurement”), measurement for loans with deterioration in credit quality determined using a present value technique is not considered a fair value measurement. However, measurement for loans with deterioration in credit quality determined using the loan’s observable market price or the fair value of the collateral securing the collateral-dependent loans are fair value measurements and are subject to the disclosure requirements for nonrecurring fair value measurements.

 

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The Company and its subsidiaries determine the fair value of the real estate collateral of real estate collateral-dependent loans using appraisals prepared by independent third party appraisers or our own staff of qualified appraisers based on recent transactions involving sales of similar assets or other valuation techniques such as discounted cash flows methodologies using future cash flows estimated to be generated from operation of the existing assets or completion of development projects, as appropriate. The Company and its subsidiaries generally obtain a new appraisal once a fiscal year. In addition, the Company and its subsidiaries periodically monitor circumstances of the real estate collateral and then obtain a new appraisal in situations involving a significant change in economic and/or physical conditions, which may materially affect the fair value of the collateral. Real estate collateral-dependent loans whose fair values are estimated using appraisals of the underlying collateral based on these valuation techniques are classified as Level 3 because such appraisals involve unobservable inputs. These unobservable inputs contain discount rates and cap rates as well as future cash flows estimated to be generated from real estate collateral. An increase (decrease) in the discount rate or cap rate and a decrease (increase) in the estimated future cash flows would result in a decrease (increase) in the fair value of real estate collateral-dependent loans.

Real estate collateral-dependent loans owned by a certain subsidiary are classified as Level 2, because fair value measurement is based on observable market prices.

Investment in operating leases, property under facility operations, office facilities and other assets, and land and buildings undeveloped or under construction

Investment in operating leases measured at fair value is mostly real estate. The Company and its subsidiaries determine the fair value of investment in operating leases, property under facility operations, office facilities and other assets, and land and buildings undeveloped or under construction using appraisals prepared by independent third party appraisers or the Company’s own staff of qualified appraisers, and others based on recent transactions involving sales of similar assets or other valuation techniques such as discounted cash flow methodologies using future cash flows estimated to be generated from operation of the existing assets or completion of development projects, as appropriate. The Company and its subsidiaries classified these assets as Level 3 because such appraisals involve unobservable inputs. These unobservable inputs contain discount rates as well as future cash flows estimated to be generated from the assets or projects. An increase (decrease) in the discount rate and a decrease (increase) in the estimated future cash flows would result in a decrease (increase) in the fair value of investment in operating leases and property under facility operations and land and buildings undeveloped or under construction.

Movable properties owned by a certain subsidiary are classified as Level 2, because fair value measurement is based on observable inputs other than quoted prices included within Level 1, such as prices for similar assets.

Trading debt securities and

available-for-sale

debt securities

If active market prices are available, fair value measurement is based on quoted active market prices and, accordingly, these securities are classified as Level 1. If active market prices are not available, fair value measurement is based on observable inputs other than quoted prices included within Level 1, such as prices for similar assets and accordingly these securities are classified as Level 2. If market prices are not available and there are no observable inputs, then fair value is estimated by using valuation models such as discounted cash flow methodologies and broker quotes. Such securities are classified as Level 3, as the valuation models and broker quotes are based on inputs that are unobservable in the market. If fair value is based on broker quotes, the Company and its subsidiaries check the validity of received prices based on comparison to prices of other similar assets and market data such as relevant benchmark indices.

The Company and its subsidiaries classified CMBS and RMBS in the Americas and other asset-backed securities and debt securities as Level 2 if the inputs such as trading price and/or bid price are observable. The Company and its subsidiaries classified CMBS and RMBS in the Americas and other asset-backed securities and debt securities as Level 3 if the Company and subsidiaries evaluate the fair value based on the unobservable inputs. In determining whether the inputs are observable or unobservable, the Company and its subsidiaries evaluate various factors such as the lack of recent transactions, price quotations that are not based on current information or vary substantially over time or among market makers, a significant increase in implied risk premium, a wide

bid-ask

spread, significant decline in new issuances, little or no public information (e.g. a

principal-to-principal

market) and other factors. With respect to certain CMBS and RMBS in the Americas and other asset-backed securities and debt securities, the Company and its subsidiaries classified these securities that were measured at fair value based on the observable inputs such as trading price and/or bit price as Level 2. But for those securities that lacked observable trades because they are older vintage or below investment grade securities, the Company and its subsidiaries limit the reliance on independent pricing service vendors and brokers. As a result, the Company and its subsidiaries established internally developed pricing models using valuation techniques such as discounted cash flow model using Level 3 inputs in order to estimate fair value of these debt securities and classified them as Level 3. Under the models, the Company and its subsidiaries use anticipated cash flows of the security, discounted at a risk-adjusted discount rate that incorporates our estimate of credit risk and liquidity risk that a market participant would consider. The cash flows are estimated based on a number of assumptions such as default rate and prepayment speed, as well as seniority of the security. An increase (decrease) in the discount rate or default rate would result in a decrease (increase) in the fair value of CMBS and RMBS in the Americas and other asset-backed securities and debt securities.

 

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Equity securities and equity method investments

If active market prices are available, fair value measurement is based on quoted active market prices and, accordingly, these securities are classified as Level 1. If active market prices are not available, fair value measurement is based on observable inputs other than quoted prices included within Level 1, such as prices for similar assets and accordingly these securities are classified as Level 2. In addition, a certain Americas subsidiary measures its investments held by the investment companies which are owned by the subsidiary at fair value. These investment funds, certain equity securities and certain equity method investments are classified as Level 3, because fair value measurement is based on the combination of discounted cash flow methodologies and market multiple valuation methods, or broker quotes. Discounted cash flow methodologies use future cash flows to be generated from investees, weighted average cost of capital (WACC) and others. Market multiple valuation methods use earnings before interest, taxes, depreciation and amortization (EBITDA) multiples based on actual and projected cash flows, comparable peer companies, and comparable precedent transactions and others. Furthermore, certain subsidiaries elected the fair value option for investments in some funds. These investment funds for which the fair value option is elected are classified as level 3, because the subsidiaries measure their fair value using discounted cash flow methodologies, discounting to net asset value based on inputs that are unobservable in the market, or broker quotes.

Derivatives

For exchange-traded derivatives, fair value is based on quoted market prices, and accordingly, classified as Level 1. For

non-exchange

traded derivatives, fair value is based on commonly used models and discounted cash flow methodologies. If the inputs used for these measurements including yield curves and volatilities, are observable, the Company and its subsidiaries classify it as Level 2. If the inputs are not observable, the Company and its subsidiaries classify it as Level 3. These unobservable inputs contain discount rates. An increase (decrease) in the discount rate would result in a decrease (increase) in the fair value of derivatives.

Reinsurance recoverables

Certain subsidiaries have elected the fair value option for certain reinsurance contracts related to variable annuity and variable life insurance contracts to partially offset the changes in fair value recognized in earnings of the policy liabilities and policy account balances attributable to the changes in the minimum guarantee risks of the variable annuity and variable life insurance contracts. These reinsurance contracts for which the fair value option is elected are classified as Level 3 because the subsidiaries measure their fair value using discounted cash flow methodologies based on inputs that are unobservable in the market.

Variable annuity and variable life insurance contracts

A certain subsidiary has elected the fair value option for the entire variable annuity and variable life insurance contracts held in order to match earnings recognized for changes in fair value of policy liabilities and policy account balances with the earnings recognized for gains or losses from the investment assets managed on behalf of variable annuity and variable life policyholders, derivative contracts and changes in fair value of reinsurance contracts. The changes in fair value of the variable annuity and variable life insurance contracts are linked to the fair value of the investment in securities managed on behalf of variable annuity and variable life policyholders. These securities consist mainly of equity securities traded in the market. In addition, variable annuity and variable life insurance contracts are exposed to the minimum guarantee risk, and the subsidiary adjusts the fair value of the underlying investments by incorporating changes in fair value of the minimum guarantee risk in the evaluation of the fair value of the entire variable annuity and variable life insurance contracts. The variable annuity and variable life insurance contracts for which the fair value option is elected are classified as Level 3 because the subsidiary measures the fair value using discounted cash flow methodologies based on inputs that are unobservable in the market.

Accounts payable (Contingent consideration)

A certain subsidiary records a part of consideration for acquiring noncontrolling interests of its subsidiary as accounts payable (contingent consideration), and it is classified as level 3 because fair value measurement is based on discounted cash flow methodologies.

 

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Information about Level 3 Fair Value Measurements

The following tables provide information about the valuation techniques and significant unobservable inputs used in the valuation of Level 3 assets and liabilities measured at fair value on a recurring basis as of March 31, 2024 and September 30, 2024.

 

		March 31, 2024
		Millions of yen
		Fair value				Valuation technique(s)		Significant unobservable inputs		Range (Weighted average)
Assets:
Loans held for sale		¥	96,566			Discounted cash flows		Discount rate		7.7% – 13.0% (10.0%)
Available-for-sale debt securities:
Japanese prefectural and foreign municipal bond securities			7,145			Discounted cash flows		Discount rate		4.9% – 10.5% (5.8%)
			3,777			Appraisals/Broker quotes		—		—
Corporate debt securities			140			Discounted cash flows		Discount rate		0.4% (0.4%)
			5,446			Appraisals/Broker quotes		—		—
CMBS and RMBS in the Americas			7,165			Appraisals/Broker quotes		—		—
Other asset-backed securities and debt securities			28,391			Discounted cash flows		Discount rate		0.3% – 51.2% (6.7%)
								Probability of default		1.9% (1.9%)
			267,233			Appraisals/Broker quotes		—		—
Equity securities:
Investment funds			131,907			Discounted cash flows		WACC		12.8% – 26.4% (17.2%)
								EV/Terminal EBITDA multiple		7.5x-12.0x (9.5x)
						Market multiples		EV/Last twelve months EBITDA multiple		8.1x-9.5x (8.8x)
								EV/Forward EBITDA multiple		6.8x-9.6x (8.2x)
								EV/Precedent transaction last twelve months EBITDA multiple		8.0x-13.0x (9.9x)
			24,668			Appraisals/Broker quotes		—		—
			6,282			Discounted cash flows		Discount rate		8.0% – 12.0% (10.3%)
Derivative assets:
Options held/written and other			6,501			Discounted cash flows		Discount rate		12.0% – 33.0% (14.6%)
Other assets:
Reinsurance recoverables			2,786			Discounted cash flows		Discount rate		(0.1)% – 1.6% (0.5%)
								Mortality rate		0.0% – 100.0% (2.9%)
								Lapse rate		1.5% – 14.0% (4.8%)
								Annuitization rate (guaranteed minimum annuity benefit)		0.0% – 100.0%
										(100.0%)
Total		¥	588,007
Liabilities:
Derivative liabilities:
Options held/written and other		¥	4,198			Discounted cash flows		Discount rate		12.0% – 33.0% (14.6%)
			19			Appraisals/Broker quotes		—		—
Policy liabilities and Policy Account Balances:
Variable annuity and variable life insurance contracts			167,207			Discounted cash flows		Discount rate		(0.1)% – 1.6% (0.5%)
								Mortality rate		0.0% – 100.0% (2.1%)
								Lapse rate		1.5% – 30.0% (5.9%)
								Annuitization rate (guaranteed minimum annuity benefit)		0.0% – 100.0% (66.7%)
Accounts Payable:
Contingent Consideration			14,136			Discounted cash flows		EV/Terminal EBITDA multiple		15.0x
										( 15.0x )
Total		¥	185,560

 

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		September 30, 2024
		Millions of yen
		Fair value				Valuation technique(s)		Significant unobservable inputs		Range (Weighted average)
Assets:
Loans held for sale		¥	83,050			Discounted cash flows		Discount rate		6.6% – 11.4% (8.7%)
Available-for-sale debt securities:
Japanese prefectural and foreign municipal bond securities			6,816			Discounted cash flows		Discount rate		4.4% – 9.8% (8.0%)
			3,560			Appraisals/Broker quotes		—		—
Corporate debt securities			70			Discounted cash flows		Discount rate		0.6% (0.6%)
			5,307			Appraisals/Broker quotes		—		—
CMBS and RMBS in the Americas			6,762			Appraisals/Broker quotes		—		—
Other asset-backed securities and debt securities			34,420			Discounted cash flows		Discount rate		0.4% – 51.2% (5.3%)
								Probability of default		0.3% (0.3%)
			179,366			Appraisals/Broker quotes		—		—
Equity securities:
Investment funds			118,652			Discounted cash flows		WACC		13.3% – 23.7% (17.4%)
								EV/Terminal EBITDA multiple		7.5x-12x (9.1 x )
						Market multiples		EV/Last twelve months EBITDA multiple		8x-10.8x (9.1 x )
								EV/Forward EBITDA multiple		7.1x-10.8x (8.8 x )
								EV/Precedent transaction last twelve months EBITDA multiple		8x-11.4x (9.4 x )
			40,766			Appraisals/Broker quotes		—		—
			6,234			Discounted cash flows		Discount rate		8.0% – 12.0% (11.8%)
Derivative assets:
Options held/written and other			9,565			Discounted cash flows		Discount rate		12.0% –33.0% (14.7%)
Other assets:
Reinsurance recoverables			2,859			Discounted cash flows		Discount rate		0.0% –1.6% (0.7%)
								Mortality rate		0.0% –100.0% (2.9%)
								Lapse rate		1.5% – 14.0% (4.8%)
								Annuitization rate (guaranteed minimum annuity benefit)		0.0% –100.0% (100.0%)
Total		¥	497,427
Liabilities:
Derivative liabilities:
Options held/written and other		¥	898			Discounted cash flows		Discount rate		12.0% –33.0% (14.7%)
Policy liabilities and Policy Account Balances:
Variable annuity and variable life insurance contracts			151,331			Discounted cash flows		Discount rate		0.0% –1.6% (0.7%)
								Mortality rate		0.0% –100.0% (2.3%)
								Lapse rate		1.5% – 30.0% (5.8%)
								Annuitization rate (guaranteed minimum annuity benefit)		0.0% –100.0% (67.0%)
Accounts Payable:
Contingent Consideration			14,174			Discounted cash flows		EV/Terminal EBITDA multiple		15.0x (15.0x)
Total		¥	166,403

 

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The following tables provide information about the valuation techniques and significant unobservable inputs used in the valuation of Level 3 assets measured at fair value on a nonrecurring basis during year ended March 31, 2024 and the six months ended September 30, 2024.

 

		Year ended March 31, 2024
		Millions of yen
		Fair value				Valuation technique(s)		Significant unobservable inputs		Range (Weighted average)
Assets:
Real estate collateral-dependent loans (net of allowance for credit losses)		¥	892			Direct capitalization		Capitalization rate		4.6% – 6.3% (5.3%)
			4,382			Appraisals		—		—
Investment in operating leases and property under facility operations			337			Discounted cash flows		Discount rate		0.0% – 13.0% (3.6%)
			868			Appraisals		—		—
Certain equity method investments			461			Market multiples		EV/EBITDA multiple		3x-6x ( 4.5x )
		¥	6,940

 

		Six months ended September 30, 2024
		Millions of yen
		Fair value				Valuation technique(s)		Significant unobservable inputs		Range (Weighted average)
Assets:
Real estate collateral-dependent loans (net of allowance for credit losses)		¥	1,064			Direct capitalization		Capitalization rate		4.6% – 6.5% (5.2%)
			1,844			Appraisals		—		—
Investment in operating leases and property under facility operations			169			Appraisals
Certain equity method investments			1,285			Appraisals		—		—
		¥	4,362

The Company and its subsidiaries generally use discounted cash flow methodologies or similar internally developed models to determine the fair value of Level 3 assets and liabilities. Use of these techniques requires determination of relevant inputs and assumptions, some of which represent significant unobservable inputs as indicated in the preceding table. Accordingly, changes in these unobservable inputs may have a significant impact on the fair value.

Certain of these unobservable inputs will have a directionally consistent impact on the fair value of the asset or liability for a given change in that input. Alternatively, the fair value of the asset or liability may move in an opposite direction for a given change in another input. Where multiple inputs are used within the valuation technique of an asset or liability, a change in one input in a certain direction may be offset by an opposite change in another input having a potentially muted impact to the overall fair value of that particular asset or liability. Additionally, a change in one unobservable input may result in a change to another unobservable input (that is, changes in certain inputs are interrelated to one another), which may counteract or magnify the fair value impact.

Unobservable inputs are weighted by the relative fair value of the asset or liability.

For more analysis of the uncertainty of each input, see the description of the main valuation methodologies used for assets and liabilities measured at fair value.

 

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4.	Acquisitions and Divestitures

(1) Acquisitions

There were no material acquisitions during the six months ended September 30, 2023

and

2024.

(2) Divestitures

Gains on sales of subsidiaries and equity method investments and liquidation losses, net for the six months ended September 30, 2023 and 2024 amounted to ¥3,628 million and ¥31,503 million, respectively. Gains on sales of subsidiaries and equity method investments and liquidation losses, net for the six months ended September 30, 2023 mainly consisted of ¥229 million in Environment and Energy segment, ¥929 million in ORIX USA segment and ¥2,502 

million in ORIX Europe segment. Gains on sales of subsidiaries and equity method investments and liquidation losses, net for the six

 

months ended September 30, 2024 mainly consisted of ¥

4,754 

million in Corporate Financial Services and Maintenance Leasing segment, ¥

19,086 

million in PE Investment and Concession segment, ¥(810

) million in Environment and Energy segment, ¥

1,019 

million in Aircraft and Ships segment and ¥

7,547 

million in ORIX USA seg

m

ent.

 

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5.	Revenues from Contracts with Customers

The following table provides information about revenues from contracts with customers, and other sources of revenue for the six months ended September 30, 2023 and 2024 are as follows:

 

		Millions of yen				Millions of yen
		Six months ended September 30, 2023				Six months ended September 30, 2024
Revenues from contracts with customers		¥	618,730			¥	663,040
Other revenues *			741,226				740,593
Total revenues		¥	1,359,956			¥	1,403,633

 

*	Other revenues are not considered to be within the scope of revenue from contracts with customers, such as life insurance premiums and related investment income, operating leases, finance revenues that include interest income, and others.

The Company and its subsidiaries recognize revenues when control of the promised goods or services is transferred to our customers, in the amounts that reflect the consideration we expect to receive in exchange for those goods or services. Revenues are recognized net of discounts, incentives and estimated sales returns. Amount to be collected for third party is deducted from revenues. The Company and its subsidiaries evaluate whether we are principal or agent on distinctive goods or services. When a revenue transaction involves a third party, if the Company and its subsidiaries control the goods or services before they are transferred to customers, revenue is recognized on gross amount as the principal. There is no significant variability in considerations included in revenues, except for the performance fees regarding asset management business hereinafter, and there is no significant financing component in considerations on transactions.

For further information about breakdowns of revenues disaggregated by goods or services category by segment, see Note 25 “Segment Information.”

 

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Revenue recognition criteria on each goods or services category are mainly as follows:

Sales of goods

The Company and its subsidiaries sell various goods such as cosmetics, health foods, medical equipment, business management software and other to customers. Revenues from sales of goods are recognized when there is a transfer of control of the product to customers. The Company and its subsidiaries determine transfer of control based on when the products are shipped or delivered to customers, or inspected by customers.

Real estate sales

Certain subsidiaries are involved in condominium business. Revenues from sales of detached houses and residential condominiums are recognized when the real estate is delivered to customers.

Asset management and servicing

Certain subsidiaries offer customers investment management services for their financial assets, asset management as well as maintenance and administrative services for their real estate properties. Furthermore, the Company and its subsidiaries perform servicing on behalf of customers. Revenues from asset management and servicing primarily include management fees, servicing fees, and performance fees. Management and servicing fees are recognized over the contract period with customers, since the customers simultaneously receive and consume all of the benefits provided by the subsidiaries as the subsidiaries perform. Management fees are calculated based on the predetermined percentages of the market value of the assets under management or net assets of the investment funds in accordance with contract terms. Servicing fees are calculated based on the predetermined percentages of the amount in assets under management in accordance with contract terms. Fees based on the performance of the assets under management are recognized when the performance obligations are satisfied, to the extent that it is probable that a significant reversal in the amount of cumulative revenue recognized will not occur when the uncertainty associated with the variable consideration is subsequently resolved. The performance fee is estimated by using the most likely amount method, in accordance with contract terms. Servicing fees related to financial assets that the Company and its subsidiaries had originated and transferred to investors, are not in the scope of revenue from contracts with customers. These fees are accounted for servicing assets under which the benefits of servicing are expected to more than adequately compensate for performing the servicing, or servicing liabilities under which the benefits of servicing are not expected to adequately compensate for performing the servicing.

Automobile related services

Certain subsidiaries mainly provide automobile maintenance services to customers, as automobile related services. In the service, since customers simultaneously receive and consume all of the benefits provided by the subsidiaries as the subsidiaries perform, revenues are recognized over the contract period with customers. For measurement of progress, the cost incurred is used, because that reasonably describes transfer of control of services to customers. The subsidiaries receive payments from customers before satisfying performance obligations, and the amounts are reported in other liabilities on the consolidated balance sheets as contract liabilities.

Facilities operation

The Company and its subsidiaries are running hotels, Japanese inns, a multipurpose dome and other facilities. Revenues from these operations are recognized over the customers’ usage period of the facilities, since customers simultaneously receive and consume all of the benefits provided by the Company and its subsidiaries as the Company and its subsidiaries perform. The value transferred to customers is directly measured based on the usage period. With respect to operation of a multipurpose dome, a certain subsidiary receives payments from customers before satisfying performance obligations, and the amounts are reported in other liabilities on the consolidated balance sheets as contract liabilities. Gains on sale of property under facility operations included in services income are not within the scope of revenue from contracts with customers because these gains refer to transfers of

non-financial

assets to counterparties that are not considered to be our customers.

Environment and energy services

The Company and its subsidiaries offer services that provide electric power to business operators’ factories, office buildings and other facilities. Revenues from electric power supply by purchasing electricity or running power plants are recognized over the contracted distribution period with customers, since customers simultaneously receive and consume all of the benefits provided by the Company and its subsidiaries as the Company and its subsidiaries perform. The value transferred to customers is directly measured based on electricity usage by customers. Furthermore, certain subsidiaries are running waste processing facilities. Revenues from resources and waste processing business are primarily recognized over the service contract period with customers, since customers simultaneously receive and consume all of the benefits provided by the subsidiaries as the subsidiaries perform. The value transferred to customers is directly measured based on the amount of resources and waste to be processed.

 

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Real estate management and brokerage

The Company and its subsidiaries mainly offer management of condominiums, office buildings, facilities and others, to customers, as real estate management and brokerage business. Since customers simultaneously receive and consume all of the benefits provided by the Company and its subsidiaries as the Company and its subsidiaries perform, revenues from these services are recognized over the contract period with customers. Direct measurement of the value transferred to customers based on time elapsed, is used as method of measuring progress. The Company and its subsidiaries receive payments from customers before satisfying performance obligations, and the amounts are reported in other liabilities on the consolidated balance sheets as contract liabilities.

Real estate contract work

Certain subsidiaries offer repair and contract work for condominiums, office buildings, facilities and others, to customers. The work is held on the real estate where customers own or rent, and the subsidiaries’ performance creates the asset that the customers’ control as the asset is created or enhanced. Additionally, the performance does not create an asset with an alternative use to the subsidiaries, and the subsidiaries have a substantial enforceable right to payment for performance completed to date so that revenues are recognized over the contract work period. For measurement of progress, the cost incurred is used, because that reasonably describes transfer of control of services to customers. The subsidiaries recognize a part of its performance obligations that it performs as contract assets, and the amounts are reported under other assets on the consolidated balance sheet. Furthermore, the subsidiaries receive payments from customers before satisfying performance obligations, and the amounts are reported in other liabilities on the consolidated balance sheets as contract liabilities.

Other

The Company and its subsidiaries have been developing a variety of businesses. Main revenue streams are as follows:

Maintenance services of software, measurement equipment and other:

Certain subsidiaries offer information system hardware, software maintenance services and support, and maintenance of measurement equipment to customers. Revenues from these services are recognized over the contract period with customers, since customers simultaneously receive and consume all of the benefits provided by the subsidiaries as the subsidiaries perform. For measurement of progress, the cost incurred is used, because that reasonably describes transfer of control of services to customers. The subsidiaries receive payments from customers before satisfying performance obligations, and the amounts are reported in other liabilities on the consolidated balance sheets as contract liabilities.

Fee business:

The Company and its subsidiaries are involved in insurance policy referrals and other agency business. Commission revenues from these businesses are primarily recognized when the contract between our customers and their client is signed.

 

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The following table provides information about balances from contracts with customers as of March 31, 2024 and September 30, 2024.

 

		Millions of yen
		March 31, 2024				September 30, 2024
Trade Notes, Accounts and Other Receivable		¥	207,970			¥	176,981
Contract assets (Included in Other Assets)			17,051				15,524
Contract liabilities (Included in Other Liabilities)			32,828				35,335

For the six months ended September 30, 2023 and 2024, there were no significant changes in contract assets and contract liabilities.

For the six months ended September 30, 2023 and 2024, revenues amounting to ¥23,672 million and ¥21,149 million were included in contract liabilities as of the beginning of each fiscal year, respectively.

As of September 30, 2024, transaction price allocated to the performance obligations that are unsatisfied (or partially unsatisfied) is mainly related to automobile related services, real estate sales and amounted to ¥184,542 million. Remaining term for the obligations ranges up to 16 years. Furthermore, automobile related services primarily constitute the performance obligations that are unsatisfied (or partially unsatisfied) will be recognized as revenue over the next 10 years. The Company and its subsidiaries applied practical expedients in the disclosure, and performance obligations for contracts that have an original expected duration of one year or less and contracts under which the value transferred to a customer is directly measured and recognized as revenue by the amount it has a right to invoice to the customer are not included. The transaction price allocated to unsatisfied performance obligations does not include the estimate of material variable consideration.

 

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6.

Leases

Lessor

Lease income for the six months ended September 30, 2023 and 2024 are as follows:

 

		Millions of yen
		Six months ended September 30, 2023				Six months ended September 30, 2024
Lease income—net investment in leases
Interest income		¥	43,325			¥	45,715
Other			1,649				2,044
Lease income—operating leases *			259,949				310,848
Total lease income		¥	304,923			¥	358,607

 

*

Gains from the disposition of real estate under operating leases included in operating lease revenues were ¥10,066 million and ¥23,587 million, and gains from the disposition of operating lease assets other than real estate included in operating lease revenues were ¥17,726 million and ¥21,059 million, for the six months ended September 30, 2023 and 2024, respectively.

Lease income from net investment in leases is included in finance revenues in the consolidated statements of income. Gains and losses from the disposition of net investment in leases were not material for the six months ended September 30, 2023 and 2024.

 

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7.	Credit Quality of Financial Assets and the Allowance for Credit Losses

The presentation of equity method investment has been changed since fiscal 2024. The amounts of financial assets and allowance for credit losses in the previous years have been retrospectively reclassified for this change.

The Company and its subsidiaries provide the following information disaggregated by portfolio segment and class of financial assets.

 

•

Allowance for credit losses

 

•

Credit quality of financial assets

Credit quality indicators

Past-due

financing receivables

Non-accrual

 

•

Information about modifications of financing receivables made to debtors experiencing financial difficulty

A portfolio segment is defined as the level at which an entity develops and documents a systematic methodology to determine its allowance for credit losses. The Company and its subsidiaries classify our portfolio segments by instruments of loans, net investment in leases and other financial assets measured at amortized cost. Classes of financial assets are determined based on the initial measurement attribute, risk characteristics of the financing receivables and the method for monitoring and assessing obligors’ credit risk and are defined as the level of detail necessary for a financial statement user to understand the risks inherent in the financial assets. Classes of financial assets generally are a disaggregation of a portfolio segment, and the Company and its subsidiaries disaggregate our portfolio segments into classes by regions, instruments or industries of our debtors.

 

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The following table provides information about the allowance for credit losses for installment loans, net investment in leases and other financial assets measured at amortized cost as of March 31, 2024, and for the six months ended September 30, 2023 and 2024 :

 

		Six months ended September 30, 2023
		Millions of yen
		Beginning balance				Provision (Reversal) *3				Allowance of purchased loans during the reporting period				Charge-offs *4				Recoveries				Other *5				Ending balance				Collective (pool) assessment				Individual assessment
Allowance for credit losses:
Installment loans to consumer borrowers:
Real estate loans
Japan		¥	4,092			¥	(50	)		¥	0			¥	(144	)		¥	84			¥	1			¥	3,983			¥	3,613			¥	370
Overseas			446				118				0				0				1				41				606				575				31
Card loans
Japan			9,022				753				0				(450	)			8				0				9,333				8,611				722
Other
Japan			7,759				2,970				0				(1,806	)			3				1				8,927				6,487				2,440
Overseas			1,889				1,370				0				(1,124	)			163				238				2,536				1,896				640
Installment loans to corporate borrowers:
Non-recourse loans
Japan			253				(27	)			0				0				0				0				226				226				0
The Americas			1,494				197				0				0				0				192				1,883				837				1,046
Other than non-recourse loans
Real estate companies
Japan			777				23				0				(4	)			13				0				809				705				104
Overseas			1,007				(68	)			0				0				0				82				1,021				1,021				0
Commercial, industrial and other companies
Japan			1,152				(29	)			0				(23	)			4				0				1,104				615				489
Overseas			19,132				434				0				(2,131	)			101				2,107				19,643				16,288				3,355
Loans to Equity method investees			650				90				0				0				0				82				822				410				412
Purchased loans *1			1,148				69				7,580				(7,612	)			1				12				1,198				511				687
Net investment in leases:			15,719				1,717				0				(1,234	)			17				590				16,809				12,366				4,443
Subtotal			64,540				7,567				7,580				(14,528	)			395				3,346				68,900				54,161				14,739
Other financial assets measured at amortized cost *2			833				166				0				(178	)			5				142				968				292				676
Total		¥	65,373			¥	7,733			¥	7,580			¥	(14,706	)		¥	400			¥	3,488			¥	69,868			¥	54,453			¥	15,415

 

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		March 31, 2024
		Millions of yen
		Ending balance				Collective (pool) assessment				Individual assessment
Allowance for credit losses:
Installment loans to consumer borrowers:
Real estate loans
Japan		¥	3,203			¥	2,893			¥	310
Overseas			581				526				55
Card loans
Japan			12				12				0
Other
Japan			91				6				85
Overseas			3,060				1,762				1,298
Installment loans to corporate borrowers:
Non-recourse loans
Japan			429				429				0
The Americas			1,718				660				1,058
Other than non-recourse loans
Real estate companies
Japan			975				889				86
Overseas			1,549				1,045				504
Commercial, industrial and other companies
Japan			857				722				135
Overseas			25,824				16,061				9,763
Loans to Equity method investees			878				422				456
Purchased loans *1			1,133				548				585
Net investment in leases:			16,780				10,866				5,914
Subtotal			57,090				36,841				20,249
Other financial assets measured at amortized cost *2			1,020				321				699
Total		¥	58,110			¥	37,162			¥	20,948

 

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		Six months ended September 30, 2024
		Millions of yen
		Beginning balance				Provision (Reversal) *3				Allowance of purchased loans during the reporting period				Charge-offs *4				Recoveries				Other *5				Ending balance				Collective (pool) assessment				Individual assessment
Allowance for credit losses:
Installment loans to consumer borrowers:
Real estate loans
Japan		¥	3,203			¥	68			¥	0			¥	(44	)		¥	35			¥	1			¥	3,263			¥	2,972			¥	291
Overseas			581				359				0				0				0				(49	)			891				432				459
Card loans
Japan			12				(8	)			0				0				7				1				12				12				0
Other
Japan			91				(2	)			0				0				4				(2	)			91				6				85
Overseas			3,060				1,815				0				(2,131	)			223				(121	)			2,846				1,457				1,389
Installment loans to corporate borrowers:
Non-recourse loans
Japan			429				156				0				0				0				0				585				585				0
The Americas			1,718				445				0				0				0				(127	)			2,036				1,038				998
Other than non-recourse loans
Real estate companies
Japan			975				58				0				0				13				(2	)			1,044				961				83
Overseas			1,549				361				0				0				0				(130	)			1,780				626				1,154
Commercial, industrial and other companies
Japan			857				496				0				(125	)			16				0				1,244				773				471
Overseas			25,824				(1,509	)			0				(2,433	)			24				(3,507	)			18,399				11,492				6,907
Loans to Equity method investees			878				1,410				0				(37	)			0				(173	)			2,078				420				1,658
Purchased loans *1			1,133				7				597				(608	)			1				(10	)			1,120				530				590
Net investment in leases:			16,780				1,833				0				(1,120	)			37				(131	)			17,399				10,945				6,454
Subtotal			57,090				5,489				597				(6,498	)			360				(4,250	)			52,788				32,249				20,539
Other financial assets measured at amortized cost *2			1,020				91				0				(122	)			9				(30	)			968				268				700
Total		¥	58,110			¥	5,580			¥	597			¥	(6,620	)		¥	369			¥	(4,280	)		¥	53,756			¥	32,517			¥	21,239

 

 

Note:				Loans held for sale and policy loan receivables of an insurance entity are not in the scope of allowance for credit losses.

 

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*1	Purchased loans represent loans with evidence of deterioration of credit quality since origination and for which it is probable at acquisition that collection of all contractually required payments from the debtors is unlikely.

*2

The allowance for other financial assets measured at amortized cost includes the allowance for credit losses on financing receivables, such as accounts receivable. Other financial assets measured at amortized cost are mainly “Trade notes, accounts and other receivables” on the consolidated balance sheets.

*3

“Provision for credit losses” in the consolidated statements of income amounted to provisions of ¥8,616 million and ¥7,319 million during the six months ended September 30, 2023 and 2024. The reconciliation between the above table and the amounts reported on the consolidated statements of income during the six months ended September 30, 2023 and 2024 are as follows:

 

		Millions of yen
		Six months ended September 30, 2023				Six months ended September 30, 2024
		Provision for credit losses				Provision for credit losses
Net investment in leases		¥	1,717			¥	1,833
Installment loans			5,850				3,656
Subtotal in the above table			7,567				5,489
Other financial assets measured at amortized cost			166				91
Total in the above table			7,733				5,580
Off-balance sheet credit exposures *3(a)			591				1,673
Available-for-sale debt securities *3(b)			292				66
Amount reported on the consolidated financial statements		¥	8,616			¥	7,319

 

*3(a)

The allowance for off-balance sheet credit exposure were ¥5,116 million and ¥6,010 million as of March 31, 2024 and September 30, 2024, respectively, and the amounts are recorded in “Other liabilities” on the consolidated balance sheets. For further information, see Note 24 “Commitments, Guarantees and Contingent Liabilities.”

*3(b)

The allowance for available-for-sale debt securities were ¥634 million and ¥540  million as of March 31, 2024 and September 30, 2024, respectively, and the amounts are recorded as a reduction in “Investment in securities” on the consolidated balance sheets. For further information, see Note 8 “Investment in Securities.”

*4	Included in Charge-off in write-offs of purchased loans were ¥7,580 million and ¥597 million during the six months ended September 30, 2023 and 2024.

*5	Other mainly includes foreign currency translation adjustments and increases or decreases in allowance due to consolidation or deconsolidation of subsidiaries.

The following table provides information about purchased loans which were acquired for the six months ended September 30, 2023 and 2024:

 

		Six months ended September 30, 2023				Six months ended September 30, 2024
Purchase price		¥	1,281			¥	1,129
Allowance for credit losses at acquisition date			7,580				597
Discount or premium attributable to other factors			125				251
Par value		¥	8,986			¥	1,977

 

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The Company and its subsidiaries estimate an allowance for credit losses for all credit losses expected to occur in future over the remaining life of financial assets, and recognize the allowance adequately based on management judgement. In developing the allowance for credit losses, the Company and its subsidiaries consider, among other things, the following factors in collective assessment and individual assessment by each portfolio:

 

•

business characteristics and financial conditions of obligors;

 

•

prior charge-off experience;

 

•

current delinquencies and delinquency trends;

 

•

value of underlying collateral and guarantees; and

 

•

current economic and business conditions and expected outlook in future.

The Company and its subsidiaries manage credit risk using various indicators specific to the region, industry, and types of assets, in accordance with the group risk management policy. For credit transactions, the basic group policy is to obtain sufficient collateral and guarantees, and to diversify industries and borrowers, and the Company and its subsidiaries comprehensively evaluate and monitor the financial condition and cash flows of borrowers, underlying collateral and guarantees, and profitability. The Company and its subsidiaries also manage exposure to potentially high-risk markets by establishing appropriate credit limits through portfolio analysis.

Due to the diversity of assets and risk indicators held by the Company and its subsidiaries, the Company and its subsidiaries monitor the credit quality indicators as performing and

non-performing

assets as indicators that are common across all classes. The category of

non-performing

assets includes financing receivables for debtors who have filed for insolvency proceedings, whose bank transactions are suspended, whose bills are dishonored, whose businesses have deteriorated, whose repayment is

past-due

90 days or more, financing receivables modified to debtors experiencing financial difficulty, and performing assets include all other financing receivables. Regarding purchased loans, they are classified as

non-performing

assets when it is probable that the acquisition cost of purchased loans cannot be collected, while all the other purchased loans are included in the category of performing assets.

When certain performing financial assets mainly have similar risk characteristics to other financial assets, the performing financial assets are collectively evaluated as a pool. On the contrary, when financial assets do not have similar risk characteristics to other financial assets, the financial assets are evaluated individually.

Loans to consumer borrowers

Loans to consumer borrowers mainly consist of real estate loans and card loans.

The credit quality of real estate loans is affected by the cash flows derived from the property and its collateral value.

The credit quality of card loans is affected by the repayment ability of customers such as customer credit standing or payment history.

The Company and its subsidiaries use these factors to estimate the allowance for credit losses because they are reflected in the probability of default and loss given default in each portfolio.

Loans to corporate borrowers

Loans to corporate borrowers are classified into

non-recourse

loans and loans other than

non-recourse

loans.

The credit quality of

non-recourse

loans for which cash flows from real estate are the source of repayment depends mainly on the real estate collateral value.

Loans other than

non-recourse

loans are classified into either real estate companies or commercial, industrial and other companies, each of which are further divided into Japan and overseas.

The credit quality of real estate companies is affected by mainly Japanese and Americas real estate markets and trends.

The credit quality of commercial, industrial and other companies, which consist of various industries, is affected mainly by broader financial and economic conditions and trends in Japan, the Americas and Asian countries.

The allowance for credit losses for loans to corporate borrowers is estimated by considering, among others, debtors’ situation, as well as economic conditions and trends in its industries, the value of underlying collateral and guarantees, and probability of default and loss given default.

 

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Loans to equity method investees

Equity method investees are diversified in various industries and countries. The credit quality of loans to equity method investees is affected mainly by broader financial and economic conditions and trends in Japan, the Americas and Asian countries.

The allowance for credit losses for loans to equity method investees is estimated by considering, among others, debtors’ situation, as well as economic conditions and trends in its industries, the value of underlying collateral and guarantees, and probability of default and loss given default.

Net investment in leases

Net investment in leases consists of leases of various equipment types, including office equipment, industrial machinery, transportation equipment and real estate properties. The allowance for credit losses for net investment in leases is estimated based on the value of the underlying leased assets, debtors’ situation, economic conditions and trends in its industries, and probability of default and loss given default.

In common with portfolio segments, the forecasted future economic indicators correlated with the prior

charge-off

experience are reflected to the estimate of the allowance for credit losses. Economic indicators correlated with prior

charge-off

experience are determined over the reasonable and supportable forecasted period. Economic indicators include GDP growth rates, consumer price indices, unemployment rates, and government bond interest rates. It also considers forward-looking scenarios of how the selected economic indicators will change in the future. The Company and its subsidiaries use the latest economic forecasts available from the economic reports published by governments and central banks, as well as from third-party information providers as economic indicators.

On the other hand, for periods beyond which the Company and its subsidiaries are able to make or obtain reasonable and supportable forecasts of future economic indicators of the entire life of the financial asset, expected credit losses are estimated for the remaining life mainly using an appropriate reversion approach, mainly immediate reversion to historical credit loss information.

There have been no significant changes during the six months ended September 30, 2024 to methodologies and economic indicators used to estimate the allowance for Credit Losses.

When

non-performing

financial assets with deteriorated credit quality have similar risk characteristics to other financial assets, the allowance for credit losses is collectively evaluated based on mainly loss given default. On the other hand, if the

non-performing

financial assets do not have similar risk characteristics to other financial assets, the allowance for credit losses is individually evaluated.

In the individual assessment the allowance for credit losses is estimated individually based on the present value of expected future cash flows, the observable market price or the fair value of the collateral securing the financing receivables if the financing receivables are collateral-dependent.

The collateral-dependent financing receivables are defined as the finance receivables, which a debtor would be in financial difficulty and the collection significantly depend on the collateral. These financing receivables are mainly

non-recourse

loans and purchased loans for which cash flows from underlying real estate is the source of repayment.

For

non-recourse

loans, their collection depends on the real estate collateral value, which may decline as a result of a decrease in liquidity of the real estate market, a rise in vacancy rate of rental properties, a fall in rents and other factors.

For purchased loans, their collection may decrease due to a decline in the real estate collateral value and debtors’ creditworthiness. Thus, the changes in these risks affect the amount of the allowance for credit losses.

In common with all portfolio segments, the Company and its subsidiaries charge off doubtful receivables when the likelihood of any future collection is believed to be minimal, mainly based upon an evaluation of the relevant debtors’ creditworthiness and the liquidation status of collateral.

 

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The following table provides information about the origination years of financial assets as of March 31, 2024 and the gross write-offs recorded during the six months ended September 30, 2023. Card loans to consumer borrowers with a revolving repayment feature that cannot be classified into the origination year are excluded from the table.

 

March 31, 2024
Millions of yen
Portfolio segment		Origination year (years ended March 31)																								Total
Class
Credit Quality		2024				2023				2022				2021				2020				Prior
Consumer borrowers:
Performing		¥	245,106			¥	200,373			¥	165,337			¥	248,395			¥	334,364			¥	788,888			¥	1,982,463
Non-Performing			1,139				1,224				607				292				500				11,871			¥	15,633
Real estate loans
Performing			219,407				182,697				161,632				247,905				334,009				788,635			¥	1,934,285
Non-Performing			109				22				508				281				486				11,770			¥	13,176
Other*
Performing			25,699				17,676				3,705				490				355				253			¥	48,178
Non-Performing			1,030				1,202				99				11				14				101			¥	2,457
Corporate borrowers:
Performing			484,932				236,795				276,776				96,684				121,132				183,404			¥	1,399,723
Non-Performing			5,144				3,346				26,661				5,255				6,705				23,023			¥	70,134
Non-recourse loans
Japan
Performing			97,099				22,621				10,572				6,713				1,266				7,015			¥	145,286
The Americas
Performing			11,804				9,077				1,742				151				16,862				7,512			¥	47,148
Non-Performing			0				68				0				0				0				3,047			¥	3,115
Other than non-recourse loans
Real estate companies in Japan
Performing			143,553				57,185				28,355				22,836				22,907				58,195			¥	333,031
Non-Performing			37				0				0				9				656				773			¥	1,475
Real estate companies in overseas
Performing			4,334				16,493				9,972				2,764				3,352				4,663			¥	41,578
Non-Performing			489				581				4,444				515				2,205				9,947			¥	18,181

 

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March 31, 2024
Millions of yen
Portfolio segment		Origination year (years ended March 31)																								Total
Class
Credit Quality		2024				2023				2022				2021				2020				Prior
Commercial, industrial and other companies in Japan
Performing			95,090				29,538				18,606				11,920				10,619				14,566			¥	180,339
Non-Performing			2				80				31				93				38				313			¥	557
Commercial, industrial and other companies in overseas
Performing			133,052				101,881				207,529				52,300				66,126				91,453			¥	652,341
Non-Performing			4,616				2,617				22,186				4,638				3,806				8,943			¥	46,806
Loans to Equity method investees:
Performing			133,587				27,874				72,407				2,091				58				13,983			¥	250,000
Non-Performing			0				230				327				0				0				1,372			¥	1,929
Purchased loans:
Performing			145				16				590				227				4,670				13,445			¥	19,093
Non-Performing			0				0				0				0				0				880			¥	880
Net investment in leases:
Performing			475,594				291,724				159,885				81,835				56,625				68,555			¥	1,134,218
Non-Performing			4,406				4,891				2,992				1,529				1,368				5,619			¥	20,805
Japan
Performing			199,864				139,133				100,905				67,932				46,911				64,436			¥	619,181
Non-Performing			213				585				886				776				657				1,796			¥	4,913
Overseas
Performing			275,730				152,591				58,980				13,903				9,714				4,119			¥	515,037
Non-Performing			4,193				4,306				2,106				753				711				3,823			¥	15,892
Total (excluding revolving repayment card loans)
Performing		¥	1,339,364			¥	756,782			¥	674,995			¥	429,232			¥	516,849			¥	1,068,275			¥	4,785,497
Non-Performing		¥	10,689			¥	9,691			¥	30,587			¥	7,076			¥	8,573			¥	42,765			¥	109,381

 

Six months ended September 30, 2023
Millions of yen
		Gross write-offs
Portfolio segment		Origination year (years ended March 31)																								Total
Class		2024				2023				2022				2021				2020				Prior
Consumer borrowers:			136				1,770				736				154				103				175			¥	3,074
Real estate loans			0				0				0				0				0				144			¥	144
Other*			136				1,770				736				154				103				31			¥	2,930
Corporate borrowers:			101				4				225				73				112				1,643			¥	2,158
Other than non-recourse loans
Real estate companies in Japan			0				0				0				0				4				0			¥	4
Commercial, industrial and other companies in Japan			0				1				0				0				22				0			¥	23
Commercial, industrial and other companies in overseas			101				3				225				73				86				1,643			¥	2,131
Purchased loans:			0				409				226				29				206				6,742			¥	7,612
Net investment in leases:			0				7				409				234				139				445			¥	1,234
Japan			0				5				36				52				80				327			¥	500
Overseas			0				2				373				182				59				118			¥	734
Total (excluding revolving repayment card loans)			237				2,190				1,596				490				560				9,005			¥	14,078

 

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The following table provides information about the origination years of financial assets as of September 30, 2024 and the gross write-offs, corresponding to each class of financial assets by origination year, recorded during the six months ended September 30, 2024. Card loans to consumer borrowers with a revolving repayment feature that cannot be classified into the origination year are excluded from the table.

 

September 30, 2024
Millions of yen
Portfolio segment		Origination year (years ended March 31)																								Total
Class
Credit Quality		2025				2024				2023				2022				2021				Prior
Consumer borrowers:
Performing		¥	214,268			¥	172,591			¥	180,441			¥	152,598			¥	237,617			¥	1,028,903			¥	1,986,418
Non-Performing			375				1,638				1,794				2,171				430				12,081			¥	18,489
Gross write-offs			213				928				897				80				6				51			¥	2,175
Real estate loans
Performing			202,960				155,607				168,911				150,581				237,371				1,028,619			¥	1,944,049
Non-Performing			192				511				863				2,111				424				11,986			¥	16,087
Gross write-offs			0				0				0				0				0				44			¥	44
Other*
Performing			11,308				16,984				11,530				2,017				246				284			¥	42,369
Non-Performing			183				1,127				931				60				6				95			¥	2,402
Gross write-offs			213				928				897				80				6				7			¥	2,131
Corporate borrowers:
Performing			387,077				328,812				175,254				195,140				59,520				210,201			¥	1,356,004
Non-Performing			1,375				7,826				9,349				25,504				8,315				29,370			¥	81,739
Gross write-offs			0				43				35				2,329				14				137			¥	2,558
Non-recourse loans
Japan
Performing			108,750				63,510				18,066				7,076				0				6,752			¥	204,154
Gross write-offs			0				0				0				0				0				0			¥	0
The Americas
Performing			23,628				15,043				10,720				2,089				145				10,403			¥	62,028
Non-Performing			0				0				64				0				0				5,197			¥	5,261
Gross write-offs			0				0				0				0				0				0			¥	0

 

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September 30, 2024
Millions of yen
Portfolio segment		Origination year (years ended March 31)																								Total
Class
Credit Quality		2025				2024				2023				2022				2021				Prior
Other than non-recourse loans
Real estate companies in Japan
Performing			100,107				96,409				47,681				25,418				20,547				74,415			¥	364,577
Non-Performing			0				0				32				0				9				641			¥	682
Gross write-offs			0				0				0				0				0				0			¥	0
Real estate companies in overseas
Performing			9,118				2,722				10,456				4,958				1,299				7,383			¥	35,936
Non-Performing			78				685				6,363				7,054				977				14,035			¥	29,192
Gross write-offs			0				0				0				0				0				0			¥	0
Commercial, industrial and other companies in Japan
Performing			62,419				61,058				25,078				14,380				10,658				21,038			¥	194,631
Non-Performing			420				10				132				30				87				131			¥	810
Gross write-offs			0				0				0				0				6				119			¥	125
Commercial, industrial and other companies in overseas
Performing			83,055				90,070				63,253				141,219				26,871				90,210			¥	494,678
Non-Performing			877				7,131				2,758				18,420				7,242				9,366			¥	45,794
Gross write-offs			0				43				35				2,329				8				18			¥	2,433
Loans to Equity method investees:
Performing			438				112,903				2,807				0				1,824				14,467			¥	132,439
Non-Performing			0				0				217				3,247				0				1,284			¥	4,748
Gross write-offs			0				0				0				37				0				0			¥	37
Purchased loans:
Performing			0				16				16				568				289				16,286			¥	17,175
Non-Performing			0				0				0				0				0				951			¥	951
Gross write-offs			0				0				0				57				255				296			¥	608
Net investment in leases:
Performing			252,115				387,147				227,595				118,781				61,849				89,491			¥	1,136,978
Non-Performing			2,097				5,298				5,134				2,605				1,186				6,050			¥	22,370
Gross write-offs			0				120				337				218				151				294			¥	1,120
Japan
Performing			104,398				167,171				119,297				83,232				53,143				81,489			¥	608,730
Non-Performing			34				405				702				887				632				2,018			¥	4,678
Gross write-offs			0				3				49				97				122				250			¥	521
Overseas
Performing			147,717				219,976				108,298				35,549				8,706				8,002			¥	528,248
Non-Performing			2,063				4,893				4,432				1,718				554				4,032			¥	17,692
Gross write-offs			0				117				288				121				29				44			¥	599
Total (excluding revolving repayment card loans)
Performing		¥	853,898			¥	1,001,469			¥	586,113			¥	467,087			¥	361,099			¥	1,359,348			¥	4,629,014
Non-Performing			3,847				14,762				16,494				33,527				9,931				49,736			¥	128,297
Gross write-offs			213				1,091				1,269				2,721				426				778			¥	6,498

 

Note: Loans held for sale, policy loan receivables of an insurance entity and financing receivables, such as accounts receivable are not included in the table above.

 

*	Other in loans to consumer borrowers includes claims receivable arising from payments on guarantee of consumer loans. For further information, see Note 24 “Commitments, Guarantees and Contingent Liabilities.”

 

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The information about card loans to consumer borrowers with a revolving repayment feature that cannot be classified into the origination year as of March 31, 2024 and the gross write-offs recorded during six months ended September 30, 2023 is as follows:

 

		March 31, 2024
		Millions of yen
Portfolio segment		Revolving repayment card loans				Modification of collection condition by relief of contract condition				Total—revolving repayment card loans				Total— origination year (excluding revolving repayment card loans)				Total— financial assets measured at amortized cost
Credit quality
Consumer borrowers:
Performing		¥	72,353			¥	0			¥	72,353			¥	4,785,497			¥	4,857,850
Non-Performing			0				0				0				109,381			¥	109,381

 

		Six months ended September 30, 2023
		Millions of yen
		Gross write-offs
Portfolio segment		Revolving repayment card loans				Modification of collection condition by relief of contract condition				Total—revolving repayment card loans				Total— origination year (excluding revolving repayment card loans)				Total— financial assets measured at amortized cost
Consumer borrowers:		¥	375			¥	75			¥	450			¥	14,078			¥	14,528

The information about card loans to consumer borrowers with a revolving repayment feature that cannot be classified into the origination year as of September 30, 2024 and the gross write-offs, corresponding to card loans, recorded during the six months ended September 30, 2024 is as follows:

 

		September 30, 2024
		Millions of yen
Portfolio segment		Revolving repayment card loans				Modification of collection condition by relief of contract condition				Total—revolving repayment card loans				Total— origination year (excluding revolving repayment card loans)				Total— financial assets measured at amortized cost
Credit quality
Consumer borrowers:
Performing		¥	69,436			¥	0			¥	69,436			¥	4,629,014			¥	4,698,450
Non-Performing			0				0				0				128,297			¥	128,297
Gross write-offs			0				0				0				6,498			¥	6,498

Of

non-performing

assets, the Company and its subsidiaries consider smaller balance homogeneous loans (including real estate loans and card loans, among others, which are not restructured) and net investment in leases as the 90 days or more

past-due

financing receivables not individually evaluated, and consider all others as the loans individually evaluated. After the Company and its subsidiaries have set aside a provision for those

non-performing

assets, the Company and its subsidiaries continue to monitor at least on a quarterly basis the quality of any underlying collateral, the business conditions of the debtors and other important factors in order to report to management and develop additional provision for credit losses as necessary.

 

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The following table provides information about the

past-due

financial assets as of March 31, 2024 and September 30, 2024:

 

		March 31, 2024
				Millions of yen
				Past-due financial assets
Portfolio segment		Class		30-89 days past-due				90 days or more past-due				Total past-due				Total financing receivables
Consumer borrowers				¥	3,994			¥	4,458			¥	8,452			¥	2,070,449
		Real estate loans			2,064				2,178				4,242				1,947,461
		Card loans			0				0				0				72,353
		Other			1,930				2,280				4,210				50,635
Corporate borrowers					12,576				27,469				40,045				1,469,857
Non-recourse loans		Japan			0				0				0				145,286
		The Americas			2,502				1,126				3,628				50,263
Other than non-recourse loans		Real estate companies in Japan			113				115				228				334,506
		Real estate companies in overseas			1,080				17,619				18,699				59,759
		Commercial, industrial and other companies in Japan			1,666				355				2,021				180,896
		Commercial, industrial and other companies in overseas			7,215				8,254				15,469				699,147
Loans to Equity method investees					0				0				0				251,929
Net investment in leases					23,376				18,995				42,371				1,155,023
		Japan			2,525				4,372				6,897				624,094
		Overseas			20,851				14,623				35,474				530,929
Total				¥	39,946			¥	50,922			¥	90,868			¥	4,947,258
		September 30, 2024
				Millions of yen
				Past-due financial assets
Portfolio segment		Class		30-89 days past-due				90 days or more past-due				Total past-due				Total financing receivables
Consumer borrowers				¥	4,150			¥	4,918			¥	9,068			¥	2,074,343
		Real estate loans			2,505				2,812				5,317				1,960,136
		Card loans			0				0				0				69,436
		Other			1,645				2,106				3,751				44,771
Corporate borrowers					8,845				42,181				51,026				1,437,743
Non-recourse loans		Japan			0				0				0				204,154
		The Americas			0				3,386				3,386				67,289
Other than non-recourse loans		Real estate companies in Japan			151				109				260				365,259
		Real estate companies in overseas			136				28,005				28,141				65,128
		Commercial, industrial and other companies in Japan			2,305				156				2,461				195,441
		Commercial, industrial and other companies in overseas			6,253				10,525				16,778				540,472
Loans to Equity method investees					0				0				0				137,187
Net investment in leases					21,334				21,351				42,685				1,159,348
		Japan			2,639				4,180				6,819				613,408
		Overseas			18,695				17,171				35,866				545,940
Total				¥	34,329			¥	68,450			¥	102,779			¥	4,808,621

 

Note: Loans held for sale, policy loans receivable of an insurance entity and purchased loans are not included in the table above.

In common with all classes, the Company and its subsidiaries consider

financial

assets as

past-due

financial assets when principal or interest is

past-due

30 days or more. Loans whose terms have been modified are not classified as

past-due

financial assets if the principals and interests are not

past-due

30 days or more in accordance with the modified terms.

 

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The following table provides information about

non-accrual

of financial assets as of March 31, 2024 and September 30, 2024:

 

						March 31, 2024
						Millions of yen
						Beginning balance				Ending balance				Interest income recognized during the reporting period				Balance not associated allowance for credit losses among financial assets measured at amortized cost, which is suspending recognition of income
Non-accrual of financial assets:
Installment loans to consumer borrowers:
Real estate loans
			Japan			¥	1,693			¥	1,095			¥	246			¥	129
			Overseas				547				1,107				0				100
Card loans			Japan				1,367				0				27				0
Other
			Japan				5,429				96				169				7
			Overseas				1,105				2,574				0				35
Installment loans to corporate borrowers:
Non-recourse loans			The Americas				3,248				3,116				0				0
Other than non-recourse loans
Real estate companies
			Japan				219				115				45				4
			Overseas				12,804				16,093				0				0
Commercial, industrial and other companies
			Japan				1,118				355				312				42
			Overseas				20,470				27,636				0				2,319
Loans to Equity method investees							667				1,929				0				1,282
Net investment in leases							16,627				19,002				0				0
Total						¥	65,294			¥	73,118			¥	799			¥	3,918

 

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						September 30, 2024
						Millions of yen
						Beginning balance				Ending balance				Interest income recognized during the reporting period				Balance not associated allowance for credit losses among financial assets measured at amortized cost, which is suspending recognition of income
Non-accrual of financial assets:
Installment loans to consumer borrowers:
Real estate loans
			Japan			¥	1,095			¥	1,107			¥	125			¥	124
			Overseas				1,107				1,729				0				95
Card loans			Japan				0				0				0				0
Other
			Japan				96				88				1				0
			Overseas				2,574				2,299				0				29
Installment loans to corporate borrowers:
Non-recourse loans			The Americas				3,116				5,261				0				0
Other than non-recourse loans
Real estate companies
			Japan				115				108				20				0
			Overseas				16,093				28,006				0				0
Commercial, industrial and other companies
			Japan				355				155				10				41
			Overseas				27,636				29,543				0				2,687
Loans to Equity method investees							1,929				4,748				0				1,284
Net investment in leases							19,002				21,356				0				0
Total						¥	73,118			¥	94,400			¥	156			¥	4,260

The Company and its subsidiaries suspend accruing interest on

past-due

installment loans and net investment in leases when principal or interest is

past-due

90 days or more, or earlier, if management determines that their collections are doubtful based on factors such as individual debtors’ creditworthiness, historical loss experience, current delinquencies and delinquency trends. The Company and its subsidiaries return to accrual status

non-accrual

loans and net investment in leases when it becomes probable that the Company and its subsidiaries will be able to collect all amounts due according to the contractual terms of these loans and lease receivables, as evidenced by continual payments from the debtors. The period of such continual payments before returning to accrual status varies depending on factors that are considered relevant in assessing the debtor’s creditworthiness, such as the debtor’s business characteristics and financial conditions as well as relevant economic conditions and trends.

 

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The following table provides information about modifications of financing receivables made to debtors experiencing financial difficulty that occurred during the six months ended September 30, 2023 and 2024:

 

Six months ended September 30, 2023
Millions of yen
Portfolio segment		Interest rate reduction								Term extension								Principal forgiveness
Class		Amortized cost basis				% of total class of financing receivable				Amortized cost basis				% of total class of financing receivable				Amortized cost basis				% of total class of financing receivable
Consumer borrowers		¥	245				0.0			¥	2,354				0.1			¥	45				0.0
Real estate loans			3				0.0				1				0.0				1				0.0
Card loans			222				0.1				1				0.0				41				0.0
Other			20				0.0				2,352				2.9				3				0.0
Corporate borrowers			0				0				862				0.1				58				0.0
Other than Non-recourse loans			0				0				862				0.1				58				0.0
Real estate companies in Japan			0				0				35				0.0				0				0
Commercial, industrial and other companies in Japan			0				0				542				0.2				0				0
Commercial, industrial and other companies in overseas			0				0				285				0.0				58				0.0
Net investment in leases			0				0				0				0				0				0.0
Overseas			0				0				0				0				0				0.0
Total		¥	245				0.0			¥	3,216				0.1			¥	103				0.0
Six months ended September 30, 2023
Millions of yen
Portfolio segment		Combination - interest rate reduction and term extension								Combination - interest rate reduction and principal forgiveness								Combination - term extension and principal forgiveness
Class		Amortized cost basis				% of total class of financing receivable				Amortized cost basis				% of total class of financing receivable				Amortized cost basis				% of total class of financing receivable
Consumer borrowers		¥	14				0.0			¥	583				0.0			¥	264				0.0
Real estate loans			0				0				0				0				0				0
Card loans			0				0				563				0.3				0				0
Other			14				0.0				20				0.0				264				0.3
Corporate borrowers			0				0				0				0				0				0
Other than Non-recourse loans			0				0				0				0				0				0
Real estate companies in Japan			0				0				0				0				0				0
Commercial, industrial and other companies in Japan			0				0				0				0				0				0
Commercial, industrial and other companies in overseas			0				0				0				0				0				0
Net investment in leases			0				0				0				0				0				0
Overseas			0				0				0				0				0				0
Total		¥	14				0.0			¥	583				0.0			¥	264				0.0

 

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Six months ended September 30, 2024
Millions of yen
Portfolio segment		Interest rate reduction								Term extension								Principal forgiveness
Class		Amortized cost basis				% of total class of financing receivable				Amortized cost basis				% of total class of financing receivable				Amortized cost basis				% of total class of financing receivable
Consumer borrowers			¥0				0.0				¥44				0.0				¥0				0.0
Other			0				0.0				44				0.1				0				0.0
Corporate borrowers			0				0				1,875				0.1				11				0.0
Other than non-recourse loans			0				0				1,875				0.2				11				0.0
Real estate companies in Japan			0				0				1,345				0.4				0				0
Commercial, industrial and other companies in Japan			0				0				530				0.3				0				0
Commercial, industrial and other companies in overseas			0				0				0				0.0				11				0.0
Loans to Equity method investees			0				0				891				0.6				0				0.0
Total			¥0				0.0				¥2,810				0.1				¥11				0.0
Portfolio segment		Combination - interest rate reduction and term extension								Combination - interest rate reduction and principal forgiveness								Combination - term extension and principal forgiveness
Class		Amortized cost basis				% of total class of financing receivable				Amortized cost basis				% of total class of financing receivable				Amortized cost basis				% of total class of financing receivable
Consumer borrowers			¥106				0.0				¥0				0.0				¥0				0.0
Other			106				0.2				0				0.0				0				0.0
Corporate borrowers			4,895				0.3				0				0				0				0.0
Other than non-recourse loans			4,895				0.4				0				0				0				0.0
Real estate companies in Japan			0				0				0				0				0				0
Commercial, industrial and other companies in Japan			0				0				0				0				0				0
Commercial, industrial and other companies in overseas			4,895				0.9				0				0				0				0.0
Loans to Equity method investees			0				0				0				0				0				0.0
Total			¥5,001				0.1				¥0				0.0				¥0				0.0

The Company and its subsidiaries offer various types of concessions to the debtors to protect as much of the investment as possible in modifications of financing receivables made to debtors experiencing financial difficulty. For the debtors of all financing receivables, the Company and its subsidiaries offer concessions including an interest rate reduction and a term extension. In addition, for the debtors of all financing receivables other than

non-recourse

loans, the Company and its subsidiaries also offer concessions such as a principal forgiveness or a temporary reduction in the interest payments. Furthermore, the Company and its subsidiaries may acquire collateral assets from the debtors in modifications of financing receivables made to debtors experiencing financial difficulty to satisfy fully or partially the loan principal or past due interest.

In common with all portfolio segments, financing receivables modified to debtors experiencing financial difficulty are recognized as impaired and are individually evaluated for allowance for credit losses, taking into account payment default and repayment status after modifications. In most cases, these financing receivables have already been considered impaired and individually evaluated for allowance for credit losses prior to the modifications. However, as a result of the modification, the Company and its subsidiaries may recognize additional allowance for credit losses for the modified receivables.

 

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The following table provides information about the financial effect of the modifications of financing receivables made to debtors experiencing financial difficulty that occurred during the six months ended September 30, 2023 and 2024:

 

Six months ended September 30, 2023
Millions of yen
Portfolio segment		Financial effect
Class		Interest rate reduction		Term extension		Principal forgiveness
Consumer borrowers
Real estate loans		Reduced weighted-average contractual interest rate from 3.9% to 0.0%.		Added a weighted-average 1.0 years to the life of loans.		Reduced the amortized cost basis of the loans by ¥1 million.
Card loans		Reduced weighted-average contractual interest rate from 12.6% to 0.4%.		Added a weighted-average 6.6 years to the life of loans.		Reduced the amortized cost basis of the loans by ¥92 million.
Other		Reduced weighted-average contractual interest rate from 14.2% to 2.5%.		Added a weighted-average 4.8 years to the life of loans.		Reduced the amortized cost basis of the loans by ¥336 million.
Corporate borrowers
Other than Non-recourse loans		—		—		—
Real estate companies in Japan		—		Added a weighted-average 0.5 years to the life of loans.		—
Commercial, industrial and other companies in Japan		—		Added a weighted-average 0.6 years to the life of loans.		—
Commercial, industrial and other companies in overseas		—		Added a weighted-average 4.7 years to the life of loans.		Reduced the amortized cost basis of the loans by ¥108 million.
Net investment in leases
Overseas		—		—		Reduced the amortized cost basis of the loans by ¥0 million.
Six months ended September 30, 2024
Millions of yen
Portfolio segment		Financial effect
Class		Interest rate reduction		Term extension		Principal forgiveness
Consumer borrowers
Other		Reduced weighted-average contractual interest rate from 16.8% to 11.9%.		Added a weighted-average 2.4 years to the life of loans.		—
Corporate borrowers
Other than non-recourse loans		—		—		—
Real estate companies in Japan		—		Added a weighted-average 2.6 years to the life of loans.		—
Commercial, industrial and other companies in Japan		—		Added a weighted-average 1.0 years to the life of loans.		—
Commercial, industrial and other companies in overseas		Reduced weighted-average contractual interest rate from 14.3% to 12.9%.		Added a weighted-average 2.3 years to the life of loans.		Reduced the amortized cost basis of the loans by ¥7 million.
Loans to Equity method investees		—		Added a weighted-average 0.5 years to the life of loans.		—

During the six months ended September 30, 2023 there was no financing receivable that had a payment default and had been modified, when the debtor was experiencing financial difficulty, within the previous 12 months preceding the payment default date. The following table provides information about financing receivable that had a payment default and had been modified, when the debtor was experiencing financial difficulty, within the previous 12 months preceding the payment default date during the six months ended September 30, 2024.

 

Six months ended September 30, 2024
Millions of yen
Portfolio segment
Class		Interest rate reduction				Term extension				Principal forgiveness				Combination - interest rate reduction and term extension				Combination - interest rate reduction and principal forgiveness				Combination - term extension and principal forgiveness
Consumer borrowers		¥	0			¥	0			¥	0			¥	20			¥	0			¥	0
Other			0				0				0				20				0				0
Total		¥	0			¥	0			¥	0			¥	20			¥	0			¥	0

The Company and its subsidiaries consider financing receivables whose terms have been modified to debtors experiencing financial difficulty as defaulted receivables when principal or interest is

past-due

90 days or more in accordance with the modified terms.

 

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The following table provides information about the

past-due

financial assets modified to debtors experiencing financial difficulty within the previous 12 months from March 31, 2024 and September 30, 2024:

 

March 31, 2024
		Millions of yen
Portfolio segment		Current				30-89 days past-due				90 days or more past-due
Class
Consumer borrowers			¥35				¥91				¥7
Real estate loans			1				0				0
Other			34				91				7
Corporate borrowers			6,140				0				284
Non-recourse loans			1,277				0				0
The Americas			1,277				0				0
Other than non-recourse loans			4,863				0				284
Real estate companies in Japan			37				0				32
Commercial, industrial and other companies in Japan			481				0				230
Commercial, industrial and other companies in overseas			4,345				0				22
Loans to Equity method investees			4,347				0				0
Total			¥10,522				¥91				¥291
September 30, 2024
		Millions of yen
Portfolio segment		Current				30-89 days past-due				90 days or more past-due
Class
Consumer borrowers		¥	11			¥	186			¥	12
Other			11				186				12
Corporate borrowers			8,630				0				66
Non-recourse loans			1,204				0				0
The Americas			1,204				0				0
Other than non-recourse loans			7,426				0				66
Real estate companies in Japan			1,316				0				29
Commercial, industrial and other companies in Japan			714				0				19
Commercial, industrial and other companies in overseas			5,396				0				18
Loans to Equity method investees			4,138				0				0
Total		¥	12,779			¥	186			¥	78

As of March 31, 2024 and September 30, 2024, there were no foreclosed residential real estate properties. The carrying amounts of installment loans in consumer mortgage loans collateralized by residential real estate property that are in the process of foreclosure were ¥119 million and ¥160 million as of March 31, 2024 and September 30, 2024, respectively.

 

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8.	Investment in Securities

The presentation of equity method investment has been changed since fiscal 2024. The amounts of investment in securities in the previous years have been retrospectively reclassified for this change.

Investment in securities as of March 31, 2024 and September 30, 2024 consists of the following:

 

		Millions of yen
		March 31, 2024				September 30, 2024
Equity securities *		¥	597,601			¥	584,008
Available-for-sale debt securities			2,665,478				2,601,080
Total		¥	3,263,079			¥	3,185,088

 

*

The amount of assets under management of variable annuity and variable life insurance contracts included in equity securities were ¥161,244 million and ¥146,047  million as of March 31, 2024 and September 30, 2024, respectively. The amount of investment funds and others that elected the fair value option and were included in equity securities were ¥ 26,945 million and ¥25,618 million as of March 31, 2024 and September 30, 2024, respectively.

Gains and losses realized from the sale of equity securities and net unrealized holding gains (losses) on equity securities are included in gains on investment securities and dividends, life insurance premiums and related investment income, and write-downs of securities. For further information, see Note 17 “Income and Expenses Relating to Life Insurance Operations.” Net unrealized holding gains (losses) on equity securities held as of September 30, 2023 and 2024 were gains of ¥

24,322

 million and losses of ¥

1,992

 million for the six months ended September 30, 2023 and 2024, respectively, which does not include net unrealized holding gains (losses) on investment funds and others that elected the fair value option.

Equity securities include

non-marketable

equity securities and preferred equity securities, etc. elected for the measurement alternative. Upward or downward adjustments resulting from observable price changes are included in gains on investment securities and dividends and life insurance premiums and related investment income. Impairments are included in write-downs of securities. The following tables provide information about impairment and upward or downward adjustments resulting from observable price changes as of March 31, 2024 and September 30, 2024, and for the six months ended September 30, 2023 and 2024.

 

		Millions of yen
		March 31, 2024												Six months ended September 30, 2023
		Carrying value				Accumulated impairments and downward adjustments				Accumulated upward adjustments				Impairments and downward adjustments				Upward adjustments
Equity securities measured using the measurement alternative		¥	96,714			¥	(16,171	)		¥	2,201			¥	(90	)		¥	956
		Millions of yen
		September 30, 2024												Six months ended September 30, 2024
		Carrying value				Accumulated impairments and downward adjustments				Accumulated upward adjustments				Impairments and downward adjustments				Upward adjustments
Equity securities measured using the measurement alternative		¥	88,692			¥	(16,429	)		¥	2,680			¥	(780	)		¥	634

 

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Gains and losses realized from the sale of trading debt securities and net unrealized holding gains (losses) on trading debt securities are included in gains on investment securities and dividends. Net unrealized holding gains (losses) on trading debt securities held as of September 30, 2023 were losses of ¥

28

 million for the six months ended September 30, 2023. There were no gains and losses recognized on trading debt securities held as of September 30, 2024 for the six months ended September 30, 2024.

Certain subsidiaries elected the fair value option for certain investments in investment funds and others included in equity securities whose net asset values do not represent the fair value of investments due to the illiquid nature of these investments. The subsidiaries manage these investments on a fair value basis and the election of the fair value option enables the subsidiaries to reflect more appropriate assumptions to measure the fair value of these investments. As of March 31, 2024 and September 30, 2024, these investments were fair valued at ¥

26,945 million and ¥25,618 million, respectively.

A certain subsidiary elected the fair value option for investments in foreign government bond securities included in

available-for-sale

debt securities to mitigate volatility in the consolidated statements of income caused by the difference in recognition of gain or loss that would otherwise exist between the foreign government bond securities and the derivatives used to reduce the risks of fluctuations in market interest rates and exchange rates on these foreign government bond securities. As of March 31, 2024 and September 30, 2024, these investments were fair valued at ¥1,000 million and ¥6,795 million, respectively.

A certain subsidiary elected the fair value option for investments in foreign corporate debt securities included in

available-for-sale

debt securities to mitigate volatility in the consolidated statements of income caused by the difference in recognition of gain or loss that would otherwise exist between the foreign corporate debt securities and the derivatives used to reduce the risks of fluctuations in market interest rates and exchange rates on these foreign corporate debt securities. As of March 31, 2024 and September 30, 2024, these investments were fair valued at ¥7,751 million and ¥9,996 million, respectively.

 

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The amortized cost basis amounts, gross unrealized holding gains, gross unrealized holding losses and fair values of

available-for-sale

debt securities in each major security type as of March 31, 2024 and September 30, 2024 are as follows:

March 31, 2024

 

		Millions of yen
		Amortized cost				Allowance for credit losses				Gross unrealized gains				Gross unrealized losses				Fair value
Available-for-sale debt securities:
Japanese and foreign government bond securities		¥	1,299,025			¥	0			¥	11,526			¥	(275,637	)		¥	1,034,914
Japanese prefectural and foreign municipal bond securities			425,426				(248	)			2,623				(26,336	)			401,465
Corporate debt securities			905,706				0				21,415				(82,542	)			844,579
CMBS and RMBS in the Americas			88,586				0				929				(1,775	)			87,740
Other asset-backed securities and debt securities			297,197				(386	)			5,496				(5,527	)			296,780
			3,015,940				(634	)			41,989				(391,817	)			2,665,478
September 30, 2024
		Millions of yen
		Amortized cost				Allowance for credit losses				Gross unrealized gains				Gross unrealized losses				Fair value
Available-for-sale debt securities:
Japanese and foreign government bond securities		¥	1,419,155			¥	0			¥	8,589			¥	(340,948	)		¥	1,086,796
Japanese prefectural and foreign municipal bond securities			432,387				(234	)			3,895				(24,203	)			411,845
Corporate debt securities			874,013				0				17,066				(91,931	)			799,148
CMBS and RMBS in the Americas			86,582				0				1,159				(1,275	)			86,466
Other asset-backed securities and debt securities			217,775				(306	)			4,960				(5,604	)			216,825
		¥	3,029,912			¥	(540	)		¥	35,669			¥	(463,961	)		¥	2,601,080

 

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The following table presents rollforwards of the allowance for credit losses for the six months ended September 30, 2023 and 2024, respectively:

 

		Millions of yen
		Six months ended September 30, 2023
		Foreign municipal bond securities				Foreign other asset-  backed securities and  debt securities				Total
Beginning		¥	144			¥	0			¥	144
Additions to the allowance for credit losses on available-for-sale debt securities for which credit losses were not previously recorded			80				212				292
Increase (Decrease) from the effects of changes in foreign exchange rates			22				10				32
Ending		¥	246			¥	222			¥	468
		Millions of yen
		Six months ended September 30, 2024
		Foreign municipal bond securities				Foreign other asset-  backed securities and  debt securities				Total
Beginning		¥	248			¥	386			¥	634
Additions to the allowance for credit losses on available-for-sale debt securities for which credit losses were not previously recorded			0				35				35
Additional increases to the allowance for credit losses on available-for-sale debt securities that had an allowance recorded in a previous period			0				31				31
Increase (Decrease) from the effects of changes in foreign exchange rates			(14	)			(146	)			(160	)
Ending		¥	234			¥	306			¥	540

 

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The following tables provide information about

available-for-sale

debt securities with gross unrealized losses (including allowance for credit losses) and the length of time that individual securities have been in a continuous unrealized loss position as of March 31, 2024 and September 30, 2024, respectively:

March 31, 2024

 

		Millions of yen
		Less than 12 months								12 months or more								Total
		Fair value				Gross unrealized losses				Fair value				Gross unrealized losses				Fair value				Gross unrealized losses
Available-for-sale debt securities:
Japanese and foreign government bond securities		¥	288,662			¥	(20,561	)		¥	605,941			¥	(255,076	)		¥	894,603			¥	(275,637	)
Japanese prefectural and foreign municipal bond securities			81,368				(573	)			234,289				(26,011	)			315,657				(26,584	)
Corporate debt securities			113,066				(1,317	)			418,666				(81,225	)			531,732				(82,542	)
CMBS and RMBS in the Americas			3,482				(79	)			35,880				(1,696	)			39,362				(1,775	)
Other asset-backed securities and debt securities			46,950				(2,557	)			52,382				(3,356	)			99,332				(5,913	)
		¥	533,528			¥	(25,087	)		¥	1,347,158			¥	(367,364	)		¥	1,880,686			¥	(392,451	)
September 30, 2024
		Millions of yen
		Less than 12 months								12 months or more								Total
		Fair value				Gross unrealized losses				Fair value				Gross unrealized losses				Fair value				Gross unrealized losses
Available-for-sale debt securities:
Japanese and foreign government bond securities		¥	114,175			¥	(8,315	)		¥	801,192			¥	(332,633	)		¥	915,367			¥	(340,948	)
Japanese prefectural and foreign municipal bond securities			54,985				(753	)			228,194				(23,684	)			283,179				(24,437	)
Corporate debt securities			89,296				(1,963	)			429,753				(89,968	)			519,049				(91,931	)
CMBS and RMBS in the Americas			7,847				(83	)			22,246				(1,192	)			30,093				(1,275	)
Other asset-backed securities and debt securities			10,999				(1,512	)			41,206				(4,398	)			52,205				(5,910	)
		¥	277,302			¥	(12,626	)		¥	1,522,591			¥	(451,875	)		¥	1,799,893			¥	(464,501	)

 

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The following table provides information about

available-for-sale

debt securities with gross unrealized losses for which allowance for credit losses were not recorded and the length of time that individual securities have been in a continuous unrealized loss position as of March 31, 2024 and September 30, 2024, respectively:

March 31, 2024

 

		Millions of yen
		Less than 12 months								12 months or more								Total
		Fair value				Gross unrealized losses				Fair value				Gross unrealized losses				Fair value				Gross unrealized losses
Available-for-sale debt securities:
Japanese and foreign government bond securities		¥	288,662			¥	(20,561	)		¥	605,941			¥	(255,076	)		¥	894,603			¥	(275,637	)
Japanese prefectural and foreign municipal bond securities			80,058				(488	)			230,512				(25,848	)			310,570				(26,336	)
Corporate debt securities			113,066				(1,317	)			418,666				(81,225	)			531,732				(82,542	)
CMBS and RMBS in the Americas			3,482				(79	)			35,880				(1,696	)			39,362				(1,775	)
Other asset-backed securities and debt securities			45,517				(2,474	)			51,812				(2,932	)			97,329				(5,406	)
		¥	530,785			¥	(24,919	)		¥	1,342,811			¥	(366,777	)		¥	1,873,596			¥	(391,696	)
September 30, 2024
		Millions of yen
		Less than 12 months								12 months or more								Total
		Fair value				Gross unrealized losses				Fair value				Gross unrealized losses				Fair value				Gross unrealized losses
Available-for-sale debt securities:
Japanese and foreign government bond securities		¥	114,175			¥	(8,315	)		¥	801,192			¥	(332,633	)		¥	915,367			¥	(340,948	)
Japanese prefectural and foreign municipal bond securities			53,750				(673	)			224,634				(23,530	)			278,384				(24,203	)
Corporate debt securities			89,296				(1,963	)			429,753				(89,968	)			519,049				(91,931	)
CMBS and RMBS in the Americas			7,847				(83	)			22,246				(1,192	)			30,093				(1,275	)
Other asset-backed securities and debt securities			10,922				(1,451	)			40,850				(4,097	)			51,772				(5,548	)
		¥	275,990			¥	(12,485	)		¥	1,518,675			¥	(451,420	)		¥	1,794,665			¥	(463,905	)

The number of investment securities that were in an unrealized loss position as of March 31, 2024 and September 30, 2024 were 1,126 and 1,037, respectively. The gross unrealized losses on these debt securities are attributable to a number of factors including changes in interest rates, credit spreads and market trends.

As of March 31, 2024 and September 30, 2024, the amount of accrued revenues on

available-for-sale

debt securities were ¥13,960 million and ¥49,360 million, respectively, which were included in other assets. The Company and its subsidiaries estimate credit losses and develop an allowance for credit losses for accrued interest receivables. There was no allowance for credit losses for accrued interest receivables as of March 31, 2024 and September 30, 2024.

For

available-for-sale

debt securities, if the fair value is less than the amortized cost, the debt securities are impaired. The Company and its subsidiaries identify per each impaired security whether the decline of fair value is due to credit losses component or

non-credit

losses component. Impairment related to credit losses is recognized in earning through an allowance for credit losses. Impairment related to other factors than credit losses is recognized in other comprehensive income (loss), net of applicable income taxes. In estimating an allowance of credit losses, the Company and its subsidiaries consider the existence of credit losses if the present value of estimated cash flows is less than the amortized cost basis. When the Company and its subsidiaries intend to sell the debt securities for which an allowance for credit losses is previously established or it is more likely than not that the Company and its subsidiaries will be required to sell the debt securities before recovery of the amortized cost basis, the allowance for credit losses is fully

written-off

and the amortized cost is reduced to the fair value after recognizing additional impairment in earnings. In addition, the Company and its subsidiaries recognize in earnings the full difference between the amortized cost and the fair value of the debt securities by direct write-down, without any allowance for credit losses, if the debt securities are expected to be sold and the fair value is less than the amortized cost.

 

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Credit losses related to

available-for-sale

debt securities recognized for the six months ended September 30, 2023 resulted from foreign municipal bond securities and foreign other asset-backed securities and debt securities due to the deterioration of cash flows, respectively. Credit losses related to

available-for-sale

debt securities recognized for the six months ended September 30, 2024 resulted from foreign other asset-backed securities and debt securities due to the deterioration of cash flows. The evaluation of credit losses with

available-for-sale

debt securities is compared to the amortized cost of debt securities with the present value of cash flows estimated based on a number of overall conditions, including estimated fair value of the underlying receivables and the repayment priority of the securities. Because the Company and its subsidiaries do not intend to sell the debt security and it is not more likely than not that the Company and its subsidiaries will be required to sell the debt security before recovery of its amortized cost basis, the Company and its subsidiaries recognized the allowance for credit losses.

Unrealized losses on

available-for-sale

debt securities mainly result from changes in market interest rates and foreign exchange rates, and changes in risk premiums. In order to evaluate the recoverability of the

available-for-sale

debt securities, the Company and its subsidiaries utilize all available information such as an issuer’s financial condition and business outlook. The fair value of Japanese and foreign government bond securities, Japanese prefectural and foreign municipal bond, and corporate debt securities is mainly estimated based on prices for similar assets. If there are no prices for similar assets available, the fair value of these securities is estimated by using discounted cash flow methodologies and broker quotes. The fair value of CMBS and RMBS in the Americas and other asset-backed securities and debt securities refers to prices from independent pricing service vendors and brokers, such as trading prices and bit prices. If the Company and its subsidiaries cannot rely on such prices, the fair value is calculated by using discounted cash flow methodologies and broker quotes. In discounted cash flow methodologies, future cash flows estimated based on a number of assumptions such as default rate, prepayment rate, and seniority are discounted by discount rate adjusted for credit risk and liquidity risk.

There were no

available-for-sale

debt securities accounted for as purchased credit deterioration financial assets acquired for the six months ended September 30, 2023 and 2024.

 

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9.	Transfer of Financial Assets

The Company and its subsidiaries have securitized and transferred financial assets such as installment loans (commercial mortgage loans, housing loans and other).

In the securitization process, these financial assets are transferred to SPEs that issue beneficial interests of the securitization trusts and securities backed by the financial assets to investors. The cash flows collected from these assets transferred to the SPEs are then used to repay these asset-backed beneficial interests and securities. As the transferred assets are isolated from the Company and its subsidiaries, the investors and the SPEs have no recourse to other assets of the Company and its subsidiaries in cases where the debtors or the issuers of the transferred financial assets fail to perform under the original terms of those financial assets.

The Company and its subsidiaries often have continuing involvement with transferred financial assets by retaining the servicing arrangements and the interests in the SPEs in the form of the beneficial interest of the securitization trusts. Those interests that continue to be held include interests in the transferred assets and are often subordinate to other tranche(s) of the securitization. Those beneficial interests that continue to be held by the Company and its subsidiaries are subject to credit risk, interest rate risk and prepayment risk on the securitized financial assets. With regards to these subordinated interests that the Company and its subsidiaries retain, they are subordinated to the senior investments and are exposed to different credit and prepayment risks, since they first absorb the risk of the decline in the cash flows from the financial assets transferred to the SPEs for defaults and prepayment of the transferred assets. If there is any excess cash remaining in the SPEs after payment to investors in the securitization of the contractual rate of returns, most of such excess cash is distributed to the Company and its subsidiaries for payments of the subordinated interests. SPEs used in securitization transactions have been consolidated if the Company and its subsidiaries are the primary beneficiary of the SPEs.

When the Company and its subsidiaries have transferred financial assets to a transferee that is not subject to consolidation, the Company and its subsidiaries account for the transfer as a sale if control over the transferred assets is surrendered.

For the six months ended September 30, 2023 and 2024, the amount of installment loans that has been derecognized due to new securitization and transfer of loans were ¥471,119 million and ¥295,259 million, respectively. For the six months ended September 30, 2023 and 2024, gains (losses) from the securitization and transfer of loans were ¥9,215 million and ¥7,678 million, respectively, which is included in finance revenues in the consolidated statements of income.

A certain subsidiary originates and sells loans into the secondary market while retaining the obligation to service those loans. In addition, the subsidiary undertakes obligations to service loans originated by others. The servicing assets related to those servicing activities are included in other assets in the consolidated balance sheets and roll-forwards of the amount of the servicing assets for the six months ended September 30, 2023 and 2024 are as follows:

 

		Millions of yen
		Six months ended September 30, 2023				Six months ended September 30, 2024
Beginning balance		¥	72,265			¥	79,723
Increase mainly from loans sold with servicing retained			4,788				3,340
Decrease mainly from amortization			(5,227	)			(5,056	)
Increase (decrease) from the effects of changes in foreign exchange rates			8,670				(4,453	)
Ending balance		¥	80,496			¥	73,554

The fair value of the servicing assets as of March 31, 2024 and September 30, 2024 are as follows:

 

		Millions of yen
		March 31, 2024				September 30, 2024
Beginning balance		¥	101,375			¥	122,641
Ending balance		¥	122,641			¥	112,331

 

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10.	Variable Interest Entities

The Company and its subsidiaries use SPEs in the ordinary course of business.

These SPEs are not always controlled by voting rights, and there are cases where voting rights do not exist for these SPEs. The Company and its subsidiaries determine a variable interest entity (hereinafter, “VIE”) among those SPEs when (a) the total equity investment at risk is not sufficient to permit the entity to finance its activities without additional subordinated financial support provided by any parties, including the equity holders or (b) as a group, the holders of the equity investment at risk do not have (1) the ability to make decisions about an entity’s activities that most significantly impact the entity’s economic performance through voting rights or similar rights, (2) the obligation to absorb the expected losses of the entity or (3) the right to receive the expected residual returns of the entity.

The Company and its subsidiaries perform a qualitative analysis to identify the primary beneficiary of VIEs. An enterprise that has both of the following characteristics is considered to be the primary beneficiary and therefore results in the consolidation of the VIE:

 

•

the power to direct the activities of a VIE that most significantly impact the entity’s economic performance; and

 

•

the obligation to absorb losses of the entity that could potentially be significant to the VIE or the right to receive benefits from the entity that could potentially be significant to the VIE.

All facts and circumstances are taken into consideration when determining whether the Company and its subsidiaries have variable interests that would deem it the primary beneficiary and therefore require consolidation of the VIE. The Company and its subsidiaries make ongoing reassessment of whether they are the primary beneficiaries of a VIE.

The following are the factors that the Company and its subsidiaries are considering in a qualitative assessment:

 

•

which activities most significantly impact the economic performance of the VIE and who has the power to direct such activities;

 

•

characteristics of the Company and its subsidiaries’ variable interest or interests and other involvements (including involvement of related parties and de facto agents);

 

•

involvement of other variable interest holders; and

 

•

the entity’s purpose and design, including the risks that the entity was designed to create and pass through to its variable interest holders.

The Company and its subsidiaries generally consider the following types of involvement to be significant when determining the primary beneficiary:

 

•

designing the structuring of a transaction;

 

•

providing an equity investment and debt financing;

 

•

being the investment manager, asset manager or servicer and receiving variable fees; and

 

•

providing liquidity and other financial support.

The Company and its subsidiaries do not have the power to direct activities of a VIE that most significantly impact the VIE’s economic performance if that power is shared among multiple unrelated parties, and accordingly do not consolidate such VIE.

 

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Information about VIEs (consolidated and

non-consolidated)

for the Company and its subsidiaries are as follows:

 

1.	Consolidated VIEs

March 31, 2024

 

		Millions of yen
Types of VIEs		Total assets *1				Total liabilities *1				Assets which are pledged as collateral *2				Commitments *3
(a) VIEs for liquidating customer assets		¥	0			¥	0			¥	0			¥	0
(b) VIEs for acquisition of real estate and real estate development projects for customers			1,657				1				0				0
(c) VIEs for acquisition of real estate for the Company and its subsidiaries’ real estate-related business			51,654				10,461				16,434				0
(d) VIEs for corporate rehabilitation support business			5,043				29				0				0
(e) VIEs for investment in securities			217,715				117				0				77,566
(f) VIEs for securitizing financial assets such as finance lease receivable and loan receivable			213,615				165,062				213,615				0
(g) VIEs for securitization of loan receivable originated by third parties			497				1,015				497				0
(h) VIEs for power generation projects			236,715				156,000				181,610				42,102
(i) Other VIEs			165,278				54,648				122,712				0
Total		¥	892,174			¥	387,333			¥	534,868			¥	119,668
September 30, 2024
		Millions of yen
Types of VIEs		Total assets *1				Total liabilities *1				Assets which are pledged as collateral *2				Commitments *3
(a) VIEs for liquidating customer assets		¥	0			¥	0			¥	0			¥	0
(b) VIEs for acquisition of real estate and real estate development projects for customers			1,173				2				0				0
(c) VIEs for acquisition of real estate for the Company and its subsidiaries’ real estate-related business			51,895				10,688				16,780				0
(d) VIEs for corporate rehabilitation support business			4,978				7				0				0
(e) VIEs for investment in securities			226,476				110				0				77,289
(f) VIEs for securitizing financial assets such as finance lease receivable and loan receivable			77,639				52,546				77,639				0
(g) VIEs for securitization of loan receivable originated by third parties			0				0				0				0
(h) VIEs for power generation projects			242,470				152,654				187,826				67,824
(i) Other VIEs			203,625				85,723				173,971				0
Total		¥	808,256			¥	301,730			¥	456,216			¥	145,113

 

*1	The assets of most VIEs are used only to repay the liabilities of the VIEs, and the creditors of the liabilities of most VIEs have no recourse to other assets of the Company and its subsidiaries.

*2	The assets are pledged as collateral by VIE for financing of the VIE.

*3	This item represents remaining balance of commitments that could require the Company and its subsidiaries to provide investments or loans to the VIE.

 

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2.	Non-consolidated VIEs

March 31, 2024

 

		Millions of yen
						Carrying amount of the variable interests in the VIEs held by the Company and its subsidiaries								Maximum exposure to loss *
Types of VIEs		Total assets				Non-recourse loans				Investments
(a) VIEs for liquidating customer assets		¥	0			¥	0			¥	0			¥	0
(b) VIEs for acquisition of real estate and real estate development projects for customers			1,196,344				52,666				11,773				67,439
(c) VIEs for acquisition of real estate for the Company and its subsidiaries’ real estate-related business			0				0				0				0
(d) VIEs for corporate rehabilitation support business			0				0				0				0
(e) VIEs for investment in securities			23,366,221				0				223,264				318,007
(f) VIEs for securitizing financial assets such as finance lease receivable and loan receivable			0				0				0				0
(g) VIEs for securitization of loan receivable originated by third parties			1,396,339				0				14,691				14,691
(h) VIEs for power generation projects			14,830				0				2,630				4,680
(i) Other VIEs			2,308,142				3,778				42,512				70,016
Total		¥	28,281,876			¥	56,444			¥	294,870			¥	474,833
September 30, 2024
		Millions of yen
						Carrying amount of the variable interests in the VIEs held by the Company and its subsidiaries								Maximum exposure to loss *
Types of VIEs		Total assets				Non-recourse loans				Investments
(a) VIEs for liquidating customer assets		¥	0			¥	0			¥	0			¥	0
(b) VIEs for acquisition of real estate and real estate development projects for customers			1,430,509				90,794				11,600				105,075
(c) VIEs for acquisition of real estate for the Company and its subsidiaries’ real estate-related business			0				0				0				0
(d) VIEs for corporate rehabilitation support business			0				0				0				0
(e) VIEs for investment in securities			25,925,417				0				233,715				327,634
(f) VIEs for securitizing financial assets such as finance lease receivable and loan receivable			0				0				0				0
(g) VIEs for securitization of loan receivable originated by third parties			728,628				0				14,616				14,616
(h) VIEs for power generation projects			16,327				0				3,444				4,694
(i) Other VIEs			2,565,404				3,561				43,300				70,018
Total		¥	30,666,285			¥	94,355			¥	306,675			¥	522,037

 

*	Maximum exposure to loss includes remaining balance of commitments that could require the Company and its subsidiaries to provide investments or loans to the VIE.

 

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(a) VIEs for liquidating customer assets

The Company and its subsidiaries may use VIEs in structuring financing for customers to liquidate specific customer assets. The VIEs are typically used to provide a structure that is bankruptcy remote with respect to the customer and the use of VIE structure is requested by such customer. Such VIEs typically acquire assets to be liquidated from the customer, borrow

non-recourse

loans from financial institutions and have an equity investment made by the customer. The Company and its subsidiaries provide

non-recourse

loans to such VIEs and make investments in them. By using cash flows from the liquidated assets, these VIEs repay the loan and pay dividends to equity investors if sufficient funds exist.

(b) VIEs for acquisition of real estate and real estate development projects for customers

Customers and the Company and its subsidiaries are involved with VIEs formed to acquire real estate and/or develop real estate projects. In each case, a customer establishes and makes an equity investment in a VIE that is designed to be bankruptcy remote from the customer. The VIEs acquire real estate and/or develop real estate projects.

The Company and its subsidiaries provide

non-recourse

loans to such VIEs and hold specified bonds issued by them and/or make investments in them. The Company and its subsidiaries have consolidated certain VIEs because the Company or its subsidiary effectively controls the VIEs by acting as the asset manager of the VIEs.

In the Company’s consolidated balance sheets, assets of consolidated VIEs are mainly included in cash and cash equivalents and equity method investments.

With respect to variable interests of

non-consolidated

VIEs held by the Company and its subsidiaries,

non-recourse

loans are included in installment loans, and investments are mainly included in investment in securities, equity method investments and other assets in the Company’s consolidated balance sheets. The Company and its subsidiaries concluded that the VIEs are not consolidated because the power to direct these VIEs is held by unrelated parties. In some cases, the Company and its subsidiaries concluded that the VIEs are not consolidated because the power to direct these VIEs is shared among multiple unrelated parties. Certain subsidiaries have commitment agreements by which the Company and its subsidiaries may be required to make additional investment in certain such

non-consolidated

VIEs.

(c) VIEs for acquisition of real estate for the Company and its subsidiaries’ real estate-related business

The Company and its subsidiaries establish VIEs and acquire real estate to borrow

non-recourse

loans from financial institutions and simplify the administration activities necessary for the real estate. The Company and its subsidiaries consolidate such VIEs even though the Company and its subsidiaries may not have voting rights if substantially all of such VIEs’ subordinated interests are issued to the Company and its subsidiaries, and therefore the VIEs are controlled by and for the benefit of the Company and its subsidiaries.

In the Company’s consolidated balance sheets, assets of the consolidated VIEs are mainly included in cash and cash equivalents, restricted cash, investment in operating leases, investment in securities, property under facility operations and other assets, and liabilities of those consolidated VIEs are mainly included in long-term debt and other liabilities.

(d) VIEs for corporate rehabilitation support business

Financial institutions, the Company and its subsidiaries are involved with VIEs established for the corporate rehabilitation support business. VIEs receive the funds from investors including the financial institutions, the Company and the subsidiary, and purchase loan receivables due from borrowers which have financial problems, but are deemed to have the potential to recover in the future. The servicing operations for the VIEs are conducted by the subsidiary.

The Company and its subsidiaries consolidated such VIEs since the Company and its subsidiaries have the majority of the investment share of such VIEs, and have the power to direct the activities of the VIEs that most significantly impact the entities’ economic performance through the servicing operations.

In the Company’s consolidated balance sheets, assets of the consolidated VIEs are mainly included in installment loans, and liabilities of those consolidated VIEs are mainly included in trade notes, accounts and other payable and other liabilities.

 

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(e) VIEs for investment in securities

The Company and its subsidiaries have interests in VIEs that are investment funds and mainly invest in equity and debt securities. Such VIEs are managed by certain subsidiaries or fund management companies that are independent of the Company and its subsidiaries.

Certain subsidiaries consolidated certain such VIEs since the subsidiaries have the majority of the investment share of them, and have the power to direct the activities of those VIEs that most significantly impact the entities’ economic performance through involvement with the design of the VIEs or other means.

In the Company’s consolidated balance sheets, assets of the consolidated VIEs are mainly included in investment in securities and equity method investments, and liabilities of those consolidated VIEs are mainly included in other liabilities. The Company and certain subsidiaries have commitment agreements by which the Company and the subsidiaries may be required to make additional investment or execute loans in certain such consolidated VIEs.

Variable interests of

non-consolidated

VIEs, which the Company and its subsidiaries have, are included in investment in securities and equity method investments in the Company’s consolidated balance sheets. The Company and its subsidiaries have commitment agreements by which the Company and its subsidiaries may be required to make additional investment in certain such

non-consolidated

VIEs.

(f) VIEs for securitizing financial assets such as finance lease receivable and loan receivable

The Company and its subsidiaries use VIEs to securitize financial assets such as loan receivables. In the securitization process, these financial assets are transferred to SPEs, and the SPEs issue beneficial interests or securities backed by the transferred financial assets to investors. After the securitization, the Company and its subsidiaries continue to hold a subordinated part of the securities and act as a servicer.

The Company and its subsidiaries consolidated such VIEs since the Company and its subsidiaries have the power to direct the activities that most significantly impact the entity’s economic performance by designing the securitization scheme and conducting servicing activities, and have a responsibility to absorb losses of the VIEs that could potentially be significant to the entities by retaining the subordinated part of the securities.

In the Company’s consolidated balance sheets, assets of the consolidated VIEs are mainly included in restricted cash and installment loans, and liabilities of those consolidated VIEs are mainly included in long-term debt.

(g) VIEs for securitization of loan receivable originated by third parties

The Company and its subsidiaries invest in CMBS, RMBS and other asset-backed securities originated by third parties. In some cases of such securitization, certain subsidiaries hold the subordinated portion and the subsidiaries act as a special-servicer of the securitization transaction. As the special servicer, the subsidiaries have rights to dispose of real estate collateral related to the securitized commercial mortgage loans.

The subsidiaries consolidate certain of these VIEs when the subsidiaries have the power to direct the activities of the VIEs that most significantly impact the entities’ economic performance through its role as special-servicer, including the right to dispose of the collateral, and have a responsibility to absorb losses of the VIEs that could potentially be significant to the entities by holding the subordinated part of the securities.

In the Company’s consolidated balance sheets, assets of the consolidated VIEs are mainly included in investment in operating leases, and liabilities of those consolidated VIEs are mainly included in long-term debt.

Variable interests of

non-consolidated

VIEs, which the Company and its subsidiaries have, are included in investment in securities in the Company’s consolidated balance sheets.

(h) VIEs for power generation projects

The Company and its subsidiaries may use VIEs in power generation projects. VIEs receive the funds from the Company and its subsidiaries, construct solar power stations and coal-biomass

co-fired

power plants on acquired or leased lands, and sell the generated power to electric power companies. The Company and its subsidiaries have consolidated certain VIEs because the Company and its subsidiaries have the majority of the investment shares of such VIEs and effectively control the VIEs by acting as the asset manager of the VIEs.

 

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In the Company’s consolidated balance sheets, assets of the consolidated VIEs are mainly included in cash and cash equivalents, restricted cash, property under facility operations and other assets, and liabilities of those consolidated VIEs are mainly included in long-term debt and other liabilities. The Company and certain subsidiaries have commitment agreements by which the Company and the subsidiaries may be required to make additional investment or execute loans in certain such consolidated VIEs.

Variable interests of

non-consolidated

VIEs, which the Company has, are included in equity method investments in the Company’s consolidated balance sheets. The Company has commitment agreements by which the Company may be required to make additional investment in certain such

non-consolidated

VIEs.

(i) Other VIEs

The Company and its subsidiaries are involved with other types of VIEs for various purposes. Consolidated and

non-consolidated

VIEs of this category are mainly kumiai structures. In addition, certain subsidiaries have consolidated VIEs that are not included in the categories (a) through (h) above, because the subsidiaries hold the subordinated portion of the VIEs and the VIEs are effectively controlled by the subsidiaries.

In Japan, certain subsidiaries provide investment products to their customers that employ a contractual mechanism known as a kumiai, which in part result in the subsidiaries forming a type of SPEs. As a way to finance the purchase of aircraft or other large-ticket items to be leased to third parties, the Company and its subsidiaries arrange and market kumiai products to investors, who invest a portion of the funds necessary into the kumiai structure. The remainder of the purchase funds is borrowed by the kumiai structure in the form of a

non-recourse

loan from one or more financial institutions. The kumiai investors (and any lenders to the kumiai structure) retain all of the economic risks and rewards in connection with purchasing and leasing activities of the kumiai structure, and all related gains or losses are recorded on the financial statements of the investors in the kumiai. The Company and its subsidiaries are responsible for the arrangement and marketing of these products and may act as servicer or administrator in kumiai transactions. The fee income for the arrangement and administration of these transactions is recognized in the Company’s consolidated statements of income. In some cases, the Company and its subsidiaries make investments in the kumiai or its related SPEs, and these VIEs are consolidated because the Company and its subsidiaries have a responsibility to absorb any significant potential loss through the investments and have the power to direct the activities that most significantly impact their economic performance. In other cases, the Company and its subsidiaries are not considered to be the primary beneficiary of the VIEs or kumiais because the Company and its subsidiaries did not make significant investments or guarantee or otherwise undertake any significant financial commitments or exposure with respect to the kumiai or its related SPEs.

The Company may use VIEs for financing. The Company transfers its own held assets to SPEs, which borrow

non-recourse

loan from financial institutions and effectively pledge such assets as collateral. The Company continually holds subordinated interests in the SPEs and performs administrative work of such assets. The Company consolidates such SPEs because the Company has a right to direct the activities of them that most significantly impact their economic performance by setting up the scheme and performing administrative work of the assets and has the obligation to absorb expected losses of them by holding the subordinated interests.

In the Company’s consolidated balance sheets, assets of the consolidated VIEs are mainly included in investment in operating leases, equity method investments, office facilities and other assets, and liabilities of those consolidated VIEs are mainly included in long-term debt and other liabilities.

With respect to variable interests of

non-consolidated

VIEs held by the Company and its subsidiaries,

non-recourse

loans are included in installment loans, and investments are mainly included in investment in securities and equity method investments in the Company’s consolidated balance sheets. Certain subsidiaries have commitment agreements by which the Company and its subsidiaries may be required to make additional investment in certain such

non-consolidated

VIEs.

 

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11.	Equity method investments

Equity method investments at March 31, 2024 and September 30, 2024 consists of the following:

 

		Millions of yen
		March 31, 2024				September 30, 2024
Investment in corporate entities		¥	1,002,560			¥	1,036,469
Investment in real estate joint ventures			124,537				130,937
Investment in partnerships and other investments			186,790				195,055
		¥	1,313,887			¥	1,362,461

 

12.	Redeemable Noncontrolling Interests

Changes in redeemable noncontrolling interests for the six months ended September 30, 2023 and 2024 are as follows:

 

		Millions of yen
		Six months ended September 30, 2023				Six months ended September 30, 2024
Beginning balance		¥	945			¥	2,645
Transaction with noncontrolling interests			834				582
Adjustment of redeemable noncontrolling interests to redemption value			0				(0	)
Comprehensive income (losses)
Net income			38				156
Other comprehensive income (losses)
Net change of unrealized gains (losses) on investment in securities			(1	)			(12	)
Net change of foreign currency translation adjustments			163				(157	)
Total other comprehensive income (losses)			162				(169	)
Comprehensive income (losses)			200				(13	)
Dividends			(136	)			(708	)
Ending balance		¥	1,843			¥	2,506

 

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13.	Accumulated Other Comprehensive Income (Loss)

Changes in each component of accumulated other comprehensive income (loss) attributable to ORIX Corporation Shareholders for the six months ended September 30, 2023 and 2024, are as follows:

 

		Six months ended September 30, 2023
		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, 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 ¥35,524 million			(96,984	)																							(96,984	)
Reclassification adjustment included in net income, net of tax of ¥1,211 million			(3,428	)																							(3,428	)
Impact of changes in policy liability discount rate, net of tax of ¥(38,745) million							110,576																				110,576
Debt valuation adjustments, net of tax of ¥43 million											(114	)															(114	)
Reclassification adjustment included in net income, net of tax of ¥3 million											(9	)															(9	)
Defined benefit pension plans, net of tax of ¥(19) million															51												51
Reclassification adjustment included in net income, net of tax of ¥52 million															(140	)											(140	)
Foreign currency translation adjustments, net of tax of ¥22,732 million																			158,400								158,400
Reclassification adjustment included in net income, net of tax of ¥(2,328) million																			5,183								5,183
Net unrealized gains (losses) on derivative instruments, net of tax of ¥(2,072) million																							6,623				6,623
Reclassification adjustment included in net income, net of tax of ¥1,289 million																							(4,215	)			(4,215	)
Total other comprehensive income (loss)			(100,412	)			110,576				(123	)			(89	)			163,583				2,408				175,943
Transaction with noncontrolling interests			0				0				0				0				11				(176	)			(165	)
Less: Other Comprehensive Income (loss) Attributable to the Noncontrolling Interests			0				0				0				0				5,191				(140	)			5,051
Less: Other Comprehensive Income (loss) Attributable to the Redeemable Noncontrolling Interests			(1	)			0				0				0				163				0				162
Balance at September 30, 2023 *		¥	(283,445	)		¥	275,092			¥	152			¥	(3,706	)		¥	314,152			¥	24,455			¥	326,700

 

*	As of September 30, 2023, net unrealized gains (losses) on investment in securities contained ¥(128) million (net of tax of ¥21 million ) of net unrealized gains (losses) on investment in securities related to available-for-sale debt securities with allowance for credit losses.

 

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		Six months ended September 30, 2024
		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 ¥21,373 million			(51,324	)																							(51,324	)
Reclassification adjustment included in net income, net of tax of ¥1,380 million			(3,432	)																							(3,432	)
Impact of changes in policy liability discount rate, net of tax of ¥92 million							2,741																				2,741
Debt valuation adjustments, net of tax of ¥28 million											(74	)															(74	)
Reclassification adjustment included in net income, net of tax of ¥1 million											(1	)															(1	)
Defined benefit pension plans, net of tax of ¥178 million															(352	)											(352	)
Reclassification adjustment included in net income, net of tax of ¥70 million															(174	)											(174	)
Foreign currency translation adjustments, net of tax of ¥(2,971) million																			(68,723	)							(68,723	)
Reclassification adjustment included in net income, net of tax of ¥(2,332) million																			5,190								5,190
Net unrealized gains (losses) on derivative instruments, net of tax of ¥2,552 million																							(13,062	)			(13,062	)
Reclassification adjustment included in net income, net of tax of ¥(1,397) million																							4,833				4,833
Total other comprehensive income (loss)			(54,756	)			2,741				(75	)			(526	)			(63,533	)			(8,229	)			(124,378	)
Less: Other Comprehensive Loss Attributable to the Noncontrolling Interests			0				0				0				(1	)			(1,153	)			(5	)			(1,159	)
Less: Other Comprehensive Loss Attributable to the Redeemable Noncontrolling Interests			(12	)			0				0				0				(157	)			0				(169	)
Balance at September 30, 2024 *		¥	(305,550	)		¥	260,526			¥	9			¥	9,145			¥	261,985			¥	7,983			¥	234,098

 

*	As of September 30, 2024, net unrealized gains (losses) on investment in securities contained ¥(39) million (net of tax of ¥15 million ) of net unrealized gains (losses) on investment in securities related to available-for-sale debt securities with allowance for credit losses.

 

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Amounts reclassified to net income from accumulated other comprehensive income (loss) in the six months ended September 30, 2023 and 2024 are as follows:

 

		Six months ended September 30, 2023
Details about accumulated other comprehensive income components		Reclassification adjustment included in net income
		Millions of yen				Consolidated statements of income caption
Net unrealized gains (losses) on investment in securities
Sales of debt securities		¥	131			Gains on investment securities and dividends
Sales of debt securities			2,305			Life insurance premiums and related investment income
Amortization of debt securities			313			Finance revenues
Amortization of debt securities			1,890			Life insurance premiums and related investment income
			4,639			Total before income tax
			(1,211	)		Income tax (expense) or benefit
		¥	3,428			Net of tax
Debt valuation adjustments
Fulfillment of policy liabilities and amortization of policy account balances		¥	12			Life insurance costs
			12			Total before income tax
			(3	)		Income tax (expense) or benefit
		¥	9			Net of tax
Defined benefit pension plans
Amortization of prior service credit		¥	225			See Note 16 “Pension Plans”
Amortization of net actuarial loss			(32	)		See Note 16 “Pension Plans”
Amortization of transition obligation			(1	)		See Note 16 “Pension Plans”
			192			Total before income tax
			(52	)		Income tax (expense) or benefit
		¥	140			Net of tax
Foreign currency translation adjustments
Foreign exchange contracts		¥	(7,636	)		Gains on sales of subsidiaries and equity method investments and liquidation losses, net/Interest expense
Sales or liquidation			125			Gains on sales of subsidiaries and equity method investments and liquidation losses, net
			(7,511	)		Total before income tax
			2,328			Income tax (expense) or benefit
		¥	(5,183	)		Net of tax
Net unrealized gains (losses) on derivative instruments
Interest rate swap agreements		¥	(30	)		Interest expense
Foreign currency swap agreements			5,534			Interest expense/Other (income) and expense
			5,504			Total before income tax
			(1,289	)		Income tax (expense) or benefit
		¥	4,215			Net of tax

 

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		Six months ended September 30, 2024
Details about accumulated other comprehensive income components		Reclassification adjustment included in net income
		Millions of yen				Consolidated statements of income caption
Net unrealized gains (losses) on investment in securities
Sales of debt securities		¥	750			Gains on investment securities and dividends
Sales of debt securities			(113	)		Life insurance premiums and related investment income
Amortization of debt securities			1,250			Finance revenues
Amortization of debt securities			2,925			Life insurance premiums and related investment income
			4,812			Total before income tax
			(1,380	)		Income tax (expense) or benefit
		¥	3,432			Net of tax
Debt valuation adjustments
Fulfillment of policy liabilities and amortization of policy account balances		¥	2			Life insurance costs
			2			Total before income tax
			(1	)		Income tax (expense) or benefit
		¥	1			Net of tax
Defined benefit pension plans
Amortization of prior service credit		¥	198			See Note 16 “Pension Plans”
Amortization of net actuarial loss			47			See Note 16 “Pension Plans”
Amortization of transition obligation			(1	)		See Note 16 “Pension Plans”
			244			Total before income tax
			(70	)		Income tax (expense) or benefit
		¥	174			Net of tax
Foreign currency translation adjustments
Foreign exchange contracts		¥	(8,425	)		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
			(7,522	)		Total before income tax
			2,332			Income tax (expense) or benefit
		¥	(5,190	)		Net of tax
Net unrealized gains (losses) on derivative instruments
Interest rate swap agreements		¥	68			Interest expense
Foreign currency swap agreements			(6,294	)		Interest expense/Other (income) and expense
Options held/written and other			(4	)		Life insurance premiums and related investment income
			(6,230	)		Total before income tax
			1,397			Income tax (expense) or benefit
		¥	(4,833	)		Net of tax

 

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14.	ORIX Corporation Shareholders’ Equity

Information about ORIX Corporation Shareholders’ Equity for the six months ended September 30, 2023 and 2024 are as follows:

 

(1)	Dividend payments

 

		Six months ended September 30, 2023		Six months ended September 30, 2024
Resolution		The board of directors on May 17, 2023		The board of directors on May 16, 2024
Type of shares		Common stock		Common stock
Total dividends paid		¥50,209 million		¥64,405 million
Dividend per share		¥42.80		¥55.80
Date of record for dividend		March 31, 2023		March 31, 2024
Effective date for dividend		June 5, 2023		June 4, 2024
Dividend resource		Retained earnings		Retained earnings

Total dividends paid by resolution of the board of directors on May 17, 2023, include ¥

120 

million of dividends paid to the Board Incentive Plan Trust for the six months ended September 30, 2023. Total dividends paid by resolution of the board of directors on May 16, 2024, include ¥

152 million of dividends paid to the Board Incentive Plan Trust for the six months ended September 30, 2024.

 

(2)	Applicable dividends for which the date of record was in the six months ended September 30, 2023 and 2024, and for which the effective date was after September 30, 2023 and 2024

 

		Six months ended September 30, 2023		Six months ended September 30, 2024
Resolution		The board of directors on November 1, 2023		The board of directors on November 8, 2024
Type of shares		Common stock		Common stock
Total dividends paid		¥49,691   million		¥71,185 million
Dividend per share		¥42.80		¥62.17
Date of record for dividend		September 30, 2023		September 30, 2024
Effective date for dividend		December 7, 2023		December 9, 2024
Dividend resource		Retained earnings		Retained earnings

Total dividends to be paid by resolution of the board of directors on November 1, 2023, include ¥

120 

million of dividends to be paid to the Board Incentive Plan Trust for the six months ended September 30, 2023. Total dividends to be paid by resolution of the board of directors on November 8, 2024, include ¥

220 million of dividends to be paid to the Board Incentive Plan Trust for the six months ended September 30, 2024.

 

15.	Selling, General and Administrative Expenses

The major selling, general and administrative expenses for the six months ended September 30, 2023 and 2024 are as follows:

 

		Millions of yen
		Six months ended September 30, 2023				Six months ended September 30, 2024
Personnel expenses		¥	171,183			¥	180,611
IT-related Expenses		¥	27,712			¥	27,457

 

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16.	Pension Plans

The Company and certain subsidiaries have contributory and

non-contributory

pension plans covering substantially all of their employees. Those contributory funded pension plans include defined benefit pension plans and defined contribution pension plans. Under the plans, employees are entitled to

lump-sum

payments at the time of termination of their employment or pension payments. Defined benefit pension plans consist of a plan of which the amounts of such payments are determined on the basis of length of service and remuneration at the time of termination and a cash balance plan.

The Company and certain subsidiaries’ funding policy is to contribute annually the amounts actuarially determined. Assets of the plans are invested primarily in debt securities and marketable equity securities.

Net periodic pension cost for the six months ended September 30, 2023 and 2024 consists of the following:

 

		Millions of yen
		Six months ended September 30, 2023				Six months ended September 30, 2024
Japanese plans:
Service cost		¥	2,760			¥	2,584
Interest cost			601				704
Expected return on plan assets			(1,352	)			(1,397	)
Amortization of prior service credit			(42	)			(36	)
Amortization of net actuarial loss			31				(49	)
Net periodic pension cost		¥	1,998			¥	1,806
		Millions of yen
		Six months ended September 30, 2023				Six months ended September 30, 2024
Overseas plans:
Service cost		¥	1,436			¥	1,654
Interest cost			1,470				2,070
Expected return on plan assets			(3,101	)			(3,535	)
Amortization of prior service credit			(183	)			(162	)
Amortization of net actuarial loss			1				2
Amortization of transition obligation			1				1
Net periodic pension cost		¥	(376	)		¥	30

 

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.

 

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17.	Income and Expenses Relating to Life Insurance Operations

Life insurance premiums and related investment income for the six months ended September 30, 2023 and 2024 consist of the following:

 

		Millions of yen
		Six months ended September 30, 2023				Six months ended September 30, 2024
Life insurance premiums		¥	222,783			¥	229,185
Life insurance related investment income*			62,955				4,623
		¥	285,738			¥	233,808

 

*	Life insurance related investment income for the six months ended September 30, 2023 and 2024 include net unrealized holding a gain of ¥18,115 million and a loss of ¥997 million on equity securities held as of September 30, 2023 and 2024, respectively.

Life insurance premiums include reinsurance benefits, net of reinsurance premiums. For the six months ended September 30, 2023 and 2024, reinsurance benefits and reinsurance premiums included in life insurance premiums are as follows:

 

		Millions of yen
		Six months ended September 30, 2023				Six months ended September 30, 2024
Reinsurance benefits		¥	1,277			¥	969
Reinsurance premiums			(2,373	)			(2,438	)

Life insurance premiums and related investment income include net realized and unrealized gains or losses from investment assets under management on behalf of variable annuity and variable life policyholders, and net gains or losses from derivative contracts, which consist of gains or losses from futures and foreign exchange contracts, entered to economically hedge a portion of the minimum guarantee risk relating to variable annuity and variable life insurance contracts. In addition, the fair value option was elected for the entire variable annuity and variable life insurance contracts to offset earnings recognized for gains or losses from the investment assets managed on behalf of variable annuity and variable life policyholders, derivative contracts and the changes in the fair value of reinsurance contracts. Life insurance costs include the net amount of the changes in fair value of the variable annuity and variable life insurance contracts for which the fair value option was elected and insurance costs recognized for insurance and annuity payouts as a result of insured events. Certain subsidiaries have elected the fair value option for certain reinsurance contracts to partially offset the changes in fair value recognized in earnings of the policy liabilities and policy account balances attributable to the changes in the minimum guarantee risks of the variable annuity and variable life insurance contracts, and the changes in the fair value of the reinsurance contracts were recorded in life insurance costs.

 

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The portion of the total change in the fair value of variable annuity and variable life insurance contracts that results from a change in the instrument-specific credit risk is recognized in other comprehensive income (loss), net of applicable income taxes.

The above mentioned gains or losses relating to variable annuity and variable life insurance contracts for the six months ended September 30, 2023 and 2024 are mainly as follows:

 

		Millions of yen
		Six months ended September 30, 2023				Six months ended September 30, 2024
Life insurance premiums and related investment income :
Net realized and unrealized gains or losses from investment assets		¥	15,512			¥	(2,704	)
Net gains or losses from derivative contracts :			(1,971	)			(131	)
Futures			(1,557	)			(141	)
Foreign exchange contracts			(414	)			10
Life insurance costs :
Changes in the fair value of the policy liabilities and policy account balances		¥	(3,727	)		¥	(15,980	)
Insurance costs recognized for insurance and annuity payouts as a result of insured events			13,848				11,839
Changes in the fair value of the reinsurance contracts			1,006				(73	)

 

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18.	Long-Duration Insurance Contracts Relating to Life Insurance Operations

The following tables present balances of and changes in the liability for future policy benefits as of and for the fiscal year ended March 31, 2024 and for the six months ended September 30, 2024.

 

		Millions of yen
		March 31, 2024												September 30, 2024
Present value of expected net premiums		Yen-denominated insurance (First Sector)				Yen-denominated insurance (Third Sector)				Foreign currency denominated insurance				Yen-denominated insurance (First Sector)				Yen-denominated insurance (Third Sector)				Foreign currency denominated insurance
Beginning balance		¥	894,537			¥	1,389,063			¥	374,951			¥	873,038			¥	1,306,719			¥	389,664
Beginning balance at original discount rate			865,333				1,338,398				409,847				858,959				1,289,145				424,186
Effect of changes in cash flow assumptions			(6,213	)			3,634				2,106				0				0				0
Effect of actual variances from expected experience			1,418				2,865				(2,531	)			818				(495	)			(1,905	)
Adjusted beginning balance			860,538				1,344,897				409,422				859,777				1,288,650				422,281
Issuances			94,169				52,510				43,378				59,515				17,612				15,702
Interests			10,840				18,439				12,405				5,213				8,874				6,097
Net premium earned			(106,300	)			(119,416	)			(61,594	)			(51,019	)			(58,074	)			(34,274	)
Actual variances from cash flow assumptions			(550	)			(862	)			(1,222	)			(9	)			(390	)			(733	)
Derecognition			262				(6,423	)			(32,681	)			4,575				219				(16,515	)
Effect of changes in foreign exchange rate			0				0				54,478				0				0				(22,902	)
Ending balance at original discount rate			858,959				1,289,145				424,186				878,052				1,256,891				369,656
Effect of changes in discount rates			14,079				17,574				(34,522	)			8,748				5,698				(19,302	)
Ending balance		¥	873,038			¥	1,306,719			¥	389,664			¥	886,800			¥	1,262,589			¥	350,354

 

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		Millions of yen
		March 31, 2024												September 30, 2024
Present value of expected future policy benefits		Yen-denominated insurance (First Sector)				Yen-denominated insurance (Third Sector)				Foreign currency denominated insurance				Yen-denominated insurance (First Sector)				Yen-denominated insurance (Third Sector)				Foreign currency denominated insurance
Beginning balance		¥	1,571,886			¥	1,918,462			¥	387,073			¥	1,565,877			¥	1,844,599			¥	447,081
Beginning balance at original discount rate			1,598,009				1,887,744				573,616				1,658,143				1,895,730				659,217
Effect of changes in cash flow assumptions			(7,962	)			4,600				1,782				0				0				0
Adjusted beginning balance			1,590,047				1,892,344				575,398				1,658,143				1,895,730				659,217
Issuances			94,169				52,510				43,378				59,515				17,612				15,702
Interests			23,981				28,159				17,649				12,069				14,037				9,426
Insurance claims paid			(52,161	)			(70,513	)			(17,757	)			(26,917	)			(35,710	)			(10,258	)
Actual variances from cash flow assumptions			(11,644	)			(7,465	)			11,794				(5,534	)			(4,180	)			7,557
Derecognition			13,751				695				(49,973	)			11,146				4,508				(27,651	)
Effect of changes in foreign exchange rate			0				0				78,728				0				0				(37,753	)
Ending balance at original discount rate			1,658,143				1,895,730				659,217				1,708,422				1,891,997				616,240
Effect of changes in discount rates			(92,266	)			(51,131	)			(212,136	)			(112,056	)			(76,999	)			(171,113	)
Ending balance		¥	1,565,877			¥	1,844,599			¥	447,081			¥	1,596,366			¥	1,814,998			¥	445,127
Net liability for future policy benefits		¥	692,839			¥	537,880			¥	57,417			¥	709,566			¥	552,409			¥	94,773
Deferred profit liabilities			47,068				68,539				26,930				52,578				71,651				31,161
Subtotal			739,907				606,419				84,347				762,144				624,060				125,934
Less: Reinsurance recoverable			211				0				0				104				0				0
The liability for future policy benefits, after reinsurance recoverable		¥	739,696			¥	606,419			¥	84,347			¥	762,040			¥	624,060			¥	125,934

The following tables provide the breakdown of the policy liabilities and policy account balances recorded in the consolidated balance sheets as of March 31, 2024 and September 30, 2024:

 

		Millions of yen
		March 31, 2024				September 30, 2024
Yen-denominated insurance (First Sector)		¥	739,696			¥	762,040
Yen-denominated insurance (Third Sector)			606,419				624,060
Foreign currency denominated insurance			84,347				125,934
Subtotal			1,430,462				1,512,034
Policy account balances for variable annuity and variable life insurance contracts and market risk benefits			167,207				151,331
Fixed annuities and annuitization benefits			138,419				128,975
Others*			156,422				138,390
Total		¥	1,892,510			¥	1,930,730

 

*	Others include unearned premiums and liabilities for unpaid claims.

 

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The amount of undiscounted and discounted expected future gross premiums and expected future policy benefits and expenses as of March 31, 2024 and September 30, 2024 are as follows:

 

		Millions of yen
		March 31, 2024								September 30, 2024
		Undiscounted				Discounted				Undiscounted				Discounted
Yen-denominated insurance (First Sector)
Expected future gross premiums		¥	1,525,071			¥	1,395,370			¥	1,554,073			¥	1,413,449
Expected future policy benefits and expenses			2,378,836				1,565,877				2,462,656				1,596,366
Yen-denominated insurance (Third Sector)
Expected future gross premiums			2,590,963				2,242,701				2,531,429				2,171,202
Expected future policy benefits and expenses			2,583,535				1,844,599				2,576,511				1,814,998
Foreign currency denominated insurance
Expected future gross premiums			685,134				535,943				609,350				491,331
Expected future policy benefits and expenses			1,300,018				447,081				1,219,040				445,127

For the fiscal year ended March 31, 2024 and the six months ended September 30, 2024, the effects of net premium exceeding gross premiums in certain cohorts are immaterial in earnings for the respective periods.

The amounts of gross premiums and interest expense recognized in the consolidated statement of income for the six months ended September 30, 2023 and 2024 are as follows:

 

		Millions of yen
		Six months ended September 30, 2023								Six months ended September 30, 2024
		Gross premiums				Interest expense				Gross premiums				Interest expense
Yen-denominated insurance (First Sector)		¥	74,702			¥	6,484			¥	81,607			¥	6,856
Yen-denominated insurance (Third Sector)			102,734				4,763				99,898				5,163
Foreign currency denominated insurance			44,288				2,381				47,059				3,329
Total		¥	221,724			¥	13,628			¥	228,564			¥	15,348

The weighted average discount rates for the liability for future policy benefits as of March 31, 2024 and September 30, 2024 are as follows:

 

		Weighted average rate
		March 31, 2024				September 30, 2024
Yen-denominated insurance (First Sector)
Weighted average of the original discount rates			1.7	%			1.7	%
Weighted average of the current discount rates			2.1				2.2
Yen-denominated insurance (Third Sector)
Weighted average of the original discount rates			1.7				1.7
Weighted average of the current discount rates			2.1				2.1
Foreign currency denominated insurance
Weighted average of the original discount rates			3.1				3.2
Weighted average of the current discount rates			5.5				5.3

The weighted average duration of the liability for future policy benefit as of March 31, 2024 and September 30, 2024 are as follows:

 

		Years
		March 31, 2024				September 30, 2024
Yen-denominated insurance (First Sector)			36.4				36.0
Yen-denominated insurance (Third Sector)			34.7				33.6
Foreign currency denominated insurance			36.9				35.0

 

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Assumptions for calculating the liability for future policy benefits include assumptions related to mortality, morbidity, lapse rates and discount rates. The Company and its subsidiaries recognized actual variances from expected experience and updated the assumptions during the fiscal year ended March 31, 2024 as follows. For the six months ended September 30, 2024, the Company and its subsidiaries continued to use the same assumptions.

 

•

Yen-denominated insurance (First Sector)

During fiscal 2024 the Company and its subsidiaries updated expected mortality and lapse rates due to the lower-than-expected mortality and the higher-than-expected lapse rates.

 

•

Yen-denominated insurance (Third Sector)

During fiscal 2024 the Company and its subsidiaries updated expected mortality and lapse rates due to a

higher-than-expected

mortality and lower-than-expected lapse rates. The actual morbidity excluding deemed hospitalization was lower than-expected even after reclassification of the legal category of

COVID-19

by Japanese government. However, the relevant morbidity assumptions were not updated because the Company and its subsidiaries believe further observations are needed to determine whether such phenomenon is temporary or permanent.

 

•

Foreign currency denominated insurance

During fiscal 2024 the Company and its subsidiaries updated expected mortality rates due to a lower-than-expected mortality rate. In addition, the lapse rate was higher-than-expected due to the impact of rapid exchange rate fluctuations, but as this is considered to be a temporary factor, the Company and its subsidiaries excluded such impact in updating expected lapse rates.

The market data underlying the discount rate was updated quarterly for both the fiscal year ended March 31, 2024 and for the six months ended September 30, 2024.

For the effect of the changes in assumptions on expected net premiums and expected future policy benefits, see “Effect of changes in cash flow assumptions” and “Effect of changes in discount rates” in the tables that represent balances of and changes in the liability for future policy benefits.

The following tables present balances of and changes in the deferred policy acquisition costs as of and for the fiscal year ended March 31, 2024 and for the six months ended September 30, 2024:

 

		Millions of yen
		March 31, 2024																September 30, 2024
		Yen-denominated insurance (First Sector)				Yen-denominated insurance (Third Sector)				Foreign currency denominated insurance				Total				Yen-denominated insurance (First Sector)				Yen-denominated insurance (Third Sector)				Foreign currency denominated insurance				Total
Beginning balance		¥	77,957			¥	166,696			¥	42,726			¥	287,379			¥	82,341			¥	169,581			¥	53,812			¥	305,734
Capitalization			10,285				12,855				7,120				30,260				6,328				4,958				3,429				14,715
Amortization			(5,901	)			(9,970	)			(2,301	)			(18,172	)			(3,114	)			(5,038	)			(1,320	)			(9,472	)
Effect of changes in foreign exchange rate			0				0				6,267				6,267				0				0				(3,152	)			(3,152	)
Ending balance		¥	82,341			¥	169,581			¥	53,812			¥	305,734			¥	85,555			¥	169,501			¥	52,769			¥	307,825

Deferred policy acquisition costs are amortized over the expected term of the policies on a constant-level basis. The assumptions used for the amortization of deferred policy acquisition costs are consistent with the assumptions for the liability for future policy benefits. The underlying assumptions for deferred policy acquisition costs and the liability for future policy benefits are updated at the same time. In addition, deferred policy acquisition costs are included in other assets in the consolidated balance sheets.

 

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The following table presents policyholder account balances for fixed annuity and annuitization benefits by range of minimum guaranteed interest rates as of March 31, 2024 and September 30, 2024.

 

		Millions of yen
		March 31, 2024				September 30, 2024
Range of minimum guaranteed interest rates		Minimum guarantees				Minimum guarantees
0.00% - less than 1.50%		¥	131,328			¥	121,743
1.50% - less than 2.50%			7,091				7,232
2.50% or more			0				0
Total		¥	138,419			¥	128,975

There are no contracts with interest rates that exceed the minimum guaranteed interest rates.

The following table provides information about fixed annuity and annuitization benefits for the fiscal year ended March 31, 2024 and for the six months ended September 30, 2024.

 

		Millions of yen
		March 31, 2024				September 30, 2024
Beginning balance		¥	158,952			¥	138,419
Transfer in			10,249				4,975
Surrenders and partial surrenders			(71	)			(51	)
Benefit payments and lump sum payments, etc.			(31,179	)			(14,502	)
Policy charges			(229	)			(109	)
Transfer out			(290	)			(209	)
Interests			1,023				462
Others			(36	)			(10	)
Ending balance		¥	138,419			¥	128,975
		March 31, 2024				September 30, 2024
Weighted average guaranteed interest rate (%)			0.7				0.7
Benefits in excess of policyholder account balances (Millions of yen)		¥	1			¥	0
Cash surrender value (Millions of yen)			132,411				123,132

 

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The following table provides information about policy account balances for variable annuity and variable life insurance contracts and market risk benefits as of and for the fiscal year ended March 31, 2024, and for the six months ended September 30, 2024:

 

		Millions of yen
		March 31, 2024				September 30, 2024
Beginning balance		¥	163,734			¥	167,207
Effect of changes other than through net income and other comprehensive income			(26,997	)			(11,839	)
Surrenders and withdrawals			(7,641	)			(2,634	)
Transfer in			(7,891	)			(3,853	)
Benefit payments			(11,434	)			(5,366	)
Others			(31	)			14
Changes through net income			30,205				(4,141	)
Effect of changes in fair value of corresponding investment assets			40,846				(2,766	)
Fee income			(3,750	)			(1,860	)
Effect of changes in fair value of market risk benefits			(6,891	)			485
Changes through other comprehensive income			265				104
Effect of changes in the instrument-specific credit risk			265				104
Ending balance		¥	167,207			¥	151,331
		Millions of yen
		March 31, 2024				September 30, 2024
Policyholder account balances		¥	167,496			¥	151,032
Market risk benefits			(289	)			299
Total		¥	167,207			¥	151,331

 

19.	Write-Downs of Long-Lived Assets

The Company and its subsidiaries perform tests for recoverability on long-lived assets classified as held and used for which events or changes in circumstances indicated that the assets might be impaired. The Company and its subsidiaries consider an asset’s carrying amount as not recoverable when such carrying amount exceeds the undiscounted future cash flows estimated to result from the use and eventual disposition of the asset. The net carrying amount of assets not recoverable is reduced to fair value if lower than the carrying amount.

As of March 31, 2024 and September 30, 2024, the long-lived assets and liabilities associated with those assets classified as held for sale in the accompanying consolidated balance sheets are as follows.

 

		Millions of yen
		As of March 31, 2024				As of September 30, 2024
Investment in operating leases		¥	43,775			¥	22,212
Property under facility operations			8,405				0
Office facilities			82				0
Other assets			6,005				667
Other liabilities			68				0

The long-lived assets classified as held for sale as of March 31, 2024 are included in Corporate Financial Services and Maintenance Leasing segment, Real Estate segment, PE Investment and Concession segment and Aircraft and Ships segment. The long-lived assets classified as held for sale as of September 30, 2024 are included in Corporate Financial Services and Maintenance Leasing segment, Real Estate segment and Aircraft and Ships segment.

The Company and its subsidiaries determine the fair value using appraisals prepared by independent third party appraisers or our own staff of qualified appraisers, and others based on recent transactions involving sales of similar assets or other valuation techniques such as discounted cash flows methodologies using future cash flows estimated to be generated from operation of the existing assets or completion of development projects, as appropriate.

 

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For the six months ended September 30, 2023 and 2024, the Company and its subsidiaries recognized impairment losses for the difference between carrying amounts and fair values in the amount of ¥538 million and ¥506 million, respectively, which are reflected as write-downs of long-lived assets. Breakdowns of these amounts are as follows.

 

		Six months ended September 30, 2023								Six months ended September 30, 2024
		Amount (Millions of yen)				The number of properties				Amount (Millions of yen)				The number of properties
Write-downs of the assets held for sale:
Condominiums		¥	0				1			¥	5				2
Others*			8				—				235				—
Total		¥	8				—			¥	240				—
		Six months ended September 30, 2023								Six months ended September 30, 2024
		Amount (Millions of yen)				The number of properties				Amount (Millions of yen)				The number of properties
Write-downs due to decline in estimated future cash flows:
Commercial facilities other than office buildings			439				2				0				0
Condominiums			1				1				0				0
Others*			90				—				266				—
Total		¥	530				—			¥	266				—

 

*	For “Others,” the number of properties is omitted.

Losses of ¥36 million in Corporate Financial Services and Maintenance Leasing segment, ¥440 million in Real Estate segment, ¥34 million in PE Investment and Concession segment and ¥28 million in Environment and Energy segment were recorded for the six months ended September 30, 2023. Losses of ¥102 million in Corporate Financial Services and Maintenance Leasing segment, ¥102 million in Real Estate segment, ¥59 million in PE Investment and Concession segment and ¥243 million in Environment and Energy segment were recorded for the six months ended September 30, 2024.

 

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20.	Per Share Data

Reconciliation of the differences between basic and diluted earnings per share (EPS) in the six months ended September 30, 2023 and 2024 is as follows:

During the six months ended September 30, 2023 and 2024, there was no stock compensation which was antidilutive.

 

		Millions of yen
		Six months ended September 30, 2023				Six months ended September 30, 2024
Net Income attributable to ORIX Corporation shareholders		¥	128,100			¥	182,946
Adjustment to Net Income			0				(12	)
Net income used to calculate basic earnings per share			128,100				182,934
Adjustment to Net Income			0				12
Net income used to calculate diluted earnings per share		¥	128,100			¥	182,946
		Thousands of Shares
		Six months ended September 30, 2023				Six months ended September 30, 2024
Weighted-average shares			1,165,400				1,147,474
Effect of dilutive securities —
Stock compensation			1,708				2,074
Weighted-average shares for diluted EPS computation			1,167,108				1,149,548
		Yen
		Six months ended September 30, 2023				Six months ended September 30, 2024
Earnings per share for net income attributable to ORIX Corporation shareholders:
Basic		¥	109.92			¥	159.42
Diluted			109.76				159.15

 

Note:		The Company’s shares held through the Board Incentive Plan Trust are included in the number of treasury stock to be deducted in calculation of the weighted-average shares for EPS computation. (2,800,866 and 2,932,447 shares for the six months ended September 30, 2023 and 2024)

 

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21.	Derivative Financial Instruments and Hedging

Risk management policy

The Company and its subsidiaries manage interest rate risk through asset-liability management (“ALM”). The Company and its subsidiaries use derivative financial instruments to hedge interest rate risk and avoid changes in interest rates that could have a significant adverse effect on the Company’s results of operations. As a result of interest rate changes, the fair value and/or cash flow of interest sensitive assets and liabilities will fluctuate. However, such fluctuation will generally be offset by using derivative financial instruments as hedging instruments. Derivative financial instruments that the Company and its subsidiaries use as part of the interest risk management include interest rate swaps.

The Company and its subsidiaries appropriately manage exchange rate risk by using means such as foreign currency-denominated loans, foreign exchange contracts and currency swaps to hedge exchange rate volatility in our business transactions in foreign currencies and overseas investments. A certain subsidiary holds futures and foreign exchange contracts for the purpose of economic hedges against minimum guarantee risk of variable annuity and variable life insurance contracts.

By using derivative instruments, the Company and its subsidiaries are exposed to credit risk in the event of nonperformance by counterparties. The Company and its subsidiaries attempt to manage the credit risk by carefully evaluating the content of transactions and the quality of counterparties in advance and regularly monitoring the amount of notional principal, fair value, type of transaction and other factors pertaining to each counterparty.

The Company and its subsidiaries have no derivative instruments with credit-risk-related contingent features as of March 31, 2024 and September 30, 2024.

(a) Cash flow hedges

The Company and its subsidiaries designate interest rate swap agreements, foreign currency swap agreements and foreign exchange contracts as cash flow hedges for variability of cash flows originating from floating rate borrowings and forecasted transactions and for exchange fluctuations.

(b) Fair value hedges

The Company and its subsidiaries use financial instruments designated as fair value hedges to hedge their exposure to interest rate risk and foreign currency exchange risk. A certain subsidiary designates foreign exchange contracts to minimize foreign currency exposures on bonds in foreign currencies in the insurance business. The subsidiary also uses interest rate swap agreements to hedge interest rate exposure of the fair values of bonds in foreign currencies in the insurance business.

(c) Hedges of net investment in foreign operations

The Company and its subsidiaries use foreign exchange contracts and borrowings and bonds denominated in foreign currencies to hedge the foreign currency exposure of the net investment in overseas subsidiaries and equity method investments.

(d) Derivatives not designated as hedging instruments

The Company and its subsidiaries entered into interest rate swap agreements, futures and foreign exchange contracts for risk management purposes which are not qualified for hedge accounting. A certain subsidiary holds futures and foreign exchange contracts for the purpose of economic hedges against minimum guarantee risk of variable annuity and variable life insurance contracts.

 

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The effect of derivative instruments on the consolidated statements of income,

pre-tax,

for the six months ended September 30, 2023 is as follows.

(1) Cash flow hedges

 

		Millions of yen
		Gains (losses) recognized in other comprehensive income on derivative				Gains (losses) reclassified from other comprehensive income (loss) into income
						Interest expense				Other (income) and expense
Interest rate swap agreements		¥	4,011			¥	30			¥	0
Foreign exchange contracts			170				0				0
Foreign currency swap agreements			5,352				1,001				(6,535	)
Options held/written and other			(838	)			0				0

(2) Fair value hedges

 

		Millions of yen
		Gains (losses) recognized in income on derivative and other								Gains (losses) recognized in income on hedged item
		Life insurance premiums and related investment income				Other (income) and expense				Life insurance premiums and related investment income				Other (income) and expense
Interest rate swap agreements		¥	371			¥	0			¥	(227	)		¥	11
Foreign exchange contracts			(55,247	)			(101	)			55,301				48

(3) Hedges of net investment in foreign operations

 

		Millions of yen
		Gains (losses) recognized in other comprehensive income on derivative and others				Gains (losses) reclassified from other comprehensive income (loss) into income
						Gains on sales of subsidiaries and equity method investments and liquidation losses, net				Interest expense
Foreign exchange contracts		¥	(30,436	)		¥	(69	)		¥	7,567
Borrowings and bonds in foreign currencies			(84,367	)			0				0

(4) Derivatives not designated as hedging instruments

 

		Millions of yen
		Gains (losses) recognized in income on derivative
		Life insurance premiums and related investment income*				Interest expense				Other (income) and expense
Interest rate swap agreements		¥	0			¥	2			¥	(8	)
Futures			(1,557	)			0				(685	)
Foreign exchange contracts			30,067				1,513				5,077
Credit derivatives held/written			0				0				8
Options held/written and other			0				0				(878	)

 

*

Futures and foreign exchange contracts in the above table include gains (losses) arising from futures and foreign exchange contracts held to economically hedge the minimum guarantee risk of variable annuity and variable life insurance contracts for the six months ended September 30, 2023 (see Note 17 “Income and Expenses Relating to Life Insurance Operations”).

 

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The effect of derivative instruments on the consolidated statements of income,

pre-tax,

for the six months ended September 30, 2024 is as follows.

(1) Cash flow hedges

 

		Millions of yen
		Gains (losses) recognized in other comprehensive income on derivative								Gains (losses) reclassified from other comprehensive income (loss) into income
						Life insurance premiums and related investment income				Interest expense				Other (income) and expense
Interest rate swap agreements		¥	(7,712	)		¥	0			¥	(68	)		¥	0
Foreign exchange contracts			(803	)			0				0				0
Foreign currency swap agreements			(4,906	)			0				1,584				4,710
Options held/written and other			(2,193	)			4				0				0

(2) Fair value hedges

 

		Millions of yen
		Gains (losses) recognized in income on derivative and other								Gains (losses) recognized in income on hedged item
		Life insurance premiums and related investment income				Other (income) and expense				Life insurance premiums and related investment income				Other (income) and expense
Interest rate swap agreements		¥	138			¥	40			¥	(92	)		¥	(13	)
Foreign exchange contracts			(22,854	)			142				22,944				(237	)

(3) Hedges of net investment in foreign operations

 

		Millions of yen
		Gains (losses) recognized in other comprehensive income on derivative and others				Gains (losses) reclassified from other comprehensive income (loss) into income
						Gains on sales of subsidiaries and  equity method investments and liquidation losses, net				Interest expense
Foreign exchange contracts		¥	920			¥	(790	)		¥	7,635
Borrowings and bonds in foreign currencies			(12,854	)			0				0

(4) Derivatives not designated as hedging instruments

 

		Millions of yen
		Gains (losses) recognized in income on derivative
		Life insurance premiums and related investment income*				Interest expense				Other (income) and expense
Interest rate swap agreements		¥	0			¥	0			¥	8
Futures			(141	)			0				1,259
Foreign exchange contracts			6,698				(10,630	)			44,741
Credit derivatives held/written			0				0				0
Options held/written and other			0				0				(522	)

 

*

Futures and foreign exchange contracts in the above table include gains (losses) arising from futures and foreign exchange contracts held to economically hedge the minimum guarantee risk of variable annuity and variable life insurance contracts for the six months ended September 30, 2024 (see Note 17 “Income and Expenses Relating to Life Insurance Operations”).

 

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The effect of the components excluded from the assessment of hedge effectiveness on the consolidated statements of income,

pre-tax,

for the six months ended September 30, 2023 is as follows.

Fair value hedges

 

		Millions of yen
		Gains (losses) recognized in income
		Life insurance premiums and related investment income				Interest expense				Other (income) and expense
Foreign exchange contracts		¥	(10,635	)		¥	17			¥	0
Options held/written and other			0				0				25

The carrying amount of hedged assets and liabilities recognized in balance sheets in fair value hedges and the cumulative amount of fair value hedging adjustments included in the carrying amount (excluding the effect of changes in foreign exchange rates) at March 31, 2024 is as follows.

 

Assets as hedged items in fair value hedges										Liabilities as hedged items in fair value hedges
		Millions of yen										Millions of yen
Consolidated balance sheets location		Carrying amount				The cumulative amount of fair value hedging adjustments included in the carrying amount				Consolidated balance sheets location		Carrying amount				The cumulative amount of fair value hedging adjustments included in the carrying amount
Investment in Securities		¥	489,908			¥	(1,088	)		—		¥	0			¥	0
Installment Loans			15,882			¥	0			—			0				0

 

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The effect of the components excluded from the assessment of hedge effectiveness on the consolidated statements of income,

pre-tax,

for the six months ended September 30, 2024 is as follows.

Fair value hedges

 

		Millions of yen
		Gains (losses) recognized in income
		Life insurance premiums and related investment income				Interest expense				Other (income) and expense
Foreign exchange contracts		¥	14,454			¥	12			¥	0
Options held/written and other			0				0				28

The carrying amount of hedged assets and liabilities recognized in balance sheets in fair value hedges and the cumulative amount of fair value hedging adjustments included in the carrying amount (excluding the effect of changes in foreign exchange rates) at September 30, 2024 is as follows.

 

Assets as hedged items in fair value hedges										Liabilities as hedged items in fair value hedges
		Millions of yen										Millions of yen
Consolidated balance sheets location		Carrying amount				The cumulative amount of fair value hedging adjustments included in the carrying amount				Consolidated balance sheets location		Carrying amount				The cumulative amount of fair value hedging adjustments included in the carrying amount
Investment in Securities		¥	439,638			¥	(9	)		—		¥	0			¥	0
Installment Loans			21,876				0			—			0				0

 

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Notional amounts of derivative instruments and other, fair values of derivative instruments and other before offsetting at March 31, 2024 and September 30, 2024 are as follows.

March 31, 2024

 

						Derivative assets						Derivative liabilities
		Notional amount				Fair value				Consolidated balance sheets location		Fair value				Consolidated balance sheets location
		Millions of yen				Millions of yen						Millions of yen
Derivatives designated as hedging instruments and other:
Interest rate swap agreements		¥	518,990			¥	18,889			Other Assets		¥	3,722			Other Liabilities
Options held/written and other			44,774				40			Other Assets			1,039			Other Liabilities
Futures, foreign exchange contracts			958,260				2,841			Other Assets			63,703			Other Liabilities
Foreign currency swap agreements			113,962				470			Other Assets			6,563			Other Liabilities
Foreign currency long-term debt			849,630				0			—			0			—
Derivatives not designated as hedging instruments:
Interest rate swap agreements		¥	1,930			¥	106			—		¥	6			Other Liabilities
Options held/written and other			468,422				15,309			Other Assets			13,355			Other Liabilities
Futures, foreign exchange contracts *			646,085				35,331			Other Assets			7,294			Other Liabilities
Credit derivatives held/written			1,000				0			Other Assets			4			Other Liabilities

 

*

The notional amounts of futures and foreign exchange contracts in the above table include futures contracts of ¥4,863 million and foreign exchange contracts of ¥524 million to economically hedge the minimum guarantee risk of variable annuity and variable life insurance contracts at March 31, 2024, respectively. Derivative assets in the above table include fair value of the futures and foreign exchange contracts before offsetting of ¥0 million and ¥9 million and derivative liabilities include fair value of the futures and foreign exchange contracts before offsetting of ¥170 million and ¥94 million at March 31, 2024, respectively.

September 30, 2024

 

						Derivative assets						Derivative liabilities
		Notional amount				Fair value				Consolidated balance sheets location		Fair value				Consolidated balance sheets location
		Millions of yen				Millions of yen						Millions of yen
Derivatives designated as hedging instruments and other:
Interest rate swap agreements		¥	725,184			¥	14,055			Other Assets		¥	3,493			Other Liabilities
Options held/written and other			65,230				288			Other Assets			3,309			Other Liabilities
Futures, foreign exchange contracts			786,650				23,145			Other Assets			20,611			Other Liabilities
Foreign currency swap agreements			113,278				2,210			Other Assets			1,407			Other Liabilities
Foreign currency long-term debt			141,762				0			—			0			—
Derivatives not designated as hedging instruments:
Interest rate swap agreements		¥	1,654			¥	129			Other Assets		¥	3			Other Liabilities
Options held/written and other			597,370				13,313			Other Assets			11,042			Other Liabilities
Futures, foreign exchange contracts *			1,554,510				9,935			Other Assets			45,821			Other Liabilities
Credit derivatives written			1,000				0			—			4			Other Liabilities

 

*

The notional amounts of futures and foreign exchange contracts in the above table include futures contracts of ¥5,542 million and foreign exchange contracts of ¥1,085 million to economically hedge the minimum guarantee risk of variable annuity and variable life insurance contracts at September 30, 2024, respectively. Derivative assets in the above table include fair value of the futures and foreign exchange contracts before offsetting of ¥1 million and ¥109 million and derivative liabilities include fair value of the futures and foreign exchange contracts before offsetting of ¥209 million and ¥24 million at September 30, 2024, respectively.

 

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The Company and its subsidiaries have contracted credit derivatives for the purpose of trading. Details of credit derivatives written as of March 31, 2024 and September 30, 2024 are as follows.

March 31, 2024

 

Types of derivatives

The events or circumstances that would require the seller to perform under the credit derivative

Maximum potential amount of future payment under the credit derivative

Approximate remaining term of the credit derivative

Fair value of the credit derivative

Millions of yen

Millions of yen

Credit default swap

In case of credit event (bankruptcy, failure to pay, restructuring) occurring in underlying reference company *

¥

1,000

Less than four years

¥

(4

)

 

*	Underlying reference company’s credit ratings are A1 or better rated by rating agencies as of March 31, 2024.

September 30, 2024

 

Types of derivatives

The events or circumstances that would require the seller to perform under the credit derivative

Maximum potential amount of future payment under the credit derivative

Approximate remaining term of the credit derivative

Fair value of the credit derivative

Millions of yen

Millions of yen

Credit default swap

In case of credit event (bankruptcy, failure to pay, restructuring) occurring in underlying reference company *

¥

1,000

Less than three years

¥

(4

)

 

*	Underlying reference company’s credit ratings are A1 or better rated by rating agencies as of September 30, 2024.

 

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22.	Offsetting Assets and Liabilities

The gross amounts recognized, gross amounts offset, and net amounts presented in the consolidated balance sheets regarding derivative assets and liabilities as of March 31, 2024 and September 30, 2024 are as follows.

March 31, 2024

 

		Millions of yen
		Gross amounts recognized				Gross amounts offset in the consolidated balance sheets				Net amounts presented in the consolidated balance sheets				Gross amounts not offset in the consolidated balance sheets *								Net amount
														Financial instruments				Collateral received/pledged
Derivative assets		¥	72,986			¥	(47,496	)		¥	25,490			¥	0			¥	0			¥	25,490
Total assets		¥	72,986			¥	(47,496	)		¥	25,490			¥	0			¥	0			¥	25,490
Derivative liabilities		¥	95,686			¥	(47,496	)		¥	48,190			¥	(13,653	)		¥	(9,425	)		¥	25,112
Total liabilities		¥	95,686			¥	(47,496	)		¥	48,190			¥	(13,653	)		¥	(9,425	)		¥	25,112
September 30, 2024
		Millions of yen
		Gross amounts recognized				Gross amounts offset in the consolidated balance sheets				Net amounts presented in the consolidated balance sheets				Gross amounts not offset in the consolidated balance sheets *								Net amount
														Financial instruments				Collateral received/pledged
Derivative assets		¥	63,075			¥	(29,924	)		¥	33,151			¥	0			¥	(6,942	)		¥	26,209
Total assets		¥	63,075			¥	(29,924	)		¥	33,151			¥	0			¥	(6,942	)		¥	26,209
Derivative liabilities		¥	85,690			¥	(29,924	)		¥	55,766			¥	(3,269	)		¥	(15,184	)		¥	37,313
Total liabilities		¥	85,690			¥	(29,924	)		¥	55,766			¥	(3,269	)		¥	(15,184	)		¥	37,313

 

*	The balances related to enforceable master netting agreements or similar agreements which were not offset in the consolidated balance sheets.

 

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23.	Estimated Fair Value of Financial Instruments

The following information is provided to help readers gain an understanding of the relationship between carrying amounts of financial instruments reported in the Company’s consolidated balance sheets and the related market or fair value. The disclosures do not include net investment in leases, equity method investments, pension obligations and insurance contracts and reinsurance contracts except for those classified as investment contracts.

March 31, 2024

 

		Millions of yen
		Carrying amount				Estimated fair value				Level 1				Level 2				Level 3
Assets:
Cash and cash equivalents		¥	1,032,810			¥	1,032,810			¥	1,032,810			¥	0			¥	0
Restricted cash			152,497				152,497				152,497				0				0
Installment loans (net of allowance for credit losses)			3,918,504				3,899,688				0				163,536				3,736,152
Equity securities*1			415,607				415,607				108,964				143,786				162,857
Available-for-sale debt securities			2,665,478				2,665,478				11,491				2,334,690				319,297
Other Assets:
Time deposits			2,033				2,033				0				2,033				0
Derivative assets*2			25,490				25,490				0				0				0
Reinsurance recoverables (Investment contracts)			4,592				4,550				0				0				4,550
Liabilities:
Short-term debt		¥	574,095			¥	574,095			¥	0			¥	574,095			¥	0
Deposits			2,074,828				2,073,845				0				2,073,845				0
Policy liabilities and Policy account balances (Investment contracts)			122,686				121,966				0				0				121,966
Long-term debt			5,626,376				5,594,888				0				1,769,943				3,824,945
Accounts payable (Contingent consideration)			14,136				14,136				0				0				14,136
Other Liabilities:
Derivative liabilities *2			48,190				48,190				0				0				0

 

*1	The amount of ¥85,280 million of investment funds measured at net asset value per share is not included.

*2	It represents the amount after offset under counterparty netting of derivative assets and liabilities. For the information of input level before netting, see Note 3 “Fair Value Measurements.”

 

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September 30, 2024

 

		Millions of yen
		Carrying amount				Estimated fair value				Level 1				Level 2				Level 3
Assets:
Cash and cash equivalents		¥	1,168,945			¥	1,168,945			¥	1,168,945			¥	0			¥	0
Restricted cash			134,675				134,675				134,675				0				0
Installment loans (net of allowance for credit losses)			3,791,074				3,776,163				0				58,707				3,717,456
Equity securities*1			399,999				399,999				105,116				129,231				165,652
Available-for-sale debt securities			2,601,080				2,601,080				12,328				2,352,451				236,301
Other Assets:
Time deposits			3,948				3,948				0				3,948				0
Derivative assets*2			33,151				33,151				0				0				0
Reinsurance recoverables (Investment contracts)			4,262				4,224				0				0				4,224
Liabilities:
Short-term debt		¥	744,478			¥	744,478			¥	0			¥	744,478			¥	0
Deposits			2,116,378				2,112,604				0				2,112,604				0
Policy liabilities and Policy account balances (Investment contracts)			113,239				112,041				0				0				112,041
Long-term debt			5,494,639				5,470,547				0				1,679,789				3,790,758
Accounts payable (Contingent consideration)			14,174				14,174				0				0				14,174
Other Liabilities:
Derivative liabilities *2			55,766				55,766				0				0				0

 

*1	The amount of ¥95,317 million of investment funds measured at net asset value per share is not included.

*2	It represents the amount after offset under counterparty netting of derivative assets and liabilities. For the information of input level before netting, see Note 3 “Fair Value Measurements.”

Input level of fair value measurement

If active market prices are available, fair value measurement is based on quoted active market prices and classified as Level 1. If active market prices are not available, fair value measurement is based on observable inputs other than quoted prices included within Level 1 such as quoted market prices of similar assets and classified as Level 2. If market prices are not available and there are no observable inputs, then fair value is estimated by using valuation models including discounted cash flow methodologies, commonly used option-pricing models and broker quotes and classified as Level 3, as the valuation models and broker quotes are based on inputs that are unobservable in the market.

 

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24.	Commitments, Guarantees and Contingent Liabilities

Commitments

—The Company and certain subsidiaries have commitments for the purchase of equipment to be leased, having a cost of ¥8,306 million and ¥6,677 million as of March 31, 2024 and September 30, 2024, respectively.

Certain computer systems of the Company and certain subsidiaries have been operated and maintained under

non-cancelable

contracts with third-party service providers. For such services, the Company and certain subsidiaries made payments totaling ¥4,240 million and ¥4,947 million for the six months ended September 30, 2023 and 2024, respectively. As of March 31, 2024 and September 30, 2024, the amounts due are as follows:

 

		Millions of yen
		March 31, 2024				September 30, 2024
Within one year		¥	6,218			¥	4,762
More than one year			7,954				6,511
Total		¥	14,172			¥	11,273

The Company and certain subsidiaries have commitments to fund estimated construction costs and so forth to complete ongoing real estate development projects and other commitments, totaling ¥131,948 million and ¥183,565 million as of March 31, 2024 and September 30, 2024, respectively.

The Company and certain subsidiaries have agreements to commit to execute loans for customers, and to invest in funds, as long as the agreed-upon terms are met. The total unused credit and capital amount available are ¥366,534 million and ¥654,261 

million as of March 31, 2024 and September 30, 2024, respectively. The amount of ¥270,168 million of unexecuted quota for investment in equity method investees related to the integrated resort development are included in the total unused credit and capital amount as of September 30, 2024, and we will invest depending on the changes such as the progress of development.

 

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Guarantees

—At the inception of a guarantee, the Company and its subsidiaries recognize a liability in the consolidated balance sheets at fair value for the guarantee within the scope of ASC 460 (“Guarantees”). Some of these guarantees, whose contractual obligations cannot be unconditionally cancelled, are in the scope of the Credit Losses Standard and are recognized as other liabilities in the consolidated balance sheets. The following table represents the summary of potential future payments, book value recorded as guarantee liabilities of the guarantee contracts outstanding and maturity of the longest guarantee contracts as of March 31, 2024 and September 30, 2024:

 

		March 31, 2024												September 30, 2024
		Millions of yen								Fiscal year				Millions of yen								Fiscal year
Guarantees		Potential future payment				Book value of guarantee  liabilities				Maturity of the longest contract				Potential future payment				Book value of guarantee  liabilities				Maturity of the longest contract
Corporate loans		¥	608,543			¥	4,839				2048			¥	594,881			¥	5,046				2048
Transferred loans			519,665				3,405				2062				503,193				4,182				2062
Real estate loans			9,856				180				2048				7,381				156				2048
Other			13,350				0				2044				13,175				0				2044
Total		¥	1,151,414			¥	8,424				—			¥	1,118,630			¥	9,384				—

Guarantee of corporate loans:

The Company and certain subsidiaries mainly guarantee corporate loans issued by financial institutions for customers. The Company and the subsidiaries are obliged to pay the outstanding loans when the guaranteed customers fail to pay principal and/or interest in accordance with the contract terms. In some cases, the corporate loans are secured by the guaranteed customers’ assets. Once the Company and the subsidiaries assume the guaranteed customers’ obligation, the Company and the subsidiaries obtain a right to claim the collateral assets. In other cases, certain contracts that guarantee corporate loans issued by financial institutions for customers include contracts that the amounts of performance guarantee are limited to a certain range of guarantee commissions. As of March 31, 2024 and September 30, 2024, total notional amount of the loans subject to such guarantees are ¥484,000 million and ¥484,000 million, respectively, and book value of guarantee liabilities are ¥2,327 million and ¥2,455 million, respectively. The potential future payment amounts for these guarantees are limited to a certain range of the guarantee commissions, which are less than the total notional amounts of the loans subject to these guarantees. The potential future payment amounts for the contract period are calculated from the guarantee limit which is arranged by financial institutions in advance as to contracts that the amounts of performance guarantee are unlimited to a certain range of guarantee commissions. For this reason, the potential future payment amounts for these guarantees include the amount of the guarantee which may occur in the future, which is larger than the balance of guarantee executed as of the end of fiscal year or the end of interim period. The executed guarantee balance includes defrayment by financial institutions which we bear temporarily at the time of execution, and credit risk for financial institutions until liquidation of this guarantee. Our substantial amounts of performance guarantee except credit risk for financial institutions are limited to our defrayment which is arranged by financial institutions in advance. In addition, the Company provides re-guarantees for guarantee obligations guaranteed by equity method investees.

Payment or performance risk of the guarantees is considered based on the historical experience of credit events. There have been no significant changes in the payment or performance risk of the guarantees for the six months ended September 30, 2024.

Guarantee of transferred loans:

A subsidiary in the United States is authorized to underwrite, originate, fund, and service multi-family and seniors housing loans without prior approval mainly from Fannie Mae under the Delegated Underwriting and Servicing program and Freddie Mac under the Delegated Underwriting Initiative program. As part of these programs, Fannie Mae and Freddie Mac provide a commitment to purchase the loans.

Under these programs, the subsidiary guarantees the performance of the loans transferred to Fannie Mae and Freddie Mac and has the payment or performance risk of the guarantees to absorb some of the losses when losses arise from the transferred loans. There were no significant changes in the payment or performance risk of these guarantees for the six months ended September 30, 2024.

As of March 31, 2024 and September 30, 2024, the total outstanding principal amount of loans transferred under the Delegated Underwriting and Servicing program, for which the subsidiary guarantees to absorb some of the losses, were ¥2,587,597 million and ¥2,493,722 million, respectively.

 

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Guarantee of real estate loans:

The Company and certain subsidiaries guarantee real estate loans for consumer issued by Japanese financial institutions to third party individuals. The Company and the subsidiaries are typically obliged to pay the outstanding loans when these loans become delinquent three months or more. The real estate loans are usually secured by the real properties. Once the Company and the subsidiaries assume the guaranteed parties’ obligation, the Company and the subsidiaries obtain a right to claim the collateral assets.

Payment or performance risk of the guarantees is considered based on the historical experience of credit events. There were no significant changes in the payment or performance risk of the guarantees for the six months ended September 30, 2024.

Other guarantees:

Other guarantees include the guarantees to financial institutions and the guarantees derived from collection agency agreements. Pursuant to the contracts of the guarantees to financial institutions, a certain subsidiary pays to the financial institutions when customers of the financial institutions become debtors and default on the debts. Pursuant to the agreements of the guarantees derived from collection agency agreements, the Company and certain subsidiaries collect third parties’ debt and pay the uncovered amounts. In addition to the above, joint guarantees for payment obligations of affiliated companies are included.

Allowance for

off-balance

sheet credit exposures—

If the entity has a present contractual obligation to extend the credit and the obligation is not unconditionally cancelable by the entity, credit losses related the loan commitments of card loans and installment loans and financial guarantees are in the scope of the allowance for credit losses. For the loan commitments of card loans and installment loans, credit losses are recognized on the loan commitments for the portion expected to be drawn. For financial guarantees, the allowance is recognized for the contingent obligation which generates credit risk exposures. These allowance for

off-balance

sheet credit exposures is measured using the same measurement objectives as the allowance for loans and net investment leases, considering quantitative and qualitative factors including historical loss experience, current conditions and reasonable and supportable forecasts. The allowance for

off-balance

sheet credit exposure is recorded as other liabilities in the consolidated balance sheets and the allowance were ¥5,116 million and ¥6,010 million as of March 31, 2024 and September 30, 2024, respectively. Additionally, provision for credit losses in the consolidated statements of income for the six months ended September 30, 2023 was ¥591 million, which was mainly due to the deterioration in macroeconomic forecasts in certain markets in the Americas compared with the previous year. Provision for credit losses in the consolidated statements of income for the six months ended September 30, 2024 was ¥1,673 

million, which was mainly due to the impact of deteriorating in certain markets in the Americas.

Contingencies—

The Company and certain subsidiaries are involved in legal proceedings and claims in the ordinary course of business. In the opinion of management, none of such proceedings and claims will have a significant impact on the Company’s financial position or results of operations.

Collateral—

Other than the assets of the consolidated VIEs pledged as collateral for financing described in Note 10 “Variable Interest Entities”, the Company and certain subsidiaries provide the following assets as collateral for the short-term and long-term debt payables to financial institutions as of March 31, 2024 and September 30, 2024:

 

		Millions of yen
		March 31, 2024				September 30, 2024
Lease payments, loans and investment in operating leases		¥	310,217			¥	291,750
Investment in securities			324,760				333,067
Property under facility operations			231,425				246,094
Other assets and other			69,740				99,485
Total		¥	936,142			¥	970,396

As of March 31, 2024 and September 30, 2024, debt liabilities were secured by shares of subsidiaries, which were eliminated through consolidation adjustment, of ¥367,973 million and ¥183,889 

million, respectively, and debt liabilities of equity method investees were secured by equity method investments of ¥

34,204 million and ¥81,554 million, respectively. As of March 31, 2024 and September 30, 2024, debt liabilities were secured by loans to subsidiaries, which were eliminated through consolidation adjustment, of ¥9,299 million and ¥9,230 million, respectively. In addition, ¥179,683 million and ¥179,227 million, respectively, were pledged primarily by investment in securities for collateral deposits and deposit for real estate transaction as of March 31, 2024 and September 30, 2024.

Under loan agreements relating to short-term and long-term debt from commercial banks and certain insurance companies, the Company and certain subsidiaries are required to provide collateral against these debts at any time if requested by the lenders. The Company and the subsidiaries did not receive any such requests from the lenders as of September 30, 2024.

 

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25.	Segment Information

The financial information about the operating segments reported below is that which is available for each segment and evaluated regularly by the chief operating decision maker in charge of resource allocation and performance assessment.

An overview of operations for each of the ten segments follows below.

 

Corporate Financial Services and Maintenance Leasing		:		Finance and fee business; leasing and rental of automobiles, electronic measuring instruments and ICT-related equipment
Real Estate		:		Real estate development, rental and management; facility operations; real estate asset management
PE Investment and Concession		:		Private equity investment; concession
Environment and Energy		:		Domestic and overseas renewable energy; electric power retailing; ESCO services; sales of solar panels; recycling and waste management
Insurance		:		Life insurance
Banking and Credit		:		Banking; consumer finance
Aircraft and Ships		:		Aircraft investment and management; ship-related finance and investment
ORIX USA		:		Finance, investment and asset management in the Americas
ORIX Europe		:		Asset management of global equity and fixed income
Asia and Australia		:		Finance and investment businesses in Asia and Australia

 

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The accounting policies of the segments are almost the same as those described in Note 2 “Significant Accounting and Reporting Policies” except for the treatment of income tax expenses, net income attributable to noncontrolling interests, and net income attributable to redeemable noncontrolling interests. The chief operating decision maker evaluates the performance of the segments based on the amount equivalent to income before income taxes, net income attributable to noncontrolling interests and net income attributable to redeemable noncontrolling interests before the applicable tax effects. Income taxes are not included in segment profits or losses because management evaluates segments’ performance on a

pre-tax

basis. Most of selling, general and administrative expenses, including compensation costs that are directly related to the revenue generating activities of each segment and excluding the expenses that should be borne by ORIX Group as a whole, have been accumulated by and charged to each segment. Gains and losses that management does not consider for evaluating the performance of the segments, such as certain interest expenses and write-downs of certain long-lived assets and certain foreign exchange gains or losses (included in other (income) and expense) are excluded from the segment profits or losses, and are regarded as corporate items.

Assets attributed to each segment are total assets except for certain cash and head office assets.

The presentation of equity method investment has been changed since the fourth quarter of fiscal 2024. As a result, segment data for the six months ended September 30, 2023 have been retrospectively reclassified.

 

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Since April 1, 2024, the interest expense allocation method for each segment was changed to include a part of interest expenses in corporate profits (losses) in the reconciliation of segment profits to the condensed consolidated financial statement amounts. As a result, segment data for the six months ended September 30, 2023 have been retrospectively reclassified.

Since April 1, 2024, the scope of segment assets was changed to include cash and cash equivalents, trade notes, accounts and other receivable, and others. As a result, segment data as of for the end of fiscal 2024 have been retrospectively reclassified.

Segment information for the six months ended September 30, 2023 and six months ended September 30, 2024 is as follows:

 

		Millions of yen
		Six months ended September 30, 2023
		Corporate Financial Services and Maintenance Leasing				Real Estate				PE Investment and Concession				Environment and Energy				Insurance				Banking and Credit				Aircraft and Ships
Finance revenues			¥31,398				¥3,008				¥814				¥720				¥144				¥39,630				¥4,051
Gains on investment securities and dividends			2,167				479				228				(8	)			0				187				232
Operating leases			132,122				24,289				19,957				40				0				0				21,867
Life insurance premiums and related investment income			0				0				0				0				287,026				0				0
Sales of goods and real estate			2,135				52,514				114,149				1,658				0				0				97
Services income			52,421				139,003				38,128				79,562				1,416				3,111				2,999
Total Segment Revenues			220,243				219,293				173,276				81,972				288,586				42,928				29,246
Interest expense			2,699				1,427				1,690				5,046				0				2,608				5,089
Costs of operating leases			95,428				12,537				13,352				9				0				0				10,278
Life insurance costs			0				0				0				0				222,032				0				0
Costs of goods and real estate sold			1,681				40,754				79,379				1,005				0				0				97
Services expense			28,361				118,397				26,666				53,908				0				3,436				506
Other (income) and expense			8,326				(301	)			(605	)			963				(3	)			(276	)			(2,973	)
Selling, general and administrative expenses			43,938				20,611				42,498				9,036				29,105				16,041				4,936
Provision for credit losses, and write-downs of long-lived assets and securities			388				434				191				25				0				4,116				(0	)
Total Segment Expenses			180,821				193,859				163,171				69,992				251,134				25,925				17,933
Equity in Net income (Loss) of equity method investments and others			1,951				2,076				(180	)			148				(1	)			(201	)			7,481
Segment Profits			41,373				27,510				9,925				12,128				37,451				16,802				18,794
Significant non-cash items:
Depreciation and amortization			75,456				9,118				13,537				13,780				6,159				708				10,602
Increase in policy liabilities and policy account balances			0				0				0				0				100,338				0				0
Expenditures for long-lived assets			88,875				29,607				9,568				26,808				224				4				126,481
		Millions of yen
		Six months ended September 30, 2023
		ORIX USA				ORIX Europe				Asia and Australia				Total
Finance revenues		¥	57,662			¥	1,053			¥	34,208			¥	172,688
Gains on investment securities and dividends			4,591				1,889				375				10,140
Operating leases			699				0				58,496				257,470
Life insurance premiums and related investment income			0				0				0				287,026
Sales of goods and real estate			231				0				153				170,937
Services income			24,554				101,332				11,847				454,373
Total Segment Revenues			87,737				104,274				105,079				1,352,634
Interest expense			24,363				141				16,225				59,288
Costs of operating leases			104				0				43,447				175,155
Life insurance costs			0				0				0				222,032
Costs of goods and real estate sold			139				0				145				123,200
Services expense			1,535				25,938				7,365				266,112
Other (income) and expense			(1,400	)			(196	)			(1,047	)			2,488
Selling, general and administrative expenses			41,581				61,258				20,000				289,004
Provision for credit losses, and write-downs of long-lived assets and securities			1,005				0				3,009				9,168
Total Segment Expenses			67,327				87,141				89,144				1,146,447
Equity in Net income (Loss) of equity method investments and others			1,081				2,403				2,585				17,343
Segment Profits			21,491				19,536				18,520				223,530
Significant non-cash items:
Depreciation and amortization			1,859				3,221				42,083				176,523
Increase in policy liabilities and policy account balances			0				0				0				100,338
Expenditures for long-lived assets			340				130				89,850				371,887

 

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		Millions of yen
		Six months ended September 30, 2024
		Corporate Financial Services and Maintenance Leasing				Real Estate				PE Investment and Concession				Environment and Energy				Insurance				Banking and Credit				Aircraft and Ships
Finance revenues		¥	30,890			¥	2,467			¥	5,978			¥	616			¥	159			¥	28,818			¥	3,333
Gains on investment securities and dividends			1,460				845				586				(8	)			0				65				139
Operating leases			139,859				37,842				20,605				39				0				0				41,900
Life insurance premiums and related investment income			0				0				0				0				235,014				0				0
Sales of goods and real estate			1,812				61,793				122,384				1,481				0				0				196
Services income			54,783				157,232				31,473				86,834				(1	)			1,567				5,734
Total Segment Revenues			228,804				260,179				181,026				88,962				235,172				30,450				51,302
Interest expense			3,278				1,172				1,655				6,211				81				2,745				8,563
Costs of operating leases			98,878				11,941				13,072				9				0				0				17,581
Life insurance costs			0				0				0				0				166,834				0				0
Costs of goods and real estate sold			1,489				49,789				84,951				836				0				0				199
Services expense			29,522				125,059				21,928				65,705				0				4,433				2,151
Other (income) and expense			8,757				703				(449	)			562				(140	)			106				(2,543	)
Selling, general and administrative expenses			45,051				20,873				43,194				10,828				27,539				10,635				5,004
Provision for credit losses, and write-downs of long-lived assets and securities			1,060				60				93				238				1				308				(0	)
Total Segment Expenses			188,035				209,597				164,444				84,389				194,315				18,227				30,955
Equity in Net income (Loss) of equity method investments and others			4,797				(225	)			30,415				(2,227	)			(0	)			884				11,664
Segment Profits			45,566				50,357				46,997				2,346				40,857				13,107				32,011
Significant non-cash items:
Depreciation and amortization			77,763				9,494				12,910				16,713				14,842				326				13,728
Increase in policy liabilities and policy account balances			0				0				0				0				41,053				0				0
Expenditures for long-lived assets			100,876				40,706				7,941				21,293				77				0				174,188
		Millions of yen
		Six months ended September 30, 2024
		ORIX USA				ORIX Europe				Asia and Australia				Total
Finance revenues		¥	53,163			¥	1,990			¥	37,885			¥	165,299
Gains on investment securities and dividends			(280	)			3,821				(47	)			6,581
Operating leases			292				0				67,510				308,047
Life insurance premiums and related investment income			0				0				0				235,014
Sales of goods and real estate			235				0				246				188,147
Services income			22,255				120,866				12,016				492,759
Total Segment Revenues			75,665				126,677				117,610				1,395,847
Interest expense			22,225				373				20,972				67,275
Costs of operating leases			649				0				48,902				191,032
Life insurance costs			0				0				0				166,834
Costs of goods and real estate sold			151				0				229				137,644
Services expense			854				32,629				7,599				289,880
Other (income) and expense			(2,284	)			4,609				(621	)			8,700
Selling, general and administrative expenses			45,360				69,026				21,782				299,292
Provision for credit losses, and write-downs of long-lived assets and securities			1,617				115				4,555				8,047
Total Segment Expenses			68,572				106,752				103,418				1,168,704
Equity in Net income (Loss) of equity method investments and others			9,514				872				4,932				60,626
Segment Profits			16,607				20,797				19,124				287,769
Significant non-cash items:
Depreciation and amortization			1,736				3,202				47,103				197,817
Increase in policy liabilities and policy account balances			0				0				0				41,053
Expenditures for long-lived assets			878				480				86,152				432,591

 

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Segment information as of March 31, 2024 and September 30, 2024 is as follows:
		Millions of yen
		As of March 31, 2024
		Corporate Financial Services and Maintenance Leasing				Real Estate				PE Investment and Concession				Environment and Energy				Insurance				Banking and Credit				Aircraft and Ships
Net investment in leases		¥	567,735			¥	51,978			¥	1,238			¥	3,104			¥	0			¥	0			¥	0
Installment loans			346,840				52				115,629				2,255				11,792				2,378,183				60,468
Investment in operating leases			535,655				278,191				56,286				250				26,876				0				557,867
Investment in securities			36,683				4,036				36,729				571				2,236,495				311,237				11,960
Property under facility operations and servicing assets			17,404				165,387				41,416				453,252				0				0				0
Inventories			928				174,990				47,553				2,463				0				0				733
Advances for finance lease and operating lease			3,400				114,649				5				0				0				0				9,232
Equity method investments			14,984				143,751				118,310				219,018				29,742				43,601				399,061
Advances for property under facility operations			0				8,183				4,466				44,962				0				0				0
Goodwill, intangible assets acquired in business combinations			28,693				52,898				351,202				121,174				4,452				0				19,114
Other assets			224,998				115,972				293,813				129,385				612,570				201,196				111,206
Segment Assets			1,777,320				1,110,087				1,066,647				976,434				2,921,927				2,934,217				1,169,641
		Millions of yen
		As of March 31, 2024
		ORIX USA				ORIX Europe				Asia and Australia				Total
Net investment in leases		¥	505			¥	0			¥	530,426			¥	1,154,986
Installment loans			699,384				0				343,936				3,958,539
Investment in operating leases			9,858				0				395,573				1,860,556
Investment in securities			509,172				82,568				33,520				3,262,971
Property under facility operations and servicing assets			79,747				0				1,849				759,055
Inventories			159				0				224				227,050
Advances for finance lease and operating lease			0				0				3,017				130,303
Equity method investments			61,415				11,907				271,682				1,313,471
Advances for property under facility operations			0				0				0				57,611
Goodwill, intangible assets acquired in business combinations			176,785				364,773				7,313				1,126,404
Other assets			157,459				202,891				121,693				2,171,183
Segment Assets			1,694,484				662,139				1,709,233				16,022,129

 

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		Millions of yen
		As of September 30, 2024
		Corporate Financial Services and Maintenance Leasing				Real Estate				PE Investment and Concession				Environment and Energy				Insurance				Banking and Credit				Aircraft and Ships
Net investment in leases		¥	561,576			¥	48,277			¥	1,064			¥	2,436			¥	0			¥	0			¥	0
Installment loans			363,951				41				119,949				2,784				11,951				2,368,834				44,765
Investment in operating leases			545,046				315,784				57,463				243				26,742				0				643,430
Investment in securities			29,834				1,623				9,182				577				2,215,325				311,975				11,095
Property under facility operations and servicing assets			17,281				160,902				32,730				473,394				0				0				29
Inventories			621				168,672				42,333				2,701				0				0				1,896
Advances for finance lease and operating lease			3,218				76,221				4				0				0				0				18,062
Equity method investments			14,676				173,186				129,267				246,490				31,818				44,423				375,458
Advances for property under facility operations			0				10,787				113				52,905				0				0				0
Goodwill, intangible assets acquired in business combinations			25,971				51,850				343,976				128,736				4,452				0				29,337
Other assets			243,986				103,842				252,205				136,046				610,879				196,192				97,904
Segment Assets			1,806,160				1,111,185				988,286				1,046,312				2,901,167				2,921,424				1,221,976
		Millions of yen
		As of September 30, 2024
		ORIX USA				ORIX Europe				Asia and Australia				Total
Net investment in leases		¥	455			¥	0			¥	545,487			¥	1,159,295
Installment loans			596,207				0				317,970				3,826,452
Investment in operating leases			11,486				0				397,101				1,997,295
Investment in securities			484,048				86,924				34,499				3,185,082
Property under facility operations and servicing assets			73,571				0				1,736				759,643
Inventories			212				0				156				216,591
Advances for finance lease and operating lease			0				0				3,864				101,369
Equity method investments			57,845				11,592				277,269				1,362,024
Advances for property under facility operations			0				0				0				63,805
Goodwill, intangible assets acquired in business combinations			165,697				351,985				7,003				1,109,007
Other assets			150,554				212,496				122,888				2,126,992
Segment Assets			1,540,075				662,997				1,707,973				15,907,555

 

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The reconciliation of segment totals to the condensed consolidated financial statement amounts is as follows:

 

		Millions of yen
		Six months ended September 30, 2023				Six months ended September 30, 2024
Segment revenues:
Total revenues for segments			¥1,352,634				¥1,395,847
Revenues related to corporate assets			34,142				34,620
Revenues from inter-segment transactions			(26,820	)			(26,834	)
Total consolidated revenues			¥1,359,956				¥1,403,633
Segment profits:
Total profits for segments		¥	223,530			¥	287,769
Corporate profits (losses)			(42,011	)			(30,109	)
Net income attributable to the noncontrolling interests and net income attributable to the redeemable noncontrolling interests			2,948				(669	)
Total consolidated income before income taxes		¥	184,467			¥	256,991

 

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The following information represents disaggregation of revenues for revenues from contracts with customers, by goods and services category and geographical location for the six months ended September 30, 2023 and 2024.

For the six months ended September 30, 2023

 

		Millions of yen
		Six months ended September 30, 2023
		Reportable segments
		Corporate Financial Services and Maintenance Leasing				Real Estate				PE Investment and Concession				Environment and Energy				Insurance				Banking and Credit				Aircraft and Ships
Goods or services category
Sales of goods		¥	2,135			¥	1,730			¥	114,149			¥	1,658			¥	0			¥	0			¥	97
Real estate sales			0				50,784				0				0				0				0				0
Asset management and servicing			145				4,858				0				92				0				294				28
Automobile related services			31,951				0				0				138				0				0				0
Facilities operation			0				37,754				0				0				0				0				0
Environment and energy services			1,598				25				38				78,964				0				0				0
Real estate management and brokerage			0				50,148				0				0				0				0				0
Real estate contract work			0				45,377				20,982				0				0				0				0
Other			18,727				841				17,108				368				1,416				2,817				2,971
Total revenues from contracts with customers			54,556				191,517				152,277				81,220				1,416				3,111				3,096
Other revenues *			165,687				27,776				20,999				752				287,170				39,817				26,150
Segment revenues/Total revenues		¥	220,243			¥	219,293			¥	173,276			¥	81,972			¥	288,586			¥	42,928			¥	29,246
		Millions of yen
		Six months ended September 30, 2023
		Reportable segments																Corporate revenue and intersegment transactions				Total revenues
		ORIX USA				ORIX Europe				Asia and Australia				Total
Goods or services category
Sales of goods		¥	226			¥	0			¥	153			¥	120,148			¥	2,863			¥	123,011
Real estate sales			5				0				0				50,789				0				50,789
Asset management and servicing			8,697				101,374				23				115,511				(119	)			115,392
Automobile related services			0				0				11,158				43,247				2				43,249
Facilities operation			0				0				0				37,754				578				38,332
Environment and energy services			459				0				0				81,084				(896	)			80,188
Real estate management and brokerage			0				0				0				50,148				(664	)			49,484
Real estate contract work			0				0				0				66,359				23				66,382
Other			2,383				(42	)			634				47,223				4,680				51,903
Total revenues from contracts with customers			11,770				101,332				11,968				612,263				6,467				618,730
Other revenues *			75,967				2,942				93,111				740,371				855				741,226
Segment revenues/Total revenues		¥	87,737			¥	104,274			¥	105,079			¥	1,352,634			¥	7,322			¥	1,359,956

 

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For the six months ended September 30, 2024

 

		Millions of yen
		Six months ended September 30, 2024
		Reportable segments
		Corporate Financial Services and Maintenance Leasing				Real Estate				PE Investment and Concession				Environment and Energy				Insurance				Banking and Credit				Aircraft and Ships
Goods or services category
Sales of goods		¥	1,812			¥	1,972			¥	122,384			¥	1,481			¥	0			¥	0			¥	196
Real estate sales			0				59,821				0				0				0				0				0
Asset management and servicing			170				3,549				0				63				0				0				22
Automobile related services			32,327				0				0				106				0				0				0
Facilities operation			0				40,003				0				0				0				0				0
Environment and energy services			1,747				23				36				86,340				0				0				0
Real estate management and brokerage			0				51,132				0				0				0				0				0
Real estate contract work			0				51,013				22,973				0				0				0				0
Other			20,539				1,002				8,464				310				(1	)			1,567				5,712
Total revenues from contracts with customers			56,595				208,515				153,857				88,300				(1	)			1,567				5,930
Other revenues *			172,209				51,664				27,169				662				235,173				28,883				45,372
Segment revenues/Total revenues		¥	228,804			¥	260,179			¥	181,026			¥	88,962			¥	235,172			¥	30,450			¥	51,302
		Millions of yen
		Six months ended September 30, 2024
		Reportable segments																Corporate revenue and intersegment transactions				Total revenues
		ORIX USA				ORIX Europe				Asia and Australia				Total
Goods or services category
Sales of goods		¥	235			¥	0			¥	246			¥	128,326			¥	2,727			¥	131,053
Real estate sales			0				0				0				59,821				0				59,821
Asset management and servicing			6,845				120,784				37				131,470				(116	)			131,354
Automobile related services			0				0				11,239				43,672				0				43,672
Facilities operation			0				0				0				40,003				675				40,678
Environment and energy services			0				0				0				88,146				(681	)			87,465
Real estate management and brokerage			0				0				0				51,132				(713	)			50,419
Real estate contract work			0				0				0				73,986				(896	)			73,090
Other			1,376				82				647				39,698				5,790				45,488
Total revenues from contracts with customers			8,456				120,866				12,169				656,254				6,786				663,040
Other revenues *			67,209				5,811				105,441				739,593				1,000				740,593
Segment revenues/Total revenues		¥	75,665			¥	126,677			¥	117,610			¥	1,395,847			¥	7,786			¥	1,403,633

 

*	Other revenues include revenues that are not in the scope of revenue from contracts with customers, such as life insurance premiums and related investment income, operating leases, finance revenues that include interest income, and others.

 

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26.	Subsequent Events

There are no material subsequent event

s

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