v3.26.1
Short-Term and Long-Term Debt
 12 Months Ended
Mar. 31, 2026
Debt Disclosure [Abstract]  
Short-Term and Long-Term Debt
14. Short-Term and Long-Term Debt
Short-term debt consists of borrowings from financial institutions, commercial paper and others.
The composition of short-term debt and the weighted average contract interest rate on short-term debt at March 31, 2025 and 2026 are as follows:
March 31, 2025
 
    
Millions of yen
     
Weighted

average rate
  
Short-term debt in Japan, mainly from banks
    ¥ 181,835        0.7 % 
Short-term debt outside Japan, mainly from banks
      279,631        5.5  
Commercial paper outside Japan
      7,588        2.9  
Secured borrowings on securities lending transactions
      80,626        2.3  
  
 
 
     
   ¥ 549,680        3.4  
  
 
 
     
March 31, 2026
 
    
Millions of yen
     
Weighted

average rate
  
Short-term debt in Japan, mainly from banks
    ¥  131,655        1.3 % 
Short-term debt outside Japan, mainly from banks
      329,499        3.9  
Commercial paper outside Japan
      3,986        2.0  
Secured borrowings on securities lending transactions
      107,095        2.6  
  
 
 
     
   ¥ 572,235        3.1  
  
 
 
     
 
 
The composition of long-term debt, the weighted average contract interest rate on long-term debt and the repayment due dates at March 31, 2025 and 2026 are as follows:
March 31, 2025
 
    
Due

 (Fiscal Year) 
     
 Millions of yen 
     
Weighted

 average rate 
  
Banks:
         
Fixed rate
      2026~2083      ¥ 799,933        1.7 % 
Floating rate
      2026~2077        2,614,936        3.3  
Insurance companies and others:
         
Fixed rate
      2026~2083        353,890        0.9  
Floating rate
      2026~2077        262,346        2.2  
Unsecured bonds
      2026~2081        1,251,120        2.1  
Unsecured notes under medium-term note program
      2026~2032        387,316        3.8  
Payables under securitized lease receivables
      2026~2026        13,565        0.1  
Payables under securitized loan receivables and investment in securities
      2026~2044        50,012        5.0  
     
 
 
     
      ¥ 5,733,118        2.7  
     
 
 
     
March 31, 2026
 
    
Due

 (Fiscal Year) 
     
 Millions of yen 
     
Weighted

 average rate 
  
Banks:
         
Fixed rate
      2027~2083      ¥ 878,490        1.9 % 
Floating rate
      2027~2050        2,627,671        3.3  
Insurance companies and others:
         
Fixed rate
      2027~2083        346,407        1.1  
Floating rate
      2027~2038        265,825        2.4  
Unsecured bonds
      2027~2081        1,358,146        2.8  
Unsecured notes under medium-term note program
      2027~2032        458,255        3.9  
Payables under securitized lease receivables
      2027~2028        12,291        0.1  
Payables under securitized loan receivables and investment in securities
      2027~2044        18,674        2.4  
     
 
 
     
      ¥ 5,965,759        2.8  
     
 
 
     
 
 
The repayment schedule for the next five years and thereafter for long-term debt at March 31,
2026
is as follows:
 
Years ending March 31,
   
Millions of yen
  
2027
    ¥ 1,032,088  
2028
      967,289  
2029
      999,338  
2030
      808,330  
2031
      702,692  
Thereafter
      1,456,022  
  
 
 
  
Total
    ¥  5,965,759  
  
 
 
  
 
Borrowings
 with fixed rate from banks, insurance companies and others include the amount of ¥
44,000
 million of subordinated syndicated loan (hybrid loan). Out of this amount, ¥
10,000
 million was executed in fiscal 2022, and will mature in fiscal
2082
and may be redeemed after
5
years from the execution. ¥
34,000
 million was executed in fiscal 2023, and will mature in fiscal
2083
and may be redeemed after
5
years from the execution.
Unsecured bonds include the amount of ¥160,000 million of unsecured subordinated bonds with interest payment deferrable clauses and optional early redemption conditions (hybrid bonds). This amount consists of:
 
 
•
 
¥40,000 million issued in fiscal 2020, maturing in fiscal 2080, with optional early redemption on or after March 2030;
 
 
•
 
¥21,000 million issued in fiscal 2021, maturing in fiscal 2081, with optional early redemption on or after March 2031;
 
 
•
 
¥60,000 million issued in fiscal 2025, maturing in fiscal 2060, with optional early redemption on or after March 2030; and
 
 
•
 
¥39,000 million issued in fiscal 2026, maturing in fiscal 2061, with optional early redemption on or after March 2031.
For borrowings from banks, insurance companies and other financial institutions, for bonds, and for medium-term notes, principal repayments are usually made upon maturity of the loan contracts and interest payments are usually paid semi-annually.
During fiscal 2024, 2025 and 2026, the Company and certain subsidiaries recognized net amortization expenses of premiums and discounts of bonds and medium-term notes, and deferred issuance costs of bonds and medium-term notes in the amount of ¥1,247 million, ¥1,455 million and ¥
1,578
 million, respectively.
Total committed credit lines for the Company and its subsidiaries were ¥795,634 million and ¥
1,034,156
 million at March 31, 2025 and 2026, respectively, and, of these lines, ¥598,079 million and ¥
753,645
 million were
available at March
 31, 2025 and 2026, respectively. Of the available committed credit lines, ¥502,177 million and ¥
639,552
 million were long-term committed credit lines at March 31, 2025 and 2026, respectively.
The agreements related to debt payable to banks provide that the banks under certain circumstances may request additional security for loans and have the right to offset cash deposited against any short-term or long-term debt that becomes due and, in case of default and certain other specified events, against all other debt payable to the banks.
 
 
Other than the assets of the consolidated VIEs pledged as collateral for financing (see Note 11 “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, 2026:
 
    
Millions of yen
  
Lease payments, loans and investment in operating leases
    ¥ 201,058  
Investment in securities
      228,300  
Property under facility operations
      313,841  
Other assets and other
      145,612  
  
 
 
  
   ¥ 888,811  
  
 
 
  
As of March 31, 2026, debt liabilities were secured by shares of subsidiaries of ¥
198,764
 million, which were eliminated through consolidation adjustment, and debt liabilities of equity method investees were secured by equity method investments of ¥
149,119
 million. As of March 31, 2026, debt liabilities were secured by loans to subsidiaries, which were eliminated through consolidation adjustment, of ¥
7,922
 million. In addition, ¥
404,097
 million was pledged primarily by investment in securities for collateral deposits and deposits for real estate transaction as of March 31, 2026.
 
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 March 31, 2026.