Pension Plans (Tables)
|
12 Months Ended |
Mar. 31, 2026 |
|---|
| Funded Status of Defined Benefit Pension Plans |
The funded status of the defined benefit pension plans, which consists of Japanese plans and overseas plans, as of March 31, 2025 and 2026 are as follows:
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| |
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| Change in benefit obligation: |
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|
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|
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|
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|
| Benefit obligation at beginning of year |
|
¥ |
105,109 |
|
|
¥ |
93,804 |
|
|
¥ |
129,934 |
|
|
¥ |
122,744 |
|
| Service cost |
|
|
5,078 |
|
|
|
4,473 |
|
|
|
3,268 |
|
|
|
2,890 |
|
| Interest cost |
|
|
1,421 |
|
|
|
1,943 |
|
|
|
4,091 |
|
|
|
4,786 |
|
| Actuarial loss (income) |
|
|
(7,621 |
) |
|
|
(6,728 |
) |
|
|
(11,712 |
) |
|
|
(8,246 |
) |
| Plan participant’s contributions |
|
|
0 |
|
|
|
0 |
|
|
|
233 |
|
|
|
471 |
|
| Benefits paid |
|
|
(5,032 |
) |
|
|
(5,513 |
) |
|
|
(2,375 |
) |
|
|
(4,025 |
) |
| Business combinations |
|
|
86 |
|
|
|
4,141 |
|
|
|
0 |
|
|
|
0 |
|
| Divestitures |
|
|
(1,937 |
) |
|
|
(498 |
) |
|
|
0 |
|
|
|
0 |
|
| Plan amendments |
|
|
0 |
|
|
|
0 |
|
|
|
179 |
|
|
|
0 |
|
| Settlements |
|
|
(3,300 |
) |
|
|
0 |
|
|
|
0 |
|
|
|
0 |
|
| Foreign currency exchange rate change |
|
|
0 |
|
|
|
0 |
|
|
|
(874 |
) |
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|
15,504 |
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|
Bene f it obligatio n at e nd of year |
|
|
93,804 |
|
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|
91,622 |
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|
122,744 |
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|
134,124 |
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| Change in plan assets: |
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| Fair value of plan assets at beginning of year |
|
|
143,101 |
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|
137,712 |
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|
|
153,803 |
|
|
|
151,819 |
|
| Actual return on plan assets |
|
|
449 |
|
|
|
9,551 |
|
|
|
(1,435 |
) |
|
|
2,115 |
|
| Employer contribution |
|
|
3,855 |
|
|
|
4,034 |
|
|
|
2,446 |
|
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|
2,665 |
|
| Plan participant’s contributions |
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|
0 |
|
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|
0 |
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|
|
233 |
|
|
|
471 |
|
| Benefits paid |
|
|
(4,404 |
) |
|
|
(4,560 |
) |
|
|
(2,182 |
) |
|
|
(3,772 |
) |
| Business combinations |
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|
0 |
|
|
|
5,827 |
|
|
|
0 |
|
|
|
0 |
|
| Divestitures |
|
|
(3,272 |
) |
|
|
(460 |
) |
|
|
0 |
|
|
|
0 |
|
| Settlements |
|
|
(2,017 |
) |
|
|
(1 |
) |
|
|
0 |
|
|
|
0 |
|
| Foreign currency exchange rate change |
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|
0 |
|
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|
0 |
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(1,046 |
) |
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|
19,770 |
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| Fair value of plan assets at end of year |
|
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137,712 |
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|
152,103 |
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|
151,819 |
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|
173,068 |
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| The funded status of the plans |
|
¥ |
43,908 |
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|
¥ |
60,481 |
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|
¥ |
29,075 |
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|
¥ |
38,944 |
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| Amount recognized in the consolidated balance sheets consists of: |
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| Prepaid benefit cost included in other assets |
|
¥ |
59,111 |
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|
¥ |
75,053 |
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|
¥ |
30,809 |
|
|
¥ |
40,886 |
|
| Accrued benefit liability included in other liabilities |
|
|
(15,203 |
) |
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|
(14,572 |
) |
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|
(1,734 |
) |
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|
(1,942 |
) |
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| Net amount recognized |
|
¥ |
43,908 |
|
|
¥ |
60,481 |
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|
¥ |
29,075 |
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|
¥ |
38,944 |
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| Defined Benefit Plan Amount Recognized in Accumulated Other Comprehensive Income (Loss), Pre-tax |
Amount recognized in accumulated other comprehensive income (loss), pre-tax, at March 31, 2025 and 2026 consisted of:
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| |
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Net prior service credit |
|
¥ |
666 |
|
|
¥ |
601 |
|
|
¥ |
(502 |
) |
|
¥ |
(838 |
) |
Net actuarial gain (loss) |
|
|
5,750 |
|
|
|
25,940 |
|
|
|
12,865 |
|
|
|
17,953 |
|
Net transition obligation |
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|
0 |
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|
0 |
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|
8 |
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|
9 |
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Total recognized in accumulated other comprehensive loss, pre-tax |
|
¥ |
6,416 |
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|
¥ |
26,541 |
|
|
¥ |
12,371 |
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|
¥ |
17,124 |
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| Summary Of Accumulated Benefit Obligations And Fair Value Of Plan Assets For Pension Plans |
The accumulated benefit obligations and fair value of plan assets for pension plans with accumulated benefit obligations in excess of plan assets at March 31, 2025 and 2026 are as follows:
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Accumulated benefit obligations |
|
¥ |
14,525 |
|
|
¥ |
14,163 |
|
|
¥ |
2,075 |
|
|
¥ |
2,260 |
|
Fair value of plan assets |
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|
0 |
|
|
|
0 |
|
|
|
389 |
|
|
|
366 |
|
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| Summary Of Projected Benefit Obligations And Fair Value Of Plan Assets For Pension Plans With Projected Defined Benefit Obligation In Excess Of Plan Assets |
The projected benefit obligations and fair value of plan assets for pension plans with projected benefit obligations in excess of plan assets at March 31, 2025 and 2026 are as follows:
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Projected benefit obligations |
|
¥ |
15,203 |
|
|
¥ |
14,572 |
|
|
¥ |
3,844 |
|
|
¥ |
2,308 |
|
Fair value of plan assets |
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|
0 |
|
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|
0 |
|
|
|
2,110 |
|
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|
366 |
|
|
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| Net Pension Cost of Defined Benefit Plans |
Net pension cost of the plans for fiscal 2024, 2025 and 2026 consists of the following:
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| |
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| |
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Japanese plans: |
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|
|
|
|
|
|
|
|
|
|
Service cost |
|
¥ |
5,542 |
|
|
¥ |
5,078 |
|
|
¥ |
4,473 |
|
Interest cost |
|
|
1,216 |
|
|
|
1,421 |
|
|
|
1,943 |
|
Expected return on plan assets |
|
|
(2,702 |
) |
|
|
(2,766 |
) |
|
|
(2,734 |
) |
Amortization of prior service credit |
|
|
(84 |
) |
|
|
(72 |
) |
|
|
(65 |
) |
Amortization of net actuarial loss |
|
|
59 |
|
|
|
(93 |
) |
|
|
(139 |
) |
Plan amendments |
|
|
0 |
|
|
|
0 |
|
|
|
0 |
|
Settlements |
|
|
0 |
|
|
|
(1,347 |
) |
|
|
1 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net periodic pension cost |
|
¥ |
4,031 |
|
|
¥ |
2,221 |
|
|
¥ |
3,479 |
|
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|
|
|
|
|
|
|
|
|
|
|
|
Overseas plans: |
|
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|
|
|
|
|
|
|
|
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|
Service cost |
|
¥ |
2,999 |
|
|
¥ |
3,268 |
|
|
¥ |
2,890 |
|
Interest cost |
|
|
3,395 |
|
|
|
4,091 |
|
|
|
4,786 |
|
Expected return on plan assets |
|
|
(6,362 |
) |
|
|
(6,996 |
) |
|
|
(7,489 |
) |
Amortization of prior service credit |
|
|
(354 |
) |
|
|
(322 |
) |
|
|
(270 |
) |
Amortization of net actuarial loss |
|
|
11 |
|
|
|
9 |
|
|
|
5 |
|
Amortization of transition obligation |
|
|
1 |
|
|
|
1 |
|
|
|
0 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net periodic pension cost |
|
¥ |
(310 |
) |
|
¥ |
51 |
|
|
¥ |
(78 |
) |
|
|
|
|
|
|
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|
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|
| 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. |
|
| Other Changes in Plan Assets and Benefit Obligations Recognized in Other Comprehensive Income (Loss) |
Other changes in plan assets and benefit obligations recognized in other comprehensive income (loss) for fiscal 2024, 2025 and 2026 are summarized as follows:
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| |
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| |
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|
Japanese plans: |
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|
|
|
|
|
|
|
|
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|
Current year actuarial gain (loss) |
|
¥ |
12,990 |
|
|
¥ |
5,125 |
|
|
¥ |
20,329 |
|
Amortization of net actuarial loss |
|
|
59 |
|
|
|
(93 |
) |
|
|
(139 |
) |
Prior service credit due to amendments |
|
|
0 |
|
|
|
(278 |
) |
|
|
0 |
|
Amortization of prior service credit |
|
|
(84 |
) |
|
|
(72 |
) |
|
|
(65 |
) |
Settlements |
|
|
0 |
|
|
|
(148 |
) |
|
|
0 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total recognized in other comprehensive income, pre-tax |
|
¥ |
12,965 |
|
|
¥ |
4,534 |
|
|
¥ |
20,125 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Overseas plans: |
|
|
|
|
|
|
|
|
|
|
|
|
Current year actuarial gain (loss) |
|
¥ |
5,728 |
|
|
¥ |
3,226 |
|
|
¥ |
3,141 |
|
Amortization of net actuarial loss |
|
|
11 |
|
|
|
9 |
|
|
|
5 |
|
Prior service credit due to amendments |
|
|
(145 |
) |
|
|
(179 |
) |
|
|
(5 |
) |
Amortization of prior service credit |
|
|
(354 |
) |
|
|
(322 |
) |
|
|
(270 |
) |
Amortization of transition obligation |
|
|
1 |
|
|
|
1 |
|
|
|
0 |
|
Foreign currency exchange rate change |
|
|
641 |
|
|
|
(78 |
) |
|
|
1,882 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total recognized in other comprehensive income (loss), pre-tax |
|
¥ |
5,882 |
|
|
¥ |
2,657 |
|
|
¥ |
4,753 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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| Significant Assumptions of Japan and Overseas Pension Plans Used to Determine Plan Amounts |
Significant assumptions of Japanese pension plans and overseas pension plans used to determine these amounts are as follows:
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| |
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|
Weighted-average assumptions used to determine benefit obligations at March 31: |
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|
| Discount rate |
|
|
1.4 |
% |
|
|
2.1 |
% |
|
|
2.8 |
% |
| Rate of increase in compensation levels |
|
|
4.3 |
% |
|
|
3.4 |
% |
|
|
3.1 |
% |
| Interest crediting rate for cash balance plans |
|
|
1.5 |
% |
|
|
1.5 |
% |
|
|
1.5 |
% |
| Weighted-average assumptions used to determine net periodic pension cost for years ended March 31: |
|
|
|
|
|
|
|
|
|
|
|
|
| Discount rate |
|
|
1.1 |
% |
|
|
1.4 |
% |
|
|
2.1 |
% |
| Rate of increase in compensation levels |
|
|
4.3 |
% |
|
|
4.3 |
% |
|
|
3.4 |
% |
| Expected long-term rate of return on plan assets |
|
|
2.0 |
% |
|
|
2.0 |
% |
|
|
1.9 |
% |
| Interest crediting rate for cash balance plans |
|
|
1.5 |
% |
|
|
1.5 |
% |
|
|
1.5 |
% |
|
|
|
|
| Overseas plans |
|
|
|
|
|
|
|
|
|
| Weighted-average assumptions used to determine benefit obligations at March 31: |
|
|
|
|
|
|
|
|
|
|
|
|
| Discount rate |
|
|
3.3 |
% |
|
|
3.8 |
% |
|
|
4.3 |
% |
| Rate of increase in compensation levels |
|
|
2.3 |
% |
|
|
2.3 |
% |
|
|
2.3 |
% |
| Interest crediting rate for cash balance plans |
|
|
— |
|
|
|
— |
|
|
|
— |
|
| Weighted-average assumptions used to determine net periodic pension cost for years ended March 31: |
|
|
|
|
|
|
|
|
|
|
|
|
| Discount rate |
|
|
3.3 |
% |
|
|
3.3 |
% |
|
|
3.8 |
% |
| Rate of increase in compensation levels |
|
|
2.3 |
% |
|
|
2.3 |
% |
|
|
2.3 |
% |
| Expected long-term rate of return on plan assets |
|
|
4.6 |
% |
|
|
4.7 |
% |
|
|
4.7 |
% |
| Interest crediting rate for cash balance plans |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
| Benefits Expected to be Paid |
At March 31, 2026, the benefits expected to be paid in each of the next five fiscal years, and in the aggregate for the five years thereafter are as follows:
|
|
|
|
|
|
|
|
|
| |
|
|
|
| Years ending March 31, |
|
|
|
|
|
|
| 2027 |
|
¥ |
6,051 |
|
|
¥ |
4,195 |
|
| 2028 |
|
|
5,453 |
|
|
|
4,386 |
|
| 2029 |
|
|
6,141 |
|
|
|
4,320 |
|
| 2030 |
|
|
6,198 |
|
|
|
4,482 |
|
| 2031 |
|
|
6,158 |
|
|
|
4,711 |
|
| 2032-2036 |
|
|
32,528 |
|
|
|
26,958 |
|
|
|
|
|
|
|
|
|
|
| Total |
|
¥ |
62,529 |
|
|
¥ |
49,052 |
|
|
|
|
|
|
|
|
|
|
|
| Japan |
|
| Fair Value of Pension Plan Assets by Asset Category |
The fair value of Japanese pension plan assets at March 31, 202 5 and 2026, by asset category, are as follows. The three levels of input used to measure fair value are described in Note 2 “Fair Value Measurements.”
|
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| |
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| |
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| |
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| Equity securities: |
|
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| Japan |
|
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| Pooled funds*1 |
|
¥ |
15,268 |
|
|
¥ |
0 |
|
|
¥ |
0 |
|
|
¥ |
0 |
|
| Other than Japan |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Pooled funds*2 |
|
|
19,447 |
|
|
|
0 |
|
|
|
0 |
|
|
|
0 |
|
| Debt securities: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Japan |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Pooled funds*3 |
|
|
28,787 |
|
|
|
0 |
|
|
|
0 |
|
|
|
0 |
|
| Other than Japan |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Pooled funds*4 |
|
|
32,738 |
|
|
|
0 |
|
|
|
0 |
|
|
|
0 |
|
| Other assets: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Life insurance company general accounts*5 |
|
|
29,136 |
|
|
|
0 |
|
|
|
29,136 |
|
|
|
0 |
|
| Others*6 |
|
|
12,336 |
|
|
|
0 |
|
|
|
12,336 |
|
|
|
0 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
¥ |
137,712 |
|
|
¥ |
0 |
|
|
¥ |
41,472 |
|
|
¥ |
0 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| *1 |
These funds invest in listed shares including shares of ORIX Corporation in the amounts of ¥30 million at March 31, 2025. |
| *2 |
These funds invest in listed shares. |
| *3 |
These funds invest approximately 70% in Japanese government bonds, and approximately 30% in Japanese corporate bonds. These funds include corporate bonds of ORIX Corporation in the amounts of ¥7 million at March 31, 2025. |
| *4 |
These funds invest approximately 100% in foreign government bonds. |
| *5 |
Life insurance company general accounts are accounts with guaranteed capital and minimum interest rate, in which life insurance companies manage funds on several contracts. |
| *6 |
Others include derivative instruments held for hedging change in the fair value of equity securities, and short-term instruments. |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
|
|
| |
|
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
| Equity securities: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Japan |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Pooled funds*1 |
|
¥ |
19,029 |
|
|
¥ |
0 |
|
|
¥ |
0 |
|
|
¥ |
0 |
|
| Other than Japan |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Pooled funds*2 |
|
|
21,666 |
|
|
|
0 |
|
|
|
0 |
|
|
|
0 |
|
| Debt securities: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Japan |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Pooled funds*3 |
|
|
28,365 |
|
|
|
0 |
|
|
|
0 |
|
|
|
0 |
|
| Other than Japan |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Pooled funds*4 |
|
|
25,531 |
|
|
|
0 |
|
|
|
0 |
|
|
|
0 |
|
| Other assets: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Life insurance company general accounts*5 |
|
|
27,989 |
|
|
|
0 |
|
|
|
27,989 |
|
|
|
0 |
|
| Others*6 |
|
|
29,523 |
|
|
|
0 |
|
|
|
29,523 |
|
|
|
0 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
¥ |
152,103 |
|
|
¥ |
0 |
|
|
¥ |
57,512 |
|
|
¥ |
0 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| *1 |
These funds invest in listed shares including shares of ORIX Corporation in the amounts of ¥42 million at March 31, 2026. |
| *2 |
These funds invest in listed shares. |
| *3 |
These funds invest approximately 70% in Japanese government bonds, and approximately 30% in Japanese corporate bonds. These funds include corporate bonds of ORIX Corporation in the amounts of ¥6 million at March 31, 2026. |
| *4 |
These funds invest approximately 100% in foreign government bonds. |
| *5 |
Life insurance company general accounts are accounts with guaranteed capital and minimum interest rate, in which life insurance companies manage funds on several contracts. |
*6 |
Others include derivative instruments held for hedging change in the fair value of equity securities, and short-term instruments. |
|
| Overseas plans |
|
| Fair Value of Pension Plan Assets by Asset Category |
The fair value of overseas pension plan assets at March 31, 2025 and 2026, by asset category, are as follows. The three levels of input used to measure fair value are described in Note 2 “Fair Value Measurements.”
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
|
|
| |
|
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
| Equity securities: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Other than Japan |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Shares |
|
¥ |
54,119 |
|
|
¥ |
54,119 |
|
|
¥ |
0 |
|
|
¥ |
0 |
|
| Pooled funds*1 |
|
|
722 |
|
|
|
0 |
|
|
|
0 |
|
|
|
0 |
|
| Debt securities: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Other than Japan |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Government bonds |
|
|
85,685 |
|
|
|
85,685 |
|
|
|
0 |
|
|
|
0 |
|
| Municipal bonds |
|
|
4,094 |
|
|
|
0 |
|
|
|
4,094 |
|
|
|
0 |
|
| Other assets: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Life insurance company general accounts*2 |
|
|
455 |
|
|
|
0 |
|
|
|
455 |
|
|
|
0 |
|
| Others*3 |
|
|
6,744 |
|
|
|
0 |
|
|
|
6,744 |
|
|
|
0 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
¥ |
151,819 |
|
|
¥ |
139,804 |
|
|
¥ |
11,293 |
|
|
¥ |
0 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| *1 |
These funds invest in listed shares. |
| *2 |
Life insurance company general accounts are accounts with guaranteed capital and minimum interest rate, in which life insurance companies manage funds on several contracts. |
| *3 |
Others include derivative instruments held for hedging change in the fair value of equity securities, and short-term instruments. |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
|
|
| |
|
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
| Equity securities: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Other than Japan |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Shares |
|
¥ |
70,171 |
|
|
¥ |
70,171 |
|
|
¥ |
0 |
|
|
¥ |
0 |
|
| Pooled funds*1 |
|
|
712 |
|
|
|
0 |
|
|
|
0 |
|
|
|
0 |
|
| Debt securities: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Other than Japan |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Government bonds |
|
|
91,849 |
|
|
|
91,849 |
|
|
|
0 |
|
|
|
0 |
|
| Municipal bonds |
|
|
4,403 |
|
|
|
0 |
|
|
|
4,403 |
|
|
|
0 |
|
| Other assets: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Life insurance company general accounts*2 |
|
|
444 |
|
|
|
0 |
|
|
|
444 |
|
|
|
0 |
|
| Others*3 |
|
|
5,489 |
|
|
|
0 |
|
|
|
5,489 |
|
|
|
0 |
|
|
|
¥ |
173,068 |
|
|
¥ |
162,020 |
|
|
¥ |
10,336 |
|
|
¥ |
0 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| *1 |
These funds invest in listed shares. |
| *2 |
Life insurance company general accounts are accounts with guaranteed capital and minimum interest rate, in which life insurance companies manage funds on several contracts. |
| *3 |
Others include derivative instruments held for hedging change in the fair value of equity securities, and short-term instruments. |
|