Investment in Securities (Tables)

12 Months Ended

Mar. 31, 2011

Investment in securities at March 31, 2010 and 2011 consists of the following:


	Millions of yen				Millions of U.S. dollars
	2010		2011		2011
Trading securities	¥	49,596	¥	71,991	$	866
Available-for-sale securities		845,234		883,410		10,624
Held-to-maturity securities		43,732		43,695		526
Other securities		165,596		176,285		2,120

Total	¥	1,104,158	¥	1,175,381	$	14,136

Amortized Cost Gross Unrealized Gains and Losses and Fair Value of Investments Table

The amortized cost basis amounts, gross unrealized holding gains, gross unrealized holding losses and fair values of available-for-sale securities and held-to-maturity securities in each major security type at March 31, 2010 and 2011 are as follows:

March 31, 2010


	Millions of yen
	Amortized cost		Gross unrealized gains		Gross unrealized losses			Fair value
Available-for-sale:
Japanese and foreign government bond securities	¥	146,007	¥	624	¥	(178	)	¥	146,453
Japanese prefectural and foreign municipal bond securities		19,238		69		(60	)		19,247
Corporate debt securities		199,937		910		(1,556	)		199,291
Specified bonds issued by SPEs in Japan		249,696		303		(3,694	)		246,305
CMBS and RMBS in the U.S., and other asset-backed securities		146,820		10,759		(8,221	)		149,358
Equity securities		71,491		16,734		(3,645	)		84,580

		833,189		29,399		(17,354	)		845,234

Held-to-maturity:
Japanese government bond securities		43,732		0		(715	)		43,017

	¥	876,921	¥	29,399	¥	(18,069	)	¥	888,251

March 31, 2011


	Millions of yen
	Amortized cost		Gross unrealized gains		Gross unrealized losses			Fair value
Available-for-sale:
Japanese and foreign government bond securities	¥	168,818	¥	696	¥	(169	)	¥	169,345
Japanese prefectural and foreign municipal bond securities		34,907		153		(92	)		34,968
Corporate debt securities		292,836		1,287		(2,091	)		292,032
Specified bonds issued by SPEs in Japan		225,393		46		(3,125	)		222,314
CMBS and RMBS in the U.S., and other asset-backed securities		93,416		3,819		(3,855	)		93,380
Equity securities		48,415		25,229		(2,273	)		71,371

		863,785		31,230		(11,605	)		883,410

Held-to-maturity:
Japanese government bond securities		43,695		412		0			44,107

	¥	907,480	¥	31,642	¥	(11,605	)	¥	927,517

March 31, 2011


	Millions of U.S. dollars
	Amortized cost		Gross unrealized gains		Gross unrealized losses			Fair value
Available-for-sale:
Japanese and foreign government bond securities	$	2,030	$	8	$	(1	)	$	2,037
Japanese prefectural and foreign municipal bond securities		420		1		(1	)		420
Corporate debt securities		3,522		15		(25	)		3,512
Specified bonds issued by SPEs in Japan		2,711		1		(38	)		2,674
CMBS and RMBS in the U.S., and other asset-backed securities		1,123		47		(47	)		1,123
Equity securities		582		303		(27	)		858

		10,388		375		(139	)		10,624

Held-to-maturity:
Japanese government bond securities		526		5		0			531

	$	10,914	$	380	$	(139	)	$	11,155

Unrealized Loss Position Investments

The following table provides information about available-for-sale securities and held-to-maturity securities with gross unrealized losses and the length of time that individual securities have been in a continuous unrealized loss position as of March 31, 2010 and 2011, respectively:

March 31, 2010


	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:
Japanese and foreign government bond securities	¥	81,432	¥	(99	)	¥	4,768	¥	(79	)	¥	86,200	¥	(178	)
Japanese prefectural and foreign municipal bond securities		12,480		(60	)		0		0			12,480		(60	)
Corporate debt securities		88,305		(484	)		26,100		(1,072	)		114,405		(1,556	)
Specified bonds issued by SPEs in Japan		30,189		(1,041	)		83,024		(2,653	)		113,213		(3,694	)
CMBS and RMBS in the U.S., and other asset-backed securities		17,578		(2,141	)		65,070		(6,080	)		82,648		(8,221	)
Equity securities		17,875		(2,739	)		4,822		(906	)		22,697		(3,645	)

		247,859		(6,564	)		183,784	v	(10,790	)		431,643		(17,354	)

Held-to-maturity:
Japanese government bond securities		43,017		(715	)		0		0			43,017		(715	)

	¥	290,876	¥	(7,279	)	¥	183,784	¥	(10,790	)	¥	474,660	¥	(18,069	)

March 31, 2011


	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:
Japanese and foreign government bond securities	¥	63,438	¥	(169	)	¥	0	¥	0		¥	63,438	¥	(169	)
Japanese prefectural and foreign municipal bond securities		22,444		(92	)		0		0			22,444		(92	)
Corporate debt securities		184,185		(2,071	)		1,980		(20	)		186,165		(2,091	)
Specified bonds issued by SPEs in Japan		49,180		(2,025	)		49,398		(1,100	)		98,578		(3,125	)
CMBS and RMBS in the U.S., and other asset-backed securities		6,660		(853	)		27,276		(3,002	)		33,936		(3,855	)
Equity securities		11,196		(1,470	)		4,891		(803	)		16,087		(2,273	)

	¥	337,103	¥	(6,680	)	¥	83,545	¥	(4,925	)	¥	420,648	¥	(11,605	)

March 31, 2011


	Millions of U.S. dollars
	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:
Japanese and foreign government bond securities	$	763	$	(1	)	$	0	$	0		$	763	$	(1	)
Japanese prefectural and foreign municipal bond securities		270		(1	)		0		0			270		(1	)
Corporate debt securities		2,215		(25	)		24		(0	)		2,239		(25	)
Specified bonds issued by SPEs in Japan		591		(25	)		594		(13	)		1,185		(38	)
CMBS and RMBS in the U.S., and other asset-backed securities		80		(11	)		328		(36	)		408		(47	)
Equity securities		135		(17	)		59		(10	)		194		(27	)

	$	4,054	$	(80	)	$	1,005	$	(59	)	$	5,059	$	(139	)

Other Than Temporary Impairment Losses on Investment Securities

The total other-than-temporary impairment with an offset for the amount of the total other-than-temporary impairment recognized in other comprehensive income (loss) for fiscal 2009, 2010 and 2011 are as follows:


	Millions of yen									Millions of U.S. dollars
	2009			2010			2011			2011
Total other-than-temporary impairment losses	¥	20,060		¥	26,057		¥	22,212		$	267
Portion of loss recognized in other comprehensive income (before taxes)		(1,486	)		(2,423	)		(463	)		(5	)

Net impairment losses recognized in earnings	¥	18,574		¥	23,634		¥	21,749		$	262

Other than Temporary Impairment, Credit Losses Recognized in Earnings Table

Roll-forwards of the amount related to credit losses on other-than-temporarily impaired debt securities recognized in earnings for fiscal 2010 and 2011 are as follows:


	Millions of yen					Millions of U.S. dollars
	2010		2011			2011
Beginning	¥	906	¥	5,016		$	60
Reduction to the beginning balance *		0		(1,810	)		(21	)
Beginning after reduction		0		3,206			39
Addition during the period:
Credit loss for which an other-than-temporary impairment was not previously recognized		3,744		7,292			88
Credit loss for which an other-than-temporary impairment was previously recognized		366		736			9
Reduction during the period:
For securities sold or redeemed		0		(307	)		(4	)
Due to change in intent to sell or requirement to sell		0		(1,905	)		(23	)

Ending	¥	5,016	¥	9,022		$	109

Cumulative effects of adopting Accounting Standards Update 2009-16 (ASC860 (“Transfers and Servicing”) (FASB Statement No. 166 (“Accounting for Transfers of Financial Assets—an amendment of FASB Statement No.140”))), and Accounting Standards Update 2009-17 (ASC810 (“Consolidation”) (FASB Statement No. 167 (“Amendment of FASB Interpretation No.46(R),” ASC810-10 (“Consolidation—Variable Interest Entities”)))) have been deducted from the beginning balance.

Fair Value, Investments, Entities that Calculate Net Asset Value Per Share

Under ASC 820, the information about the fund investments the Company and its subsidiaries hold at March 31, 2010 and 2011, respectively are as follows:

March 31, 2010 and 2011


Type of Fund Investment	2010 (Millions of Yen)		2011 (Millions of Yen)		2011 (Millions of U.S. dollars)		Redemption Frequency (If Currently Eligible)		Redemption Notice Period
Hedge Fund*	¥	14,692	¥	10,023	$	121		Monthly – Quarterly		10 days – 45 days

Total	¥	14,692	¥	10,023	$	121		—		—

*	This category includes several hedge funds that seek profits using investment strategies such as managed futures, global macro and relative value. The fair value of the investments in this category is calculated based on the net asset value of the investees.

Investments classified by contractual maturity date

The following is a summary of the contractual maturities of debt securities classified as available-for-sale securities and held-to-maturity securities held at March 31, 2011:

Available-for-sale securities held at March 31, 2011:


	Millions of yen				Millions of U.S. dollars
	Amortized cost		Fair value		Amortized cost		Fair value
Due within one year	¥	185,404	¥	185,404	$	2,230	$	2,230
Due after one to five years		422,260		419,450		5,078		5,044
Due after five to ten years		150,967		150,362		1,816		1,809
Due after ten years		56,739		56,823		682		683

	¥	815,370	¥	812,039	$	9,806	$	9,766

Held-to-maturity securities held at March 31, 2011:


	Millions of yen				Millions of U.S. dollars
	Amortized cost		Fair value		Amortized cost		Fair value
Due after ten years	¥	43,695	¥	44,107	$	526	$	531

	¥	43,695	¥	44,107	$	526	$	531

- Definition

Tabular disclosure of the amount of other than temporary impairment (OTTI) related to credit losses recognized in earnings including: (a) the beginning balance of the amount related to credit losses on debt securities held by the investor at the beginning of the period for which a portion of an OTTI was recognized in other comprehensive income; (b) additions for the amount related to the credit loss for which an OTTI was not previously recognized; (c) reductions for securities sold during the period (realized); (d) reductions for securities for which the amount previously recognized in other comprehensive income was recognized in earnings because the investor intends to sell the security or more likely than not will be required to sell the security before recovery of its amortized cost basis; (e) additional increases to the amount related to the credit loss for which an OTTI was previously recognized when the investor does not intend to sell the security and it is not more likely than not that the investor will be required to sell the security before recovery of its amortized cost basis; (f) reductions for increases in cash flows expected to be collected that are recognized over the remaining life of the security; and (g) the ending balance of the amount related to credit losses on debt securities held by the entity at the end of the period for which a portion of an OTTI was recognized in other comprehensive income.

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